# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021606
**Filing Date:** 2026-5
**Character Count:** 300163
**Document Hash:** ec6f238f837cd1a6cbc5fc9897743fe8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021606.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021606

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ivy Variable Insurance Portfolios
- **CENTRAL INDEX KEY:** 0000810016

**ORGANIZATION NAME:**
- **EIN:** 481146010
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05017
- **FILM NUMBER:** 261031802

**BUSINESS ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354
- **BUSINESS PHONE:** (800) 523-1918

**MAIL ADDRESS:**
- **STREET 1:** 100 INDEPENDENCE
- **STREET 2:** 610 MARKET STREET
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19106-2354

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios
- **DATE OF NAME CHANGE:** 20100301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ivy Funds Variable Insurance Portfolios, Inc.
- **DATE OF NAME CHANGE:** 20080819

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** W&R TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 20001026

## Series and Classes Contracts Data

### Nomura VIP Asset Strategy Series (Series ID: S000006224)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017158 | Service      |  |
| C000190645 | Standard     |  |

## Nport-Ex

## Consolidated schedule of investments
Nomura VIP Asset Strategy Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.10%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.10%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae REMICs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-18 NS 2.344% (6.01% minus SOFR, Cap 6.12%) 4/25/45 Σ, =, • | &nbsp;&nbsp;&nbsp;&nbsp;726670 | &nbsp;&nbsp;$75070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-37 SB 1.844% (5.51% minus SOFR, Cap 5.62%) 6/25/45 Σ, =, • | 1446445 | &nbsp;&nbsp;&nbsp; 120107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-48 US 2.324% (5.99% minus SOFR, Cap 6.10%) 8/25/46 Σ, =, • | 1360314 | &nbsp;&nbsp;&nbsp; 82164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-33 AI 4.50% 5/25/47 Σ, = | &nbsp;&nbsp;&nbsp;&nbsp;606950 | &nbsp;&nbsp;&nbsp; 73764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-13 IP 5.00% 3/25/49 Σ, = | &nbsp;&nbsp;&nbsp;&nbsp;480262 | &nbsp;&nbsp;&nbsp; 104587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4740 SB 2.363% (6.04% minus SOFR, Cap 6.15%) 11/15/47 Σ, =, • | &nbsp;&nbsp;&nbsp;&nbsp;760007 | &nbsp;&nbsp;&nbsp; 85870 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $1,055,167)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $1,055,167)** | &nbsp;&nbsp;&nbsp; **541562** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.18%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.18%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 0.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Series 2017-M2 A2 2.862% 2/25/27 • | &nbsp;&nbsp;&nbsp;&nbsp;870033 | &nbsp;&nbsp;&nbsp; 861843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily<br> Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K103 X1 0.633% 11/25/29 =, ♦, • | 1952059 | &nbsp;&nbsp;&nbsp; 39546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K115 X1 1.31% 6/25/30 =, ♦, • | 1755807 | &nbsp;&nbsp;&nbsp; 81949 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $963,227)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $963,227)** | &nbsp;&nbsp;&nbsp; **983338** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.98%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.98%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 15 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;652942 | &nbsp;&nbsp;&nbsp; 620231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 11/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;181070 | &nbsp;&nbsp;&nbsp; 175774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;339949 | &nbsp;&nbsp;&nbsp; 325376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 6/1/50 | 2284713 | &nbsp;&nbsp;&nbsp; 1862652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 2/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;398199 | &nbsp;&nbsp;&nbsp; 321442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 3/1/51 | 2215569 | &nbsp;&nbsp;&nbsp; 1801213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 4/1/51 | 5018459 | &nbsp;&nbsp;&nbsp; 4077562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 8/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;405553 | &nbsp;&nbsp;&nbsp; 348605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;593516 | &nbsp;&nbsp;&nbsp; 504550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 2/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;725628 | &nbsp;&nbsp;&nbsp; 612256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 3/1/52 | 1207647 | &nbsp;&nbsp;&nbsp; 1021968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 12/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;575238 | &nbsp;&nbsp;&nbsp; 510990 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 2/1/52 | 1653175 | &nbsp;&nbsp;$1469520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;333266 | &nbsp;&nbsp;&nbsp; 293345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 6/1/52 | 2349743 | &nbsp;&nbsp;&nbsp; 2156859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 3/1/47 | 1362902 | &nbsp;&nbsp;&nbsp; 1310353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 2/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;316409 | &nbsp;&nbsp;&nbsp; 306290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/1/56 | 1636367 | &nbsp;&nbsp;&nbsp; 1614526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;832318 | &nbsp;&nbsp;&nbsp; 836602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;464154 | &nbsp;&nbsp;&nbsp; 467021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;315711 | &nbsp;&nbsp;&nbsp; 317302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 9/1/55 | 2390034 | &nbsp;&nbsp;&nbsp; 2436322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 3/1/55 | 1257472 | &nbsp;&nbsp;&nbsp; 1300021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 15 yr<br> 2.00% 8/1/36 | 1818755 | &nbsp;&nbsp;&nbsp; 1674249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 11/1/51 | 2846168 | &nbsp;&nbsp;&nbsp; 2448406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 1/1/52 | 1211561 | &nbsp;&nbsp;&nbsp; 1033254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 5/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;187714 | &nbsp;&nbsp;&nbsp; 158793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 1/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;861731 | &nbsp;&nbsp;&nbsp; 757549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 8/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;525678 | &nbsp;&nbsp;&nbsp; 498512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;374887 | &nbsp;&nbsp;&nbsp; 363362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;736520 | &nbsp;&nbsp;&nbsp; 713801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;866875 | &nbsp;&nbsp;&nbsp; 865411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;979700 | &nbsp;&nbsp;&nbsp; 970823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;310551 | &nbsp;&nbsp;&nbsp; 317351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;312341 | &nbsp;&nbsp;&nbsp; 317901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% 10/20/50 | 1770701 | &nbsp;&nbsp;&nbsp; 1464448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% 7/20/51 | 1887925 | &nbsp;&nbsp;&nbsp; 1625216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% 4/20/52 | 1179491 | &nbsp;&nbsp;&nbsp; 1053756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 9/20/55 | 1141689 | &nbsp;&nbsp;&nbsp; 1047614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;921219 | &nbsp;&nbsp;&nbsp; 863580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 8/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;893573 | &nbsp;&nbsp;&nbsp; 863841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;522790 | &nbsp;&nbsp;&nbsp; 520579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 12/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;668693 | &nbsp;&nbsp;&nbsp; 663096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;445918 | &nbsp;&nbsp;&nbsp; 449357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;685761 | &nbsp;&nbsp;&nbsp; 698261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;319651 | &nbsp;&nbsp;&nbsp; 332188 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $44,925,699)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $44,925,699)** | &nbsp;&nbsp;&nbsp; **44392128** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.61%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.61%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.61%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 17<br> Series 2022-17A AR 144A 4.62% (TSFR03M + 0.95%, Floor 0.95%) 1/21/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 349426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 15<br> Series 2021-15A D1R 144A 6.418% (TSFR03M + 2.75%, Floor 2.75%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 123571 |

---

NQ- IV090 [0326] 0526 (5459551) 1

------

Nomura VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18<br> Series 2021-18A C1R 144A 6.522% (TSFR03M + 2.85%, Floor 2.85%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;$97524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon Capital CLO<br> Series 2019-2A AR2 144A 4.682% (TSFR03M + 1.01%, Floor 1.01%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 199608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canyon CLO<br> Series 2020-2A AR2 144A 4.702% (TSFR03M + 1.03%, Floor 1.03%) 10/15/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 249309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIFC Funding<br> Series 2025-1A D1 144A 6.171% (TSFR03M + 2.50%, Floor 2.50%) 4/23/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 146847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden 109 CLO<br> Series 2022-109A DR 144A 6.372% (TSFR03M + 2.70%, Floor 2.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 144754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 22<br> Series 2023-1A D1R 144A 6.468% (TSFR03M + 2.80%, Floor 2.80%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXVII<br> Series 2018-27A D1R 144A 6.518% (TSFR03M + 2.85%, Floor 2.85%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 145108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite LI<br> Series 2025-51A A1 144A 5.092% (TSFR03M + 1.20%, Floor 1.20%) 10/25/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp; 947603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XlV Series 2025-45A D1 144A 6.172% (TSFR03M + 2.50%, Floor 2.50%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 98542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO<br> Series 2020-1A D1RR 144A 6.272% (TSFR03M + 2.60%, Floor 2.60%) 1/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 145582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO<br> Series 2019-2A D1R2 144A 6.668% (TSFR03M + 3.00%, Floor 3.00%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 143489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zais CLO 16<br> Series 2020-16A A1R2 144A 4.798% (TSFR03M + 1.13%, Floor 1.13%) 10/20/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 499462 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $3,425,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $3,425,000)** | &nbsp;&nbsp;&nbsp; **3390002** |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds — 10.63%** | &nbsp;&nbsp;**Corporate Bonds — 10.63%** | &nbsp;&nbsp;**Corporate Bonds — 10.63%** |
| &nbsp;&nbsp;Banking — 3.02% | &nbsp;&nbsp;Banking — 3.02% | &nbsp;&nbsp;Banking — 3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Al Rajhi Sukuk 5.651% 3/16/36 μ, ■ | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;$386648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.734% 7/22/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp; 287591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375% 1/27/27 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 44479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.456% 2/6/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 241986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 250082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp; 390485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp; 452969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 133368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 4.439% 1/14/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 162516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel 144A 4.541% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp; 202256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE 144A 6.347% 1/13/47 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 239431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burgan Bank 2.75% 12/15/31 μ, ■ | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp; 812898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank 5.488% 12/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 806386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.503% 9/11/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp; 262051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02% 1/24/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 173646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 2/15/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 115164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 2/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp; 133012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 118423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.552% 1/7/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp; 398748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 8/4/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 373693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 171802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp; 183776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 151021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.542% 9/10/27 μ | 1170000 | &nbsp;&nbsp;&nbsp; 1154922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 264796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.049% 7/23/30 μ | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp; 804704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.065% 1/21/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp; 410779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 264446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.387% 2/2/41 μ | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 352779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp; 245879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 3/24/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 9/24/35 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 198120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 5.605% 1/28/41 μ | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 156220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% 9/22/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;925000 | &nbsp;&nbsp;&nbsp; 912414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81% 10/22/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 247690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.898% 1/22/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 78311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;&nbsp; 224036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14% 1/24/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 61111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.193% 2/5/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 388301 |

---

2 NQ- IV090 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;$192357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp; 94647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.493% 1/16/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 221282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.192% 4/17/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp; 25378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.664% 4/17/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;219000 | &nbsp;&nbsp;&nbsp; 224392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% 3/13/47 μ | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 194208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.296% 10/18/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;224000 | &nbsp;&nbsp;&nbsp; 229921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 161797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75% 11/10/33 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 199526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.899% 5/13/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 110700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.423% 1/25/41 μ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 117610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.575% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 137870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 10/20/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 270749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 259163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 193399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.844% 11/6/33 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 236147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.01% 3/23/37 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 38698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 396469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.491% 11/3/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp;&nbsp; 458403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 96275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% 1/23/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp; 119865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% 4/23/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp; 15259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 4/23/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 112606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.491% 10/23/34 μ | &nbsp;&nbsp;&nbsp;&nbsp;192000 | &nbsp;&nbsp;&nbsp; 207951 |
|  |  | &nbsp;&nbsp;&nbsp; 16769531 |
| &nbsp;&nbsp;Basic Industry — 0.55% | &nbsp;&nbsp;Basic Industry — 0.55% | &nbsp;&nbsp;Basic Industry — 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital 144A 5.25% 3/19/36 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 391287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp; 20423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 174521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs 144A 7.00% 3/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 353613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A 5.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 379837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 176074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novelis 144A 4.75% 1/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 203554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olin 144A 6.625% 4/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;414000 | &nbsp;&nbsp;&nbsp; 405503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suzano Austria 2.50% 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 570145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale Overseas 144A 6.00% 2/25/56 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 394000 |
|  |  | &nbsp;&nbsp;&nbsp; 3068957 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Brokerage — 0.26% | &nbsp;&nbsp;Brokerage — 0.26% | &nbsp;&nbsp;Brokerage — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management 4.653% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;$247915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 191020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.625% 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 339614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 4/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 137749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp; 527469 |
|  |  | &nbsp;&nbsp;&nbsp; 1443767 |
| &nbsp;&nbsp;Capital Goods — 0.63% | &nbsp;&nbsp;Capital Goods — 0.63% | &nbsp;&nbsp;Capital Goods — 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.259% 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp; 798774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 69340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;645000 | &nbsp;&nbsp;&nbsp; 710452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar Financial Services 4.15% 1/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 123882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton 4.80% 3/6/36 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings 144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 56407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell Aerospace 144A 4.95% 3/16/36 # | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 292814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding 144A 7.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp; 260186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;86000 | &nbsp;&nbsp;&nbsp; 87794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp; 365015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX 4.625% 11/16/48 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 85195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Industries 144A 4.375% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;483000 | &nbsp;&nbsp;&nbsp; 455553 |
|  |  | &nbsp;&nbsp;&nbsp; 3502948 |
| &nbsp;&nbsp;Communications — 1.09% | &nbsp;&nbsp;Communications — 1.09% | &nbsp;&nbsp;Communications — 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 132632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 178038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/30/56 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 337782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 42604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 6.375% 9/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp; 345276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle 1.05% 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp; 411060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 349738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.25% 1/13/31 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 196254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 1/13/33 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 1/13/36 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 196521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 363542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 4/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp; 216049 |

---

NQ- IV090 [0326] 0526 (5459551) 3

------

Nomura VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Radio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.00% 7/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;$82098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.125% 7/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;425000 | &nbsp;&nbsp;&nbsp; 398217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 308297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | &nbsp;&nbsp;&nbsp;&nbsp;370000 | &nbsp;&nbsp;&nbsp; 364479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 269666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55% 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 706283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp; 76102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp; 219561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 227238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp;&nbsp; 240018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/30/55 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 189810 |
|  |  | &nbsp;&nbsp;&nbsp; 6049101 |
| &nbsp;&nbsp;Consumer Cyclical — 0.72% | &nbsp;&nbsp;Consumer Cyclical — 0.72% | &nbsp;&nbsp;Consumer Cyclical — 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding 2.125% 2/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 452149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% 11/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 158191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 3/13/36 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 143734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/13/56 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 154985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 393929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival 144A 4.00% 8/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 278413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprium 144A 6.125% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;413000 | &nbsp;&nbsp;&nbsp; 408175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit 6.532% 3/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 313148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial 5.60% 6/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 66546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;&nbsp; 440462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital 5.625% 3/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 233646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's 4.25% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 166926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp; 82163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 109378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 4.75% 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp; 231803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;285000 | &nbsp;&nbsp;&nbsp; 284653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 94601 |
|  |  | &nbsp;&nbsp;&nbsp; 4012902 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 1.13% | &nbsp;&nbsp;Consumer Non-Cyclical — 1.13% | &nbsp;&nbsp;Consumer Non-Cyclical — 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 195789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp; 396188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie 4.75% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 191393 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen 4.85% 2/19/36 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;$201497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide 5.55% 1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 179805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 326948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cargill 144A 4.125% 10/23/30 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 142943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 110133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 3/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 141664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp; 185786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita 144A 6.75% 7/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;216000 | &nbsp;&nbsp;&nbsp; 219913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55% 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp;&nbsp; 66050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 10/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 139985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 10/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 345746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 2/12/65 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;&nbsp; 200784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 265020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro 4.65% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 79030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA 5.45% 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 272617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 3/10/37 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 200751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 3/1/56 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 107971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 109224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 291800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45% 12/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;89000 | &nbsp;&nbsp;&nbsp; 88421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nestle Holdings 144A 1.875% 9/14/31 # | 1000000 | &nbsp;&nbsp;&nbsp; 883482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 3/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 155001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 3/18/33 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 149407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 3/18/36 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp; 269459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/18/56 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 110864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 153511 |
|  |  | &nbsp;&nbsp;&nbsp; 6280515 |
| &nbsp;&nbsp;Electric — 0.39% | &nbsp;&nbsp;Electric — 0.39% | &nbsp;&nbsp;Electric — 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 6.05% 3/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 163598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 138568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90% 1/8/28 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 1/15/66 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 124901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 118989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp;&nbsp; 56876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 185379 |

---

4 NQ- IV090 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;$171769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 11/1/34 # | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp; 232021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Gas & Electric 5.20% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp; 79824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 87909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 125555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 7.00% 12/15/26 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 360714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.70% 1/31/31 # | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 127980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.35% 1/31/36 # | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 88098 |
|  |  | &nbsp;&nbsp;&nbsp; 2161424 |
| &nbsp;&nbsp;Energy — 0.73% | &nbsp;&nbsp;Energy — 0.73% | &nbsp;&nbsp;Energy — 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 96921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy 144A 5.20% 7/30/36 # | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 128723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy 5.55% 4/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;343000 | &nbsp;&nbsp;&nbsp; 350165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 111194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp; 173856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 114046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp; 108418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 306470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 # | &nbsp;&nbsp;&nbsp;&nbsp;349595 | &nbsp;&nbsp;&nbsp; 310453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I 144A 6.25% 4/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 363202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 149535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Partners 5.00% 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 769889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy 5.15% 3/10/36 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 591690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass 144A 3.875% 11/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp; 461059 |
|  |  | &nbsp;&nbsp;&nbsp; 4035621 |
| &nbsp;&nbsp;Finance Companies — 0.95% | &nbsp;&nbsp;Finance Companies — 0.95% | &nbsp;&nbsp;Finance Companies — 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45% 10/29/26 | 1160000 | &nbsp;&nbsp;&nbsp; 1147408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;&nbsp; 480719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.125% 12/15/26 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;608000 | &nbsp;&nbsp;&nbsp; 593919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC 144A 5.875% 4/14/56 #, μ | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 299010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 334047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp; 303064 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group 144A 4.875% 1/28/33 # | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;$173922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 4.85% 4/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp; 182107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 109312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 116790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;302000 | &nbsp;&nbsp;&nbsp; 291355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;293000 | &nbsp;&nbsp;&nbsp; 292031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance 7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 345137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services 144A 6.875% 5/15/32 # | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp; 347766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeoff Merger Sub |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.85% 3/24/31 # | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp; 123485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 3/24/36 # | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 59136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.25% 3/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp; 112118 |
|  |  | &nbsp;&nbsp;&nbsp; 5311326 |
| &nbsp;&nbsp;Insurance — 0.27% | &nbsp;&nbsp;Insurance — 0.27% | &nbsp;&nbsp;Insurance — 0.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding 6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp;&nbsp; 154351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortitude Global Funding 144A 4.625% 10/6/28 # | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp; 554551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FWD Group Holdings 144A 5.252% 9/22/30 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 398666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance 144A 7.25% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;409000 | &nbsp;&nbsp;&nbsp; 412761 |
|  |  | &nbsp;&nbsp;&nbsp; 1520329 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 0.22% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.22% | &nbsp;&nbsp;Real Estate Investment Trusts — 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 2/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 312673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIBRA Prologis 144A 5.50% 11/26/35 # | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 314331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group 2.65% 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 267707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust 2401 144A 7.70% 1/23/32 # | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 315853 |
|  |  | &nbsp;&nbsp;&nbsp; 1210564 |
| &nbsp;&nbsp;Technology — 0.56% | &nbsp;&nbsp;Technology — 0.56% | &nbsp;&nbsp;Technology — 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom 4.20% 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp; 59323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp; 797807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.10% 1/25/36 # | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 216560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.15% 1/25/32 # | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 287301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 377200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40% 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp; 183749 |

---

NQ- IV090 [0326] 0526 (5459551) 5

------

Nomura VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) | &nbsp;&nbsp;Technology (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;$73046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 2/4/36 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp; 283767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 276282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 2/4/56 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 195054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce 4.90% 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;355000 | &nbsp;&nbsp;&nbsp; 354581 |
|  |  | &nbsp;&nbsp;&nbsp; 3104670 |
| &nbsp;&nbsp;Transportation — 0.11% | &nbsp;&nbsp;Transportation — 0.11% | &nbsp;&nbsp;Transportation — 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway 5.50% 3/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp; 148483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx 3.25% 5/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp;&nbsp; 177230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fedex Freight Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.95% 3/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp; 170742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 3/15/36 # | &nbsp;&nbsp;&nbsp;&nbsp;140000 | &nbsp;&nbsp;&nbsp; 135501 |
|  |  | &nbsp;&nbsp;&nbsp; 631956 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $59,637,757)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $59,637,757)** | &nbsp;&nbsp;&nbsp; **59103611** |
| &nbsp;&nbsp;**Government Agency Obligations — 0.34%** | &nbsp;&nbsp;**Government Agency Obligations — 0.34%** | &nbsp;&nbsp;**Government Agency Obligations — 0.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aeropuerto Internacional de Tocumen 144A 4.00% 8/11/41 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 416075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco del Estado de Chile 144A 7.95% 5/2/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp; 395089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comision Federal de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.045% 1/28/34 # | &nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp; 475472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 1/28/51 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 193000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dhafrah Pv2 Energy 144A 5.794% 6/30/53 # | &nbsp;&nbsp;&nbsp;&nbsp;415000 | &nbsp;&nbsp;&nbsp; 403471 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $2,002,254)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligations<br> (cost $2,002,254)** | &nbsp;&nbsp;&nbsp; **1883107** |
| &nbsp;&nbsp;**Municipal Bonds — 0.15%** | &nbsp;&nbsp;**Municipal Bonds — 0.15%** | &nbsp;&nbsp;**Municipal Bonds — 0.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Houston, First Lien Texas<br> Hotel Occupancy Tax & Special Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.50% 9/1/58 | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp; 42151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C 5.50% 9/1/58 (AG) | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 58421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Water Development Board Revenue (Master Trust)<br> 4.75% 10/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp; 386400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wisconsin Public Finance Authority Senior Lien Toll Revenue (Georgia SR 400 Express Lanes Project)<br> 6.50% 12/31/65 (AMT) | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 327594 |
| &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $798,403)** | &nbsp;&nbsp;&nbsp;**Total Municipal Bonds<br> (cost $798,403)** | &nbsp;&nbsp;&nbsp; **814566** |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.40%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.40%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 1.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyrusOne Data Centers Issuer I Series 2024-2A A2 144A 4.50% 5/20/49 # | 1000000 | &nbsp;&nbsp;$972063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust Series 2024-B A3 5.10% 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;337518 | &nbsp;&nbsp;&nbsp; 340140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMF Floorplan Owner Revolving Trust Series 2024-1A A1 144A 5.13% 3/15/29 # | 1000000 | &nbsp;&nbsp;&nbsp; 1008744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Auto Lease Securitization Trust Series 2024-C A3 144A 4.62% 4/17/28 # | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 351052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Master Owner Trust Receivables Series 2024-B A 144A 5.05% 2/15/29 # | 1000000 | &nbsp;&nbsp;&nbsp; 1006856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Porsche Innovative Lease Owner Trust Series 2024-1A A3 144A 4.67% 11/22/27 # | &nbsp;&nbsp;&nbsp;&nbsp;477824 | &nbsp;&nbsp;&nbsp; 478696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Santander Drive Auto<br> Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1 D 5.43% 3/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 202143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 D 4.95% 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 198557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust Series 2024-B A3 5.33% 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;475760 | &nbsp;&nbsp;&nbsp; 479942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Master Trust Series 2024-3 A1A 5.34% 4/22/30 | 1000000 | &nbsp;&nbsp;&nbsp; 1013185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust Series 2024-A A3 5.21% 6/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;870676 | &nbsp;&nbsp;&nbsp; 873383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Omni Auto Receivables Trust Series 2023-C A3 5.15% 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;854444 | &nbsp;&nbsp;&nbsp; 858479 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $7,739,878)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $7,739,878)** | &nbsp;&nbsp;&nbsp; **7783240** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.13%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.13%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 1.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-R08 1M1 144A 5.162% (SOFR + 1.50%) 10/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;430004 | &nbsp;&nbsp;&nbsp; 430138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01 1M2 144A 5.162% (SOFR + 1.50%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 99940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02 1M2 144A 5.262% (SOFR + 1.60%) 2/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp; 560506 |

---

6 NQ- IV090 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connecticut Avenue Securities<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03 2M1 144A 5.262% (SOFR + 1.60%) 3/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;98642 | &nbsp;&nbsp;$98878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04 1M2 144A 5.162% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;365000 | &nbsp;&nbsp;&nbsp; 366144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R05 2M2 144A 5.262% (SOFR + 1.60%) 7/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 160494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-R01 2M2 144A 5.012% (SOFR + 1.35%) 1/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp; 519985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-R02 1M2 144A 5.162% (SOFR + 1.50%) 2/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 281224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Structured Agency<br> Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3 A1 144A 5.512% (SOFR + 1.85%) 11/25/43 #, • | &nbsp;&nbsp;&nbsp;&nbsp;341975 | &nbsp;&nbsp;&nbsp; 344361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-DNA3 M2 144A 5.112% (SOFR + 1.45%) 10/25/44 #, • | &nbsp;&nbsp;&nbsp;&nbsp;398407 | &nbsp;&nbsp;&nbsp; 398160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M2 144A 5.162% (SOFR + 1.50%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 130082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3 M2 144A 5.162% (SOFR + 1.50%) 9/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 160367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA4 M2 144A 5.212% (SOFR + 1.55%) 10/25/45 #, • | 1100000 | &nbsp;&nbsp;&nbsp; 1099318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-DNA2 B1 144A 5.772% (SOFR + 2.10%) 3/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 499063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRPM Series 2024-RPL1 A1 144A 4.20% 12/25/64 #, φ | &nbsp;&nbsp;&nbsp;&nbsp;934776 | &nbsp;&nbsp;&nbsp; 920653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured Agency Credit Risk Series 2026-DNA1 M2 144A 4.962% (SOFR + 1.30%) 2/25/46 #, • | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 210232 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $6,249,154)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $6,249,154)** | &nbsp;&nbsp;&nbsp; **6279545** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.13%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.13%** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed Securities — 3.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 Trust<br> Series 2025-1301 A 144A 5.059% 8/11/42 #, • | 1700000 | &nbsp;&nbsp;&nbsp; 1704033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN25 A5 2.649% 1/15/63 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 462463 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** | &nbsp;&nbsp;**Non-Agency Commercial Mortgage-Backed<br> Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BNK47 A5 5.716% 6/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;$784237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust Series 2020-C7 A5 2.037% 4/15/53 | 1000000 | &nbsp;&nbsp;&nbsp; 899492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18 A5 1.925% 7/15/53 | 2000000 | &nbsp;&nbsp;&nbsp; 1771983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B24 A5 2.584% 3/15/54 | 2000000 | &nbsp;&nbsp;&nbsp; 1792877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-B25 A5 2.577% 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 718447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B35 A5 4.442% 5/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 96683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-B36 A5 4.47% 7/15/55 • | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 145153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BFLD Commercial Mortgage Trust Series 2025-660F A 144A 5.173% (TSFR01M + 1.50%, Floor 1.50%) 11/15/42 #, • | 1465000 | &nbsp;&nbsp;&nbsp; 1463172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-K60 B 144A 3.544% 12/25/49 #, • | 2751000 | &nbsp;&nbsp;&nbsp; 2725961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-K73 B 144A 3.851% 2/25/51 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 589833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRV Trust Series 2025-200P A 144A 5.295% 3/14/47 #, • | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp; 831483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LBTY Commercial Mortgage Trust Series 2026-225L A 144A 4.593% 2/10/43 #, • | 1350000 | &nbsp;&nbsp;&nbsp; 1332402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEX Trust Series 2026-450 A 144A 5.023% (TSFR01M + 1.35%, Floor 1.35%) 3/15/43 #, • | 1240000 | &nbsp;&nbsp;&nbsp; 1234575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAD Commercial Mortgage Trust Series 2025-11MD A 144A 4.437% 10/15/42 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp;&nbsp; 846127 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $17,550,329)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Commercial Mortgage-Backed Securities<br> (cost $17,550,329)** | &nbsp;&nbsp;&nbsp; **17398921** |
| &nbsp;&nbsp;**US Treasury Obligations — 2.43%** | &nbsp;&nbsp;**US Treasury Obligations — 2.43%** | &nbsp;&nbsp;**US Treasury Obligations — 2.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Bonds<br> 4.75% 5/15/55 | 2915000 | &nbsp;&nbsp;&nbsp; 2839278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Floating Rate Notes<br> 3.843% (USBMMY3M + 0.19%) 10/31/27 • | 1615000 | &nbsp;&nbsp;&nbsp; 1617162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 9/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp; 918502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 12/31/30 | 1615000 | &nbsp;&nbsp;&nbsp; 1593204 |

---

NQ- IV090 [0326] 0526 (5459551) 7

------

Nomura VIP Asset Strategy Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**US Treasury Obligations (continued)** | &nbsp;&nbsp;**US Treasury Obligations (continued)** | &nbsp;&nbsp;**US Treasury Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp;$203270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 2/15/36 | 6460000 | &nbsp;&nbsp;&nbsp; 6359567 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $13,611,908)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $13,611,908)** | &nbsp;&nbsp;&nbsp; **13530983** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 56.98%♣** | &nbsp;&nbsp;**Common Stocks — 56.98%♣** | &nbsp;&nbsp;**Common Stocks — 56.98%♣** |
| &nbsp;&nbsp;Communication Services — 5.16% | &nbsp;&nbsp;Communication Services — 5.16% | &nbsp;&nbsp;Communication Services — 5.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Class A | &nbsp;&nbsp;&nbsp;&nbsp;26347 | &nbsp;&nbsp; 7576343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel | &nbsp;&nbsp;&nbsp;&nbsp;250774 | &nbsp;&nbsp; 4765557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7644 | &nbsp;&nbsp; 4373362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix † | &nbsp;&nbsp;&nbsp;&nbsp;63707 | &nbsp;&nbsp; 6125428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology † | &nbsp;&nbsp;&nbsp;&nbsp;12083 | &nbsp;&nbsp; 5859168 |
|  |  | &nbsp;&nbsp; 28699858 |
| &nbsp;&nbsp;Consumer Discretionary — 5.58% | &nbsp;&nbsp;Consumer Discretionary — 5.58% | &nbsp;&nbsp;Consumer Discretionary — 5.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com † | &nbsp;&nbsp;&nbsp;&nbsp;33930 | &nbsp;&nbsp; 7066601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amer Sports † | &nbsp;&nbsp;&nbsp;&nbsp;176126 | &nbsp;&nbsp; 5798068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrari | &nbsp;&nbsp;&nbsp;&nbsp;12478 | &nbsp;&nbsp; 4233835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;19236 | &nbsp;&nbsp; 5849283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;15162 | &nbsp;&nbsp; 4986630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sea ADR † | &nbsp;&nbsp;&nbsp;&nbsp;37140 | &nbsp;&nbsp; 3075563 |
|  |  | &nbsp;&nbsp; 31009980 |
| &nbsp;&nbsp;Consumer Staples — 3.89% | &nbsp;&nbsp;Consumer Staples — 3.89% | &nbsp;&nbsp;Consumer Staples — 3.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard | &nbsp;&nbsp;&nbsp;&nbsp;114290 | &nbsp;&nbsp; 6478159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings † | &nbsp;&nbsp;&nbsp;&nbsp;61227 | &nbsp;&nbsp; 6025961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp; 5895666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orkla | &nbsp;&nbsp;&nbsp;&nbsp;256923 | &nbsp;&nbsp; 3233282 |
|  |  | &nbsp;&nbsp; 21633068 |
| &nbsp;&nbsp;Energy — 1.33% | &nbsp;&nbsp;Energy — 1.33% | &nbsp;&nbsp;Energy — 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;25630 | &nbsp;&nbsp; 3383160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLB | &nbsp;&nbsp;&nbsp;&nbsp;78392 | &nbsp;&nbsp; 4028565 |
|  |  | &nbsp;&nbsp; 7411725 |
| &nbsp;&nbsp;Financials — 8.87% | &nbsp;&nbsp;Financials — 8.87% | &nbsp;&nbsp;Financials — 8.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon Class A | &nbsp;&nbsp;&nbsp;&nbsp;16314 | &nbsp;&nbsp; 5265833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | &nbsp;&nbsp;&nbsp;&nbsp;312362 | &nbsp;&nbsp; 6746885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays | &nbsp;&nbsp;&nbsp;&nbsp;764391 | &nbsp;&nbsp; 4000428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial | &nbsp;&nbsp;&nbsp;&nbsp;23233 | &nbsp;&nbsp; 4238396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ING Groep | &nbsp;&nbsp;&nbsp;&nbsp;239349 | &nbsp;&nbsp; 6212706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;33059 | &nbsp;&nbsp; 5199520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard Class A | &nbsp;&nbsp;&nbsp;&nbsp;11579 | &nbsp;&nbsp; 5785563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp; 20748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;39341 | &nbsp;&nbsp; 6474348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group | &nbsp;&nbsp;&nbsp;&nbsp;25683 | &nbsp;&nbsp; 5344375 |
|  |  | &nbsp;&nbsp; 49288802 |
| &nbsp;&nbsp;Healthcare — 5.85% | &nbsp;&nbsp;Healthcare — 5.85% | &nbsp;&nbsp;Healthcare — 5.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;15517 | &nbsp;&nbsp; 3374792 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** | &nbsp;&nbsp;**Common Stocks♣ (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma ADR † | &nbsp;&nbsp;&nbsp;&nbsp;25419 | &nbsp;&nbsp;$5814088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6186 | &nbsp;&nbsp;&nbsp; 5689697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica | &nbsp;&nbsp;&nbsp;&nbsp;12489 | &nbsp;&nbsp;&nbsp; 2910250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius & Co. | &nbsp;&nbsp;&nbsp;&nbsp;76519 | &nbsp;&nbsp;&nbsp; 3971012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hoya | &nbsp;&nbsp;&nbsp;&nbsp;30100 | &nbsp;&nbsp;&nbsp; 5218149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz 144A # | &nbsp;&nbsp;&nbsp;&nbsp;741681 | &nbsp;&nbsp;&nbsp; 5572792 |
|  |  | &nbsp;&nbsp;&nbsp; 32550780 |
| &nbsp;&nbsp;Industrials — 8.16% | &nbsp;&nbsp;Industrials — 8.16% | &nbsp;&nbsp;Industrials — 8.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbus | &nbsp;&nbsp;&nbsp;&nbsp;27478 | &nbsp;&nbsp;&nbsp; 5195347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BAE Systems | &nbsp;&nbsp;&nbsp;&nbsp;218357 | &nbsp;&nbsp;&nbsp; 6401901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global | &nbsp;&nbsp;&nbsp;&nbsp;78332 | &nbsp;&nbsp;&nbsp; 4410875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;29718 | &nbsp;&nbsp;&nbsp; 6848810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand | &nbsp;&nbsp;&nbsp;&nbsp;51539 | &nbsp;&nbsp;&nbsp; 4129305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia † | &nbsp;&nbsp;&nbsp;&nbsp;16132 | &nbsp;&nbsp;&nbsp; 5666849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric | &nbsp;&nbsp;&nbsp;&nbsp;16634 | &nbsp;&nbsp;&nbsp; 4530796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMC | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp; 4326281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunbelt Rentals Holdings | &nbsp;&nbsp;&nbsp;&nbsp;60187 | &nbsp;&nbsp;&nbsp; 3839410 |
|  |  | &nbsp;&nbsp;&nbsp; 45349574 |
| &nbsp;&nbsp;Information Technology — 15.24% | &nbsp;&nbsp;Information Technology — 15.24% | &nbsp;&nbsp;Information Technology — 15.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple | &nbsp;&nbsp;&nbsp;&nbsp;42294 | &nbsp;&nbsp;&nbsp; 10733794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;17009 | &nbsp;&nbsp;&nbsp; 5264456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp; 7362050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;32346 | &nbsp;&nbsp;&nbsp; 11973519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA | &nbsp;&nbsp;&nbsp;&nbsp;108723 | &nbsp;&nbsp;&nbsp; 18961291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce | &nbsp;&nbsp;&nbsp;&nbsp;20838 | &nbsp;&nbsp;&nbsp; 3889829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP | &nbsp;&nbsp;&nbsp;&nbsp;22038 | &nbsp;&nbsp;&nbsp; 3757097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8061 | &nbsp;&nbsp;&nbsp; 3157977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SK Hynix | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386 | &nbsp;&nbsp;&nbsp; 3623194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;276450 | &nbsp;&nbsp;&nbsp; 15988354 |
|  |  | &nbsp;&nbsp;&nbsp; 84711561 |
| &nbsp;&nbsp;Materials — 1.82% | &nbsp;&nbsp;Materials — 1.82% | &nbsp;&nbsp;Materials — 1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cemex ADR | &nbsp;&nbsp;&nbsp;&nbsp;298361 | &nbsp;&nbsp;&nbsp; 3413250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;14297 | &nbsp;&nbsp;&nbsp; 4582903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7882 | &nbsp;&nbsp;&nbsp; 2146269 |
|  |  | &nbsp;&nbsp;&nbsp; 10142422 |
| &nbsp;&nbsp;Utilities — 1.08% | &nbsp;&nbsp;Utilities — 1.08% | &nbsp;&nbsp;Utilities — 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTPC | 1522725 | &nbsp;&nbsp;&nbsp; 5997388 |
|  |  | &nbsp;&nbsp;&nbsp; 5997388 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $250,159,594)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $250,159,594)** | &nbsp;&nbsp;&nbsp;**316795158** |
| &nbsp;&nbsp;**Preferred Stock — 0.03%♣** | &nbsp;&nbsp;**Preferred Stock — 0.03%♣** | &nbsp;&nbsp;**Preferred Stock — 0.03%♣** |
| &nbsp;&nbsp;Financials — 0.03% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp; 184275 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $174,930)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $174,930)** | &nbsp;&nbsp;&nbsp; **184275** |

---

8 NQ- IV090 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 5.22%** | &nbsp;&nbsp;**Exchange-Traded Funds — 5.22%** | &nbsp;&nbsp;**Exchange-Traded Funds — 5.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI EAFE ETF | &nbsp;&nbsp;&nbsp;&nbsp;40469 | &nbsp;&nbsp;$3663659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;51190 | &nbsp;&nbsp;&nbsp; 3570502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;36433 | &nbsp;&nbsp;&nbsp; 21770539 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $29,341,394)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $29,341,394)** | &nbsp;&nbsp;&nbsp; **29004700** |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** |  |
| &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** | &nbsp;&nbsp;**Limited Liability Corporation — 0.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Group Holdings Series H =, † | &nbsp;&nbsp;&nbsp;&nbsp;31963 | &nbsp;&nbsp; 37700 |
| &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $22,095,538)** | &nbsp;&nbsp;&nbsp;**Total Limited Liability Corporation<br> (cost $22,095,538)** | &nbsp;&nbsp; **37700** |

---

---

| | | |
|:---|:---|:---|
|  | **Troy<br> Ounces** |  |
| &nbsp;&nbsp;**Bullion — 7.98%** | &nbsp;&nbsp;**Bullion — 7.98%** | &nbsp;&nbsp;**Bullion — 7.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp; 44383119 |
| &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $11,403,276)** | &nbsp;&nbsp;&nbsp;**Total Bullion<br> (cost $11,403,276)** | &nbsp;&nbsp; **44383119** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 1.28%** | &nbsp;&nbsp;**Short-Term Investments — 1.28%** | &nbsp;&nbsp;**Short-Term Investments — 1.28%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.28% | &nbsp;&nbsp;Money Market Mutual Funds — 1.28% | &nbsp;&nbsp;Money Market Mutual Funds — 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 1775000 | &nbsp;&nbsp; 1775000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 1775000 | &nbsp;&nbsp; 1775000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 1775000 | &nbsp;&nbsp; 1775000 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 1775000 | &nbsp;&nbsp;$1775000 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,100,000)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $7,100,000)** | &nbsp;&nbsp;&nbsp; **7100000** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.58%<br> (cost $478,233,508)** |  | &nbsp;&nbsp;&nbsp;**553605955** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.42%★** |  | &nbsp;&nbsp;&nbsp; **2321407** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 56,642,540 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$555927362** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| Σ | Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at March 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| ♦ | Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2026, the aggregate value of Rule 144A securities was $48,676,767, which represents 8.76% of the Series' net assets. |

---

NQ- IV090 [0326] 0526 (5459551) 9

------

Nomura VIP Asset Strategy Series

---

| |
|:---|
| Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2026. Rate will reset at a future date. |
| Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended. |
| Perpetual security. Maturity date represents next call date. |
| Step coupon bond. Stated rate in effect at March 31, 2026 through maturity date. |

---

---

| |
|:---|
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Includes $589,664 cash collateral held at broker for futures contracts as of March 31, 2026. |

---

The following futures contracts were outstanding at March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |  |  |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |  |  |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |  |  |
| US Treasury 2 yr Notes | US Treasury 2 yr Notes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20122195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20265814 | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(143619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7578 |  |  |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6166242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244738 | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 |  |  |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257862 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4688 |  |  |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19244875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19770381 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(525506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63375 |  |  |
| US Treasury Ultra Bonds | US Treasury Ultra Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359538 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48898333 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84313 |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |  |  |
| US Treasury 10 yr Ultra Notes | US Treasury 10 yr Ultra Notes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22589610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22990234) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64799) |  |  |
| Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25908099 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$400624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(794395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19514 |  |  |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the consolidated schedule of investments. The notional amounts presented above represent the Series' total exposure in such contracts, whereas only the variation margin is reflected in the Series' net assets.

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| AG – Insured by Assured Guaranty Inc. |
| AMT – Subject to Alternative Minimum Tax |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| EAFE – Europe, Australasia, and Far East |
| ETF – Exchange-Traded Fund |
| FREMF – Freddie Mac Multifamily |
| GNMA – Government National Mortgage Association |

---

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| MSCI – Morgan Stanley Capital International |
| PJSC – Private Joint Stock Company |
| REMIC – Real Estate Mortgage Investment Conduit |
| S&P – Standard & Poor's Financial Services LLC |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR01M – 1 Month Term Secured Overnight Financing Rate |

---

10 NQ- IV090 [0326] 0526 (5459551)

------

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
| USD – US Dollar |

---

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| yr – Year |

---

NQ- IV090 [0326] 0526 (5459551) 11

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Ivy Variable Insurance Portfolios

- **b. Investment Company Act file number:** 811-05017

- **c. CIK number of Registrant:** 0000810016

- **d. LEI of Registrant:** 72XHPUAYSOH6ROSGJT53

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

  - **Street Address 1:** 100 Independence

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19106

  - **Telephone number:** 215-255-1200

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

- **a. Name of Series:** Nomura VIP Asset Strategy Series

- **b. EDGAR series identifier (if any):** S000006224

- **c. LEI of Series:** LR584WSYBGBM65CJ2268

**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:** $557348234.37

**Total Liabilities:** $1094683.72

**Net Assets:** $556253550.65

**Amount of Assets Invested in Other Investment Companies:** $44535319.82

**Delayed Delivery Securities:** $416833.75

**Cash Not Reported:** $2260007.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 397.09497000 | **1-Year:** 5815.63637000 | **5-Year:** 39071.49502000 | **10-Year:** 19664.82123000 | **30-Year:** 1001.88302000

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

- **3-Month:** 16.59810000 | **1-Year:** 848.53428000 | **5-Year:** 2330.52020000 | **10-Year:** 152.58832000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190645 | 2.40%                | 1.95%                | -5.93%               |
| Class ID C000017158 | 2.40%                | 1.95%                | -6.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8547049.50              | $4934319.91                                |
| Month 2  | $8332657.25              | $2451932.27                                |
| Month 3  | $6170486.55              | $-41718622.40                              |

**Designated Index Information**

- **Index Name:** MSCI All Country World Index (Net TR)

- **Index Identifier:** MSACWINDR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| San Diego Gas & Electric Company                                                                                           | SRE 5.2 03/15/36 DDDD                                       | CUSIP: 797440CH5<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79823.69     | 0.01%             | 2036-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                                                        | CEG 3.9 01/08/28                                            | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99243.24     | 0.02%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS 5.05 03/25/48                                           | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    165000 | PA      | $141663.60    | 0.03%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0305                                                   | CUSIP: 3618N5KT5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    921219 | PA      | $863580.15    | 0.16%             | 2055-04-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                                                                | TX HOUFAC 5.5 09/01/2058                                    | CUSIP: 44237NMU3<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |     55000 | PA      | $58420.45     | 0.01%             | 2058-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                                                                                                        | EssilorLuxottica SA EUR0.18                                 | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     12489 | NS      | $2910250.57   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                                          | PNC V4.899 05/13/31                                         | CUSIP: 693475CD5<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110700.21    | 0.02%             | 2031-05-13      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                                                                    | BKH 4.55 01/31/31                                           | CUSIP: 092113AY5<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138567.90    | 0.02%             | 2031-01-31      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                                                                              | SOBKCO 4.699 07/09/30 144A                                  | CUSIP: 83405KAA0<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |    310000 | PA      | $308296.71    | 0.06%             | 2030-07-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| FREMF 2018-K73 MORTGAGE TRUST                                                                                              | FREMF 2018-K73 B                                            | CUSIP: 35708YAS5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    600000 | PA      | $589832.82    | 0.11%             | 2051-02-25      | Variable      | 3.85%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                                                 | BA 6.388 05/01/31                                           | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     65000 | PA      | $69339.80     | 0.01%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2025-R01                                                                               | CAS 2025-R01 1M2                                            | CUSIP: 20755JAC7<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    100000 | PA      | $99939.86     | 0.02%             | 2045-01-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0554                                                   | CUSIP: 3618N5TL3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    893573 | PA      | $863840.85    | 0.16%             | 2055-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                                                           | BMO V4.439 01/14/32 J                                       | CUSIP: 06368ME67<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $162516.37    | 0.03%             | 2032-01-14      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd Finance Corp.                                                                                                    | BG 4.2 09/17/29                                             | CUSIP: 120568BE9<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    330000 | PA      | $326948.09    | 0.06%             | 2029-09-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4653                                                   | CUSIP: 31418EE30<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    333266 | PA      | $293344.68    | 0.05%             | 2052-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                                          | PNC V5.423 01/25/41                                         | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117610.32    | 0.02%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| Fidelity Colchester Street Trust                                                                                           | Fidelity Colchester Street Trust MNY MRKT FDS I             | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   1775000 | NS      | $1775000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ballyrock Clo 2020-1 Ltd.                                                                                                  | BALLY 2021-18A C1R                                          | CUSIP: 05875YAQ9<br>LEI: 2549009NE3IA6DAH4G62 | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $97523.80     | 0.02%             | 2038-04-15      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -199 | NC      | $400623.52    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2024-BNK47                                                                                                            | BANK 2024-BNK47 A5                                          | CUSIP: 06540GAV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $784236.75    | 0.14%             | 2057-06-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN AUTO LEASE TRUST 2024-A                                                                                         | VWALT 2024-A A3                                             | CUSIP: 92866EAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    870675 | PA      | $873382.89    | 0.16%             | 2027-06-21      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS0704                                                   | CUSIP: 3140XFYA3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1362902 | PA      | $1310353.17   | 0.24%             | 2047-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)                                        | AER 2.45 10/29/26                                           | CUSIP: 00774MAV7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1160000 | PA      | $1147407.62   | 0.21%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FNR 2015-37 SB                                              | CUSIP: 3136ANA23<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1446445 | PA      | $120106.84    | 0.02%             | 2045-06-25      | Floating      | 1.84%                 | No            |                  3 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V1.542 09/10/27                                          | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1170000 | PA      | $1154922.21   | 0.21%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V4.369 10/21/31 .                                        | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    270000 | PA      | $264796.07    | 0.05%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Olin Corporation                                                                                                           | OLN 6.625 04/01/33 144A                                     | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    414000 | PA      | $405503.02    | 0.07%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                             | BCRED 5.6 11/22/29                                          | CUSIP: 09261HBU0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    120000 | PA      | $116789.94    | 0.02%             | 2029-11-22      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE PLC                                                                                                    | HWDGRP 7.25 02/15/31 144A                                   | CUSIP: 44287GAA4<br>LEI: 87550008DPN8BDG67910 | Long             | DBT              | CORP              | GB        |    409000 | PA      | $412761.16    | 0.07%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                                                                | VST V7 PERP 144A                                            | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    360000 | PA      | $360713.52    | 0.06%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BJ Wholesale Club Holdings Inc                                                                                             | BJ Wholesale Club Holdings Inc COM                          | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     61227 | NS      | $6025961.34   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc.                                                                                                     | GILCN 4.7 10/07/30 144A                                     | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |    445000 | PA      | $440461.80    | 0.08%             | 2030-10-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange Inc                                                                                              | Intercontinental Exchange Inc COM                           | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     33059 | NS      | $5199519.52   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                                                                                              | Alphabet Inc. CAP STK CL A                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     26347 | NS      | $7576343.32   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                                                                                                          | FDX 3.25 05/15/41 *                                         | CUSIP: 31428XDL7<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    235000 | PA      | $177229.86    | 0.03%             | 2041-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                                                              | Netflix, Inc. COM                                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     63707 | NS      | $6125428.05   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle Holdings, Inc.                                                                                                      | NESNVX 1.875 09/14/31 144A                                  | CUSIP: 641062AX2<br>LEI: 549300EAEU8YV8MQXP30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $883482.50    | 0.16%             | 2031-09-14      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V7.146 07/13/27                                          | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $151020.95    | 0.03%             | 2027-07-13      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V6.819 11/20/29                                          | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $183776.44    | 0.03%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                                                     | FABSJV 6.1 01/25/36                                         | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    210000 | PA      | $216560.36    | 0.04%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ING Groep N.V.                                                                                                             | ING Groep N.V. EUR0.01                                      | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    239349 | NS      | $6212705.57   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| FWD Group Holdings Ltd.                                                                                                    | FWDGHD 5.252 09/22/30 144A                                  | CUSIP: 30332TAC6<br>LEI: 254900HEGGDS8WU5QZ97 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $398666.40    | 0.07%             | 2030-09-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 4.25 01/13/31 144A                                    | CUSIP: 685218AD1<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $196254.28    | 0.04%             | 2031-01-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| World Omni Automobile Lease Securitization Trust                                                                           | WOART 2023-C A3                                             | CUSIP: 98164FAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    854444 | PA      | $858478.66    | 0.15%             | 2028-11-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                                                           | SUMIAL 5.5 03/24/36 144A                                    | CUSIP: 873923AG1<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59136.32     | 0.01%             | 2036-03-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                                          | PNC Financial Services Group Inc. COM                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     25683 | NS      | $5344375.47   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | CAS 2023-R08 1M1                                            | CUSIP: 20755CAA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    430004 | PA      | $430137.47    | 0.08%             | 2043-10-26      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                                                      | LOW 4.25 03/15/31                                           | CUSIP: 548661EV5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    170000 | PA      | $166925.57    | 0.03%             | 2031-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                                                                     | FHR 4740 SB                                                 | CUSIP: 3137FCF58<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    760007 | PA      | $85870.02     | 0.02%             | 2047-11-15      | Floating      | 2.36%                 | No            |                  3 | On Loan: No      |
| Nordea Bank ABP                                                                                                            | NDAFH V6.75 PERP 144A                                       | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    200000 | PA      | $199526.12    | 0.04%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                                                                                           | UWMC 6.25 03/15/31 144A                                     | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    123000 | PA      | $112117.64    | 0.02%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                                                               | T 4.75 05/15/55                                             | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2915000 | PA      | $2839278.21   | 0.51%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                                                 | BA 6.858 05/01/54                                           | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    645000 | PA      | $710451.63    | 0.13%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 6 04/30/56                                                | CUSIP: 00206RNK4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    345000 | PA      | $337782.53    | 0.06%             | 2056-04-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Magnera Corp.                                                                                                              | MAGN 7.25 11/15/31 144A                                     | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    190000 | PA      | $176073.95    | 0.03%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V5.571 04/22/28                                         | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    190000 | PA      | $192356.55    | 0.03%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Canyon Clo 2020-2 Ltd/Canyon Clo 2020-2 Llc                                                                                | CANYC 2020-2A AR2                                           | CUSIP: 13876NAW3<br>LEI: 2549001ZLWJBJYTM8I33 | Long             | ABS-CBDO         | NUSS              | KY        |    250000 | PA      | $249308.50    | 0.04%             | 2034-10-16      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD8266                                                   | CUSIP: 3132DWFF5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    736520 | PA      | $713801.35    | 0.13%             | 2052-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                                               | T 3.625 09/30/30                                            | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    930000 | PA      | $918502.13    | 0.17%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                                                                        | HNDLIN 4.75 01/30/30 144A                                   | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    215000 | PA      | $203554.00    | 0.04%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0260                                                   | CUSIP: 3618N5JE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    685761 | PA      | $698261.17    | 0.13%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                                                                                 | DVA 6.75 07/15/33 144A                                      | CUSIP: 23918KAY4<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    216000 | PA      | $219913.49    | 0.04%             | 2033-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                                                               | OCINCC 6.6 09/15/29                                         | CUSIP: 09581CAB7<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    293000 | PA      | $292030.93    | 0.05%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0205                                                   | CUSIP: 3618N5GP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    445917 | PA      | $449356.53    | 0.08%             | 2055-02-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 6.7 02/04/56                                           | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    210000 | PA      | $195053.69    | 0.04%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V4.456 02/06/32                                         | CUSIP: 060505GQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    245000 | PA      | $241985.84    | 0.04%             | 2032-02-06      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                                                                    | SPG 2.65 02/01/32                                           | CUSIP: 828807DT1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |    300000 | PA      | $267707.04    | 0.05%             | 2032-02-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                         | ET V6.5 02/15/56                                            | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    310000 | PA      | $306470.31    | 0.06%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                                                        | ABT 4.3 03/15/33                                            | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195789.36    | 0.04%             | 2033-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                                                         | HBAN V5.605 01/28/41                                        | CUSIP: 446150BL7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    160000 | PA      | $156219.92    | 0.03%             | 2041-01-28      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Midcontinent Communications/Midcontinent Communications Finance Corp                                                       | MIDCON 8 08/15/32 144A                                      | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |    375000 | PA      | $349738.01    | 0.06%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                                                                                 | LDOS 5.4 03/15/32                                           | CUSIP: 52532XAK1<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    180000 | PA      | $183748.88    | 0.03%             | 2032-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                                               | T 3.625 12/31/30                                            | CUSIP: 91282CPR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1615000 | PA      | $1593203.80   | 0.29%             | 2030-12-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2013-A                                                                              | SDART 2025-4 D                                              | CUSIP: 802923AF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $198557.56    | 0.04%             | 2032-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1                                                                              | SDART 2025-1 D                                              | CUSIP: 80288DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $202143.56    | 0.04%             | 2031-03-15      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                                                                     | BWY 7.875 04/15/30 144A                                     | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    260000 | PA      | $260185.90    | 0.05%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                                                                                   | NGL 8.375 02/15/32 144A                                     | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |    145000 | PA      | $149534.73    | 0.03%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                                                                | GLPI 5.625 03/01/36                                         | CUSIP: 361841AX7<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    240000 | PA      | $233645.57    | 0.04%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS LP                                                                                                | LNG 5.2 07/30/36 144A                                       | CUSIP: 16411RAP4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128722.83    | 0.02%             | 2036-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips                                                                                                             | ConocoPhillips COM                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     25630 | NS      | $3383160.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| AIMCO CLO 15 LTD                                                                                                           | AIMCO 2021-15A D1R                                          | CUSIP: 00889BAH4<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    125000 | PA      | $123570.75    | 0.02%             | 2038-04-17      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V7 PERP DD                                                | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    115000 | PA      | $118422.63    | 0.02%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc.                                                                                                       | REZI 6.5 07/15/32 144A                                      | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    370000 | PA      | $365014.84    | 0.07%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4625                                                   | CUSIP: 31418ED72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2349743 | PA      | $2156859.14   | 0.39%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN MA5997                                                   | CUSIP: 31418FUX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1636367 | PA      | $1614525.66   | 0.29%             | 2056-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MNSN HOLDINGS INC                                                                                                          | MNSN Holdings Inc. COM                                      | CUSIP: 55339C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       342 | NS      | $20748.11     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Constellation Energy Generation LLC                                                                                        | CEG 5.875 01/15/66                                          | CUSIP: 210385AR1<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    130000 | PA      | $124901.11    | 0.02%             | 2066-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                                                     | FABSJV 6.15 01/25/32                                        | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    275000 | PA      | $287301.11    | 0.05%             | 2032-01-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD8329                                                   | CUSIP: 3132DWHE6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    979700 | PA      | $970823.41    | 0.17%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                                                         | VICI 5.625 04/01/35                                         | CUSIP: 925650AK9<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94600.55     | 0.02%             | 2035-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                                                                                                             | C 5.488 12/04/26 BKNT                                       | CUSIP: 17325FBC1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    800000 | PA      | $806385.60    | 0.14%             | 2026-12-04      | Fixed         | 5.49%                 | No            |                  2 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA                                                                                                      | Spotify Technology S.A. COM EUR0.000625                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     12083 | NS      | $5859167.53   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BFLD COMMERCIAL MORTGAGE TRUST 2025-660F                                                                                   | BFLD 2025-660F A                                            | CUSIP: 05556QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1465000 | PA      | $1463172.56   | 0.26%             | 2042-11-17      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0091                                                   | CUSIP: 3618N5C56<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    668693 | PA      | $663096.26    | 0.12%             | 2054-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                                                                                         | AALLN 5.25 03/19/36 144A                                    | CUSIP: 034863BJ8<br>LEI: 549300S9XF92D1X8ME43 | Long             | DBT              | CORP              | GB        |    400000 | PA      | $391287.36    | 0.07%             | 2036-03-19      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FR RA7944                                                   | CUSIP: 3133KPZH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    310551 | PA      | $317350.92    | 0.06%             | 2052-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                                                               | Barclays PLC ORD GBP0.25                                    | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    764391 | NS      | $4000428.04   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                                                                                            | BAE Systems PLC ORD GBP0.025                                | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    218357 | NS      | $6401901.09   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS2462                                                   | CUSIP: 3140XHWY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1653175 | PA      | $1469519.66   | 0.26%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Magnetite XLV Ltd.                                                                                                         | MAGNE 2025-45A D1                                           | CUSIP: 55956CAJ0<br>LEI: 529900IK6R4NURGLMB37 | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $98541.50     | 0.02%             | 2038-04-15      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                                                                                    | FR SD7548                                                   | CUSIP: 3132DVL52<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |   2846168 | PA      | $2448406.41   | 0.44%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                          | HSBC V7 PERP .                                              | CUSIP: 404280FJ3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198119.86    | 0.04%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 4.55 10/15/32                                           | CUSIP: 532457DD7<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |     66000 | PA      | $66049.84     | 0.01%             | 2032-10-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V5.14 01/24/31                                          | CUSIP: 46647PEV4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61111.42     | 0.01%             | 2031-01-24      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                                           | Amazon.com, Inc. COM                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     33930 | NS      | $7066601.10   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V5.192 04/17/31                                          | CUSIP: 61747YFZ3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25378.39     | 0.00%             | 2031-04-17      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                                                                 | Apple Inc. COM                                              | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     42294 | NS      | $10733794.26  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         3 | NC      | $-9850.11     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 5.55 10/15/55                                           | CUSIP: 532457DF2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128419.99    | 0.02%             | 2055-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                                                        | ABIBB 5.55 01/23/49                                         | CUSIP: 03523TBV9<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    185000 | PA      | $179804.83    | 0.03%             | 2049-01-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MA6930                                                   | CUSIP: 36179VVX5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1770701 | PA      | $1464447.54   | 0.26%             | 2050-10-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2025-R03                                                                               | CAS 2025-R02 1M2                                            | CUSIP: 20754TAD4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    560000 | PA      | $560505.85    | 0.10%             | 2045-02-27      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4281                                                   | CUSIP: 31418DXK3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2215569 | PA      | $1801213.34   | 0.32%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Burgan Bank K.P.S.C                                                                                                        | BGBKKK V2.75 12/15/31                                       | CUSIP: 000000000<br>LEI: 558600NC81HKXMFSTY52 | Long             | DBT              | CORP              | KW        |    835000 | PA      | $812897.88    | 0.15%             | 2031-12-15      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Dhafrah PV2 Energy Co LLC                                                                                                  | DHAENE 5.794 06/30/53 144A                                  | CUSIP: 25241MAA5<br>LEI: 529900AHXZA1YRZN9C67 | Long             | DBT              | CORP              | AE        |    415000 | PA      | $403471.38    | 0.07%             | 2053-06-30      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a r.l.                                                                         | VGNT 6.125 04/15/31 144A                                    | CUSIP: 23292NAA6<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | CORP              | US        |    413000 | PA      | $408175.13    | 0.07%             | 2031-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2020-C7                                                                                               | BBCMS 2020-C7 A5                                            | CUSIP: 05492VAF2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $899491.70    | 0.16%             | 2053-04-17      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FA0608                                                   | CUSIP: 3140W0VA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    832318 | PA      | $836601.82    | 0.15%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                                           | AMZN 4.1 11/20/30                                           | CUSIP: 023135CT1<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    160000 | PA      | $158191.25    | 0.03%             | 2030-11-20      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.25 PERP                                              | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    450000 | PA      | $452969.10    | 0.08%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SLB LTD                                                                                                                    | SLB Ltd. COM STK                                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     78392 | NS      | $4028564.88   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2021-B25 MORTGAGE TRUST                                                                                          | BMARK 2021-B25 A5                                           | CUSIP: 08163DAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    800000 | PA      | $718447.04    | 0.13%             | 2054-04-17      | Variable      | 2.58%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FR RA6605                                                   | CUSIP: 3133KNKS1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    861731 | PA      | $757548.99    | 0.14%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FNR 2015-18 NS                                              | CUSIP: 3136AM2E8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    726670 | PA      | $75069.74     | 0.01%             | 2045-04-25      | Floating      | 2.34%                 | No            |                  3 | On Loan: No      |
| HOYA Corp.                                                                                                                 | HOYA Corp. NPV                                              | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     30100 | NS      | $5218149.05   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Saia Inc                                                                                                                   | Saia Inc COM                                                | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |     16132 | NS      | $5666848.96   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc.                                                                                              | Alimentation Couche-Tard Inc. COM                           | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |    114290 | NS      | $6478158.65   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                                                              | STACR 2026-DNA2 B1                                          | CUSIP: 35564UEP8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    500000 | PA      | $499062.50    | 0.09%             | 2046-03-26      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 5.55 11/01/45                                             | CUSIP: 00206RND0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    140000 | PA      | $132631.87    | 0.02%             | 2045-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                                                                  | APODS 6.7 07/29/31                                          | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    330000 | PA      | $334046.86    | 0.06%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS1838                                                   | CUSIP: 3140XHBG1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    575238 | PA      | $510990.47    | 0.09%             | 2051-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V4.898 01/22/37                                         | CUSIP: 46647PFJ0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     80000 | PA      | $78310.85     | 0.01%             | 2037-01-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.049 07/23/30                                          | CUSIP: 38141GB29<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    795000 | PA      | $804704.17    | 0.14%             | 2030-07-23      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                                                       | RY V6.5 11/24/85                                            | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $193399.02    | 0.03%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B36 MORTGAGE TRUST                                                                                          | BMARK 2022-B36 A5                                           | CUSIP: 08163QBH0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $145153.13    | 0.03%             | 2055-07-16      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                                                           | NRG 6.25 11/01/34 144A                                      | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    230000 | PA      | $232021.06    | 0.04%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Caterpillar Financial Services Corp.                                                                                       | CAT 4.15 01/08/31                                           | CUSIP: 14913UBH2<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123881.66    | 0.02%             | 2031-01-08      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V6.484 10/24/29                                          | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    235000 | PA      | $245879.02    | 0.04%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                                                 | BA 6.259 05/01/27                                           | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    785000 | PA      | $798774.24    | 0.14%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| Tcw Clo 2019-2 Ltd                                                                                                         | TCW 2019-2A D1R2                                            | CUSIP: 87242BBQ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $143489.25    | 0.03%             | 2038-01-20      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)                                        | AER 4.625 10/15/27                                          | CUSIP: 00774MAR6<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    480000 | PA      | $480719.38    | 0.09%             | 2027-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                                                                    | BPCEGP V6.347 01/13/47 144A                                 | CUSIP: 05571ABG9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $239430.60    | 0.04%             | 2047-01-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel                                                                                         | BFCM 4.541 01/15/31 144A                                    | CUSIP: 06675DCU4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |    205000 | PA      | $202256.30    | 0.04%             | 2031-01-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V5.605 04/23/36                                         | CUSIP: 95000U3V3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    110000 | PA      | $112605.81    | 0.02%             | 2036-04-23      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                             | BCRED 5.35 03/12/31                                         | CUSIP: 09261HBZ9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    115000 | PA      | $109312.48    | 0.02%             | 2031-03-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Al Rajhi Sukuk Ltd.                                                                                                        | RJHIAB V5.651 03/16/36 EMTN                                 | CUSIP: 000000000<br>LEI: 549300FHETHK3XGY8N60 | Long             | DBT              | CORP              | KY        |    395000 | PA      | $386647.78    | 0.07%             | 2036-03-16      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                                                       | Howmet Aerospace Inc COM                                    | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     29718 | NS      | $6848810.28   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SMC Corp.                                                                                                                  | SMC Corp. NPV                                               | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     11000 | NS      | $4326281.42   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                                                           | NRG 5.407 10/15/35 144A                                     | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171769.47    | 0.03%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                                                          | VENTGL 3.875 11/01/33 144A                                  | CUSIP: 92328MAC7<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    520000 | PA      | $461058.68    | 0.08%             | 2033-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                                               | T 4.125 02/15/36                                            | CUSIP: 91282CPZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6460000 | PA      | $6359567.03   | 1.14%             | 2036-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS INC                                                                                                            | Amer Sports Inc. COM SHS                                    | CUSIP: 000000000<br>LEI: 391200YCSWTRD1J21867 | Long             | EC               | CORP              | KY        |    176126 | NS      | $5798067.92   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile USA, Inc.                                                                                                         | TMUS 5.125 05/15/32                                         | CUSIP: 87264ADS1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76102.22     | 0.01%             | 2032-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Incorporated                                                                                       | AIMEGR 7.375 10/01/32 144A                                  | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |    255000 | PA      | $265020.23    | 0.05%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2023-HQA3                                                                                    | STACR 2023-HQA3 A1                                          | CUSIP: 35564K3F4<br>LEI: 529900ZTXRUUVE8G8W08 | Long             | ABS-O            | USGSE             | US        |    341975 | PA      | $344361.35    | 0.06%             | 2043-11-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                                                                   | CE 6.5 04/15/30                                             | CUSIP: 15089QAZ7<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20423.36     | 0.00%             | 2030-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                                                                                    | Fresenius SE & Co. KGaA NPV                                 | CUSIP: 000000000<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |     76519 | NS      | $3971011.85   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                                                              | STACR 2026-DNA1 M2                                          | CUSIP: 35564UCS4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    210000 | PA      | $210231.71    | 0.04%             | 2046-02-25      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| PORSCHE INNOVATIVE LEASE OWNER TRUST 2024-1                                                                                | PILOT 2024-1A A3                                            | CUSIP: 73328AAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    477824 | PA      | $478696.13    | 0.09%             | 2027-11-22      | Fixed         | 4.67%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                                                                                | TX HOUFAC 5.5 09/01/2058                                    | CUSIP: 44237NMW9<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |     40000 | PA      | $42150.80     | 0.01%             | 2058-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Next Properties Trust 2401                                                                                                 | NEXTPR 7.7 01/23/32 144A                                    | CUSIP: 89834MAB2<br>LEI: 254900QDKZ8ZURT6FD83 | Long             | DBT              | CORP              | MX        |    295000 | PA      | $315853.55    | 0.06%             | 2032-01-23      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V5.664 04/17/36                                          | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    219000 | PA      | $224392.42    | 0.04%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FNR 2019-13 IP                                              | CUSIP: 3136B4GV4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    480262 | PA      | $104587.57    | 0.02%             | 2049-03-25      | Fixed         | 5.00%                 | No            |                  3 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                                                           | SUMIAL 4.85 03/24/31 144A                                   | CUSIP: 873923AE6<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123485.11    | 0.02%             | 2031-03-24      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                                                                                    | BECN 6.75 04/30/32 144A                                     | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     86000 | PA      | $87794.48     | 0.02%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AOA TRUST 2025-1301                                                                                                        | AOA 2025-1301 A                                             | CUSIP: 682461AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1700000 | PA      | $1704033.08   | 0.31%             | 2042-08-13      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                                                                       | CEMEX S.A.B. de C.V. SPON ADR NEW                           | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |    298361 | NS      | $3413249.84   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MAD COMMERCIAL MORTGAGE TRUST 2025-11MD                                                                                    | MAD 2025-11MD A                                             | CUSIP: 55616AAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $846127.06    | 0.15%             | 2042-10-17      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD2477                                                   | CUSIP: 3132DPXE3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    312341 | PA      | $317901.37    | 0.06%             | 2053-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                                             | FDX 4.95 03/15/33 144A                                      | CUSIP: 314352AE5<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170741.50    | 0.03%             | 2033-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| REDE D'OR SAO LUIZ SA                                                                                                      | Rede D Or Sao Luiz SA COM NPV                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    741681 | NS      | $5572791.59   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp.                                                                                                                | ETN 4.8 03/06/36                                            | CUSIP: 278058DZ2<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197535.62    | 0.04%             | 2036-03-06      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4305                                                   | CUSIP: 31418DYB2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5018459 | PA      | $4077561.98   | 0.73%             | 2051-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V6.491 10/23/34                                         | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    192000 | PA      | $207951.19    | 0.04%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS 5.45 09/15/35                                           | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    185000 | PA      | $185785.95    | 0.03%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Leidos Inc                                                                                                                 | LDOS 5 03/15/36                                             | CUSIP: 52532XAN5<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    390000 | PA      | $377200.28    | 0.07%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST 2024-B                                                                                        | FORDO 2024-B A3                                             | CUSIP: 34531QAD1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    337518 | PA      | $340139.75    | 0.06%             | 2029-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                                                         | ARCC 5.1 01/15/31                                           | CUSIP: 04010LBL6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    315000 | PA      | $303063.83    | 0.05%             | 2031-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                                                            | Microsoft Corp. COM                                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     32346 | NS      | $11973518.82  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 5.875 09/26/45                                         | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    320000 | PA      | $276282.24    | 0.05%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FNR 2017-33 AI                                              | CUSIP: 3136AWFK8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    606951 | PA      | $73764.40     | 0.01%             | 2047-05-25      | Fixed         | 4.50%                 | No            |                  3 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V6.02 01/24/36                                            | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    170000 | PA      | $173645.79    | 0.03%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                                              | USB V2.491 11/03/36                                         | CUSIP: 91159HJB7<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    530000 | PA      | $458402.78    | 0.08%             | 2036-11-03      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD8257                                                   | CUSIP: 3132DWE66<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    374887 | PA      | $363361.82    | 0.07%             | 2052-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Orkla ASA                                                                                                                  | Orkla ASA NOK1.25                                           | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |    256923 | NS      | $3233281.91   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                                                                        | WI PUBTRN 6.5 12/31/2065                                    | CUSIP: 74448UAC2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $327594.00    | 0.06%             | 2065-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                                                                   | HONA 4.95 03/16/36 144A                                     | CUSIP: 43849RAG0<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    295000 | PA      | $292813.70    | 0.05%             | 2036-03-16      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 4.9 10/15/35                                            | CUSIP: 532457DE5<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    140000 | PA      | $139985.09    | 0.03%             | 2035-10-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MEDIA GROUP HLDGS SER H                                                                                                    | MEDIA GROUP HLDGS SER H                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |     31963 | NS      | $37700.36     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Comision Federal de Electricidad                                                                                           | CFELEC 6.5 01/28/51 144A                                    | CUSIP: 200447AR1<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $193000.00    | 0.03%             | 2051-01-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEX TRUST 2026-450                                                                                                         | LEXT 2026-450 A                                             | CUSIP: 501970AA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    840000 | PA      | $836325.00    | 0.15%             | 2043-03-16      | Floating      | 5.02%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.387 02/02/41                                          | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    365000 | PA      | $352778.67    | 0.06%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                                                               | OCINCC 5.8 03/15/30                                         | CUSIP: 09581CAD3<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    302000 | PA      | $291355.35    | 0.05%             | 2030-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                                                         | Ingersoll Rand Inc COM                                      | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     51539 | NS      | $4129304.68   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                                                                                        | SVB Financial Group TR UNIT CL A-1                          | CUSIP: 78500B205<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |       390 | NS      | $184275.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0619                                                   | CUSIP: 3618N5VM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1141689 | PA      | $1047614.25   | 0.19%             | 2055-09-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO 22 LTD                                                                                                         | ELM22 2023-1A D1R                                           | CUSIP: 29001YAQ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    100000 | PA      | $99176.90     | 0.02%             | 2038-04-19      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4917                                                   | CUSIP: 31418EPB0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    316409 | PA      | $306290.01    | 0.06%             | 2053-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                                                                | PFE 4.2 11/15/30                                            | CUSIP: 717081FD0<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99332.80     | 0.02%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V4.503 09/11/31                                           | CUSIP: 172967QF1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    265000 | PA      | $262050.60    | 0.05%             | 2031-09-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                                                   | VST 5.35 01/31/36 144A                                      | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88097.72     | 0.02%             | 2036-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                                                                     | AEE 4.8 03/15/36                                            | CUSIP: 906548DB5<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87909.06     | 0.02%             | 2036-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2024-DNA3                                                                                    | STACR 2024-DNA3 M2                                          | CUSIP: 35564NFA6<br>LEI: 529900P3PHNE8PW64Z68 | Long             | ABS-O            | USGSE             | US        |    398407 | PA      | $398160.14    | 0.07%             | 2044-10-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                                                           | CP 5.5 03/15/56                                             | CUSIP: 13645RBS2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |    155000 | PA      | $148483.46    | 0.03%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN DC9422                                                   | CUSIP: 3140AXPG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    464154 | PA      | $467020.54    | 0.08%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                                                                                 | Carrier Global Corporation COM                              | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     78332 | NS      | $4410874.92   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                                                       | CLF 7 03/15/32 144A                                         | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    365000 | PA      | $353612.84    | 0.06%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                                           | AMZN 5.8 03/13/56                                           | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    155000 | PA      | $154984.89    | 0.03%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Ishares Inc                                                                                                                | Ishares Inc CORE MSCI EMKT                                  | CUSIP: 46434G103<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     51190 | NS      | $3570502.50   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW FINANCE CORP                                                                                                           | CDW 3.276 12/01/28                                          | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $797806.38    | 0.14%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.204 11/10/28                                         | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    380000 | PA      | $390484.81    | 0.07%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                                                              | ENBCN 6.7 11/15/53                                          | CUSIP: 29250NBZ7<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    105000 | PA      | $114046.05    | 0.02%             | 2053-11-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V1.734 07/22/27                                         | CUSIP: 06051GJS9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    290000 | PA      | $287591.20    | 0.05%             | 2027-07-22      | Fixed         | 1.73%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio LLC                                                                                                        | SIRI 4.125 07/01/30 144A                                    | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    425000 | PA      | $398217.44    | 0.07%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Targa Resources Partners LP/Targa Resources Finance Corp.                                                                  | TRGP 5 01/15/28                                             | CUSIP: 87612BBG6<br>LEI: 6OQWTZ1SPC04IFT4T704 | Long             | DBT              | CORP              | US        |    770000 | PA      | $769889.12    | 0.14%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | U.S. Treasury Bond Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       169 | NC      | $-525505.50   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                                                                                                | Capital One Financial Corp. COM                             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     23233 | NS      | $4238396.19   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V5.103 04/22/31                                         | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    220000 | PA      | $224035.70    | 0.04%             | 2031-04-22      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                                               | T 3.75 01/31/31                                             | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    205000 | PA      | $203270.31    | 0.04%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                                              | OMF 7.125 09/15/32                                          | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    350000 | PA      | $345137.24    | 0.06%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                                                            | CRM 4.9 09/15/31                                            | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    355000 | PA      | $354581.17    | 0.06%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                                                | VZ 5.875 11/30/55                                           | CUSIP: 92343VHJ6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    195000 | PA      | $189809.70    | 0.03%             | 2055-11-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V5.15 04/23/31                                          | CUSIP: 95000U3W1<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15259.06     | 0.00%             | 2031-04-23      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                                                                                 | BABA 2.125 02/09/31                                         | CUSIP: 01609WAX0<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |    500000 | PA      | $452149.25    | 0.08%             | 2031-02-09      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                                                               | TF 0 10/31/27                                               | CUSIP: 91282CPG0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1615000 | PA      | $1617161.52   | 0.29%             | 2027-10-31      | Floating      | 3.84%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V6.625 PERP                                               | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    115000 | PA      | $115164.47    | 0.02%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                                                         | Meta Platforms Inc CL A                                     | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7644 | NS      | $4373361.72   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                                                                                              | USB V6.787 10/26/27                                         | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96274.57     | 0.02%             | 2027-10-26      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| SEA LTD                                                                                                                    | Sea Ltd. SPONSORD ADS                                       | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |     37140 | NS      | $3075563.40   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Finance Inc.                                                                                                    | BNCN 5.33 01/15/36                                          | CUSIP: 11271LAQ5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    195000 | PA      | $191020.01    | 0.03%             | 2036-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                                                                | PFE 4.875 11/15/35                                          | CUSIP: 717081FF5<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    155000 | PA      | $153510.67    | 0.03%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PRPM 2024-RPL1 LLC                                                                                                         | PRPM 2024-RPL1 A1                                           | CUSIP: 69380XAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    934776 | PA      | $920653.15    | 0.17%             | 2064-12-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd.                                                                                          | ADGLXY 2.16 03/31/34 144A                                   | CUSIP: 36321PAD2<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    349595 | PA      | $310453.39    | 0.06%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.625 PERP                                             | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133367.65    | 0.02%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V6.75 PERP EE                                             | CUSIP: 172967PR6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    133000 | PA      | $133011.92    | 0.02%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                                           | CHTR 6.375 09/01/29 144A                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    344000 | PA      | $345275.90    | 0.06%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V6.296 10/18/28                                          | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    224000 | PA      | $229921.17    | 0.04%             | 2028-10-18      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MA8269                                                   | CUSIP: 36179XFJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    522790 | PA      | $520578.85    | 0.09%             | 2052-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                                               | AVGO 4.2 10/15/30                                           | CUSIP: 11135FCW9<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59322.91     | 0.01%             | 2030-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 5.6 02/12/65                                            | CUSIP: 532457CZ9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    205000 | PA      | $200783.83    | 0.04%             | 2065-02-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                                                                                              | SK Hynix Inc. KRW5000                                       | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      6386 | NS      | $3623193.70   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                                                | VZ 4.75 01/15/33                                            | CUSIP: 92343VHF4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    230000 | PA      | $227238.23    | 0.04%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                                                        | D V6.875 02/01/55 A                                         | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    180000 | PA      | $185378.49    | 0.03%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES SERIES 2019-K103                                                          | FHMS K103 X1                                                | CUSIP: 3137FQKQ5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1952059 | PA      | $39546.18     | 0.01%             | 2029-11-25      | Variable      | 0.63%                 | No            |                  3 | On Loan: No      |
| Jefferies Financial Group Inc                                                                                              | JEF 6.2 04/14/34                                            | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137748.47    | 0.02%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V4.95 08/04/31                                           | CUSIP: 251526DB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $373692.83    | 0.07%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                                          | HRI 7.25 06/15/33 144A                                      | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56407.56     | 0.01%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2021-B24 MORTGAGE TRUST                                                                                          | BMARK 2021-B24 A5                                           | CUSIP: 08163CBC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1792876.60   | 0.32%             | 2054-03-17      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                         | ET 6.3 01/15/56                                             | CUSIP: 29273VBL3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    110000 | PA      | $108417.60    | 0.02%             | 2056-01-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd.                                                                                                         | Bharti Airtel Ltd. INR5                                     | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |    250774 | NS      | $4765556.90   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 4.7 09/27/34                                           | CUSIP: 68389XCT0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     80000 | PA      | $73045.66     | 0.01%             | 2034-09-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | CAS 2025-R05 2M2                                            | CUSIP: 20753CAC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    160000 | PA      | $160494.37    | 0.03%             | 2045-07-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STRUCTURED PASS THROUGH CERTIFICATES SERIES 2020-K115                                                          | FHMS K115 X1                                                | CUSIP: 3137FWG95<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   1755807 | PA      | $81949.14     | 0.01%             | 2030-06-25      | Variable      | 1.31%                 | No            |                  3 | On Loan: No      |
| iShares Trust                                                                                                              | iShares Trust CORE MSCI EAFE                                | CUSIP: 46432F842<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     40469 | NS      | $3663658.57   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                                                             | Morgan Stanley COM NEW                                      | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     39341 | NS      | $6474348.37   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank 2020-Bnk25                                                                                                            | BANK 2020-BN25 A5                                           | CUSIP: 06539WBB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $462462.90    | 0.08%             | 2063-01-18      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                                                                 | RCICN V7.125 04/15/55                                       | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    211000 | PA      | $216048.93    | 0.04%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Cargill Inc.                                                                                                               | CARGIL 4.125 10/23/30 144A                                  | CUSIP: 141781CF9<br>LEI: QXZYQNMR4JZ5RIRN4T31 | Long             | DBT              | CORP              | US        |    145000 | PA      | $142942.70    | 0.03%             | 2030-10-23      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Airbus SE                                                                                                                  | Airbus SE EUR1                                              | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     27478 | NS      | $5195347.03   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Worldwide Holdings Inc                                                                                              | Hilton Worldwide Holdings Inc COM                           | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     19236 | NS      | $5849282.88   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                                                                   | JBS 6.25 03/01/56                                           | CUSIP: 472140AH5<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    110000 | PA      | $107970.59    | 0.02%             | 2056-03-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V4.81 10/22/36                                          | CUSIP: 46647PFE1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    255000 | PA      | $247689.61    | 0.04%             | 2036-10-22      | Fixed         | 4.81%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                                                                   | HCA 5.45 09/15/34                                           | CUSIP: 404121AK1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    270000 | PA      | $272617.27    | 0.05%             | 2034-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                                                           | MRK 5.55 12/04/55                                           | CUSIP: 58933YCB9<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    220000 | PA      | $213802.36    | 0.04%             | 2055-12-04      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Popular, Inc.                                                                                                              | BPOP 7.25 03/13/28                                          | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | US        |    250000 | PA      | $259163.00    | 0.05%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                                                           | AEP V6.05 03/15/56 D                                        | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    165000 | PA      | $163598.29    | 0.03%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| FMG Resources (August 2006) Pty Ltd.                                                                                       | FMGAU 5.875 04/15/30 144A                                   | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    375000 | PA      | $379836.98    | 0.07%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                                                                 | AMGN 4.85 02/19/36                                          | CUSIP: 031162DW7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    205000 | PA      | $201496.88    | 0.04%             | 2036-02-19      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                                                                     | EXR 5.4 02/01/34                                            | CUSIP: 30225VAS6<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    310000 | PA      | $312672.85    | 0.06%             | 2034-02-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                                              | F 6.532 03/19/32                                            | CUSIP: 345397G98<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    305000 | PA      | $313147.86    | 0.06%             | 2032-03-19      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V4.375 PERP RR                                          | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44479.30     | 0.01%             | N/A             | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Casey'S General Stores Inc.                                                                                                | Casey'S General Stores Inc. COM                             | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      8100 | NS      | $5895666.00   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V4.96 01/23/37                                          | CUSIP: 95000U4E0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    123000 | PA      | $119865.35    | 0.02%             | 2037-01-23      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | Eli Lilly & Co. COM                                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      6186 | NS      | $5689697.22   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                                                                               | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10          | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    276450 | NS      | $15988354.40  | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                                                         | VICI 4.95 02/15/30                                          | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    285000 | PA      | $284653.27    | 0.05%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                                                                                 | HAS 4.65 03/12/31                                           | CUSIP: 418056BB2<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79030.28     | 0.01%             | 2031-03-12      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | CAS 2025-R03 2M1                                            | CUSIP: 20754VAB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     98641 | PA      | $98877.56     | 0.02%             | 2045-03-27      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS 5 09/15/32                                              | CUSIP: 126650EJ5<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110133.01    | 0.02%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 5.7 02/04/36                                           | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    295000 | PA      | $283766.90    | 0.05%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                                                | AbbVie Inc. COM                                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     15517 | NS      | $3374792.33   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Comision Federal de Electricidad                                                                                           | CFELEC 6.045 01/28/34 144A                                  | CUSIP: 200447AQ3<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |    490000 | PA      | $475471.50    | 0.09%             | 2034-01-28      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| JBS NV                                                                                                                     | JBS 5.625 03/10/37 144A                                     | CUSIP: 46590XBA3<br>LEI: 254900JSFON4WL81TW77 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $200751.00    | 0.04%             | 2037-03-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Trust                                                                                                        | Goldman Sachs Financial Square Government Fund              | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |   1775000 | NS      | $1775000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                                                                                               | NVIDIA Corp. COM                                            | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    108723 | NS      | $18961291.20  | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                                          | PNC V6.875 10/20/34                                         | CUSIP: 693475BU8<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    245000 | PA      | $270749.18    | 0.05%             | 2034-10-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V6.407 11/01/29                                          | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    155000 | PA      | $161796.49    | 0.03%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V7 PERP 144a                                            | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    400000 | PA      | $396469.28    | 0.07%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SUZANO SA                                                                                                                  | SUZANO 2.5 09/15/28                                         | CUSIP: 86964WAL6<br>LEI: 391200AW174YQSDMGG41 | Long             | DBT              | CORP              | BR        |    600000 | PA      | $570144.36    | 0.10%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd                                                                                            | BAMCN 4.653 11/15/30                                        | CUSIP: 113004AB1<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $247915.08    | 0.04%             | 2030-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| TOYOTA AUTO RECEIVABLES 2024-B OWNER TRUST                                                                                 | TAOT 2024-B A3                                              | CUSIP: 89237NAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    475760 | PA      | $479942.38    | 0.09%             | 2029-01-16      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                                                            | PFSI 6.875 05/15/32 144A                                    | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    360000 | PA      | $347766.23    | 0.06%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.218 04/23/31                                          | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    260000 | PA      | $264446.36    | 0.05%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                                                               | MAR 5.1 05/01/38                                            | CUSIP: 571903BZ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    115000 | PA      | $109377.71    | 0.02%             | 2038-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                                                          | CCI 1.05 07/15/26                                           | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    415000 | PA      | $411059.58    | 0.07%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| KLA Corp.                                                                                                                  | KLA Corp. COM NEW                                           | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      5000 | NS      | $7362050.00   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V5.9 03/13/47                                            | CUSIP: 61747YGC3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    195000 | PA      | $194207.97    | 0.03%             | 2047-03-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Vale Overseas Limited                                                                                                      | VALEBZ V6 02/25/56 144A                                     | CUSIP: 91911TAT0<br>LEI: 254900BA3U6G5DNV5V04 | Long             | DBT              | CORP              | KY        |    400000 | PA      | $394000.00    | 0.07%             | 2056-02-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FM6031                                                   | CUSIP: 3140X9VZ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    398199 | PA      | $321441.62    | 0.06%             | 2051-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fortitude Global Funding                                                                                                   | FORTRE 4.625 10/06/28 144A                                  | CUSIP: 34967GAA2<br>LEI: 635400TKBOGEHNO5RT68 | Long             | DBT              | CORP              | US        |    560000 | PA      | $554551.09    | 0.10%             | 2028-10-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MA7472                                                   | CUSIP: 36179WJR0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1887924 | PA      | $1625215.83   | 0.29%             | 2051-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                                                           | MRK 4.45 12/04/32                                           | CUSIP: 58933YBY0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88421.38     | 0.02%             | 2032-12-04      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.065 01/21/37                                          | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    420000 | PA      | $410778.77    | 0.07%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                                                                 | RCICN 5.3 02/15/34                                          | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    365000 | PA      | $363542.23    | 0.07%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                                                        | ABT 4.65 03/15/36                                           | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |    405000 | PA      | $396188.37    | 0.07%             | 2036-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN MA5823                                                   | CUSIP: 31418FPH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2390034 | PA      | $2436322.01   | 0.44%             | 2055-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO 17 LTD                                                                                                             | AGL 2022-17A AR                                             | CUSIP: 00120DAJ5<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $349426.35    | 0.06%             | 2035-01-22      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| NTPC Ltd.                                                                                                                  | NTPC Ltd. INR10                                             | CUSIP: 000000000<br>LEI: 335800Q4TRGJXNLVMB81 | Long             | EC               | CORP              | IN        |   1522725 | NS      | $5997387.88   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V4.844 11/06/33 144A                                    | CUSIP: 902613BT4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    240000 | PA      | $236147.35    | 0.04%             | 2033-11-06      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                                                  | RTX 4.625 11/16/48                                          | CUSIP: 913017CX5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85194.81     | 0.02%             | 2048-11-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                                                                    | HILCRP 6.25 04/15/32 144A                                   | CUSIP: 431318AZ7<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |    375000 | PA      | $363201.94    | 0.07%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                                                               | MAR 4.5 05/01/33                                            | CUSIP: 571903BY8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82163.10     | 0.01%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust                                                                                                       | VZMT 2024-3 A1A                                             | CUSIP: 92348KCQ4<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1013185.30   | 0.18%             | 2030-04-22      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4047                                                   | CUSIP: 31418DP97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2284713 | PA      | $1862652.11   | 0.33%             | 2050-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD1098                                                   | CUSIP: 3132DNGF4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1211561 | PA      | $1033254.08   | 0.19%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN CA6592                                                   | CUSIP: 3140QEKE1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    405552 | PA      | $348605.05    | 0.06%             | 2050-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V6.254 10/23/34                                         | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     88000 | PA      | $94647.41     | 0.02%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Gmf Floorplan Owner Revolving Trust                                                                                        | GFORT 2024-1A A1                                            | CUSIP: 361886DA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1008743.70   | 0.18%             | 2029-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR QN7406                                                   | CUSIP: 3133GEGP7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1818755 | PA      | $1674248.83   | 0.30%             | 2036-08-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CYRUSONE DATA CENTERS ISSUER I LLC                                                                                         | CYRUS 2024-2A A2                                            | CUSIP: 23284BAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $972062.60    | 0.17%             | 2049-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FM6684                                                   | CUSIP: 3140XANA6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    652942 | PA      | $620231.12    | 0.11%             | 2036-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                                                       | GM 5.6 06/18/31                                             | CUSIP: 37045XEY8<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66546.16     | 0.01%             | 2031-06-18      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS8680                                                   | CUSIP: 3140XQUE5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    339949 | PA      | $325375.79    | 0.06%             | 2037-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.4 03/18/31                                         | CUSIP: 66989HBG2<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155000.91    | 0.03%             | 2031-03-18      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Seagate Technology Holdings PLC                                                                                            | Seagate Technology Holdings PLC ORD SHS                     | CUSIP: 000000000<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      8061 | NS      | $3157977.36   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                                                                                               | The Sherwin-Williams Company COM                            | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     14297 | NS      | $4582903.35   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS2660                                                   | CUSIP: 3140XH5W3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    661604 | PA      | $557431.15    | 0.10%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY STREET TRUST 2026-225L                                                                                             | LBTY 2026-225L A                                            | CUSIP: 50178LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1350000 | PA      | $1332402.21   | 0.24%             | 2031-02-10      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                                                                    | CHTR 6.55 05/01/37                                          | CUSIP: 88732JAJ7<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |    700000 | PA      | $706283.27    | 0.13%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FNA 2017-M2 A2                                              | CUSIP: 3136AVKR9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    870033 | PA      | $861843.01    | 0.15%             | 2027-02-25      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FNR 2016-48 US                                              | CUSIP: 3136ATLC6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   1360314 | PA      | $82163.76     | 0.01%             | 2046-08-25      | Floating      | 2.32%                 | No            |                  3 | On Loan: No      |
| BlackRock Liquidity Funds                                                                                                  | BlackRock Liquidity Funds FEDFUND INSTL                     | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   1775000 | NS      | $1775000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                                          | PNC V5.575 01/29/36                                         | CUSIP: 693475CC7<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137869.95    | 0.02%             | 2036-01-29      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA3                                                                                    | STACR 2025-DNA3 M2                                          | CUSIP: 35564UAS6<br>LEI: 5299009HC4IGFM6RXF30 | Long             | ABS-O            | USGSE             | US        |    160000 | PA      | $160367.39    | 0.03%             | 2045-09-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                                                | VZ 5 01/15/36                                               | CUSIP: 92343VHG2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    245000 | PA      | $240018.02    | 0.04%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Aon PLC                                                                                                                    | Aon PLC SHS CL A                                            | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     16314 | NS      | $5265832.92   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Aeropuerto Internacional de Tocumen, S.A.                                                                                  | AITOCU 4 08/11/41 144A                                      | CUSIP: 00787CAD4<br>LEI: 254900FO1PHX49ZIGB14 | Long             | DBT              | CORP              | PA        |    500000 | PA      | $416075.00    | 0.07%             | 2041-08-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                                                        | D V6.2 02/15/56                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118988.92    | 0.02%             | 2056-02-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                                                           | MRK 3.85 03/15/29                                           | CUSIP: 58933YBW4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109223.60    | 0.02%             | 2029-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V5.518 10/25/35                                         | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250082.10    | 0.04%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| IRV TRUST 2025-200P                                                                                                        | IRV 2025-200P A                                             | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    825000 | PA      | $831483.51    | 0.15%             | 2047-03-14      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                                                                              | SOBKCO 5.332 07/09/35 144A                                  | CUSIP: 83405KAB8<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |    370000 | PA      | $364478.79    | 0.07%             | 2035-07-09      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V4.493 01/16/32                                          | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    225000 | PA      | $221281.90    | 0.04%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2025-R04                                                                               | CAS 2025-R04 1M2                                            | CUSIP: 20755TAC5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    365000 | PA      | $366143.98    | 0.07%             | 2045-05-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                                                            | Salesforce Inc. COM                                         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     20838 | NS      | $3889829.46   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DRYDEN 109 CLO LTD                                                                                                         | DRSLF 2022-109A DR                                          | CUSIP: 26248KAS1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    150000 | PA      | $144753.90    | 0.03%             | 2038-04-15      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V2.552 01/07/28                                          | CUSIP: 25160PAH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $398748.14    | 0.07%             | 2028-01-07      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                                                                   | CE 6.75 04/15/33                                            | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    170000 | PA      | $174520.79    | 0.03%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FREMF 2016-K60 Mortgage Trust                                                                                              | FREMF 2016-K60 B                                            | CUSIP: 302947AE6<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |   2751000 | PA      | $2725960.67   | 0.49%             | 2049-12-25      | Variable      | 3.54%                 | No            |                  2 | On Loan: No      |
| MAGNETITE LI LIMITED                                                                                                       | MAGNE 2025-51A A1                                           | CUSIP: 559932AA6<br>LEI: 529900KAYH281VVPRN31 | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $947603.15    | 0.17%             | 2038-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                                                              | ENBCN 4.9 06/20/30                                          | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    110000 | PA      | $111194.11    | 0.02%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                                                         | ATH V6.875 06/28/55                                         | CUSIP: 04686JAM3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    165000 | PA      | $154350.49    | 0.03%             | 2055-06-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                                                                                    | HALST 2024-C A3                                             | CUSIP: 448984AD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    350000 | PA      | $351051.61    | 0.06%             | 2028-04-17      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                                                           | MRK 4.15 03/15/31                                           | CUSIP: 58933YBX2<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    295000 | PA      | $291800.40    | 0.05%             | 2031-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Nissan Master Owner Trust Receivables Series 2024-B                                                                        | NMOTR 2024-B A                                              | CUSIP: 65479VAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1006855.70   | 0.18%             | 2029-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2026-R01                                                                               | CAS 2026-R01 2M2                                            | CUSIP: 20755BAC4<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    520000 | PA      | $519985.08    | 0.09%             | 2046-01-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| OAKTREE CLO 2020-1 LTD                                                                                                     | OAKCL 2020-1A D1RR                                          | CUSIP: 67402FBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $145582.35    | 0.03%             | 2038-01-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds                                                                               | Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |   1775000 | NS      | $1775000.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Canyon Clo 2020-2 Ltd/Canyon Clo 2020-2 Llc                                                                                | CANYC 2019-2A AR2                                           | CUSIP: 13887WAS9<br>LEI: 254900X4427F031Y2Z93 | Long             | ABS-CBDO         | NUSS              | KY        |    200000 | PA      | $199608.20    | 0.04%             | 2034-10-16      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 6.3 01/15/38                                              | CUSIP: 00206RAG7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42604.15     | 0.01%             | 2038-01-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                                                                           | BMCAUS 4.375 07/15/30 144A                                  | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    483000 | PA      | $455553.48    | 0.08%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                                             | FDX 5.25 03/15/36 144A                                      | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135501.13    | 0.02%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                                                         | TMUS 5.875 11/15/55                                         | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    225000 | PA      | $219561.10    | 0.04%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KKR & Co Inc.                                                                                                              | KKR 5.1 08/07/35                                            | CUSIP: 48251WAB0<br>LEI: 54930013V5I303TF9571 | Long             | DBT              | CORP              | US        |    545000 | PA      | $527469.04    | 0.09%             | 2035-08-07      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Vulcan Materials Company                                                                                                   | Vulcan Materials Company COM                                | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      7882 | NS      | $2146268.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA4                                                                                    | STACR 2025-DNA4 M2                                          | CUSIP: 35564UBS5<br>LEI: 529900ZVQVVVNGMGDO97 | Long             | ABS-O            | USGSE             | US        |   1100000 | PA      | $1099318.00   | 0.20%             | 2045-10-25      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 2-Year T-Note Futures, Jun-2026,ETH                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        97 | NC      | $-143619.11   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2020-B18 MORTGAGE TRUST                                                                                          | BMARK 2020-B18 A5                                           | CUSIP: 08163AAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1771982.80   | 0.32%             | 2053-07-17      | Variable      | 1.93%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.9 03/18/36                                         | CUSIP: 66989HBJ6<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    270000 | PA      | $269459.11    | 0.05%             | 2036-03-18      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| GOLD SPOT $/OZ - GOLD BULLION                                                                                              | GOLD SPOT $/OZ - GOLD BULLION                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9475 | NS      | $44383119.49  | 7.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 5-Year T-Note Futures, Jun-2026,ETH                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        57 | NC      | $-78495.84    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                                                                                           | AMZN 4.875 03/13/36                                         | CUSIP: 023135DF0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    145000 | PA      | $143734.53    | 0.03%             | 2036-03-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                                                               | AVOL 4.85 04/01/33 144A                                     | CUSIP: 05401ABF7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    190000 | PA      | $182107.40    | 0.03%             | 2033-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                                                                                                      | ALDAR V5.875 04/14/56 144A                                  | CUSIP: 013917AA7<br>LEI: 98450048CD8AEF13B480 | Long             | DBT              | CORP              | AE        |    325000 | PA      | $299009.59    | 0.05%             | 2056-04-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 5.7 03/18/56                                         | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    110000 | PA      | $110863.72    | 0.02%             | 2056-03-18      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Vanguard Index Funds                                                                                                       | Vanguard Index Funds S&P 500 ETF SHS                        | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     36433 | NS      | $21770539.15  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                                                                           | DB V5.297 05/09/31                                          | CUSIP: 251526DA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $171801.97    | 0.03%             | 2031-05-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 5 01/13/36 144A                                       | CUSIP: 685218AF6<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $196520.56    | 0.04%             | 2036-01-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                                                      | AL V4.125 PERP C                                            | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    608000 | PA      | $593918.60    | 0.11%             | N/A             | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MA7988                                                   | CUSIP: 36179W2V9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1179491 | PA      | $1053755.80   | 0.19%             | 2052-04-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                                                                                      | Schneider Electric SE EUR4.00                               | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |     16634 | NS      | $4530795.60   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                                                                     | FANG 5.55 04/01/35                                          | CUSIP: 25278XBC2<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    343000 | PA      | $350165.37    | 0.06%             | 2035-04-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                                                        | D V6.625 05/15/55                                           | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     56000 | PA      | $56876.01     | 0.01%             | 2055-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2026-R02                                                                               | CAS 2026-R02 1M2                                            | CUSIP: 20753EAD8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    280000 | PA      | $281224.47    | 0.05%             | 2046-02-26      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                                                               | RCL 4.75 05/15/33                                           | CUSIP: 78017TAC7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    240000 | PA      | $231803.47    | 0.04%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                                                                                                            | Home Depot Inc. COM                                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     15162 | NS      | $4986630.18   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD1524                                                   | CUSIP: 3132DNVR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    525678 | PA      | $498511.57    | 0.09%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                                                              | ENBCN 5.55 06/20/35                                         | CUSIP: 29250NCK9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    170000 | PA      | $173855.48    | 0.03%             | 2035-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V5.01 03/23/37 144A                                     | CUSIP: 225401BP2<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     40000 | PA      | $38697.75     | 0.01%             | 2037-03-23      | Fixed         | 5.01%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio LLC                                                                                                        | SIRI 4 07/15/28 144A                                        | CUSIP: 82967NBJ6<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     85000 | PA      | $82097.75     | 0.01%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ascendis Pharma A/S                                                                                                        | Ascendis Pharma A/S SPONSORED ADR                           | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     25419 | NS      | $5814087.87   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprint Capital Corporation                                                                                                 | S 6.875 11/15/28                                            | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |    255000 | PA      | $269666.10    | 0.05%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                                                      | BBWI 6.875 11/01/35                                         | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    400000 | PA      | $393928.68    | 0.07%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                                                               | Broadcom Inc COM                                            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     17009 | NS      | $5264455.59   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 10-Year T-Note Futures, Jun-2026,ETH                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        20 | NC      | $-36923.80    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MADISON PARK FUNDING II LTD                                                                                                | MDPK 2018-27A D1R                                           | CUSIP: 55820YAW7<br>LEI: 549300Z310EWX0EQ8310 | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $145107.90    | 0.03%             | 2038-04-20      | Floating      | 6.52%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                                                | ABBV 4.75 03/15/36                                          | CUSIP: 00287YEG0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    195000 | PA      | $191393.09    | 0.03%             | 2036-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                                              | JEF 2.625 10/15/31                                          | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    390000 | PA      | $339614.15    | 0.06%             | 2031-10-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V5.193 02/05/37                                         | CUSIP: 46647PFK7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    395000 | PA      | $388300.68    | 0.07%             | 2037-02-05      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                                                                                                        | VLO 5.15 03/10/36                                           | CUSIP: 91913YBG4<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |    600000 | PA      | $591690.42    | 0.11%             | 2036-03-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ZAIS CLO 2020-16 LTD                                                                                                       | ZAIS 2020-16A A1R2                                          | CUSIP: 98875JBJ2<br>LEI: 549300AH84CSK4XX3T86 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499462.00    | 0.09%             | 2034-10-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                                                                                                    | MasterCard Incorporated CL A                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     11579 | NS      | $5785563.14   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS WATER DEVELOPMENT BOARD (TX)                                                                                         | TX TXSWTR 4.75 10/15/2055                                   | CUSIP: 88285AKD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    390000 | PA      | $386400.30    | 0.07%             | 2055-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CIFC FUNDING 2025-I LTD                                                                                                    | CIFC 2025-1A D1                                             | CUSIP: 12572VAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $146847.30    | 0.03%             | 2038-04-23      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                                                                     | AEE 5.55 03/15/56                                           | CUSIP: 906548DC3<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    130000 | PA      | $125554.83    | 0.02%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                                                           | FN FA3106                                                   | CUSIP: 3140W3NY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    593516 | PA      | $504550.02    | 0.09%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fideicomiso Irrevocable 1721 Banco Actinver Sa Institucion DE Banca Multiple Grupo Financiero Actinver Division Fiduciaria | FIBRAP 5.5 11/26/35 144A                                    | CUSIP: 31575KAA3<br>LEI: 549300JMTSVQ6LKX5222 | Long             | DBT              | CORP              | MX        |    325000 | PA      | $314330.90    | 0.06%             | 2035-11-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 5.7 11/01/54                                              | CUSIP: 00206RNE8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    190000 | PA      | $178037.68    | 0.03%             | 2054-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Banco del Estado de Chile                                                                                                  | BANCO V7.95 PERP 144A                                       | CUSIP: 05957AAC3<br>LEI: 5493004R4EJC0W0XVQ72 | Long             | DBT              | NUSS              | CL        |    375000 | PA      | $395088.75    | 0.07%             | N/A             | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.6 03/18/33                                         | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149406.63    | 0.03%             | 2033-03-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Sunbelt Rentals Holdings Inc.                                                                                              | Sunbelt Rentals Holdings Inc. SHS                           | CUSIP: 866966104<br>LEI: 529900W4BQDNMAOSRA49 | Long             | EC               | CORP              | US        |     60187 | NS      | $3839410.34   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                                                                                         | Banco Bilbao Vizcaya Argentaria SA EUR0.49                  | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    312362 | NS      | $6746884.54   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                                                                 | ACGCAP 4.875 01/28/33 144A                                  | CUSIP: 05369AAU5<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |    180000 | PA      | $173921.96    | 0.03%             | 2033-01-28      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN MA5822                                                   | CUSIP: 31418FPG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    315711 | PA      | $317302.12    | 0.06%             | 2055-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                                                           | FR SD8212                                                   | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    187714 | PA      | $158793.35    | 0.03%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | G2 MB0310                                                   | CUSIP: 3618N5KY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    319651 | PA      | $332187.98    | 0.06%             | 2055-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS0605                                                   | CUSIP: 3140XFU74<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     64024 | PA      | $54825.18     | 0.01%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Archrock Partners LP/Archrock Partners Finance Corp                                                                        | AROC 6.625 09/01/32 144A                                    | CUSIP: 03959KAD2<br>LEI: 549300YFKOM2XNCKQU76 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96920.90     | 0.02%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN FS1492                                                   | CUSIP: 3140XGUS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181070 | PA      | $175774.24    | 0.03%             | 2033-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V1.47 09/22/27                                          | CUSIP: 46647PCP9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    925000 | PA      | $912413.71    | 0.16%             | 2027-09-22      | Fixed         | 1.47%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                                                   | VST 4.7 01/31/31 144A                                       | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    130000 | PA      | $127980.37    | 0.02%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                                                      | FN 190445                                                   | CUSIP: 31368HP64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1257472 | PA      | $1300020.76   | 0.23%             | 2055-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FN MA4563                                                   | CUSIP: 31418EB90<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1207647 | PA      | $1021967.85   | 0.18%             | 2052-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SAP SE                                                                                                                     | SAP SE ORD NPV                                              | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     22038 | NS      | $3757096.50   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                                                       | CCL 4 08/01/28 144A                                         | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    285000 | PA      | $278413.02    | 0.05%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B35 MORTGAGE TRUST                                                                                          | BMARK 2022-B35 A5                                           | CUSIP: 08163RBQ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $96683.39     | 0.02%             | 2055-05-17      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| FERRARI NV                                                                                                                 | Ferrari N V COM EUR0.01                                     | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |     12478 | NS      | $4233834.84   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                                                      | FR RA7935                                                   | CUSIP: 3133KPY85<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    866875 | PA      | $865410.95    | 0.16%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA2                                                                                    | STACR 2025-DNA2 M2                                          | CUSIP: 35564NJA2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-O            | USGSE             | US        |    130000 | PA      | $130081.90    | 0.02%             | 2045-05-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                          | HSBC V6.75 PERP                                             | CUSIP: 404280FH7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $197920.18    | 0.04%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 4.75 01/13/33 144A                                    | CUSIP: 685218AE9<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $197836.42    | 0.04%             | 2033-01-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** Ivy Variable Insurance Portfolio

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

**Title:** Division Director - Head of US Fund Administration