# EDGAR Filing Document

**Accession Number:** 0000810016
**File Stem:** 0000940400-25-010041
**Filing Date:** 2025-11
**Character Count:** 200714
**Document Hash:** c23676788ec64185ddf93144e4e7e25d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-010041.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0000940400-25-010041

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**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:** 251513984

**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

### Macquarie VIP High Income Series (Series ID: S000006242)

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

## Nport-Ex

## Consolidated schedule of investments
Macquarie VIP High Income Series

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations — 5.80%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.80%** | &nbsp;&nbsp;**Collateralized Loan Obligations — 5.80%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 East CLO<br> Series 2022-1A ER 144A 10.225% (TSFR03M + 5.90%, Floor 5.90%) 1/20/38 #, • | 1000000 | $1005330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABPCI Direct Lending Fund CLO II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A DRR 144A 8.475% (TSFR03M + 4.15%, Floor 4.15%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 250517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A ERR 144A 11.825% (TSFR03M + 7.50%, Floor 7.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 588946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 3<br> Series 2020-3A ER 144A 9.568% (TSFR03M + 5.25%, Floor 5.25%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp; 944502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGL CLO 32<br> Series 2024-32A E 144A 10.075% (TSFR03M + 5.75%, Floor 5.75%) 7/21/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 552165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 15<br> Series 2021-15A ER 144A 8.922% (TSFR03M + 4.60%, Floor 4.60%) 4/17/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 648367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 18<br> Series 2022-18A ER 144A 9.825% (TSFR03M + 5.50%, Floor 5.50%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 300658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIMCO CLO 19<br> Series 2024-19A E 144A 9.325% (TSFR03M + 5.00%, Floor 5.00%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 593965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARES Loan Funding III Series 2022-ALF3A ER 144A 10.418% (TSFR03M + 6.10%, Floor 6.10%) 7/25/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 499779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlas Senior Loan Fund XX Series 2022-20A D1R 144A 8.175% (TSFR03M + 3.85%, Floor 3.85%) 10/19/37 #, • | 1000000 | &nbsp;&nbsp; 1004289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Credit CLO Series 2017-2A ER3 144A 11.658% (TSFR03M + 7.34%, Floor 7.34%) 7/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 549088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 18<br> Series 2021-18A DR 144A 10.068% (TSFR03M + 5.75%, Floor 5.75%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp; 981362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ballyrock CLO 25<br> Series 2023-25A DR 144A 9.118% (TSFR03M + 4.80%, Floor 4.80%) 1/25/38 #, • | 1000000 | &nbsp;&nbsp; 999362 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barings CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-2A ER 144A 11.218% (TSFR03M + 6.90%, Floor 6.90%) 7/15/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | $548171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 10.218% (TSFR03M + 5.90%, Floor 5.90%) 7/15/39 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 598411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A D2 144A 8.418% (TSFR03M + 4.10%, Floor 4.10%) 7/15/38 #, • | 1000000 | &nbsp;&nbsp; 1003842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBAM US CLO III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A D 144A 12.918% (TSFR03M + 8.60%, Floor 8.60%) 10/15/38 #, • | 1200000 | &nbsp;&nbsp; 1195500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A DR 144A 9.142% (TSFR03M + 5.20%, Floor 5.20%) 10/15/38 #, • | 1200000 | &nbsp;&nbsp; 1200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bear Mountain Park CLO Series 2022-1A ER 144A 10.268% (TSFR03M + 5.95%, Floor 5.95%) 7/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 450146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO Series 2015-6BR ER 144A 9.075% (TSFR03M + 4.75%, Floor 4.75%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;875000 | &nbsp;&nbsp; 857027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XII-B Series 2017-12BRA E 144A 10.568% (TSFR03M + 6.25%, Floor 6.25%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 750670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brookhaven Park CLO Series 2024-1A E 144A 10.825% (TSFR03M + 6.50%, Floor 6.50%) 4/19/37 #, • | 1250000 | &nbsp;&nbsp; 1245827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle US CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-11A ER 144A 10.818% (TSFR03M + 6.50%, Floor 6.50%) 7/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 548810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A E 144A 11.238% (TSFR03M + 6.92%, Floor 6.92%) 4/15/37 #, • | 1000000 | &nbsp;&nbsp; 1001872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5A E 144A 9.968% (TSFR03M + 5.65%, Floor 5.65%) 10/25/36 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 551217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBAMR Series 2021-15A ER 144A 9.825% (TSFR03M + 5.50%, Floor 5.50%) 1/20/38 #, • | 1000000 | &nbsp;&nbsp; 983891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cedar Funding IX CLO Series 2018-9A ER 144A 11.855% (TSFR03M + 7.53%, Floor 7.53%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp; 1010103 |

---

NQ- IV093 [0925] 1125 (4967888) 1

------

Macquarie VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover CLO Series 2021-3A ER 144A 9.218% (TSFR03M + 4.90%, Floor 4.90%) 1/25/35 #, • | 1000000 | $997117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dryden CLO 109<br> Series 2022-109A ER 144A 9.668% (TSFR03M + 5.35%, Floor 5.35%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp; 999351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO 17 Series 2022-4A ER 144A 10.022% (TSFR03M + 5.70%, Floor 5.70%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 550205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elmwood CLO IX Series 2021-2A ER 144A 8.975% (TSFR03M + 4.65%, Floor 4.65%) 4/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 690490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empower CLO<br> Series 2022-1A ER 144A 10.225% (TSFR03M + 5.90%, Floor 5.90%) 10/20/37 #, • | 1000000 | &nbsp;&nbsp; 1007104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 62B<br> Series 2022-62A ER 144A 10.718% (TSFR03M + 6.40%, Floor 6.40%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 350734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golub Capital Partners CLO 76 B<br> Series 2024-76A E 144A 10.068% (TSFR03M + 5.75%, Floor 5.75%) 10/25/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp; 349703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco US CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-4A E 144A 12.339% (TSFR03M + 8.01%, Floor 8.01%) 1/18/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 401546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.825% (TSFR03M + 6.50%, Floor 6.50%) 7/20/37 #, • | 1250000 | &nbsp;&nbsp; 1247221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR CLO 27 Series 27A ER2 144A 10.568% (TSFR03M + 6.25%, Floor 6.25%) 1/15/35 #, • | 1000000 | &nbsp;&nbsp; 964517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Madison Park Funding XXX Series 2018-30A ER 144A 10.718% (TSFR03M + 6.40%, Floor 6.40%) 7/16/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 599444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnetite XLV Series 2025-45A E 144A 8.785% (TSFR03M + 4.50%, Floor 4.50%) 4/15/38 #, • | 1000000 | &nbsp;&nbsp; 995475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Eaton Vance CLO Series 2025-21A E 144A 8.815% (TSFR03M + 4.70%, Floor 4.70%) 4/15/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp; 436008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neuberger Berman CLO XX Series 2015-20A ER3 144A 9.068% (TSFR03M + 4.75%, Floor 4.75%) 4/15/39 #, • | 1250000 | &nbsp;&nbsp; 1246861 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oaktree CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3A ER2 144A 11.075% (TSFR03M + 6.75%, Floor 6.75%) 1/20/38 #, • | 1000000 | $995527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A ERR 144A 9.318% (TSFR03M + 5.00%, Floor 5.00%) 1/15/38 #, • | 1000000 | &nbsp;&nbsp; 999355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OCP CLO Series 2019-17A ER2 144A 10.575% (TSFR03M + 6.25%, Floor 6.25%) 7/20/37 #, • | 1050000 | &nbsp;&nbsp; 1061567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OFSI BSL XIV CLO Series 2024-14A E 144A 12.065% (TSFR03M + 7.74%, Floor 7.74%) 7/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 598985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OHA Credit Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-9A ER 144A 9.825% (TSFR03M + 5.50%, Floor 5.50%) 10/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 786883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-11A ER 144A 9.725% (TSFR03M + 5.40%, Floor 5.40%) 7/19/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 657437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmer Square CLO<br> Series 2024-2A D2 144A 8.675% (TSFR03M + 4.35%, Floor 4.35%) 7/20/37 #, • | 1000000 | &nbsp;&nbsp; 1002857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Park Blue CLO<br> Series 2022-1A ER 144A 11.415% (TSFR03M + 7.09%, Floor 7.09%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;650000 | &nbsp;&nbsp; 650006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RR Series 2024-28RA DR 144A 11.318% (TSFR03M + 7.00%, Floor 7.00%) 4/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp; 598947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Point CLO 5 Series 2024-5A E 144A 10.725% (TSFR03M + 6.40%, Floor 6.40%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp; 901215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sound Point CLO Series 2025-1RA E 144A 11.784% (TSFR03M + 7.58%, Floor 7.58%) 2/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 499467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Storm King Park CLO Series 2022-1A ER 144A 10.468% (TSFR03M + 6.15%, Floor 6.15%) 10/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 849915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Symphony CLO 39 Series 2023-39A ER 144A 9.818% (TSFR03M + 5.50%, Floor 5.50%) 1/25/38 #, • | 1250000 | &nbsp;&nbsp; 1249030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A ER 144A 10.825% (TSFR03M + 6.50%, Floor 6.50%) 1/20/38 #, • | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 751609 |

---

2 NQ- IV093 [0925] 1125 (4967888)

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** | &nbsp;&nbsp;**Collateralized Loan Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TCW CLO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A E 144A 11.572% (TSFR03M + 7.25%, Floor 7.25%) 7/17/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | $701249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A E 144A 10.925% (TSFR03M + 6.60%, Floor 6.60%) 10/20/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 700797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wellfleet CLO Series 2022-1A ER 144A 12.068% (TSFR03M + 7.75%, Floor 7.75%) 7/15/37 #, • | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp; 677434 |
| &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $45,743,363)** | &nbsp;&nbsp;&nbsp;**Total Collateralized Loan Obligations<br> (cost $45,743,363)** | &nbsp;&nbsp; **45381873** |
| &nbsp;&nbsp;**Convertible Bond — 0.56%** | &nbsp;&nbsp;**Convertible Bond — 0.56%** | &nbsp;&nbsp;**Convertible Bond — 0.56%** |
| &nbsp;&nbsp;Leisure — 0.56% | &nbsp;&nbsp;Leisure — 0.56% | &nbsp;&nbsp;Leisure — 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai PIK 5.00% exercise price $0.40, maturity date 2/2/27 =, >>, π | 3900856 | &nbsp;&nbsp; 4412881 |
| &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $3,861,194)** | &nbsp;&nbsp;&nbsp;**Total Convertible Bond<br> (cost $3,861,194)** | &nbsp;&nbsp; **4412881** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Corporate Bonds — 79.91%** | &nbsp;&nbsp;**Corporate Bonds — 79.91%** | &nbsp;&nbsp;**Corporate Bonds — 79.91%** |
| &nbsp;&nbsp;Automotive — 4.42% | &nbsp;&nbsp;Automotive — 4.42% | &nbsp;&nbsp;Automotive — 4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission 144A 3.75% 1/30/31 # | 6885000 | &nbsp;&nbsp;&nbsp;&nbsp;6366195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing 144A 7.75% 10/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;857000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 2/15/30 # | 2984000 | &nbsp;&nbsp;&nbsp;&nbsp;3084874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 9/15/32 # | 1965000 | &nbsp;&nbsp;&nbsp;&nbsp;2009773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion Holdings 144A 7.75% 5/31/32 # | 5970000 | &nbsp;&nbsp;&nbsp;&nbsp;6267324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodyear Tire and Rubber 6.625% 7/15/30 | 2695000 | &nbsp;&nbsp;&nbsp;&nbsp;2736622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor 144A 8.125% 7/17/35 # | 3110000 | &nbsp;&nbsp;&nbsp;&nbsp;3340513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phinia 144A 6.625% 10/15/32 # | 1948000 | &nbsp;&nbsp;&nbsp;&nbsp;2009397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wand NewCo 3 144A 7.625% 1/30/32 # | 3798000 | 4004611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ZF North America Capital 144A 7.50% 3/24/31 # | 3930000 | &nbsp;&nbsp;&nbsp;&nbsp;3905699 |
|  |  | 34589225 |
| &nbsp;&nbsp;Banking — 2.49% | &nbsp;&nbsp;Banking — 2.49% | &nbsp;&nbsp;Banking — 2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco Santander 8.00% 2/1/34 μ, ψ | 5800000 | &nbsp;&nbsp;&nbsp;&nbsp;6399233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal 7.70% 5/26/84 μ | 2850000 | &nbsp;&nbsp;&nbsp;&nbsp;3032012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barclays 9.625% 12/15/29 μ, ψ | 5415000 | &nbsp;&nbsp;&nbsp;&nbsp;6157245 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **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;Royal Bank of Canada 6.50% 11/24/85 μ | 3930000 | $3895349 |
|  |  | &nbsp;&nbsp; 19483839 |
| &nbsp;&nbsp;Basic Industry — 5.50% | &nbsp;&nbsp;Basic Industry — 5.50% | &nbsp;&nbsp;Basic Industry — 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriTex HoldCo Intermediate 144A 7.625% 8/15/33 # | 3865000 | &nbsp;&nbsp; 4026300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arsenal AIC Parent 144A 8.00% 10/1/30 # | 2340000 | &nbsp;&nbsp; 2480510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 3/15/32 # | 3285000 | &nbsp;&nbsp; 3321841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.625% 1/15/34 # | 2420000 | &nbsp;&nbsp; 2495165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellium 144A 6.375% 8/15/32 # | 1660000 | &nbsp;&nbsp; 1698170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortescue Treasury 144A 5.875% 4/15/30 # | 3340000 | &nbsp;&nbsp; 3425618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K Hovnanian Enterprises 144A 8.375% 10/1/33 # | 2740000 | &nbsp;&nbsp; 2810903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources 144A 9.25% 10/1/28 # | 1105000 | &nbsp;&nbsp; 1159210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOVA Chemicals 144A 9.00% 2/15/30 # | 3950000 | &nbsp;&nbsp; 4239910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olympus Water US Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp; 760808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/33 # | 4000000 | &nbsp;&nbsp; 4006666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 11/15/28 # | 4136000 | &nbsp;&nbsp; 4343317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quikrete Holdings 144A 6.75% 3/1/33 # | 3985000 | &nbsp;&nbsp; 4146188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions 144A 6.50% 8/15/32 # | 4030000 | &nbsp;&nbsp; 4138995 |
|  |  | &nbsp;&nbsp; 43053601 |
| &nbsp;&nbsp;Capital Goods — 6.59% | &nbsp;&nbsp;Capital Goods — 6.59% | &nbsp;&nbsp;Capital Goods — 6.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings 144A 7.25% 8/1/32 # | 3275000 | &nbsp;&nbsp; 3403252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcosa 144A 6.875% 8/15/32 # | 2025000 | &nbsp;&nbsp; 2116769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bombardier |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/1/32 # | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp; 193590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 7/1/31 # | 1905000 | &nbsp;&nbsp; 2021743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.75% 11/15/30 # | 3370000 | &nbsp;&nbsp; 3638394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings 144A 8.75% 4/15/30 # | 2415000 | &nbsp;&nbsp; 2483086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab 144A 6.25% 4/15/29 # | 4000000 | &nbsp;&nbsp; 4114212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goat Holdco 144A 6.75% 2/1/32 # | 1915000 | &nbsp;&nbsp; 1964588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manitowoc 144A 9.25% 10/1/31 # | 2035000 | &nbsp;&nbsp; 2137691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions<br> Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 4/15/27 # | 2725000 | &nbsp;&nbsp; 2755119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.25% 4/15/27 # | 3495000 | &nbsp;&nbsp; 3505950 |

---

NQ- IV093 [0925] 1125 (4967888) 3

------

Macquarie VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) | &nbsp;&nbsp;Capital Goods (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 7/15/32 # | 1445000 | $1497770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;975000 | &nbsp;&nbsp; 1024304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terex 144A 6.25% 10/15/32 # | 3885000 | &nbsp;&nbsp; 3960820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toucan FinCo 144A 9.50% 5/15/30 # | 2075000 | &nbsp;&nbsp; 2034600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 3/1/32 # | 3260000 | &nbsp;&nbsp; 3360392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 12/15/30 # | 6450000 | &nbsp;&nbsp; 6688843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trivium Packaging Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.25% 7/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 907459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 12.25% 1/15/31 # | 3497000 | &nbsp;&nbsp; 3788251 |
|  |  | &nbsp;&nbsp; 51596833 |
| &nbsp;&nbsp;Consumer Goods — 1.21% | &nbsp;&nbsp;Consumer Goods — 1.21% | &nbsp;&nbsp;Consumer Goods — 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cerdia Finanz 144A 9.375% 10/3/31 # | 4105000 | &nbsp;&nbsp; 4356431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiesta Purchaser |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 3/1/31 # | 1919000 | &nbsp;&nbsp; 2027669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.625% 9/15/32 # | 2860000 | &nbsp;&nbsp; 3094783 |
|  |  | &nbsp;&nbsp; 9478883 |
| &nbsp;&nbsp;Electric — 2.81% | &nbsp;&nbsp;Electric — 2.81% | &nbsp;&nbsp;Electric — 2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightning Power 144A 7.25% 8/15/32 # | 4895000 | &nbsp;&nbsp; 5185964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy 144A 6.25% 11/1/34 # | 4090000 | &nbsp;&nbsp; 4195178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 12/15/26 #, μ, ψ | 8025000 | &nbsp;&nbsp; 8153400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 10/15/26 #, μ, ψ | 3650000 | &nbsp;&nbsp; 3736188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners 144A 8.375% 1/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;730000 | &nbsp;&nbsp; 765609 |
|  |  | &nbsp;&nbsp; 22036339 |
| &nbsp;&nbsp;Energy — 10.60% | &nbsp;&nbsp;Energy — 10.60% | &nbsp;&nbsp;Energy — 10.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock Partners 144A 6.625% 9/1/32 # | 3970000 | &nbsp;&nbsp; 4075312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources 144A 9.625% 6/15/33 # | 3645000 | &nbsp;&nbsp; 3852791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crescent Energy Finance 144A 8.375% 1/15/34 # | 1749000 | &nbsp;&nbsp; 1773604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75% 2/1/28 | 1975000 | &nbsp;&nbsp; 1990423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.875% 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;940000 | &nbsp;&nbsp; 981129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Operating 144A 6.75% 9/1/29 # | 4050000 | &nbsp;&nbsp; 4161147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilcorp Energy I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 2/1/31 # | 2248000 | &nbsp;&nbsp; 2173389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.25% 4/15/32 # | 2665000 | &nbsp;&nbsp; 2558503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/35 # | 4015000 | &nbsp;&nbsp; 3926516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources 144A 6.25% 4/15/33 # | 2870000 | &nbsp;&nbsp; 2890661 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) | &nbsp;&nbsp;Energy (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.875% 8/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;778000 | $725151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.125% 1/31/30 # | 1475000 | &nbsp;&nbsp; 1535121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGL Energy Operating 144A 8.375% 2/15/32 # | 3860000 | &nbsp;&nbsp; 3958646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noble Finance II 144A 8.00% 4/15/30 # | 3040000 | &nbsp;&nbsp; 3148844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NuStar Logistics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% 6/1/26 | 4126000 | &nbsp;&nbsp; 4151928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375% 10/1/30 | 3742000 | &nbsp;&nbsp; 3878055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 1/15/32 # | 1490000 | &nbsp;&nbsp; 1546453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.875% 7/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp; 751074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SESI 144A 7.875% 9/30/30 # | &nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp; 785981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy 144A 7.00% 8/1/32 # | 1771000 | &nbsp;&nbsp; 1773658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sunoco 144A 7.25% 5/1/32 # | 2210000 | &nbsp;&nbsp; 2320988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transocean International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.875% 10/15/32 # | 1008000 | &nbsp;&nbsp; 1008000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.00% 2/1/27 # | 2281000 | &nbsp;&nbsp; 2279574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.50% 5/15/31 # | 1845000 | &nbsp;&nbsp; 1809504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA Compression Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875% 9/1/27 | 5090000 | &nbsp;&nbsp; 5092036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 3/15/29 # | 1550000 | &nbsp;&nbsp; 1599637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global LNG 144A 9.875% 2/1/32 # | 5420000 | &nbsp;&nbsp; 5904267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG 144A 7.75% 5/1/35 # | 2630000 | &nbsp;&nbsp; 2970147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vital Energy 144A 7.875% 4/15/32 # | 3855000 | &nbsp;&nbsp; 3744833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weatherford International 144A 8.625% 4/30/30 # | 5505000 | &nbsp;&nbsp; 5631373 |
|  |  | &nbsp;&nbsp; 82998745 |
| &nbsp;&nbsp;Financial Services — 6.49% | &nbsp;&nbsp;Financial Services — 6.49% | &nbsp;&nbsp;Financial Services — 6.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease 4.65% 6/15/26 μ, ψ | 3715000 | &nbsp;&nbsp; 3672173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanticus Holdings 144A 9.75% 9/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;775000 | &nbsp;&nbsp; 770738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azorra Finance 144A 7.75% 4/15/30 # | 4195000 | &nbsp;&nbsp; 4427483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block 6.50% 5/15/32 | 2955000 | &nbsp;&nbsp; 3060762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Buyer 144A 6.375% 2/15/32 # | 2768000 | &nbsp;&nbsp; 2839002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo 144A 6.50% 10/1/30 # | 3927000 | &nbsp;&nbsp; 3946359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Focus Financial Partners 144A 6.75% 9/15/31 # | 3930000 | &nbsp;&nbsp; 4027672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Investors 144A 7.00% 6/15/32 # | 3990000 | &nbsp;&nbsp; 4179114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 8/15/28 # | 2165000 | &nbsp;&nbsp; 2093533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.625% 10/15/31 # | 4000000 | &nbsp;&nbsp; 4029795 |

---

4 NQ- IV093 [0925] 1125 (4967888)

------

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) | &nbsp;&nbsp;Financial Services (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.625% 5/15/29 | 2811000 | $2892859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125% 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;947000 | &nbsp;&nbsp; 979471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PennyMac Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 5/15/32 # | 1915000 | &nbsp;&nbsp; 1985821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 2/15/33 # | 2800000 | &nbsp;&nbsp; 2894814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket 144A 6.375% 8/1/33 # | 3860000 | &nbsp;&nbsp; 3988785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.85% 9/10/29 #, μ, ψ | &nbsp;&nbsp;&nbsp;&nbsp;825000 | &nbsp;&nbsp; 853828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.125% 8/10/34 #, μ, ψ | 2900000 | &nbsp;&nbsp; 2987003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UWM Holdings 144A 6.625% 2/1/30 # | 1129000 | &nbsp;&nbsp; 1149506 |
|  |  | &nbsp;&nbsp; 50778718 |
| &nbsp;&nbsp;Healthcare — 5.37% | &nbsp;&nbsp;Healthcare — 5.37% | &nbsp;&nbsp;Healthcare — 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261229 BC 144A 10.00% 4/15/32 # | 1705000 | &nbsp;&nbsp; 1749061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AthenaHealth Group 144A 6.50% 2/15/30 # | 2060000 | &nbsp;&nbsp; 2044906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor Funding 144A 3.875% 11/1/29 # | 4315000 | &nbsp;&nbsp; 4107470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheplapharm Arzneimittel 144A 5.50% 1/15/28 # | 1996000 | &nbsp;&nbsp; 1951039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.25% 5/15/30 # | 1600000 | &nbsp;&nbsp; 1448879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 4/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;978000 | &nbsp;&nbsp; 710233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.875% 4/15/29 # | &nbsp;&nbsp;&nbsp;&nbsp;980000 | &nbsp;&nbsp; 780002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.75% 1/15/34 # | 2840000 | &nbsp;&nbsp; 2913130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.75% 2/15/31 # | 2425000 | &nbsp;&nbsp; 2222775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.625% 6/1/30 # | 1475000 | &nbsp;&nbsp; 1414818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Medical Response 144A 7.375% 10/1/32 # | 2238000 | &nbsp;&nbsp; 2304995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA 144A 6.25% 6/1/32 # | 2000000 | &nbsp;&nbsp; 2058782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LifePoint Health 144A 11.00% 10/15/30 # | 1730000 | &nbsp;&nbsp; 1908894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medline Borrower 144A 5.25% 10/1/29 # | 2925000 | &nbsp;&nbsp; 2901873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. 144A 5.125% 4/30/31 # | 4595000 | &nbsp;&nbsp; 4029098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paradigm Parent and Paradigm Parent CO-Issuer 144A 8.75% 4/17/32 # | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp; 807175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radiology Partners 144A 8.50% 7/15/32 # | 1265000 | &nbsp;&nbsp; 1310649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raven Acquisition Holdings 144A 6.875% 11/15/31 # | 3180000 | &nbsp;&nbsp; 3275934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Surgery Center Holdings 144A 7.25% 4/15/32 # | 4010000 | &nbsp;&nbsp; 4124269 |
|  |  | &nbsp;&nbsp; 42063982 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Insurance — 3.68% | &nbsp;&nbsp;Insurance — 3.68% | &nbsp;&nbsp;Insurance — 3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Finco 144A 7.75% 2/15/31 # | 4595000 | $4811742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howden UK Refinance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 2/15/31 # | 2540000 | &nbsp;&nbsp; 2617091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 8.125% 2/15/32 # | 2325000 | &nbsp;&nbsp; 2414275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HUB International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/30 # | 1880000 | &nbsp;&nbsp; 1962100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 1/31/32 # | 3810000 | &nbsp;&nbsp; 3969883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management 144A 8.50% 3/15/30 # | 5715000 | &nbsp;&nbsp; 6008894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panther Escrow Issuer 144A 7.125% 6/1/31 # | 3905000 | &nbsp;&nbsp; 4064394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USI 144A 7.50% 1/15/32 # | 2845000 | &nbsp;&nbsp; 2987046 |
|  |  | &nbsp;&nbsp; 28835425 |
| &nbsp;&nbsp;Leisure — 4.10% | &nbsp;&nbsp;Leisure — 4.10% | &nbsp;&nbsp;Leisure — 4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 2/15/32 # | 1900000 | &nbsp;&nbsp; 1939165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 2/15/30 # | 2675000 | &nbsp;&nbsp; 2753223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.875% 6/15/31 # | 1235000 | &nbsp;&nbsp; 1266348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 5/1/29 # | 4306000 | &nbsp;&nbsp; 4373027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.125% 2/15/33 # | 2919000 | &nbsp;&nbsp; 2993919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life Time 144A 6.00% 11/15/31 # | 4075000 | &nbsp;&nbsp; 4142824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder International 144A 7.25% 11/15/29 # | 1880000 | &nbsp;&nbsp; 1930847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions 144A 7.00% 9/15/30 # | &nbsp;&nbsp;&nbsp;&nbsp;773000 | &nbsp;&nbsp; 788394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority 144A 8.25% 4/15/30 # | 1041000 | &nbsp;&nbsp; 1082416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises 144A 5.50% 4/1/28 # | 4964000 | &nbsp;&nbsp; 5061612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Flags Entertainment 144A 6.625% 5/1/32 # | 2945000 | &nbsp;&nbsp; 3002333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voyager Parent 144A 9.25% 7/1/32 # | 2650000 | &nbsp;&nbsp; 2804124 |
|  |  | &nbsp;&nbsp; 32138232 |
| &nbsp;&nbsp;Media — 8.13% | &nbsp;&nbsp;Media — 8.13% | &nbsp;&nbsp;Media — 8.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage Sales & Marketing 144A 6.50% 11/15/28 # | 1950000 | &nbsp;&nbsp; 1680181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks 144A 10.25% 1/15/29 # | 1835000 | &nbsp;&nbsp; 1935237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arches Buyer 144A 6.125% 12/1/28 # | 2374000 | &nbsp;&nbsp; 2329326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCO Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 8/15/30 # | 2924000 | &nbsp;&nbsp; 2763457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 2/1/32 # | 3290000 | &nbsp;&nbsp; 3045279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.375% 9/1/29 # | 6850000 | &nbsp;&nbsp; 6949743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cimpress 144A 7.375% 9/15/32 # | 2850000 | &nbsp;&nbsp; 2843629 |

---

NQ- IV093 [0925] 1125 (4967888) 5

------

Macquarie VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) | &nbsp;&nbsp;Media (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings 144A 7.50% 3/15/33 # | 2120000 | $2218122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMG Media 144A 8.875% 6/18/29 # | 4406000 | &nbsp;&nbsp; 4050700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.50% 11/15/31 # | 3015000 | &nbsp;&nbsp; 1963188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.00% 11/15/31 # | 2381000 | &nbsp;&nbsp; 837814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulus Media New Holdings 144A 8.00% 7/1/29 # | 3871000 | &nbsp;&nbsp; 1006383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directv Financing 144A 8.875% 2/1/30 # | &nbsp;&nbsp;&nbsp;&nbsp;805000 | &nbsp;&nbsp; 799043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Media |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 10/15/30 # | 2665000 | &nbsp;&nbsp; 2048719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.375% 11/15/31 # | 5459000 | &nbsp;&nbsp; 4104526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 8/15/33 # | 1695000 | &nbsp;&nbsp; 1680724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McGraw-Hill Education 144A 7.375% 9/1/31 # | 4808000 | &nbsp;&nbsp; 4999426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midcontinent Communications 144A 8.00% 8/15/32 # | 3855000 | &nbsp;&nbsp; 3976637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap 144A 6.875% 3/1/33 # | 3965000 | &nbsp;&nbsp; 4057002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stagwell Global 144A 5.625% 8/15/29 # | 4180000 | &nbsp;&nbsp; 4064021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.375% 6/30/30 # | 4225000 | &nbsp;&nbsp; 4248766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.375% 8/1/32 # | 1947000 | &nbsp;&nbsp; 2076489 |
|  |  | &nbsp;&nbsp; 63678412 |
| &nbsp;&nbsp;Non-Electric Utilities — 0.15% | &nbsp;&nbsp;Non-Electric Utilities — 0.15% | &nbsp;&nbsp;Non-Electric Utilities — 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmeriGas Partners 144A 9.50% 6/1/30 # | 1155000 | &nbsp;&nbsp; 1210138 |
|  |  | &nbsp;&nbsp; 1210138 |
| &nbsp;&nbsp;Real Estate — 0.57% | &nbsp;&nbsp;Real Estate — 0.57% | &nbsp;&nbsp;Real Estate — 0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brandywine Operating Partnership 8.875% 4/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp; 782125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outfront Media Capital 144A 7.375% 2/15/31 # | &nbsp;&nbsp;&nbsp;&nbsp;745000 | &nbsp;&nbsp; 786495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RHP Hotel Properties 144A 7.25% 7/15/28 # | &nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp; 784601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust 8.875% 6/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;795000 | &nbsp;&nbsp; 800163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust 144A 6.50% 7/1/30 # | 1251000 | &nbsp;&nbsp; 1294958 |
|  |  | &nbsp;&nbsp; 4448342 |
| &nbsp;&nbsp;Retail — 4.19% | &nbsp;&nbsp;Retail — 4.19% | &nbsp;&nbsp;Retail — 4.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group 4.75% 3/1/30 | 4450930 | &nbsp;&nbsp; 4338564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works 6.875% 11/1/35 | 6070000 | &nbsp;&nbsp; 6323131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beach Acquisition Bidco 144A 10.00% 7/15/33 # | 2660000 | &nbsp;&nbsp; 2875891 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) | &nbsp;&nbsp;Retail (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/30 #, > | 1501650 | $1572163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIK 144A 9.00% 6/1/31 #, >> | 1604806 | &nbsp;&nbsp; 1818194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eG Global Finance 144A 12.00% 11/30/28 # | &nbsp;&nbsp;&nbsp;&nbsp;690000 | &nbsp;&nbsp; 758859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 3.875% 6/1/29 # | 1666000 | &nbsp;&nbsp; 1592572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.375% 1/15/31 # | 1271000 | &nbsp;&nbsp; 1207930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnera 144A 7.25% 11/15/31 # | 2865000 | &nbsp;&nbsp; 2698085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy Oil USA 4.75% 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp; 972623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetSmart |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.50% 9/15/32 # | 1150000 | &nbsp;&nbsp; 1154584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 10.00% 9/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 778977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group 144A 11.25% 2/15/27 # | 1440000 | &nbsp;&nbsp; 1562388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Victra Holdings 144A 8.75% 9/15/29 # | 4890000 | &nbsp;&nbsp; 5133904 |
|  |  | &nbsp;&nbsp; 32787865 |
| &nbsp;&nbsp;Services — 3.14% | &nbsp;&nbsp;Services — 3.14% | &nbsp;&nbsp;Services — 3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albion Financing 1 144A 7.00% 5/21/30 # | 1895000 | &nbsp;&nbsp; 1964736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.00% 6/15/30 # | 1260000 | &nbsp;&nbsp; 1309822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 7.25% 6/15/33 # | &nbsp;&nbsp;&nbsp;&nbsp;865000 | &nbsp;&nbsp; 903663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO Building Products 144A 6.75% 4/30/32 # | &nbsp;&nbsp;&nbsp;&nbsp;959000 | &nbsp;&nbsp; 995342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resideo Funding 144A 6.50% 7/15/32 # | 3412000 | &nbsp;&nbsp; 3501241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&S Holdings 144A 8.375% 10/1/31 # | 2865000 | &nbsp;&nbsp; 2811264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staples 144A 10.75% 9/1/29 # | 3825000 | &nbsp;&nbsp; 3801168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Pro USA 144A 7.00% 2/1/33 # | 1950000 | &nbsp;&nbsp; 2024679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Cap Buyer 144A 6.875% 10/15/28 # | 4435000 | &nbsp;&nbsp; 4425862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Scotsman 144A 6.625% 4/15/30 # | 2725000 | &nbsp;&nbsp; 2807377 |
|  |  | &nbsp;&nbsp; 24545154 |
| &nbsp;&nbsp;Technology & Electronics — 3.13% | &nbsp;&nbsp;Technology & Electronics — 3.13% | &nbsp;&nbsp;Technology & Electronics — 3.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capstone Borrower 144A 8.00% 6/15/30 # | 1657000 | &nbsp;&nbsp; 1734864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloud Software Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.50% 3/31/29 # | 1950000 | &nbsp;&nbsp; 1969735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 9.00% 9/30/29 # | 3730000 | &nbsp;&nbsp; 3873013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope 144A 8.25% 3/1/27 # | &nbsp;&nbsp;&nbsp;&nbsp;850000 | &nbsp;&nbsp; 860013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CommScope Technologies 144A 5.00% 3/15/27 # | 1275000 | &nbsp;&nbsp; 1266077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave 144A 9.00% 2/1/31 # | &nbsp;&nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp; 790119 |

---

6 NQ- IV093 [0925] 1125 (4967888)

------

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** | &nbsp;&nbsp;**Corporate Bonds (continued)** |
| &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) | &nbsp;&nbsp;Technology & Electronics (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 4.75% 4/15/29 # | 2121000 | $2105077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 5.95% 6/15/30 # | 1860000 | &nbsp;&nbsp; 1888337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ION Platform Finance US 144A 7.875% 9/30/32 # | 1400000 | &nbsp;&nbsp; 1390802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Data Storage Technology 144A 5.75% 12/1/34 # | 2155000 | &nbsp;&nbsp; 2153449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UKG 144A 6.875% 2/1/31 # | 5160000 | &nbsp;&nbsp; 5328164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies 144A 6.50% 6/1/32 # | 1120000 | &nbsp;&nbsp; 1151232 |
|  |  | &nbsp;&nbsp; 24510882 |
| &nbsp;&nbsp;Telecommunications — 6.82% | &nbsp;&nbsp;Telecommunications — 6.82% | &nbsp;&nbsp;Telecommunications — 6.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connect Finco 144A 9.00% 9/15/29 # | 4480000 | &nbsp;&nbsp; 4715893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Communications 144A 6.50% 10/1/28 # | 9238000 | &nbsp;&nbsp; 9388117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance 144A 8.625% 8/1/32 # | 1965000 | &nbsp;&nbsp; 2021726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875% 11/1/29 | 1011498 | &nbsp;&nbsp; 1023017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.00% 1/15/30 # | 8965000 | &nbsp;&nbsp; 9078300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144A 6.75% 5/1/29 # | 3287000 | &nbsp;&nbsp; 3322549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maya 144A 8.50% 4/15/31 # | 5850000 | &nbsp;&nbsp; 6278939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rogers Communications 7.125% 4/15/55 μ | 3405000 | &nbsp;&nbsp; 3611260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sable International Finance 144A 7.125% 10/15/32 # | 4100000 | &nbsp;&nbsp; 4166289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uniti Group 144A 10.50% 2/15/28 # | 1164000 | &nbsp;&nbsp; 1226652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I 144A 7.75% 4/15/32 # | 3770000 | &nbsp;&nbsp; 3965618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VZ Secured Financing 144A 5.00% 1/15/32 # | 2805000 | &nbsp;&nbsp; 2539684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Windstream Services 144A 7.50% 10/15/33 # | 2070000 | &nbsp;&nbsp; 2070735 |
|  |  | &nbsp;&nbsp; 53408779 |
| &nbsp;&nbsp;Transportation — 0.52% | &nbsp;&nbsp;Transportation — 0.52% | &nbsp;&nbsp;Transportation — 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesee & Wyoming 144A 6.25% 4/15/32 # | 4005000 | &nbsp;&nbsp; 4074655 |
|  |  | &nbsp;&nbsp; 4074655 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $613,602,627)** | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds<br> (cost $613,602,627)** | &nbsp;&nbsp;**625718049** |
| &nbsp;&nbsp;**Loan Agreements — 6.86%** | &nbsp;&nbsp;**Loan Agreements — 6.86%** | &nbsp;&nbsp;**Loan Agreements — 6.86%** |
| &nbsp;&nbsp;Automotive — 0.45% | &nbsp;&nbsp;Automotive — 0.45% | &nbsp;&nbsp;Automotive — 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clarios Global 6.913% (SOFR01M + 2.75%) 1/28/32 • | 1510000 | &nbsp;&nbsp; 1509056 |

---

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Automotive (continued) | &nbsp;&nbsp;Automotive (continued) | &nbsp;&nbsp;Automotive (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenneco Tranche B 9.102% - 9.304% (SOFR03M + 5.10%) 11/17/28 • | 2010000 | $1974407 |
|  |  | &nbsp;&nbsp; 3483463 |
| &nbsp;&nbsp;Basic Industry — 0.87% | &nbsp;&nbsp;Basic Industry — 0.87% | &nbsp;&nbsp;Basic Industry — 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form Technologies 10.075% (SOFR03M + 5.75%) 7/19/30 • | 1767570 | &nbsp;&nbsp; 1573137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hunter Douglas Holding Tranche B-1 7.252% (SOFR03M + 3.25%) 1/17/32 • | 1833551 | &nbsp;&nbsp; 1835461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ineos Quattro Holdings UK Tranche B 8.413% (SOFR01M + 4.25%) 10/7/31 • | 1940250 | &nbsp;&nbsp; 1697719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Usalco 7.663% (SOFR01M + 3.50%) 9/30/31 • | 1691634 | &nbsp;&nbsp; 1690577 |
|  |  | &nbsp;&nbsp; 6796894 |
| &nbsp;&nbsp;Capital Goods — 0.86% | &nbsp;&nbsp;Capital Goods — 0.86% | &nbsp;&nbsp;Capital Goods — 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.413% (SOFR01M + 3.25%) 4/1/32 • | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp; 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tranche B 7.413% (SOFR01M + 3.25%) 4/1/32 • | &nbsp;&nbsp;&nbsp;&nbsp;541590 | &nbsp;&nbsp; 541313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lsf12 Crown US Commercial Bidco 7.663% (SOFR01M + 3.50%) 12/2/31 • | 2220435 | &nbsp;&nbsp; 2226448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SunSource Borrower 8.263% (SOFR01M + 4.10%) 3/25/31 • | 3964625 | &nbsp;&nbsp; 3943977 |
|  |  | &nbsp;&nbsp; 6712022 |
| &nbsp;&nbsp;Healthcare — 1.73% | &nbsp;&nbsp;Healthcare — 1.73% | &nbsp;&nbsp;Healthcare — 1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bausch & Lomb 8.413% (SOFR01M + 4.25%) 1/15/31 • | 3668533 | &nbsp;&nbsp; 3677704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cotiviti 7.625% 5/1/31 | 3918000 | &nbsp;&nbsp; 3947385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Heartland Dental 7.913% (SOFR01M + 3.75%) 8/25/32 • | 5905262 | &nbsp;&nbsp; 5902954 |
|  |  | &nbsp;&nbsp; 13528043 |
| &nbsp;&nbsp;Leisure — 0.74% | &nbsp;&nbsp;Leisure — 0.74% | &nbsp;&nbsp;Leisure — 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific Games Holdings 7.286% (SOFR03M + 3.00%) 4/4/29 • | 5850450 | &nbsp;&nbsp; 5810228 |
|  |  | &nbsp;&nbsp; 5810228 |
| &nbsp;&nbsp;Media — 0.18% | &nbsp;&nbsp;Media — 0.18% | &nbsp;&nbsp;Media — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DirectV Financing Tranche B 9.808% (SOFR03M + 5.50%) 2/17/31 • | 1110200 | &nbsp;&nbsp; 1088459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Univision Communications 1st Lien 8.252% (SOFR03M + 4.25%) 6/24/29 • | &nbsp;&nbsp;&nbsp;&nbsp;339253 | &nbsp;&nbsp; 340101 |
|  |  | &nbsp;&nbsp; 1428560 |

---

NQ- IV093 [0925] 1125 (4967888) 7

------

Macquarie VIP High Income Series

---

| | | |
|:---|:---|:---|
|  | **Principalamount<sup>°</sup>** | **Value (US $)** |
| &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** | &nbsp;&nbsp;**Loan Agreements (continued)** |
| &nbsp;&nbsp;Retail — 0.28% | &nbsp;&nbsp;Retail — 0.28% | &nbsp;&nbsp;Retail — 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flynn Restaurant Group 7.913% (SOFR01M + 3.75%) 1/28/32 • | 2204920 | $2211810 |
|  |  | &nbsp;&nbsp; 2211810 |
| &nbsp;&nbsp;Technology & Electronics — 1.75% | &nbsp;&nbsp;Technology & Electronics — 1.75% | &nbsp;&nbsp;Technology & Electronics — 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Systems 2nd Lien 8.502% (SOFR03M + 4.50%) 2/23/32 • | 3716000 | &nbsp;&nbsp; 3813545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clover Holdings 2 7.75% 12/9/31 | 4468800 | &nbsp;&nbsp; 4516281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commscope 8.913% (SOFR01M + 4.75%) 12/17/29 • | 3855000 | &nbsp;&nbsp; 3905115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Icon Parent I 9.205% (SOFR06M + 5.00%) 11/12/32 • | 1442000 | &nbsp;&nbsp; 1462729 |
|  |  | &nbsp;&nbsp; 13697670 |
| &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $53,690,494)** | &nbsp;&nbsp;&nbsp;**Total Loan Agreements<br> (cost $53,690,494)** | &nbsp;&nbsp; **53668690** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** |  |
| &nbsp;&nbsp;**Common Stocks — 0.66%♣** | &nbsp;&nbsp;**Common Stocks — 0.66%♣** | &nbsp;&nbsp;**Common Stocks — 0.66%♣** |
| &nbsp;&nbsp;Consumer Discretionary — 0.42% | &nbsp;&nbsp;Consumer Discretionary — 0.42% | &nbsp;&nbsp;Consumer Discretionary — 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASG Warrant =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings †, π | &nbsp;&nbsp;&nbsp;&nbsp;581459 | &nbsp;&nbsp;&nbsp;&nbsp;2267690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Studio City International Holdings ADR † | &nbsp;&nbsp;&nbsp;&nbsp;271628 | &nbsp;&nbsp;&nbsp;&nbsp;1059350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3327040 |
| &nbsp;&nbsp;Energy — 0.06% | &nbsp;&nbsp;Energy — 0.06% | &nbsp;&nbsp;Energy — 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BIS Industries Holdings =, †, π | 1604602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foresight Energy =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;185515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Oil & Gas Holdings =, † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westmoreland Coal =, †, π | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436253 |
| &nbsp;&nbsp;Financials — 0.18% | &nbsp;&nbsp;Financials — 0.18% | &nbsp;&nbsp;Financials — 0.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Cotai =, †, π | 3072567 | &nbsp;&nbsp;&nbsp;&nbsp;1390348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1390348 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $12,449,651)** | &nbsp;&nbsp;&nbsp;**Total Common Stocks<br> (cost $12,449,651)** | **5153641** |
| &nbsp;&nbsp;**Exchange-Traded Funds — 4.14%** | &nbsp;&nbsp;**Exchange-Traded Funds — 4.14%** | &nbsp;&nbsp;**Exchange-Traded Funds — 4.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF | &nbsp;&nbsp;&nbsp;&nbsp;424157 | &nbsp;&nbsp;&nbsp;&nbsp;8877606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;290000 | 23545100 |
| &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $33,375,159)** | &nbsp;&nbsp;&nbsp;**Total Exchange-Traded Funds<br> (cost $33,375,159)** | **32422706** |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> shares** | **Value (US $)** |
| &nbsp;&nbsp;**Short-Term Investments — 1.98%** | &nbsp;&nbsp;**Short-Term Investments — 1.98%** | &nbsp;&nbsp;**Short-Term Investments — 1.98%** |
| &nbsp;&nbsp;Money Market Mutual Funds — 1.98% | &nbsp;&nbsp;Money Market Mutual Funds — 1.98% | &nbsp;&nbsp;Money Market Mutual Funds — 1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) | 3877749 | $3877749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.04%) | 3877749 | &nbsp;&nbsp; 3877749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.07%) | 3877750 | &nbsp;&nbsp; 3877750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.05%) | 3877750 | &nbsp;&nbsp; 3877750 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $15,510,998)** | &nbsp;&nbsp;&nbsp;**Total Short-Term Investments<br> (cost $15,510,998)** | &nbsp;&nbsp; **15510998** |
| &nbsp;&nbsp;&nbsp;**Total Value of Securities—99.91%<br> (cost $778,233,486)** |  | &nbsp;&nbsp;**782268838** |
| &nbsp;&nbsp;&nbsp;**Receivables and Other Assets Net of Liabilities—0.09%** |  | &nbsp;&nbsp; **726339** |
| &nbsp;&nbsp;&nbsp;**Net Assets Applicable to 271,499,316 Shares Outstanding—100.00%** |  | **$782995177** |

---

---

| | |
|:---|:---|
| ° | Principal amount shown is stated in USD unless noted that the security is denominated in another currency. |
| # | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2025, the aggregate value of Rule 144A securities was $604,329,742, which represents 77.18% of the Series' net assets. |
| • | Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. The reference rate descriptions (i.e. SOFR01M, SOFR03M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| = | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
| >> | PIK. 100% of the income received was in the form of principal. |
| μ | Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2025. Rate will reset at a future date. |

---

8 NQ- IV093 [0925] 1125 (4967888)

------

---

| | |
|:---|:---|
| ψ | Perpetual security. Maturity date represents next call date. |
| > | PIK. 100% of the income received was in the form of cash. |
| ♣ | Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance and/or internal classification purposes. |
| † | Non-income producing security. |
| π | Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2025, the aggregate value of restricted securities was $8,506,846, which represented 1.09% of the Series' net assets. See table to the right for additional details on restricted securities. |
| X | This loan will settle after September 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Restricted Securities** |  |  |  |
| Investments | Date of Acquisition | Cost | Value |
| ASG Warrant | &nbsp;&nbsp;&nbsp;5/30/18 | &nbsp;&nbsp;&nbsp;&nbsp;$72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |
| BIS Industries Holdings | 12/22/17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Foresight Energy | &nbsp;&nbsp;&nbsp;6/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;3638770 | &nbsp;&nbsp;&nbsp;&nbsp;435498 |
| New Cotai | &nbsp;&nbsp;&nbsp;7/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;1656876 | &nbsp;&nbsp;&nbsp;1390348 |
| New Cotai PIK | &nbsp;&nbsp;&nbsp;&nbsp;2/7/22 | &nbsp;&nbsp;&nbsp;&nbsp;3861194 | &nbsp;&nbsp;&nbsp;4412881 |
| Studio City International Holdings | 10/18/18 | &nbsp;&nbsp;&nbsp;&nbsp;3522480 | &nbsp;&nbsp;&nbsp;2267690 |
| Westmoreland Coal | &nbsp;&nbsp;&nbsp;3/15/19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
| Total |  | $12902771 | $8506846 |

---

#### Unfunded Loan Commitments
The Series may invest in floating rate loans. In connection with these investments, the Series may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Series to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Series earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Borrower | Principal<br> Amount | Value | Commitment | Unrealized<br> Appreciation<br> (Depreciation) |
| Clydesdale Acquisition Holdings TBD 4/1/32 X | &nbsp;&nbsp;&nbsp;$9207 | &nbsp;&nbsp;&nbsp;$9202 | &nbsp;&nbsp;&nbsp;$9207 | &nbsp;&nbsp;&nbsp;$(5) |
| Usalco TBD 9/30/31 X | &nbsp;&nbsp;&nbsp;175604 | &nbsp;&nbsp;&nbsp;175495 | &nbsp;&nbsp;&nbsp;175605 | &nbsp;&nbsp;&nbsp;(110) |
| Total | $184811 | $184697 | $184812 | $(115) |

---

---

| |
|:---|
| **Summary of abbreviations:** |
| ADR – American Depositary Receipt |
| CLO – Collateralized Loan Obligation |
| ETF – Exchange-Traded Fund |
| LNG – Liquefied Natural Gas |
| PIK – Payment-in-kind |
| SOFR – Secured Overnight Financing Rate |
| SOFR01M – Secured Overnight Financing Rate 1 Month |
| SOFR03M – Secured Overnight Financing Rate 3 Month |
| SOFR06M – Secured Overnight Financing Rate 6 Month |
| TBD – To be determined |
| TSFR03M – 3 Month Term Secured Overnight Financing Rate |
| USD – US Dollar |

---

NQ- IV093 [0925] 1125 (4967888) 9

## 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:** Macquarie VIP High Income Series

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

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

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $792273918.80

**Total Liabilities:** $9007462.67

**Net Assets:** $783266456.13

**Delayed Delivery Securities:** $4868290.01

**Cash Not Reported:** $392254.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 17.73555000 | **1-Year:** 4163.76766000 | **5-Year:** 13194.13744000 | **10-Year:** 3086.42771000 | **30-Year:** 0.00000000

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

- **3-Month:** 1007.64868000 | **1-Year:** 66005.45103000 | **5-Year:** 123061.71574000 | **10-Year:** 5865.06999000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190649 | 1.06%                | 1.05%                | 0.35%                |
| Class ID C000017176 | 0.71%                | 1.06%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-28076641.67            | $30841362.38                               |
| Month 2  | $-139483.27              | $4918442.48                                |
| Month 3  | $-119503.21              | $-1175355.47                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Empower CLO Ltd.                               | Empower CLO 2022-1 Ltd                                                          | CUSIP: 29246YAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1007104.00   | 0.13%             | 2037-10-20      | Floating      | 10.23%                | No            |                  2 | On Loan: No      |
| Silver Point CLO, Ltd                          | Silver Point Clo 5 Ltd                                                          | CUSIP: 82809HAA1<br>LEI: 254900IB4JHW6SUR0Q75 | Long             | ABS-CBDO         | CORP              | KY        |    900000 | PA      | $901215.00    | 0.12%             | 2037-10-20      | Floating      | 10.73%                | No            |                  2 | On Loan: No      |
| ARCHES BUYER INC                               | Arches Buyer Inc                                                                | CUSIP: 039524AB9<br>LEI: 2549009ADY4208OH2Y47 | Long             | DBT              | CORP              | US        |   2374000 | PA      | $2329325.59   | 0.30%             | 2028-12-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Storm King Park CLO, Ltd                       | Storm King Park CLO LTD                                                         | CUSIP: 862179AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    850000 | PA      | $849915.00    | 0.11%             | 2037-10-15      | Floating      | 10.47%                | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                           | Fiesta Purchaser Inc                                                            | CUSIP: 31659AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1919000 | PA      | $2027669.13   | 0.26%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                                  | COMMSCOPE LLC                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3855000 | PA      | $3905115.00   | 0.50%             | 2029-12-17      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                     | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   4450930 | PA      | $4338564.05   | 0.55%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                                        | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1969734.59   | 0.25%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLOVER HOLDINGS 2 LLC                          | CLOVER HOLDINGS 2 LLC                                                           | CUSIP: 18914DAC2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4468800 | PA      | $4516281.00   | 0.58%             | 2031-12-09      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                     | Phinia Inc                                                                      | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |   1948000 | PA      | $2009397.06   | 0.26%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | CLYDESDALE ACQUISITION HOLDINGS INC                                             | CUSIP: 18972FAE2<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    541590 | PA      | $541312.82    | 0.07%             | 2032-03-29      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                                 | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3860000 | PA      | $3988785.04   | 0.51%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES HOLDIN                        | SCIENTIFIC GAMES HOLDINGS LP                                                    | CUSIP: 80875CAE7<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |   5850450 | PA      | $5810228.21   | 0.74%             | 2029-04-04      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                 | Barings CLO Ltd 2024-V                                                          | CUSIP: 06763YAN9<br>LEI: 25490047AECQPJIDJC73 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003842.00   | 0.13%             | 2038-07-15      | Floating      | 8.42%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                       | Jefferies Finance LLC / JFIN Co-Issuer Corp                                     | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2165000 | PA      | $2093532.70   | 0.27%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                       | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC   | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2540000 | PA      | $2617091.54   | 0.33%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                | Nissan Motor Co Ltd                                                             | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |   3110000 | PA      | $3340513.20   | 0.43%             | 2035-07-17      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                   | Entegris Inc                                                                    | CUSIP: 29365BAB9<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |   1860000 | PA      | $1888337.10   | 0.24%             | 2030-06-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| CRESCENT ENERGY FINANCE                        | Crescent Energy Finance LLC                                                     | CUSIP: 45344LAG8<br>LEI: 54930061FUL6DBLFUW14 | Long             | DBT              | CORP              | US        |   1749000 | PA      | $1773604.06   | 0.23%             | 2034-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                       | RHP Hotel Properties LP / RHP Finance Corp                                      | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    760000 | PA      | $784601.20    | 0.10%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                 | Bombardier Inc                                                                  | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   3370000 | PA      | $3638393.54   | 0.46%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                        | VZ Secured Financing BV                                                         | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |   2805000 | PA      | $2539684.03   | 0.32%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                                 | Air Lease Corp                                                                  | CUSIP: 00912XBJ2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   3715000 | PA      | $3672173.48   | 0.47%             | N/A             | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                       | Standard Building Solutions Inc                                                 | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   4030000 | PA      | $4138995.38   | 0.53%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                                  | CoreWeave Inc                                                                   | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    770000 | PA      | $790119.33    | 0.10%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                          | HUB International Ltd                                                           | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   3810000 | PA      | $3969882.84   | 0.51%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CERDIA FINANZ GMBH                             | Cerdia Finanz GmbH                                                              | CUSIP: 15679GAC6<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |   4105000 | PA      | $4356431.25   | 0.56%             | 2031-10-03      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                         | Arsenal AIC Parent LLC                                                          | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2340000 | PA      | $2480509.98   | 0.32%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                 | Benefit Street Partners CLO Ltd                                                 | CUSIP: 08182EAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    875000 | PA      | $857027.50    | 0.11%             | 2038-04-20      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT/SIX FLAG                         | Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada's Wonderland Co | CUSIP: 83002YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2945000 | PA      | $3002333.26   | 0.38%             | 2032-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                      | Sunoco LP                                                                       | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2210000 | PA      | $2320988.41   | 0.30%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                            | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    947000 | PA      | $979470.55    | 0.13%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                        | Gulfport Energy Operating Corp                                                  | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   4050000 | PA      | $4161146.58   | 0.53%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                 | CARLYLE US CLO 2021-11 LTD                                                      | CUSIP: 143124AG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $548810.35    | 0.07%             | 2037-07-25      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| 720 East CLO Ltd.                              | 720 East CLO 2022-I Ltd                                                         | CUSIP: 81785CAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005330.00   | 0.13%             | 2038-01-20      | Floating      | 10.23%                | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                          | Palmer Square CLO 2024-2 LTD                                                    | CUSIP: 69703LAL2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002857.00   | 0.13%             | 2037-07-20      | Floating      | 8.68%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | Barclays PLC                                                                    | CUSIP: 06738ECN3<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   5415000 | PA      | $6157244.88   | 0.79%             | N/A             | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                         | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   2725000 | PA      | $2755119.43   | 0.35%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                           | Amentum Holdings Inc                                                            | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |   3275000 | PA      | $3403252.28   | 0.43%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| True Religion 2026 Escrow                      | True Religion 2026 Escrow                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        23 | NS      | $22044.55     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| XPLR INFRAST OPERATING                         | XPLR Infrastructure Operating Partners LP                                       | CUSIP: 98380MAA3<br>LEI: 549300KJEC5IUVJWR786 | Long             | DBT              | CORP              | US        |    730000 | PA      | $765609.40    | 0.10%             | 2031-01-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MATADOR RESOURCES CO                           | Matador Resources Co                                                            | CUSIP: 576485AH9<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   2870000 | PA      | $2890661.13   | 0.37%             | 2033-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                         | AthenaHealth Group Inc                                                          | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |   2060000 | PA      | $2044906.38   | 0.26%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                 | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2894813.60   | 0.37%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                              | Herc Holdings Inc                                                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    865000 | PA      | $903662.91    | 0.12%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TCW Ltd                                        | TCW CLO 2024-2 Ltd                                                              | CUSIP: 87252HAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $701248.80    | 0.09%             | 2037-07-17      | Floating      | 11.57%                | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                  | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2665000 | PA      | $2048718.75   | 0.26%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                  | Ballyrock CLO 25 Ltd                                                            | CUSIP: 05875WAA8<br>LEI: 2549000LY2B016K4LA62 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999362.00    | 0.13%             | 2038-01-25      | Floating      | 9.12%                 | No            |                  2 | On Loan: No      |
| Brookhaven Park CLO Ltd                        | Brookhaven Park CLO LTD                                                         | CUSIP: 113525AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1245827.50   | 0.16%             | 2037-04-19      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| Park Blue CLO Ltd                              | Park Blue CLO 2022-1 Ltd                                                        | CUSIP: 699903AG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $650005.85    | 0.08%             | 2037-10-20      | Floating      | 11.42%                | No            |                  2 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                       | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                 | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2768000 | PA      | $2839001.97   | 0.36%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6850000 | PA      | $6949742.85   | 0.89%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                          | Bath & Body Works Inc                                                           | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   6070000 | PA      | $6323131.14   | 0.81%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                          | EG Global Finance PLC                                                           | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    690000 | PA      | $758859.24    | 0.10%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| ARCOSA INC                                     | Arcosa Inc                                                                      | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $2116768.95   | 0.27%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Corp                                                                     | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   8025000 | PA      | $8153400.00   | 1.04%             | N/A             | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                             | Banco Santander SA                                                              | CUSIP: 05964HBH7<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |   5800000 | PA      | $6399232.80   | 0.82%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PARADIGM PRNT/CO-ISSUER                        | Paradigm Parent LLC and Paradigm Parent CO-Issuer Inc                           | CUSIP: 69902PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $807175.00    | 0.10%             | 2032-04-17      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                       | Univision Communications Inc                                                    | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   4225000 | PA      | $4248765.63   | 0.54%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                              | Waste Pro USA Inc                                                               | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $2024679.15   | 0.26%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                       | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    978000 | PA      | $710232.60    | 0.09%             | 2030-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP                                   | Magnera Corp                                                                    | CUSIP: 55939AAA5<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |   2865000 | PA      | $2698085.10   | 0.34%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                          | Caesars Entertainment Inc                                                       | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1939164.70   | 0.25%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                       | PetSmart LLC / PetSmart Finance Corp                                            | CUSIP: 71677KAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    770000 | PA      | $778976.89    | 0.10%             | 2033-09-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Aimco                                          | Aimco CLO 15 Ltd                                                                | CUSIP: 00889CAE9<br>LEI: 254900QER1MDK5C1YE06 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $648366.55    | 0.08%             | 2038-04-17      | Floating      | 8.92%                 | No            |                  2 | On Loan: No      |
| RAVEN ACQUISITION HOLDIN                       | Raven Acquisition Holdings LLC                                                  | CUSIP: 75420NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3180000 | PA      | $3275934.24   | 0.42%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                       | Olympus Water US Holding Corp                                                   | CUSIP: 681639AD2<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |    750000 | PA      | $760807.50    | 0.10%             | 2031-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| INEOS US PETROCHEM LLC                         | INEOS US PETROCHEM LLC                                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1940250 | PA      | $1697718.75   | 0.22%             | 2031-10-07      | Floating      | 8.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2924000 | PA      | $2763456.90   | 0.35%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                               | AMC Networks Inc                                                                | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   1835000 | PA      | $1935236.88   | 0.25%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| GOAT HOLDCO LLC                                | Goat Holdco LLC                                                                 | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1964588.35   | 0.25%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                                     | USALCO LLC                                                                      | CUSIP: 91732NAN3<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |   1691634 | PA      | $1690576.67   | 0.22%             | 2031-09-30      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| TEREX CORP                                     | Terex Corp                                                                      | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   3885000 | PA      | $3960819.66   | 0.51%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TCW Ltd                                        | TCW CLO 2024-3 Ltd                                                              | CUSIP: 87252WAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $700796.60    | 0.09%             | 2037-10-20      | Floating      | 10.93%                | No            |                  2 | On Loan: No      |
| MSILF Government Portfolio                     | MSILF Government Portfolio                                                      | CUSIP: 61747C707<br>LEI: 549300BI6Y5SI6BYPB26 | Long             | STIV             | RF                | US        |   3877750 | NS      | $3877749.69   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NC Macau II Ltd.                               | NC Macau II Ltd.                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | RF                | US        |    168688 | NS      | $1420349.58   | 0.18%             |  |  |  | Yes           |                  1 | On Loan: No      |
| iShares iBoxx $ High Yield Corporate Bond ETF  | iShares iBoxx $ High Yield Corporate Bond ETF                                   | CUSIP: 464288513<br>LEI: 549300FCCXHK7O37PQ68 | Long             | EC               | RF                | US        |    290000 | NS      | $23545100.00  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                                   | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1235000 | PA      | $1266348.01   | 0.16%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                         | Vmed O2 UK Financing I PLC                                                      | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |   3770000 | PA      | $3965617.76   | 0.51%             | 2032-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                           | LifePoint Health Inc                                                            | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1730000 | PA      | $1908894.11   | 0.24%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Bain Capital Credit CLO, Limit                 | Bain Capital Credit CLO 2017-2 Ltd                                              | CUSIP: 05682TAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $549088.10    | 0.07%             | 2037-07-25      | Floating      | 11.66%                | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                   | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   6450000 | PA      | $6688843.50   | 0.85%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                   | UBS Group AG                                                                    | CUSIP: 902613BN7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    825000 | PA      | $853827.98    | 0.11%             | N/A             | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                          | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    959000 | PA      | $995342.46    | 0.13%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                          | CMG Media Corp                                                                  | CUSIP: 125773AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4406000 | PA      | $4050700.16   | 0.52%             | 2029-06-18      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                | OHA Credit Funding 9 Ltd                                                        | CUSIP: 67114DAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    775000 | PA      | $786883.08    | 0.10%             | 2037-10-19      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| Studio City International Hold                 | Studio City International Holdings Ltd                                          | CUSIP: 86389T106<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    271628 | NS      | $1059349.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                        | Global Medical Response Inc                                                     | CUSIP: 37960BAD7<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |   2238000 | PA      | $2304994.53   | 0.29%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WESTMORELAND COAL                              | WESTMORELAND COAL                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       573 | NS      | $429.48       | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Neuberger Berman CLO Ltd                       | Neuberger Berman CLO XX Ltd                                                     | CUSIP: 64130UAQ5<br>LEI: 549300NPF57YF6WBDP72 | Long             | ABS-CBDO         | CORP              | KY        |   1250000 | PA      | $1246861.25   | 0.16%             | 2039-04-15      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                 | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   1915000 | PA      | $1985820.53   | 0.25%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                    | OCP Clo 2019-17 Ltd                                                             | CUSIP: 67113MAG9<br>LEI: 2549003HLFPQ7ATPYA23 | Long             | ABS-CBDO         | CORP              | KY        |   1050000 | PA      | $1061566.80   | 0.14%             | 2037-07-20      | Floating      | 10.58%                | No            |                  2 | On Loan: No      |
| SM ENERGY CO                                   | SM Energy Co                                                                    | CUSIP: 78454LAY6<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   1771000 | PA      | $1773658.27   | 0.23%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                         | Cloud Software Group Inc                                                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   3730000 | PA      | $3873013.42   | 0.49%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                             | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   2925000 | PA      | $2901872.61   | 0.37%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                       | Madison Park Funding XXX LTD                                                    | CUSIP: 55822HAG7<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $599444.40    | 0.08%             | 2037-07-16      | Floating      | 10.72%                | No            |                  2 | On Loan: No      |
| ICON PARENT INC                                | ICON PARENT INC                                                                 | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1442000 | PA      | $1462728.75   | 0.19%             | 2032-11-15      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                                   | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   4306000 | PA      | $4373027.20   | 0.56%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HUNTER DOUGLAS INC                             | HUNTER DOUGLAS INC                                                              | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |   1833551 | PA      | $1835461.34   | 0.23%             | 2032-01-20      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| BBAM US CLO LTD.                               | BBAM US CLO III Ltd                                                             | CUSIP: 054972AE4<br>LEI: 54930064Z7YZMOXBC128 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1200000.00   | 0.15%             | 2038-10-15      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | CLYDESDALE ACQUISITION HOLDINGS INC                                             | CUSIP: 18972FAF9<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |      9492 | PA      | $9487.23      | 0.00%             | 2032-03-29      | Floating      | 7.24%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                       | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1965000 | PA      | $2009772.53   | 0.26%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                          | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3860000 | PA      | $3958646.16   | 0.51%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| USALCO LLC                                     | USALCO LLC                                                                      | CUSIP: 91732NAP8<br>LEI: 5493006WBYB0CYPCSG20 | Long             | LON              | CORP              | US        |    175604 | PA      | $175494.65    | 0.02%             | 2031-09-30      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Lt                 | Benefit Street Partners CLO XII-B Ltd                                           | CUSIP: 081918AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $750670.50    | 0.10%             | 2037-10-15      | Floating      | 10.57%                | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                          | Williams Scotsman Inc                                                           | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |   2725000 | PA      | $2807376.75   | 0.36%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1975000 | PA      | $1990422.78   | 0.25%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3260000 | PA      | $3360391.70   | 0.43%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                  | Life Time Inc                                                                   | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |   4075000 | PA      | $4142823.89   | 0.53%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLYNN RESTAURANT GROUP                         | FLYNN RESTAURANT GROUP LP                                                       | CUSIP: 34410JAG6<br>LEI: 5493008VE8TQONGO3817 | Long             | LON              | CORP              | US        |   2204920 | PA      | $2211810.38   | 0.28%             | 2032-01-28      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                       | Olympus Water US Holding Corp                                                   | CUSIP: 681639AE0<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4006666.00   | 0.51%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO IX Ltd                             | Elmwood CLO IX Ltd                                                              | CUSIP: 29003VAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $690489.80    | 0.09%             | 2038-04-20      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI                       | Consolidated Communications Inc                                                 | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   9238000 | PA      | $9388117.50   | 1.20%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                       | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBQ2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2840000 | PA      | $2913130.00   | 0.37%             | 2034-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                        | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                 | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1164000 | PA      | $1226652.30   | 0.16%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                 | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1490000 | PA      | $1546453.12   | 0.20%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                            | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3287000 | PA      | $3322548.91   | 0.42%             | 2029-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                       | Archrock Partners LP / Archrock Partners Finance Corp                           | CUSIP: 03959KAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3970000 | PA      | $4075312.19   | 0.52%             | 2032-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                 | Transocean International Ltd                                                    | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   1845000 | PA      | $1809503.49   | 0.23%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                  | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   5459000 | PA      | $4104526.57   | 0.52%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FORM TECHNOLOGIES LLC                          | FORM TECHNOLOGIES LLC                                                           | CUSIP: 34634FAF6<br>LEI: X7KHAIMGSSPZ1XIJIL51 | Long             | LON              | CORP              | US        |   1767570 | PA      | $1573137.30   | 0.20%             | 2030-07-22      | Floating      | 9.89%                 | No            |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HLDGS                        | Cumulus Media New Holdings Inc                                                  | CUSIP: 23110AAB2<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |   3871000 | PA      | $1006382.58   | 0.13%             | 2029-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                               | Vital Energy Inc                                                                | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |   3855000 | PA      | $3744832.97   | 0.48%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                       | Lindblad Expeditions LLC                                                        | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    773000 | PA      | $788394.30    | 0.10%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                       | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1448878.72   | 0.18%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                        | Light & Wonder International Inc                                                | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1930846.48   | 0.25%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                      | Block Inc                                                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   2955000 | PA      | $3060762.41   | 0.39%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                               | NEW COTAI EQUITY                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3900856 | PA      | $4412880.60   | 0.56%             | 2027-02-02      | Fixed         | 5.00%                 | Yes           |                  3 | On Loan: No      |
| RR Ltd                                         | RR 28 Ltd                                                                       | CUSIP: 74989QAA0<br>LEI: 254900ZSKVCYOXP11C98 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $598947.00    | 0.08%             | 2037-04-15      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                 | Barings CLO Ltd 2018-II                                                         | CUSIP: 06760KAE2<br>LEI: 549300I8OP7Y4MO3JF74 | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $548170.70    | 0.07%             | 2036-07-15      | Floating      | 11.22%                | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                          | Mineral Resources Ltd                                                           | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |   1105000 | PA      | $1159210.20   | 0.15%             | 2028-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 17 Ltd                             | Elmwood CLO 17 Ltd                                                              | CUSIP: 29003GAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $550204.60    | 0.07%             | 2037-07-17      | Floating      | 10.02%                | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                            | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8965000 | PA      | $9078299.67   | 1.16%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN                          | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |    850000 | PA      | $907459.15    | 0.12%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                                | Oaktree CLO 2020-1 Ltd                                                          | CUSIP: 67402GAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $999355.00    | 0.13%             | 2038-01-15      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                   | UBS Group AG                                                                    | CUSIP: 225401BJ6<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |   2900000 | PA      | $2987002.90   | 0.38%             | N/A             | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                          | Nabors Industries Inc                                                           | CUSIP: 62957HAQ8<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    778000 | PA      | $725150.46    | 0.09%             | 2031-08-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                     | DaVita Inc                                                                      | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   2425000 | PA      | $2222774.89   | 0.28%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit                                | OHA Credit Funding 11 Ltd                                                       | CUSIP: 67116BAG0<br>LEI: 2549002MG7GTTY5LHR97 | Long             | ABS-CBDO         | CORP              | BM        |    650000 | PA      | $657437.30    | 0.08%             | 2037-07-19      | Floating      | 9.73%                 | No            |                  2 | On Loan: No      |
| Bear Mountain Park CLO, Ltd                    | Bear Mountain Park CLO Ltd                                                      | CUSIP: 07403KAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    450000 | PA      | $450146.25    | 0.06%             | 2037-07-15      | Floating      | 10.27%                | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                           | Noble Finance II LLC                                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3040000 | PA      | $3148844.16   | 0.40%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                                                        | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    795000 | PA      | $800162.73    | 0.10%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                   | AGL CLO 32 Ltd                                                                  | CUSIP: 00121CAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $552164.80    | 0.07%             | 2037-07-21      | Floating      | 10.08%                | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO                  | ABPCI Direct Lending Fund CLO II LLC                                            | CUSIP: 000840AG3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $588945.60    | 0.08%             | 2037-07-20      | Floating      | 11.83%                | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION                         | Clydesdale Acquisition Holdings Inc                                             | CUSIP: 18972EAB1<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |   2415000 | PA      | $2483086.10   | 0.32%             | 2030-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                   | ARES Loan Funding III Ltd                                                       | CUSIP: 04019PAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499778.50    | 0.06%             | 2036-07-25      | Floating      | 10.42%                | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                 | CUSIP: 37185LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    940000 | PA      | $981128.57    | 0.13%             | 2032-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Aimco                                          | AIMCO CLO 18 Ltd                                                                | CUSIP: 00889FAG7<br>LEI: 2549005IX0D6XDJNNS95 | Long             | ABS-CBDO         | CORP              | JE        |    300000 | PA      | $300657.60    | 0.04%             | 2037-07-20      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC                            | Lightning Power LLC                                                             | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |   4895000 | PA      | $5185963.70   | 0.66%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP                        | Zebra Technologies Corp                                                         | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |   1120000 | PA      | $1151232.32   | 0.15%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Invesco CLO Ltd                                | Invesco US CLO 2024-3 Ltd                                                       | CUSIP: 46148MAA5<br>LEI: 254900GU4U8LUX3GA959 | Long             | ABS-CBDO         | CORP              | JE        |   1250000 | PA      | $1247221.25   | 0.16%             | 2037-07-20      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                 | Transocean International Ltd                                                    | CUSIP: 893830BL2<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |   2281000 | PA      | $2279573.69   | 0.29%             | 2027-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Invesco Senior Loan ETF                        | Invesco Senior Loan ETF                                                         | CUSIP: 46138G508<br>LEI: 549300SIHU6DQELRNG59 | Long             | EC               | RF                | US        |    424157 | NS      | $8877606.01   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oaktree CLO Ltd                                | Oaktree CLO 2019-3 Ltd                                                          | CUSIP: 67400GAG4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $995527.00    | 0.13%             | 2038-01-20      | Floating      | 11.08%                | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                       | Univision Communications Inc                                                    | CUSIP: 914906BA9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   1947000 | PA      | $2076489.13   | 0.27%             | 2032-08-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                          | Nabors Industries Inc                                                           | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1535121.00   | 0.20%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                       | Organon & Co / Organon Foreign Debt Co-Issuer BV                                | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4595000 | PA      | $4029098.18   | 0.51%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| APPLIED SYSTEMS INC                            | APPLIED SYSTEMS INC                                                             | CUSIP: 03827FBC4<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |   3716000 | PA      | $3813545.00   | 0.49%             | 2032-02-23      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                                  | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   3877750 | NS      | $3877749.62   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CBAMR Ltd                                      | CBAMR 2021-15 LLC                                                               | CUSIP: 149918AQ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $983891.00    | 0.13%             | 2038-01-20      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                 | Golub Capital Partners CLO 76 B Ltd                                             | CUSIP: 38180CAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    350000 | PA      | $349702.85    | 0.04%             | 2037-10-25      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| Morgan Stanley Eaton Vance CLO                 | Morgan Stanley Eaton Vance CLO 2025-21 Ltd                                      | CUSIP: 617935AA9<br>LEI: 254900WT9EPC2P01EO71 | Long             | ABS-CBDO         | CORP              | KY        |    440000 | PA      | $436007.88    | 0.06%             | 2038-04-15      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| S&S HOLDINGS LLC                               | S&S Holdings LLC                                                                | CUSIP: 78525CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2865000 | PA      | $2811263.77   | 0.36%             | 2031-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO, LT                 | Golub Capital Partners CLO 62B Ltd                                              | CUSIP: 38180EAA9<br>LEI: 2549009X711NFO0AZT83 | Long             | ABS-CBDO         | CORP              | JE        |    350000 | PA      | $350734.30    | 0.04%             | 2037-10-15      | Floating      | 10.72%                | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                            | NOVA Chemicals Corp                                                             | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |   3950000 | PA      | $4239910.25   | 0.54%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                       | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1599637.20   | 0.20%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                            | Resideo Funding Inc                                                             | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |   3412000 | PA      | $3501240.86   | 0.45%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP                       | Atlanticus Holdings Corp                                                        | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    775000 | PA      | $770738.35    | 0.10%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| OLYMPUS WTR US HLDG CORP                       | Olympus Water US Holding Corp                                                   | CUSIP: 25259KAA8<br>LEI: 549300YU2GGVCBN3MY89 | Long             | DBT              | CORP              | US        |   4136000 | PA      | $4343317.00   | 0.55%             | 2028-11-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                               | Wand NewCo 3 Inc                                                                | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |   3798000 | PA      | $4004611.20   | 0.51%             | 2032-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                         | AmeriGas Partners LP / AmeriGas Finance Corp                                    | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1155000 | PA      | $1210137.85   | 0.15%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                          | Caesars Entertainment Inc                                                       | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   2675000 | PA      | $2753223.42   | 0.35%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO                        | Beach Acquisition Bidco LLC                                                     | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |   2660000 | PA      | $2875890.92   | 0.37%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD/CAN/US                        | Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC                       | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2075000 | PA      | $2034599.75   | 0.26%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                   | Entegris Inc                                                                    | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |   2121000 | PA      | $2105077.02   | 0.27%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                 | Carlyle US CLO 2024-5 Ltd                                                       | CUSIP: 14319LAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $551217.15    | 0.07%             | 2036-10-25      | Floating      | 9.97%                 | No            |                  2 | On Loan: No      |
| Clover CLO                                     | Clover CLO 2021-3 LLC                                                           | CUSIP: 18915FAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $997117.00    | 0.13%             | 2035-01-25      | Floating      | 9.22%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                                   | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   2919000 | PA      | $2993919.05   | 0.38%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MAYA SAS/FRANCE                                | Maya SAS/Paris France                                                           | CUSIP: 449691AF1<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   5850000 | PA      | $6278939.55   | 0.80%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                 | Barings CLO Ltd 2024-II                                                         | CUSIP: 067937AA0<br>LEI: 549300KMDW0AZOKOC583 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $598411.20    | 0.08%             | 2039-07-15      | Floating      | 10.22%                | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                                 | Constellium SE                                                                  | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |   1660000 | PA      | $1698170.04   | 0.22%             | 2032-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Sound Point CLO LTD                            | Sound Point CLO 2025R-1 Ltd                                                     | CUSIP: 83617HAA1<br>LEI: 25490031SR8APTVC6E71 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499467.00    | 0.06%             | 2038-02-20      | Floating      | 11.78%                | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                          | Capstone Borrower Inc                                                           | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |   1657000 | PA      | $1734864.09   | 0.22%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                            | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   2811000 | PA      | $2892859.13   | 0.37%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                          | Directv Financing LLC                                                           | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    805000 | PA      | $799043.00    | 0.10%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                          | HUB International Ltd                                                           | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   1880000 | PA      | $1962099.79   | 0.25%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                       | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318BG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4015000 | PA      | $3926516.23   | 0.50%             | 2035-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                          | McGraw-Hill Education Inc                                                       | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   4808000 | PA      | $4999425.71   | 0.64%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                       | Outfront Media Capital LLC / Outfront Media Capital Corp                        | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    745000 | PA      | $786495.01    | 0.10%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                       | Jones Deslauriers Insurance Management Inc                                      | CUSIP: 48020RAB1<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |   5715000 | PA      | $6008893.88   | 0.77%             | 2030-03-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ADVANTAGE SALES & MARKET                       | Advantage Sales & Marketing Inc                                                 | CUSIP: 00775PAA5<br>LEI: 549300T4O24KQDED1182 | Long             | DBT              | CORP              | US        |   1950000 | PA      | $1680181.23   | 0.21%             | 2028-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                           | Royal Bank of Canada                                                            | CUSIP: 780082AY9<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |   3930000 | PA      | $3895348.80   | 0.50%             | 2085-11-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UKG INC                                        | UKG Inc                                                                         | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |   5160000 | PA      | $5328164.40   | 0.68%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                     | DaVita Inc                                                                      | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1414818.38   | 0.18%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                             | CrossCountry Intermediate HoldCo LLC                                            | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3927000 | PA      | $3946358.93   | 0.50%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                            | Avantor Funding Inc                                                             | CUSIP: 05352TAB5<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   4315000 | PA      | $4107470.51   | 0.52%             | 2029-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VICTRA HLDG/VICTRA FIN                         | Victra Holdings LLC / Victra Finance Corp                                       | CUSIP: 92648DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4890000 | PA      | $5133903.42   | 0.66%             | 2029-09-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                       | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC   | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   2325000 | PA      | $2414275.35   | 0.31%             | 2032-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| DIG INTL FIN/DIFL US LLC                       | Digicel International Finance Ltd / Difl US LLC                                 | CUSIP: 25381MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1965000 | PA      | $2021726.01   | 0.26%             | 2032-08-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                          | DIRECTV FINANCING LLC                                                           | CUSIP: 25460HAF9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1146800 | PA      | $1124342.22   | 0.14%             | 2031-02-18      | Floating      | 9.69%                 | No            |                  2 | On Loan: No      |
| BBAM US CLO LTD.                               | BBAM US CLO III Ltd                                                             | CUSIP: 054972AA2<br>LEI: 54930064Z7YZMOXBC128 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1195500.00   | 0.15%             | 2038-10-15      | Floating      | 12.92%                | No            |                  2 | On Loan: No      |
| STS OPERATING INC                              | STS OPERATING INC                                                               | CUSIP: 12508KAJ6<br>LEI: 549300HW5C2VGPZCHL57 | Long             | LON              | CORP              | US        |   3974688 | PA      | $3953987.33   | 0.50%             | 2031-03-25      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                | CUSIP: 126307BK2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2381000 | PA      | $837814.38    | 0.11%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                       | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    980000 | PA      | $780001.60    | 0.10%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                       | Allison Transmission Inc                                                        | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |   6885000 | PA      | $6366195.28   | 0.81%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                            | NuStar Logistics LP                                                             | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   3742000 | PA      | $3878055.38   | 0.50%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                          | KKR CLO 27 LTD                                                                  | CUSIP: 48254AAG4<br>LEI: 5493007WGG1LNIZXEI24 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $964517.00    | 0.12%             | 2035-01-15      | Floating      | 10.57%                | No            |                  2 | On Loan: No      |
| AGL CLO 3 Ltd.                                 | AGL CLO 3 LTD                                                                   | CUSIP: 00119NAE7<br>LEI: 549300LS0REDUXQSHW18 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $944502.00    | 0.12%             | 2038-04-15      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Wellfleet CLO Ltd                              | Wellfleet CLO 2022-1 Ltd                                                        | CUSIP: 94950UAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $677434.10    | 0.09%             | 2037-07-15      | Floating      | 12.07%                | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                           | Cleveland-Cliffs Inc                                                            | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $2495165.20   | 0.32%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                       | Rogers Communications Inc                                                       | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |   3405000 | PA      | $3611259.92   | 0.46%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                         | Venture Global LNG Inc                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   5420000 | PA      | $5904267.24   | 0.75%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                         | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   3495000 | PA      | $3505949.84   | 0.45%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   4964000 | PA      | $5061611.60   | 0.65%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors Inc                                                               | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1666000 | PA      | $1592571.55   | 0.20%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OFSI Fund LTD                                  | OFSI BSL XIV CLO Ltd                                                            | CUSIP: 67119HAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $598985.40    | 0.08%             | 2037-07-20      | Floating      | 12.07%                | No            |                  2 | On Loan: No      |
| MURPHY OIL USA INC                             | Murphy Oil USA Inc                                                              | CUSIP: 626738AE8<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    985000 | PA      | $972623.18    | 0.12%             | 2029-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATI                       | Midcontinent Communications                                                     | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |   3855000 | PA      | $3976636.82   | 0.51%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER                          | Panther Escrow Issuer LLC                                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3905000 | PA      | $4064394.29   | 0.52%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                                 | Azorra Finance Ltd                                                              | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   4195000 | PA      | $4427482.71   | 0.57%             | 2030-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC                        | Stagwell Global LLC                                                             | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |   4180000 | PA      | $4064020.88   | 0.52%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY INTL ADR                           | STUDIO CITY INTL ADR                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    581459 | NS      | $2267690.10   | 0.29%             |  |  |  | Yes           |                  1 | On Loan: No      |
| COMMSCOPE LLC                                  | CommScope LLC                                                                   | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    850000 | PA      | $860012.58    | 0.11%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                       | Clear Channel Outdoor Holdings Inc                                              | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   2120000 | PA      | $2218122.08   | 0.28%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio                                                   | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   3877749 | NS      | $3877749.16   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   3015000 | PA      | $1963188.00   | 0.25%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                      | Esab Corp                                                                       | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4114212.00   | 0.53%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORESIGHT ENERGY                               | FORESIGHT ENERGY                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    185516 | NS      | $435497.73    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| MANITOWOC COMPANY INC                          | Manitowoc Co Inc/The                                                            | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |   2035000 | PA      | $2137691.39   | 0.27%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC                            | White Cap Buyer LLC                                                             | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4435000 | PA      | $4425861.68   | 0.57%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG                        | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC         | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1041000 | PA      | $1082416.19   | 0.14%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER                         | Goodyear Tire & Rubber Co/The                                                   | CUSIP: 382550BS9<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   2695000 | PA      | $2736622.39   | 0.35%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS                        | Surgery Center Holdings Inc                                                     | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |   4010000 | PA      | $4124268.96   | 0.53%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3290000 | PA      | $3045279.27   | 0.39%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                        | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   3990000 | PA      | $4179114.03   | 0.53%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                       | Clarios Global LP / Clarios US Finance Co                                       | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   2984000 | PA      | $3084874.12   | 0.39%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TENNECO INC                                    | TENNECO INC                                                                     | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |   2010000 | PA      | $1974406.92   | 0.25%             | 2028-11-17      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| SABLE INTL FINANCE LTD                         | Sable International Finance Ltd                                                 | CUSIP: 785712AK6<br>LEI: 2138009IE9A35LO5JS73 | Long             | DBT              | CORP              | KY        |   4100000 | PA      | $4166288.80   | 0.53%             | 2032-10-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                                 | Gray Media Inc                                                                  | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   1695000 | PA      | $1680724.20   | 0.21%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                              | Herc Holdings Inc                                                               | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1309821.66   | 0.17%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER INC                           | Fiesta Purchaser Inc                                                            | CUSIP: 31659AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2860000 | PA      | $3094783.12   | 0.40%             | 2032-09-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                       | Sealed Air Corp/Sealed Air Corp US                                              | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    975000 | PA      | $1024303.80   | 0.13%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Corp                                                                     | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   3650000 | PA      | $3736187.45   | 0.48%             | N/A             | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                  | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   4090000 | PA      | $4195178.44   | 0.54%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                        | Starwood Property Trust Inc                                                     | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |   1251000 | PA      | $1294958.01   | 0.17%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                 | Bombardier Inc                                                                  | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    185000 | PA      | $193590.11    | 0.02%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Cedar Funding Ltd                              | Cedar Funding IX CLO Ltd                                                        | CUSIP: 15033FAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1010103.00   | 0.13%             | 2037-07-20      | Floating      | 11.86%                | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                        | Garrett Motion Holdings Inc / Garrett LX I Sarl                                 | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5970000 | PA      | $6267323.91   | 0.80%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| HEARTLAND DENTAL LLC                           | HEARTLAND DENTAL LLC                                                            | CUSIP: 42236WAX5<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |   5905262 | PA      | $5902953.38   | 0.75%             | 2032-08-25      | Floating      | 7.91%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                        | Dryden 109 CLO Ltd                                                              | CUSIP: 26248LAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $999351.00    | 0.13%             | 2038-04-15      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                                   | COTIVITI INC                                                                    | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   3918000 | PA      | $3947385.00   | 0.50%             | 2031-05-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                       | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5090000 | PA      | $5092036.00   | 0.65%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Bausch + Lomb Corp                             | Bausch & Lomb TE 12/18/30                                                       | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |   3668533 | PA      | $3677704.31   | 0.47%             | 2031-01-15      | Floating      | 8.41%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                           | Cleveland-Cliffs Inc                                                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |   3285000 | PA      | $3321841.28   | 0.42%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                          | Quikrete Holdings Inc                                                           | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   3985000 | PA      | $4146188.07   | 0.53%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Atlas Senior Loan Fund LTD                     | Atlas Senior Loan Fund XX Ltd                                                   | CUSIP: 049410AY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $1004289.00   | 0.13%             | 2037-10-19      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors Inc                                                               | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1271000 | PA      | $1207929.68   | 0.15%             | 2031-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| K HOVNANIAN ENTERPRISES                        | K Hovnanian Enterprises Inc                                                     | CUSIP: 48251UAQ1<br>LEI: 549300JJCQ0KAI7CJG32 | Long             | DBT              | CORP              | US        |   2740000 | PA      | $2810902.71   | 0.36%             | 2033-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ASG WRRNT CORP - COM STK                       | ASG WRRNT CORP - COM STK                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1200 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ZF NA CAPITAL                                  | ZF North America Capital Inc                                                    | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $3905698.45   | 0.50%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd                               | Symphony CLO 39 Ltd                                                             | CUSIP: 87169UAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | BM        |   1250000 | PA      | $1249030.00   | 0.16%             | 2038-01-25      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                       | Connect Finco SARL / Connect US Finco LLC                                       | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   4480000 | PA      | $4715893.50   | 0.60%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Invesco CLO Ltd                                | Invesco US CLO 2023-4 Ltd                                                       | CUSIP: 46091YAA6<br>LEI: 254900CLWY1AN9F4PD86 | Long             | ABS-CBDO         | CORP              | JE        |    400000 | PA      | $401545.60    | 0.05%             | 2037-01-18      | Floating      | 12.34%                | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund                    | BlackRock Liquidity FedFund                                                     | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   3877750 | NS      | $3877749.62   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF MONTREAL                               | Bank of Montreal                                                                | CUSIP: 06368LQ58<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |   2850000 | PA      | $3032012.40   | 0.39%             | 2084-05-26      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                              | Rakuten Group Inc                                                               | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |   1440000 | PA      | $1562388.05   | 0.20%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                 | CUSIP: 27034RAC7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    690000 | PA      | $751073.97    | 0.10%             | 2031-07-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                                   | Cimpress PLC                                                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   2850000 | PA      | $2843629.11   | 0.36%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                       | Univision Communications Inc                                                    | CUSIP: 914908BD9<br>LEI: 549300YQDE2JSGTL8V47 | Long             | LON              | CORP              | US        |    339253 | PA      | $340101.03    | 0.04%             | 2029-06-25      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                            | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1011498 | PA      | $1023016.74   | 0.13%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                     | Carvana Co                                                                      | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   1604806 | PA      | $1818194.22   | 0.23%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                       | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   3965000 | PA      | $4057002.27   | 0.52%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO                  | ABPCI Direct Lending Fund CLO II LLC                                            | CUSIP: 000823BC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250516.50    | 0.03%             | 2037-07-20      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                            | NuStar Logistics LP                                                             | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   4126000 | PA      | $4151927.78   | 0.53%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                                     | USI Inc/NY                                                                      | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $2987046.30   | 0.38%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                       | Albion Financing 1 SARL / Aggreko Holdings Inc                                  | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1895000 | PA      | $1964736.00   | 0.25%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                             | Ardonagh Finco Ltd                                                              | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |   4595000 | PA      | $4811741.56   | 0.61%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TCW Ltd                                        | TCW CLO 2022-1 Ltd                                                              | CUSIP: 871978AE2<br>LEI: 254900KPK0PRXM6I7271 | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $751609.50    | 0.10%             | 2038-01-20      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                       | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   3340000 | PA      | $3425617.56   | 0.44%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RADIOLOGY PARTNERS INC                         | Radiology Partners Inc                                                          | CUSIP: 75041VAE4<br>LEI: 549300SFTAG2177WUZ08 | Long             | DBT              | CORP              | US        |   1265000 | PA      | $1310649.04   | 0.17%             | 2032-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                          | Civitas Resources Inc                                                           | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   3645000 | PA      | $3852790.88   | 0.49%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                       | Cheplapharm Arzneimittel GmbH                                                   | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   1996000 | PA      | $1951039.30   | 0.25%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMING INC                          | Genesee & Wyoming Inc                                                           | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |   4005000 | PA      | $4074654.96   | 0.52%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                               | UWM Holdings LLC                                                                | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1129000 | PA      | $1149506.25   | 0.15%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Ballyrock Ltd                                  | Ballyrock CLO 18 Ltd                                                            | CUSIP: 05875XAE8<br>LEI: 2549009NE3IA6DAH4G62 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $981362.00    | 0.13%             | 2038-04-15      | Floating      | 10.07%                | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                       | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AV6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2248000 | PA      | $2173389.33   | 0.28%             | 2031-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                       | Brandywine Operating Partnership LP                                             | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |    720000 | PA      | $782124.98    | 0.10%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                 | Bombardier Inc                                                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1905000 | PA      | $2021742.78   | 0.26%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE TECH LLC                             | CommScope Technologies LLC                                                      | CUSIP: 20338HAB9<br>LEI: M4TWC4QDOKW45N7T6Y12 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1266076.79   | 0.16%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW COTAI EQUITY                               | NEW COTAI EQUITY                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3072567 | NS      | $1390348.44   | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                       | Jefferies Finance LLC / JFIN Co-Issuer Corp                                     | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4029794.80   | 0.51%             | 2031-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                       | AmeriTex HoldCo Intermediate LLC                                                | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3865000 | PA      | $4026299.98   | 0.51%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                                | Sealed Air Corp                                                                 | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1497769.96   | 0.19%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP                       | Hilcorp Energy I LP / Hilcorp Finance Co                                        | CUSIP: 431318AZ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2665000 | PA      | $2558503.14   | 0.33%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Aimco                                          | Aimco CLO 19 Ltd                                                                | CUSIP: 00140JAA7<br>LEI: 2549006V0NZR61IYZY19 | Long             | ABS-CBDO         | CORP              | JE        |    600000 | PA      | $593965.20    | 0.08%             | 2037-10-20      | Floating      | 9.33%                 | No            |                  2 | On Loan: No      |
| LSF12 CROWN US COMMERCIA                       | LSF12 CROWN US COMMERCIAL BIDCO LLC                                             | CUSIP: 50221UAD3<br>LEI: 254900FI2OCFTJ9PAJ18 | Long             | LON              | CORP              | US        |   2226000 | PA      | $2232028.01   | 0.28%             | 2031-12-02      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                     | Carvana Co                                                                      | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |   1501650 | PA      | $1572162.98   | 0.20%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                          | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   2630000 | PA      | $2970146.58   | 0.38%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi                 | Carlyle US CLO 2024-1 Ltd                                                       | CUSIP: 142924AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001872.00   | 0.13%             | 2037-04-15      | Floating      | 11.24%                | No            |                  2 | On Loan: No      |
| BIS INDUSTRIES (ARTSONIG)                      | BIS INDUSTRIES (ARTSONIG)                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1604602 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TRIVIUM PACKAGING FIN                          | Trivium Packaging Finance BV                                                    | CUSIP: 89686QAC0<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   3497000 | PA      | $3788251.14   | 0.48%             | 2031-01-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC                        | Windstream Services LLC                                                         | CUSIP: 97382BAB5<br>LEI: 549300KT9GVEBYCD2N29 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $2070734.85   | 0.26%             | 2033-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                              | Seagate Data Storage Technology Pte Ltd                                         | CUSIP: 81180LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   2155000 | PA      | $2153448.62   | 0.27%             | 2034-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                      | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2058782.00   | 0.26%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                              | CLARIOS GLOBAL LP                                                               | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   1510000 | PA      | $1509056.25   | 0.19%             | 2032-01-28      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                                    | Staples Inc                                                                     | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   3825000 | PA      | $3801168.34   | 0.49%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                       | Weatherford International Ltd                                                   | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   5505000 | PA      | $5631372.78   | 0.72%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                              | Magnetite Xlv Ltd                                                               | CUSIP: 55956DAA7<br>LEI: 529900IK6R4NURGLMB37 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $995475.00    | 0.13%             | 2038-04-15      | Floating      | 8.78%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                                 | 1261229 BC Ltd                                                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1705000 | PA      | $1749060.61   | 0.22%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                       | PetSmart LLC / PetSmart Finance Corp                                            | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1154584.25   | 0.15%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC                        | American Axle & Manufacturing Inc                                               | CUSIP: 02406PBD1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |    857000 | PA      | $864216.54    | 0.11%             | 2033-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Sabine Oil & Gas Holdings Inc                  | Sabine Oil & Gas Holdings Inc                                                   | CUSIP: 78532M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       263 | NS      | $325.80       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                       | Focus Financial Partners LLC                                                    | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |   3930000 | PA      | $4027672.29   | 0.51%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                             | Voyager Parent LLC                                                              | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   2650000 | PA      | $2804124.27   | 0.36%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-24

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

**Signature:** Dan Geatens

**Name of Signer:** Dan Geatens

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