# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-26-021583
**Filing Date:** 2026-5
**Character Count:** 174938
**Document Hash:** cfd2a5bf559931d4af4ab99ac06da0af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-021583.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-021583

**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:** 261031775

**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 Corporate Bond Series (Series ID: S000006237)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000017171 | Service      |  |

## Nport-Ex

## Schedule of investments
Nomura VIP Corporate Bond Series

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** | &nbsp;&nbsp;**Agency Collateralized Mortgage Obligations — 0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GNMA Series 2005-23 IO 0.00% 6/17/45 =, • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $11)** | &nbsp;&nbsp;&nbsp;**Total Agency Collateralized Mortgage Obligations<br> (cost $11)** | &nbsp;&nbsp;&nbsp; **0** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 0.62%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.62%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 0.62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO X<br> Series 2016-10A A2R3 144A 5.368% (TSFR03M + 1.70%, Floor 1.70%) 7/20/38 #, • | 1200000 | &nbsp;&nbsp;&nbsp; 1197889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite LI<br> Series 2025-51A A1 144A 5.092% (TSFR03M + 1.20%, Floor 1.20%) 10/25/38 #, • | 1200000 | &nbsp;&nbsp;&nbsp; 1196973 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $2,400,000)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $2,400,000)** | &nbsp;&nbsp;&nbsp; **2394862** |
| &nbsp;&nbsp;**Corporate Bonds — 97.38%** | &nbsp;&nbsp;**Corporate Bonds — 97.38%** | &nbsp;&nbsp;**Corporate Bonds — 97.38%** |
| &nbsp;&nbsp;Banking — 20.84% | &nbsp;&nbsp;Banking — 20.84% | &nbsp;&nbsp;Banking — 20.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Al Rajhi Sukuk 5.651% 3/16/36 μ, ■ | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp; 969067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.456% 2/6/32 μ | 2080000 | &nbsp;&nbsp;&nbsp; 2054410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.518% 10/25/35 μ | 2223000 | &nbsp;&nbsp;&nbsp; 2223730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.204% 11/10/28 μ | &nbsp;&nbsp;&nbsp;&nbsp;345000 | &nbsp;&nbsp;&nbsp; 354519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 7/26/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp;&nbsp; 986466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/1/30 μ, ψ | 1095000 | &nbsp;&nbsp;&nbsp; 1123366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel 144A 4.541% 1/15/31 # | 1720000 | &nbsp;&nbsp;&nbsp; 1696980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 2690000 | &nbsp;&nbsp;&nbsp; 2935610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BPCE 144A 6.347% 1/13/47 #, μ | 1140000 | &nbsp;&nbsp;&nbsp; 1091804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.174% 9/11/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 391705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 2/15/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp; 931330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 8/15/30 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp; 539124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 8/15/34 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp; 983423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group 5.299% 1/29/36 μ | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 693943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% 8/4/31 μ | 1190000 | &nbsp;&nbsp;&nbsp; 1185852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.297% 5/9/31 μ | 1460000 | &nbsp;&nbsp;&nbsp; 1475476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.819% 11/20/29 μ | 1641000 | &nbsp;&nbsp;&nbsp; 1723298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.369% 10/21/31 μ | 1175000 | &nbsp;&nbsp;&nbsp; 1152353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.065% 1/21/37 μ | 2810000 | &nbsp;&nbsp;&nbsp; 2748306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.218% 4/23/31 μ | 1965000 | &nbsp;&nbsp;&nbsp; 1998604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.387% 2/2/41 μ | 1400000 | &nbsp;&nbsp;&nbsp; 1353124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.484% 10/24/29 μ | 2880000 | &nbsp;&nbsp;&nbsp; 3013326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.279% 3/10/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp; 967677 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) | &nbsp;&nbsp;Banking (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 3/24/31 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;$974757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00% 9/24/35 μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp; 985646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.623% 1/28/32 μ | 1675000 | &nbsp;&nbsp;&nbsp; 1651065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.605% 1/28/41 μ | 1330000 | &nbsp;&nbsp;&nbsp; 1298578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.193% 2/5/37 μ | 5160000 | &nbsp;&nbsp;&nbsp; 5072485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.254% 10/23/34 μ | 3565000 | &nbsp;&nbsp;&nbsp; 3834295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.493% 1/16/32 μ | 1870000 | &nbsp;&nbsp;&nbsp; 1839098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90% 3/13/47 μ | 1615000 | &nbsp;&nbsp;&nbsp; 1608440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.407% 11/1/29 μ | 2511000 | &nbsp;&nbsp;&nbsp; 2621103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.627% 11/1/34 μ | 2535000 | &nbsp;&nbsp;&nbsp; 2759403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Group 5.115% 5/23/31 μ | 2330000 | &nbsp;&nbsp;&nbsp; 2354047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NatWest Markets 144A 4.893% 3/27/31 # | 2135000 | &nbsp;&nbsp;&nbsp; 2140272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordea Bank 144A 6.75% 11/10/33 #, μ, ψ | 1771000 | &nbsp;&nbsp;&nbsp; 1766804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust 5.117% 11/19/40 μ | 2590000 | &nbsp;&nbsp;&nbsp; 2522911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group 5.423% 1/25/41 μ | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp; 965385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Popular 7.25% 3/13/28 | 3275000 | &nbsp;&nbsp;&nbsp; 3395035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada 6.50% 11/24/85 μ | 1190000 | &nbsp;&nbsp;&nbsp; 1150724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.844% 11/6/33 #, μ | 1180000 | &nbsp;&nbsp;&nbsp; 1161058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 11/13/28 #, μ, ψ | 2525000 | &nbsp;&nbsp;&nbsp; 2692799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Bancorp 6.787% 10/26/27 μ | 2180000 | &nbsp;&nbsp;&nbsp; 2209248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96% 1/23/37 μ | &nbsp;&nbsp;&nbsp;&nbsp;834000 | &nbsp;&nbsp;&nbsp; 812746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.491% 10/23/34 μ | 1296000 | &nbsp;&nbsp;&nbsp; 1403671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp 4.704% 8/18/28 μ | 3140000 | &nbsp;&nbsp;&nbsp; 3112930 |
|  |  | &nbsp;&nbsp;&nbsp; 80925993 |
| &nbsp;&nbsp;Basic Industry — 0.78% | &nbsp;&nbsp;Basic Industry — 0.78% | &nbsp;&nbsp;Basic Industry — 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American Capital 144A 5.25% 3/19/36 # | 2100000 | &nbsp;&nbsp;&nbsp; 2054259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marcobre SAC 144A 5.75% 1/22/36 # | 1015000 | &nbsp;&nbsp;&nbsp; 981261 |
|  |  | &nbsp;&nbsp;&nbsp; 3035520 |
| &nbsp;&nbsp;Brokerage — 3.91% | &nbsp;&nbsp;Brokerage — 3.91% | &nbsp;&nbsp;Brokerage — 3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management 4.60% 1/15/31 | 1155000 | &nbsp;&nbsp;&nbsp; 1145010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Reg Finance 5.00% 12/6/34 | 1390000 | &nbsp;&nbsp;&nbsp; 1361406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Asset Management 4.653% 11/15/30 | 2025000 | &nbsp;&nbsp;&nbsp; 2008112 |

---

NQ- IV092 [0326] 0526 (5459551) 1

------

Nomura VIP Corporate Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) | &nbsp;&nbsp;Brokerage (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookfield Finance 5.33% 1/15/36 | 2720000 | &nbsp;&nbsp;$2664484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group 6.20% 4/14/34 | 2855000 | &nbsp;&nbsp;&nbsp; 2913125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co. 5.10% 8/7/35 | 2945000 | &nbsp;&nbsp;&nbsp; 2850269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial 5.65% 9/11/55 | 1004000 | &nbsp;&nbsp;&nbsp; 951294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG Operating Group II 4.875% 5/15/31 | 1300000 | &nbsp;&nbsp;&nbsp; 1275649 |
|  |  | &nbsp;&nbsp;&nbsp; 15169349 |
| &nbsp;&nbsp;Capital Goods — 5.69% | &nbsp;&nbsp;Capital Goods — 5.69% | &nbsp;&nbsp;Capital Goods — 5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amcor Flexibles North America 5.125% 3/12/36 | 2115000 | &nbsp;&nbsp;&nbsp; 2057204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.388% 5/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp; 629392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.858% 5/1/54 | 2865000 | &nbsp;&nbsp;&nbsp; 3155727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 3/6/33 | &nbsp;&nbsp;&nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp; 389699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/6/36 | &nbsp;&nbsp;&nbsp;&nbsp;845000 | &nbsp;&nbsp;&nbsp; 834588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell Aerospace 144A 5.732% 3/16/56 # | 2945000 | &nbsp;&nbsp;&nbsp; 2913049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 4/15/36 | 1410000 | &nbsp;&nbsp;&nbsp; 1371401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95% 2/1/37 | 1175000 | &nbsp;&nbsp;&nbsp; 1253550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord 6.40% 4/15/33 | 1845000 | &nbsp;&nbsp;&nbsp; 1951004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625% 11/16/48 | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;&nbsp; 792312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 12/15/43 | 1300000 | &nbsp;&nbsp;&nbsp; 1174883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40% 3/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;910000 | &nbsp;&nbsp;&nbsp; 981922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals North America 144A 6.125% 3/15/34 # | 4515000 | &nbsp;&nbsp;&nbsp; 4577474 |
|  |  | &nbsp;&nbsp;&nbsp; 22082205 |
| &nbsp;&nbsp;Communications — 8.94% | &nbsp;&nbsp;Communications — 8.94% | &nbsp;&nbsp;Communications — 8.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower 4.70% 12/15/32 | 1615000 | &nbsp;&nbsp;&nbsp; 1587597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 11/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp; 786318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | 1540000 | &nbsp;&nbsp;&nbsp; 1443042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/30/56 | 1325000 | &nbsp;&nbsp;&nbsp; 1297281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/38 | 1265000 | &nbsp;&nbsp;&nbsp; 1347356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings 144A 7.00% 2/1/33 # | &nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp; 189709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.25% 1/13/31 # | 1690000 | &nbsp;&nbsp;&nbsp; 1658349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 1/13/33 # | 1410000 | &nbsp;&nbsp;&nbsp; 1394747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 1/13/36 # | 1655000 | &nbsp;&nbsp;&nbsp; 1626208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 5.30% 2/15/34 | 1575000 | &nbsp;&nbsp;&nbsp; 1568710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.699% 7/9/30 # | 2760000 | &nbsp;&nbsp;&nbsp; 2744835 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) | &nbsp;&nbsp;Communications (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoftBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.332% 7/9/35 # | 2190000 | &nbsp;&nbsp;$2157320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprint Capital 6.875% 11/15/28 | 2740000 | &nbsp;&nbsp;&nbsp; 2897589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time Warner Cable 6.55% 5/1/37 | 4838000 | &nbsp;&nbsp;&nbsp; 4881426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% 1/15/55 | 2135000 | &nbsp;&nbsp;&nbsp; 1960557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/15/55 | 1605000 | &nbsp;&nbsp;&nbsp; 1566202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | 2040000 | &nbsp;&nbsp;&nbsp; 2015504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00% 1/15/36 | 1395000 | &nbsp;&nbsp;&nbsp; 1366633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/30/55 | 1550000 | &nbsp;&nbsp;&nbsp; 1508744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group 144A 7.25% 1/30/31 # | &nbsp;&nbsp;&nbsp;&nbsp;706000 | &nbsp;&nbsp;&nbsp; 723100 |
|  |  | &nbsp;&nbsp;&nbsp; 34721227 |
| &nbsp;&nbsp;Consumer Cyclical — 7.57% | &nbsp;&nbsp;Consumer Cyclical — 7.57% | &nbsp;&nbsp;Consumer Cyclical — 7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875% 3/13/36 | 1125000 | &nbsp;&nbsp;&nbsp; 1115182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 3/13/56 | 1290000 | &nbsp;&nbsp;&nbsp; 1289874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.869% 10/31/35 | &nbsp;&nbsp;&nbsp;&nbsp;682000 | &nbsp;&nbsp;&nbsp; 655094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.532% 3/19/32 | 1768000 | &nbsp;&nbsp;&nbsp; 1815231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Financial 5.45% 1/8/36 | 3230000 | &nbsp;&nbsp;&nbsp; 3183073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.70% 10/7/30 # | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp; 965057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.40% 10/7/35 # | 1665000 | &nbsp;&nbsp;&nbsp; 1624910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLP Capital 5.625% 3/1/36 | 1010000 | &nbsp;&nbsp;&nbsp; 983258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyundai Capital America 144A 4.50% 9/18/30 # | 3645000 | &nbsp;&nbsp;&nbsp; 3585669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp;&nbsp; 666971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10% 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;965000 | &nbsp;&nbsp;&nbsp; 917822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive 5.10% 3/12/36 | 2115000 | &nbsp;&nbsp;&nbsp; 2088119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp; 502241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 1/15/36 | 3130000 | &nbsp;&nbsp;&nbsp; 3076342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/33 # | 1920000 | &nbsp;&nbsp;&nbsp; 1939655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties 4.95% 2/15/30 | 5015000 | &nbsp;&nbsp;&nbsp; 5008899 |
|  |  | &nbsp;&nbsp;&nbsp; 29417397 |
| &nbsp;&nbsp;Consumer Non-Cyclical — 11.23% | &nbsp;&nbsp;Consumer Non-Cyclical — 11.23% | &nbsp;&nbsp;Consumer Non-Cyclical — 11.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30% 3/15/33 | 1645000 | &nbsp;&nbsp;&nbsp; 1610367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% 3/15/36 | 3355000 | &nbsp;&nbsp;&nbsp; 3282005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125% 3/15/31 | 2305000 | &nbsp;&nbsp;&nbsp; 2272055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 3/15/36 | 1595000 | &nbsp;&nbsp;&nbsp; 1565497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen 4.85% 2/19/36 | 1670000 | &nbsp;&nbsp;&nbsp; 1641462 |

---

2 NQ- IV092 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) | &nbsp;&nbsp;Consumer Non-Cyclical (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Limited Finance 2.75% 5/14/31 | 1285000 | &nbsp;&nbsp;$1170496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group 5.25% 1/15/36 | 2970000 | &nbsp;&nbsp;&nbsp; 2974955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 3/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp; 673975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% 9/15/35 | 1490000 | &nbsp;&nbsp;&nbsp; 1496330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75% 12/10/54 μ | 1899000 | &nbsp;&nbsp;&nbsp; 1923588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 10/15/55 | 1085000 | &nbsp;&nbsp;&nbsp; 1071813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 2/12/65 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp; 489717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMD Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 10/15/32 # | 2470000 | &nbsp;&nbsp;&nbsp; 2435779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 10/15/35 # | 2005000 | &nbsp;&nbsp;&nbsp; 1978988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro 4.65% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp;&nbsp; 642121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125% 6/15/39 | 1180000 | &nbsp;&nbsp;&nbsp; 1112689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 4/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;905000 | &nbsp;&nbsp;&nbsp; 874267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625% 1/15/32 | 5125000 | &nbsp;&nbsp;&nbsp; 4753336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.625% 3/10/37 # | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp;&nbsp; 868248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40% 3/18/31 | 1290000 | &nbsp;&nbsp;&nbsp; 1290008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60% 3/18/33 | 1240000 | &nbsp;&nbsp;&nbsp; 1235095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 3/18/36 | 2220000 | &nbsp;&nbsp;&nbsp; 2215553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 3/18/56 | 1640000 | &nbsp;&nbsp;&nbsp; 1652877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer 4.875% 11/15/35 | 1395000 | &nbsp;&nbsp;&nbsp; 1381596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco 5.10% 9/23/30 | 2000000 | &nbsp;&nbsp;&nbsp; 2016435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific 4.55% 6/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;990000 | &nbsp;&nbsp;&nbsp; 978504 |
|  |  | &nbsp;&nbsp;&nbsp; 43607756 |
| &nbsp;&nbsp;Electric — 8.61% | &nbsp;&nbsp;Electric — 8.61% | &nbsp;&nbsp;Electric — 8.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power 6.05% 3/15/56 μ | 1845000 | &nbsp;&nbsp;&nbsp; 1829326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basin Electric Power Cooperative 144A 5.85% 10/15/55 # | 1365000 | &nbsp;&nbsp;&nbsp; 1331453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills 4.55% 1/31/31 | 1245000 | &nbsp;&nbsp;&nbsp; 1232264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Power US Holdings 144A 6.189% 6/1/35 # | &nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp; 974625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Generation 5.875% 1/15/66 | 1105000 | &nbsp;&nbsp;&nbsp; 1061659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20% 2/15/56 μ | 1085000 | &nbsp;&nbsp;&nbsp; 1075858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A 6.875% 2/1/55 μ | 2905000 | &nbsp;&nbsp;&nbsp; 2991803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy 3.30% 6/15/41 | 1500000 | &nbsp;&nbsp;&nbsp; 1128866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Indiana 4.95% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 689385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Mississippi |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 4/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp; 690041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80% 4/15/55 | 2920000 | &nbsp;&nbsp;&nbsp; 2887870 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<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;Florida Power & Light 5.60% 2/15/66 | 1295000 | &nbsp;&nbsp;$1248503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idaho Power 4.85% 3/1/36 | 1690000 | &nbsp;&nbsp;&nbsp; 1654833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kentucky Utilities 5.85% 8/15/55 | 2740000 | &nbsp;&nbsp;&nbsp; 2726458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.734% 10/15/30 # | 1790000 | &nbsp;&nbsp;&nbsp; 1774385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.407% 10/15/35 # | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp; 314093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oglethorpe Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50% 4/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;&nbsp; 447359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25% 9/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp; 529054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas and Electric 6.00% 5/1/56 | 1670000 | &nbsp;&nbsp;&nbsp; 1586159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSEG Power 144A 5.20% 5/15/30 # | 1370000 | &nbsp;&nbsp;&nbsp; 1391821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego Gas & Electric 5.20% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;660000 | &nbsp;&nbsp;&nbsp; 658545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80% 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;740000 | &nbsp;&nbsp;&nbsp; 722808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 3/15/56 | 1055000 | &nbsp;&nbsp;&nbsp; 1018926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.30% 10/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;&nbsp; 573385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.70% 1/31/31 # | 1080000 | &nbsp;&nbsp;&nbsp; 1063221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.35% 1/31/36 # | 1855000 | &nbsp;&nbsp;&nbsp; 1815792 |
|  |  | &nbsp;&nbsp;&nbsp; 33418492 |
| &nbsp;&nbsp;Energy — 5.43% | &nbsp;&nbsp;Energy — 5.43% | &nbsp;&nbsp;Energy — 5.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA 6.75% 2/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp;&nbsp; 978048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy 144A 5.20% 7/30/36 # | 1065000 | &nbsp;&nbsp;&nbsp; 1054537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy 5.75% 4/18/54 | 2405000 | &nbsp;&nbsp;&nbsp; 2276041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90% 6/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp;&nbsp; 950204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55% 6/20/35 | 1425000 | &nbsp;&nbsp;&nbsp; 1457318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% 1/15/56 | 2220000 | &nbsp;&nbsp;&nbsp; 2188064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50% 2/15/56 μ | 1405000 | &nbsp;&nbsp;&nbsp; 1389003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum 7.95% 6/15/39 | 1764000 | &nbsp;&nbsp;&nbsp; 2068542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 11/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;744000 | &nbsp;&nbsp;&nbsp; 679361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25% 10/15/55 | 1206000 | &nbsp;&nbsp;&nbsp; 1183505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv 6.625% 8/15/37 | 1845000 | &nbsp;&nbsp;&nbsp; 1967595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy 5.15% 3/10/36 | 4950000 | &nbsp;&nbsp;&nbsp; 4881446 |
|  |  | &nbsp;&nbsp;&nbsp; 21073664 |
| &nbsp;&nbsp;Finance Companies — 6.22% | &nbsp;&nbsp;Finance Companies — 6.22% | &nbsp;&nbsp;Finance Companies — 6.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75% 1/15/33 | 1260000 | &nbsp;&nbsp;&nbsp; 1225121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375% 12/15/31 | 1930000 | &nbsp;&nbsp;&nbsp; 1961138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.125% 12/15/26 μ, ψ | 1806000 | &nbsp;&nbsp;&nbsp; 1764173 |

---

NQ- IV092 [0326] 0526 (5459551) 3

------

Nomura VIP Corporate Bond Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) | &nbsp;&nbsp;Finance Companies (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Debt Solutions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 7/29/31 | &nbsp;&nbsp;&nbsp;&nbsp;683000 | &nbsp;&nbsp;$691376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90% 4/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;735000 | &nbsp;&nbsp;&nbsp; 752377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Capital 5.10% 1/15/31 | 1635000 | &nbsp;&nbsp;&nbsp; 1573046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Strategic Income Fund 144A 5.15% 1/15/31 # | 2190000 | &nbsp;&nbsp;&nbsp; 2069988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aviation Capital Group 144A 4.875% 1/28/33 # | 1490000 | &nbsp;&nbsp;&nbsp; 1439687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avolon Holdings Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.85% 4/1/33 # | 1580000 | &nbsp;&nbsp;&nbsp; 1514367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 5/30/30 # | 1530000 | &nbsp;&nbsp;&nbsp; 1547342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05% 9/10/30 | 1230000 | &nbsp;&nbsp;&nbsp; 1160392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35% 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp; 922027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60% 11/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp; 520688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone Secured Lending Fund 5.30% 6/30/30 | 1545000 | &nbsp;&nbsp;&nbsp; 1496078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Credit Income 6.60% 9/15/29 | 1705000 | &nbsp;&nbsp;&nbsp; 1699361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SMBC Aviation Capital Finance DAC 144A 5.25% 11/26/35 # | 2325000 | &nbsp;&nbsp;&nbsp; 2271519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeoff Merger Sub |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.85% 3/24/31 # | 1045000 | &nbsp;&nbsp;&nbsp; 1032335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.50% 3/24/36 # | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp;&nbsp; 497731 |
|  |  | &nbsp;&nbsp;&nbsp; 24138746 |
| &nbsp;&nbsp;Insurance — 5.70% | &nbsp;&nbsp;Insurance — 5.70% | &nbsp;&nbsp;Insurance — 5.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Athene Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/19/55 | &nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp; 646150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 6/28/55 μ | &nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp; 874653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corebridge Global Funding 144A 4.55% 1/9/31 # | 2080000 | &nbsp;&nbsp;&nbsp; 2054658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health 5.70% 2/15/55 | 2942000 | &nbsp;&nbsp;&nbsp; 2783188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable America Global Funding 144A 4.70% 9/15/32 # | 1875000 | &nbsp;&nbsp;&nbsp; 1822391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortitude Global Funding 144A 4.625% 10/6/28 # | 2555000 | &nbsp;&nbsp;&nbsp; 2530139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FWD Group Holdings 144A 5.252% 9/22/30 # | &nbsp;&nbsp;&nbsp;&nbsp;995000 | &nbsp;&nbsp;&nbsp; 991683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henneman Trust 144A 6.58% 5/15/55 # | 1650000 | &nbsp;&nbsp;&nbsp; 1659452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I 144A 4.90% 1/9/30 # | 1590000 | &nbsp;&nbsp;&nbsp; 1604528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nippon Life Insurance 144A 5.046% 4/2/33 # | 1275000 | &nbsp;&nbsp;&nbsp; 1277115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding 144A 4.96% 1/13/30 # | 2190000 | &nbsp;&nbsp;&nbsp; 2219921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western-Southern Global Funding 144A 4.90% 5/1/30 # | 2295000 | &nbsp;&nbsp;&nbsp; 2310146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis North America 4.55% 3/15/31 | 1375000 | &nbsp;&nbsp;&nbsp; 1355927 |
|  |  | &nbsp;&nbsp;&nbsp; 22129951 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Materials — 0.25% | &nbsp;&nbsp;Materials — 0.25% | &nbsp;&nbsp;Materials — 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP 144A 6.70% 3/1/36 # | &nbsp;&nbsp;&nbsp;&nbsp;930000 | &nbsp;&nbsp;$957575 |
|  |  | &nbsp;&nbsp;&nbsp; 957575 |
| &nbsp;&nbsp;Natural Gas — 1.53% | &nbsp;&nbsp;Natural Gas — 1.53% | &nbsp;&nbsp;Natural Gas — 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource 5.85% 4/1/55 | 1125000 | &nbsp;&nbsp;&nbsp; 1094398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra 5.25% 3/15/36 | 2110000 | &nbsp;&nbsp;&nbsp; 2081056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire 6.45% 6/1/56 μ | 2778000 | &nbsp;&nbsp;&nbsp; 2772101 |
|  |  | &nbsp;&nbsp;&nbsp; 5947555 |
| &nbsp;&nbsp;Real Estate Investment Trusts — 3.28% | &nbsp;&nbsp;Real Estate Investment Trusts — 3.28% | &nbsp;&nbsp;Real Estate Investment Trusts — 3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent 4.95% 6/15/30 | 1545000 | &nbsp;&nbsp;&nbsp; 1551226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Operating Partnership 5.20% 4/1/32 | 1545000 | &nbsp;&nbsp;&nbsp; 1555641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust 4.90% 2/28/36 | 2820000 | &nbsp;&nbsp;&nbsp; 2736481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage 5.40% 6/15/35 | 2870000 | &nbsp;&nbsp;&nbsp; 2884501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIBRA Prologis 144A 5.50% 11/26/35 # | 1015000 | &nbsp;&nbsp;&nbsp; 981680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartments 4.65% 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp; 692763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers 4.50% 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp;&nbsp; 756021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group 2.65% 2/1/32 | 1755000 | &nbsp;&nbsp;&nbsp; 1566086 |
|  |  | &nbsp;&nbsp;&nbsp; 12724399 |
| &nbsp;&nbsp;Technology — 6.05% | &nbsp;&nbsp;Technology — 6.05% | &nbsp;&nbsp;Technology — 6.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW 3.276% 12/1/28 | 2715000 | &nbsp;&nbsp;&nbsp; 2609692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cipher Compute 144A 7.125% 11/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;924000 | &nbsp;&nbsp;&nbsp; 958446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group 144A 2.80% 7/15/30 # | 2431000 | &nbsp;&nbsp;&nbsp; 2199288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foundry JV Holdco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.10% 1/25/36 # | 1835000 | &nbsp;&nbsp;&nbsp; 1892325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.15% 1/25/32 # | &nbsp;&nbsp;&nbsp;&nbsp;710000 | &nbsp;&nbsp;&nbsp; 741759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos 5.40% 3/15/32 | 5060000 | &nbsp;&nbsp;&nbsp; 5165385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70% 9/27/34 | 2805000 | &nbsp;&nbsp;&nbsp; 2561163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70% 2/4/36 | 1675000 | &nbsp;&nbsp;&nbsp; 1611219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 9/26/45 | 1685000 | &nbsp;&nbsp;&nbsp; 1454799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70% 2/4/56 | &nbsp;&nbsp;&nbsp;&nbsp;955000 | &nbsp;&nbsp;&nbsp; 887030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce 4.90% 9/15/31 | 1685000 | &nbsp;&nbsp;&nbsp; 1683012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies 144A 3.75% 2/15/31 # | 1115000 | &nbsp;&nbsp;&nbsp; 1035010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WULF Compute 144A 7.75% 10/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;667000 | &nbsp;&nbsp;&nbsp; 705229 |
|  |  | &nbsp;&nbsp;&nbsp; 23504357 |
| &nbsp;&nbsp;Transportation — 1.35% | &nbsp;&nbsp;Transportation — 1.35% | &nbsp;&nbsp;Transportation — 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Railway 5.50% 3/15/56 | 1295000 | &nbsp;&nbsp;&nbsp; 1240555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx 3.25% 5/15/41 | 1955000 | &nbsp;&nbsp;&nbsp; 1474402 |

---

4 NQ- IV092 [0326] 0526 (5459551)

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | &nbsp;&nbsp;**Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) | &nbsp;&nbsp;Transportation (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fedex Freight Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.95% 3/15/33 # | 1475000 | &nbsp;&nbsp;$1439107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 3/15/36 # | 1150000 | &nbsp;&nbsp;&nbsp; 1113045 |
|  |  | &nbsp;&nbsp;&nbsp; 5267109 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $382,434,688)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $382,434,688)** | &nbsp;&nbsp;&nbsp;**378121295** |
| &nbsp;&nbsp;**Government Agency Obligation — 0.49%** | &nbsp;&nbsp;**Government Agency Obligation — 0.49%** | &nbsp;&nbsp;**Government Agency Obligation — 0.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DAE Funding 144A 4.95% 1/15/33 # | 2005000 | &nbsp;&nbsp;&nbsp; 1904959 |
| &nbsp;&nbsp;&nbsp;**Total Government Agency Obligation<br> (cost $1,983,737)** | &nbsp;&nbsp;&nbsp;**Total Government Agency Obligation<br> (cost $1,983,737)** | &nbsp;&nbsp;&nbsp; **1904959** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stock — 0.02%♣** | &nbsp;&nbsp;**Common Stock — 0.02%♣** | &nbsp;&nbsp;**Common Stock — 0.02%♣** |
| &nbsp;&nbsp;Financials — 0.02% | &nbsp;&nbsp;Financials — 0.02% | &nbsp;&nbsp;Financials — 0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MNSN Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp; 70859 |
| &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,760)** | &nbsp;&nbsp;&nbsp;**Total Common Stock<br> (cost $8,760)** | &nbsp;&nbsp; **70859** |
| &nbsp;&nbsp;**Preferred Stock — 0.16%♣** | &nbsp;&nbsp;**Preferred Stock — 0.16%♣** | &nbsp;&nbsp;**Preferred Stock — 0.16%♣** |
| &nbsp;&nbsp;Financials — 0.16% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SVB Financial Trust 11/7/32 † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp; 628898 |
| &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $597,005)** | &nbsp;&nbsp;&nbsp;**Total Preferred Stock<br> (cost $597,005)** | &nbsp;&nbsp; **628898** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> contracts** |  |
| &nbsp;&nbsp;**Options Purchased — 0.01%** | &nbsp;&nbsp;**Options Purchased — 0.01%** | &nbsp;&nbsp;**Options Purchased — 0.01%** |
| &nbsp;&nbsp;Futures Option — 0.01% | &nbsp;&nbsp;Futures Option — 0.01% | &nbsp;&nbsp;Futures Option — 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury 10 yr Notes, strike price $113.00, expiration date 4/24/26, notional amount $13,221,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp; 16453 |
| &nbsp;&nbsp;&nbsp;**Total Options Purchased<br> (premium paid $55,557)** | &nbsp;&nbsp;&nbsp;**Total Options Purchased<br> (premium paid $55,557)** | &nbsp;&nbsp; **16453** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Short-Term Investments — 0.73%** | &nbsp;&nbsp;**Short-Term Investments — 0.73%** | &nbsp;&nbsp;**Short-Term Investments — 0.73%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 0.73% | &nbsp;&nbsp;Money Market Mutual Funds — 0.73% | &nbsp;&nbsp;Money Market Mutual Funds — 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 3.55%) | &nbsp;&nbsp;&nbsp;&nbsp;711959 | &nbsp;&nbsp; 711959 |

---

---

| | | |
|:---|:---|:---|
|  | **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;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 3.53%) | &nbsp;&nbsp;&nbsp;&nbsp;711959 | &nbsp;&nbsp;$711959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 3.59%) | &nbsp;&nbsp;&nbsp;&nbsp;711959 | &nbsp;&nbsp;&nbsp; 711959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 3.57%) | &nbsp;&nbsp;&nbsp;&nbsp;711960 | &nbsp;&nbsp;&nbsp; 711960 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,847,837)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $2,847,837)** | &nbsp;&nbsp;&nbsp; **2847837** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Options Written—99.41%<br> (cost $390,327,595)** | &nbsp;&nbsp;&nbsp;**Total Value of Securities Before<br> Options Written—99.41%<br> (cost $390,327,595)** | &nbsp;&nbsp;&nbsp;**385985163** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> contracts** |  |
| &nbsp;&nbsp;**Options Written — (0.00%)** | &nbsp;&nbsp;**Options Written — (0.00%)** | &nbsp;&nbsp;**Options Written — (0.00%)** |
| &nbsp;&nbsp;Futures Option — (0.00%) | &nbsp;&nbsp;Futures Option — (0.00%) | &nbsp;&nbsp;Futures Option — (0.00%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Treasury 10 yr Notes, strike price $115.00, expiration date 4/24/26, notional amount ($13455000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | &nbsp;&nbsp;&nbsp;&nbsp; (5484) |
| &nbsp;&nbsp;&nbsp;**Total Options Written<br> (premium received $16,350)** | &nbsp;&nbsp;&nbsp;**Total Options Written<br> (premium received $16,350)** | &nbsp;&nbsp;&nbsp;&nbsp; **(5484)** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.59%★** |  | &nbsp;&nbsp;&nbsp; **2303745** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 83,230,020 Shares Outstanding—100.00%** |  | &nbsp;&nbsp;**$388283424** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |

---

NQ- IV092 [0326] 0526 (5459551) 5

------

Nomura VIP Corporate Bond Series

• 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.

# 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 $98,427,933, which represents 25.35% of the Series' net assets.

---

| |
|:---|
| Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2026. Rate will reset at a future date. |
| Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933, as amended. |
| Perpetual security. Maturity date represents next call date. |
| Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| Non-income producing security. |
| Includes $798,278 cash collateral held at broker for futures contracts as of March 31, 2026. |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** | **Futures Contracts<br> Exchange-Traded** |  |  |
| **Contracts to<br> Buy (Sell)** | **Notional<br> Amount** | **Notional<br> Cost<br> (Proceeds)** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation** | **Value/<br> Unrealized<br> Depreciation** | **Variation<br> Margin<br> Due from<br> (Due to)<br> Brokers** |  |  |
| **Long Contracts:** | **Long Contracts:** |  |  |  |  |  |  |  |
| US Treasury 10 yr Notes | US Treasury 10 yr Notes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33314064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$33592406 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(278342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$49923 |  |  |
| US Treasury Long Bonds | US Treasury Long Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31771125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32563272 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(792147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124500 |  |  |
| US Treasury Ultra Bonds | US Treasury Ultra Bonds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6644062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6663371 | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875 |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72819049 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1089798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182298 |
| **Short Contracts:** | **Short Contracts:** |  |  |  |  |  |  |  |
| US Treasury 5 yr Notes | US Treasury 5 yr Notes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22934094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23232811) | 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29813) |  |  |
| US Treasury 10 yr Ultra Notes | US Treasury 10 yr Ultra Notes |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67882347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68986886) | 6/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183472) |  |  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92219697) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213285) |
| Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(19400648) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1403256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1089798) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(30987) |  |  |

---

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

---

| |
|:---|
| **Summary of abbreviations:** |
| CLO – Collateralized Loan Obligation |
| DAC – Designated Activity Company |
| GNMA – Government National Mortgage Association |
| SOFR01M – Secured Overnight Financing Rate 1 Month |

---

---

| |
|:---|
| **Summary of abbreviations: (continued)** |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |
| yr – Year |

---

6 NQ- IV092 [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 Corporate Bond Series

- **b. EDGAR series identifier (if any):** S000006237

- **c. LEI of Series:** 80M6N2TK2SP4KMW7RP03

**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:** $391226287.02

**Total Liabilities:** $2545350.14

**Net Assets:** $388680936.88

**Delayed Delivery Securities:** $863581.40

**Cash Not Reported:** $1020000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 12600.28599000 | **5-Year:** 108058.58507000 | **10-Year:** 120565.45261000 | **30-Year:** 11586.67149000

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

- **3-Month:** 49.30292000 | **1-Year:** 620.09560000 | **5-Year:** 3543.76466000 | **10-Year:** 358.28850000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000017171 | 0.43%                | 1.27%                | -2.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $362343.01               | $-1072381.70                               |
| Month 2  | $-4778.45                | $3349800.82                                |
| Month 3  | $-538363.76              | $-9325842.53                               |

**Designated Index Information**

- **Index Name:** BBG U.S. Corporate Investment Grade Index

- **Index Identifier:** LEH_CORP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Benefit Street Partners Clo X                                                                                              | BSP 2016-10A A2R3                                           | CUSIP: 08181LBG1<br>LEI: 549300MYLNCW81S1Y182 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1197889.20   | 0.31%             | 2038-07-20      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America Inc                                                                                          | AMCR 5.125 03/12/36                                         | CUSIP: 02344AAK4<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |   2115000 | PA      | $2057204.24   | 0.53%             | 2036-03-12      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 10-Year T-Note Options                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       117 | NC      | $16453.13     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                                                     | FABSJV 6.1 01/25/36                                         | CUSIP: 350930AH6<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |   1835000 | PA      | $1892325.03   | 0.49%             | 2036-01-25      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Nordea Bank ABP                                                                                                            | NDAFH V6.75 PERP 144A                                       | CUSIP: 65558RAQ2<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |   1771000 | PA      | $1766803.79   | 0.45%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                                              | F 5.869 10/31/35                                            | CUSIP: 345397H89<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    682000 | PA      | $655094.28    | 0.17%             | 2035-10-31      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| Capital Power (US Holdings) Inc                                                                                            | CPXCN 6.189 06/01/35 144A                                   | CUSIP: 14041TAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    950000 | PA      | $974625.14    | 0.25%             | 2035-06-01      | Fixed         | 6.19%                 | No            |                  2 | On Loan: No      |
| Sensata Technologies Inc                                                                                                   | ST 3.75 02/15/31 144A                                       | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |   1115000 | PA      | $1035010.12   | 0.27%             | 2031-02-15      | Fixed         | 3.75%                 | 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        |    706000 | PA      | $723100.03    | 0.19%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                                                           | SUMIAL 5.5 03/24/36 144A                                    | CUSIP: 873923AG1<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |    505000 | PA      | $497730.73    | 0.13%             | 2036-03-24      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Raymond James Financial Inc.                                                                                               | RJF 5.65 09/11/55                                           | CUSIP: 754730AK5<br>LEI: RGUZHJ05YTITL6D76949 | Long             | DBT              | CORP              | US        |   1004000 | PA      | $951293.71    | 0.24%             | 2055-09-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 4.75 01/13/33 144A                                    | CUSIP: 685218AE9<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |   1410000 | PA      | $1394746.76   | 0.36%             | 2033-01-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V6.875 PERP GG                                            | CUSIP: 17327CBC6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    535000 | PA      | $539123.78    | 0.14%             | N/A             | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V4.96 01/23/37                                          | CUSIP: 95000U4E0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    834000 | PA      | $812745.51    | 0.21%             | 2037-01-23      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 5.7 02/04/36                                           | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1611218.85   | 0.41%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                                                                              | SOBKCO 4.699 07/09/30 144A                                  | CUSIP: 83405KAA0<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |   2760000 | PA      | $2744835.18   | 0.71%             | 2030-07-09      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                                                         | HBAN V4.623 01/28/32                                        | CUSIP: 446150BK9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1675000 | PA      | $1651065.26   | 0.42%             | 2032-01-28      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Smbc Aviation Capital Finance                                                                                              | SMBCAC 5.25 11/26/35 144A                                   | CUSIP: 78448TAP7<br>LEI: 549300OD7VKRVNWB2J98 | Long             | DBT              | CORP              | IE        |   2325000 | PA      | $2271518.72   | 0.58%             | 2035-11-26      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp.                                                                                                 | OXY 7.95 06/15/39                                           | CUSIP: 674599DH5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1764000 | PA      | $2068542.25   | 0.53%             | 2039-06-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                                                                                     | GILCN 5.4 10/07/35 144A                                     | CUSIP: 375916AG8<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |   1665000 | PA      | $1624909.80   | 0.42%             | 2035-10-07      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                                                               | RCL 5.375 01/15/36                                          | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   3130000 | PA      | $3076341.47   | 0.79%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corporation                                                                                                 | S 6.875 11/15/28                                            | CUSIP: 852060AD4<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |   2740000 | PA      | $2897588.63   | 0.75%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 5.875 09/26/45                                         | CUSIP: 68389XDP7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1454798.67   | 0.37%             | 2045-09-26      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 6 04/30/56                                                | CUSIP: 00206RNK4<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1297280.74   | 0.33%             | 2056-04-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS V6.75 12/10/54                                          | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1899000 | PA      | $1923588.25   | 0.49%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V4.456 02/06/32                                         | CUSIP: 060505GQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2054410.38   | 0.53%             | 2032-02-06      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                                                                                    | ETR 5.8 04/15/55                                            | CUSIP: 29366WAG1<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |   2920000 | PA      | $2887869.78   | 0.74%             | 2055-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                                                        | D V6.875 02/01/55 A                                         | CUSIP: 25746UDT3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   2905000 | PA      | $2991802.85   | 0.77%             | 2055-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Blackstone Reg Finance Co LLC                                                                                              | BX 5 12/06/34                                               | CUSIP: 092914AA8<br>LEI: 254900S2G1V55FTA4590 | Long             | DBT              | CORP              | US        |   1390000 | PA      | $1361406.03   | 0.35%             | 2034-12-06      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG NEW YORK BRANCH                                                                                           | DB V5.297 05/09/31                                          | CUSIP: 251526DA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1475475.71   | 0.38%             | 2031-05-09      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Nippon Life Insurance Co.                                                                                                  | NIPLIF 5.046 04/02/33 144A                                  | CUSIP: 654579AR2<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |   1275000 | PA      | $1277115.10   | 0.33%             | 2033-04-02      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                                                          | WFC V6.491 10/23/34                                         | CUSIP: 95000U3H4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |   1296000 | PA      | $1403670.51   | 0.36%             | 2034-10-23      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V7 PERP DD                                                | CUSIP: 172967PM7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    955000 | PA      | $983422.71    | 0.25%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| San Diego Gas & Electric Company                                                                                           | SRE 5.2 03/15/36 DDDD                                       | CUSIP: 797440CH5<br>LEI: KNIRVXKVNJJ4P8OTMS63 | Long             | DBT              | CORP              | US        |    660000 | PA      | $658545.43    | 0.17%             | 2036-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fideicomiso Irrevocable 1721 Banco Actinver Sa Institucion DE Banca Multiple Grupo Financiero Actinver Division Fiduciaria | FIBRAP 5.5 11/26/35 144A                                    | CUSIP: 31575KAA3<br>LEI: 549300JMTSVQ6LKX5222 | Long             | DBT              | CORP              | MX        |   1015000 | PA      | $981679.58    | 0.25%             | 2035-11-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Takeoff Merger Subordinated Inc.                                                                                           | SUMIAL 4.85 03/24/31 144A                                   | CUSIP: 873923AE6<br>LEI: 984500DF5ACB4A114F45 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1032335.54   | 0.27%             | 2031-03-24      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V4.493 01/16/32                                          | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1870000 | PA      | $1839098.44   | 0.47%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.218 04/23/31                                          | CUSIP: 38141GC93<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1965000 | PA      | $1998604.25   | 0.51%             | 2031-04-23      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |
| Oglethorpe Power Corp.                                                                                                     | OGLETH 5.25 09/01/50                                        | CUSIP: 677050AH9<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    590000 | PA      | $529053.77    | 0.14%             | 2050-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Company                                                                                           | CP 5.5 03/15/56                                             | CUSIP: 13645RBS2<br>LEI: 54930036474DURYNB481 | Long             | DBT              | CORP              | CA        |   1295000 | PA      | $1240555.35   | 0.32%             | 2056-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -618 | NC      | $1145113.70   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                                                               | TMO 4.55 06/15/33                                           | CUSIP: 883556DH2<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    990000 | PA      | $978503.53    | 0.25%             | 2033-06-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                                                           | NRG 5.407 10/15/35 144A                                     | CUSIP: 629377DB5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    320000 | PA      | $314092.74    | 0.08%             | 2035-10-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Metropolitan Life Global Funding I                                                                                         | MET 4.9 01/09/30 144A                                       | CUSIP: 59217GFT1<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |   1590000 | PA      | $1604528.47   | 0.41%             | 2030-01-09      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Idaho Power Company                                                                                                        | IDA 4.85 03/01/36                                           | CUSIP: 45138LBM4<br>LEI: TN0LL73P2C8X3W6KM391 | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1654832.62   | 0.43%             | 2036-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                                                               | MAR 4.5 05/01/33                                            | CUSIP: 571903BY8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    690000 | PA      | $666971.04    | 0.17%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V6.254 10/23/34                                         | CUSIP: 46647PDY9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3565000 | PA      | $3834295.47   | 0.99%             | 2034-10-23      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                          | HSBC V5.279 03/10/37                                        | CUSIP: 404280FM6<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    985000 | PA      | $967676.81    | 0.25%             | 2037-03-10      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.4 03/18/31                                         | CUSIP: 66989HBG2<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1290007.61   | 0.33%             | 2031-03-18      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Aviation Capital Group LLC                                                                                                 | ACGCAP 4.875 01/28/33 144A                                  | CUSIP: 05369AAU5<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1439687.32   | 0.37%             | 2033-01-28      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                                                              | F 6.532 03/19/32                                            | CUSIP: 345397G98<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1768000 | PA      | $1815230.88   | 0.47%             | 2032-03-19      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                                           | AMZN 4.875 03/13/36                                         | CUSIP: 023135DF0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1115181.68   | 0.29%             | 2036-03-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V6.625 PERP                                               | CUSIP: 172967QJ3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    930000 | PA      | $931330.09    | 0.24%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Royal Bank of Canada                                                                                                       | RY V6.5 11/24/85                                            | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   1190000 | PA      | $1150724.17   | 0.30%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                                                                 | RCICN 5.3 02/15/34                                          | CUSIP: 775109DF5<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   1575000 | PA      | $1568709.61   | 0.40%             | 2034-02-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                                                  | RTX 6.4 03/15/54                                            | CUSIP: 75513ECX7<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    910000 | PA      | $981922.21    | 0.25%             | 2054-03-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                                                       | JPM V5.193 02/05/37                                         | CUSIP: 46647PFK7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   5160000 | PA      | $5072484.85   | 1.31%             | 2037-02-05      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.387 02/02/41                                          | CUSIP: 38145GAU4<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1353123.66   | 0.35%             | 2041-02-02      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| TPG Operating Group II LP                                                                                                  | TPG 4.875 05/15/31                                          | CUSIP: 87268QAA4<br>LEI: 2549001H9RJQNZT7MU11 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1275649.18   | 0.33%             | 2031-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| FWD Group Holdings Ltd.                                                                                                    | FWDGHD 5.252 09/22/30 144A                                  | CUSIP: 30332TAC6<br>LEI: 254900HEGGDS8WU5QZ97 | Long             | DBT              | CORP              | KY        |    995000 | PA      | $991682.67    | 0.26%             | 2030-09-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                                                                | GLPI 5.625 03/01/36                                         | CUSIP: 361841AX7<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $983258.43    | 0.25%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.9 03/18/36                                         | CUSIP: 66989HBJ6<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2215552.67   | 0.57%             | 2036-03-18      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                                                        | ABT 4.65 03/15/36                                           | CUSIP: 002824BU3<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |   3355000 | PA      | $3282004.93   | 0.84%             | 2036-03-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                                                                   | HONA 4.95 03/16/36 144A                                     | CUSIP: 43849RAG0<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2407027.84   | 0.62%             | 2036-03-16      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Citizens Financial Group Inc                                                                                               | CFG V5.299 01/29/36                                         | CUSIP: 174610BK0<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | DBT              | CORP              | US        |    700000 | PA      | $693943.32    | 0.18%             | 2036-01-29      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                                                              | ENBCN 4.9 06/20/30                                          | CUSIP: 29250NCJ2<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    940000 | PA      | $950204.17    | 0.24%             | 2030-06-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V9.25 PERP 144a                                         | CUSIP: 902613BF4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2525000 | PA      | $2692799.38   | 0.69%             | N/A             | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                                                               | AVOL 5.375 05/30/30 144A                                    | CUSIP: 05401AAZ4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1530000 | PA      | $1547342.09   | 0.40%             | 2030-05-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Northern Trust Corporation                                                                                                 | NTRS V5.117 11/19/40                                        | CUSIP: 665859AZ7<br>LEI: 549300GLF98S992BC502 | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2522911.49   | 0.65%             | 2040-11-19      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                                                | ABBV 4.125 03/15/31                                         | CUSIP: 00287YEE5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   2305000 | PA      | $2272055.33   | 0.58%             | 2031-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                                                 | BA 6.388 05/01/31                                           | CUSIP: 097023DR3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    590000 | PA      | $629392.06    | 0.16%             | 2031-05-01      | Fixed         | 6.39%                 | No            |                  2 | On Loan: No      |
| Ares Capital Corp.                                                                                                         | ARCC 5.1 01/15/31                                           | CUSIP: 04010LBL6<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |   1635000 | PA      | $1573045.60   | 0.40%             | 2031-01-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                                                                                                     | FANG 5.75 04/18/54                                          | CUSIP: 25278XBA6<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |   2405000 | PA      | $2276041.50   | 0.59%             | 2054-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                                             | FDX 5.25 03/15/36 144A                                      | CUSIP: 314352AG0<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1113044.98   | 0.29%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bunge Ltd Finance Corp.                                                                                                    | BG 2.75 05/14/31                                            | CUSIP: 120568BC3<br>LEI: 549300QHC068L40NNM71 | Long             | DBT              | CORP              | US        |   1285000 | PA      | $1170495.71   | 0.30%             | 2031-05-14      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                                                                  | APODS 6.7 07/29/31                                          | CUSIP: 03770DAD5<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    683000 | PA      | $691375.77    | 0.18%             | 2031-07-29      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V5.9 03/13/47                                            | CUSIP: 61747YGC3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1608440.35   | 0.41%             | 2047-03-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                                                         | VICI 4.95 02/15/30                                          | CUSIP: 925650AC7<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |   5015000 | PA      | $5008898.75   | 1.29%             | 2030-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fedex Freight Holding Co. Inc.                                                                                             | FDX 4.95 03/15/33 144A                                      | CUSIP: 314352AE5<br>LEI: 984500Y1DA5A58ICE336 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1439106.91   | 0.37%             | 2033-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                                                               | BACR V9.625 PERP                                            | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   2690000 | PA      | $2935610.45   | 0.76%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS 5.05 03/25/48                                           | CUSIP: 126650CZ1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    785000 | PA      | $673975.33    | 0.17%             | 2048-03-25      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                         | ET V6.5 02/15/56                                            | CUSIP: 29273VBG4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   1405000 | PA      | $1389002.53   | 0.36%             | 2056-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KKR & Co Inc.                                                                                                              | KKR 5.1 08/07/35                                            | CUSIP: 48251WAB0<br>LEI: 54930013V5I303TF9571 | Long             | DBT              | CORP              | US        |   2945000 | PA      | $2850268.48   | 0.73%             | 2035-08-07      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                                                                                                         | AALLN 5.25 03/19/36 144A                                    | CUSIP: 034863BJ8<br>LEI: 549300S9XF92D1X8ME43 | Long             | DBT              | CORP              | GB        |   2100000 | PA      | $2054258.64   | 0.53%             | 2036-03-19      | Fixed         | 5.25%                 | 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        |    667000 | PA      | $705229.11    | 0.18%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Incorporated                                                                                         | HBAN V5.605 01/28/41                                        | CUSIP: 446150BL7<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |   1330000 | PA      | $1298578.09   | 0.33%             | 2041-01-28      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Equitable America Global Funding                                                                                           | EQH 4.7 09/15/32 144A                                       | CUSIP: 29446Q2E2<br>LEI: 98450066CCBIACF06694 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1822391.06   | 0.47%             | 2032-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                                                                 | AMGN 4.85 02/19/36                                          | CUSIP: 031162DW7<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1641462.37   | 0.42%             | 2036-02-19      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                                                               | AVOL 4.85 04/01/33 144A                                     | CUSIP: 05401ABF7<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |   1580000 | PA      | $1514366.80   | 0.39%             | 2033-04-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                                                         | ET 6.3 01/15/56                                             | CUSIP: 29273VBL3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   2220000 | PA      | $2188064.19   | 0.56%             | 2056-01-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Al Rajhi Sukuk Ltd.                                                                                                        | RJHIAB V5.651 03/16/36 EMTN                                 | CUSIP: 000000000<br>LEI: 549300FHETHK3XGY8N60 | Long             | DBT              | CORP              | KY        |    990000 | PA      | $969066.59    | 0.25%             | 2036-03-16      | Fixed         | 5.65%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                                                                   | GNR 2005-23 IO                                              | CUSIP: 38373MPG9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |      1185 | PA      | $0.00         | 0.00%             | 2045-06-17      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| Oglethorpe Power Corp.                                                                                                     | OGLETH 4.5 04/01/47                                         | CUSIP: 677050AS5<br>LEI: 3EERXCUSWMS9GV5D9M98 | Long             | DBT              | CORP              | US        |    545000 | PA      | $447359.16    | 0.12%             | 2047-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V4.369 10/21/31 .                                        | CUSIP: 38141GD35<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1152353.29   | 0.30%             | 2031-10-21      | Fixed         | 4.37%                 | No            |                  2 | On Loan: No      |
| Pfizer Inc.                                                                                                                | PFE 4.875 11/15/35                                          | CUSIP: 717081FF5<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1381596.00   | 0.36%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                                                       | HWM 5.95 02/01/37                                           | CUSIP: 013817AK7<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1253549.57   | 0.32%             | 2037-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                                                       | URI 6.125 03/15/34 144A                                     | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   4515000 | PA      | $4577474.06   | 1.18%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| APA Corp.                                                                                                                  | APA 6.75 02/15/55                                           | CUSIP: 03743QAT5<br>LEI: 549300VCIWLRHYVSHC79 | Long             | DBT              | CORP              | US        |    975000 | PA      | $978047.56    | 0.25%             | 2055-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                                                   | VST 4.7 01/31/31 144A                                       | CUSIP: 92840VAY8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1080000 | PA      | $1063221.55   | 0.27%             | 2031-01-31      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.625 PERP                                             | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1123365.98   | 0.29%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Group                                                                                                      | RCL 6 02/01/33 144A                                         | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1920000 | PA      | $1939655.23   | 0.50%             | 2033-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Basin Electric Power Cooperative                                                                                           | BASINE 5.85 10/15/55 144A                                   | CUSIP: 070101AJ9<br>LEI: 5493002CLOJ5KYT5GB16 | Long             | DBT              | CORP              | US        |   1365000 | PA      | $1331452.67   | 0.34%             | 2055-10-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | U.S. Treasury Bond Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       332 | NC      | $-956950.85   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co LLC                                                                                                   | VST 5.35 01/31/36 144A                                      | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   1855000 | PA      | $1815791.79   | 0.47%             | 2036-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                             | BCRED 5.35 03/12/31                                         | CUSIP: 09261HBZ9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    970000 | PA      | $922027.00    | 0.24%             | 2031-03-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)                                        | AER 5.375 12/15/31                                          | CUSIP: 00774MBP9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1930000 | PA      | $1961138.04   | 0.50%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS LP                                                                                                | LNG 5.2 07/30/36 144A                                       | CUSIP: 16411RAP4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |   1065000 | PA      | $1054537.01   | 0.27%             | 2036-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                                                                 | OKE 5.7 11/01/54                                            | CUSIP: 682680CF8<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    744000 | PA      | $679360.98    | 0.17%             | 2054-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| BPCE SA                                                                                                                    | BPCEGP V6.347 01/13/47 144A                                 | CUSIP: 05571ABG9<br>LEI: 9695005MSX1OYEMGDF46 | Long             | DBT              | CORP              | FR        |   1140000 | PA      | $1091803.54   | 0.28%             | 2047-01-13      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                                                           | AMZN 5.8 03/13/56                                           | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1290000 | PA      | $1289874.23   | 0.33%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                                                       | GM 5.45 01/08/36                                            | CUSIP: 37045XFN1<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |   3230000 | PA      | $3183073.27   | 0.82%             | 2036-01-08      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc.                                                                                                   | ORLY 5.1 03/12/36                                           | CUSIP: 67103HAP2<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |   2115000 | PA      | $2088119.41   | 0.54%             | 2036-03-12      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Fortitude Global Funding                                                                                                   | FORTRE 4.625 10/06/28 144A                                  | CUSIP: 34967GAA2<br>LEI: 635400TKBOGEHNO5RT68 | Long             | DBT              | CORP              | US        |   2555000 | PA      | $2530139.34   | 0.65%             | 2028-10-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds                                                                                                  | BlackRock Liquidity Funds FEDFUND INSTL                     | CUSIP: 09248U700<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    711959 | NS      | $711959.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Foundry JV Holdco LLC.                                                                                                     | FABSJV 6.15 01/25/32                                        | CUSIP: 350930AC7<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    710000 | PA      | $741759.22    | 0.19%             | 2032-01-25      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| Banque Federative du Credit Mutuel                                                                                         | BFCM 4.541 01/15/31 144A                                    | CUSIP: 06675DCU4<br>LEI: VBHFXSYT7OG62HNT8T76 | Long             | DBT              | CORP              | FR        |   1720000 | PA      | $1696979.69   | 0.44%             | 2031-01-15      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| CDW FINANCE CORP                                                                                                           | CDW 3.276 12/01/28                                          | CUSIP: 12513GBH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2715000 | PA      | $2609691.94   | 0.67%             | 2028-12-01      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 4.7 09/27/34                                           | CUSIP: 68389XCT0<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |   2805000 | PA      | $2561163.31   | 0.66%             | 2034-09-27      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                                                                                                           | DUK 3.3 06/15/41                                            | CUSIP: 26441CBM6<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1128865.65   | 0.29%             | 2041-06-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 10-Year T-Note Options                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -117 | NC      | $-5484.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Inc                                                                                                                 | LDOS 5.4 03/15/32                                           | CUSIP: 52532XAK1<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   5060000 | PA      | $5165385.13   | 1.33%             | 2032-03-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Brookfield Asset Management Ltd                                                                                            | BAMCN 4.653 11/15/30                                        | CUSIP: 113004AB1<br>LEI: 549300CZ84WPNJZKY093 | Long             | DBT              | CORP              | CA        |   2025000 | PA      | $2008112.11   | 0.52%             | 2030-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V6.819 11/20/29                                          | CUSIP: 251526CU1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1641000 | PA      | $1723297.96   | 0.44%             | 2029-11-20      | Fixed         | 6.82%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                                                            | CI 5.25 01/15/36                                            | CUSIP: 125523CZ1<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |   2970000 | PA      | $2974955.45   | 0.77%             | 2036-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                                                  | RTX 4.625 11/16/48                                          | CUSIP: 913017CX5<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    930000 | PA      | $792311.73    | 0.20%             | 2048-11-16      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                          | HSBC V6.75 PERP                                             | CUSIP: 404280FH7<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    985000 | PA      | $974756.89    | 0.25%             | N/A             | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                                                                      | AL V4.125 PERP C                                            | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1806000 | PA      | $1764172.68   | 0.45%             | N/A             | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Henneman Trust                                                                                                             | GL 6.58 05/15/55 144A                                       | CUSIP: 425911AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1659451.70   | 0.43%             | 2055-05-15      | Fixed         | 6.58%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                                                         | ATH V6.875 06/28/55                                         | CUSIP: 04686JAM3<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    935000 | PA      | $874652.76    | 0.23%             | 2055-06-28      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                                                               | MAR 5.1 05/01/38                                            | CUSIP: 571903BZ5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    965000 | PA      | $917821.63    | 0.24%             | 2038-05-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Natwest Markets PLC                                                                                                        | NWG 4.893 03/27/31 144A                                     | CUSIP: 63906YAU2<br>LEI: RR3QWICWWIPCS8A4S074 | Long             | DBT              | CORP              | GB        |   2135000 | PA      | $2140271.96   | 0.55%             | 2031-03-27      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| Willis North America Inc.                                                                                                  | WTW 4.55 03/15/31                                           | CUSIP: 970648AP6<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $1355926.96   | 0.35%             | 2031-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc.                                                                                                              | ENBCN 5.55 06/20/35                                         | CUSIP: 29250NCK9<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |   1425000 | PA      | $1457318.00   | 0.37%             | 2035-06-20      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                                                        | D V6.2 02/15/56                                             | CUSIP: 25746UEA3<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1075858.12   | 0.28%             | 2056-02-15      | Fixed         | 6.20%                 | 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        |    924000 | PA      | $958445.80    | 0.25%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                                                          | SYY 5.1 09/23/30                                            | CUSIP: 871829BU0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2016435.40   | 0.52%             | 2030-09-23      | Fixed         | 5.10%                 | 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        |    711959 | NS      | $711959.34    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 5-Year T-Note Futures, Jun-2026,ETH                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |      -212 | NC      | $298716.72    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                                                                                                        | Goldman Sachs Financial Square Government Fund              | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |    711959 | NS      | $711959.34    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Inc.                                                                                                                   | HCA 6 04/01/54                                              | CUSIP: 404119CV9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    905000 | PA      | $874266.92    | 0.22%             | 2054-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                                                                | ETN 4.5 03/06/33                                            | CUSIP: 278058DY5<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    395000 | PA      | $389699.50    | 0.10%             | 2033-03-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Corebridge Global Funding                                                                                                  | CRBG 4.55 01/09/31 144A                                     | CUSIP: 00138CBM9<br>LEI: 54930057MDZ7KOVOTV71 | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2054657.70   | 0.53%             | 2031-01-09      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                                                                                               | APO 4.6 01/15/31                                            | CUSIP: 03769MAF3<br>LEI: 254900LMFT1CY9IYB476 | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1145010.06   | 0.29%             | 2031-01-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V6.407 11/01/29                                          | CUSIP: 61747YFH3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2511000 | PA      | $2621103.08   | 0.67%             | 2029-11-01      | Fixed         | 6.41%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                                                                     | AEE 5.55 03/15/56                                           | CUSIP: 906548DC3<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1018925.75   | 0.26%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                                                               | ORCL 6.7 02/04/56                                           | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    955000 | PA      | $887029.88    | 0.23%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                                                       | ELV 5.7 02/15/55                                            | CUSIP: 036752BE2<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   2942000 | PA      | $2783187.60   | 0.72%             | 2055-02-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 6.3 01/15/38                                              | CUSIP: 00206RAG7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1347356.31   | 0.35%             | 2038-01-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                                                   | VST 4.3 10/15/28 144A                                       | CUSIP: 92840VAX0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    580000 | PA      | $573385.45    | 0.15%             | 2028-10-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 5 01/13/36 144A                                       | CUSIP: 685218AF6<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |   1655000 | PA      | $1626207.63   | 0.42%             | 2036-01-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                                                | VZ 4.75 01/15/33                                            | CUSIP: 92343VHF4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   2040000 | PA      | $2015504.29   | 0.52%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Kentucky Utilities Company                                                                                                 | PPL 5.85 08/15/55                                           | CUSIP: 491674BP1<br>LEI: AGX0G2MXE54NFNNICD28 | Long             | DBT              | CORP              | US        |   2740000 | PA      | $2726457.82   | 0.70%             | 2055-08-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Oneok Inc.                                                                                                                 | OKE 6.25 10/15/55                                           | CUSIP: 682680DD2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1206000 | PA      | $1183505.09   | 0.30%             | 2055-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Blue Owl Credit Income Corp.                                                                                               | OCINCC 6.6 09/15/29                                         | CUSIP: 09581CAB7<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |   1705000 | PA      | $1699360.88   | 0.44%             | 2029-09-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.25 PERP                                              | CUSIP: 06055HAK9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    980000 | PA      | $986466.04    | 0.25%             | N/A             | Fixed         | 6.25%                 | 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        |    711959 | NS      | $711959.34    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                                                                                     | SRE 5.25 03/15/36                                           | CUSIP: 816851BX6<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |   2110000 | PA      | $2081056.08   | 0.54%             | 2036-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Western Southern Global Funding                                                                                            | WSFIN 4.9 05/01/30 144A                                     | CUSIP: 95954A2A0<br>LEI: 635400PFYEGVSGK4VB37 | Long             | DBT              | CORP              | US        |   2295000 | PA      | $2310146.31   | 0.59%             | 2030-05-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NRG Energy, Inc.                                                                                                           | NRG 4.734 10/15/30 144A                                     | CUSIP: 629377DA7<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   1790000 | PA      | $1774384.94   | 0.46%             | 2030-10-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V6.204 11/10/28                                         | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    345000 | PA      | $354519.10    | 0.09%             | 2028-11-10      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                                                        | CEG 5.875 01/15/66                                          | CUSIP: 210385AR1<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1061659.47   | 0.27%             | 2066-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                                                                                            | BXSL 5.3 06/30/30                                           | CUSIP: 09261XAK8<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |   1545000 | PA      | $1496078.50   | 0.38%             | 2030-06-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                                                                            | MRKGR 4.625 10/15/32 144A                                   | CUSIP: 26867LAQ3<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |   2470000 | PA      | $2435779.14   | 0.63%             | 2032-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                                                                | ABBV 4.75 03/15/36                                          | CUSIP: 00287YEG0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1565497.29   | 0.40%             | 2036-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                                                            | CRM 4.9 09/15/31                                            | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1683012.04   | 0.43%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Apollo Debt Solutions BDC                                                                                                  | APODS 6.9 04/13/29                                          | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |    735000 | PA      | $752376.80    | 0.19%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| SVB Financial Group                                                                                                        | SVB Financial Group TR UNIT CL A-1                          | CUSIP: 78500B205<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      1331 | NS      | $628897.50    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc.                                                                                                     | GILCN 4.7 10/07/30 144A                                     | CUSIP: 375916AF0<br>LEI: 549300SB3IBI34M00Z45 | Long             | DBT              | CORP              | CA        |    975000 | PA      | $965056.76    | 0.25%             | 2030-10-07      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.                                                                                          | PNC V5.423 01/25/41                                         | CUSIP: 693475CF0<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    985000 | PA      | $965384.71    | 0.25%             | 2041-01-25      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| MAGNETITE LI LIMITED                                                                                                       | MAGNE 2025-51A A1                                           | CUSIP: 559932AA6<br>LEI: 529900KAYH281VVPRN31 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1196972.40   | 0.31%             | 2038-10-25      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                                                       | HWM 4.75 04/15/36                                           | CUSIP: 443201AH1<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |   1410000 | PA      | $1371400.69   | 0.35%             | 2036-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                             | BCRED 5.05 09/10/30                                         | CUSIP: 09261HBY2<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |   1230000 | PA      | $1160392.33   | 0.30%             | 2030-09-10      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                                                                   | HCA 5.125 06/15/39                                          | CUSIP: 404119BY4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1180000 | PA      | $1112688.67   | 0.29%             | 2039-06-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)                                        | AER 4.75 01/15/33                                           | CUSIP: 00774MBU8<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |   1260000 | PA      | $1225120.93   | 0.32%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Extra Space Storage LP                                                                                                     | EXR 5.4 06/15/35                                            | CUSIP: 30225VAU1<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2884501.54   | 0.74%             | 2035-06-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Valero Energy Corp.                                                                                                        | VLO 5.15 03/10/36                                           | CUSIP: 91913YBG4<br>LEI: 549300XTO5VR8SKV1V74 | Long             | DBT              | CORP              | US        |   4950000 | PA      | $4881445.97   | 1.26%             | 2036-03-10      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                                                | VZ 5.875 11/30/55                                           | CUSIP: 92343VHJ6<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1508743.81   | 0.39%             | 2055-11-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                                                                    | CHTR 6.55 05/01/37                                          | CUSIP: 88732JAJ7<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |   4838000 | PA      | $4881426.37   | 1.26%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                                                                      | REG 4.5 03/15/33                                            | CUSIP: 75884RBF9<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    775000 | PA      | $756020.72    | 0.19%             | 2033-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                                                                     | OCPMR 6.7 03/01/36 144A                                     | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    930000 | PA      | $957574.69    | 0.25%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| SoftBank Corp                                                                                                              | SOBKCO 5.332 07/09/35 144A                                  | CUSIP: 83405KAB8<br>LEI: 353800M1YCTS9JRBJ535 | Long             | DBT              | CORP              | JP        |   2190000 | PA      | $2157320.38   | 0.56%             | 2035-07-09      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| Ovintiv Inc                                                                                                                | OVV 6.625 08/15/37                                          | CUSIP: 292505AE4<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |   1845000 | PA      | $1967594.72   | 0.51%             | 2037-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                                                          | FDX 3.25 05/15/41 *                                         | CUSIP: 31428XDL7<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |   1955000 | PA      | $1474401.57   | 0.38%             | 2041-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Brixmor Operating Partnership LP                                                                                           | BRX 5.2 04/01/32                                            | CUSIP: 11120VAN3<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   1545000 | PA      | $1555640.88   | 0.40%             | 2032-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                                                                                          | HSBC V7 PERP .                                              | CUSIP: 404280FJ3<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    995000 | PA      | $985646.30    | 0.25%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                                                               | RCL 4.75 05/15/33                                           | CUSIP: 78017TAC7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    520000 | PA      | $502240.86    | 0.13%             | 2033-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                                                                 | AMT 4.7 12/15/32                                            | CUSIP: 03027XCR9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   1615000 | PA      | $1587597.16   | 0.41%             | 2032-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Mid-America Apartments, L.P.                                                                                               | MAA 4.65 01/15/33                                           | CUSIP: 59523UAY3<br>LEI: 549300FXWGE3QSYCUJ38 | Long             | DBT              | CORP              | US        |    705000 | PA      | $692763.53    | 0.18%             | 2033-01-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| MNSN HOLDINGS INC                                                                                                          | MNSN Holdings Inc. COM                                      | CUSIP: 55339C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1168 | NS      | $70859.06     | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| Marcobre S.A.C.                                                                                                            | MARSAC 5.75 01/22/36 144A                                   | CUSIP: 56625AAA2<br>LEI: 254900BORIUZFCM1XB72 | Long             | DBT              | CORP              | PE        |   1015000 | PA      | $981261.40    | 0.25%             | 2036-01-22      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 5.7 11/01/54                                              | CUSIP: 00206RNE8<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1443042.22   | 0.37%             | 2054-11-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                                                             | MS V6.627 11/01/34                                          | CUSIP: 61747YFJ9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   2535000 | PA      | $2759402.76   | 0.71%             | 2034-11-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                                                           | DB V4.95 08/04/31                                           | CUSIP: 251526DB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1190000 | PA      | $1185851.90   | 0.31%             | 2031-08-04      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                                                              | NI 5.85 04/01/55                                            | CUSIP: 65473PAU9<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1094398.09   | 0.28%             | 2055-04-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                                                                  | RTX 4.8 12/15/43                                            | CUSIP: 75513ECJ8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1174882.80   | 0.30%             | 2043-12-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                                                         | TMUS 5.5 01/15/55                                           | CUSIP: 87264ADG7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   2135000 | PA      | $1960557.48   | 0.50%             | 2055-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V6.484 10/24/29                                          | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2880000 | PA      | $3013325.86   | 0.78%             | 2029-10-24      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                                                             | BCRED 5.6 11/22/29                                          | CUSIP: 09261HBU0<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    535000 | PA      | $520688.48    | 0.13%             | 2029-11-22      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Duke Energy Indiana, LLC.                                                                                                  | DUK 4.95 03/15/36 DDDD                                      | CUSIP: 26443TAG1<br>LEI: 6URPHM2EAWGJ2C6ISB97 | Long             | DBT              | CORP              | US        |    700000 | PA      | $689384.99    | 0.18%             | 2036-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 5.7 03/18/56                                         | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |   1640000 | PA      | $1652877.28   | 0.43%             | 2056-03-18      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Black Hills Corporation                                                                                                    | BKH 4.55 01/31/31                                           | CUSIP: 092113AY5<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |   1245000 | PA      | $1232264.52   | 0.32%             | 2031-01-31      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Popular, Inc.                                                                                                              | BPOP 7.25 03/13/28                                          | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | US        |   3275000 | PA      | $3395035.30   | 0.87%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Florida Power & Light Co.                                                                                                  | NEE 5.6 02/15/66                                            | CUSIP: 341081HB6<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1248502.77   | 0.32%             | 2066-02-15      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Northwestern Mutual Global Funding                                                                                         | NWMLIC 4.96 01/13/30 144A                                   | CUSIP: 66815L2U2<br>LEI: 635400LZXFVELZDVP257 | Long             | DBT              | CORP              | US        |   2190000 | PA      | $2219921.09   | 0.57%             | 2030-01-13      | Fixed         | 4.96%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                                                        | ABT 4.3 03/15/33                                            | CUSIP: 002824BT6<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |   1645000 | PA      | $1610367.49   | 0.41%             | 2033-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                                                                                          | NWG V5.115 05/23/31                                         | CUSIP: 639057AV0<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |   2330000 | PA      | $2354047.00   | 0.61%             | 2031-05-23      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                                                  | GS V5.065 01/21/37                                          | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2810000 | PA      | $2748305.61   | 0.71%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Entergy Mississippi LLC                                                                                                    | ETR 5.05 04/15/36                                           | CUSIP: 29366WAH9<br>LEI: 54930043I78H35DVVW89 | Long             | DBT              | CORP              | US        |    700000 | PA      | $690040.96    | 0.18%             | 2036-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Ares Strategic Income Fund                                                                                                 | ARESSI 5.15 01/15/31 144A                                   | CUSIP: 04020EAR8<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |   2190000 | PA      | $2069988.00   | 0.53%             | 2031-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | 10-Year T-Note Futures, Jun-2026,ETH                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       213 | NC      | $-276763.71   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 5.6 02/12/65                                            | CUSIP: 532457CZ9<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |    500000 | PA      | $489716.65    | 0.13%             | 2065-02-12      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                                                                  | RRX 6.4 04/15/33                                            | CUSIP: 758750AP8<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |   1845000 | PA      | $1951004.29   | 0.50%             | 2033-04-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                                                                    | HYNMTR 4.5 09/18/30 144A                                    | CUSIP: 44891AEA1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |   3645000 | PA      | $3585669.24   | 0.92%             | 2030-09-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Eaton Corp.                                                                                                                | ETN 4.8 03/06/36                                            | CUSIP: 278058DZ2<br>LEI: 0NZWDMRCE180888QQE14 | Long             | DBT              | CORP              | US        |    845000 | PA      | $834587.99    | 0.21%             | 2036-03-06      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co.                                                                                                            | LLY 5.55 10/15/55                                           | CUSIP: 532457DF2<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | DBT              | CORP              | US        |   1085000 | PA      | $1071813.02   | 0.28%             | 2055-10-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| DAE Funding LLC                                                                                                            | DUBAEE 4.95 01/15/33 144A                                   | CUSIP: 23371DAM6<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $1904959.32   | 0.49%             | 2033-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                                                           | AEP V6.05 03/15/56 D                                        | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   1845000 | PA      | $1829326.36   | 0.47%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PSEG Power LLC                                                                                                             | PEG 5.2 05/15/30 144A                                       | CUSIP: 69362BBD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1370000 | PA      | $1391821.36   | 0.36%             | 2030-05-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                                                                | VZ 5 01/15/36                                               | CUSIP: 92343VHG2<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1395000 | PA      | $1366633.23   | 0.35%             | 2036-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferies Financial Group Inc                                                                                              | JEF 6.2 04/14/34                                            | CUSIP: 47233WEJ4<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |   2855000 | PA      | $2913124.95   | 0.75%             | 2034-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Hasbro Inc                                                                                                                 | HAS 4.65 03/12/31                                           | CUSIP: 418056BB2<br>LEI: 549300NUB6D2R1ITYR45 | Long             | DBT              | CORP              | US        |    650000 | PA      | $642121.03    | 0.17%             | 2031-03-12      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                                                      | BAC V5.518 10/25/35                                         | CUSIP: 06051GMD8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   2223000 | PA      | $2223730.03   | 0.57%             | 2035-10-25      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| American Homes 4 Rent L P                                                                                                  | AMH 4.95 06/15/30                                           | CUSIP: 02666TAK3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   1545000 | PA      | $1551226.50   | 0.40%             | 2030-06-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Simon Property Group LP                                                                                                    | SPG 2.65 02/01/32                                           | CUSIP: 828807DT1<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              | CORP              | US        |   1755000 | PA      | $1566086.18   | 0.40%             | 2032-02-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank                                                                                 | ZION V4.704 08/18/28                                        | CUSIP: 98971DAD2<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | DBT              | CORP              | US        |   3140000 | PA      | $3112929.75   | 0.80%             | 2028-08-18      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Costar Group Inc                                                                                                           | CSGP 2.8 07/15/30 144A                                      | CUSIP: 22160NAA7<br>LEI: 984500Q1D53D08E2E698 | Long             | DBT              | CORP              | US        |   2431000 | PA      | $2199287.53   | 0.57%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                                                                | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        36 | NC      | $-25158.62    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Novartis Capital Corporation                                                                                               | NOVNVX 4.6 03/18/33                                         | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1235094.81   | 0.32%             | 2033-03-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                                                           | PCG 6 05/01/56                                              | CUSIP: 694308LB1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |   1670000 | PA      | $1586158.99   | 0.41%             | 2056-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                                                                 | BA 6.858 05/01/54                                           | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |   2865000 | PA      | $3155727.02   | 0.81%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                                           | CHTR 7 02/01/33 144A                                        | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    189000 | PA      | $189708.62    | 0.05%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Spire Inc                                                                                                                  | SR V6.45 06/01/56                                           | CUSIP: 84857LAE1<br>LEI: 549300NXSY15DRY2R511 | Long             | DBT              | CORP              | US        |   2778000 | PA      | $2772100.92   | 0.71%             | 2056-06-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust                                                                                                      | CPT 4.9 02/28/36                                            | CUSIP: 133131BC5<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |   2820000 | PA      | $2736480.62   | 0.70%             | 2036-02-28      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| EMD Finance LLC                                                                                                            | MRKGR 5 10/15/35 144a                                       | CUSIP: 26867LAR1<br>LEI: 529900C8KS5G529A0B76 | Long             | DBT              | CORP              | US        |   2005000 | PA      | $1978987.73   | 0.51%             | 2035-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                                                                   | T 5.55 11/01/45                                             | CUSIP: 00206RND0<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    830000 | PA      | $786317.52    | 0.20%             | 2045-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                                                                   | JBS 3.625 01/15/32                                          | CUSIP: 46590XAU0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |   5125000 | PA      | $4753335.51   | 1.22%             | 2032-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                                                         | TMUS 5.875 11/15/55                                         | CUSIP: 87264ADU6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1605000 | PA      | $1566202.50   | 0.40%             | 2055-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                                                              | USB V6.787 10/26/27                                         | CUSIP: 91159HJP6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |   2180000 | PA      | $2209247.97   | 0.57%             | 2027-10-26      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| Athene Holding Ltd                                                                                                         | ATH 6.625 05/19/55                                          | CUSIP: 04686JAL5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | US        |    670000 | PA      | $646149.88    | 0.17%             | 2055-05-19      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Brookfield Finance Inc.                                                                                                    | BNCN 5.33 01/15/36                                          | CUSIP: 11271LAQ5<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |   2720000 | PA      | $2664484.26   | 0.69%             | 2036-01-15      | Fixed         | 5.33%                 | No            |                  2 | On Loan: No      |
| JBS NV                                                                                                                     | JBS 5.625 03/10/37 144A                                     | CUSIP: 46590XBA3<br>LEI: 254900JSFON4WL81TW77 | Long             | DBT              | CORP              | NL        |    865000 | PA      | $868248.08    | 0.22%             | 2037-03-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Union Electric Company                                                                                                     | AEE 4.8 03/15/36                                            | CUSIP: 906548DB5<br>LEI: QMPJLLDULY5C1M8PNY21 | Long             | DBT              | CORP              | US        |    740000 | PA      | $722807.80    | 0.19%             | 2036-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                                            | CVS 5.45 09/15/35                                           | CUSIP: 126650EK2<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1496330.12   | 0.38%             | 2035-09-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                                             | C V5.174 09/11/36                                           | CUSIP: 172967QH7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    395000 | PA      | $391705.03    | 0.10%             | 2036-09-11      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Orange SA                                                                                                                  | ORAFP 4.25 01/13/31 144A                                    | CUSIP: 685218AD1<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |   1690000 | PA      | $1658348.67   | 0.43%             | 2031-01-13      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                                                               | UBS V4.844 11/06/33 144A                                    | CUSIP: 902613BT4<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   1180000 | PA      | $1161057.81   | 0.30%             | 2033-11-06      | Fixed         | 4.84%                 | 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