# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021585
**Filing Date:** 2026-5
**Character Count:** 193269
**Document Hash:** bdb26ed8d9cedd119a1059caf33e8515
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021585.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021585

**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:** 261031777

**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 High Income Series (Series ID: S000006242)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017176 | Service      |  |
| C000190649 | Standard     |  |

## Nport-Ex

## Consolidated schedule of investments
Nomura VIP High Income Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 2.57%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 2.57%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 2.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 East CLO<br> Series 2022-1A ER 144A 9.568% (TSFR03M + 5.90%, Floor 5.90%) 1/20/38 #, • | 1000000 | &nbsp;&nbsp;$935861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO II<br> Series 2017-1A DRR 144A 7.818% (TSFR03M + 4.15%, Floor 4.15%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp; 249158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 32<br> Series 2024-32A E 144A 9.42% (TSFR03M + 5.75%, Floor 5.75%) 7/21/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 513316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 15<br> Series 2021-15A ER 144A 8.268% (TSFR03M + 4.60%, Floor 4.60%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 593376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 18<br> Series 2022-18A ER 144A 9.168% (TSFR03M + 5.50%, Floor 5.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp; 290374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES Loan Funding III<br> Series 2022-ALF3A ER 144A 9.768% (TSFR03M + 6.10%, Floor 6.10%) 7/25/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 498125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX<br> Series 2022-20A D1R 144A 7.518% (TSFR03M + 3.85%, Floor 3.85%) 10/19/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 1001456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO<br> Series 2017-2A ER3 144A 11.008% (TSFR03M + 7.34%, Floor 7.34%) 7/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 509179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO<br> Series 2024-5A D2 144A 7.772% (TSFR03M + 4.10%, Floor 4.10%) 7/15/38 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 976998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBAM US CLO III Series 2023-3A DR 144A 8.872% (TSFR03M + 5.20%, Floor 5.20%) 10/15/38 #, • | 1200000 | &nbsp;&nbsp;&nbsp; 1154069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO Series 2021-11A ER 144A 10.168% (TSFR03M + 6.50%, Floor 6.50%) 7/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 505469 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Cedar Funding IX CLO Series 2018-9A ER 144A 11.198% (TSFR03M + 7.53%, Floor 7.53%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp;$951022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover CLO<br> Series 2021-3A ER 144A 8.568% (TSFR03M + 4.90%, Floor 4.90%) 1/25/35 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 927641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 17<br> Series 2022-4A ER 144A 9.368% (TSFR03M + 5.70%, Floor 5.70%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp; 510865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower CLO<br> Series 2022-1A ER 144A 9.568% (TSFR03M + 5.90%, Floor 5.90%) 10/20/37 #, • | 1000000 | &nbsp;&nbsp;&nbsp; 910040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 62B<br> Series 2022-62A ER 144A 10.072% (TSFR03M + 6.40%, Floor 6.40%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 322263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 76B<br> Series 2024-76A E 144A 9.418% (TSFR03M + 5.75%, Floor 5.75%) 10/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp; 327975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco US CLO<br> Series 2023-4A ER 144A 9.418% (TSFR03M + 5.75%, Floor 5.75%) 1/18/39 #, • | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp; 392320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO<br> Series 2025-21A E 144A 8.372% (TSFR03M + 4.70%, Floor 4.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp; 409484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO<br> Series 2019-17A ER2 144A 9.918% (TSFR03M + 6.25%, Floor 6.25%) 7/20/37 #, • | 1050000 | &nbsp;&nbsp;&nbsp; 986268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XIV CLO Series 2024-14A E 144A 11.408% (TSFR03M + 7.74%, Floor 7.74%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp; 549168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO<br> Series 2022-1A ER 144A 10.758% (TSFR03M + 7.09%, Floor 7.09%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 595911 |

---

NQ- IV093 [0326] 0526 (5459551) 1

------

Nomura VIP High Income 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;Silver Point CLO 5<br> Series 2024-5A E 144A 10.068% (TSFR03M + 6.40%, Floor 6.40%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;$819712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO<br> Series 2025-1RA E 144A 11.236% (TSFR03M + 7.58%, Floor 7.58%) 2/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 450386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO 39<br> Series 2023-39A ER 144A 9.168% (TSFR03M + 5.50%, Floor 5.50%) 1/25/38 #, • | 1250000 | &nbsp;&nbsp;&nbsp; 1154224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A ER 144A 10.168% (TSFR03M + 6.50%, Floor 6.50%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 689774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 10.918% (TSFR03M + 7.25%, Floor 7.25%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 650417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.268% (TSFR03M + 6.60%, Floor 6.60%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 644983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO Series 2022-1A ER 144A 11.422% (TSFR03M + 7.75%, Floor 7.75%) 7/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 623779 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $20,501,658)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $20,501,658)** | &nbsp;&nbsp;&nbsp; **19143613** |
| &nbsp;&nbsp;**Convertible Bond — 0.49%** | &nbsp;&nbsp;**Convertible Bond — 0.49%** | &nbsp;&nbsp;**Convertible Bond — 0.49%** |
| &nbsp;&nbsp;Leisure — 0.49% | &nbsp;&nbsp;Leisure — 0.49% | &nbsp;&nbsp;Leisure — 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π | 4000544 | &nbsp;&nbsp;&nbsp; 3631644 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $3,975,305)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $3,975,305)** | &nbsp;&nbsp;&nbsp; **3631644** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 82.57%** | &nbsp;&nbsp;**Corporate Bonds — 82.57%** | &nbsp;&nbsp;**Corporate Bonds — 82.57%** |
| &nbsp;&nbsp;Automotive — 4.57% | &nbsp;&nbsp;Automotive — 4.57% | &nbsp;&nbsp;Automotive — 4.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission 144A 3.75% 1/30/31 # | 6885000 | &nbsp;&nbsp; 6413450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing 144A 7.75% 10/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp; 834815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 2/15/30 # | 2984000 | &nbsp;&nbsp; 3053244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 9/15/32 # | 1965000 | &nbsp;&nbsp; 1981958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 5970000 | &nbsp;&nbsp; 6185427 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Automotive (continued) | &nbsp;&nbsp;Automotive (continued) | &nbsp;&nbsp;Automotive (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber 6.625% 7/15/30 | 2695000 | &nbsp;&nbsp;$2637595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor 144A 8.125% 7/17/35 # | 3110000 | &nbsp;&nbsp;&nbsp; 3202495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phinia 144A 6.625% 10/15/32 # | 1948000 | &nbsp;&nbsp;&nbsp; 1984128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 144A 7.625% 1/30/32 # | 3798000 | &nbsp;&nbsp;&nbsp; 3885476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital 144A 7.50% 3/24/31 # | 3930000 | &nbsp;&nbsp;&nbsp; 3863544 |
|  |  | &nbsp;&nbsp;&nbsp; 34042132 |
| &nbsp;&nbsp;Banking — 2.52% | &nbsp;&nbsp;Banking — 2.52% | &nbsp;&nbsp;Banking — 2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 5800000 | &nbsp;&nbsp;&nbsp; 6118756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 2850000 | &nbsp;&nbsp;&nbsp; 2928817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 5415000 | &nbsp;&nbsp;&nbsp; 5909417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | 3930000 | &nbsp;&nbsp;&nbsp; 3800291 |
|  |  | &nbsp;&nbsp;&nbsp; 18757281 |
| &nbsp;&nbsp;Basic Industry — 6.63% | &nbsp;&nbsp;Basic Industry — 6.63% | &nbsp;&nbsp;Basic Industry — 6.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate 144A 7.625% 8/15/33 # | 3865000 | &nbsp;&nbsp;&nbsp; 3993036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 6010000 | &nbsp;&nbsp;&nbsp; 6264926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese US Holdings 7.375% 2/15/34 | 3905000 | &nbsp;&nbsp;&nbsp; 4004144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemours 144A 7.875% 3/15/34 # | 1955000 | &nbsp;&nbsp;&nbsp; 1956367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 3/15/32 # | 3285000 | &nbsp;&nbsp;&nbsp; 3182515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 1/15/34 # | 2420000 | &nbsp;&nbsp;&nbsp; 2366561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium 144A 6.375% 8/15/32 # | 1660000 | &nbsp;&nbsp;&nbsp; 1679256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A 5.875% 4/15/30 # | 3340000 | &nbsp;&nbsp;&nbsp; 3383081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K Hovnanian Enterprises 144A 8.375% 10/1/33 # | 2740000 | &nbsp;&nbsp;&nbsp; 2712757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources 144A 9.25% 10/1/28 # | 1105000 | &nbsp;&nbsp;&nbsp; 1145910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 9.00% 2/15/30 # | 3950000 | &nbsp;&nbsp;&nbsp; 4174846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp; 733300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/33 # | 4000000 | &nbsp;&nbsp;&nbsp; 3819945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.75% 3/1/33 # | 3985000 | &nbsp;&nbsp;&nbsp; 4050414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions 144A 6.50% 8/15/32 # | 4030000 | &nbsp;&nbsp;&nbsp; 4035650 |

---

2 NQ- IV093 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WR Grace Holdings 144A 7.00% 8/1/33 # | 1948000 | &nbsp;&nbsp;$1893514 |
|  |  | &nbsp;&nbsp;&nbsp; 49396222 |
| &nbsp;&nbsp;Capital Goods — 7.99% | &nbsp;&nbsp;Capital Goods — 7.99% | &nbsp;&nbsp;Capital Goods — 7.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | 3275000 | &nbsp;&nbsp;&nbsp; 3392130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | 2025000 | &nbsp;&nbsp;&nbsp; 2076461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # | 1905000 | &nbsp;&nbsp;&nbsp; 1998663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 11/15/30 # | 5115000 | &nbsp;&nbsp;&nbsp; 5446411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 3938000 | &nbsp;&nbsp;&nbsp; 3677910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab 144A 6.25% 4/15/29 # | 4000000 | &nbsp;&nbsp;&nbsp; 4064596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | 1915000 | &nbsp;&nbsp;&nbsp; 1928394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lsf12 Helix Parent 144A 7.125% 2/1/33 # | 2710000 | &nbsp;&nbsp;&nbsp; 2614896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | 2035000 | &nbsp;&nbsp;&nbsp; 2127649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/30 # | 2725000 | &nbsp;&nbsp;&nbsp; 2726948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/30 # | 7261000 | &nbsp;&nbsp;&nbsp; 6752569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 7/15/32 # | 1445000 | &nbsp;&nbsp;&nbsp; 1516650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp; 1023019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 3885000 | &nbsp;&nbsp;&nbsp; 3913917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo 144A 9.50% 5/15/30 # | 1264000 | &nbsp;&nbsp;&nbsp; 1117786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 3/1/32 # | 3260000 | &nbsp;&nbsp;&nbsp; 3328851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 12/15/30 # | 6450000 | &nbsp;&nbsp;&nbsp; 6613140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.25% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;567000 | &nbsp;&nbsp;&nbsp; 593679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 12.25% 1/15/31 # | 3497000 | &nbsp;&nbsp;&nbsp; 3788961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VoltaGrid 144A 7.375% 11/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;784000 | &nbsp;&nbsp;&nbsp; 810083 |
|  |  | &nbsp;&nbsp;&nbsp; 59512713 |
| &nbsp;&nbsp;Consumer Goods — 1.20% | &nbsp;&nbsp;Consumer Goods — 1.20% | &nbsp;&nbsp;Consumer Goods — 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 9.375% 10/3/31 # | 4105000 | &nbsp;&nbsp;&nbsp; 4086650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 3/1/31 # | 1919000 | &nbsp;&nbsp;&nbsp; 1955256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 9/15/32 # | 2860000 | &nbsp;&nbsp;&nbsp; 2919977 |
|  |  | &nbsp;&nbsp;&nbsp; 8961883 |
| &nbsp;&nbsp;Electric — 3.28% | &nbsp;&nbsp;Electric — 3.28% | &nbsp;&nbsp;Electric — 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer 144A 6.375% 2/15/32 # | 2768000 | &nbsp;&nbsp;&nbsp; 2706203 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) | &nbsp;&nbsp;Electric (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power 144A 7.25% 8/15/32 # | 4895000 | &nbsp;&nbsp;$5092013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.25% 11/1/34 # | 4090000 | &nbsp;&nbsp;&nbsp; 4125940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/15/26 #, μ, ψ | 8025000 | &nbsp;&nbsp;&nbsp; 8040905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 3650000 | &nbsp;&nbsp;&nbsp; 3690935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners 144A 8.375% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp;&nbsp; 768869 |
|  |  | &nbsp;&nbsp;&nbsp; 24424865 |
| &nbsp;&nbsp;Energy — 9.40% | &nbsp;&nbsp;Energy — 9.40% | &nbsp;&nbsp;Energy — 9.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | 2070000 | &nbsp;&nbsp;&nbsp; 2111855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Energy Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/32 # | 3855000 | &nbsp;&nbsp;&nbsp; 3941340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.375% 1/15/34 # | 1749000 | &nbsp;&nbsp;&nbsp; 1829926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;858000 | &nbsp;&nbsp;&nbsp; 854534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp; 967326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875% 4/15/30 | 1850000 | &nbsp;&nbsp;&nbsp; 1932947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Operating 144A 6.75% 9/1/29 # | 4050000 | &nbsp;&nbsp;&nbsp; 4147078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 2248000 | &nbsp;&nbsp;&nbsp; 2186465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 2665000 | &nbsp;&nbsp;&nbsp; 2581155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/35 # | 4015000 | &nbsp;&nbsp;&nbsp; 4005864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources 144A 6.25% 4/15/33 # | 2870000 | &nbsp;&nbsp;&nbsp; 2874520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.875% 8/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;778000 | &nbsp;&nbsp;&nbsp; 810997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.125% 1/31/30 # | 1475000 | &nbsp;&nbsp;&nbsp; 1549577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | 3860000 | &nbsp;&nbsp;&nbsp; 3980718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II 144A 8.00% 4/15/30 # | 3040000 | &nbsp;&nbsp;&nbsp; 3131540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics 6.375% 10/1/30 | 3742000 | &nbsp;&nbsp;&nbsp; 3871088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 1/15/32 # | 1490000 | &nbsp;&nbsp;&nbsp; 1543916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.875% 7/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp; 732745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SESI 144A 7.875% 9/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp; 801027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 8/1/32 # | 1771000 | &nbsp;&nbsp;&nbsp; 1809695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 6/15/33 # | 3645000 | &nbsp;&nbsp;&nbsp; 4029095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco 144A 7.25% 5/1/32 # | 2210000 | &nbsp;&nbsp;&nbsp; 2287978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 10/15/32 # | 3628000 | &nbsp;&nbsp;&nbsp; 3879021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 5/15/31 # | 1845000 | &nbsp;&nbsp;&nbsp; 1936167 |

---

NQ- IV093 [0326] 0526 (5459551) 3

------

Nomura VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners 144A 7.125% 3/15/29 # | 3435000 | &nbsp;&nbsp;$3516637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 9.875% 2/1/32 # | 5420000 | &nbsp;&nbsp;&nbsp; 5823671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG 144A 7.75% 5/1/35 # | 2630000 | &nbsp;&nbsp;&nbsp; 2949290 |
|  |  | &nbsp;&nbsp;&nbsp; 70086172 |
| &nbsp;&nbsp;Financial Services — 5.95% | &nbsp;&nbsp;Financial Services — 5.95% | &nbsp;&nbsp;Financial Services — 5.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.65% 6/15/26 μ, ψ | 3715000 | &nbsp;&nbsp;&nbsp; 3708245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 4195000 | &nbsp;&nbsp;&nbsp; 4324273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 6.50% 5/15/32 | 2955000 | &nbsp;&nbsp;&nbsp; 2983829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo 144A 6.50% 10/1/30 # | 3927000 | &nbsp;&nbsp;&nbsp; 3747884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners 144A 6.75% 9/15/31 # | 3930000 | &nbsp;&nbsp;&nbsp; 3906799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Investors 144A 7.00% 6/15/32 # | 3990000 | &nbsp;&nbsp;&nbsp; 4093465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial F&B Investments III 144A 7.75% 2/11/33 # | &nbsp;&nbsp;&nbsp;&nbsp;847000 | &nbsp;&nbsp;&nbsp; 856531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance 144A 6.625% 10/15/31 # | 4000000 | &nbsp;&nbsp;&nbsp; 3817336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/29 | 2811000 | &nbsp;&nbsp;&nbsp; 2817243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;947000 | &nbsp;&nbsp;&nbsp; 933843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 5/15/32 # | 1915000 | &nbsp;&nbsp;&nbsp; 1849923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 2/15/33 # | 2800000 | &nbsp;&nbsp;&nbsp; 2681411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket 144A 6.375% 8/1/33 # | 3860000 | &nbsp;&nbsp;&nbsp; 3906297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp;&nbsp; 818090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 8/10/34 #, μ, ψ | 2900000 | &nbsp;&nbsp;&nbsp; 2852512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | 1129000 | &nbsp;&nbsp;&nbsp; 1065852 |
|  |  | &nbsp;&nbsp;&nbsp; 44363533 |
| &nbsp;&nbsp;Healthcare — 5.49% | &nbsp;&nbsp;Healthcare — 5.49% | &nbsp;&nbsp;Healthcare — 5.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC 144A 10.00% 4/15/32 # | 1705000 | &nbsp;&nbsp;&nbsp; 1747095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 2060000 | &nbsp;&nbsp;&nbsp; 1935769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding 144A 3.875% 11/1/29 # | 4315000 | &nbsp;&nbsp;&nbsp; 4051475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/15/30 # | 1600000 | &nbsp;&nbsp;&nbsp; 1508996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;978000 | &nbsp;&nbsp;&nbsp; 851422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp; 943414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 1/15/34 # | 2840000 | &nbsp;&nbsp;&nbsp; 2951095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.75% 2/15/31 # | 2425000 | &nbsp;&nbsp;&nbsp; 2225002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 6/1/30 # | 1475000 | &nbsp;&nbsp;&nbsp; 1419098 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) | &nbsp;&nbsp;Healthcare (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GENMAB 144A 7.25% 12/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;$796211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | 2238000 | &nbsp;&nbsp;&nbsp; 2325942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA 144A 6.25% 6/1/32 # | 2000000 | &nbsp;&nbsp;&nbsp; 2033482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health 144A 11.00% 10/15/30 # | 1730000 | &nbsp;&nbsp;&nbsp; 1862726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower 144A 5.25% 10/1/29 # | 2925000 | &nbsp;&nbsp;&nbsp; 2901010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Mentor Holdings 144A 10.50% 12/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;552000 | &nbsp;&nbsp;&nbsp; 570187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 4595000 | &nbsp;&nbsp;&nbsp; 3749451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Parent and Paradigm Parent CO-Issuer 144A 8.75% 4/17/32 # | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp; 738190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners 144A 8.50% 7/15/32 # | 1265000 | &nbsp;&nbsp;&nbsp; 1284127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings 144A 6.875% 11/15/31 # | 3180000 | &nbsp;&nbsp;&nbsp; 3068404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings 144A 7.25% 4/15/32 # | 4010000 | &nbsp;&nbsp;&nbsp; 3943527 |
|  |  | &nbsp;&nbsp;&nbsp; 40906623 |
| &nbsp;&nbsp;Insurance — 3.73% | &nbsp;&nbsp;Insurance — 3.73% | &nbsp;&nbsp;Insurance — 3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco 144A 7.75% 2/15/31 # | 4595000 | &nbsp;&nbsp;&nbsp; 4652240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | 2540000 | &nbsp;&nbsp;&nbsp; 2563358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 2/15/32 # | 2325000 | &nbsp;&nbsp;&nbsp; 2180536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/30 # | 1880000 | &nbsp;&nbsp;&nbsp; 1926960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 1/31/32 # | 3810000 | &nbsp;&nbsp;&nbsp; 3888440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 5715000 | &nbsp;&nbsp;&nbsp; 5813744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer 144A 7.125% 6/1/31 # | 3905000 | &nbsp;&nbsp;&nbsp; 3920089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI 144A 7.50% 1/15/32 # | 2845000 | &nbsp;&nbsp;&nbsp; 2885994 |
|  |  | &nbsp;&nbsp;&nbsp; 27831361 |
| &nbsp;&nbsp;Leisure — 3.02% | &nbsp;&nbsp;Leisure — 3.02% | &nbsp;&nbsp;Leisure — 3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 2/15/32 # | 1900000 | &nbsp;&nbsp;&nbsp; 1879400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/15/30 # | 2675000 | &nbsp;&nbsp;&nbsp; 2709334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 6/15/31 # | 1235000 | &nbsp;&nbsp;&nbsp; 1250958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 2/15/33 # | 2919000 | &nbsp;&nbsp;&nbsp; 2949737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time 144A 6.00% 11/15/31 # | 4075000 | &nbsp;&nbsp;&nbsp; 4109466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 1880000 | &nbsp;&nbsp;&nbsp; 1917365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions 144A 7.00% 9/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp;&nbsp; 789694 |

---

4 NQ- IV093 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Leisure (continued) | &nbsp;&nbsp;Leisure (continued) | &nbsp;&nbsp;Leisure (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority 144A 8.25% 4/15/30 # | 1041000 | &nbsp;&nbsp;$1066411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment 144A 8.625% 1/15/32 # | 3101000 | &nbsp;&nbsp;&nbsp; 3108127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent 144A 9.25% 7/1/32 # | 2650000 | &nbsp;&nbsp;&nbsp; 2752923 |
|  |  | &nbsp;&nbsp;&nbsp; 22533415 |
| &nbsp;&nbsp;Media — 8.95% | &nbsp;&nbsp;Media — 8.95% | &nbsp;&nbsp;Media — 8.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 9.00% 11/15/30 # | 1846202 | &nbsp;&nbsp;&nbsp; 1375420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks 144A 10.50% 7/15/32 # | 1953536 | &nbsp;&nbsp;&nbsp; 1929975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | 2374000 | &nbsp;&nbsp;&nbsp; 2275556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 8/15/30 # | 1285000 | &nbsp;&nbsp;&nbsp; 1201602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/1/32 # | 1198000 | &nbsp;&nbsp;&nbsp; 1084144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | 1933000 | &nbsp;&nbsp;&nbsp; 1940169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/1/33 # | 8991000 | &nbsp;&nbsp;&nbsp; 9024710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress 144A 7.375% 9/15/32 # | 2850000 | &nbsp;&nbsp;&nbsp; 2828671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings 144A 7.50% 3/15/33 # | 2120000 | &nbsp;&nbsp;&nbsp; 2246655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 6/18/29 # | 4406000 | &nbsp;&nbsp;&nbsp; 3831559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 11/15/31 # | 3015000 | &nbsp;&nbsp;&nbsp; 1792112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 2381000 | &nbsp;&nbsp;&nbsp; 866597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 8.00% 7/1/29 #, ‡ | 3871000 | &nbsp;&nbsp;&nbsp; 580650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 8.875% 2/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp; 801897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 11/15/31 # | 5230000 | &nbsp;&nbsp;&nbsp; 3887694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 8/15/33 # | 1695000 | &nbsp;&nbsp;&nbsp; 1709299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education 144A 7.375% 9/1/31 # | 4808000 | &nbsp;&nbsp;&nbsp; 4911406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 3855000 | &nbsp;&nbsp;&nbsp; 3595307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 9/15/33 # | 2565000 | &nbsp;&nbsp;&nbsp; 2586095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 4/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;742000 | &nbsp;&nbsp;&nbsp; 744995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OAK-Eagle Acquireco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/33 # | 1817878 | &nbsp;&nbsp;&nbsp; 1884675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 7/1/34 # | 1188000 | &nbsp;&nbsp;&nbsp; 1244485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap 144A 6.875% 3/1/33 # | 3965000 | &nbsp;&nbsp;&nbsp; 3747283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | 4180000 | &nbsp;&nbsp;&nbsp; 3983153 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 6/30/30 # | 4225000 | &nbsp;&nbsp;$4143013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.375% 8/1/32 # | 1947000 | &nbsp;&nbsp;&nbsp; 2008058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group 144A 7.25% 1/30/31 # | &nbsp;&nbsp;&nbsp;&nbsp;499000 | &nbsp;&nbsp;&nbsp; 511086 |
|  |  | &nbsp;&nbsp;&nbsp; 66736266 |
| &nbsp;&nbsp;Non-Electric Utilities — 0.17% | &nbsp;&nbsp;Non-Electric Utilities — 0.17% | &nbsp;&nbsp;Non-Electric Utilities — 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners 144A 9.50% 6/1/30 # | 1155000 | &nbsp;&nbsp;&nbsp; 1228281 |
|  |  | &nbsp;&nbsp;&nbsp; 1228281 |
| &nbsp;&nbsp;Real Estate — 0.58% | &nbsp;&nbsp;Real Estate — 0.58% | &nbsp;&nbsp;Real Estate — 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Operating Partnership 8.875% 4/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp; 731618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital 144A 7.375% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp;&nbsp; 777242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 7.25% 7/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp; 776424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust 8.875% 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp;&nbsp; 788762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | 1251000 | &nbsp;&nbsp;&nbsp; 1278308 |
|  |  | &nbsp;&nbsp;&nbsp; 4352354 |
| &nbsp;&nbsp;Retail — 5.31% | &nbsp;&nbsp;Retail — 5.31% | &nbsp;&nbsp;Retail — 5.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group 4.75% 3/1/30 | 4450930 | &nbsp;&nbsp;&nbsp; 4291626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | 6070000 | &nbsp;&nbsp;&nbsp; 5977868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco PIK 144A 10.00% 7/15/33 #, >> | 2803769 | &nbsp;&nbsp;&nbsp; 2988095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana PIK 144A 9.00% 6/1/30 #, > | 1501650 | &nbsp;&nbsp;&nbsp; 1563162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance 144A 12.00% 11/30/28 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp; 738622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.875% 6/1/29 # | 1666000 | &nbsp;&nbsp;&nbsp; 1583364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/15/31 # | 1271000 | &nbsp;&nbsp;&nbsp; 1195377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | 6923000 | &nbsp;&nbsp;&nbsp; 6415579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michaels |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 3/15/33 # | 1895000 | &nbsp;&nbsp;&nbsp; 1846770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 11.00% 3/15/34 # | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp;&nbsp; 750528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil USA 4.75% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp; 972166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Petco Health & Wellness 144A 8.25% 2/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;835000 | &nbsp;&nbsp;&nbsp; 834428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 9/15/32 # | 1150000 | &nbsp;&nbsp;&nbsp; 1156457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.00% 9/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 769098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group 144A 11.25% 2/15/27 # | 1440000 | &nbsp;&nbsp;&nbsp; 1492097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 4890000 | &nbsp;&nbsp;&nbsp; 5079111 |

---

NQ- IV093 [0326] 0526 (5459551) 5

------

Nomura VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;William Carter 144A 7.375% 2/15/31 # | 1900000 | &nbsp;&nbsp;$1940291 |
|  |  | &nbsp;&nbsp;&nbsp; 39594639 |
| &nbsp;&nbsp;Services — 3.59% | &nbsp;&nbsp;Services — 3.59% | &nbsp;&nbsp;Services — 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 144A 7.00% 5/21/30 # | 1895000 | &nbsp;&nbsp;&nbsp; 1938162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | 1260000 | &nbsp;&nbsp;&nbsp; 1292866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp; 887137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;959000 | &nbsp;&nbsp;&nbsp; 979010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 3412000 | &nbsp;&nbsp;&nbsp; 3366029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 2040000 | &nbsp;&nbsp;&nbsp; 1801664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 144A 10.75% 9/1/29 # | 3825000 | &nbsp;&nbsp;&nbsp; 3540379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synergy Infrastructure Holdings 144A 7.875% 12/1/30 # | 1553000 | &nbsp;&nbsp;&nbsp; 1586891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Pro USA 144A 7.00% 2/1/33 # | 1950000 | &nbsp;&nbsp;&nbsp; 1976814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Supply Holdings 144A 7.375% 11/15/30 # | 6806000 | &nbsp;&nbsp;&nbsp; 6606910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Scotsman 144A 6.625% 4/15/30 # | 2725000 | &nbsp;&nbsp;&nbsp; 2770205 |
|  |  | &nbsp;&nbsp;&nbsp; 26746067 |
| &nbsp;&nbsp;Technology & Electronics — 3.63% | &nbsp;&nbsp;Technology & Electronics — 3.63% | &nbsp;&nbsp;Technology & Electronics — 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Borrower 144A 8.00% 6/15/30 # | 3492000 | &nbsp;&nbsp;&nbsp; 3339818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cipher Compute 144A 7.125% 11/15/30 # | 1166000 | &nbsp;&nbsp;&nbsp; 1209467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 3/31/29 # | 1950000 | &nbsp;&nbsp;&nbsp; 1904283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 9/30/29 # | 3730000 | &nbsp;&nbsp;&nbsp; 3601795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 4/15/29 # | 2121000 | &nbsp;&nbsp;&nbsp; 2098085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.95% 6/15/30 # | 1860000 | &nbsp;&nbsp;&nbsp; 1873082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US 144A 7.875% 9/30/32 # | 4000000 | &nbsp;&nbsp;&nbsp; 3101103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Data Storage Technology 144A 5.75% 12/1/34 # | 2155000 | &nbsp;&nbsp;&nbsp; 2152305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG 144A 6.875% 2/1/31 # | 5160000 | &nbsp;&nbsp;&nbsp; 5047359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WULF Compute 144A 7.75% 10/15/30 # | 1504000 | &nbsp;&nbsp;&nbsp; 1590202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies 144A 6.50% 6/1/32 # | 1120000 | &nbsp;&nbsp;&nbsp; 1128530 |
|  |  | &nbsp;&nbsp;&nbsp; 27046029 |
| &nbsp;&nbsp;Telecommunications — 6.02% | &nbsp;&nbsp;Telecommunications — 6.02% | &nbsp;&nbsp;Telecommunications — 6.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APLD ComputeCo 2 144A 6.75% 3/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;713000 | &nbsp;&nbsp;&nbsp; 708251 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Telecommunications (continued) | &nbsp;&nbsp;Telecommunications (continued) | &nbsp;&nbsp;Telecommunications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 4480000 | &nbsp;&nbsp;$4712019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave 144A 9.00% 2/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;&nbsp; 733632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance 144A 8.625% 8/1/32 # | 1965000 | &nbsp;&nbsp;&nbsp; 2000912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications<br> Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/1/29 | 1011498 | &nbsp;&nbsp;&nbsp; 1018269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # | 8965000 | &nbsp;&nbsp;&nbsp; 9024366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 # | 3287000 | &nbsp;&nbsp;&nbsp; 3293232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iliad Holding 144A 8.50% 4/15/31 # | 5850000 | &nbsp;&nbsp;&nbsp; 6125845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | 3405000 | &nbsp;&nbsp;&nbsp; 3486477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 4100000 | &nbsp;&nbsp;&nbsp; 4053932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Services 144A 7.50% 10/15/33 # | 4035000 | &nbsp;&nbsp;&nbsp; 4197880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 7.75% 4/15/32 # | 3770000 | &nbsp;&nbsp;&nbsp; 3618431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 7.50% 1/15/33 # | 1965000 | &nbsp;&nbsp;&nbsp; 1853975 |
|  |  | &nbsp;&nbsp;&nbsp; 44827221 |
| &nbsp;&nbsp;Transportation — 0.54% | &nbsp;&nbsp;Transportation — 0.54% | &nbsp;&nbsp;Transportation — 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee & Wyoming 144A 6.25% 4/15/32 # | 4005000 | &nbsp;&nbsp;&nbsp; 4057866 |
|  |  | &nbsp;&nbsp;&nbsp; 4057866 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $618,051,596)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $618,051,596)** | &nbsp;&nbsp;&nbsp;**615404923** |
| &nbsp;&nbsp;**Loan Agreements — 5.06%** | &nbsp;&nbsp;**Loan Agreements — 5.06%** | &nbsp;&nbsp;**Loan Agreements — 5.06%** |
| &nbsp;&nbsp;Automotive — 0.46% | &nbsp;&nbsp;Automotive — 0.46% | &nbsp;&nbsp;Automotive — 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 6.418% (SOFR01M + 2.75%) 1/28/32 • | 1502450 | &nbsp;&nbsp;&nbsp; 1500572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Tranche B 8.756% - 8.800% (SOFR02M + 5.10%) 11/17/28 • | 2010000 | &nbsp;&nbsp;&nbsp; 1962681 |
|  |  | &nbsp;&nbsp;&nbsp; 3463253 |
| &nbsp;&nbsp;Basic Industry — 0.71% | &nbsp;&nbsp;Basic Industry — 0.71% | &nbsp;&nbsp;Basic Industry — 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies 9.42% (SOFR03M + 5.75%) 7/19/30 • | 1758710 | &nbsp;&nbsp;&nbsp; 1605922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding Tranche B-1 6.70% (SOFR03M + 3.00%) 1/17/32 • | 1824314 | &nbsp;&nbsp;&nbsp; 1819069 |

---

6 NQ- IV093 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) | &nbsp;&nbsp;Basic Industry (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usalco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.168% (SOFR01M + 3.50%) 9/30/31 • | 1683155 | &nbsp;&nbsp;$1681051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.176% (SOFR01M + 3.50%) 9/30/31 • | &nbsp;&nbsp;&nbsp;&nbsp;175604 | &nbsp;&nbsp;&nbsp; 175385 |
|  |  | &nbsp;&nbsp;&nbsp; 5281427 |
| &nbsp;&nbsp;Capital Goods — 0.33% | &nbsp;&nbsp;Capital Goods — 0.33% | &nbsp;&nbsp;Capital Goods — 0.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings Tranche B 6.918% (SOFR01M + 3.25%) 4/1/32 • | &nbsp;&nbsp;&nbsp;&nbsp;546745 | &nbsp;&nbsp;&nbsp; 511586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunSource Borrower 7.768% (SOFR01M + 4.10%) 3/25/31 • | 1930774 | &nbsp;&nbsp;&nbsp; 1932182 |
|  |  | &nbsp;&nbsp;&nbsp; 2443768 |
| &nbsp;&nbsp;Healthcare — 1.77% | &nbsp;&nbsp;Healthcare — 1.77% | &nbsp;&nbsp;Healthcare — 1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb 7.418% (SOFR01M + 3.75%) 1/15/31 • | 3659339 | &nbsp;&nbsp;&nbsp; 3671919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.625% 5/1/31 | 3918000 | &nbsp;&nbsp;&nbsp; 3665779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 7.418% (SOFR01M + 3.75%) 8/25/32 • | 5875662 | &nbsp;&nbsp;&nbsp; 5866314 |
|  |  | &nbsp;&nbsp;&nbsp; 13204012 |
| &nbsp;&nbsp;Leisure — 0.26% | &nbsp;&nbsp;Leisure — 0.26% | &nbsp;&nbsp;Leisure — 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings 6.652% (SOFR03M + 3.00%) 4/4/29 • | 1979402 | &nbsp;&nbsp;&nbsp; 1952494 |
|  |  | &nbsp;&nbsp;&nbsp; 1952494 |
| &nbsp;&nbsp;Media — 0.18% | &nbsp;&nbsp;Media — 0.18% | &nbsp;&nbsp;Media — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DirectV Financing Tranche B 9.167% (SOFR03M + 5.50%) 2/17/31 • | 1037000 | &nbsp;&nbsp;&nbsp; 1039431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 1st Lien 7.95% (SOFR03M + 4.25%) 6/24/29 • | &nbsp;&nbsp;&nbsp;&nbsp;337499 | &nbsp;&nbsp;&nbsp; 336796 |
|  |  | &nbsp;&nbsp;&nbsp; 1376227 |
| &nbsp;&nbsp;Retail — 0.29% | &nbsp;&nbsp;Retail — 0.29% | &nbsp;&nbsp;Retail — 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group 7.418% (SOFR01M + 3.75%) 1/28/32 • | 2193840 | &nbsp;&nbsp;&nbsp; 2158190 |
|  |  | &nbsp;&nbsp;&nbsp; 2158190 |
| &nbsp;&nbsp;Technology & Electronics — 1.06% | &nbsp;&nbsp;Technology & Electronics — 1.06% | &nbsp;&nbsp;Technology & Electronics — 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 8.20% (SOFR03M + 4.50%) 2/23/32 • | 3716000 | &nbsp;&nbsp;&nbsp; 3674195 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 7.75% 12/9/31 | 4446400 | &nbsp;&nbsp;$4201848 |
|  |  | &nbsp;&nbsp;&nbsp; 7876043 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $38,328,566)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $38,328,566)** | &nbsp;&nbsp;&nbsp; **37755414** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 0.28%♣** | &nbsp;&nbsp;**Common Stocks — 0.28%♣** | &nbsp;&nbsp;**Common Stocks — 0.28%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 0.28% | &nbsp;&nbsp;Consumer Discretionary — 0.28% | &nbsp;&nbsp;Consumer Discretionary — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Warrant †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;853087 | &nbsp;&nbsp; 2073002 |
|  |  | &nbsp;&nbsp; 2073002 |
| &nbsp;&nbsp;Energy — 0.00% | &nbsp;&nbsp;Energy — 0.00% | &nbsp;&nbsp;Energy — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIS Industries Holdings =, †, π | 1604602 | &nbsp;&nbsp; 7877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Oil & Gas Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp; 429 |
|  |  | &nbsp;&nbsp; 8632 |
| &nbsp;&nbsp;Financials — 0.00% | &nbsp;&nbsp;Financials — 0.00% | &nbsp;&nbsp;Financials — 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | 3072567 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $35,674,073)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $35,674,073)** | &nbsp;&nbsp; **2081634** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 2.19%** | &nbsp;&nbsp;**Exchange-Traded Funds — 2.19%** | &nbsp;&nbsp;**Exchange-Traded Funds — 2.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp;&nbsp;424157 | &nbsp;&nbsp; 8657044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp; 7637760 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $16,497,774)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $16,497,774)** | &nbsp;&nbsp; **16294804** |
| &nbsp;&nbsp;**Short-Term Investments — 5.82%** | &nbsp;&nbsp;**Short-Term Investments — 5.82%** | &nbsp;&nbsp;**Short-Term Investments — 5.82%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 5.82% | &nbsp;&nbsp;Money Market Mutual Funds — 5.82% | &nbsp;&nbsp;Money Market Mutual Funds — 5.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | 10844224 | &nbsp;&nbsp; 10844224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | 10844223 | &nbsp;&nbsp; 10844223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | 10844224 | &nbsp;&nbsp; 10844224 |

---

NQ- IV093 [0326] 0526 (5459551) 7

------

Nomura VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** | &nbsp;&nbsp;**Short-Term Investments (continued)** |
| &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) | &nbsp;&nbsp;Money Market Mutual Funds (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | 10844224 | &nbsp;&nbsp;$10844224 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $43,376,895)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $43,376,895)** | &nbsp;&nbsp;&nbsp; **43376895** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—98.98%<br> (cost $776,405,867)** |  | &nbsp;&nbsp;&nbsp;**737688927** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—1.02%** |  | &nbsp;&nbsp;&nbsp; **7569988** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 258,014,364 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$745258915** |

---

---

| | |
|:---|:---|
| ° | 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 $573,813,675, which represents 77.00% 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. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| >> | PIK. 100% of the income received was in the form of principal. |
| 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. |

---

---

| |
|:---|
| Perpetual security. Maturity date represents next call date. |
| Security is currently in default. |
| PIK. 100% of the income received was in the form of cash. |
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At March 31, 2026, the aggregate value of restricted securities was $3,639,950, which represented 0.49% of the Fund's net assets. See Note 12 in "Notes to financial statements" and the table to the right for additional details on restricted securities. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| ASG Warrant | &nbsp;&nbsp;&nbsp;5/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;$72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
| BIS Industries Holdings | 12/22/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7877 |
| New Cotai | &nbsp;&nbsp;&nbsp;9/29/20 | &nbsp;&nbsp;&nbsp;28520069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;3975305 | &nbsp;&nbsp;&nbsp;3631644 |
| Westmoreland Coal | &nbsp;&nbsp;&nbsp;3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
| Total |  | $32718824 | $3639950 |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CLO – Collateralized Loan Obligation |
| ETF – Exchange-Traded Fund |
| LNG – Liquefied Natural Gas |
| PIK – Payment-in-kind |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR02M – Secured Overnight Financing Rate 2 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |

---

8 NQ- IV093 [0326] 0526 (5459551)

## 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 High Income Series

- **b. EDGAR series identifier (if any):** S000006242

- **c. LEI of Series:** HOEHMHXH7KXIOFMGI146

**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:** $750508959.18

**Total Liabilities:** $4875381.17

**Net Assets:** $745633578.01

**Delayed Delivery Securities:** $3945210.01

**Cash Not Reported:** $455093.98

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 168.04273000 | **1-Year:** 5302.92438000 | **5-Year:** 17669.94401000 | **10-Year:** 4618.45817000 | **30-Year:** 0.00000000

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

- **3-Month:** 587.02654000 | **1-Year:** 65385.26550000 | **5-Year:** 122691.61601000 | **10-Year:** 3812.10174000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190649 | 0.00%                | 0.00%                | -1.36%               |
| Class ID C000017176 | 0.00%                | 0.00%                | -1.37%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-67641.90               | $-3542380.18                               |
| Month 2  | $-360526.40              | $-4506980.47                               |
| Month 3  | $25038310.13             | $-66523598.08                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CCO HOLDINGS LLC                                                                    | CHTR 4.5 08/15/30 144A                                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1201601.70   | 0.16%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                                                                    | NEW COTAI EQUITY                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000544 | PA      | $3631644.51   | 0.49%             | 2027-02-02      | Fixed         | 5.00%                 | Yes           |                  3 | On Loan: No      |
| XPLR Infrastructure Operating Partners LP                                           | XIFR 8.375 01/15/31 144A                                                   | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    730000 | PA      | $768869.58    | 0.10%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| White Cap Supply Holdings LLC                                                       | WHTCAP 7.375 11/15/30 144A                                                 | CUSIP: 96467GAC2<br>LEI: 254900L2N0T6GULCL366 | Long             | DBT              | CORP              | US        |   6806000 | PA      | $6606909.53   | 0.89%             | 2030-11-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Phinia Inc.                                                                         | PHIN 6.625 10/15/32 144A                                                   | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |   1948000 | PA      | $1984127.61   | 0.27%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc.                                                           | ALSN 3.75 01/30/31 144A                                                    | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   6885000 | PA      | $6413449.79   | 0.86%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Amerigas Partners, L.P./Amerigas Finance Corp.                                      | APU 9.5 06/01/30 144A                                                      | CUSIP: 030981AP9<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1228281.29   | 0.16%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Constellium SE                                                                      | CSTM 6.375 08/15/32 144a                                                   | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |   1660000 | PA      | $1679256.00   | 0.23%             | 2032-08-15      | Fixed         | 6.38%                 | 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        |   2725000 | PA      | $2726948.38   | 0.37%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AGL CLO 32 LTD                                                                      | AGL 2024-32A E                                                             | CUSIP: 00121CAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $513315.55    | 0.07%             | 2037-07-21      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                           | TIBX 9 09/30/29 144A                                                       | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   3730000 | PA      | $3601794.68   | 0.48%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| The Chemours Company LLC                                                            | CC 7.875 03/15/34 144A                                                     | CUSIP: 163851AL2<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   1955000 | PA      | $1956367.13   | 0.26%             | 2034-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                                                | RKT 6.375 08/01/33 144A                                                    | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3860000 | PA      | $3906296.84   | 0.52%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                             | ISATLN 9 09/15/29 144A                                                     | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |   4480000 | PA      | $4712019.20   | 0.63%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CrossCountry Intermediate HoldCo LLC                                                | CROSIN 6.5 10/01/30 144A                                                   | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3927000 | PA      | $3747884.03   | 0.50%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                | CCL 6.125 02/15/33 144A                                                    | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2919000 | PA      | $2949737.07   | 0.40%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Azorra Finance Ltd.                                                                 | AZORRA 7.75 04/15/30 144A                                                  | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   4195000 | PA      | $4324273.12   | 0.58%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMEDIATE LLC                                                    | AMEPIP 7.625 08/15/33 144A                                                 | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3865000 | PA      | $3993035.86   | 0.54%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Lithia Motors Incorporated                                                          | LAD 4.375 01/15/31 144A                                                    | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1271000 | PA      | $1195377.28   | 0.16%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit Clo 2017-2                                                      | BCC 2017-2A ER3                                                            | CUSIP: 05682TAG5<br>LEI: 549300Y1FQZLCX1NO508 | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $509179.00    | 0.07%             | 2037-07-27      | Floating      | 11.01%                | No            |                  2 | On Loan: No      |
| Form Technologies (fka Dynacast)                                                    | Form Technologies (fka Dynacast) Term Loan B 575 2030-04-15                | CUSIP: 34634FAF6<br>LEI: X7KHAIMGSSPZ1XIJIL51 | Long             | LON              | CORP              | US        |   1758710 | PA      | $1605922.07   | 0.22%             | 2030-07-22      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc.                                                | NOVHOL 8.75 04/15/30 144A                                                  | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   3938000 | PA      | $3677910.46   | 0.49%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                     | PFSI 6.875 05/15/32 144A                                                   | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1849923.13   | 0.25%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Clo 76 B Ltd./Golub Capital Partners Clo 76 B LLC            | GCBSL 2024-76A E                                                           | CUSIP: 38180CAA3<br>LEI: 254900XH1T1LRT7YJV16 | Long             | ABS-CBDO         | CORP              | JE        |    350000 | PA      | $327974.85    | 0.04%             | 2037-10-26      | Floating      | 9.42%                 | No            |                  2 | On Loan: No      |
| WELLFLEET CLO 2022-1 LTD                                                            | WELF 2022-1A ER                                                            | CUSIP: 94950UAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | NUSS              | KY        |    700000 | PA      | $623779.10    | 0.08%             | 2037-07-15      | Floating      | 11.42%                | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                             | MIK 11 03/15/34 144A                                                       | CUSIP: 59408QAA4<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    805000 | PA      | $750527.58    | 0.10%             | 2034-03-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| QXO INC                                                                             | BECN 6.75 04/30/32 144A                                                    | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    959000 | PA      | $979010.49    | 0.13%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLOVER CLO 2021-3 LLC                                                               | CLVR 2021-3A ER                                                            | CUSIP: 18915FAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $927641.00    | 0.12%             | 2035-01-25      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| TCW CLO 2024-2 LTD                                                                  | TCW 2024-2A E                                                              | CUSIP: 87252HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $650416.90    | 0.09%             | 2037-07-17      | Floating      | 10.92%                | No            |                  2 | On Loan: No      |
| Mohegan Escrow Issuer LLC                                                           | MOHEGN 8.25 04/15/30 144A                                                  | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1041000 | PA      | $1066410.81   | 0.14%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Nustar Logistics, L.P.                                                              | NSUS 6.375 10/01/30                                                        | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   3742000 | PA      | $3871087.77   | 0.52%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Cerdia Finanz Gmbh                                                                  | PLATIN 9.375 10/03/31 144A                                                 | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   4105000 | PA      | $4086650.65   | 0.55%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                    | CYH 6.125 04/01/30 144A                                                    | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    978000 | PA      | $851421.96    | 0.11%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                    | CYH 6.875 04/15/29 144A                                                    | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    980000 | PA      | $943414.44    | 0.13%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PARK BLUE CLO 2022-I LTD                                                            | PKBLU 2022-1A ER                                                           | CUSIP: 699903AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $595911.55    | 0.08%             | 2037-10-20      | Variable      | 10.76%                | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                     | TDG 6.625 03/01/32 144A                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3260000 | PA      | $3328851.20   | 0.45%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Paradigm Parent LLC / Paradigm Parent Co-Issuer Inc.                                | PDCO 8.75 04/17/32 144A                                                    | CUSIP: 69902PAA6<br>LEI: 254900EDT9YE5UFH3458 | Long             | DBT              | CORP              | US        |    830000 | PA      | $738190.30    | 0.10%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Celanese US Holdings Llc                                                            | CE 7.375 02/15/34                                                          | CUSIP: 15089QBD5<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   3905000 | PA      | $4004144.05   | 0.54%             | 2034-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                               | WOOF 8.25 02/01/31 144A                                                    | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |    835000 | PA      | $834427.44    | 0.11%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BARINGS CLO LTD 2024-V                                                              | BABSN 2024-5A D2                                                           | CUSIP: 06763YAN9<br>LEI: 25490047AECQPJIDJC73 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $976998.00    | 0.13%             | 2038-07-15      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| DIRECTV                                                                             | DIRECTV Term Loan B (Incremental) 550 2031-02-01                           | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1037000 | PA      | $1039430.73   | 0.14%             | 2031-02-18      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP                                                                  | BAUSCH + LOMB CORP                                                         | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |   3659339 | PA      | $3671919.46   | 0.49%             | 2031-01-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                                    | BMCAUS 6.5 08/15/32 144A                                                   | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   4030000 | PA      | $4035650.06   | 0.54%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Arcosa Inc                                                                          | ACA 6.875 08/15/32 144A                                                    | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $2076461.33   | 0.28%             | 2032-08-15      | Fixed         | 6.88%                 | 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        |   3435000 | PA      | $3516636.90   | 0.47%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                                   | POWSOL 6.75 02/15/30 144A                                                  | CUSIP: 18060TAD7<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |   2984000 | PA      | $3053243.72   | 0.41%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Midcontinent Communications/Midcontinent Communications Finance Corp                | MIDCON 8 08/15/32 144A                                                     | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |   3855000 | PA      | $3595306.77   | 0.48%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                    | NRG 6.25 11/01/34 144A                                                     | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   4090000 | PA      | $4125939.65   | 0.55%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp. / Sealed Air Corp. US                                              | SEE 7.25 02/15/31 144A                                                     | CUSIP: 812127AB4<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    975000 | PA      | $1023019.04   | 0.14%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Atlantica Sustainable Infrastructure Group PLC                                      | AY 6.375 02/15/32 144A                                                     | CUSIP: 13005HAA8<br>LEI: 254900V5SMQ1UP1CLC26 | Long             | DBT              | CORP              | GB        |   2768000 | PA      | $2706202.74   | 0.36%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                                              | MINAU 9.25 10/01/28 144A                                                   | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   1105000 | PA      | $1145909.86   | 0.15%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                     | TDG 6.875 12/15/30 144A                                                    | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   6450000 | PA      | $6613139.85   | 0.89%             | 2030-12-15      | Fixed         | 6.88%                 | 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        |   2540000 | PA      | $2563357.84   | 0.34%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Petsmart LLC / Petsmart Financial Corp.                                             | PETM 7.5 09/15/32                                                          | CUSIP: 71677KAC2<br>LEI: 894500NGJMHSFNESGA67 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1156457.25   | 0.16%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                                    | AMCX 10.5 07/15/32 144A                                                    | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   1953536 | PA      | $1929974.50   | 0.26%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| VERSCEND HOLDING CORP                                                               | Cotiviti Inc Fixed-rate Loan 2031-02-12                                    | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   3918000 | PA      | $3665778.75   | 0.49%             | 2031-05-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc.                                                                     | GTN 5.375 11/15/31 144A                                                    | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   5230000 | PA      | $3887694.35   | 0.52%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                                       | SM 9.625 06/15/33 144A                                                     | CUSIP: 17888HAD5<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   3645000 | PA      | $4029095.52   | 0.54%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC                              | FTAI 7 06/15/32 144A                                                       | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   3990000 | PA      | $4093464.69   | 0.55%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING LLC                                                     | PR 9.875 07/15/31 144A                                                     | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    690000 | PA      | $732744.81    | 0.10%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                               | DTV 8.875 02/01/30 144A                                                    | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    805000 | PA      | $801896.64    | 0.11%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                                       | ABG 4.75 03/01/30                                                          | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   4450930 | PA      | $4291625.87   | 0.58%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wand Newco 3 Inc                                                                    | CALCOL 7.625 01/30/32 144A                                                 | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |   3798000 | PA      | $3885475.54   | 0.52%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                    | CHTR 7 02/01/33 144A                                                       | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8991000 | PA      | $9024709.96   | 1.21%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                        | FOCS 6.75 09/15/31 144A                                                    | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $3906798.85   | 0.52%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                                                       | RIG 7.875 10/15/32 144A                                                    | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   3628000 | PA      | $3879021.32   | 0.52%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                        | BACR V9.625 PERP                                                           | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   5415000 | PA      | $5909416.58   | 0.79%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| TCW Clo 2022-1 Ltd.                                                                 | TCW 2022-1A ER                                                             | CUSIP: 871978AE2<br>LEI: 254900KPK0PRXM6I7271 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $689774.25    | 0.09%             | 2038-01-20      | Floating      | 10.17%                | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS V7.125 PERP 144a                                                       | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2900000 | PA      | $2852512.50   | 0.38%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc.                                                                     | GTN 7.25 08/15/33 144A                                                     | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1709299.02   | 0.23%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                             | HILCRP 7.25 02/15/35 144A                                                  | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |   4015000 | PA      | $4005863.87   | 0.54%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                         | VST V8 PERP 144A                                                           | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3690934.75   | 0.50%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Clarios (Power Solutions)                                                           | Clarios (Power Solutions) Term Loan B (Incremental) 275 2032-01-07         | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   1502450 | PA      | $1500571.94   | 0.20%             | 2032-01-28      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                      | CRWV 9 02/01/31 144A                                                       | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    770000 | PA      | $733632.05    | 0.10%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                          | VMED 7.75 04/15/32 144A                                                    | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |   3770000 | PA      | $3618430.54   | 0.49%             | 2032-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Genmab AS And Genmab Finance LLC                                                    | GMABDC 7.25 12/15/33 144A                                                  | CUSIP: 37230JAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | DBT              | CORP              | DK        |    760000 | PA      | $796210.96    | 0.11%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EMPOWER CLO 2022-1 LTD                                                              | EMPWR 2022-1A ER                                                           | CUSIP: 29246YAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $910040.00    | 0.12%             | 2037-10-20      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                                                    | BMO V7.7 05/26/84                                                          | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2850000 | PA      | $2928816.75   | 0.39%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| K Hovnanian Enterprises Inc                                                         | HOV 8.375 10/01/33 144A                                                    | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |   2740000 | PA      | $2712757.28   | 0.36%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS V6.85 PERP 144A                                                        | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    825000 | PA      | $818090.21    | 0.11%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                                       | UVN 9.375 08/01/32 144A                                                    | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1947000 | PA      | $2008058.31   | 0.27%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                                                | NSANY 8.125 07/17/35 144A                                                  | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   3110000 | PA      | $3202495.44   | 0.43%             | 2035-07-17      | Fixed         | 8.12%                 | 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        |   4180000 | PA      | $3983152.93   | 0.53%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC / Outfront Media Capital Corp                            | OUT 7.375 02/15/31 144A                                                    | CUSIP: 69007TAG9<br>LEI: 5493005WC7J0FDMW0610 | Long             | DBT              | CORP              | US        |    745000 | PA      | $777242.11    | 0.10%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Clover Holdings 2 LLC                                                               | CLOVHO L 12/09/31 3                                                        | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4446400 | PA      | $4201848.00   | 0.56%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                     | BBDBCN 8.75 11/15/30 144A                                                  | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   5115000 | PA      | $5446411.08   | 0.73%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| S&S Holdings LLC                                                                    | SSACTI 8.375 10/01/31 144A                                                 | CUSIP: 78525CAA3<br>LEI: 25490047QJT06H3Z7U34 | Long             | DBT              | CORP              | US        |   2040000 | PA      | $1801663.54   | 0.24%             | 2031-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Service Properties Trust                                                            | SVC 8.875 06/15/32                                                         | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    795000 | PA      | $788761.79    | 0.11%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Voyager Parent LLC                                                                  | EVRI 9.25 07/01/32 144A                                                    | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2752923.35   | 0.37%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Garrett Motion Holdings Inc. / Garrett LX I S.a.r.l.                                | GTX 7.75 05/31/32 144A                                                     | CUSIP: 366504AA6<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |   5970000 | PA      | $6185427.45   | 0.83%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Avantor Funding Inc                                                                 | AVTR 3.875 11/01/29 144A                                                   | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   4315000 | PA      | $4051474.75   | 0.54%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                                        | TRIVIU 8.25 07/15/30 144A                                                  | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    567000 | PA      | $593679.05    | 0.08%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO II Ltd.                                               | ABPCI 2017-1A DRR                                                          | CUSIP: 000823BC7<br>LEI: 549300H8L46GO50TOZ40 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249157.75    | 0.03%             | 2037-07-20      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Michaels Companies Inc.                                                             | MIK 8.5 03/15/33 144A                                                      | CUSIP: 59408QAB2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |   1895000 | PA      | $1846770.36   | 0.25%             | 2033-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Scientific Games Lottery                                                            | Scientific Games Lottery Term Loan B 300 2029-04-01                        | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |   1979402 | PA      | $1952494.29   | 0.26%             | 2029-04-01      | Floating      | 6.65%                 | No            |                  2 | On Loan: No      |
| Archrock Partners LP/Archrock Partners Finance Corp                                 | AROC 6.625 09/01/32 144A                                                   | CUSIP: 03959KAD2<br>LEI: 549300YFKOM2XNCKQU76 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2111855.40   | 0.28%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings Llc                                                | FYBR 5.875 11/01/29                                                        | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1011498 | PA      | $1018268.97   | 0.14%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                                                          | CZR 7 02/15/30 144A                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2709333.63   | 0.36%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY INTERNATIONAL HOLDINGS LTD                                              | Studio City International Holdings Limited SPON ADS                        | CUSIP: 86389T106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    853087 | NS      | $2073001.41   | 0.28%             |  |  |  | No            |                  1 | 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        |   4890000 | PA      | $5079110.97   | 0.68%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                                | NCX 9 02/15/30 144A                                                        | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   3950000 | PA      | $4174845.85   | 0.56%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY EAT CLO 2025-21                                                      | MSEV 2025-21A E                                                            | CUSIP: 617935AA9<br>LEI: 254900LVH0JZLB93FN88 | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $409484.24    | 0.05%             | 2038-04-15      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC                                                              | ARNC 8 10/01/30 144A                                                       | CUSIP: 04288BAB6<br>LEI: 254900G9F9HA5EP57J39 | Long             | DBT              | CORP              | US        |   6010000 | PA      | $6264926.17   | 0.84%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Usi Inc                                                                             | COMINV 7.5 01/15/32 144A                                                   | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $2885993.61   | 0.39%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SunSource Holdings                                                                  | STS OPERATING INC                                                          | CUSIP: 12508KAJ6<br>LEI: 549300HW5C2VGPZCHL57 | Long             | LON              | CORP              | US        |   1930774 | PA      | $1932181.64   | 0.26%             | 2031-03-25      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                                    | WULF 7.75 10/15/30 144A                                                    | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1504000 | PA      | $1590201.76   | 0.21%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                                                                    | NEW COTAI EQUITY                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3072567 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| USALCO                                                                              | USALCO Term Loan B 350 2031-09-01                                          | CUSIP: 91732NAN3<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |   1683155 | PA      | $1681050.64   | 0.23%             | 2031-09-30      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP & Genesis Energy Finance Corp.                                    | GEL 7.875 05/15/32                                                         | CUSIP: 37185LAQ5<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |    940000 | PA      | $967325.80    | 0.13%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ELMWOOD CLO 17 LTD                                                                  | ELM17 2022-4A ER                                                           | CUSIP: 29003GAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $510865.30    | 0.07%             | 2037-07-17      | Floating      | 9.37%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                                                              | CLYDESDALE ACQUISITION HOLDINGS INC                                        | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    546745 | PA      | $511586.18    | 0.07%             | 2032-04-01      | Floating      | 9.07%                 | 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        |   1933000 | PA      | $1940169.50   | 0.26%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA GROUP INC                                                             | NXST 7.25 04/15/34 144A                                                    | CUSIP: 65346UAA7<br>LEI: 52990083ZRR5UT591988 | Long             | DBT              | CORP              | US        |    742000 | PA      | $744995.23    | 0.10%             | 2034-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo Inc.                                                            | EA 7.25 07/01/33 144A                                                      | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |   1817878 | PA      | $1884674.84   | 0.25%             | 2033-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                              | HBGCN 7.25 06/15/30 144A                                                   | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1926960.52   | 0.26%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Athenahealth Group Inc.                                                             | ATHENA 6.5 02/15/30 144A                                                   | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $1935769.02   | 0.26%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Zebra Technologies Corporation                                                      | ZBRA 6.5 06/01/32 144A                                                     | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1128529.92   | 0.15%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOGY PTE LTD                                             | STX 5.75 12/01/34 144a                                                     | CUSIP: 81180LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2155000 | PA      | $2152305.17   | 0.29%             | 2034-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                   | HRI 7.25 06/15/33 144A                                                     | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    865000 | PA      | $887137.08    | 0.12%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                | CLF 7.625 01/15/34 144A                                                    | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2366560.59   | 0.32%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Trust                                                                 | Goldman Sachs Financial Square Government Fund                             | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |  10844224 | NS      | $10844223.88  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FIESTA PURCHASER INC                                                                | SHEARE 9.625 09/15/32 144A                                                 | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2860000 | PA      | $2919977.06   | 0.39%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| TCW CLO 2024-3 LTD                                                                  | TCW 2024-3A E                                                              | CUSIP: 87252WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $644982.80    | 0.09%             | 2037-10-20      | Floating      | 10.27%                | No            |                  2 | On Loan: No      |
| UNITI SERVICES LLC                                                                  | UNIT 7.5 10/15/33 144A                                                     | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |   4035000 | PA      | $4197879.63   | 0.56%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CRC INSURANCE GROUP LLC                                                             | TIHLLC 7.125 06/01/31 144A                                                 | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3905000 | PA      | $3920088.92   | 0.53%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 18 LTD                                                                    | AIMCO 2022-18A ER                                                          | CUSIP: 00889FAG7<br>LEI: 2549005IX0D6XDJNNS95 | Long             | ABS-CBDO         | CORP              | JE        |    300000 | PA      | $290374.20    | 0.04%             | 2037-07-20      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Versant Media Group Inc.                                                            | VSNT 7.25 01/30/31 144A                                                    | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |    499000 | PA      | $511086.28    | 0.07%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Lindblad Expeditions LLC                                                            | LIND 7 09/15/30 144A                                                       | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    773000 | PA      | $789693.71    | 0.11%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                           | BlackRock Liquidity Funds FEDFUND INSTL                                    | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  10844224 | NS      | $10844223.90  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VZ Secured Financing BV                                                             | ZIGGO 7.5 01/15/33 144A                                                    | CUSIP: 91845AAB1<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   1965000 | PA      | $1853975.34   | 0.25%             | 2033-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                         | VST V7 PERP 144A                                                           | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   8025000 | PA      | $8040905.55   | 1.08%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BBAM US CLO III LTD                                                                 | BBAM 2023-3A DR                                                            | CUSIP: 054972AE4<br>LEI: 54930064Z7YZMOXBC128 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1154068.80   | 0.15%             | 2038-10-15      | Variable      | 8.87%                 | No            |                  2 | On Loan: No      |
| Advantage Sales & Marketing Inc                                                     | ADVSAL 9 11/15/30 144A                                                     | CUSIP: 00775DAC8<br>LEI: 549300T4O24KQDED1182 | Long             | DBT              | CORP              | US        |   1846202 | PA      | $1375420.12   | 0.18%             | 2030-11-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                                             | NBR 9.125 01/31/30 144A                                                    | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1549577.48   | 0.21%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc.                                                          | CZR 6.5 02/15/32 144A                                                      | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1879400.39   | 0.25%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                                           | IQV 6.25 06/01/32 144A                                                     | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2033482.00   | 0.27%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                                  | RAKUTN 11.25 02/15/27 144A                                                 | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   1440000 | PA      | $1492096.75   | 0.20%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Cumulus Media New Holdings Inc                                                      | CUMINT 8 07/01/29 144A                                                     | CUSIP: 23110AAB2<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |   3871000 | PA      | $580650.00    | 0.08%             | 2029-07-01      | Fixed         | 8.00%                 | 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        |   3040000 | PA      | $3131539.57   | 0.42%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ION PLATFORM FINANCE US INC                                                         | IONPLA 7.875 09/30/32 144a                                                 | CUSIP: 46205QAB4<br>LEI: 213800FKHT3BRRKMCC89 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3101103.20   | 0.42%             | 2032-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Usalco LLC                                                                          | USALCO L 09/30/31 5                                                        | CUSIP: 91732NAP8<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |    175604 | PA      | $175384.89    | 0.02%             | 2031-09-30      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                       | OMF 7.125 09/15/32                                                         | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    947000 | PA      | $933842.76    | 0.13%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| EG Global Finance PLC                                                               | EGBLFN 12 11/30/28 144A                                                    | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    690000 | PA      | $738622.23    | 0.10%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                                   | POWSOL 6.75 09/15/32 144A                                                  | CUSIP: 18060TAE5<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |   1965000 | PA      | $1981957.95   | 0.27%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OFSI BSL XIV CLO LTD                                                                | OFSBS 2024-14A E                                                           | CUSIP: 67119HAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $549168.00    | 0.07%             | 2037-07-20      | Floating      | 11.41%                | No            |                  2 | On Loan: No      |
| BIS INDUSTRIES (ARTSONIG)                                                           | BIS INDUSTRIES (ARTSONIG)                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1604602 | NS      | $7877.00      | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ESAB Corp.                                                                          | ESAB 6.25 04/15/29 144A                                                    | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4064596.00   | 0.55%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ZF North America Capital, Inc.                                                      | ZFFNGR 7.5 03/24/31 144A                                                   | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $3863544.49   | 0.52%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                                   | LNW 7.25 11/15/29 144A                                                     | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1917365.00   | 0.26%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Resideo Funding Inc.                                                                | REZI 6.5 07/15/32 144A                                                     | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |   3412000 | PA      | $3366028.76   | 0.45%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATLAS SENIOR LOAN FUND XX LTD                                                       | ATCLO 2022-20A D1R                                                         | CUSIP: 049410AY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001456.00   | 0.13%             | 2037-10-19      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Voltagrid LLC                                                                       | VOLTAG 7.375 11/01/30 144A                                                 | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |    784000 | PA      | $810082.90    | 0.11%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Applied Systems                                                                     | Applied Systems Second-lien Term Loan 450 2031-02-01                       | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |   3716000 | PA      | $3674195.00   | 0.49%             | 2032-02-23      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| CEDAR FUNDING IX CLO LTD                                                            | CEDF 2018-9A ER                                                            | CUSIP: 15033FAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $951022.00    | 0.13%             | 2037-07-20      | Floating      | 11.20%                | No            |                  2 | On Loan: No      |
| ARES LOAN FUNDING III LTD                                                           | ARES 2022-ALF3A ER                                                         | CUSIP: 04019PAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $498125.00    | 0.07%             | 2036-07-25      | Floating      | 9.77%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                    | CHTR 4.75 02/01/32 144A                                                    | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1198000 | PA      | $1084144.48   | 0.15%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND COAL                                                                   | WESTMORELAND COAL                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       573 | NS      | $429.48       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Davita Inc                                                                          | DVA 3.75 02/15/31 144A                                                     | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2225001.76   | 0.30%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating, LLC                                                    | PR 7 01/15/32 144A                                                         | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1543915.65   | 0.21%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                             | VENLNG 9.875 02/01/32 144A                                                 | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   5420000 | PA      | $5823670.76   | 0.78%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| UKG Inc.                                                                            | ULTI 6.875 02/01/31 144A                                                   | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |   5160000 | PA      | $5047359.26   | 0.68%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                              | BWY 9.25 04/15/30 144A                                                     | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   7261000 | PA      | $6752568.81   | 0.91%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Heartland Dental                                                                    | Heartland Dental Term Loan B (Add-on) 450 2028-04-01                       | CUSIP: 42236WAX5<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   5875662 | PA      | $5866313.84   | 0.79%             | 2032-08-25      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                             | HILCRP 6.25 04/15/32 144A                                                  | CUSIP: 431318AZ7<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |   2665000 | PA      | $2581155.10   | 0.35%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc.                                                          | MHED 7.375 09/01/31 144A                                                   | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   4808000 | PA      | $4911405.66   | 0.66%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Lightning Power LLC                                                                 | LIGPLL 7.25 08/15/32 144A                                                  | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |   4895000 | PA      | $5092012.98   | 0.68%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP / RHP Finance Corporation                                   | RHP 7.25 07/15/28 144A                                                     | CUSIP: 749571AJ4<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |    760000 | PA      | $776423.60    | 0.10%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Trivium Packaging Finance BV                                                        | TRIVIU 12.25 01/15/31 144A                                                 | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   3497000 | PA      | $3788961.03   | 0.51%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Snap Inc                                                                            | SNAP 6.875 03/01/33 144A                                                   | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   3965000 | PA      | $3747282.64   | 0.50%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                       | OMF 6.625 05/15/29                                                         | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2811000 | PA      | $2817243.23   | 0.38%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Global Medical Response Incorporated                                                | AIMEGR 7.375 10/01/32 144A                                                 | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |   2238000 | PA      | $2325942.21   | 0.31%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                          | RCICN V7.125 04/15/55                                                      | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   3405000 | PA      | $3486476.88   | 0.47%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings Llc                                                | FYBR 6 01/15/30 144A                                                       | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8965000 | PA      | $9024366.23   | 1.21%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| National Mentor Holdings Inc                                                        | MENTOR 10.5 12/15/30 144A                                                  | CUSIP: 63688RAF4<br>LEI: 5493004QULJVJP3CNZ62 | Long             | DBT              | CORP              | US        |    552000 | PA      | $570186.74    | 0.08%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Radiology Partners Inc.                                                             | RADPAR 8.5 07/15/32 144A                                                   | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1284126.80   | 0.17%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Genesee & Wyoming Inc                                                               | GWR 6.25 04/15/32 144A                                                     | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |   4005000 | PA      | $4057866.00   | 0.54%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                | RY V6.5 11/24/85                                                           | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3930000 | PA      | $3800290.74   | 0.51%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Cipher Compute LLC                                                                  | CIFR 7.125 11/15/30 144A                                                   | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1166000 | PA      | $1209467.31   | 0.16%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp/ Canadas Wonderland Company/ Millennium Operations LLC | FUN 8.625 01/15/32 144A                                                    | CUSIP: 83003AAA8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   3101000 | PA      | $3108127.03   | 0.42%             | 2032-01-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FMG Resources (August 2006) Pty Ltd.                                                | FMGAU 5.875 04/15/30 144A                                                  | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   3340000 | PA      | $3383081.32   | 0.45%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cliffs Inc                                                                | CLF 7 03/15/32 144A                                                        | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   3285000 | PA      | $3182515.56   | 0.43%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOLUB CAPITAL PARTNERS CLO 62(B) LTD                                                | GCBSL 2022-62A ER                                                          | CUSIP: 38180EAA9<br>LEI: 2549009X711NFO0AZT83 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $322262.85    | 0.04%             | 2037-10-15      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo Inc.                                                            | EA 8.75 07/01/34 144A                                                      | CUSIP: 67124CAB9<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |   1188000 | PA      | $1244485.48   | 0.17%             | 2034-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Beach Acquisition Bidco LLC                                                         | SKX 10 07/15/33 144a                                                       | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |   2803769 | PA      | $2988095.52   | 0.40%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                                       | UVN 7.375 06/30/30 144A                                                    | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   4225000 | PA      | $4143013.03   | 0.56%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                  | VEGLPL 7.75 05/01/35 144A                                                  | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   2630000 | PA      | $2949289.89   | 0.40%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC / JFIN CO-ISSUER CORP                                         | JEFFIN 6.625 10/15/31 144A                                                 | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3817336.00   | 0.51%             | 2031-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                   | HRI 7 06/15/30 144A                                                        | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1292865.84   | 0.17%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ASG WRRNT CORP - COM STK                                                            | ASG WRRNT CORP - COM STK                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1200 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Howden UK Refinance 2 PLC / Howden US Finance LLC                                   | HWDGRP 8.125 02/15/32 144A                                                 | CUSIP: 44287DAA1<br>LEI: 875500O63ODR8S3K5X33 | Long             | DBT              | CORP              | GB        |   2325000 | PA      | $2180535.66   | 0.29%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Fidelity Colchester Street Trust                                                    | Fidelity Colchester Street Trust MNY MRKT FDS I                            | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |  10844223 | NS      | $10844223.36  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CLOUD SOFTWARE GROUP HOLDINGS INC                                                   | TIBX 6.5 03/31/29 144A                                                     | CUSIP: 88632QAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1904282.84   | 0.26%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LifePoint Health, Inc                                                               | RGCARE 11 10/15/30 144A                                                    | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1730000 | PA      | $1862725.60   | 0.25%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Olympus Water US Holding Corp.                                                      | SOLEIN 7.25 02/15/33 144*                                                  | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3819944.80   | 0.51%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| OCP CLO 2019-17 LTD                                                                 | OCP 2019-17A ER2                                                           | CUSIP: 67113MAG9<br>LEI: 2549003HLFPQ7ATPYA23 | Long             | ABS-CBDO         | CORP              | KY        |   1050000 | PA      | $986268.15    | 0.13%             | 2037-07-20      | Floating      | 9.92%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORP                                                                      | CMGMCO 8.875 06/18/29 144A                                                 | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4406000 | PA      | $3831558.94   | 0.51%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Albion Financing 1 S.a.r.l.                                                         | AGKLN 7 05/21/30 144A                                                      | CUSIP: 01330AAA4<br>LEI: 259400W9CABUZBRDLP97 | Long             | DBT              | CORP              | LU        |   1895000 | PA      | $1938162.42   | 0.26%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Organon & Co                                                                        | OGN 5.125 04/30/31 144A                                                    | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |   4595000 | PA      | $3749450.62   | 0.50%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                                                                   | ILIADH 8.5 04/15/31 144A                                                   | CUSIP: 449691AF1<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |   5850000 | PA      | $6125845.05   | 0.82%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                                             | NBR 8.875 08/15/31 144A                                                    | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    778000 | PA      | $810996.54    | 0.11%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Flynn Restaurant Group                                                              | Flynn Restaurant Group Term Loan B (Incremental) 375 2032-01-05            | CUSIP: 34410JAG6<br>LEI: 5493008VE8TQONGO3817 | Long             | LON              | CORP              | US        |   2199380 | PA      | $2163640.08   | 0.29%             | 2032-01-28      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                         | CRGYFN 7.875 04/15/32 144A                                                 | CUSIP: 516806AK2<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   3855000 | PA      | $3941340.44   | 0.53%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Arches Buyer Inc                                                                    | ACOM 6.125 12/01/28 144A                                                   | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   2374000 | PA      | $2275556.16   | 0.31%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Univision Communications/Televisa                                                   | Univision Communications/Televisa Term Loan B (Incremental) 425 2029-06-05 | CUSIP: 914908BD9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    337500 | PA      | $336796.65    | 0.05%             | 2029-06-25      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Matador Resources Company                                                           | MTDR 6.25 04/15/33 144A                                                    | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2874520.25   | 0.39%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Lithia Motors Incorporated                                                          | LAD 3.875 06/01/29 144A                                                    | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1666000 | PA      | $1583364.23   | 0.21%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| William Carter Company                                                              | CRI 7.375 02/15/31 144A                                                    | CUSIP: 96926JAG2<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1940291.02   | 0.26%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| American Axle & Manufacturing, Inc.                                                 | AXL 7.75 10/15/33 144A                                                     | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    857000 | PA      | $834814.84    | 0.11%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                               | AL V4.65 PERP B                                                            | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   3715000 | PA      | $3708244.64   | 0.50%             | N/A             | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| CARLYLE US CLO 2021-11 LTD                                                          | CGMS 2021-11A ER                                                           | CUSIP: 143124AG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $505468.70    | 0.07%             | 2037-07-27      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| Life Time Fitness                                                                   | LTH 6 11/15/31 144A                                                        | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |   4075000 | PA      | $4109466.35   | 0.55%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Petsmart LLC / Petsmart Financial Corp.                                             | PETM 10 09/15/33                                                           | CUSIP: 71677KAD0<br>LEI: 894500NGJMHSFNESGA67 | Long             | DBT              | CORP              | US        |    770000 | PA      | $769097.71    | 0.10%             | 2033-09-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| INVESCO EXCHANGE-TRADED FUND TRUST II                                               | Invesco Exchange Traded Fund Trust II SR LN ETF                            | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |    424157 | NS      | $8657044.37   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Medline Borrower LP                                                                 | MEDIND 5.25 10/01/29 144A                                                  | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2925000 | PA      | $2901010.03   | 0.39%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Goat Holdco LLC                                                                     | B 6.75 02/01/32 144A                                                       | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1928393.51   | 0.26%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Amentum Escrow Corp.                                                                | AMNTEC 7.25 08/01/32 144A                                                  | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |   3275000 | PA      | $3392130.38   | 0.45%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Magnera Corp.                                                                       | MAGN 7.25 11/15/31 144A                                                    | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   6923000 | PA      | $6415578.72   | 0.86%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                   | CSCHLD 5 11/15/31 144A                                                     | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2381000 | PA      | $866597.33    | 0.12%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Terex Corporation                                                                   | TEX 6.25 10/15/32 144A                                                     | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   3885000 | PA      | $3913916.83   | 0.52%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP & Genesis Energy Finance Corp.                                    | GEL 6.75 03/15/34                                                          | CUSIP: 37185LAS1<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |    858000 | PA      | $854534.19    | 0.11%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Crescent Energy Finance LLC                                                         | CRGYFN 8.375 01/15/34 144A                                                 | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   1749000 | PA      | $1829926.23   | 0.25%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LSF12 Helix Parent LLC                                                              | HI 7.125 02/01/33 144A                                                     | CUSIP: 548916AA3<br>LEI: 254900H70V4IL22BHL88 | Long             | DBT              | CORP              | US        |   2710000 | PA      | $2614895.53   | 0.35%             | 2033-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Apld Computeco 2 LLC                                                                | PFORGE 6.75 03/15/31 144A                                                  | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    713000 | PA      | $708250.78    | 0.09%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AIMCO CLO 15 LTD                                                                    | AIMCO 2021-15A ER                                                          | CUSIP: 00889CAE9<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $593375.90    | 0.08%             | 2038-04-17      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                               | QUIKHO 6.75 03/01/33 144A                                                  | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   3985000 | PA      | $4050413.78   | 0.54%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TreeHouse Foods, Inc.                                                               | THS 7.75 02/11/33 144A                                                     | CUSIP: 456142AA6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |    847000 | PA      | $856531.21    | 0.11%             | 2033-02-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SILVER POINT CLO 5 LTD                                                              | SPCLO 2024-5A E                                                            | CUSIP: 82809HAA1<br>LEI: 254900IB4JHW6SUR0Q75 | Long             | ABS-CBDO         | CORP              | KY        |    900000 | PA      | $819711.90    | 0.11%             | 2037-10-20      | Variable      | 10.07%                | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                    | CYH 9.75 01/15/34 144A                                                     | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2840000 | PA      | $2951095.40   | 0.40%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| 1261229 B.C. LTD                                                                    | BHCCN 10 04/15/32 144A                                                     | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1705000 | PA      | $1747094.75   | 0.23%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Williams Scotsman Inc.                                                              | WLSC 6.625 04/15/30 144A                                                   | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |   2725000 | PA      | $2770205.03   | 0.37%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Digicel International Finance Ltd/DIFL US LLC                                       | DIGDIF 8.625 08/01/32 144A                                                 | CUSIP: 25381MAA5<br>LEI: 5493007V023VOEW4FK27 | Long             | DBT              | CORP              | BM        |   1965000 | PA      | $2000912.34   | 0.27%             | 2032-08-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Entegris Inc                                                                        | ENTG 4.75 04/15/29 144A                                                    | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |   2121000 | PA      | $2098085.14   | 0.28%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                                                       | SPLS 10.75 09/01/29 144A                                                   | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3540379.07   | 0.47%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                                                                | SHEARE 7.875 03/01/31 144A                                                 | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1919000 | PA      | $1955255.67   | 0.26%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NC Macau II Ltd.                                                                    | NC Macau II Ltd.                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |   2859629 | NS      | $28596.29     | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CHS/Community Health Systems Inc                                                    | CYH 5.25 05/15/30 144A                                                     | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1508995.68   | 0.20%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Transocean International Ltd.                                                       | RIG 8.5 05/15/31 144A                                                      | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1845000 | PA      | $1936166.99   | 0.26%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                                            | NGL 8.375 02/15/32 144A                                                    | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |   3860000 | PA      | $3980717.64   | 0.53%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                                                    | UWMC 6.625 02/01/30 144A                                                   | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1129000 | PA      | $1065851.53   | 0.14%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| 720 EAST CLO 2022-I LTD                                                             | NWML 2022-1A ER                                                            | CUSIP: 81785CAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $935861.00    | 0.13%             | 2038-01-20      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Waste Pro USA Inc                                                                   | WASPRO 7 02/01/33 144A                                                     | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1976814.45   | 0.27%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA GROUP INC                                                             | NXST 6.5 09/15/33 144A                                                     | CUSIP: 65346UAB5<br>LEI: 52990083ZRR5UT591988 | Long             | DBT              | CORP              | US        |   2565000 | PA      | $2586094.56   | 0.35%             | 2033-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Sound Point Clo 2025R-1 Ltd.                                                        | SNDPT 2025-1RA E                                                           | CUSIP: 83617HAA1<br>LEI: 25490031SR8APTVC6E71 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $450386.50    | 0.06%             | 2038-02-22      | Floating      | 11.24%                | No            |                  2 | On Loan: No      |
| Entegris Inc                                                                        | ENTG 5.95 06/15/30 144A                                                    | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1873081.38   | 0.25%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                               | BBWI 6.875 11/01/35                                                        | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   6070000 | PA      | $5977867.72   | 0.80%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                     | BBDBCN 7.25 07/01/31 144A                                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1905000 | PA      | $1998663.14   | 0.27%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                | CCL 5.875 06/15/31 144A                                                    | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1235000 | PA      | $1250957.44   | 0.17%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDINGS LLC                                                      | RCM 6.875 11/15/31 144A                                                    | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3180000 | PA      | $3068404.58   | 0.41%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Murphy Oil USA Inc                                                                  | MUSA 4.75 09/15/29                                                         | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    985000 | PA      | $972165.94    | 0.13%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                 | CCO 7.5 03/15/33 144A                                                      | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2246655.16   | 0.30%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Capstone Borrower Inc.                                                              | CVT 8 06/15/30 144A                                                        | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |   3492000 | PA      | $3339818.29   | 0.45%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Synergy Infrastructure Holdings LLC                                                 | SYNRGY 7.875 12/01/30 144a                                                 | CUSIP: 87191JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1553000 | PA      | $1586891.12   | 0.21%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                                     | GPOR 6.75 09/01/29 144A                                                    | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   4050000 | PA      | $4147078.50   | 0.56%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc.                                         | NAVCOR 8.5 03/15/30 144A                                                   | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   5715000 | PA      | $5813743.77   | 0.78%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds                                        | Morgan Stanley Institutional Liquidity Funds GOVT PTF INSTL                | CUSIP: 61747C707<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |  10844224 | NS      | $10844223.95  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                                                          | CVNA 9 06/01/30 144A                                                       | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   1501650 | PA      | $1563162.09   | 0.21%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP & Genesis Energy Finance Corp.                                    | GEL 8.875 04/15/30                                                         | CUSIP: 37185LAN2<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1932946.60   | 0.26%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp. / Sealed Air Corp. US                                              | SEE 6.5 07/15/32 144A                                                      | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1516649.60   | 0.20%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                                                       | SURCEN 7.25 04/15/32 144A                                                  | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |   4010000 | PA      | $3943527.43   | 0.53%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Hilcorp Energy I L.P/Hilcorp Finance Co                                             | HILCRP 6 02/01/31 144A                                                     | CUSIP: 431318AV6<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |   2248000 | PA      | $2186465.05   | 0.29%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Cimpress PLC                                                                        | CMPR 7.375 09/15/32 144A                                                   | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   2850000 | PA      | $2828670.89   | 0.38%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SM Energy Co.                                                                       | SM 7 08/01/32 144A                                                         | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   1771000 | PA      | $1809694.58   | 0.24%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                  | SANTAN V8 PERP                                                             | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   5800000 | PA      | $6118756.40   | 0.82%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SABINE OIL & GAS CORP                                                               | Sabine Oil Gas Holdings Inc. COM USD0.10                                   | CUSIP: 78532M104<br>LEI: 2MNR4Q42DBL85U7RD221 | Long             | EC               | CORP              | US        |       263 | NS      | $325.80       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Sunoco LP                                                                           | SUN 7.25 05/01/32 144A                                                     | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2287977.64   | 0.31%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                   | CSCHLD 4.5 11/15/31 144a                                                   | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3015000 | PA      | $1792111.78   | 0.24%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| The Manitowoc Company, Inc.                                                         | MTW 9.25 10/01/31 144A                                                     | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |   2035000 | PA      | $2127649.48   | 0.29%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Sesi, L.L.C.                                                                        | SPN 7.875 09/30/30 144A                                                    | CUSIP: 78412FAX2<br>LEI: XDZ56K6RXS5J1ESBZS35 | Long             | DBT              | CORP              | US        |    785000 | PA      | $801027.35    | 0.11%             | 2030-09-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SYMPHONY CLO 39 LTD                                                                 | SYMP 2023-39A ER                                                           | CUSIP: 87169UAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1250000 | PA      | $1154223.75   | 0.15%             | 2038-01-25      | Floating      | 9.17%                 | No            |                  2 | On Loan: No      |
| Olympus Water US Holding Corp.                                                      | SOLEIN 7.25 06/15/31 144A                                                  | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    750000 | PA      | $733299.60    | 0.10%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                           | XYZ 6.5 05/15/32                                                           | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   2955000 | PA      | $2983828.98   | 0.40%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                     | PFSI 6.875 02/15/33 144A                                                   | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2681411.32   | 0.36%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Sable International Finance Limited                                                 | CWCLN 7.125 10/15/32 144A                                                  | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |   4100000 | PA      | $4053931.99   | 0.54%             | 2032-10-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                              | HBGCN 7.375 01/31/32 144A                                                  | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   3810000 | PA      | $3888440.28   | 0.52%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                       | STWD 6.5 07/01/30 144A                                                     | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1251000 | PA      | $1278308.08   | 0.17%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| INVESCO U.S. CLO 2023-4 LTD                                                         | INVCO 2023-4A ER                                                           | CUSIP: 46091YAE8<br>LEI: 2549000VWIHWVWECHQ22 | Long             | ABS-CBDO         | CORP              | JE        |    400000 | PA      | $392319.60    | 0.05%             | 2039-01-18      | Variable      | 9.42%                 | No            |                  2 | On Loan: No      |
| Tenneco                                                                             | Tenneco Term Loan B 500 2028-11-01                                         | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |   2010000 | PA      | $1962680.58   | 0.26%             | 2028-11-17      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| W. R. Grace Holdings Llc                                                            | GRA 7 08/01/33 144A                                                        | CUSIP: 92943GAH4<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |   1948000 | PA      | $1893514.44   | 0.25%             | 2033-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Brandywine Operating Partnership L.P.                                               | BDN 8.875 04/12/29                                                         | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |    720000 | PA      | $731617.92    | 0.10%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Ardonagh Finco Ltd.                                                                 | ARDGRP 7.75 02/15/31 144A                                                  | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |   4595000 | PA      | $4652239.92   | 0.62%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| True Religion 2026 Escrow                                                           | True Religion 2026 Escrow                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        23 | NS      | $22044.55     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hunter Douglas                                                                      | Hunter Douglas Term Loan B 325 2032-01-05                                  | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |   1824314 | PA      | $1819068.84   | 0.24%             | 2032-01-20      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| iShares Trust                                                                       | iShares Trust IBOXX HI YD ETF                                              | CUSIP: 464288513<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     96000 | NS      | $7637760.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                                                          | DVA 4.625 06/01/30 144A                                                    | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1419097.80   | 0.19%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD                                                                    | TOUCAN 9.5 05/15/30 144A                                                   | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   1264000 | PA      | $1117785.79   | 0.15%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Holdings Llc                                                | FYBR 6.75 05/01/29 144A                                                    | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3287000 | PA      | $3293232.15   | 0.44%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Goodyear Tire & Rubber Co. The                                                      | GT 6.625 07/15/30                                                          | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   2695000 | PA      | $2637595.15   | 0.35%             | 2030-07-15      | Fixed         | 6.62%                 | 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