# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0000940400-26-023127
**Filing Date:** 2026-6
**Character Count:** 150140
**Document Hash:** a97fabab9e8041384817d650f15411f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-023127.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000940400-26-023127

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087

**ORGANIZATION NAME:**
- **EIN:** 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:** 261049124

**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 P (HIGH YIELD SERIES) (Series ID: S000010055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027854 | 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.

  - **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 P (High Yield Series)

- **b. EDGAR series identifier (if any):** S000010055

- **c. LEI of Series:** 5493006I0TSRF6VO1C08

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $26891371.63

**Total Liabilities:** $483506.98

**Net Assets:** $26407864.65

**Delayed Delivery Securities:** $150000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 12.61496400 | **5-Year:** 104.54386720 | **10-Year:** 95.40262520 | **30-Year:** 0.00000000

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

- **3-Month:** 27.59260870 | **1-Year:** 1669.89544800 | **5-Year:** 5056.45280860 | **10-Year:** 1563.00638440 | **30-Year:** 138.44302750

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027854 | 0.32%                | -0.32%               | -1.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $29572.67                | $-66667.11                                 |
| Month 2  | $-5750.15                | $-231988.25                                |
| Month 3  | $1976.19                 | $-535238.79                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Dreyfus Treasury Securities Cash Management                                                      | Dreyfus Treasury Securities Cash Management INSTL SHS                                                                          | CUSIP: 261941108<br>LEI: 549300U78VESCW509025 | Long             | STIV             | RF                | US        |    549018 | NS      | $549018.13    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc.                                                                       | CZR 6.5 02/15/32 144A                                                                                                          | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24708.95     | 0.09%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Suburban Propane Partners LP / Suburban Energy Finance Corporation                               | SPH 5 06/01/31 144A                                                                                                            | CUSIP: 864486AL9<br>LEI: JJAX4X60DE65EYFOTY73 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141131.76    | 0.53%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alumina Pty Ltd.                                                                                 | AA 6.375 09/15/32 144A                                                                                                         | CUSIP: 02220AAB3<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $205447.40    | 0.78%             | 2032-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE PUMPING HOLDING INC                                                       | BBCP 7.5 02/01/32 144A                                                                                                         | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50522.85     | 0.19%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Park River Holdings Inc                                                                          | PRIMBP 8 03/15/31 144A                                                                                                         | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49769.11     | 0.19%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GLP Capital L.P. and GLP Financing II, Inc.                                                      | GLPI 5.625 03/01/36                                                                                                            | CUSIP: 361841AX7<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97259.82     | 0.37%             | 2036-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                                              | HNDLIN 4.75 01/30/30 144A                                                                                                      | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118259.72    | 0.45%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                                     | THC 6.125 06/15/30                                                                                                             | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125812.75    | 0.48%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Ryan Specialty LLC                                                                               | RYASPE 5.875 08/01/32 144A                                                                                                     | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74127.35     | 0.28%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                                                                    | UWMLLC 5.75 06/15/27 144A                                                                                                      | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73815.77     | 0.28%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Global Atlantic Finance Co.                                                                      | GBLATL V7.25 03/01/56 144A                                                                                                     | CUSIP: 37959GAH0<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47128.12     | 0.18%             | 2056-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| XPLORE INC                                                                                       | XPLORE INC                                                                                                                     | CUSIP: 000000000<br>LEI: 254900V3NB5MGOZS4O08 | Long             | LON              | CORP              | CA        |     29232 | PA      | $18452.73     | 0.07%             | 2031-10-24      | Floating      | 6.00%                 | No            |                  2 | On Loan: No      |
| United Wholesale Mortgage LLC                                                                    | UWMLLC 5.5 04/15/29 144A                                                                                                       | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46799.31     | 0.18%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Calderys Financing LLC                                                                           | CALDER 11.25 06/01/28 144A                                                                                                     | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77537.63     | 0.29%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| XPLORE INC                                                                                       | XPLORE INC                                                                                                                     | CUSIP: 000000000<br>LEI: 254900V3NB5MGOZS4O08 | Long             | LON              | CORP              | CA        |      8526 | PA      | $7705.65      | 0.03%             | 2029-10-24      | Floating      | 4.39%                 | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                                                     | HESM 5.875 03/01/28 144A                                                                                                       | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50320.80     | 0.19%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CVR Energy Inc.                                                                                  | CVI 7.5 02/15/31 144A                                                                                                          | CUSIP: 12662PAH1<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176306.73    | 0.67%             | 2031-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ADT Security Corp.                                                                               | ADT 5.875 10/15/33 144A                                                                                                        | CUSIP: 00109LAB9<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96850.95     | 0.37%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Enviri Corp.                                                                                     | NVRI 5.75 07/31/27 144A                                                                                                        | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    275000 | PA      | $274336.18    | 1.04%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co Inc.                                                                | HLT 5.5 03/31/34 144A                                                                                                          | CUSIP: 432833AT8<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73273.27     | 0.28%             | 2034-03-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Crocs Inc                                                                                        | CROX 4.25 03/15/29 144A                                                                                                        | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    175000 | PA      | $167967.75    | 0.64%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                               | VEGLPL 7.75 05/01/35 144A                                                                                                      | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    125000 | PA      | $140097.25    | 0.53%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                                | CSCHLD 4.125 12/01/30 144A                                                                                                     | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $120017.72    | 0.45%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Pelican Products                                                                                 | Pelican Products Term Loan B 425 2028-10-31                                                                                    | CUSIP: 70468BAC7<br>LEI: 5493008CRWH2WFODTF44 | Long             | LON              | CORP              | US        |     52756 | PA      | $46582.08     | 0.18%             | 2028-12-29      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| Park River Holdings Inc                                                                          | PRIMBP 8.75 12/31/30 144A                                                                                                      | CUSIP: 70082LAD9<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     84324 | PA      | $77665.55     | 0.29%             | 2030-12-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Upbound Group Inc                                                                                | UPBD 6.375 02/15/29 144A                                                                                                       | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |     82000 | PA      | $79459.92     | 0.30%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Performance Food Group Inc                                                                       | PFGC 5.625 03/01/34 144A                                                                                                       | CUSIP: 71376LAH3<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48224.62     | 0.18%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EMRLD Borrower LP / Emerald Co-Issuer Inc.                                                       | EMECLI 6.625 12/15/30 144A                                                                                                     | CUSIP: 29103CAA6<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101705.90    | 0.39%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Clearway Energy Operating LLC                                                                    | CWENA 5.75 01/15/34 144A                                                                                                       | CUSIP: 18539UAG0<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49135.03     | 0.19%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                  | WHR 6.5 06/15/33                                                                                                               | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94742.85     | 0.36%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Match Group Holdings II LLC                                                                      | MTCHII 3.625 10/01/31 144A                                                                                                     | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133362.81    | 0.51%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Deuce Finco PLC                                                                                  | DAVLLO 7 11/20/31 144A                                                                                                         | CUSIP: 000000000<br>LEI: 9845007DA2BC863E8437 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $195477.52    | 0.74%             | 2031-11-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                               | NWL 8.5 06/01/28 144A                                                                                                          | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51610.00     | 0.20%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMEDIATE LLC                                                                 | AMEPIP 7.625 08/15/33 144A                                                                                                     | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $77418.53     | 0.29%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Amsted Industries Incorporated                                                                   | AMSIND 4.625 05/15/30 144A                                                                                                     | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71949.11     | 0.27%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MIWD Holdco II LLC & MIWD Finance Corp.                                                          | MIWIDO 5.5 02/01/30 144A                                                                                                       | CUSIP: 55337PAA0<br>LEI: 254900X3SPV5RVFJEY72 | Long             | DBT              | CORP              | US        |     75000 | PA      | $64779.54     | 0.25%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Graham Holdings Co                                                                               | GHC 5.625 12/01/33 144A                                                                                                        | CUSIP: 384637AC8<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146943.86    | 0.56%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Inc                                 | ALIANT 7 01/15/31 144A                                                                                                         | CUSIP: 01883LAF0<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75638.41     | 0.29%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                                           | HBGCN 7.375 01/31/32 144A                                                                                                      | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25499.08     | 0.10%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Motel One GmbH                                                                                   | ONHOGM 7.75 04/02/31 144A                                                                                                      | CUSIP: 000000000<br>LEI: 529900OZ5000U0NZHM90 | Long             | DBT              | CORP              | DE        |     80000 | PA      | $95880.96     | 0.36%             | 2031-04-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Rb Global Holdings Inc.                                                                          | RBACN 7.75 03/15/31 144A                                                                                                       | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155370.15    | 0.59%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Petsmart LLC / Petsmart Financial Corp.                                                          | PETM 7.5 09/15/32                                                                                                              | CUSIP: 71677KAC2<br>LEI: 894500NGJMHSFNESGA67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $251217.50    | 0.95%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                             | ASUCOR 8 12/31/32 144A                                                                                                         | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51872.40     | 0.20%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Brightstar Lottery PLC / Brightstar Global Solutions Corp.                                       | BRSL 5.75 01/15/33 144A                                                                                                        | CUSIP: 108922AA3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $121509.61    | 0.46%             | 2033-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| JB Poindexter & Co Inc                                                                           | JBPOIN 8.75 12/15/31 144A                                                                                                      | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126696.25    | 0.48%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                                     | THC 6 11/15/33 144A                                                                                                            | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50592.30     | 0.19%             | 2033-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Clearwater Paper Corporation                                                                     | CLW 4.75 08/15/28 144A                                                                                                         | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    125000 | PA      | $108125.00    | 0.41%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 4.5 06/01/33 144A                                                                                                         | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $108827.94    | 0.41%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| New Enterprise Stone & Lime Co., Inc.                                                            | NEENST 9.75 07/15/28 144A                                                                                                      | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199797.51    | 0.76%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                                     | THC 6.75 05/15/31                                                                                                              | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76659.98     | 0.29%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Global Partners LP / GLP Finance Corp.                                                           | GLP 8.25 01/15/32 144A                                                                                                         | CUSIP: 37954FAK0<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103345.00    | 0.39%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 4.25 01/15/34 144A                                                                                                        | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $85549.36     | 0.32%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                             | URI 5.375 11/15/33 144A                                                                                                        | CUSIP: 911365BS2<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170166.43    | 0.64%             | 2033-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Voc Escrow Ltd                                                                                   | VIKCRU 5 02/15/28 144A                                                                                                         | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     75000 | PA      | $74691.20     | 0.28%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                    | STWD 7.25 04/01/29 144A                                                                                                        | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77222.18     | 0.29%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC) | ACI 6.25 03/15/33 144A                                                                                                         | CUSIP: 01309QAB4<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100670.50    | 0.38%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Nassau Companies Of New York                                                                     | NASSAU 7.875 07/15/30 144A                                                                                                     | CUSIP: 63155AAA6<br>LEI: 549300Q3ENSFI87YLC32 | Long             | DBT              | CORP              | US        |    225000 | PA      | $205530.44    | 0.78%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                        | SUN 7.25 05/01/32 144A                                                                                                         | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77600.18     | 0.29%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Ball Corporation                                                                                 | BALL 5.5 09/15/33                                                                                                              | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75043.05     | 0.28%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.625 03/01/32 144A                                                                                                        | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50993.50     | 0.19%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                          | VENLNG 7 01/15/30 144A                                                                                                         | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76578.98     | 0.29%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                                  | PFSI 6.75 02/15/34 144A                                                                                                        | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46791.92     | 0.18%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Acushnet Co                                                                                      | GOLF 5.625 12/01/33 144A                                                                                                       | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74419.64     | 0.28%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                                           | HBGCN 5.625 12/01/29 144A                                                                                                      | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48502.27     | 0.18%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                                                                              | WD 6.625 04/01/33 144A                                                                                                         | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $73326.05     | 0.28%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Capstone Borrower Inc.                                                                           | CVT 8 06/15/30 144A                                                                                                            | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    175000 | PA      | $167208.98    | 0.63%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                               | VEGLPL 6.75 01/15/36 144A                                                                                                      | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79436.40     | 0.30%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Crown Americas LLC                                                                               | CCK 5.875 06/01/33                                                                                                             | CUSIP: 22819CAA6<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149930.72    | 0.57%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| YAK BLOCKER 2 LLC SERIES C-2                                                                     | YAK BLOCKER 2 LLC SERIES C-2                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       844 | NS      | $753.82       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Standard Building Solutions Inc.                                                                 | BMCAUS 6.5 08/15/32 144A                                                                                                       | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75038.78     | 0.28%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Intralot Capital Luxembourg S.A.                                                                 | INLOT 6.75 10/15/31 144A                                                                                                       | CUSIP: 000000000<br>LEI: 549300QF747C7UWZYB38 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $110393.81    | 0.42%             | 2031-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PERIMETER HOLDINGS LLC                                                                           | PRM 5 10/30/29 144A                                                                                                            | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $121921.14    | 0.46%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TransMontaigne Partners LLC                                                                      | TLP 8.5 06/15/30 144A                                                                                                          | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $202188.20    | 0.77%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                                                                              | AXON 6.25 03/15/33 144A                                                                                                        | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76555.95     | 0.29%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK Financing I PLC                                                                       | VMED 6.75 01/15/33 144A                                                                                                        | CUSIP: 92858RAE0<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $178689.06    | 0.68%             | 2033-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLUE RIBBON LLC                                                                                  | Blue Ribbon Llc                                                                                                                | CUSIP: 69382EAB8<br>LEI: 549300NQM7J4KC44D416 | Long             | LON              | CORP              | US        |     31650 | PA      | $29751.19     | 0.11%             | 2028-05-08      | Floating      | 5.82%                 | No            |                  3 | On Loan: No      |
| Buckeye Partners LP                                                                              | BPL 6.875 07/01/29 144A                                                                                                        | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77192.25     | 0.29%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Michael Baker International                                                                      | Michael Baker International Term Loan B 400 2028-12-01                                                                         | CUSIP: 59406MAF4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     96660 | PA      | $96538.92     | 0.37%             | 2028-12-29      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Vail Resorts, Inc.                                                                               | MTN 6.5 05/15/32 144A                                                                                                          | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101127.00    | 0.38%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Venture Global Calcasieu Pass LLC                                                                | VENTGL 6.25 01/15/30 144A                                                                                                      | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153423.30    | 0.58%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WW International Inc                                                                             | WW International Inc COM NEW                                                                                                   | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |      1406 | NS      | $19318.44     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckeye Partners LP                                                                              | BPL 3.95 12/01/26                                                                                                              | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173237.98    | 0.66%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Waste Pro USA Inc                                                                                | WASPRO 7 02/01/33 144A                                                                                                         | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151687.65    | 0.57%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| JH North America Holdings Inc.                                                                   | JHXAU 5.875 01/31/31 144A                                                                                                      | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148753.65    | 0.56%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Sunrise Finco I BV                                                                               | SUNN 4.875 07/15/31 144A                                                                                                       | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $190408.00    | 0.72%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MANNINGTON MILLS 1L TLB CL                                                                       | MANNINGTON MILLS 1L TLB CL                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     46278 | PA      | $45120.83     | 0.17%             | 2032-03-07      | Floating      | 8.45%                 | No            |                  3 | On Loan: No      |
| US SHIPPING CORP PFD                                                                             | US SHIPPING CORP PFD                                                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     24529 | NS      | $2.45         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MIDWEST PHYSICIAN ADMINISTRATIVE SERVICES LLC                                                    | MIDWEST PHYSICIAN ADMINS                                                                                                       | CUSIP: 59835XAC8<br>LEI: 5493001F7B0DCPKBGK48 | Long             | LON              | CORP              | US        |     45896 | PA      | $38977.42     | 0.15%             | 2028-03-13      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Block Inc                                                                                        | XYZ 6 08/15/33 144A                                                                                                            | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73761.26     | 0.28%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio LLC                                                                              | SIRI 5.875 04/15/32 144A                                                                                                       | CUSIP: 82966BAA3<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124171.30    | 0.47%             | 2032-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Wabash National Corporation                                                                      | WNC 4.5 10/15/28 144A                                                                                                          | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    200000 | PA      | $175221.40    | 0.66%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ASPHALT (ATD) 1L NEW MONEY EXIT TL                                                               | ASPHALT (ATD) 1L NEW MONEY EXIT TL                                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     34376 | PA      | $27500.91     | 0.10%             | 2030-02-28      | Floating      | 5.34%                 | No            |                  3 | On Loan: No      |
| WW INTERNATIONAL INC                                                                             | WW INTERNATIONAL INC                                                                                                           | CUSIP: 92941PAE3<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | LON              | CORP              | N/A       |     71840 | PA      | $51437.40     | 0.19%             | 2030-06-25      | Floating      | 10.51%                | No            |                  2 | On Loan: No      |
| SLM CORP (SALLIE MAE)                                                                            | SLM 6.5 01/31/30                                                                                                               | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $73628.47     | 0.28%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                                                                 | UWMC 6.25 03/15/31 144A                                                                                                        | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $68301.41     | 0.26%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Clean Harbors, Inc.                                                                              | CLH 6.375 02/01/31 144A                                                                                                        | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152336.34    | 0.58%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CPI CG Inc.                                                                                      | CPICAR 10 07/15/29 144A                                                                                                        | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    255000 | PA      | $269116.80    | 1.02%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| AAR Corp.                                                                                        | AIR 6.75 03/15/29 144A                                                                                                         | CUSIP: 00253PAA6<br>LEI: MP76T5YQX3YK5VVAQ802 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25445.05     | 0.10%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ITT Holdings LLC                                                                                 | INTMAT 6.5 08/01/29 144A                                                                                                       | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243084.55    | 0.92%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Altice France SAS                                                                                | SFRFP 6.5 04/15/32 144A                                                                                                        | CUSIP: 02090DAD0<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    133383 | PA      | $126378.26    | 0.48%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amentum Escrow Corp.                                                                             | AMNTEC 7.25 08/01/32 144A                                                                                                      | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103481.00    | 0.39%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Jones Deslauriers Insurance Management Inc.                                                      | NAVCOR 6.875 10/01/33 144A                                                                                                     | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $182963.93    | 0.69%             | 2033-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REVENIR ENERGY INC COMMON                                                                        | REVENIR ENERGY INC COMMON                                                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1969 | NS      | $216.59       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JPMorgan Chase Bank, National Association                                                        | EUR/USD FORWARD                                                                                                                | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $3600.27      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| American National Group Inc.                                                                     | American National Group Inc. DEPOSITARY SHARE REPRESENTING 1/1000TH, 7.375% FIXED-RATE NON-CUMULATIVE PREFERRED STOCK SERIES D | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      2000 | NS      | $47200.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Allwyn Entertainment Financing (UK) PLC                                                          | SAZKAG 7.875 04/30/29 144A                                                                                                     | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $204427.38    | 0.77%             | 2029-04-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                                                       | BLDR 4.25 02/01/32 144A                                                                                                        | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23018.44     | 0.09%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Grifols S.A.                                                                                     | GRFSM 4.75 10/15/28 144a                                                                                                       | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $195893.96    | 0.74%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                        | SUN 5.375 07/15/31 144A                                                                                                        | CUSIP: 86765KAM1<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49598.31     | 0.19%             | 2031-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                                                       | BLDR 6.375 03/01/34 144A                                                                                                       | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44424.76     | 0.17%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                                                                            | CSV 4.25 05/15/29 144A                                                                                                         | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $166247.11    | 0.63%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| XPLORE INC - CVR                                                                                 | XPLORE INC - CVR                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       126 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Albion Financing 1 S.a.r.l.                                                                      | AGKLN 7 05/21/30 144A                                                                                                          | CUSIP: 01330AAA4<br>LEI: 259400W9CABUZBRDLP97 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204407.40    | 0.77%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Illuminate Buyer Llc / Illuminate Holdings IV Inc                                                | LUMMUS 9 07/01/28 144A                                                                                                         | CUSIP: 45232TAA9<br>LEI: 549300K1Y0YC1YC1H809 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22017.78     | 0.08%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Composecure Holdings LLC                                                                         | COMPOS 5.625 02/01/33 144A                                                                                                     | CUSIP: 20459XAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $73271.25     | 0.28%             | 2033-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BLUE RIBBON LLC                                                                                  | BLUE RIBBON LLC                                                                                                                | CUSIP: 000000000<br>LEI: 549300NQM7J4KC44D416 | Long             | LON              | CORP              | US        |     79787 | PA      | $45250.68     | 0.17%             | 2028-05-08      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                                                                  | GEN 6.25 04/01/33 144A                                                                                                         | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72908.67     | 0.28%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                                                                                | CSCHLD 3.375 02/15/31 144A                                                                                                     | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $117489.52    | 0.44%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                                                | POWSOL 4.75 06/15/31 144A                                                                                                      | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $113474.54    | 0.43%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                                                                    | SURCEN 7.25 04/15/32 144A                                                                                                      | CUSIP: 86881WAF9<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98217.33     | 0.37%             | 2032-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Velocity Vehicle Group LLC                                                                       | VLCYVG 8 06/01/29 144A                                                                                                         | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $116769.50    | 0.44%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                                                                              | RRR 4.625 12/01/31 144A                                                                                                        | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140053.50    | 0.53%             | 2031-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Wolverine World Wide, Inc.                                                                       | WWW 4 08/15/29 144A                                                                                                            | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    225000 | PA      | $208264.19    | 0.79%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                                  | PFSI 7.875 12/15/29 144A                                                                                                       | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102296.60    | 0.39%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                             | NCLH 5.875 01/15/31 144A                                                                                                       | CUSIP: 62886HBY6<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     75000 | PA      | $72867.44     | 0.28%             | 2031-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Allison Transmission Inc.                                                                        | ALSN 5.875 12/01/33 144A                                                                                                       | CUSIP: 019736AH0<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124233.68    | 0.47%             | 2033-12-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co Inc.                                                                | HLT 5.75 09/15/33 144A                                                                                                         | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124435.63    | 0.47%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Xerox Corp.                                                                                      | XRX 10.25 10/15/30 144A                                                                                                        | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $75000.00     | 0.28%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS INC                                                                           | NFICN 9.25 07/01/30 144A                                                                                                       | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $133605.10    | 0.51%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MIRABELA NICKEL LTD                                                                              | MBNAU 9.5 06/24/19 144A                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    390085 | PA      | $975.21       | 0.00%             | 2019-06-24      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Planview                                                                                         | Planview First-lien Term Loan 350 2027-12-01                                                                                   | CUSIP: 72751PAJ3<br>LEI: 549300SEALM1D9FKMA32 | Long             | LON              | CORP              | US        |     54040 | PA      | $39888.23     | 0.15%             | 2027-12-17      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6 01/15/33 144A                                                                                                            | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49971.93     | 0.19%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC) | ACI 5.625 03/31/32 144A                                                                                                        | CUSIP: 01309QAE8<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49225.81     | 0.19%             | 2032-03-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Betclic Everest Group SAS                                                                        | BTCLIC 5.125 12/10/31 144A                                                                                                     | CUSIP: 000000000<br>LEI: 96950037FKVH5JOEKU82 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $114220.41    | 0.43%             | 2031-12-10      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Darling Ingredients, Inc                                                                         | DAR 6 06/15/30 144A                                                                                                            | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151048.20    | 0.57%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ASPHALT ATD HOLDCO LLC                                                                           | ASPHALT ATD HOLDCO LLC                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       417 | NS      | $1.68         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TRANSNETWORK LLC                                                                                 | TRANSNETWORK LLC                                                                                                               | CUSIP: 000000000<br>LEI: 549300QF18JL5NEFRT47 | Long             | LON              | CORP              | US        |     49244 | PA      | $44319.90     | 0.17%             | 2030-12-30      | Floating      | 8.45%                 | No            |                  3 | On Loan: No      |
| UWM HOLDINGS LLC                                                                                 | UWMC 6.625 02/01/30 144A                                                                                                       | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94317.19     | 0.36%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Compass Minerals International Inc.                                                              | CMP 8 07/01/30 144A                                                                                                            | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51740.80     | 0.20%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                                               | POST 4.625 04/15/30 144A                                                                                                       | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72000.35     | 0.27%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Service Corporation International                                                                | SCI 5.75 10/15/32                                                                                                              | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49903.81     | 0.19%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Osaic Holdings Inc.                                                                              | ADVGRO 6.75 08/01/32 144A                                                                                                      | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50006.25     | 0.19%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nidda Healthcare Holding GmbH                                                                    | SAZGR 5.625 02/21/30 144A                                                                                                      | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $115331.25    | 0.44%             | 2030-02-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                                           | BWY 7.875 04/15/30 144A                                                                                                        | CUSIP: 57763RAE7<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175000.00    | 0.66%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Boots Group Finco LP/ The Boots Group Luxco S.a.r.l.                                             | BOOTFN 5.375 08/31/32 REGs                                                                                                     | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | DBT              | CORP              | US        |    125000 | PA      | $143729.22    | 0.54%             | 2032-08-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MEDIQ INC                                                                                        | MEDIQ INC                                                                                                                      | CUSIP: 584906507<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        92 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Life Time Fitness                                                                                | LTH 6 11/15/31 144A                                                                                                            | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151188.45    | 0.57%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                                                           | BWY 9.25 04/15/30 144A                                                                                                         | CUSIP: 57763RAF4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92916.78     | 0.35%             | 2030-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                               | IRM 5.625 07/15/32 144A                                                                                                        | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121346.38    | 0.46%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PAR HEALTH                                                                                       | PAR HEALTH                                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       940 | NS      | $5170.00      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Perimeter Holdings LLC                                                                           | PRM 6.25 01/15/34 144A                                                                                                         | CUSIP: 71384AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $73556.28     | 0.28%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI                                                                         | GRAFTECH GLOBAL ENTERPRI                                                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    135903 | PA      | $128344.37    | 0.49%             | 2029-12-21      | Floating      | 9.67%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                                   | C V7.625 PERP AA                                                                                                               | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129269.88    | 0.49%             | N/A             | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo Inc.                                                                         | EA 7.25 07/01/33 144A                                                                                                          | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155414.16    | 0.59%             | 2033-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp. / Sealed Air Corp. US                                                           | SEE 7.25 02/15/31 144A                                                                                                         | CUSIP: 812127AB4<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104862.53    | 0.40%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Sammontana Italia S.p.A.                                                                         | SAMMNT F 10/15/31 144A                                                                                                         | CUSIP: 000000000<br>LEI: 815600E3DBF7B132BA82 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $115319.43    | 0.44%             | 2031-10-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                                       | ESAB 5.625 04/01/31 144A                                                                                                       | CUSIP: 29605JAB2<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50350.50     | 0.19%             | 2031-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                        | SUN 4.625 05/01/30 144A                                                                                                        | CUSIP: 86765KAK5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72177.68     | 0.27%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CrossCountry Intermediate HoldCo LLC                                                             | CROSIN 6.5 10/01/30 144A                                                                                                       | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $71485.40     | 0.27%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                          | VENLNG 8.125 06/01/28 144A                                                                                                     | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76704.08     | 0.29%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Commercial Metals Company                                                                        | CMC 6 12/15/35 144A                                                                                                            | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73938.41     | 0.28%             | 2035-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                                                     | WMS 6.375 06/15/30 144A                                                                                                        | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126086.00    | 0.48%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BP HOLDCO LLC (ASPECT)                                                                           | BP HOLDCO LLC (ASPECT)                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       523 | NS      | $313.72       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ardonagh Finco Ltd.                                                                              | ARDGRP 7.75 02/15/31 144A                                                                                                      | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    225000 | PA      | $227636.33    | 0.86%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Superior Plus LP                                                                                 | SPBCN 4.25 05/18/28 144A                                                                                                       | CUSIP: 86828QAK7<br>LEI: 549300K5Y13GU6TPZJ49 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $53113.09     | 0.20%             | 2028-05-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                                                | POWSOL 6.75 05/15/28 144A                                                                                                      | CUSIP: 18060TAC9<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $50486.55     | 0.19%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Global Partners LP / GLP Finance Corp.                                                           | GLP 7.125 07/01/33 144A                                                                                                        | CUSIP: 37954FAL8<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25204.08     | 0.10%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Lindblad Expeditions LLC                                                                         | LIND 7 09/15/30 144A                                                                                                           | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102099.10    | 0.39%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GrafTech Finance Inc.                                                                            | EAF 4.625 12/23/29 144A                                                                                                        | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |    130000 | PA      | $72056.89     | 0.27%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Essendi SA                                                                                       | ACCINV 6.375 10/15/29 144A                                                                                                     | CUSIP: 000000000<br>LEI: 2221000MD2YP7WLTNC52 | Long             | DBT              | CORP              | LU        |    100000 | PA      | $116157.43    | 0.44%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SGH2 LLC                                                                                         | Scenic Term Loan B 450 2032-07-06                                                                                              | CUSIP: 78424SAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49875 | PA      | $48939.84     | 0.19%             | 2032-08-18      | Floating      | 8.20%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                | HRI 6 03/15/34 144A                                                                                                            | CUSIP: 42704LAK0<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48337.44     | 0.18%             | 2034-03-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                    | OMF 6.75 09/15/33                                                                                                              | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47942.63     | 0.18%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES US FINCO INC                                                                    | SCGALO 6.625 03/01/30 144A                                                                                                     | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $150547.62    | 0.57%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Assurant Inc.                                                                                    | AIZ V7 03/27/48                                                                                                                | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150925.10    | 0.57%             | 2048-03-27      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman Inc.                                                                           | WLSC 7.375 10/01/31 144A                                                                                                       | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128172.25    | 0.49%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Keenova                                                                                          | Keenova                                                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       940 | NS      | $80996.98     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| MITER BRANDS ACQUISITION HOLDCO INC                                                              | MIWIDO 6.75 04/01/32 144A                                                                                                      | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23943.83     | 0.09%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp.                                                                    | FUN 6.625 05/01/32 144A                                                                                                        | CUSIP: 83002YAA7<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99759.81     | 0.38%             | 2032-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc.                                                                     | BHCCN 4.875 06/01/28 144A                                                                                                      | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $206034.75    | 0.78%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| EnerSys                                                                                          | ENS 6.625 01/15/32 144A                                                                                                        | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178795.05    | 0.68%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STRIPE GLOBAL HOLDINGS INC                                                                       | STRIPE GLOBAL HOLDINGS INC                                                                                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98122.41     | 0.37%             | 2033-03-26      | Fixed         | 5.46%                 | No            |                  3 | On Loan: No      |
| Beach Acquisition Bidco LLC                                                                      | SKX 5.25 07/15/32 144A                                                                                                         | CUSIP: 07337JAE7<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    150000 | PA      | $166263.36    | 0.63%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arsenal AIC Parent LLC                                                                           | ARNC 8 10/01/30 144A                                                                                                           | CUSIP: 04288BAB6<br>LEI: 254900G9F9HA5EP57J39 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104116.70    | 0.39%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Liberty Mutual Group, Inc.                                                                       | LIBMUT 4.3 02/01/61 144A                                                                                                       | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    100000 | PA      | $62327.73     | 0.24%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ARETEC ESCROW ISSUER 2 INC                                                                       | RCAP 10 08/15/30 144A                                                                                                          | CUSIP: 04020JAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $42486.59     | 0.16%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PENN Entertainment Inc                                                                           | PENN 4.125 07/01/29 144A                                                                                                       | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $93520.34     | 0.35%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| INGENOVIS HEALTH INC                                                                             | Ingenovis Health Inc                                                                                                           | CUSIP: 12510MAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    242648 | PA      | $66323.04     | 0.25%             | 2028-03-06      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| Kennedy Wilson Inc                                                                               | KW 4.75 03/01/29                                                                                                               | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98125.52     | 0.37%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                                                                                | POWSOL 6.75 09/15/32 144A                                                                                                      | CUSIP: 18060TAE5<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $75600.00     | 0.29%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                                                                                | USD/CAD FORWARD                                                                                                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              | CORP              | US        |         1 | NC      | $1400.28      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Performance Food Group Inc                                                                       | PFGC 6.125 09/15/32 144A                                                                                                       | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125230.88    | 0.47%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VFH Parent LLC & Valor Co-Issuer Inc.                                                            | VIRT 7.5 06/15/31 144A                                                                                                         | CUSIP: 91824YAA6<br>LEI: 549300FRO9M476YHHY64 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128438.50    | 0.49%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Biffa Group Holdings Ltd.                                                                        | BIFFLN 5.25 06/15/31 144A                                                                                                      | CUSIP: 000000000<br>LEI: 21380012LWLXNMXB8I44 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $111800.56    | 0.42%             | 2031-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman Inc.                                                                           | WLSC 6.625 04/15/30 144A                                                                                                       | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50789.45     | 0.19%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Gee Automotive Holdings LLC                                                                      | GEEATO 7.25 03/01/31 144A                                                                                                      | CUSIP: 36846VAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $70214.34     | 0.27%             | 2031-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Usi Inc                                                                                          | COMINV 7.5 01/15/32 144A                                                                                                       | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50657.95     | 0.19%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MODENA BUYER LLC                                                                                 | MODENA BUYER LLC                                                                                                               | CUSIP: 60753DAC8<br>LEI: 254900B0G2IU0VBDOY26 | Long             | LON              | CORP              | US        |     74062 | PA      | $66265.20     | 0.25%             | 2031-07-01      | Floating      | 7.92%                 | No            |                  2 | On Loan: No      |
| Hightower Holding LLC                                                                            | HIGTOW 9.125 01/31/30 144A                                                                                                     | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50985.65     | 0.19%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| LUXCO3                                                                                           | LUXCO3                                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |       792 | NS      | $13180.53     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                                                           | FAIRIC 6.25 09/15/34 144A                                                                                                      | CUSIP: 303250AJ3<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49176.63     | 0.19%             | 2034-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 7.375 02/01/36 144A                                                                                                       | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99584.67     | 0.38%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC / JFIN CO-ISSUER CORP                                                      | JEFFIN 5 08/15/28                                                                                                              | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $186372.34    | 0.71%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Balrog Acquisition Inc.                                                                          | Balrog Acquisition Inc.                                                                                                        | CUSIP: 05878UAE1<br>LEI: 25490017XQ2US9FIMN58 | Long             | LON              | CORP              | US        |      9959 | PA      | $6988.21      | 0.03%             | 2028-09-05      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                | HRI 7.25 06/15/33 144A                                                                                                         | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35865.97     | 0.14%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                                                                     | WH 5.625 03/01/33 144A                                                                                                         | CUSIP: 98311AAE5<br>LEI: 549300FE3MQ4RVXXC673 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49198.85     | 0.19%             | 2033-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ASPHALT ATD HOLDCO LLC                                                                           | ASPHALT ATD HOLDCO LLC                                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9333 | NS      | $16612.74     | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| Brinks Company                                                                                   | BCO 6.75 06/15/32 144A                                                                                                         | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75916.20     | 0.29%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                            | BAC V6.625 PERP                                                                                                                | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51262.25     | 0.19%             | N/A             | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FG PARENT LLC                                                                                    | FG PARENT LLC                                                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1170 | NS      | $731.25       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AMN Healthcare Inc.                                                                              | AMN 6.5 01/15/31 144A                                                                                                          | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    175000 | PA      | $171512.62    | 0.65%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                                                 | AMCX 4.25 02/15/29                                                                                                             | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |      7000 | PA      | $5897.38      | 0.02%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| The Scotts Miracle-Gro Company                                                                   | SMG 4.375 02/01/32                                                                                                             | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186792.74    | 0.71%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                               | NWL 6.625 05/15/32                                                                                                             | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95698.40     | 0.36%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Kane Bidco Ltd.                                                                                  | TRUEPT F 07/15/32 144A                                                                                                         | CUSIP: 000000000<br>LEI: 213800IT8MD1MLYZWC24 | Long             | DBT              | CORP              | JE        |    100000 | PA      | $115025.42    | 0.44%             | 2032-07-15      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| Cerved Group S.p.A.                                                                              | CERVIM F 02/15/29 144A                                                                                                         | CUSIP: 000000000<br>LEI: 8156005E0EF91772E207 | Long             | DBT              | CORP              | IT        |    125000 | PA      | $126773.06    | 0.48%             | 2029-02-15      | Floating      | 7.40%                 | No            |                  2 | On Loan: No      |
| INEOS Finance PLC                                                                                | INEGRP 6.75 05/15/28 144A                                                                                                      | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $193287.40    | 0.73%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Bank of America, National Association                                                            | GBP/USD FORWARD                                                                                                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2715.70      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SunSource Holdings                                                                               | STS OPERATING INC                                                                                                              | CUSIP: 12508KAJ6<br>LEI: 549300HW5C2VGPZCHL57 | Long             | LON              | CORP              | US        |     49000 | PA      | $48949.04     | 0.19%             | 2031-03-25      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Co.                                                                    | PRGO 6.125 09/30/32 USD                                                                                                        | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $22810.77     | 0.09%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                    | STWD 6.5 10/15/30 144A                                                                                                         | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76066.05     | 0.29%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| XPLORE INC - SYNDICATED LNS                                                                      | XPLORE INC - SYNDICATED LNS                                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1647 | NS      | $1184.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Asbury Automotive Group, Inc.                                                                    | ABG 5 02/15/32 144A                                                                                                            | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71025.91     | 0.27%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Secretariat Advisors                                                                             | Secretariat Advisors Term Loan B 400 2032-02-05                                                                                | CUSIP: 81368NAN5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     66266 | PA      | $64940.80     | 0.25%             | 2032-02-27      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                                                       | DVA 4.625 06/01/30 144A                                                                                                        | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48075.76     | 0.18%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                                                                             | CCL 5.125 05/01/29 144A                                                                                                        | CUSIP: 143658CB6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    150000 | PA      | $148917.24    | 0.56%             | 2029-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Trinity Industries, Inc.                                                                         | TRN 7.75 07/15/28 144A                                                                                                         | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205006.80    | 0.78%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| W. R. Grace Holdings Llc                                                                         | GRA 6.625 08/15/32 144A                                                                                                        | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121794.42    | 0.46%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                             | VIKCRU 5.875 10/15/33 144A                                                                                                     | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    125000 | PA      | $123413.98    | 0.47%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Inc                                 | ALIANT 6.5 10/01/31 144A                                                                                                       | CUSIP: 01883LAG8<br>LEI: 5493006Q26653NF8SI73 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73646.07     | 0.28%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Astrion (Engineering Research and Consulting)                                                    | Astrion (Engineering Research and Consulting) Term Loan B 500 2031-08-06                                                       | CUSIP: 29288KAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     74062 | PA      | $57768.75     | 0.22%             | 2031-08-29      | Floating      | 8.70%                 | No            |                  2 | On Loan: No      |
| Teamsystem S.p.A                                                                                 | TITANL F 07/31/31 144A                                                                                                         | CUSIP: 000000000<br>LEI: 81560062081DF3AB7A90 | Long             | DBT              | CORP              | IT        |    100000 | PA      | $110820.63    | 0.42%             | 2031-07-31      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC / Outfront Media Capital Corp                                         | OUT 4.25 01/15/29 144A                                                                                                         | CUSIP: 69007TAE4<br>LEI: 5493005WC7J0FDMW0610 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96400.04     | 0.37%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hunt Companies, Inc.                                                                             | HUNTCO 5.25 04/15/29 144A                                                                                                      | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    150000 | PA      | $140717.49    | 0.53%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                                                       | BLDR 6.75 05/15/35 144A                                                                                                        | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49952.09     | 0.19%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Great Lakes Dredge & Dock Corporation                                                            | GLDD 5.25 06/01/29 144A                                                                                                        | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174890.00    | 0.66%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 4.5 05/01/32                                                                                                              | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $200985.85    | 0.76%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                    | OMF 4 09/15/30                                                                                                                 | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45154.15     | 0.17%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                            | QUIKHO 6.375 03/01/32 144A                                                                                                     | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76050.23     | 0.29%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Women's Care                                                                                     | Women's Care First-lien Term Loan 450 2028-01-03                                                                               | CUSIP: 97815UAH7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     60943 | PA      | $56981.38     | 0.22%             | 2028-01-18      | Floating      | 8.27%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                                         | JANEST 4.5 11/15/29 144A                                                                                                       | CUSIP: 47077WAA6<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48460.40     | 0.18%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Outfront Media Capital LLC / Outfront Media Capital Corp                                         | OUT 7.375 02/15/31 144A                                                                                                        | CUSIP: 69007TAG9<br>LEI: 5493005WC7J0FDMW0610 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26067.83     | 0.10%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                                               | POST 6.5 03/15/36 144A                                                                                                         | CUSIP: 737446AY0<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48966.05     | 0.19%             | 2036-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HealthChannels                                                                                   | HealthChannels Term Loan B 450 2025-03-04                                                                                      | CUSIP: 81104BAC4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    187386 | PA      | $74954.56     | 0.28%             | 2026-04-03      | Floating      | 4.50%                 | No            |                  3 | On Loan: No      |
| McGraw-Hill Education Inc.                                                                       | MHED 7.375 09/01/31 144A                                                                                                       | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25469.68     | 0.10%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                             | NCLH 6.25 09/15/33 144A                                                                                                        | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $97033.84     | 0.37%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BCP V Modular Services Finance II PLC                                                            | MODULA 4.75 11/30/28 144A                                                                                                      | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |    125000 | PA      | $135899.32    | 0.51%             | 2028-11-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                                         | JANEST 7.125 04/30/31 144A                                                                                                     | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77096.70     | 0.29%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                                                           | FAIRIC 6 05/15/33 144A                                                                                                         | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98122.14     | 0.37%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Enpro Inc                                                                                        | NPO 6.125 06/01/33 144A                                                                                                        | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50573.30     | 0.19%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                              | MEDIND 5.25 10/01/29 144A                                                                                                      | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99119.33     | 0.38%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.875 12/15/30 144A                                                                                                        | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153697.20    | 0.58%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                                         | JANEST 6.125 11/01/32 144A                                                                                                     | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49444.44     | 0.19%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                                                             | KALU 5.875 03/01/34 144A                                                                                                       | CUSIP: 483007AM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98186.80     | 0.37%             | 2034-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                                                 | AMCX 10.5 07/15/32 144A                                                                                                        | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49346.21     | 0.19%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Focus Financial Partners LLC                                                                     | FOCS 6.75 09/15/31 144A                                                                                                        | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74485.98     | 0.28%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                            | QUIKHO 6.75 03/01/33 144A                                                                                                      | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50782.00     | 0.19%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                                        | TIBX 6.625 08/15/33 144A                                                                                                       | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133361.21    | 0.51%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                                        | GS V7.5 PERP W                                                                                                                 | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78297.68     | 0.30%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                                                          | BECN 6.75 04/30/32 144A                                                                                                        | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50999.55     | 0.19%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Acadia Healthcare Company, Inc.                                                                  | ACHC 7.375 03/15/33 144A                                                                                                       | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76786.83     | 0.29%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Azuria Water Solutions (fka Aegion Corporation)                                                  | Azuria Water Solutions (fka Aegion Corporation) Term Loan B 300 2028-05-01                                                     | CUSIP: 00771PAM3<br>LEI: 549300AG3DVJURRIT691 | Long             | LON              | CORP              | US        |     71717 | PA      | $70927.72     | 0.27%             | 2028-05-17      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Minerals Technologies Inc.                                                                       | MTX 5 07/01/28 144A                                                                                                            | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73728.30     | 0.28%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Somnigroup International Inc.                                                                    | SGI 3.875 10/15/31 144A                                                                                                        | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68186.52     | 0.26%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Lithia Motors Incorporated                                                                       | LAD 5.5 10/01/30 144A                                                                                                          | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73494.78     | 0.28%             | 2030-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Carpenter Technology Corporation                                                                 | CRS 5.625 03/01/34 144A                                                                                                        | CUSIP: 144285AN3<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    120000 | PA      | $118894.68    | 0.45%             | 2034-03-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Cidron Atrium SE                                                                                 | ALLOHE 5.625 02/15/33 144A                                                                                                     | CUSIP: 000000000<br>LEI: 2549004YHD7GOLT9Y166 | Long             | DBT              | CORP              | DE        |    100000 | PA      | $109791.50    | 0.42%             | 2033-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| McGraw-Hill Education Inc.                                                                       | MHED 8 08/01/29 144A                                                                                                           | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99851.64     | 0.38%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Standard Building Solutions Inc.                                                                 | BMCAUS 5.875 03/15/34 144A                                                                                                     | CUSIP: 853192AA0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72314.18     | 0.27%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                                                             | GFLCN 6.625 04/01/32 144A                                                                                                      | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $77226.09     | 0.29%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Central Garden & Pet Company                                                                     | CENT 4.125 04/30/31 144A                                                                                                       | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69880.29     | 0.26%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                                                                         | WYNFIN 6.25 03/15/33 144A                                                                                                      | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $74219.96     | 0.28%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                                                             | KALU 4.5 06/01/31 144A                                                                                                         | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $47236.84     | 0.18%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Herc Holdings Inc                                                                                | HRI 7 06/15/30 144A                                                                                                            | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51268.45     | 0.19%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP (DELAWARE)                                                                      | LAMR 5.375 11/01/33 144A                                                                                                       | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48936.19     | 0.19%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Graphic Packaging International LLC                                                              | GPK 6.375 07/15/32 144A                                                                                                        | CUSIP: 38869AAE7<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99528.21     | 0.38%             | 2032-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Installed Building Products Inc                                                                  | IBP 5.625 02/01/34 144A                                                                                                        | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48789.80     | 0.18%             | 2034-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FUSION BUYER LLC                                                                                 | FUSION BUYER LLC                                                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1170 | NS      | $40218.75     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| YAK BLOCKER 2 LLC SERIES C-1                                                                     | YAK BLOCKER 2 LLC SERIES C-1                                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       914 | NS      | $815.56       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Trinet Group Inc                                                                                 | TNET 7.125 08/15/31 144A                                                                                                       | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    175000 | PA      | $169820.53    | 0.64%             | 2031-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Dye & Durham Corp.                                                                               | DNDCN 8.625 04/15/29 144A                                                                                                      | CUSIP: 267486AA6<br>LEI: 549300XUQDPIC5QRY347 | Long             | DBT              | CORP              | CA        |    184000 | PA      | $154008.00    | 0.58%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

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

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** Chief Financial Officer