# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021601
**Filing Date:** 2026-5
**Character Count:** 113051
**Document Hash:** e466a46013baf4dcfe17e2d643bbe114
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021601.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021601

**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:** 261031795

**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 Limited-Term Bond Series (Series ID: S000029766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000091476 | Service      |  |

## Nport-Ex

## Schedule of investments
Nomura VIP Limited-Term Bond Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.70%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.70%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac REMICs Series 4505 PE 2.50% 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;111934 | &nbsp;&nbsp;$108487 |
| &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 2025-DNA1 M2 144A 5.012% (SOFR + 1.35%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;540000 | &nbsp;&nbsp;&nbsp; 536290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA2 M1 144A 4.862% (SOFR + 1.20%) 5/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21010 | &nbsp;&nbsp;&nbsp; 20984 |
| &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;140000 | &nbsp;&nbsp;&nbsp; 140321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2012-39 PA 2.00% 3/16/42 | &nbsp;&nbsp;&nbsp;&nbsp;123932 | &nbsp;&nbsp;&nbsp; 116117 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $937,728)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $937,728)** | &nbsp;&nbsp;&nbsp; **922199** |
| &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.13%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.13%** | &nbsp;&nbsp;**Agency Commercial Mortgage-Backed Securities — 1.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-KF12 B 144A 10.883% (SOFR + 7.21%, Floor 7.10%) 9/25/22 #, • | &nbsp;&nbsp;&nbsp;&nbsp;592529 | &nbsp;&nbsp;&nbsp; 632523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF61 B 144A 5.983% (SOFR + 2.31%, Floor 2.20%) 4/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;225845 | &nbsp;&nbsp;&nbsp; 216701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-KF70 B 144A 6.083% (SOFR + 2.41%, Floor 2.30%) 9/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;269906 | &nbsp;&nbsp;&nbsp; 266747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KF74 B 144A 5.933% (SOFR + 2.26%, Floor 2.15%) 1/25/27 #, • | &nbsp;&nbsp;&nbsp;&nbsp;167034 | &nbsp;&nbsp;&nbsp; 165993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-KF75 B 144A 6.033% (SOFR + 2.36%, Floor 2.25%) 12/25/29 #, • | &nbsp;&nbsp;&nbsp;&nbsp;208143 | &nbsp;&nbsp;&nbsp; 194629 |
| &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $1,459,985)** | &nbsp;&nbsp;&nbsp;**Total Agency Commercial Mortgage-Backed Securities<br> (cost $1,459,985)** | &nbsp;&nbsp;&nbsp; **1476593** |
| &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.14%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.14%** | &nbsp;&nbsp;**Agency Mortgage-Backed Securities — 7.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 12/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;798183 | &nbsp;&nbsp;&nbsp; 806111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 11/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40703 | &nbsp;&nbsp;&nbsp; 40937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33320 | &nbsp;&nbsp;&nbsp; 33494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;426511 | &nbsp;&nbsp;&nbsp; 428706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;324751 | &nbsp;&nbsp;&nbsp; 326756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;384344 | &nbsp;&nbsp;&nbsp; 386281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 8/1/54 | 1131727 | &nbsp;&nbsp;&nbsp; 1154606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 12/1/54 | 1369288 | &nbsp;&nbsp;&nbsp; 1395808 |

---

---

| | | |
|:---|:---|:---|
|  | **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;6.00% 9/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;268400 | &nbsp;&nbsp;$273598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 3/1/55 | 1203192 | &nbsp;&nbsp;&nbsp; 1243905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 2/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;309012 | &nbsp;&nbsp;&nbsp; 324703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 3/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;779770 | &nbsp;&nbsp;&nbsp; 783699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29668 | &nbsp;&nbsp;&nbsp; 29818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA II S.F. 30 yr |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 2/20/55 | 1190406 | &nbsp;&nbsp;&nbsp; 1199586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 3/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;608882 | &nbsp;&nbsp;&nbsp; 619981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 4/20/55 | &nbsp;&nbsp;&nbsp;&nbsp;283464 | &nbsp;&nbsp;&nbsp; 294582 |
| &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $9,290,102)** | &nbsp;&nbsp;&nbsp;**Total Agency Mortgage-Backed Securities<br> (cost $9,290,102)** | &nbsp;&nbsp;&nbsp; **9342571** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 5.68%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.68%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.68%** |
| &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;300000 | &nbsp;&nbsp;&nbsp; 299508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO<br> Series 2021-7A A1R 144A 4.649% (TSFR03M + 0.98%, Floor 0.98%) 1/22/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 399252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bethpage Park CLO Series 2021-1A A 144A 5.064% (TSFR03M + 1.39%, Floor 1.13%) 1/15/35 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 599981 |
| &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;150000 | &nbsp;&nbsp;&nbsp; 149706 |
| &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;KKR CLO 41<br> Series 2022-41A A1 144A 5.002% (TSFR03M + 1.33%, Floor 1.33%) 4/15/35 #, • | 2000000 | &nbsp;&nbsp;&nbsp; 2000424 |
| &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;750000 | &nbsp;&nbsp;&nbsp; 748108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers CLO 42<br> Series 2021-42A AR 144A 4.621% (TSFR03M + 0.95%, Floor 0.95%) 7/16/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 499425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Octagon Investment Partners 51<br> Series 2021-1A AR 144A 4.658% (TSFR03M + 0.99%, Floor 0.99%) 7/20/34 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 499107 |

---

NQ- IV082 [0326] 0526 (5459540) 1

------

Nomura VIP Limited-Term Bond 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;Regatta XIX Funding Series 2022-1A A1R 144A 4.908% (TSFR03M + 1.24%, Floor 1.24%) 10/20/38 #, • | 2000000 | &nbsp;&nbsp;$1995362 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $7,449,338)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $7,449,338)** | &nbsp;&nbsp;&nbsp; **7440182** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 20.17%** | &nbsp;&nbsp;**Corporate Bonds — 20.17%** | &nbsp;&nbsp;**Corporate Bonds — 20.17%** |
| &nbsp;&nbsp;Banking — 3.49% | &nbsp;&nbsp;Banking — 3.49% | &nbsp;&nbsp;Banking — 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.456% 2/6/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;205000 | &nbsp;&nbsp; 202478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 271781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp; 117979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 4.439% 1/14/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp; 132968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank 5.488% 12/4/26 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 251995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup 6.625% 2/15/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 100143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp; 300343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.146% 7/13/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 246668 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 740335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp; 235374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares 4.623% 1/28/32 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp; 88714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.103% 4/22/31 μ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 203669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.571% 4/22/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp; 197419 |
| &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;185000 | &nbsp;&nbsp; 181943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp; 76201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Bank 5.504% 5/26/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 252888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Bank 4.429% 7/21/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp; 209973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group 5.30% 1/21/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;235000 | &nbsp;&nbsp; 236639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 160681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group 144A 7.00% 2/10/30 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 198235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp 6.787% 10/26/27 μ | &nbsp;&nbsp;&nbsp;&nbsp;165000 | &nbsp;&nbsp; 167214 |
|  |  | &nbsp;&nbsp; 4573640 |
| &nbsp;&nbsp;Basic Industry — 0.44% | &nbsp;&nbsp;Basic Industry — 0.44% | &nbsp;&nbsp;Basic Industry — 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital 144A 4.625% 3/19/31 # | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp; 573704 |
|  |  | &nbsp;&nbsp; 573704 |
| &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;220000 | &nbsp;&nbsp; 218165 |

---

---

| | | |
|:---|:---|:---|
|  | **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 (continued) | &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II 4.875% 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;$127565 |
|  |  | &nbsp;&nbsp;&nbsp; 345730 |
| &nbsp;&nbsp;Capital Goods — 1.63% | &nbsp;&nbsp;Capital Goods — 1.63% | &nbsp;&nbsp;Capital Goods — 1.63% |
| &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;135000 | &nbsp;&nbsp;&nbsp; 137369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp; 58672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton 4.20% 3/6/31 | &nbsp;&nbsp;&nbsp;&nbsp;810000 | &nbsp;&nbsp;&nbsp; 798574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell Aerospace 144A 4.00% 3/16/29 # | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp; 976057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding 144A 7.875% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp; 160114 |
|  |  | &nbsp;&nbsp;&nbsp; 2130786 |
| &nbsp;&nbsp;Communications — 1.42% | &nbsp;&nbsp;Communications — 1.42% | &nbsp;&nbsp;Communications — 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower 5.20% 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 147512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 6.375% 9/1/29 # | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp; 148549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 418861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange 144A 4.25% 1/13/31 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 196254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sitios Latinoamerica 144A 6.00% 11/25/29 # | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 333135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank 144A 4.699% 7/9/30 # | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 278462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;354000 | &nbsp;&nbsp;&nbsp; 337329 |
|  |  | &nbsp;&nbsp;&nbsp; 1860102 |
| &nbsp;&nbsp;Consumer Cyclical — 2.55% | &nbsp;&nbsp;Consumer Cyclical — 2.55% | &nbsp;&nbsp;Consumer Cyclical — 2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com 4.25% 3/13/31 | &nbsp;&nbsp;&nbsp;&nbsp;595000 | &nbsp;&nbsp;&nbsp; 590749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment 144A 7.00% 2/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 324107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cyprium 144A 6.125% 4/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;334000 | &nbsp;&nbsp;&nbsp; 330098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit 6.798% 11/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 207083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp; 206030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20% 10/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;465000 | &nbsp;&nbsp;&nbsp; 460322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear 144A 4.70% 10/7/30 # | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp; 252399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital Services 144A 5.25% 1/22/28 # | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 334347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International 6.125% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp; 318048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;306000 | &nbsp;&nbsp;&nbsp; 317834 |
|  |  | &nbsp;&nbsp;&nbsp; 3341017 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 3.00% | &nbsp;&nbsp;Consumer Non-Cyclical — 3.00% | &nbsp;&nbsp;Consumer Non-Cyclical — 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories 4.00% 3/15/31 | 1940000 | &nbsp;&nbsp;&nbsp; 1909691 |

---

2 NQ- IV082 [0326] 0526 (5459540)

------

---

| | | |
|:---|:---|:---|
|  | **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;AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;$221784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 350590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 4.20% 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 391347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro 4.65% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp; 64212 |
| &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;100000 | &nbsp;&nbsp;&nbsp; 99294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;265000 | &nbsp;&nbsp;&nbsp; 262126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10% 3/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;405000 | &nbsp;&nbsp;&nbsp; 404572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 3/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp; 130001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer 4.20% 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp; 89399 |
|  |  | &nbsp;&nbsp;&nbsp; 3923016 |
| &nbsp;&nbsp;Electric — 0.62% | &nbsp;&nbsp;Electric — 0.62% | &nbsp;&nbsp;Electric — 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 118773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 3.90% 1/8/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp; 84357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 4.734% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;&nbsp; 193299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra 144A 7.00% 12/15/26 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;310000 | &nbsp;&nbsp;&nbsp; 310614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations 144A 4.70% 1/31/31 # | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 103369 |
|  |  | &nbsp;&nbsp;&nbsp; 810412 |
| &nbsp;&nbsp;Energy — 1.43% | &nbsp;&nbsp;Energy — 1.43% | &nbsp;&nbsp;Energy — 1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 2/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;655000 | &nbsp;&nbsp;&nbsp; 667824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp; 271869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco 144A 1.75% 9/30/27 # | &nbsp;&nbsp;&nbsp;&nbsp;478965 | &nbsp;&nbsp;&nbsp; 466361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II 144A 8.00% 4/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;311000 | &nbsp;&nbsp;&nbsp; 320365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp; 148446 |
|  |  | &nbsp;&nbsp;&nbsp; 1874865 |
| &nbsp;&nbsp;Finance Companies — 1.57% | &nbsp;&nbsp;Finance Companies — 1.57% | &nbsp;&nbsp;Finance Companies — 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp; 145848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 1/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 329324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions 6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 323924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;280000 | &nbsp;&nbsp;&nbsp; 269390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding 144A 4.95% 1/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp; 135506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp; 113209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 90302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp; 111924 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Blue Owl Credit Income 6.60% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;431000 | &nbsp;&nbsp;$429574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeoff Merger Sub 144A 4.85% 3/24/31 # | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp;&nbsp; 103727 |
|  |  | &nbsp;&nbsp;&nbsp; 2052728 |
| &nbsp;&nbsp;Insurance — 1.54% | &nbsp;&nbsp;Insurance — 1.54% | &nbsp;&nbsp;Insurance — 1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance 144A 7.25% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;331000 | &nbsp;&nbsp;&nbsp; 334044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding 144A 4.96% 1/13/30 # | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp; 329440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Protective Life Global Funding 144A 1.618% 4/15/26 # | 1350000 | &nbsp;&nbsp;&nbsp; 1348703 |
|  |  | &nbsp;&nbsp;&nbsp; 2012187 |
| &nbsp;&nbsp;Natural Gas — 0.08% | &nbsp;&nbsp;Natural Gas — 0.08% | &nbsp;&nbsp;Natural Gas — 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire 4.60% 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp; 98864 |
|  |  | &nbsp;&nbsp;&nbsp; 98864 |
| &nbsp;&nbsp;Technology — 1.97% | &nbsp;&nbsp;Technology — 1.97% | &nbsp;&nbsp;Technology — 1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baidu 1.72% 4/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;379000 | &nbsp;&nbsp;&nbsp; 379146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle 4.95% 2/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp; 401300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce 4.90% 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp; 304640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TSMC Global 144A 1.25% 4/23/26 # | 1500000 | &nbsp;&nbsp;&nbsp; 1497314 |
|  |  | &nbsp;&nbsp;&nbsp; 2582400 |
| &nbsp;&nbsp;Transportation — 0.17% | &nbsp;&nbsp;Transportation — 0.17% | &nbsp;&nbsp;Transportation — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERAC USA Finance 144A 4.60% 5/1/28 # | &nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp; 216093 |
|  |  | &nbsp;&nbsp;&nbsp; 216093 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $26,505,003)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $26,505,003)** | &nbsp;&nbsp;&nbsp; **26395544** |
| &nbsp;&nbsp;**Government Agency Obligation — 0.15%** | &nbsp;&nbsp;**Government Agency Obligation — 0.15%** | &nbsp;&nbsp;**Government Agency Obligation — 0.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications Telekom Srbija AD Belgrade 144A 7.00% 10/28/29 # | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 197420 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligation<br> (cost $199,060)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligation<br> (cost $199,060)** | &nbsp;&nbsp;&nbsp; **197420** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 9.22%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 9.22%** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities — 9.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CyrusOne Data Centers Issuer I Series 2024-2A A2 144A 4.50% 5/20/49 # | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp; 777650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Fleet Financing Series 2023-3 A2 144A 6.40% 3/20/30 # | &nbsp;&nbsp;&nbsp;&nbsp;518512 | &nbsp;&nbsp;&nbsp; 523175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-C A3 5.53% 9/15/28 | 1132498 | &nbsp;&nbsp;&nbsp; 1141405 |

---

NQ- IV082 [0326] 0526 (5459540) 3

------

Nomura VIP Limited-Term Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** | &nbsp;&nbsp;**Non-Agency Asset-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B A3 5.10% 4/15/29 | 1157206 | &nbsp;&nbsp;$1166194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust Series 2024-1 A3 5.09% 3/22/27 | &nbsp;&nbsp;&nbsp;&nbsp;343961 | &nbsp;&nbsp;&nbsp; 344180 |
| &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<br> Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A A3 144A 5.02% 3/15/27 # | &nbsp;&nbsp;&nbsp;&nbsp;226181 | &nbsp;&nbsp;&nbsp; 226293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C A3 144A 4.62% 4/17/28 # | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 501502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Lease Trust Series 2026-A A2A 3.83% 7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp; 199583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextGear Floorplan Master Owner Trust Series 2024-1A A1 144A 4.572% (SOFR + 0.90%, Floor 0.90%) 3/15/29 #, • | 1300000 | &nbsp;&nbsp;&nbsp; 1304805 |
| &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;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 | 1200000 | &nbsp;&nbsp;&nbsp; 1212861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4 D 4.95% 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 248197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner<br> Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A A3 4.83% 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;128988 | &nbsp;&nbsp;&nbsp; 129544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B A3 5.33% 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;620557 | &nbsp;&nbsp;&nbsp; 626012 |
| &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;Wheels Fleet Lease Funding 1<br> Series 2024-3A A1 144A 4.80% 9/19/39 # | &nbsp;&nbsp;&nbsp;&nbsp;637682 | &nbsp;&nbsp;&nbsp; 641784 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $12,001,587)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Asset-Backed Securities<br> (cost $12,001,587)** | &nbsp;&nbsp;&nbsp; **12071970** |
| &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.76%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.76%** | &nbsp;&nbsp;**Non-Agency Collateralized Mortgage Obligations — 3.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust Series 2023-3 A1 144A 7.18% 9/25/68 #, φ | &nbsp;&nbsp;&nbsp;&nbsp;942084 | &nbsp;&nbsp;&nbsp; 947513 |

---

---

| | | |
|:---|:---|:---|
|  | **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-R01 1M2 144A 5.162% (SOFR + 1.50%) 1/25/45 #, • | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;$229862 |
| &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;680000 | &nbsp;&nbsp;&nbsp; 680614 |
| &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;197283 | &nbsp;&nbsp;&nbsp; 197755 |
| &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;140000 | &nbsp;&nbsp;&nbsp; 140433 |
| &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;430000 | &nbsp;&nbsp;&nbsp; 429988 |
| &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;220000 | &nbsp;&nbsp;&nbsp; 220962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OBX Trust Series 2023-NQM8 A1 144A 7.045% 9/25/63 #, φ | 1015946 | &nbsp;&nbsp;&nbsp; 1021566 |
| &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;180000 | &nbsp;&nbsp;&nbsp; 180199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verus Securitization Trust Series 2023-6 A1 144A 6.665% 9/25/68 #, φ | &nbsp;&nbsp;&nbsp;&nbsp;869364 | &nbsp;&nbsp;&nbsp; 872793 |
| &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $4,904,818)** | &nbsp;&nbsp;&nbsp;**Total Non-Agency Collateralized Mortgage Obligations<br> (cost $4,904,818)** | &nbsp;&nbsp;&nbsp; **4921685** |
| &nbsp;&nbsp;**Sovereign Bond — 0.26%** | &nbsp;&nbsp;**Sovereign Bond — 0.26%** | &nbsp;&nbsp;**Sovereign Bond — 0.26%** |
| &nbsp;&nbsp;Poland — 0.26% | &nbsp;&nbsp;Poland — 0.26% | &nbsp;&nbsp;Poland — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government International Bonds<br> 4.875% 2/12/30 | &nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp; 337505 |
| &nbsp;&nbsp;&nbsp;**Total Sovereign Bond<br> (cost $328,624)** | &nbsp;&nbsp;&nbsp;**Total Sovereign Bond<br> (cost $328,624)** | &nbsp;&nbsp;&nbsp; **337505** |
| &nbsp;&nbsp;**US Treasury Obligations — 49.18%** | &nbsp;&nbsp;**US Treasury Obligations — 49.18%** | &nbsp;&nbsp;**US Treasury Obligations — 49.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Floating Rate Notes<br> 3.752% (USBMMY3M + 0.10%) 1/31/28 • | 8990000 | &nbsp;&nbsp;&nbsp; 8990294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375% 11/30/27 | 6810000 | &nbsp;&nbsp;&nbsp; 6760255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/31/28 | 18165000 | &nbsp;&nbsp;&nbsp; 18062822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50% 1/15/29 | 22340000 | &nbsp;&nbsp;&nbsp; 22151506 |

---

4 NQ- IV082 [0326] 0526 (5459540)

------

---

| | | |
|:---|:---|:---|
|  | **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;3.625% 12/31/30 | 8520000 | &nbsp;&nbsp;$8405013 |
| &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $64,683,752)** | &nbsp;&nbsp;&nbsp;**Total US Treasury Obligations<br> (cost $64,683,752)** | &nbsp;&nbsp;&nbsp; **64369890** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—97.39%<br> (cost $127,759,997)** |  | &nbsp;&nbsp;&nbsp;**127475559** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—2.61%★** |  | &nbsp;&nbsp;&nbsp; **3411868** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 27,738,117 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$130887427** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | 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 $31,411,050, which represents 24.00% of the Series' net assets. |

---

---

| | |
|:---|:---|
| • | 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. |
| μ | 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. |
| ψ | Perpetual security. Maturity date represents next call date. |
| φ | Step coupon bond. Stated rate in effect at March 31, 2026 through maturity date. |
| ★ | Includes $266,707 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;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30287016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30503185 | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(216169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11406 |  |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |  |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13197922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13353805) | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19147) |  |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1332563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1354564) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2812) |  |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1480375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520763) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4875) |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16229132) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26834) |
| Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14274053 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$218272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(216169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(15428) |  |

---

The use of futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the 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.

NQ- IV082 [0326] 0526 (5459540) 5

------

Nomura VIP Limited-Term Bond Series

---

| |
|:---|
| **Summary of abbreviations:** |
| AD – Akcionarsko Drustvo |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| FREMF – Freddie Mac Multifamily |
| GNMA – Government National Mortgage Association |
| REMIC – Real Estate Mortgage Investment Conduit |
| S.F. – Single Family |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USBMMY3M – US Treasury 3 Month Bill Money Market Yield |
| yr – Year |

---

6 NQ- IV082 [0326] 0526 (5459540)

## 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 Limited-Term Bond Series

- **b. EDGAR series identifier (if any):** S000029766

- **c. LEI of Series:** 549300IQNBLPUI8O5C25

**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:** $131221816.54

**Total Liabilities:** $188245.82

**Net Assets:** $131033570.72

**Cash Not Reported:** $2847554.99

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 190.33164000 | **1-Year:** 5264.93327000 | **5-Year:** 10611.82113000 | **10-Year:** 899.11809000 | **30-Year:** 0.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** 574.71351000 | **5-Year:** 388.26626000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091476 | 0.21%                | 0.42%                | -0.42%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-33804.77               | $-76672.19                                 |
| Month 2  | $46053.65                | $381827.75                                 |
| Month 3  | $-21340.48               | $-1103431.49                               |

**Designated Index Information**

- **Index Name:** BBG Government/Credit 1-3 Yr Index

- **Index Identifier:** LEH1-3YRGC

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury Notes                                                        | T 3.5 01/15/29                           | CUSIP: 91282CPT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  22340000 | PA      | $22151506.25  | 16.91%            | 2029-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                                                   | ILIADH 8.5 04/15/31 144A                 | CUSIP: 449691AF1<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |    400000 | PA      | $418861.20    | 0.32%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN DA5047                                | CUSIP: 3140A5TD0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40703 | PA      | $40937.29     | 0.03%             | 2053-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Victra Holdings LLC / Victra Finance Corp.                                          | VICTRA 8.75 09/15/29 144A                | CUSIP: 92648DAA4<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | DBT              | CORP              | US        |    306000 | PA      | $317833.94    | 0.24%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Fremf 2019-KF73 Mortgage Trust                                                      | FREMF 2019-KF61 B                        | CUSIP: 30311LAG9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    225844 | PA      | $216700.81    | 0.17%             | 2029-04-25      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V6.25 PERP                           | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    270000 | PA      | $271781.46    | 0.21%             | N/A             | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Citibank, N.A.                                                                      | C 5.488 12/04/26 BKNT                    | CUSIP: 17325FBC1<br>LEI: E57ODZWZ7FF32TWEFA76 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251995.50    | 0.19%             | 2026-12-04      | Fixed         | 5.49%                 | 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        |    800000 | PA      | $777650.08    | 0.59%             | 2049-05-20      | Fixed         | 4.50%                 | 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        |    680000 | PA      | $680614.24    | 0.52%             | 2045-02-27      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                        | NOVNVX 4.1 03/16/29                      | CUSIP: 66989HBF4<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    405000 | PA      | $404571.79    | 0.31%             | 2029-03-16      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                    | MRK 3.85 03/15/29                        | CUSIP: 58933YBW4<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99294.18     | 0.08%             | 2029-03-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                                                  | AALLN 4.625 03/19/31 144A                | CUSIP: 034863BG4<br>LEI: 549300S9XF92D1X8ME43 | Long             | DBT              | CORP              | GB        |    580000 | PA      | $573704.33    | 0.44%             | 2031-03-19      | Fixed         | 4.62%                 | 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        |    430000 | PA      | $429987.66    | 0.33%             | 2046-01-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| GM FINANCIAL AUTOMOBILE LEASING TRUST 2024-1                                        | GMALT 2024-1 A3                          | CUSIP: 36269FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    343961 | PA      | $344179.90    | 0.26%             | 2027-03-22      | Fixed         | 5.09%                 | 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        |    140000 | PA      | $140321.47    | 0.11%             | 2045-09-25      | Floating      | 5.16%                 | 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        |    105000 | PA      | $103368.76    | 0.08%             | 2031-01-31      | Fixed         | 4.70%                 | 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        |    180000 | PA      | $180198.61    | 0.14%             | 2046-02-25      | Floating      | 4.96%                 | 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        |    220000 | PA      | $220962.08    | 0.17%             | 2046-02-26      | Floating      | 5.16%                 | 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        |    245000 | PA      | $246667.54    | 0.19%             | 2027-07-13      | Fixed         | 7.15%                 | 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        |    620557 | PA      | $626011.79    | 0.48%             | 2029-01-16      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.95 02/04/31                       | CUSIP: 68389XDX0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    410000 | PA      | $401299.96    | 0.31%             | 2031-02-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                                           | SR 4.6 09/01/31                          | CUSIP: 84857LAF8<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98863.50     | 0.08%             | 2031-09-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.375 11/30/27                         | CUSIP: 91282CPL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6810000 | PA      | $6760254.99   | 5.16%             | 2027-11-30      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                  | HBAN V4.623 01/28/32                     | CUSIP: 446150BK9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88713.95     | 0.07%             | 2032-01-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Baidu Inc.                                                                          | BIDU 1.72 04/09/26                       | CUSIP: 056752AS7<br>LEI: 254900AL64IANZYI1E02 | Long             | DBT              | CORP              | KY        |    379000 | PA      | $379145.92    | 0.29%             | 2026-04-09      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| Midas Opco Holdings LLC                                                             | STGW 5.625 08/15/29 144A                 | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    354000 | PA      | $337329.22    | 0.26%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C V6.625 PERP                            | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100143.02    | 0.08%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FREMF 2019-K98 MORTGAGE TRUST                                                       | FREMF 2019-KF70 B                        | CUSIP: 30298UAG6<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    269906 | PA      | $266746.99    | 0.20%             | 2029-09-25      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                                                | NEFINA 8 04/15/30 144A                   | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    311000 | PA      | $320364.74    | 0.24%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REGATTA XIX FUNDING LTD                                                             | REG19 2022-1A A1R                        | CUSIP: 75888EAS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1995362.00   | 1.52%             | 2038-10-20      | Variable      | 4.91%                 | 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        |    286000 | PA      | $300343.21    | 0.23%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA2                                             | STACR 2025-DNA2 M1                       | CUSIP: 35564NHZ9<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-O            | USGSE             | US        |     21010 | PA      | $20983.87     | 0.02%             | 2045-05-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                                       | SOBKCO 4.699 07/09/30 144A               | CUSIP: 83405KAA0<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |    280000 | PA      | $278461.54    | 0.21%             | 2030-07-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V4.493 01/16/32                       | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    185000 | PA      | $181942.89    | 0.14%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V4.456 02/06/32                      | CUSIP: 060505GQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    205000 | PA      | $202477.95    | 0.15%             | 2032-02-06      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                    | SUMIAL 4.85 03/24/31 144A                | CUSIP: 873923AE6<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    105000 | PA      | $103727.49    | 0.08%             | 2031-03-24      | Fixed         | 4.85%                 | 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        |    334000 | PA      | $330098.05    | 0.25%             | 2031-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | ABBV 4.125 03/15/31                      | CUSIP: 00287YEE5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    225000 | PA      | $221784.14    | 0.17%             | 2031-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Protective Life Global Funding                                                      | PROTLI 1.618 04/15/26 144A               | CUSIP: 74368CBC7<br>LEI: 635400EVYITCJYWL2I50 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1348702.92   | 1.03%             | 2026-04-15      | Fixed         | 1.62%                 | 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        |   1200000 | PA      | $1212861.36   | 0.93%             | 2031-03-15      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.625 12/31/30                         | CUSIP: 91282CPR6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8520000 | PA      | $8405013.23   | 6.41%             | 2030-12-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                      | BCRED 5.6 11/22/29                       | CUSIP: 09261HBU0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    115000 | PA      | $111923.69    | 0.09%             | 2029-11-22      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD8515                                | CUSIP: 3132DWN82<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    779770 | PA      | $783699.06    | 0.60%             | 2055-03-01      | Fixed         | 5.50%                 | 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   | 0.77%             | 2029-02-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BETHPAGE PARK CLO LTD                                                               | BETHP 2021-1A A                          | CUSIP: 087598AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $599981.40    | 0.46%             | 2035-01-16      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Nextgear Floorplan Master Owner Trust                                               | NFMOT 2024-1A A1                         | CUSIP: 65341KBY1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1304805.19   | 1.00%             | 2029-03-15      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| COLT 2023-3 MORTGAGE LOAN TRUST                                                     | COLT 2023-3 A1                           | CUSIP: 19688RAA7<br>LEI: 213800MIPEZY1A8W1N28 | Long             | ABS-O            | CORP              | US        |    942084 | PA      | $947513.31    | 0.72%             | 2068-09-25      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2023-6                                                   | VERUS 2023-6 A1                          | CUSIP: 92539XAA2<br>LEI: 984500915DDB7T2ACA27 | Long             | ABS-O            | CORP              | US        |    869364 | PA      | $872793.12    | 0.67%             | 2068-09-25      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                           | GS V1.542 09/10/27                       | CUSIP: 38141GYG3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    750000 | PA      | $740334.75    | 0.56%             | 2027-09-10      | Fixed         | 1.54%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                               | FN MA4842                                | CUSIP: 31418ELY4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    798183 | PA      | $806110.86    | 0.62%             | 2052-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                             | BKH 4.55 01/31/31                        | CUSIP: 092113AY5<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118772.48    | 0.09%             | 2031-01-31      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital Services, Inc.                                                      | HYUCAP 5.25 01/22/28 144A                | CUSIP: 44920UAX6<br>LEI: 549300MALMDAGL2ZJJ27 | Long             | DBT              | CORP              | KR        |    330000 | PA      | $334347.32    | 0.26%             | 2028-01-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                | POLAND 4.875 02/12/30 5Y                 | CUSIP: 857524AF9<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    330000 | PA      | $337504.60    | 0.26%             | 2030-02-12      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd.                                                   | ADGLXY 1.75 09/30/27 144A                | CUSIP: 36321PAA8<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    478965 | PA      | $466361.51    | 0.36%             | 2027-09-30      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| OCTAGON 51 LTD                                                                      | OCT51 2021-1A AR                         | CUSIP: 675943AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499107.00    | 0.38%             | 2034-07-20      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                         | ETN 4.2 03/06/31                         | CUSIP: 278058DX7<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    810000 | PA      | $798574.06    | 0.61%             | 2031-03-06      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                     | CRM 4.9 09/15/31                         | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    305000 | PA      | $304640.16    | 0.23%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                            | HONA 4 03/16/29 144A                     | CUSIP: 43849RAC9<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |    985000 | PA      | $976056.89    | 0.74%             | 2029-03-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                  | ET V6.5 02/15/56                         | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    275000 | PA      | $271868.82    | 0.21%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitization Trust                                             | HALST 2024-A A3                          | CUSIP: 448988AD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    226181 | PA      | $226292.97    | 0.17%             | 2027-03-15      | Fixed         | 5.02%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER) | AER 5.1 01/19/29                         | CUSIP: 00774MBJ3<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    325000 | PA      | $329323.67    | 0.25%             | 2029-01-19      | Fixed         | 5.10%                 | 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        |    160000 | PA      | $160114.40    | 0.12%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                  | ET 5.55 02/15/28                         | CUSIP: 29273VAP5<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    655000 | PA      | $667823.98    | 0.51%             | 2028-02-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V6.625 PERP                          | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    115000 | PA      | $117979.08    | 0.09%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MB0205                                | CUSIP: 3618N5GP8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1190406 | PA      | $1199586.56   | 0.92%             | 2055-02-20      | Fixed         | 5.50%                 | No            |                  2 | 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        |      -122 | NC      | $155882.87    | 0.12%             |  |  |  | No            |                  1 | 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    | 0.19%             | 2034-10-16      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                           | MGM 6.125 09/15/29                       | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |    316000 | PA      | $318047.68    | 0.24%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM8 TRUST                                                                 | OBX 2023-NQM8 A1                         | CUSIP: 67118CAA9<br>LEI: 254900L7QTAO1E3CDI14 | Long             | ABS-O            | CORP              | US        |   1015946 | PA      | $1021566.33   | 0.78%             | 2063-09-25      | Variable      | 7.04%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                          | BA 6.259 05/01/27                        | CUSIP: 097023DP7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137368.82    | 0.10%             | 2027-05-01      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA1                                             | STACR 2025-DNA1 M2                       | CUSIP: 35564NGA5<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-O            | USGSE             | US        |    540000 | PA      | $536290.20    | 0.41%             | 2045-01-25      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FHR 4505 PE                              | CUSIP: 3137BKWR7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    111934 | PA      | $108486.49    | 0.08%             | 2044-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE FLEET FINANCING 2023-3 LLC                                               | EFF 2023-3 A2                            | CUSIP: 29374LAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    518512 | PA      | $523175.10    | 0.40%             | 2030-03-20      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                         | PFE 4.2 11/15/30                         | CUSIP: 717081FD0<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89399.52     | 0.07%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5445                                | CUSIP: 31418FBP1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1131727 | PA      | $1154606.27   | 0.88%             | 2054-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd Finance Corp.                                                             | BG 4.2 09/17/29                          | CUSIP: 120568BE9<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |    395000 | PA      | $391346.96    | 0.30%             | 2029-09-17      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| TOYOTA AUTO RECEIVABLES 2024-A OWNER TRUST                                          | TAOT 2024-A A3                           | CUSIP: 89238DAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128988 | PA      | $129544.34    | 0.10%             | 2028-10-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                       | USB V6.787 10/26/27                      | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    165000 | PA      | $167213.72    | 0.13%             | 2027-10-26      | Fixed         | 6.79%                 | 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   | 0.77%             | 2030-04-22      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                                          | HAS 4.65 03/12/31                        | CUSIP: 418056BB2<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64212.10     | 0.05%             | 2031-03-12      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5822                                | CUSIP: 31418FPG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    384344 | PA      | $386280.84    | 0.29%             | 2055-09-01      | Fixed         | 5.50%                 | 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   | 0.77%             | 2029-03-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS V7 PERP 144a                         | CUSIP: 225401BH0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    200000 | PA      | $198234.64    | 0.15%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FA0287                                | CUSIP: 3140W0J97<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1369289 | PA      | $1395807.80   | 1.07%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | AVOL 4.95 01/15/28 144A                  | CUSIP: 05401AAW1<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    135000 | PA      | $135505.99    | 0.10%             | 2028-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                  | ARCC 5.1 01/15/31                        | CUSIP: 04010LBL6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    280000 | PA      | $269390.07    | 0.21%             | 2031-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | CAS 2025-R03 2M1                         | CUSIP: 20754VAB3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    197283 | PA      | $197755.11    | 0.15%             | 2045-03-27      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                         | ABBV 4.8 03/15/29                        | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    345000 | PA      | $350589.72    | 0.27%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                | GM 2.35 02/26/27                         | CUSIP: 37045XDR4<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    210000 | PA      | $206029.47    | 0.16%             | 2027-02-26      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                                                          | CZR 7 02/15/30 144A                      | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    320000 | PA      | $324107.20    | 0.25%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | 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        |       -12 | NC      | $22000.92     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MB0260                                | CUSIP: 3618N5JE0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    608882 | PA      | $619980.77    | 0.47%             | 2055-03-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2012-39 PA                           | CUSIP: 38378DPF6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    123932 | PA      | $116116.74    | 0.09%             | 2042-03-16      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                                              | GILCN 4.7 10/07/30 144A                  | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |    255000 | PA      | $252399.46    | 0.19%             | 2030-10-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V6.407 11/01/29                       | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     73000 | PA      | $76200.93     | 0.06%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                    | AMZN 4.25 03/13/31                       | CUSIP: 023135DD5<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    595000 | PA      | $590749.02    | 0.45%             | 2031-03-13      | Fixed         | 4.25%                 | No            |                  2 | 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        |    150000 | PA      | $149706.15    | 0.11%             | 2034-10-16      | Variable      | 4.68%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER) | AER 4.75 01/15/33                        | CUSIP: 00774MBU8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $145847.73    | 0.11%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5823                                | CUSIP: 31418FPH4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    268400 | PA      | $273597.67    | 0.21%             | 2055-09-01      | Fixed         | 6.00%                 | 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        |       146 | NC      | $-216168.97   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST 2023-C                                                 | FORDO 2023-C A3                          | CUSIP: 344940AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1132498 | PA      | $1141405.32   | 0.87%             | 2028-09-15      | Fixed         | 5.53%                 | 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    | 0.15%             | 2031-01-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG 4.734 10/15/30 144A                  | CUSIP: 629377DA7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    195000 | PA      | $193298.92    | 0.15%             | 2030-10-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                           | APODS 6.7 07/29/31                       | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    320000 | PA      | $323924.22    | 0.25%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| TSMC Global Ltd.                                                                    | TAISEM 1.25 04/23/26 144a                | CUSIP: 872882AH8<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |   1500000 | PA      | $1497313.80   | 1.14%             | 2026-04-23      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| BAIN CAPITAL CREDIT CLO 2021-7 LTD                                                  | BCC 2021-7A A1R                          | CUSIP: 05682NAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $399252.00    | 0.30%             | 2035-01-22      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| TPG Operating Group II LP                                                           | TPG 4.875 05/15/31                       | CUSIP: 87268QAA4<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |    130000 | PA      | $127564.92    | 0.10%             | 2031-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AGL CLO 17 LTD                                                                      | AGL 2022-17A AR                          | CUSIP: 00120DAJ5<br>LEI: 254900ISUA07JPVCOS18 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $299508.30    | 0.23%             | 2035-01-22      | Floating      | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.5 01/31/28                           | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  18165000 | PA      | $18062821.88  | 13.78%            | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                    | MRK 4.15 03/15/31                        | CUSIP: 58933YBX2<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    265000 | PA      | $262125.78    | 0.20%             | 2031-03-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ AUTO RECEIVABLES TRUST 2010-1                                         | MBALT 2026-A A2A                         | CUSIP: 58770YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199583.24    | 0.15%             | 2028-07-17      | Fixed         | 3.83%                 | 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        |    431000 | PA      | $429574.51    | 0.33%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS CLO 42 LTD                                           | NEUB 2021-42A AR                         | CUSIP: 64133WAL9<br>LEI: 549300LGCRX4YI1JNS93 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499425.00    | 0.38%             | 2036-07-16      | Floating      | 4.62%                 | 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        |    500000 | PA      | $501502.30    | 0.38%             | 2028-04-17      | Fixed         | 4.62%                 | 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        |    250000 | PA      | $248196.95    | 0.19%             | 2032-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                      | BCRED 5.35 03/12/31                      | CUSIP: 09261HBZ9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     95000 | PA      | $90301.61     | 0.07%             | 2031-03-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V5.103 04/22/31                      | CUSIP: 46647PEY8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203668.82    | 0.16%             | 2031-04-22      | Fixed         | 5.10%                 | 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        |       -13 | NC      | $40388.27     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                           | GS V4.369 10/21/31 .                     | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    240000 | PA      | $235374.29    | 0.18%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MB0310                                | CUSIP: 3618N5KY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    283464 | PA      | $294581.80    | 0.22%             | 2055-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                                                  | SILAMX 6 11/25/29 144A                   | CUSIP: 82983PAA1<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |    330000 | PA      | $333135.00    | 0.25%             | 2029-11-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PNC Bank National Association Pittsburgh Pennsylvania                               | PNC V4.429 07/21/28                      | CUSIP: 69353RFZ6<br>LEI: AD6GFRVSDT01YPT1CS68 | Long             | DBT              | CORP              | US        |    210000 | PA      | $209973.48    | 0.16%             | 2028-07-21      | Fixed         | 4.43%                 | 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        |    148000 | PA      | $148548.93    | 0.11%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FREMF Mortgage Trust                                                                | FREMF 2015-KF12 Mortgage Trust           | CUSIP: 30293RAC7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    592529 | PA      | $632522.88    | 0.48%             | 2022-09-25      | Floating      | 10.88%                | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | TF 0 01/31/28                            | CUSIP: 91282CPX3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8990000 | PA      | $8990293.97   | 6.86%             | 2028-01-31      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR QY0961                                | CUSIP: 31426KB70<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     29668 | PA      | $29817.98     | 0.02%             | 2055-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FA0608                                | CUSIP: 3140W0VA0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    426511 | PA      | $428706.41    | 0.33%             | 2055-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd                                                     | BAMCN 4.653 11/15/30                     | CUSIP: 113004AB1<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |    220000 | PA      | $218165.27    | 0.17%             | 2030-11-15      | Fixed         | 4.65%                 | 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        |   1157206 | PA      | $1166193.40   | 0.89%             | 2029-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| KKR CLO 41 Ltd/LLC                                                                  | KKR 2022-41A A1                          | CUSIP: 48255PAA3<br>LEI: 254900UD92WBBLUHGZ35 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2000424.00   | 1.53%             | 2035-04-16      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN DC9422                                | CUSIP: 3140AXPG6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    324751 | PA      | $326756.57    | 0.25%             | 2055-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                          | AMT 5.2 02/15/29                         | CUSIP: 03027XCG3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    145000 | PA      | $147511.79    | 0.11%             | 2029-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                 | ABT 4 03/15/31                           | CUSIP: 002824BS8<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1909690.99   | 1.46%             | 2031-03-15      | Fixed         | 4.00%                 | 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        |    230000 | PA      | $229861.68    | 0.18%             | 2045-01-25      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                        | NOVNVX 4.4 03/18/31                      | CUSIP: 66989HBG2<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130000.77    | 0.10%             | 2031-03-18      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| USA Compression Partners LP / USA Compression Finance Corp                          | USAC 7.125 03/15/29 144A                 | CUSIP: 91740PAG3<br>LEI: 5493000B1PEOKXRZEO65 | Long             | DBT              | CORP              | US        |    145000 | PA      | $148446.10    | 0.11%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                                                  | NWMLIC 4.96 01/13/30 144A                | CUSIP: 66815L2U2<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |    325000 | PA      | $329440.35    | 0.25%             | 2030-01-13      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| MAGNETITE LI LIMITED                                                                | MAGNE 2025-51A A1                        | CUSIP: 559932AA6<br>LEI: 529900KAYH281VVPRN31 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $748107.75    | 0.57%             | 2038-10-25      | Variable      | 5.09%                 | 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        |    331000 | PA      | $334043.88    | 0.25%             | 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        |    310000 | PA      | $310614.42    | 0.24%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FREMF 2012-KF01 MORTGAGE TRUST                                                      | FREMF 2020-KF75 B                        | CUSIP: 30294SAA8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    208143 | PA      | $194628.75    | 0.15%             | 2029-12-26      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | BMO V4.439 01/14/32 J                    | CUSIP: 06368ME67<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    135000 | PA      | $132967.94    | 0.10%             | 2032-01-14      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| WHEELS FLEET LEASE FUNDING 1 LLC                                                    | WFLF 2024-3A A1                          | CUSIP: 96328GBZ9<br>LEI: 549300BSFY0E0XXREF43 | Long             | ABS-O            | CORP              | US        |    637682 | PA      | $641783.37    | 0.49%             | 2039-09-19      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN DA6037                                | CUSIP: 3140A6V78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     33320 | PA      | $33493.72     | 0.03%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ERAC USA Finance LLC                                                                | ENTERP 4.6 05/01/28 144A                 | CUSIP: 26884TAV4<br>LEI: LTKX5ODQW6Z7BQ2K1V47 | Long             | DBT              | CORP              | US        |    215000 | PA      | $216093.06    | 0.16%             | 2028-05-01      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V5.571 04/22/28                      | CUSIP: 46647PEE2<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    195000 | PA      | $197418.57    | 0.15%             | 2028-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Popular, Inc.                                                                       | BPOP 7.25 03/13/28                       | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | US        |    155000 | PA      | $160681.06    | 0.12%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TELEKOM SRBIJA AD                                                                   | TELSER 7 10/28/29 144A                   | CUSIP: 87945BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | RS        |    200000 | PA      | $197420.30    | 0.15%             | 2029-10-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | CAS 2025-R05 2M2                         | CUSIP: 20753CAC4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    140000 | PA      | $140432.57    | 0.11%             | 2045-07-25      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                | GM 4.2 10/27/28                          | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    465000 | PA      | $460321.59    | 0.35%             | 2028-10-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                   | PNC V5.3 01/21/28                        | CUSIP: 693475BV6<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    235000 | PA      | $236639.45    | 0.18%             | 2028-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                          | BA 6.388 05/01/31                        | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58672.14     | 0.04%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                      | BCRED 5.05 09/10/30                      | CUSIP: 09261HBY2<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    120000 | PA      | $113209.01    | 0.09%             | 2030-09-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN 190445                                | CUSIP: 31368HP64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1203192 | PA      | $1243904.76   | 0.95%             | 2055-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank, National Association (Utah)                                    | MS V5.504 05/26/28 BKNT                  | CUSIP: 61690U8B9<br>LEI: G1MLHIS0N32I3QPILB75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252887.98    | 0.19%             | 2028-05-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                       | F 6.798 11/07/28                         | CUSIP: 345397D59<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207083.32    | 0.16%             | 2028-11-07      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                 | CEG 3.9 01/08/28                         | CUSIP: 210385AP5<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84356.75     | 0.06%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| FREMF 2012-KF01 MORTGAGE TRUST                                                      | FREMF 2020-KF74 B                        | CUSIP: 30313MAA8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    167034 | PA      | $165993.16    | 0.13%             | 2027-01-25      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA5639                                | CUSIP: 31418FHR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    309012 | PA      | $324703.20    | 0.25%             | 2055-02-01      | Fixed         | 7.00%                 | 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