# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045118
**Filing Date:** 2023-2
**Character Count:** 191910
**Document Hash:** da1b2340374cfde4ba7c2e45200dce84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045118.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045118

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087
- **IRS NUMBER:** 480873454
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 23680429

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBL FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SERIES E (TOTAL RETURN BOND SERIES) (Series ID: S000010066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027865 | A            |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Guggenheim Variable Funds Trust

- **b. Investment Company Act file number:** 811-02753

- **c. CIK number of Registrant:** 0000217087

- **d. LEI of Registrant:** 549300QDJHZ1HF5UC735

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

  - **Street Address 1:** 702 King Farm Blvd., Suite 200

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

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

- **a. Name of Series:** Series E (Total Return Bond Series)

- **b. EDGAR series identifier (if any):** S000010066

- **c. LEI of Series:** 549300KRQSBPNKM3ER41

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $144352963.26

**Total Liabilities:** $8409327.90

**Net Assets:** $135943635.36

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 58.66866152 | **1-Year:** 3945.53161139 | **5-Year:** 16730.67910234 | **10-Year:** 21933.29264548 | **30-Year:** 18007.09998855

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

- **3-Month:** 18.11608525 | **1-Year:** 680.30808122 | **5-Year:** 4825.44632124 | **10-Year:** 6558.86625580 | **30-Year:** 2263.46940039

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027865 | -2.03%               | 4.08%                | -0.50%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-594086.13              | $-1979928.53                               |
| Month 2  | $-1834098.28             | $6275385.27                                |
| Month 3  | $-745583.92              | $-290271.09                                |

**Designated Index Information**

- **Index Name:** Portfolio (ExDerivative)

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DELTA AIR LINES/SKYMILES                      | Delta Air Lines Inc. / SkyMiles IP Ltd.                                         | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $292674.54    | 0.22%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARKEL CORP                                   | Markel Corp.                                                                    | CUSIP: 570535AW4<br>LEI: 549300SCNO12JLWIK605 | Long             | EP               | CORP              | US        |    660000 | NS      | $638550.00    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| ZEPHYR BIDCO LTD                              | Zephyr Bidco Ltd.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    200000 | PA      | $197050.29    | 0.14%             | 2025-07-23      | Variable      | 8.21%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                           | NuStar Logistics, LP                                                            | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93505.75     | 0.07%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                              | Altice France S.A.                                                              | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $149948.64    | 0.11%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC                           | Global Payments, Inc.                                                           | CUSIP: 37940XAH5<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    140000 | PA      | $110399.57    | 0.08%             | 2031-11-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC           | 10Y-2Y SOFR CMS CAP                                                             | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   3900000 | NC      | $16528.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CMFT Net Lease Master Issuer L                | CMFT Net Lease Master Issuer LLC                                                | CUSIP: 12575AAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $312637.08    | 0.23%             | 2051-07-20      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Blue Whale Acquisition Corp.                  | Blue Whale Acquisition Corp.                                                    | CUSIP: SBP818Y98<br>LEI: N/A                  | N/A              | DE               |  | US        |       550 | NS      | $39.22        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palmer Square Loan Funding Ltd                | Palmer Square Loan Funding Ltd.                                                 | CUSIP: 69701CAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $962138.90    | 0.71%             | 2030-04-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Arbys Funding LLC                             | Arbys Funding LLC                                                               | CUSIP: 038779AB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    977500 | PA      | $826149.77    | 0.61%             | 2050-07-30      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| FERGUSON FINANCE PLC                          | Ferguson Finance plc                                                            | CUSIP: 314890AD6<br>LEI: 2138003A7ZEU931DZL61 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $182012.53    | 0.13%             | 2032-04-20      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                          | Smithfield Foods, Inc.                                                          | CUSIP: 832248BD9<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    250000 | PA      | $178801.73    | 0.13%             | 2031-09-13      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE MUTUAL INSURA                      | Nationwide Mutual Insurance Co.                                                 | CUSIP: 638671AN7<br>LEI: Z7LVXXWM8HZPKF5T2355 | Long             | DBT              | CORP              | US        |    950000 | PA      | $709571.02    | 0.52%             | 2050-04-30      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC                      | Elanco Animal Health, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     64908 | PA      | $62220.42     | 0.05%             | 2027-08-02      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                              | BAT Capital Corp.                                                               | CUSIP: 05526DBP9<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    190000 | PA      | $182132.31    | 0.13%             | 2027-04-02      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage                 | Citigroup Commercial Mortgage Trust                                             | CUSIP: 17290XAY6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2858644 | PA      | $116292.22    | 0.09%             | 2049-04-10      | Variable      | 1.65%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $80487.73     | 0.06%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE                | City of San Antonio Texas Electric & Gas Systems Revenue Bonds                  | CUSIP: 79625GDG5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |    500000 | PA      | $351916.90    | 0.26%             | 2048-02-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| PRIMERICA INC                                 | Primerica, Inc.                                                                 | CUSIP: 74164MAB4<br>LEI: 254900621R686KJR7022 | Long             | DBT              | CORP              | US        |    200000 | PA      | $162790.55    | 0.12%             | 2031-11-19      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| EVEREST REINSURANCE HLDG                      | Everest Reinsurance Holdings, Inc.                                              | CUSIP: 299808AH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $189517.00    | 0.14%             | 2050-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VEND FIN IV                      | Virgin Media Vendor Financing Notes IV DAC                                      | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | US        |    200000 | PA      | $174821.46    | 0.13%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Nassau 2019 CFO LLC                           | Nassau LLC                                                                      | CUSIP: 63172DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150593 | PA      | $143247.42    | 0.11%             | 2034-08-15      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| Wingstop Funding LLC                          | Wingstop Funding LLC                                                            | CUSIP: 974153AD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    498750 | PA      | $428634.23    | 0.32%             | 2052-03-05      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                         | Tennessee Valley Authority                                                      | CUSIP: 880591DZ2<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    750000 | PA      | $789681.00    | 0.58%             | 2056-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                           | Quanta Services, Inc.                                                           | CUSIP: 74762EAF9<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |    467000 | PA      | $383977.19    | 0.28%             | 2030-10-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| CROWN AMER/CAP CORP VI                        | Crown Americas LLC / Crown Americas Capital Corporation VI                      | CUSIP: 228187AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $388300.00    | 0.29%             | 2026-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DATIX BIDCO LIMITED                           | RLDatix                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    129574 | PA      | $126554.48    | 0.09%             | 2025-04-27      | Variable      | 8.95%                 | No            |                  3 | On Loan: No      |
| TWIN PALMS PACIFIC TRUST                      | Del Monte Foods, Inc.                                                           | CUSIP: N/A<br>LEI: 549300U9K7TD84Q24R17       | Long             | LON              | CORP              | US        |     66410 | PA      | $64355.27     | 0.05%             | 2029-05-16      | Variable      | 8.67%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                         | Level 3 Financing, Inc.                                                         | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $71937.02     | 0.05%             | 2029-07-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp.                                                           | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    890000 | PA      | $724847.97    | 0.53%             | 2031-04-29      | Variable      | 2.59%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER                       | Reinsurance Group of America, Inc.                                              | CUSIP: 759351AP4<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    529000 | PA      | $449301.35    | 0.33%             | 2030-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                   | Legacy Mortgage Asset Trust                                                     | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    411360 | PA      | $371825.66    | 0.27%             | 2061-07-25      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp.                                                           | CUSIP: 06055HAB9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    100000 | NS      | $98125.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                      | United Wholesale Mortgage LLC                                                   | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90061.99     | 0.07%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CELTIC INTERMEDIATE CORP                      | National Mentor Holdings, Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     93901 | PA      | $65365.19     | 0.05%             | 2028-03-02      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                              | TriNet Group, Inc.                                                              | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    117000 | PA      | $96197.40     | 0.07%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Oxford Finance Funding Trust                  | Oxford Finance Funding                                                          | CUSIP: 69144AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224550 | PA      | $222068.24    | 0.16%             | 2028-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                | Wells Fargo Commercial Mortgage Trust                                           | CUSIP: 94989HAF7<br>LEI: 5493002S7XBI8CVRR075 | Long             | ABS-MBS          | CORP              | US        |      5823 | PA      | $5810.19      | 0.00%             | 2048-05-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                       | Jefferies Financial Group, Inc.                                                 | CUSIP: 47233JGT9<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $76283.95     | 0.06%             | 2031-10-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Pershing Square Tontine Holdings, Ltd.        | Pershing Square Tontine Holdings, Ltd.                                          | CUSIP: N/A<br>LEI: 549300ZDVEYEVCF35B08       | N/A              | DE               |  | US        |      8510 | NS      | $0.85         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DP HOLDCO LP                                  | Duff & Phelps                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     32924 | PA      | $30691.40     | 0.02%             | 2027-04-09      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE                | Port Authority of New York & New Jersey Revenue Bonds                           | CUSIP: 73358XDP4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    275000 | PA      | $194565.53    | 0.14%             | 2051-02-15      | Fixed         | 3.14%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                      | Host Hotels & Resorts, LP                                                       | CUSIP: 44107TAZ9<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |    435000 | PA      | $358991.55    | 0.26%             | 2030-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CATALENT PHARMA SOLUTION                      | Catalent Pharma Solutions, Inc.                                                 | CUSIP: 14879EAH1<br>LEI: 549300HALRZ339MSTH85 | Long             | DBT              | CORP              | US        |    127000 | PA      | $101120.58    | 0.07%             | 2029-02-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Cerberus                                      | Cerberus Loan Funding XXX, LP                                                   | CUSIP: 15674JAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $978178.90    | 0.72%             | 2033-01-15      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS INC                        | Equitable Holdings, Inc.                                                        | CUSIP: 29452E408<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |     12000 | NS      | $212280.00    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                             | Brown & Brown, Inc.                                                             | CUSIP: 115236AC5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     90000 | PA      | $68475.03     | 0.05%             | 2031-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                              | Societe Generale S.A.                                                           | CUSIP: 83368RBD3<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    250000 | PA      | $192331.84    | 0.14%             | 2032-06-09      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| YAMANA GOLD INC                               | Yamana Gold, Inc.                                                               | CUSIP: 98462YAF7<br>LEI: 54930002VY22NXG01418 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $112008.44    | 0.08%             | 2031-08-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                      | Liberty Mutual Group, Inc.                                                      | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    700000 | PA      | $427000.00    | 0.31%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                        | Marriott International, Inc.                                                    | CUSIP: 571903BH5<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    100000 | PA      | $76290.79     | 0.06%             | 2033-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MIDWEST CONNECTOR CAPIT                       | Midwest Connector Capital Company LLC                                           | CUSIP: 59833CAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $99373.49     | 0.07%             | 2029-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                        | BP Capital Markets plc                                                          | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | US        |    880000 | PA      | $770000.00    | 0.57%             | N/A             | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                                   | U.S. Treasury Bonds                                                             | CUSIP: 912803EH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2145000 | PA      | $880396.20    | 0.65%             | 2044-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Falcon Aerospace Ltd                          | Falcon Aerospace Ltd.                                                           | CUSIP: 30605YAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128071 | PA      | $116163.98    | 0.09%             | 2042-02-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp.                                                           | CUSIP: 060505GB4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |    100000 | NS      | $84693.08     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| STRIP PRINC                                   | U.S. Treasury Bonds                                                             | CUSIP: 912803ER0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2455000 | PA      | $941886.72    | 0.69%             | 2046-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PERATON HOLDING CORP                          | Peraton Corp.                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    108735 | PA      | $105993.83    | 0.08%             | 2028-02-01      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| Washington Mutual Mortgage Pas                | Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust         | CUSIP: 939346AB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    205738 | PA      | $162427.27    | 0.12%             | 2046-11-25      | Floating      | 2.89%                 | No            |                  2 | On Loan: No      |
| MAPLE GROVE FUNDING TR I                      | Maple Grove Funding Trust I                                                     | CUSIP: 565130AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $335062.96    | 0.25%             | 2051-08-15      | Fixed         | 4.16%                 | No            |                  2 | On Loan: No      |
| THUNDERBIRD 2022-1                            | Thunderbird A Unfunded                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    249908 | PA      | $0.00         | 0.00%             | 2037-03-01      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| Fortress Credit Opportunities                 | Fortress Credit Opportunities XI CLO Ltd.                                       | CUSIP: 34961WAC9<br>LEI: 254900FRBH7KBHJT7O18 | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $732562.28    | 0.54%             | 2031-04-15      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                        | Brookfield Finance, Inc.                                                        | CUSIP: 11271LAF9<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $177728.46    | 0.13%             | 2051-03-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                              | Altria Group, Inc.                                                              | CUSIP: 02209SBK8<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |     50000 | PA      | $35404.71     | 0.03%             | 2050-05-06      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CONYERS PARK III ACQUISITI-A                  | Conyers Park III Acquisition Corp.                                              | CUSIP: 21289P110<br>LEI: N/A                  | N/A              | DE               |  | US        |      1266 | NS      | $188.63       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIFORM MBS                                   | Uniform MBS 30 Year                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |   8680000 | PA      | $8136423.68   | 5.99%             | 2023-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                            | Kennedy-Wilson, Inc.                                                            | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    112000 | PA      | $88765.24     | 0.07%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Copper River CLO Ltd                          | Copper River CLO Ltd.                                                           | CUSIP: 217563AC9<br>LEI: 5493005HHHXVM8NBWY47 | Long             | ABS-O            | CORP              | KY        |    600000 | PA      | $234.74       | 0.00%             | 2021-01-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PERSHING SQUARE HOLDINGS                      | Pershing Square Holdings Ltd.                                                   | CUSIP: 71531QAD3<br>LEI: U7LC4KOKCTZ0YWGI2G56 | Long             | DBT              | CORP              | GG        |   1000000 | PA      | $778570.00    | 0.57%             | 2030-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| STEWART INFORMATION SERV                      | Stewart Information Services Corp.                                              | CUSIP: 86038AAA0<br>LEI: 529900TV1XI0PLKENU10 | Long             | DBT              | CORP              | US        |    250000 | PA      | $191581.80    | 0.14%             | 2031-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Navigator Aircraft ABS LLC                    | Navigator Aircraft ABS Ltd.                                                     | CUSIP: 63943BAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    231399 | PA      | $194363.82    | 0.14%             | 2046-11-15      | Variable      | 2.77%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                   | MetLife, Inc.                                                                   | CUSIP: 59156RCA4<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EP               | CORP              | US        |    400000 | NS      | $371500.00    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                              | CSC Holdings LLC                                                                | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $130427.06    | 0.10%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RELIANCE STAND LIFE II                        | Reliance Standard Life Global Funding II                                        | CUSIP: 75951AAP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $750911.47    | 0.55%             | 2025-05-07      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                                   | U.S. Treasury Bonds                                                             | CUSIP: 912803GM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $1106433.17   | 0.81%             | 2052-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC BELLS LLC                             | Pacific Bells LLC                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    139872 | PA      | $131013.97    | 0.10%             | 2028-11-10      | Variable      | 9.34%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                | Golub Capital Partners CLO 33M Ltd.                                             | CUSIP: 38174TAE6<br>LEI: 254900T5KLBL86KP4W68 | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $698640.08    | 0.51%             | 2033-08-25      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | U.S. Treasury Notes                                                             | CUSIP: 91282CFV8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5975000 | PA      | $6097300.78   | 4.49%             | 2032-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services        | Fidelity National Information Services                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |   1690000 | PA      | $1690000.00   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| HIGGINBOTHAM INSURANCE AGENCY INC             | Higginbotham Insurance Agency, Inc.                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     39838 | PA      | $38679.10     | 0.03%             | 2026-11-25      | Variable      | 9.63%                 | No            |                  3 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                      | Hilton Domestic Operating Company, Inc.                                         | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    393000 | PA      | $339945.00    | 0.25%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| TRANSUNION                                    | Trans Union LLC                                                                 | CUSIP: N/A<br>LEI: X8NPN6PWJOM1QCTYFV34       | Long             | LON              | CORP              | US        |     42104 | PA      | $41636.69     | 0.03%             | 2028-12-01      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | U.S. Treasury Bonds                                                             | CUSIP: 912810SZ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $2946445.29   | 2.17%             | 2051-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AFTERNEXT HEALTHTECH ACQUI-A                  | AfterNext HealthTech Acquisition Corp.                                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1366 | NS      | $102.45       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NOVA SCOTIA                           | Bank of Nova Scotia                                                             | CUSIP: 0641598S8<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $207927.37    | 0.15%             | 2082-10-27      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                             | Amsted Industries, Inc.                                                         | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |    470000 | PA      | $400675.00    | 0.29%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD FINANCE INC                        | Brookfield Finance, Inc.                                                        | CUSIP: 11271LAB8<br>LEI: 549300XH8D8K6OYWGD17 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $40184.18     | 0.03%             | 2047-09-20      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| New York Mortgage Trust                       | NYMT Loan Trust                                                                 | CUSIP: 62956BAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    337479 | PA      | $324912.04    | 0.24%             | 2062-07-25      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                      | Corebridge Financial, Inc.                                                      | CUSIP: 21871XAN9<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92403.47     | 0.07%             | 2052-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                         | McGraw-Hill Education, Inc.                                                     | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     72000 | PA      | $60506.64     | 0.04%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MASTR Asset Backed Securities                 | Master Asset-Backed Securities Trust                                            | CUSIP: 57645MAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1129305 | PA      | $362104.76    | 0.27%             | 2036-10-25      | Floating      | 4.54%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                                  | AES Corp.                                                                       | CUSIP: 00130HCC7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    220000 | PA      | $194040.00    | 0.14%             | 2030-07-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                       | CARS-DB4, LP                                                                    | CUSIP: 12510HAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    248073 | PA      | $203245.32    | 0.15%             | 2050-02-15      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| Preston Ridge Partners Mortgag                | PRPM LLC                                                                        | CUSIP: 693582AA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    429826 | PA      | $401888.87    | 0.30%             | 2027-02-25      | Variable      | 3.72%                 | No            |                  2 | On Loan: No      |
| ACUITY BRANDS LIGHTING                        | Acuity Brands Lighting, Inc.                                                    | CUSIP: 00510RAD5<br>LEI: 549300OTPVPFLUC38K21 | Long             | DBT              | CORP              | US        |    350000 | PA      | $268782.12    | 0.20%             | 2030-12-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| AMFAM HOLDINGS INC                            | AmFam Holdings, Inc.                                                            | CUSIP: 03115AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $155394.14    | 0.11%             | 2031-03-11      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| THUNDERBIRD 2022-1                            | Lightning A Unfunded                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    253255 | PA      | $0.00         | 0.00%             | 2037-03-01      | Fixed         | 0.35%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                            | Royalty Pharma plc                                                              | CUSIP: 78081BAM5<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    310000 | PA      | $198106.58    | 0.15%             | 2050-09-02      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| KREF 2021-FL2 Ltd                             | KREF                                                                            | CUSIP: 48275RAG2<br>LEI: 54930083ELM2GCMVTQ91 | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $477809.60    | 0.35%             | 2039-02-15      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                             | 10Y-2Y SOFR CMS CAP                                                             | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DIR              |  | GB        |   3900000 | NC      | $14533.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley ReRemic Trust                  | Morgan Stanley Re-REMIC Trust                                                   | CUSIP: 61759HBA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37911 | PA      | $33054.51     | 0.02%             | 2036-06-26      | Variable      | 2.18%                 | No            |                  2 | On Loan: No      |
| ARES FINANCE CO II LLC                        | Ares Finance Company II LLC                                                     | CUSIP: 04015KAB6<br>LEI: 54930012GWL4VKKENG46 | Long             | DBT              | CORP              | US        |    410000 | PA      | $338229.18    | 0.25%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                            | Vodafone Group plc                                                              | CUSIP: 92857WBW9<br>LEI: 213800TB53ELEUKM7Q61 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $185552.83    | 0.14%             | 2081-06-04      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC                           | Spectrum Brands, Inc.                                                           | CUSIP: 84762LAU9<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148302.64    | 0.11%             | 2025-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FIRST REPUBLIC BANK                           | First Republic Bank                                                             | CUSIP: 33616C696<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |      1925 | NS      | $33225.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Acquisition                | JP Morgan Mortgage Acquisition Trust                                            | CUSIP: 46630BAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1239581 | PA      | $664601.60    | 0.49%             | 2036-12-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                                    | Leidos, Inc.                                                                    | CUSIP: 52532XAH8<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    250000 | PA      | $191513.87    | 0.14%             | 2031-02-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                | Golub Capital Partners CLO 16 Ltd.                                              | CUSIP: 38178EAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $479015.90    | 0.35%             | 2033-07-25      | Floating      | 5.97%                 | No            |                  2 | On Loan: No      |
| Wave USA                                      | WAVE LLC                                                                        | CUSIP: 94354KAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    405249 | PA      | $306592.81    | 0.23%             | 2044-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PERSHING SQUARE TONTINE HOLDINGS LTD          | Pershing Square Tontine Holdings, Ltd. - Class A                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     76590 | NS      | $7.66         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co.                                                            | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    230000 | PA      | $189509.82    | 0.14%             | 2031-05-13      | Variable      | 2.96%                 | No            |                  2 | On Loan: No      |
| Vacasa Inc                                    | Vacasa, Inc.                                                                    | CUSIP: 91854V107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3356 | NS      | $4228.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dryden Senior Loan Fund                       | Dryden 37 Senior Loan Fund                                                      | CUSIP: 26249YAG6<br>LEI: 254900I0IPNA482LDS44 | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $777266.40    | 0.57%             | 2031-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                         | 10Y-2Y SOFR CMS CAP                                                             | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |   1950000 | NC      | $8264.20      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations C                | Dreyfus Treasury Obligations Cash Management Fund - Institutional Shares        | CUSIP: N/A<br>LEI: 549300MKKM9KT7BF6329       | Long             | STIV             | RF                | US        |   4537271 | NS      | $4537270.70   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | 3-Month SOFR Futures Contracts                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        35 | NC      | $-22376.81    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| MEDLINE BORROWER LP                           | Medline Borrower, LP                                                            | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    296000 | PA      | $238564.16    | 0.18%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                        | Marriott International, Inc.                                                    | CUSIP: 571903BE2<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    340000 | PA      | $317258.73    | 0.23%             | 2030-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Servpro Master Issuer, LLC                    | SERVPRO Master Issuer LLC                                                       | CUSIP: 817743AE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    492500 | PA      | $385236.46    | 0.28%             | 2051-04-25      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| SBA TOWER TRUST                               | SBA Tower Trust                                                                 | CUSIP: 78403DAZ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     55000 | PA      | $55086.16     | 0.04%             | 2028-01-15      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| SP PF PARENT CORP                             | SP PF Buyer LLC                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    146947 | PA      | $96020.76     | 0.07%             | 2025-12-22      | Variable      | 8.88%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                      | Minerals Technologies, Inc.                                                     | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |    190000 | PA      | $169214.00    | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORFOLK SOUTHERN CORP                         | Norfolk Southern Corp.                                                          | CUSIP: 655844CJ5<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $34578.54     | 0.03%             | 2121-05-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                            | American Bath Group LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    171874 | PA      | $150080.67    | 0.11%             | 2027-11-23      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                    | Fannie Mae                                                                      | CUSIP: 3140HTYC7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $253932.20    | 0.19%             | 2049-05-01      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| MCKESSON CORP                                 | McKesson Corp.                                                                  | CUSIP: N/A<br>LEI: 549300WZWOM80UCFSF54       | Long             | STIV             | CORP              | US        |   1510000 | PA      | $1509020.60   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                        | Marriott International, Inc.                                                    | CUSIP: 571903BF9<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    204000 | PA      | $169700.15    | 0.12%             | 2032-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                         | U.S. Secured Overnight Financing Rate                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |   1700000 | OU      | $-15160.14    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WEIR GROUP PLC (THE)                          | Weir Group plc                                                                  | CUSIP: 94876QAA4<br>LEI: 549300KDR56WHY9I3D10 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $177369.16    | 0.13%             | 2026-05-13      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup, Inc.                                                                 | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    590000 | PA      | $477186.18    | 0.35%             | 2031-06-03      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                   | Extended Stay America Trust                                                     | CUSIP: 30227FAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    244048 | PA      | $233640.72    | 0.17%             | 2038-07-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $31391.32     | 0.02%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Sapphire Aviation Finance I Li                | Sapphire Aviation Finance II Ltd.                                               | CUSIP: 80307AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    373315 | PA      | $282270.44    | 0.21%             | 2040-03-15      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| STAR INTERMEDIATE III INC                     | Dun & Bradstreet                                                                | CUSIP: N/A<br>LEI: RI37BMPWE56BCJ747E14       | Long             | LON              | CORP              | US        |     95092 | PA      | $94056.85     | 0.07%             | 2026-02-06      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                           | Go Daddy Operating Company LLC / GD Finance Co., Inc.                           | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $96277.07     | 0.07%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Figs Inc                                      | Figs, Inc.                                                                      | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1346 | NS      | $9058.58      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HYATT HOTELS CORP                             | Hyatt Hotels Corp.                                                              | CUSIP: 448579AJ1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    190000 | PA      | $185862.78    | 0.14%             | 2030-04-23      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                        | Standard Chartered plc                                                          | CUSIP: 853254BS8<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | US        |    350000 | PA      | $314522.94    | 0.23%             | 2031-04-01      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| Applebees/IHOP Funding LLC                    | Applebee's Funding LLC / IHOP Funding LLC                                       | CUSIP: 03789XAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    495000 | PA      | $451101.92    | 0.33%             | 2049-06-05      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| LSTAR Securities Investment Lt                | LSTAR Securities Investment Ltd.                                                | CUSIP: 54912MAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    230243 | PA      | $205305.08    | 0.15%             | 2026-02-01      | Floating      | 5.92%                 | Yes           |                  2 | On Loan: No      |
| HERA Commercial Mortgage Ltd                  | HERA Commercial Mortgage Ltd.                                                   | CUSIP: 42704RAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $465514.50    | 0.34%             | 2038-02-18      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                      | British Telecommunications plc                                                  | CUSIP: 11102AAG6<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    350000 | PA      | $275342.62    | 0.20%             | 2081-11-23      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| MSD ACQUISITION CORP-A                        | MSD Acquisition Corp.                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       974 | NS      | $73.05        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HYATT HOTELS CORP                             | Hyatt Hotels Corp.                                                              | CUSIP: 448579AH5<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218302.55    | 0.16%             | 2025-04-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NATIONAL AUSTRALIA BANK                       | National Australia Bank Ltd.                                                    | CUSIP: 632525AY7<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | DBT              | CORP              | AU        |    400000 | PA      | $313109.78    | 0.23%             | 2031-05-21      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| QUIRCH FOODS HOLDINGS LLC                     | Quirch Foods Holdings LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    197481 | PA      | $179707.81    | 0.13%             | 2027-10-27      | Variable      | 8.99%                 | No            |                  3 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                      | Warnermedia Holdings, Inc.                                                      | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    400000 | PA      | $329505.90    | 0.24%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                | Golub Capital Partners CLO 36M Ltd.                                             | CUSIP: 38175BAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    850000 | PA      | $832411.72    | 0.61%             | 2031-02-05      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE                      | Intercontinental Exchange, Inc.                                                 | CUSIP: 45866FAP9<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    250000 | PA      | $173384.50    | 0.13%             | 2040-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| LSTAR Securities Investment Lt                | LSTAR Securities Investment Ltd.                                                | CUSIP: 54912PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    174797 | PA      | $171819.10    | 0.13%             | 2026-03-02      | Floating      | 5.82%                 | Yes           |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                | BRAVO Residential Funding Trust                                                 | CUSIP: 10568PAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    482709 | PA      | $427528.68    | 0.31%             | 2070-01-29      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                         | Tenet Healthcare Corp.                                                          | CUSIP: 88033GDG2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     75000 | PA      | $67105.58     | 0.05%             | 2028-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                        | Cushman & Wakefield US Borrower LLC                                             | CUSIP: 23166MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $33402.60     | 0.02%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                    | DaVita, Inc.                                                                    | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    113000 | PA      | $90900.22     | 0.07%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                       | Fidelity National Financial, Inc.                                               | CUSIP: 31620RAJ4<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |    279000 | PA      | $235497.74    | 0.17%             | 2030-06-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs International                   | 10Y-2Y SOFR CMS CAP                                                             | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DIR              |  | GB        |   1600000 | NC      | $6780.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs International                   | 10Y-2Y SOFR CMS CAP                                                             | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DIR              |  | GB        |   1600000 | NC      | $5962.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                              | ITT Holdings LLC                                                                | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    248000 | PA      | $208850.72    | 0.15%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GINKGO BIOWORKS HOLDINGS INC                  | Ginkgo Bioworks Holdings, Inc.                                                  | CUSIP: 37611X118<br>LEI: N/A                  | N/A              | DE               |  | US        |       684 | NS      | $136.80       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp.                                                           | CUSIP: 06055H400<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      4775 | NS      | $83801.25     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| TRITON CONTAINER                              | Triton Container International Ltd.                                             | CUSIP: 89680YAC9<br>LEI: 549300O4LZFLCX53XZ54 | Long             | DBT              | CORP              | BM        |    200000 | PA      | $155692.13    | 0.11%             | 2031-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                       | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    227075 | PA      | $198186.16    | 0.15%             | 2060-07-15      | Fixed         | 2.28%                 | No            |                  2 | On Loan: No      |
| WMG ACQUISITION CORP                          | WMG Acquisition Corp.                                                           | CUSIP: 92933BAR5<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39954.50     | 0.03%             | 2031-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTERN & SOUTHERN LIFE                       | Western & Southern Life Insurance Co.                                           | CUSIP: 95765PAE9<br>LEI: IN763J7JWIZ46OJ1T526 | Long             | DBT              | CORP              | US        |    100000 | PA      | $66718.82     | 0.05%             | 2061-04-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Woodmont Trust                                | Woodmont Trust                                                                  | CUSIP: 97988WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $990964.90    | 0.73%             | 2032-01-15      | Floating      | 5.98%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT CO INC                           | Boxer Parent Company, Inc.                                                      | CUSIP: 103186AB8<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97251.15     | 0.07%             | 2025-10-02      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Imperial Fund LLC                             | Imperial Fund Mortgage Trust                                                    | CUSIP: 45276PAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    187301 | PA      | $166075.43    | 0.12%             | 2067-03-25      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                         | Flowserve Corp.                                                                 | CUSIP: 34354PAF2<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    270000 | PA      | $225061.11    | 0.17%             | 2030-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BofA Securities, Inc.                         | U.S. Secured Overnight Financing Rate                                           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | N/A              | DIR              |  | US        |   9000000 | OU      | $-377476.65   | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup, Inc.                                                                 | CUSIP: 172967MV0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    600000 | NS      | $511500.00    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEAMERICA FINL PARTNERS                      | OneAmerica Financial Partners, Inc.                                             | CUSIP: 682441AB6<br>LEI: 5493009S1SVD6UNUDB08 | Long             | DBT              | CORP              | US        |    410000 | PA      | $291728.42    | 0.21%             | 2050-10-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                              | ABN AMRO Bank N.V.                                                              | CUSIP: 00084DAW0<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $242588.26    | 0.18%             | 2029-12-13      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| NEW TROJAN PARENT INC                         | New Trojan Parent, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98500 | PA      | $67718.75     | 0.05%             | 2028-01-06      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                      | Jefferies Finance LLC / JFIN Company-Issuer Corp.                               | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $203932.50    | 0.15%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACROPOLIS INFRASTRUCTURE - A                  | Acropolis Infrastructure Acquisition Corp.                                      | CUSIP: 005029111<br>LEI: N/A                  | N/A              | DE               |  | US        |       900 | NS      | $108.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Preston Ridge Partners Mortgag                | PRPM LLC                                                                        | CUSIP: 69358DAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    410181 | PA      | $371410.13    | 0.27%             | 2026-06-25      | Variable      | 1.79%                 | No            |                  2 | On Loan: No      |
| Legacy Mortgage Asset Trust                   | Legacy Mortgage Asset Trust                                                     | CUSIP: 52475XAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    415120 | PA      | $371593.03    | 0.27%             | 2067-07-25      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES HOLDINGS INC                  | Mileage Plus Holdings LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    225000 | PA      | $231131.25    | 0.17%             | 2027-06-21      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| TRANSDIGM GROUP INC                           | TransDigm, Inc.                                                                 | CUSIP: N/A<br>LEI: 88Q84GB3X55CF5OC7582       | Long             | LON              | CORP              | US        |    126734 | PA      | $125032.90    | 0.09%             | 2025-12-09      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                        | Fairfax Financial Holdings Ltd.                                                 | CUSIP: 303901BK7<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $93861.28     | 0.07%             | 2032-08-16      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO                 | ABPCI Direct Lending Fund CLO II LLC                                            | CUSIP: 000823AJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $963444.30    | 0.71%             | 2032-04-20      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO                 | ABPCI Direct Lending Fund CLO I LLC                                             | CUSIP: 00086AAQ7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $480722.65    | 0.35%             | 2033-07-20      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | U.S. Treasury Notes                                                             | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1710000 | PA      | $1611875.39   | 1.19%             | 2027-05-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| American Home Mortgage Investm                | American Home Mortgage Investment Trust                                         | CUSIP: 026932AF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1775815 | PA      | $209264.50    | 0.15%             | 2047-05-25      | Fixed         | 2.08%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                          | JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.                 | CUSIP: 46590XAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $70692.43     | 0.05%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Taco Bell Funding, LLC                        | Taco Bell Funding LLC                                                           | CUSIP: 87342RAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     94500 | PA      | $90641.00     | 0.07%             | 2046-05-25      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| Acropolis Infrastructure Acqui                | Acropolis Infrastructure Acquisition Corp.                                      | CUSIP: 005029103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2700 | NS      | $26757.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST REPUBLIC BANK                           | First Republic Bank                                                             | CUSIP: 33616C746<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |     23425 | NS      | $384872.75    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                         | Level 3 Financing, Inc.                                                         | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    330000 | PA      | $241639.54    | 0.18%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| RELIANCE STEEL & ALUM                         | Reliance Steel & Aluminum Co.                                                   | CUSIP: 759509AG7<br>LEI: 549300E287ZOFT3C5Z56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $78746.40     | 0.06%             | 2030-08-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| UNIVERSAL HEALTH SVCS                         | Universal Health Services, Inc.                                                 | CUSIP: 913903AV2<br>LEI: 549300YGMGQDO0NMJD09 | Long             | DBT              | CORP              | US        |    150000 | PA      | $119380.96    | 0.09%             | 2030-10-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| TRUSTAGE FINANCIAL GROUP                      | Trustage Financial Group, Inc.                                                  | CUSIP: 89787EAA9<br>LEI: 549300X7YNHNZXTI6F10 | Long             | DBT              | CORP              | US        |    200000 | PA      | $172419.65    | 0.13%             | 2032-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                              | Altria Group, Inc.                                                              | CUSIP: 02209SBJ1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    170000 | PA      | $145307.87    | 0.11%             | 2030-05-06      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Sprite Limited                                | Sprite Ltd.                                                                     | CUSIP: 85208UAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225380 | PA      | $195108.40    | 0.14%             | 2046-11-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                    | Fannie Mae                                                                      | CUSIP: 3140HTYD5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $592508.46    | 0.44%             | 2049-05-01      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 A PPT                        | British Airways Class A Pass Through Trust                                      | CUSIP: 11042CAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98402 | PA      | $80101.98     | 0.06%             | 2035-03-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                       | Goldman Sachs Group, Inc.                                                       | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |    150000 | NS      | $122205.26    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                           | CDW LLC / CDW Finance Corp.                                                     | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $206009.05    | 0.15%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| MSD Acquisition Corp                          | MSD Acquisition Corp.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      4876 | NS      | $49247.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FS KKR CAPITAL CORP                           | FS KKR Capital Corp.                                                            | CUSIP: 302635AL1<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    200000 | PA      | $168232.81    | 0.12%             | 2027-07-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL FINANCIAL                       | Fidelity National Financial, Inc.                                               | CUSIP: 31620RAK1<br>LEI: 549300CAZYIH39SYQ287 | Long             | DBT              | CORP              | US        |    230000 | PA      | $175457.42    | 0.13%             | 2031-03-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Anchorage Credit Funding Ltd.                 | Anchorage Credit Funding 3 Ltd.                                                 | CUSIP: 03330EAJ3<br>LEI: 5493003NNQWXMTSTMF21 | Long             | ABS-O            | CORP              | KY        |    450000 | PA      | $393407.33    | 0.29%             | 2039-01-28      | Fixed         | 2.87%                 | No            |                  2 | On Loan: No      |
| TVA PRIN STRIP                                | Tennessee Valley Authority Principal Strips                                     | CUSIP: 88059EN59<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    500000 | PA      | $134170.50    | 0.10%             | 2048-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRAFTECH INTERNATIONAL LTD.                   | GrafTech Finance, Inc.                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     47905 | PA      | $47306.19     | 0.03%             | 2025-02-12      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                | TD SYNNEX Corp.                                                                 | CUSIP: 87162WAH3<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    150000 | PA      | $121009.28    | 0.09%             | 2028-08-09      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| PARTNERRE FINANCE B LLC                       | PartnerRe Finance B LLC                                                         | CUSIP: 70213BAC5<br>LEI: 549300O0FAGHK2F79881 | Long             | DBT              | CORP              | US        |    110000 | PA      | $95182.91     | 0.07%             | 2050-10-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| WILTON RE LTD                                 | Wilton RE Ltd.                                                                  | CUSIP: 97263CAA9<br>LEI: 5493004VQ9VSL29MT373 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $606109.00    | 0.45%             | N/A             | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                           | Macquarie Group Ltd.                                                            | CUSIP: 55607PAG0<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $153470.90    | 0.11%             | 2032-06-23      | Variable      | 2.69%                 | No            |                  2 | On Loan: No      |
| EQUITABLE HOLDINGS INC                        | Equitable Holdings, Inc.                                                        | CUSIP: 29452EAA9<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EP               | CORP              | US        |    550000 | NS      | $518485.00    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                          | FirstKey Homes Trust                                                            | CUSIP: 33767JBE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $133120.59    | 0.10%             | 2037-10-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD OPERATING PARTN                      | Safehold Operating Partnership, LP                                              | CUSIP: 78646UAA7<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    180000 | PA      | $138142.10    | 0.10%             | 2031-06-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC                      | Prudential Financial, Inc.                                                      | CUSIP: 744320BH4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |    130000 | PA      | $109705.70    | 0.08%             | 2050-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE AMERICA LLC                      | Enel Finance America LLC                                                        | CUSIP: 29280HAB8<br>LEI: 549300EGNLVUJX1DEC60 | Long             | DBT              | CORP              | US        |    200000 | PA      | $119975.48    | 0.09%             | 2041-07-12      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                      | Corebridge Financial, Inc.                                                      | CUSIP: 21871XAJ8<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $123052.37    | 0.09%             | 2042-04-05      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| LoanCore 2021-CRE6 Issuer, Ltd                | LoanCore Issuer Ltd.                                                            | CUSIP: 53948HAG1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $471653.50    | 0.35%             | 2038-11-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                      | Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.                      | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $267146.40    | 0.20%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co.                                                                      | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    970000 | PA      | $946370.09    | 0.70%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                                   | U.S. Treasury Bonds                                                             | CUSIP: 912803EK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    490000 | PA      | $195942.48    | 0.14%             | 2044-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BROOKFLD FIN LLC/FIN INC                      | Brookfield Finance LLC                                                          | CUSIP: 11271RAB5<br>LEI: 549300E643C5WZF8BL44 | Long             | DBT              | CORP              | US        |     50000 | PA      | $31579.94     | 0.02%             | 2050-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                                    | Twilio, Inc.                                                                    | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |     38000 | PA      | $30871.20     | 0.02%             | 2029-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| AMERICAN FINANCIAL GROUP                      | American Financial Group, Inc.                                                  | CUSIP: 025932864<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EP               | CORP              | US        |      8968 | NS      | $166715.12    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICO LIFE INC                              | Americo Life, Inc.                                                              | CUSIP: 03060NAD2<br>LEI: 549300B5C1FRFHBYW144 | Long             | DBT              | CORP              | US        |    200000 | PA      | $152092.93    | 0.11%             | 2031-04-15      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                      | Liberty Mutual Group, Inc.                                                      | CUSIP: 53079EBK9<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    280000 | PA      | $183381.38    | 0.13%             | 2060-05-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| HarborView Mortgage Loan Trust                | HarborView Mortgage Loan Trust                                                  | CUSIP: 41162NAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    343081 | PA      | $292459.75    | 0.22%             | 2047-01-25      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| RASPRO TRUST                                  | Raspro Trust                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    196989 | PA      | $194495.70    | 0.14%             | 2024-03-23      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                        | Marriott International, Inc.                                                    | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    170000 | PA      | $137663.05    | 0.10%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| SOLRR Aircraft 2021-1 Limited                 | Lunar Structured Aircraft Portfolio Notes                                       | CUSIP: 83438LAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | IE        |    437114 | PA      | $350372.90    | 0.26%             | 2046-10-15      | Fixed         | 2.64%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                            | Macquarie Bank Ltd.                                                             | CUSIP: 556079AC5<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    290000 | PA      | $234407.93    | 0.17%             | 2030-06-03      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Amphenol Corp.                                | Amphenol Corp.                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    320000 | PA      | $320000.00    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC                               | Global Atlantic Finance Co.                                                     | CUSIP: 37959GAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $190416.95    | 0.14%             | 2051-10-15      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                  | US Foods, Inc.                                                                  | CUSIP: 90290MAC5<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69267.32     | 0.05%             | 2025-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                      | Virgin Media Secured Finance plc                                                | CUSIP: 92769XAR6<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | US        |    300000 | PA      | $250627.50    | 0.18%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BERKLEY (WR) CORPORATION                      | W R Berkley Corp.                                                               | CUSIP: 084423888<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |      1845 | NS      | $34169.40     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SELECTIVE INSURANCE GROU                      | Selective Insurance Group, Inc.                                                 | CUSIP: 816300503<br>LEI: 549300R3WGJWLE40R258 | Long             | EP               | CORP              | US        |      4000 | NS      | $67000.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SMITHFIELD FOODS INC                          | Smithfield Foods, Inc.                                                          | CUSIP: 832248BC1<br>LEI: CVTIPZRZJC0JQEZLL598 | Long             | DBT              | CORP              | US        |    110000 | PA      | $83753.23     | 0.06%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fanniemae-Aces                                | Fannie Mae-Aces                                                                 | CUSIP: 3136B9J32<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2664245 | PA      | $277964.41    | 0.20%             | 2035-03-25      | Variable      | 1.47%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                          | FirstKey Homes Trust                                                            | CUSIP: 33767JBC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $131663.70    | 0.10%             | 2037-10-19      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FIRST REPUBLIC BANK                           | First Republic Bank                                                             | CUSIP: 33616C761<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EP               | CORP              | US        |      5325 | NS      | $85200.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NEWCREST FINANCE PTY LTD                      | Newcrest Finance Pty Ltd.                                                       | CUSIP: 65120FAD6<br>LEI: 549300I0XDZ4K7PDSS04 | Long             | DBT              | CORP              | AU        |    460000 | PA      | $383891.00    | 0.28%             | 2030-05-13      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                      | 1011778 BC ULC / New Red Finance, Inc.                                          | CUSIP: 68245XAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    143000 | PA      | $115802.83    | 0.09%             | 2030-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                           | United Airlines, Inc.                                                           | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $139038.90    | 0.10%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                        | Galaxy Pipeline Assets Bidco Ltd.                                               | CUSIP: 36321PAC4<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    328000 | PA      | $253605.67    | 0.19%             | 2040-09-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UCFC Manufactured Housing Cont                | UCFC Manufactured Housing Contract                                              | CUSIP: 90263AAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     37288 | PA      | $36801.91     | 0.03%             | 2028-10-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARCH CAPITAL GROUP LTD                        | Arch Capital Group Ltd.                                                         | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |      9510 | NS      | $164237.70    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| BXMT Ltd                                      | BXMT Ltd.                                                                       | CUSIP: 12434LAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1000000 | PA      | $980853.70    | 0.72%             | 2038-02-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| STRIP PRINC                                   | U.S. Treasury Bonds                                                             | CUSIP: 912803GE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3180000 | PA      | $1022082.11   | 0.75%             | 2052-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WAVERLY CAPITAL ACQUISITION CORP 1            | Waverley Capital Acquisition Corp. 1                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3000 | NS      | $30060.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                      | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | PA      | $486567.34    | 0.36%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| TD SYNNEX CORP                                | TD SYNNEX Corp.                                                                 | CUSIP: 87162WAK6<br>LEI: 5493004HI6PFLF46NS53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $189359.07    | 0.14%             | 2031-08-09      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                  | UBS Group AG                                                                    | CUSIP: 902613AE8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    300000 | PA      | $225867.89    | 0.17%             | 2032-02-11      | Variable      | 2.10%                 | No            |                  2 | On Loan: No      |
| ALCOA NEDERLAND HOLDING                       | Alcoa Nederland Holding BV                                                      | CUSIP: 013822AE1<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $192732.15    | 0.14%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 49                | Octagon Investment Partners 49 Ltd.                                             | CUSIP: 67578FAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1750000 | PA      | $1685494.30   | 1.24%             | 2033-01-15      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                   | Oracle Corp.                                                                    | CUSIP: 68389XCA1<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $178109.81    | 0.13%             | 2051-03-25      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| LUMMUS TECHNOLOGY HOLDINGS V LLC              | Illuminate Buyer LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     63448 | PA      | $60649.61     | 0.04%             | 2027-06-30      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Commercial Mort                | LCCM Trust                                                                      | CUSIP: 50190FAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    600000 | PA      | $575304.12    | 0.42%             | 2038-11-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| MIDWEST VETERINARY PARTNERS LLC               | Mission Veterinary Partners                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148500 | PA      | $132165.00    | 0.10%             | 2028-04-27      | Variable      | 7.87%                 | No            |                  3 | On Loan: No      |
| GLOBAL PAYMENTS INC                           | Global Payments, Inc.                                                           | CUSIP: 37940XAD4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    210000 | PA      | $172067.15    | 0.13%             | 2030-05-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                    | Fannie Mae                                                                      | CUSIP: 3140LEN60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $681612.37    | 0.50%             | 2041-12-01      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom, Inc.                                                                  | CUSIP: 11135FBV2<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    277000 | PA      | $241645.18    | 0.18%             | 2037-05-15      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| TOWD POINT REVOLVING TRUST TPRT_22-A          | Towd Point Revolving Trust                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $481299.50    | 0.35%             | 2064-09-25      | Fixed         | 4.83%                 | Yes           |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co.                                                                      | CUSIP: 097023DG7<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181712.53    | 0.13%             | 2026-02-04      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| FAIRFAX FINL HLDGS LTD                        | Fairfax Financial Holdings Ltd.                                                 | CUSIP: 303901BJ0<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | DBT              | CORP              | CA        |    450000 | PA      | $368699.43    | 0.27%             | 2031-03-03      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| MB2 DENTAL SOLUTIONS LLC                      | MB2 Dental Solutions LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    116317 | PA      | $114230.58    | 0.08%             | 2027-01-29      | Variable      | 10.42%                | No            |                  3 | On Loan: No      |
| Credit Suisse Mortgage Trust                  | CSMC Trust                                                                      | CUSIP: 12597XAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    486194 | PA      | $464559.82    | 0.34%             | 2060-08-25      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                      | Warnermedia Holdings, Inc.                                                      | CUSIP: 55903VAQ6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    200000 | PA      | $145393.28    | 0.11%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| Conyers Park III Acquisition C                | Conyers Park III Acquisition Corp.                                              | CUSIP: 21289P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3800 | NS      | $37468.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CABLE ONE INC                                 | Cable One, Inc.                                                                 | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |    300000 | PA      | $235414.73    | 0.17%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                             | 10Y-2Y SOFR CMS CAP                                                             | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DIR              |  | GB        |   3850000 | NC      | $16316.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                              | CSC Holdings LLC                                                                | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $141166.00    | 0.10%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                              | Berry Global, Inc.                                                              | CUSIP: 08576PAH4<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44540.79     | 0.03%             | 2026-01-15      | Fixed         | 1.57%                 | No            |                  2 | On Loan: No      |
| Cerberus                                      | Cerberus Loan Funding XXVI, LP                                                  | CUSIP: 15673YAN9<br>LEI: 549300U8RSYT04O8Z019 | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $492636.30    | 0.36%             | 2031-04-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| PS HOLDINGS INDEPENDENT VOTING COMPANY LTD    | Pershing Square Holdings Ltd.                                                   | CUSIP: N/A<br>LEI: U7LC4KOKCTZ0YWGI2G56       | Long             | DBT              | CORP              | GG        |   1000000 | PA      | $752240.00    | 0.55%             | 2031-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Military Housing B                | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates          | CUSIP: 35563CAD0<br>LEI: 549300ZG8WH0M4JSUM77 | Long             | ABS-MBS          | USGSE             | US        |    916364 | PA      | $824103.27    | 0.61%             | 2055-11-25      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| APOLLO MANAGEMENT HOLDIN                      | Apollo Management Holdings, LP                                                  | CUSIP: 03765HAF8<br>LEI: 5493006XQW0V5K38YM64 | Long             | DBT              | CORP              | US        |     90000 | PA      | $73112.89     | 0.05%             | 2030-06-05      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Textainer Marine Containers Li                | Textainer Marine Containers VII Ltd.                                            | CUSIP: 88315LAE8<br>LEI: 549300X48KLHDDGPK024 | Long             | ABS-O            | CORP              | US        |    186134 | PA      | $168527.20    | 0.12%             | 2045-08-21      | Fixed         | 2.73%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2                       | INEOS Quattro Finance 2 plc                                                     | CUSIP: 45674GAA2<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $137812.50    | 0.10%             | 2026-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                           | Delta Air Lines, Inc.                                                           | CUSIP: 247361ZX9<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    367000 | PA      | $375052.25    | 0.28%             | 2025-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                      | United Wholesale Mortgage LLC                                                   | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    300000 | PA      | $238644.06    | 0.18%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEWCREST FINANCE PTY LTD                      | Newcrest Finance Pty Ltd.                                                       | CUSIP: 65120FAE4<br>LEI: 549300I0XDZ4K7PDSS04 | Long             | DBT              | CORP              | AU        |    220000 | PA      | $155402.50    | 0.11%             | 2050-05-13      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                     | Qorvo, Inc.                                                                     | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80343.90     | 0.06%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LoanCore 2019-CRE2 Issuer, Ltd                | LoanCore Issuer Ltd.                                                            | CUSIP: 53946JAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    480574 | PA      | $475365.69    | 0.35%             | 2036-05-15      | Floating      | 5.82%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO                        | Global Atlantic Finance Co.                                                     | CUSIP: 37959GAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $146740.66    | 0.11%             | 2031-06-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                         | Wells Fargo & Co.                                                               | CUSIP: 94988U128<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     16000 | NS      | $294240.00    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                | Golub Capital Partners CLO 17 Ltd.                                              | CUSIP: 38175JAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $245947.98    | 0.18%             | 2030-10-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                       | Central Garden & Pet Co.                                                        | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     84000 | PA      | $69537.30     | 0.05%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ABG INTERMEDIATE HOLDINGS 2 LLC               | Authentic Brands                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    143508 | PA      | $138665.02    | 0.10%             | 2028-12-21      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                          | JBS USA LUX S.A. / JBS USA Food Company / JBS USA Finance, Inc.                 | CUSIP: 46590XAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $153370.13    | 0.11%             | 2032-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THUNDERBIRD 2022-1                            | Thunderbird A                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    150092 | PA      | $146339.21    | 0.11%             | 2037-03-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| BROADCOM INC                                  | Broadcom, Inc.                                                                  | CUSIP: 11135FBQ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     26000 | PA      | $18675.48     | 0.01%             | 2036-11-15      | Fixed         | 3.19%                 | No            |                  2 | On Loan: No      |
| RENAISSANCERE HOLDINGS L                      | RenaissanceRe Holdings Ltd.                                                     | CUSIP: EP0599001<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EP               | CORP              | BM        |      7675 | NS      | $124565.25    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY                         | Tennessee Valley Authority                                                      | CUSIP: 880591ES7<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |   1000000 | PA      | $861187.00    | 0.63%             | 2065-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                       | CNO Financial Group, Inc.                                                       | CUSIP: 12621EAL7<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47635.22     | 0.04%             | 2029-05-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                      | Walgreens Boots Alliance, Inc.                                                  | CUSIP: 931427AT5<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |     98000 | PA      | $72093.20     | 0.05%             | 2050-04-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP                           | FS KKR Capital Corp.                                                            | CUSIP: 302635AH0<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    250000 | PA      | $208708.79    | 0.15%             | 2027-01-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| CF Hippolyta Issuer LLC                       | CF Hippolyta Issuer LLC                                                         | CUSIP: 12530MAM7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    246686 | PA      | $231662.21    | 0.17%             | 2062-08-15      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom, Inc.                                                                  | CUSIP: 11135FBH3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    300000 | PA      | $236285.64    | 0.17%             | 2031-02-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                | Wells Fargo Commercial Mortgage Trust                                           | CUSIP: 95000CBE2<br>LEI: 549300SGFUCMB43V8P22 | Long             | ABS-MBS          | CORP              | US        |   3591815 | PA      | $115369.80    | 0.08%             | 2059-01-15      | Variable      | 1.42%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                                  | Assurant, Inc.                                                                  | CUSIP: 04621X306<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EP               | CORP              | US        |      4000 | NS      | $80760.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SBKSCP                                        | TPG Pace Beneficial II Corp.                                                    | CUSIP: SBKSCP682<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6675 | NS      | $65581.88     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SIRIUS XM RADIO INC                           | Sirius XM Radio, Inc.                                                           | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    180000 | PA      | $148537.80    | 0.11%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| SYNDIGO LLC                                   | Syndigo LLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    180853 | PA      | $162767.53    | 0.12%             | 2027-12-15      | Variable      | 8.84%                 | No            |                  2 | On Loan: No      |
| ABPCI Direct Lending Fund CLO                 | ABPCI Direct Lending Fund CLO V Ltd.                                            | CUSIP: 000807AN7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $486850.40    | 0.36%             | 2031-04-20      | Floating      | 5.74%                 | No            |                  2 | On Loan: No      |
| SOUTHERN VETERINARY COMPANY LLC               | Southern Veterinary Partners LLC                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    123695 | PA      | $118231.60    | 0.09%             | 2027-10-05      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| CHCP 2021-FL1 Ltd.                            | CHCP Ltd.                                                                       | CUSIP: 12546JAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $463435.85    | 0.34%             | 2038-02-15      | Floating      | 6.54%                 | No            |                  2 | On Loan: No      |
| BRITISH TELECOMMUNICATIO                      | British Telecommunications plc                                                  | CUSIP: 111021AE1<br>LEI: 549300OWFMSO9NYV4H90 | Long             | DBT              | CORP              | GB        |    100000 | PA      | $119752.90    | 0.09%             | 2030-12-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC                        | Choice Hotels International, Inc.                                               | CUSIP: 169905AG1<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |    360000 | PA      | $305155.40    | 0.22%             | 2031-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                        | Galaxy Pipeline Assets Bidco Ltd.                                               | CUSIP: 36321PAE0<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    144980 | PA      | $116403.68    | 0.09%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| HIGGINBOTHAM INSURANCE AGENCY INC             | Higginbotham Insurance Agency, Inc.                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    197139 | PA      | $191402.01    | 0.14%             | 2026-11-25      | Variable      | 9.63%                 | No            |                  3 | On Loan: No      |
| Novastar Home Equity Loan                     | NovaStar Mortgage Funding Trust Series                                          | CUSIP: 66989EAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    393010 | PA      | $378236.61    | 0.28%             | 2037-09-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                  | Mondelez International, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    250000 | PA      | $250000.00    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| NFP CORP                                      | NFP Corp.                                                                       | CUSIP: 65342RAD2<br>LEI: VO2L9FZNXDJNQNEYH039 | Long             | DBT              | CORP              | US        |    167000 | PA      | $137654.59    | 0.10%             | 2028-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd                | Golub Capital Partners CLO 54M L.P                                              | CUSIP: 381743AE3<br>LEI: 2549007JA1TZWEDGPD41 | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $457083.90    | 0.34%             | 2033-08-05      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| DATIX BIDCO LIMITED                           | Datix Bidco Ltd.                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    300000 | PA      | $354219.05    | 0.26%             | 2025-04-28      | Variable      | 6.69%                 | No            |                  3 | On Loan: No      |
| BANK OF NY MELLON CORP                        | Bank of New York Mellon Corp.                                                   | CUSIP: 064058AL4<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EP               | CORP              | US        |    400000 | NS      | $322182.74    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| CELLNEX FINANCE                               | Cellnex Finance Company S.A.                                                    | CUSIP: 15118JAA3<br>LEI: 549300OUROMFTRFA7T23 | Long             | DBT              | CORP              | ES        |    450000 | PA      | $307800.00    | 0.23%             | 2041-07-07      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HIGGINBOTHAM INSURANCE AGENCY INC             | Higginbotham Insurance Agency, Inc.                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -53904 | PA      | $-1568.62     | -0.00%            | 2026-11-25      | Variable      | 1.00%                 | No            |                  3 | On Loan: No      |
| NRG ENERGY INC                                | NRG Energy, Inc.                                                                | CUSIP: 629377CP5<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $165710.97    | 0.12%             | 2027-12-02      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Blue Whale Acquisition Corp. I                | Blue Whale Acquisition Corp. I                                                  | CUSIP: SBP818W74<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2200 | NS      | $21538.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                                  | Vontier Corp.                                                                   | CUSIP: 928881AF8<br>LEI: 549300VVSQLG4P5K4639 | Long             | DBT              | CORP              | US        |    350000 | PA      | $252898.80    | 0.19%             | 2031-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ServiceMaster Brands                          | ServiceMaster Funding LLC                                                       | CUSIP: 81761TAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    245625 | PA      | $184047.55    | 0.14%             | 2051-01-30      | Fixed         | 3.34%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                          | Westpac Banking Corp.                                                           | CUSIP: 961214EQ2<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    100000 | PA      | $66026.50     | 0.05%             | 2040-11-16      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| GATX CORP                                     | GATX Corp.                                                                      | CUSIP: 361448BA0<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45366.52     | 0.03%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                      | HAH Group Holding Co. LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      9232 | PA      | $8781.80      | 0.01%             | 2027-10-29      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| HAMILTON PROJECTS ACQUIROR LLC                | Hamilton Projects Acquiror LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    123223 | PA      | $121118.16    | 0.09%             | 2027-06-17      | Variable      | 9.23%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                         | 10Y-2Y SOFR CMS CAP                                                             | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DIR              |  | US        |   1900000 | NC      | $8052.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                              | Paramount Global                                                                | CUSIP: 92556HAC1<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    320000 | PA      | $232773.78    | 0.17%             | 2050-05-19      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| THUNDERBIRD 2022-1                            | Lightning A                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    146745 | PA      | $143076.47    | 0.11%             | 2037-03-01      | Fixed         | 5.50%                 | No            |                  3 | On Loan: No      |
| Starwood Commercial Mortgage T                | STWD Ltd.                                                                       | CUSIP: 78485WAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $733269.38    | 0.54%             | 2038-07-15      | Floating      | 6.04%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Secured Funding                | Madison Avenue Secured Funding Trust                                            | CUSIP: 55662QAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    450000 | PA      | $450000.00    | 0.33%             | 2023-01-17      | Floating      | 5.07%                 | No            |                  3 | On Loan: No      |
| QORVO INC                                     | Qorvo, Inc.                                                                     | CUSIP: 74736KAH4<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    170000 | PA      | $150320.80    | 0.11%             | 2029-10-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BX Trust                                      | BX Commercial Mortgage Trust                                                    | CUSIP: 05609VAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $325488.94    | 0.24%             | 2036-09-15      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Jol Air                                       | JOL Air Ltd.                                                                    | CUSIP: 46651NAA2<br>LEI: 549300TS4MUGCDXPW498 | Long             | ABS-O            | CORP              | KY        |    371407 | PA      | $303406.58    | 0.22%             | 2044-04-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRESS SERVICES CORP              | Mavis Tire Express Services TopCo Corp.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    113384 | PA      | $107957.65    | 0.08%             | 2028-05-04      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                    | Air Canada                                                                      | CUSIP: N/A<br>LEI: 4B4HI3CGXMBDC0G6BM51       | Long             | LON              | CORP              | CA        |     94717 | PA      | $93414.27     | 0.07%             | 2028-08-11      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| BECLE SA DE CV                                | Becle, SAB de CV                                                                | CUSIP: 07586PAA9<br>LEI: 529900JY55CZKMJLCE09 | Long             | DBT              | CORP              | MX        |    250000 | PA      | $194250.00    | 0.14%             | 2031-10-14      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                               | Xcel Energy, Inc.                                                               | CUSIP: 98388MAC1<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |     60000 | PA      | $47933.33     | 0.04%             | 2031-11-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                  | Credit Suisse Mortgage Capital Certificates                                     | CUSIP: 12658XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    440617 | PA      | $403976.11    | 0.30%             | 2061-02-25      | Variable      | 2.44%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN GROUP INC                       | Jefferies Financial Group, Inc.                                                 | CUSIP: 47233JDX3<br>LEI: 549300HOF34RGOJ5YL07 | Long             | DBT              | CORP              | US        |    300000 | PA      | $225603.84    | 0.17%             | 2032-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BXMT Ltd                                      | BXMT Ltd.                                                                       | CUSIP: 05608XAG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    250000 | PA      | $238639.33    | 0.18%             | 2037-11-15      | Floating      | 6.47%                 | No            |                  2 | On Loan: No      |
| GMAC Commercial Mortgage Asset                | GMAC Commercial Mortgage Asset Corp.                                            | CUSIP: 36186YAF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    923527 | PA      | $914226.64    | 0.67%             | 2052-08-10      | Fixed         | 6.11%                 | No            |                  3 | On Loan: No      |
| AMERICAN EQUITY INVESTME                      | American Equity Investment Life Holding Co.                                     | CUSIP: 025676AM9<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     69000 | PA      | $65335.75     | 0.05%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                 | Citigroup, Inc.                                                                 | CUSIP: 172967MU2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    200000 | NS      | $174224.00    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                              | Altria Group, Inc.                                                              | CUSIP: 02209SBN2<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    550000 | PA      | $344476.35    | 0.25%             | 2051-02-04      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| HUNT COS INC                                  | Hunt Companies, Inc.                                                            | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $168102.48    | 0.12%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                          | Westpac Banking Corp.                                                           | CUSIP: 961214EX7<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    150000 | PA      | $111520.09    | 0.08%             | 2036-11-18      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| WESTCHESTER CNTY NY LOCAL DEV                 | Westchester County Local Development Corp. Revenue Bonds                        | CUSIP: 95737TEK8<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    300000 | PA      | $207008.55    | 0.15%             | 2050-11-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trus                | CFCRE Commercial Mortgage Trust                                                 | CUSIP: 12531WBC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5363886 | PA      | $130670.16    | 0.10%             | 2048-01-10      | Variable      | 0.98%                 | No            |                  2 | On Loan: No      |
| AASET 2021-1 Trust                            | AASET Trust                                                                     | CUSIP: 00038PAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    410914 | PA      | $328209.52    | 0.24%             | 2041-11-16      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential                 | Starwood Mortgage Residential Trust                                             | CUSIP: 85573AAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    862887 | PA      | $824291.13    | 0.61%             | 2050-02-25      | Variable      | 2.41%                 | No            |                  2 | On Loan: No      |
| GATX CORP                                     | GATX Corp.                                                                      | CUSIP: 361448BF9<br>LEI: 549300IHYHCQP2PIR591 | Long             | DBT              | CORP              | US        |    140000 | PA      | $124059.00    | 0.09%             | 2030-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KKR GROUP FINAN CO VIII                       | KKR Group Finance Company VIII LLC                                              | CUSIP: 48252MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $127018.51    | 0.09%             | 2050-08-25      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TRANSURBAN FINANCE CO                         | Transurban Finance Company Pty Ltd.                                             | CUSIP: 89400PAK9<br>LEI: 54930081LPJMUMEA6E57 | Long             | DBT              | CORP              | AU        |    150000 | PA      | $117986.63    | 0.09%             | 2031-03-16      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                         | Nippon Life Insurance Co.                                                       | CUSIP: 654579AK7<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $159966.02    | 0.12%             | 2051-09-16      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATIONAL CORP                         | Lincoln National Corp.                                                          | CUSIP: 534187BL2<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    150000 | PA      | $111644.15    | 0.08%             | 2050-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                      | Host Hotels & Resorts, LP                                                       | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $38248.21     | 0.03%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| OWENS CORNING                                 | Owens Corning                                                                   | CUSIP: 690742AK7<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | DBT              | CORP              | US        |    320000 | PA      | $284332.50    | 0.21%             | 2030-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TRITON CONTAINER/TAL INT                      | Triton Container International Limited / TAL International Container Corp.      | CUSIP: 89681LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    100000 | PA      | $77205.00     | 0.06%             | 2032-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                             | Iron Mountain, Inc.                                                             | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $108327.02    | 0.08%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                       | GLP Capital Limited Partnership / GLP Financing II, Inc.                        | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $283902.00    | 0.21%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| KIMBERLY-CLARK DE MEXICO                      | Kimberly-Clark de Mexico SAB de CV                                              | CUSIP: 494386AD7<br>LEI: 549300JGHL56QT00KT54 | Long             | DBT              | CORP              | MX        |    200000 | PA      | $159882.00    | 0.12%             | 2031-07-01      | Fixed         | 2.43%                 | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LTD                            | Macquarie Bank Ltd.                                                             | CUSIP: 556079AD3<br>LEI: 4ZHCHI4KYZG2WVRT8631 | Long             | DBT              | CORP              | AU        |    450000 | PA      | $325487.69    | 0.24%             | 2036-03-03      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| OCULUS INTERMEDIATE INC                       | CNT Holdings I Corp.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    114947 | PA      | $111067.07    | 0.08%             | 2027-11-08      | Variable      | 7.24%                 | No            |                  2 | On Loan: No      |
| FIRST AMERICAN FINANCIAL                      | First American Financial Corp.                                                  | CUSIP: 31847RAG7<br>LEI: 549300B6VEZK3N0A1P55 | Long             | DBT              | CORP              | US        |    360000 | PA      | $301486.30    | 0.22%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BX Trust                                      | BX Commercial Mortgage Trust                                                    | CUSIP: 05610HAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    464195 | PA      | $432248.44    | 0.32%             | 2039-02-15      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| THL Credit Lake Shore MM CLO I                | THL Credit Lake Shore MM CLO I Ltd.                                             | CUSIP: 510800AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $487844.60    | 0.36%             | 2033-04-15      | Floating      | 5.78%                 | No            |                  2 | On Loan: No      |
| Life Financial Services Trust                 | Life Mortgage Trust                                                             | CUSIP: 53218CAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    245743 | PA      | $231867.74    | 0.17%             | 2038-03-15      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY US HLDG                      | Assured Guaranty US Holdings, Inc.                                              | CUSIP: 04621WAE0<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $65065.77     | 0.05%             | 2051-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                        | Anglo American Capital plc                                                      | CUSIP: 034863AX8<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $162536.99    | 0.12%             | 2030-09-10      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                       | GLP Capital Limited Partnership / GLP Financing II, Inc.                        | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $248762.00    | 0.18%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ladder Capital Commercial Mort                | LCCM Trust                                                                      | CUSIP: 50190FAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    400000 | PA      | $376987.72    | 0.28%             | 2038-11-15      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| JOHNS HOPKINS UNIVERSITY                      | Johns Hopkins University                                                        | CUSIP: 478115AF5<br>LEI: 549300Z1XKWYKTIOM958 | Long             | DBT              | CORP              | US        |    500000 | PA      | $312192.54    | 0.23%             | 2060-01-01      | Fixed         | 2.81%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                      | 1011778 BC ULC / New Red Finance, Inc.                                          | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     55000 | PA      | $49200.00     | 0.04%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RS IVY HOLDCO INC                             | ITT Holdings LLC                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     96775 | PA      | $95323.38     | 0.07%             | 2028-07-10      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                          | FirstKey Homes Trust                                                            | CUSIP: 33767JBA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $86648.61     | 0.06%             | 2037-10-19      | Fixed         | 3.37%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                         | Toronto-Dominion Bank                                                           | CUSIP: 89117F8Z5<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $208000.00    | 0.15%             | 2082-10-31      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | U.S. Treasury Notes                                                             | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4800000 | PA      | $4773750.00   | 3.51%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| APTTUS CORP                                   | Apttus Corp.                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     35572 | PA      | $33170.89     | 0.02%             | 2028-05-08      | Variable      | 8.66%                 | No            |                  2 | On Loan: No      |
| SERVICE LOGIC ACQUISITION INC                 | Service Logic Acquisition, Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     35841 | PA      | $33869.32     | 0.02%             | 2027-10-29      | Variable      | 8.41%                 | No            |                  2 | On Loan: No      |
| First Franklin Mtg Loan Asset                 | First Franklin Mortgage Loan Trust                                              | CUSIP: 320275AE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    894723 | PA      | $384153.19    | 0.28%             | 2036-12-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| OSW Structured Asset Trust                    | OSAT Trust                                                                      | CUSIP: 67114HAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    431644 | PA      | $398416.91    | 0.29%             | 2065-05-25      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| HOME POINT CAPITAL INC                        | Home Point Capital, Inc.                                                        | CUSIP: 43734LAA4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |     53000 | PA      | $36648.98     | 0.03%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                  | Broadcom, Inc.                                                                  | CUSIP: 11135FAQ4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    206000 | PA      | $184607.34    | 0.14%             | 2030-11-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| AfterNext HealthTech Acquisiti                | AfterNext HealthTech Acquisition Corp.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      4100 | NS      | $41082.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KUVARE US HOLDINGS INC                        | Kuvare US Holdings, Inc.                                                        | CUSIP: 50149XAA2<br>LEI: 254900MGBERNLZXF7O58 | Long             | EP               | CORP              | US        |    100000 | NS      | $101000.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST KEY REVOLVING TRUST 2021-1              | FKRT                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $719910.00    | 0.53%             | 2058-11-30      | Fixed         | 2.21%                 | Yes           |                  3 | On Loan: No      |
| Argent Securities Inc.                        | Ameriquest Mortgage Securities Trust                                            | CUSIP: 03076MAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2068908 | PA      | $673962.99    | 0.50%             | 2036-10-25      | Floating      | 4.55%                 | No            |                  2 | On Loan: No      |
| FLOWSERVE CORPORATION                         | Flowserve Corp.                                                                 | CUSIP: 34355JAB4<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $74904.51     | 0.06%             | 2032-01-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| BIFM CA BUYER INC                             | BGIS (BIFM CA Buyer, Inc.)                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    110144 | PA      | $104912.21    | 0.08%             | 2026-06-01      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| Castlelake Aircraft Securitiza                | Castlelake Aircraft Structured Trust                                            | CUSIP: 14856GAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    309520 | PA      | $260009.35    | 0.19%             | 2046-01-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Total Return Bond Fund - R6-Class                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |    252424 | NS      | $5858756.51   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                               | U.S. Treasury Bonds                                                             | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1050000 | PA      | $665027.35    | 0.49%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| PENN MUTUAL LIFE INS CO                       | Penn Mutual Life Insurance Co.                                                  | CUSIP: 707567AE3<br>LEI: BIYXEJSLUQ3IWFUXX074 | Long             | DBT              | CORP              | US        |    100000 | PA      | $65950.63     | 0.05%             | 2061-04-29      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| KEMPER CORP                                   | Kemper Corp.                                                                    | CUSIP: 488401AC4<br>LEI: 549300FNI1JKTRY2PV09 | Long             | DBT              | CORP              | US        |    146000 | PA      | $113511.10    | 0.08%             | 2030-09-30      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| VB-S1 Issuer LLC                              | VB-S1 Issuer LLC - VBTEL                                                        | CUSIP: 91823AAY7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $219378.20    | 0.16%             | 2052-02-15      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| BELROSE FUNDING TRUST                         | Belrose Funding Trust                                                           | CUSIP: 080807AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    320000 | PA      | $242331.76    | 0.18%             | 2030-08-15      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| Home Equity Loan Trust                        | Home Equity Loan Trust                                                          | CUSIP: 43710XAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    544821 | PA      | $508296.57    | 0.37%             | 2037-04-25      | Floating      | 4.58%                 | No            |                  2 | On Loan: No      |
| PLANVIEW PARENT INC                           | Planview Parent, Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    227550 | PA      | $210685.82    | 0.15%             | 2027-12-17      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO / FINANCE                      | Radiate Holdco LLC / Radiate Finance, Inc.                                      | CUSIP: 75026JAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    114000 | PA      | $83755.80     | 0.06%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                          | Bank of America Corp.                                                           | CUSIP: 06055H608<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      4050 | NS      | $67635.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                      | OBX 2022-NQM9 Trust                                                             | CUSIP: 67118LAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     99520 | PA      | $99033.39     | 0.07%             | 2062-09-25      | Variable      | 6.45%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                    | DaVita, Inc.                                                                    | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    297000 | PA      | $221665.95    | 0.16%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                      | HAH Group Holding Co. LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     73100 | PA      | $69536.15     | 0.05%             | 2027-10-29      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                  | GS Mortgage Securities Trust                                                    | CUSIP: 36258YBJ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9942807 | PA      | $323486.25    | 0.24%             | 2053-02-13      | Variable      | 0.67%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                           | COMM Mortgage Trust                                                             | CUSIP: 12593QBF6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5724212 | PA      | $110273.51    | 0.08%             | 2048-10-10      | Variable      | 0.90%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co.                                                                      | CUSIP: 097023CW3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    490000 | PA      | $454316.17    | 0.33%             | 2050-05-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                             | Service Corporation International                                               | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48774.41     | 0.04%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| STORE Master Funding LLC                      | STORE Master Funding I-VII                                                      | CUSIP: 86212VAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1099131 | PA      | $1016812.82   | 0.75%             | 2046-10-20      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Securitized Asset Backed Recei                | Securitized Asset-Backed Receivables LLC Trust 2007-BR2                         | CUSIP: 81378PAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    639558 | PA      | $533812.35    | 0.39%             | 2037-02-25      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| MB2 DENTAL SOLUTIONS LLC                      | MB2 Dental Solutions LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    121607 | PA      | $119425.87    | 0.09%             | 2027-01-29      | Variable      | 10.42%                | No            |                  3 | On Loan: No      |
| KKR CORE HOLDING COMPANY LLC                  | KKR Core Holding Company LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-O            | CORP              | US        |    540449 | PA      | $458890.14    | 0.34%             | 2031-08-12      | Fixed         | 4.00%                 | No            |                  3 | On Loan: No      |
| IRON MOUNTAIN INC                             | Iron Mountain, Inc.                                                             | CUSIP: 46284VAN1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    261000 | PA      | $214526.34    | 0.16%             | 2031-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co.                                                            | CUSIP: 48128BAN1<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EP               | CORP              | US        |    250000 | NS      | $214062.50    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Cerberus                                      | Cerberus Loan Funding XXXVI, LP                                                 | CUSIP: 15674UAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    187625 | PA      | $186792.46    | 0.14%             | 2033-11-22      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| MB2 DENTAL SOLUTIONS LLC                      | MB2 Dental Solutions LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    326125 | PA      | $320274.97    | 0.24%             | 2027-01-29      | Variable      | 10.42%                | No            |                  3 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co.                                                            | CUSIP: 46647PDK9<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292816.04    | 0.22%             | 2033-09-14      | Variable      | 5.72%                 | No            |                  2 | On Loan: No      |
| CNO FINANCIAL GROUP INC                       | CNO Financial Group, Inc.                                                       | CUSIP: 12621E301<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EP               | CORP              | US        |      6000 | NS      | $101460.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                | Public Storage                                                                  | CUSIP: 74460W552<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      8522 | NS      | $162855.42    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ASSURED GUARANTY US HLDG                      | Assured Guaranty US Holdings, Inc.                                              | CUSIP: 04621WAD2<br>LEI: 5493007YCE0652G9TZ64 | Long             | DBT              | CORP              | US        |     90000 | PA      | $75747.79     | 0.06%             | 2031-06-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                         | Jane Street Group LLC                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    168038 | PA      | $162838.58    | 0.12%             | 2028-01-26      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                              | Lamar Media Corp.                                                               | CUSIP: 513075BZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $57870.93     | 0.04%             | 2031-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                                  | Assurant, Inc.                                                                  | CUSIP: 04621XAN8<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $184901.92    | 0.14%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Treman Park CLO Ltd                           | Treman Park CLO Ltd.                                                            | CUSIP: 89473MAD4<br>LEI: 549300E4DX3Q8L455K94 | Long             | ABS-O            | CORP              | KY        |    162950 | PA      | $9749.31      | 0.01%             | 2028-10-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Waverley Capital Acquisition Corp.            | Waverley Capital Acquisition Corp.                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1000 | NS      | $40.10        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank plc                             | CURRENCY CONTRACT - Rec USD / Deliver GBP                                       | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              |  | US        |   -466000 | NC      | $13934.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| COSTAR GROUP INC                              | CoStar Group, Inc.                                                              | CUSIP: 22160NAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    740000 | PA      | $604350.36    | 0.44%             | 2030-07-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN CAPITAL                        | Anglo American Capital plc                                                      | CUSIP: 034863AW0<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198547.20    | 0.15%             | 2030-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BERKLEY (WR) CORPORATION                      | W R Berkley Corp.                                                               | CUSIP: 084423870<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EP               | CORP              | US        |     11288 | NS      | $200136.24    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Anchorage Credit Funding Ltd.                 | Anchorage Credit Funding 4 Ltd.                                                 | CUSIP: 03329TAG9<br>LEI: 549300VR9XUOV1E0U888 | Long             | ABS-O            | CORP              | KY        |    750000 | PA      | $639337.20    | 0.47%             | 2039-04-27      | Fixed         | 2.72%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                           | Macquarie Group Ltd.                                                            | CUSIP: 55608JAZ1<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |    250000 | PA      | $191795.68    | 0.14%             | 2033-01-14      | Variable      | 2.87%                 | No            |                  2 | On Loan: No      |
| Capital Automotive Reit                       | Capital Automotive REIT                                                         | CUSIP: 12510HAN0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    499271 | PA      | $369737.06    | 0.27%             | 2051-08-15      | Fixed         | 2.76%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                     | Boeing Co.                                                                      | CUSIP: 097023CV5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    490000 | PA      | $467245.61    | 0.34%             | 2040-05-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                           | Charles Schwab Corp.                                                            | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    500000 | NS      | $398725.00    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| CALIFORNIA INSTITUTE OF                       | California Institute of Technology                                              | CUSIP: 13034VAD6<br>LEI: 549300CITPNHOTVPHC04 | Long             | DBT              | CORP              | US        |    225000 | PA      | $143311.32    | 0.11%             | 2119-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| VALVOLINE INC                                 | Valvoline, Inc.                                                                 | CUSIP: 92047WAD3<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48506.05     | 0.04%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                              | BAT Capital Corp.                                                               | CUSIP: 05526DBU8<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    300000 | PA      | $196306.95    | 0.14%             | 2050-09-25      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| DOLLAR GENERAL CORPORATION                    | Dollar General Corp.                                                            | CUSIP: N/A<br>LEI: OPX52SQVOZI8IVSWYU66       | Long             | STIV             | CORP              | US        |    430000 | PA      | $429893.69    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC           | 10Y-2Y SOFR CMS CAP                                                             | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DIR              |  | US        |   3900000 | NC      | $14533.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON LIFE INSURANCE                         | Nippon Life Insurance Co.                                                       | CUSIP: 654579AH4<br>LEI: 549300Y0HHMFW3EVWY08 | Long             | DBT              | CORP              | JP        |    350000 | PA      | $280874.20    | 0.21%             | 2051-01-21      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                 | Parkland Corp.                                                                  | CUSIP: 70137WAL2<br>LEI: 549300XHQS1JYWBNK868 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $82750.00     | 0.06%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC                      | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd.      | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315020 | PA      | $313193.77    | 0.23%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RXR ACQUISITION CORP- CL A                    | RXR Acquisition Corp.                                                           | CUSIP: 74981W115<br>LEI: N/A                  | N/A              | DE               |  | US        |      1547 | NS      | $2.32         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL HOLDINGS INC                              | LPL Holdings, Inc.                                                              | CUSIP: 50212YAD6<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    174000 | PA      | $151397.40    | 0.11%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                         | Wells Fargo & Co.                                                               | CUSIP: 949746TD3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |    450000 | NS      | $393869.25    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                      | Rogers Communications, Inc.                                                     | CUSIP: 775109CD1<br>LEI: 54930030NVF3Y2OL0A78 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $155057.21    | 0.11%             | 2052-03-15      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                         | HighTower Holding LLC                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148500 | PA      | $135629.51    | 0.10%             | 2028-04-21      | Variable      | 8.28%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD OPERATING PARTN                      | Safehold Operating Partnership, LP                                              | CUSIP: 78646UAB5<br>LEI: 54930012UY5Z4Q8NL108 | Long             | DBT              | CORP              | US        |    271000 | PA      | $205673.99    | 0.15%             | 2032-01-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                       | SBA Communications Corp.                                                        | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |    250000 | PA      | $207872.50    | 0.15%             | 2029-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CHILDREN'S HOSPITAL CORP                      | Children's Hospital Corp.                                                       | CUSIP: 16876BAB8<br>LEI: 549300NXFO6BISJLOS32 | Long             | DBT              | CORP              | US        |    500000 | PA      | $304341.78    | 0.22%             | 2050-02-01      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                   | State of Illinois General Obligation Unlimited                                  | CUSIP: 452152ZB0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    355556 | PA      | $348225.83    | 0.26%             | 2038-12-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Cerberus                                      | Cerberus Loan Funding XXXIII, LP                                                | CUSIP: 15674PAC1<br>LEI: 54930000UKAI7FBHXD27 | Long             | ABS-O            | CORP              | KY        |    500000 | PA      | $458029.30    | 0.34%             | 2033-07-23      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                           | JPMorgan Chase & Co.                                                            | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186791.29    | 0.14%             | 2031-03-24      | Variable      | 4.49%                 | No            |                  2 | On Loan: No      |
| STADCO LA LLC                                 | Stadco LA, LLC                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    500000 | PA      | $344600.00    | 0.25%             | 2056-05-15      | Fixed         | 3.75%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Guggenheim Variable Funds Trust

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO