# EDGAR Filing Document

**Accession Number:** 0001068663
**File Stem:** 0001752724-25-210061
**Filing Date:** 2025-8
**Character Count:** 118493
**Document Hash:** b261260aade4161caef05f884e830856
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210061.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210061

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY VARIABLE INSURANCE FUNDS
- **CENTRAL INDEX KEY:** 0001068663

**ORGANIZATION NAME:**
- **EIN:** 311620154
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08979
- **FILM NUMBER:** 251268230

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 8005393863

**MAIL ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VICTORY VARIABLE FUNDS
- **DATE OF NAME CHANGE:** 19980819

## Series and Classes Contracts Data

### Victory High Yield VIP Series (Series ID: S000053590)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168426 | Class I      |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Variable Insurance Funds

- **b. Investment Company Act file number:** 811-08979

- **c. CIK number of Registrant:** 0001068663

- **d. LEI of Registrant:** 549300PUY11D0HHITF56

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

  - **Street Address 1:** 4900 Tiedeman Road 4th Floor

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

  - **Telephone number:** 800-539-3863

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

- **a. Name of Series:** Victory High Yield VIP Series

- **b. EDGAR series identifier (if any):** S000053590

- **c. LEI of Series:** 5493006EXFOI9V1GPY03

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $19014447.00

**Total Liabilities:** $1449432.17

**Net Assets:** $17565014.83

**Cash Not Reported:** $884952.15

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -6.85525606 | **1-Year:** -40.42330934 | **5-Year:** -97.41307923 | **10-Year:** -79.77592013 | **30-Year:** -2.08867633

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

- **3-Month:** -37.75696619 | **1-Year:** -1141.65365061 | **5-Year:** -2999.42487253 | **10-Year:** -732.89477651 | **30-Year:** -15.41349731

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168426 | 0.00%                | 1.81%                | 1.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4066.27                 | $-100594.95                                |
| Month 2  | $-2116.36                | $214493.83                                 |
| Month 3  | $-2640.67                | $184495.82                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LEVEL 3 FINANCING, INC.                                 | LEVEL 3 FINANCING INC                           | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38010.20     | 0.22%             | 2029-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: —       |
| SAKS GLOBAL ENTERPRISES LLC                             | SAKS GLOBAL ENTERPRISES LLC                     | CUSIP: 79380MAA3<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |     51000 | PA      | $19322.64     | 0.11%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: —       |
| NCL CORPORATION LTD.                                    | NCL CORPORATION LTD                             | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     40000 | PA      | $40056.96     | 0.23%             | 2026-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATIONS, INC.                       | CONSOLIDATED COMMUNICATI                        | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |     57500 | PA      | $58531.61     | 0.33%             | 2028-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| CITGO PETROLEUM CORPORATION                             | CITGO PETROLEUM CORP                            | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |     81000 | PA      | $84265.47     | 0.48%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                                   | BELRON UK FINANCE PLC                           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |     35000 | PA      | $35252.61     | 0.20%             | 2029-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                              | WARNERMEDIA HOLDINGS INC                        | CUSIP: 55903VBD4<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     55000 | PA      | $32469.25     | 0.18%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                   | INVESCO GVT & AGNCY-INST                        | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    258074 | NS      | $258074.25    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                            | ROYAL CARIBBEAN CRUISES LTD                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     18000 | PA      | $18111.16     | 0.10%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER, LLC                               | GTCR W 2 MERGER SUB LLC                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106210.33    | 0.60%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS, LLC                                       | CSC HOLDINGS LLC                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94803.18     | 0.54%             | 2029-01-31      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS, INC.                                | SPIRIT AEROSYSTEMS INC                          | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    140000 | PA      | $154603.39    | 0.88%             | 2030-11-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| TAYLOR MORRISON COMMUNITIES, INC.                       | TAYLOR MORRISON COMM                            | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35473.91     | 0.20%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| UNICREDIT, SOCIETA PER AZIONI                           | UNICREDIT SPA                                   | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    110000 | PA      | $110833.20    | 0.63%             | 2032-06-19      | Fixed         | 5.86%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORPORATION                           | CREDIT ACCEPTANCE CORP                          | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $16226.01     | 0.09%             | 2030-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| GGAM Finance Limited                                    | GGAM FINANCE LTD                                | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     40000 | PA      | $40240.95     | 0.23%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| La Compagnie de Telephone Bell du Canada ou Bell Canada | BELL CANADA                                     | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |      7000 | PA      | $7157.38      | 0.04%             | 2055-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MEN S WEARHOUSE LLC THE                                 | MEN S WEARHOUSE LLC THE                         | CUSIP: 58711MAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     53077 | PA      | $52678.57     | 0.30%             | 2029-02-21      | Floating      | 10.76%                | No            |                  2 | On Loan: No      |
| GOAT HOLDCO, LLC                                        | GOAT HOLDCO LLC                                 | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33000 | PA      | $33595.56     | 0.19%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CENTRAL PARENT LLC                                      | CENTRAL PARENT INC                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     30385 | PA      | $25298.25     | 0.14%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| CEC ENTERTAINMENT, LLC                                  | CEC ENTERTAINMENT LLC                           | CUSIP: 125137AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $15886.19     | 0.09%             | 2026-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MATCH GROUP HOLDINGS II, LLC                            | MATCH GROUP INC                                 | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     60000 | PA      | $58519.96     | 0.33%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                                  | BWX TECHNOLOGIES INC                            | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28919.00     | 0.16%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC.                                         | BOMBARDIER INC                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $31471.83     | 0.18%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| MINERAL RESOURCES LIMITED                               | MINERAL RESOURCES LTD                           | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     40000 | PA      | $40838.46     | 0.23%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                                | VIRGIN MEDIA FINANCE PLC                        | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |     10000 | PA      | $9134.66      | 0.05%             | 2030-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NRG ENERGY, INC.                                        | NRG ENERGY INC                                  | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40050.82     | 0.23%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP LP                                          | UNITI GROUP LP UNITI GROUP FINANCE INC          | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $56155.46     | 0.32%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| LONG DESCRIPTION 1                                      | LONG DESCRIPTION 1                              | CUSIP: BL5126513<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50000 | PA      | $50031.50     | 0.28%             | 2030-12-18      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Alcoa Nederland Holding B.V.                            | ALCOA NEDERLAND HOLDING BV                      | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |     10000 | PA      | $10486.23     | 0.06%             | 2031-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| DOTDASH MEREDITH, INC.                                  | DOTDASH MEREDITH INC                            | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29091.00     | 0.17%             | 2032-06-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HOLDINGS INC.                         | CUMULUS MEDIA NEW HOLDINGS INC                  | CUSIP: 23110AAB2<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |    181000 | PA      | $51212.45     | 0.29%             | 2029-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SABRE GLBL INC.                                         | SABRE GLBL INC                                  | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15690.00     | 0.09%             | 2030-07-15      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY B                                          | COVIS EQUITY B                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       147 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CUSHMAN & WAKEFIELD U.S. BORROWER, LLC.                 | CUSHMAN WAKEFIELD US BORROWER LLC               | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42950.47     | 0.24%             | 2031-09-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS, INC.                      | CHS COMMUNITY HEALTH SYSTEMS INC                | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22159.05     | 0.13%             | 2030-05-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CIMPRESS PUBLIC LIMITED COMPANY                         | CIMPRESS PLC                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |     20000 | PA      | $19094.51     | 0.11%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| RESORTS WORLD LAS VEGAS LLC                             | RESORTS WORLD LAS VEGAS LLC                     | CUSIP: 76120HAC1<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24465.67     | 0.14%             | 2031-04-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Viper Energy, Inc.                                      | VIPER ENERGY PARTNERS LP                        | CUSIP: 92763MAB1<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |      6000 | PA      | $6366.44      | 0.04%             | 2031-11-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GETTY IMAGES, INC.                                      | ABE INVESTMENT HOLDINGS INC                     | CUSIP: 37427UAQ3<br>LEI: 5493005NV20IG4VEKZ40 | Long             | LON              | CORP              | US        |     15000 | PA      | $14831.25     | 0.08%             | 2030-02-14      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| TKC HOLDINGS, INC.                                      | TKC HOLDINGS INC                                | CUSIP: 87256FAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49417 | PA      | $49375.49     | 0.28%             | 2028-05-15      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES, INC.                               | CENTURY COMMUNITIES INC                         | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46284.27     | 0.26%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| FORESTAR GROUP INC.                                     | FORESTAR GROUP INC                              | CUSIP: 346232AG6<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30227.06     | 0.17%             | 2033-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMEDIATE LLC                        | AMERITEX HOLDCO INTERMED                        | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    121000 | PA      | $128448.70    | 0.73%             | 2028-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: —       |
| Carnival Corporation                                    | CARNIVAL CORP                                   | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    150000 | PA      | $151504.63    | 0.86%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| AVIENT CORPORATION                                      | AVIENT CORP                                     | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16126.54     | 0.09%             | 2031-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORPORATION                                     | NOVELIS INC                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     24000 | PA      | $24815.42     | 0.14%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CP ATLAS BUYER, INC.                                    | CP ATLAS BUYER INC                              | CUSIP: 12658HAG7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |     50000 | PA      | $49771.00     | 0.28%             | 2027-11-23      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP, INC.                              | PICARD MIDCO INC                                | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     66000 | PA      | $66600.22     | 0.38%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATIONS COMPANY LLC                           | VISTRA OPERATIONS CO LLC                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15683.28     | 0.09%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                                     | RESIDEO FUNDING INC                             | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46127.01     | 0.26%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VITAL ENERGY, INC.                                      | VITAL ENERGY INC                                | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |     33000 | PA      | $28182.82     | 0.16%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: —       |
| CALPINE CORPORATION                                     | CALPINE CORP                                    | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124883.46    | 0.71%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE P.L.C.                           | VISTAJET MALTA XO MGMT                          | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |    147000 | PA      | $137543.16    | 0.78%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: —       |
| LIFESCAN GLOBAL CORPORATION                             | LIFESCAN GLOBAL CORP                            | CUSIP: 53227PAP5<br>LEI: 549300VL0F83S4LR4105 | Long             | LON              | CORP              | US        |    217688 | PA      | $141497.11    | 0.81%             | 2026-12-31      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| DISH NETWORK CORPORATION                                | DISH NETWORK CORP                               | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |     81000 | PA      | $83397.22     | 0.47%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS LLC                                 | ZAYO GROUP HOLDINGS LLC                         | CUSIP: 98919XAE1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49744 | PA      | $47681.23     | 0.27%             | 2027-03-09      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP.                                   | LAS VEGAS SANDS CORP                            | CUSIP: 517834AL1<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15323.96     | 0.09%             | 2034-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| COVIS EQUITY C                                          | COVIS EQUITY C                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       147 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AMERICAN AIRLINES, INC.                                 | AMERICAN AIRLINES INC                           | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104782.00    | 0.60%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| NCR ATLEOS CORPORATION                                  | NCR ATLEOS ESCROW CORP                          | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     16000 | PA      | $17513.51     | 0.10%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| THE E.W. SCRIPPS COMPANY                                | SCRIPPS ESCROW II INC                           | CUSIP: 81105DAA3<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87407.31     | 0.50%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: —       |
| AMSTED INDUSTRIES INCORPORATED                          | AMSTED INDUSTRIES INC                           | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     78000 | PA      | $79243.58     | 0.45%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                     | POST HOLDINGS INC                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80752.15     | 0.46%             | 2033-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ROCKET SOFTWARE, INC.                                   | ROCKET SOFTWARE INC                             | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41263.82     | 0.23%             | 2028-11-28      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                            | ROYAL CARIBBEAN CRUISES LTD                     | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     13000 | PA      | $13362.96     | 0.08%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| AMC NETWORKS INC.                                       | AMC NETWORKS INC                                | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25929.74     | 0.15%             | 2029-01-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANCING, LLC                                  | DIRECTV FINANCING LLC                           | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     78000 | PA      | $75746.77     | 0.43%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD.                                    | NCL CORP LTD                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    120000 | PA      | $122585.44    | 0.70%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PETSMART LLC                                            | PETSMART INC PETSMART FINANCE CORP              | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $14608.63     | 0.08%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| S&S HOLDINGS, LLC                                       | S S HOLDINGS LLC                                | CUSIP: 78525CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48860.41     | 0.28%             | 2031-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| AMC NETWORKS INC.                                       | AMC NETWORKS INC                                | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30379.51     | 0.17%             | 2032-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I, L.P.                               | HARVEST MIDSTREAM I LP                          | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42251.71     | 0.24%             | 2032-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| LABL, INC.                                              | LABL INC                                        | CUSIP: 50168QAF2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29925.10     | 0.17%             | 2031-10-01      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| BLH ESCROW 1 LLC                                        | BRIGHTLINE EAST LLC                             | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $14810.51     | 0.08%             | 2030-01-31      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: —       |
| MSILF Government Portfolio                              | MSILF GOVERNMENT-INST                           | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    258074 | NS      | $258074.23    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ZF NORTH AMERICA CAPITAL, INC.                          | ZF NORTH AMERICA CAPITAL INC                    | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |     57500 | PA      | $53115.08     | 0.30%             | 2032-04-23      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                              | BUILDERS FIRSTSOURCE INC                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76403.32     | 0.43%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| VOYAGER PARENT, LLC                                     | VOYAGER PARENT LLC                              | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46901.51     | 0.27%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Enpro Inc.                                              | ENPRO INC                                       | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25562.08     | 0.15%             | 2033-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ATS CORPORATION                                         | ATS AUTOMATION TOOLING SYSTEMS INC              | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |     30000 | PA      | $28683.89     | 0.16%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| THE HOWARD HUGHES CORPORATION                           | HOWARD HUGHES CORP THE                          | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    182500 | PA      | $168533.55    | 0.96%             | 2031-02-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS, INC.           | BRUNDAGE BONE CONCRETE PUMPING HOLDINGS INC     | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $20814.49     | 0.12%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ARDONAGH FINCO LIMITED                                  | ARDONAGH FINCO LTD                              | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |     70000 | PA      | $73155.41     | 0.42%             | 2031-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE LIMITED                           | MELCO REOSRTS FINANCE                           | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     30000 | PA      | $28146.50     | 0.16%             | 2029-12-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| WASTE PRO USA, INC.                                     | WASTE PRO USA INC                               | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20800.59     | 0.12%             | 2033-02-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC.                                         | BOMBARDIER INC                                  | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $135397.19    | 0.77%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ONTARIO GAMING GTA LIMITED PARTNERSHIP                  | ONTARIO GAMING GTA LP                           | CUSIP: C6907UAB7<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | CA        |     15262 | PA      | $15094.70     | 0.09%             | 2030-08-01      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORPORATION                                    | ECHOSTAR CORP                                   | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |     63897 | PA      | $65691.79     | 0.37%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BOMBARDIER INC.                                         | BOMBARDIER INC                                  | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     16000 | PA      | $16087.58     | 0.09%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MASTERBRAND, INC.                                       | MASTERBRAND INC                                 | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28611.59     | 0.16%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC                   | FRONTIER COMMUNICATIONS HOLDINGS LLC            | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $230089.34    | 1.31%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| PETSMART LLC                                            | PETSMART INC PETSMART FINANCE CORP              | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $121838.99    | 0.69%             | 2028-02-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS, INC.                      | CHS COMMUNITY HEALTH SYSTEMS INC                | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     54000 | PA      | $57164.33     | 0.33%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.                    | CLEAR CHANNEL OUTDOOR HOLDINGS INC              | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    242000 | PA      | $249768.48    | 1.42%             | 2030-04-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| PARK INTERMEDIATE HOLDINGS LLC.                         | PARK INTERMEDIATE HOLDINGS LLC                  | CUSIP: 70052LAC7<br>LEI: 549300HJUVLG7EAGZV92 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15488.20     | 0.09%             | 2029-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: —       |
| AAR ESCROW ISSUER, LLC                                  | AAR ESCROW ISSUER LLC                           | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $77697.24     | 0.44%             | 2029-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| EMRLD BORROWER LP                                       | EMRLD BORROWER LP EMERALD CO ISSUER INC         | CUSIP: 26873CAB8<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82821.15     | 0.47%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| STAR LEASING COMPANY, LLC                               | STAR LEASING CO LLC                             | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22801.85     | 0.13%             | 2030-02-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| PRESTIGE BRANDS, INC.                                   | PRESTIGE BRANDS INC                             | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    120000 | PA      | $110551.15    | 0.63%             | 2031-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| BOYNE USA INC.                                          | BOYNE USA INC                                   | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $44629.53     | 0.25%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VERMILION ENERGY INC.                                   | VERMILION ENERGY INC                            | CUSIP: 923725AE5<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | DBT              | CORP              | CA        |     20000 | PA      | $18761.13     | 0.11%             | 2033-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS, INC.                                 | QUIKRETE HOLDINGS INC                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     78000 | PA      | $80256.41     | 0.46%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Covis Finco S.a r.l.                                    | COVIS FINCO SARL                                | CUSIP: L3680LAH4<br>LEI: 549300NNIZ3SBBEUQM24 | Long             | LON              | CORP              | LU        |    136390 | PA      | $50805.44     | 0.29%             | 2027-02-18      | Floating      | 10.98%                | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORPORATION                               | MATTAMY GROUP CORP                              | CUSIP: 57701RAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     36000 | PA      | $34604.26     | 0.20%             | 2030-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS INC.                           | UNIVISION COMMUNICATIONS INC                    | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98237.51     | 0.56%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corporation                              | NOVA CHEMICALS CORP                             | CUSIP: 66977WAV1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     10000 | PA      | $10473.87     | 0.06%             | 2031-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| IVANHOE MINES LTD                                       | IVANHOE MINES LTD                               | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |    193000 | PA      | $192543.33    | 1.10%             | 2030-01-23      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICES, INC.                         | PRIME HEALTHCARE SERVICES INC                   | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $54585.64     | 0.31%             | 2029-09-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| VAIL RESORTS, INC.                                      | VAIL RESORTS INC                                | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10344.37     | 0.06%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GEN DIGITAL INC.                                        | GEN DIGITAL INC                                 | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16448.09     | 0.09%             | 2033-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GEO GROUP INC THE                                       | GEO GROUP INC THE                               | CUSIP: 36170EAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     39715 | PA      | $39764.23     | 0.23%             | 2029-04-14      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I, L.P.                                  | HILCORP ENERGY I LP HILCORP FINANCE CO          | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22526.70     | 0.13%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| PETCO HEALTH AND WELLNESS COMPANY, INC.                 | PETCO ANIMAL SUPPLIES INC                       | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    170353 | PA      | $156557.77    | 0.89%             | 2028-02-25      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC.                                        | NORTONLIFELOCK INC                              | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16598.27     | 0.09%             | 2030-09-30      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| ONESKY FLIGHT, LLC                                      | ONESKY FLIGHT LLC                               | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |     51000 | PA      | $53085.98     | 0.30%             | 2029-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PROPERTIES, LP                                | RHP HOTEL PROPERTIES LP RHP FINANCE CORP        | CUSIP: 749571AG0<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4890.40      | 0.03%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NEWS CORPORATION                                        | NEWS CORP                                       | CUSIP: 65249BAB5<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29367.54     | 0.17%             | 2032-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| XPO, INC.                                               | XPO INC                                         | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |     12000 | PA      | $12520.84     | 0.07%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| CORNERSTONE BUILDING BRANDS, INC.                       | CORNERSTONE BUILDING BRANDS INC                 | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |     84000 | PA      | $77401.39     | 0.44%             | 2029-08-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CIVITAS RESOURCES, INC.                                 | CIVITAS RESOURCES INC                           | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46121.58     | 0.26%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP                                               | SUNOCO LP                                       | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     52000 | PA      | $54611.74     | 0.31%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CALPINE CORPORATION                                     | CALPINE CORP                                    | CUSIP: 131347CP9<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93744.43     | 0.53%             | 2029-02-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| LAMAR MEDIA CORP.                                       | LAMAR MEDIA CORP                                | CUSIP: 513075BZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     24000 | PA      | $22150.62     | 0.13%             | 2031-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP, INC.                              | CLOUD SOFTWARE GROUP INC                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5183.91      | 0.03%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| U.S. ACUTE CARE SOLUTIONS, LLC                          | US ACUTE CARE SOLUTIONS LLC                     | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $16519.76     | 0.09%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| ASHTON WOODS USA L.L.C.                                 | ASHTON WOODS USA LLC ASHTON WOODS FINANCE CO    | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    109000 | PA      | $103627.60    | 0.59%             | 2030-04-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER, LP                                    | MEDLINE BORROWER LP MEDLINE CO ISSUER INC       | CUSIP: 58506DAA6<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35933.32     | 0.20%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TECHNIPFMC PLC                                          | TECHNIPFMC PLC                                  | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $199645.39    | 1.14%             | 2026-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ORGANON & CO.                                           | ORGANON FINANCE 1 LLC                           | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43408.07     | 0.25%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS, INC.                             | QUEEN MERGERCO INC                              | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8259.40      | 0.05%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| iShares BB Rated Corporate Bond ETF                     | ISHARES BB RATED CORPORATE BOND ETF             | CUSIP: 46435U473<br>LEI: N/A                  | Long             |  | RF                | US        |      2500 | NS      | $117500.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| JETBLUE AIRWAYS CORPORATION                             | JETBLUE AIRWAYS CORP JETBLUE LOYALTY LP         | CUSIP: 476920AA1<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24336.92     | 0.14%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| RAND PARENT, LLC                                        | RAND PARENT LLC                                 | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45147.03     | 0.26%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY A                                          | COVIS EQUITY A                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       147 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Performance Food Group, Inc.                            | PERFORMANCE FOOD GROUP INC                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153557.71    | 0.87%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| TALLGRASS ENERGY PARTNERS, LP                           | TALLGRASS ENERGY PARTNERS LP                    | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20550.51     | 0.12%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                      | SEAGATE HDD CAYMAN                              | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     55000 | PA      | $62276.52     | 0.35%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS, INC.                                     | LITHIA MOTORS INC                               | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |    352000 | PA      | $334556.18    | 1.90%             | 2031-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: —       |
| Gray Media, Inc                                         | GRAY ESCROW II INC                              | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     27000 | PA      | $20178.21     | 0.11%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Company                          | EDGEWELL PERSONAL CARE CO                       | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |     56000 | PA      | $52919.02     | 0.30%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL S.A.                             | TELECOM ITALIA CAPITAL SA                       | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $26666.24     | 0.15%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION                           | LOUISIANA PACIFIC CORP                          | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28618.20     | 0.16%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                      | SEAGATE HDD CAYMAN                              | CUSIP: 81180WBP5<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     30000 | PA      | $32122.75     | 0.18%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC.                                        | HANESBRANDS INC                                 | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31755.30     | 0.18%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER, LP                                    | MOZART DEBT MERGER SUB INC                      | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     46000 | PA      | $44166.40     | 0.25%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| NORDSTROM, INC.                                         | NORDSTROM INC                                   | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     30000 | PA      | $27651.66     | 0.16%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                                    | IHO VERWALTUNGS GMBH                            | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    105000 | PA      | $107185.63    | 0.61%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: —       |
| ZEBRA TECHNOLOGIES CORPORATION                          | ZEBRA TECHNOLOGIES CORP                         | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28790.60     | 0.16%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LABL, INC.                                              | LABL INC                                        | CUSIP: 50168QAE5<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | DBT              | CORP              | US        |     35000 | PA      | $32394.85     | 0.18%             | 2028-11-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL AUTO HOLDINGS PLC                                | GLOBAL AUTO HOLDINGS LTD AAG FH UK LTD          | CUSIP: 00033GAB1<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |     60000 | PA      | $51140.28     | 0.29%             | 2032-01-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT, INC.                             | CAESARS ENTERTAINMENT INC                       | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51263.96     | 0.29%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING, LLC                        | PERMIAN RESOURCES OPERATING LLC                 | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |     41000 | PA      | $41376.51     | 0.24%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| GREAT CANADIAN GAMING CORPORATION                       | GREAT CANADIAN GAMING CORP                      | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     21000 | PA      | $20587.35     | 0.12%             | 2029-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I PLC                              | VMED O2 UK FINANCING I PLC                      | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     55500 | PA      | $51329.55     | 0.29%             | 2031-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROUP, INC.                         | SINCLAIR TELEVISION GROUP INC                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39501.68     | 0.22%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTIONS INC.                        | STANDARD INDUSTRIES INC NJ                      | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    175000 | PA      | $165630.69    | 0.94%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| TRINET GROUP, INC.                                      | TRINET GROUP INC                                | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31244.48     | 0.18%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NEWELL BRANDS INC.                                      | NEWELL BRANDS INC                               | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15340.88     | 0.09%             | 2036-04-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES, INC.                                 | AMERICAN AIRLINES INC                           | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25520.31     | 0.15%             | 2028-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: —       |
| LATAM Airlines Group S.A.                               | LATAM AIRLINES GROUP SA                         | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |     41000 | PA      | $41533.87     | 0.24%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| PRA GROUP, INC.                                         | PRA GROUP INC                                   | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41596.78     | 0.24%             | 2030-01-31      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| FLUTTER TREASURY DESIGNATED ACTIVITY COMPANY            | FLUTTER TREASURY DAC                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |      4000 | PA      | $4030.84      | 0.02%             | 2031-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| COTIVITI, INC.                                          | COTIVITI INC                                    | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |     75000 | PA      | $75281.25     | 0.43%             | 2031-04-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                     | POST HOLDINGS INC                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    122000 | PA      | $125498.47    | 0.71%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| UNITED RENTALS (NORTH AMERICA), INC.                    | UNITED RENTALS INC                              | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41255.35     | 0.23%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| 1261229 B.C. Ltd                                        | 1261229 BC LTD                                  | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     25000 | PA      | $24058.50     | 0.14%             | 2030-10-08      | Floating      | 10.59%                | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP LTD.                              | AMERICAN AIRLINES INC AADVAN                    | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     62563 | PA      | $62709.01     | 0.36%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTIONS INC.                        | STANDARD INDUSTRIES INC NJ                      | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134715.47    | 0.77%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| BLOCK, INC.                                             | BLOCK INC                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    127000 | PA      | $131028.82    | 0.75%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                            | TENET HEALTHCARE CORP                           | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     78000 | PA      | $77845.01     | 0.44%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORPORATION                                 | KNIFE RIVER HOLDING CO                          | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $79030.63     | 0.45%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO, LLC                            | BEACH ACQUISITION BIDCO LLC                     | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |     22000 | PA      | $22882.21     | 0.13%             | 2033-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC.                                   | NEPTUNE BIDCO US INC                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30187.51     | 0.17%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| EMBECTA CORP.                                           | EMBECTA CORP                                    | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13547.63     | 0.08%             | 2030-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Aris Mining Corporation                                 | ARIS MINING CORP                                | CUSIP: 04040YAB5<br>LEI: 5493001GJ5TILX6L1F82 | Long             | DBT              | CORP              | CA        |     15000 | PA      | $15298.38     | 0.09%             | 2029-10-31      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP, INC.                           | ASBURY AUTOMOTIVE GROUP INC                     | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $142867.10    | 0.81%             | 2032-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                                      | VOYAGER PARENT LLC                              | CUSIP: BL5083276<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     50000 | PA      | $49430.50     | 0.28%             | 2032-05-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ESAB CORPORATION                                        | ESAB CORP                                       | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     16000 | PA      | $16387.59     | 0.09%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING, LLC                        | PERMIAN RESOURC OPTG LLC                        | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120439.22    | 0.69%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GROUP, LLC                        | COGENT COMMS GRP FIN                            | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44311.92     | 0.25%             | 2032-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| DCLI BIDCO LLC                                          | DCLI BIDCO LLC                                  | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |     37000 | PA      | $37469.27     | 0.21%             | 2029-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| FIBERCOP S.P.A.                                         | OPTICS BIDCO SPA                                | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |     55000 | PA      | $53678.69     | 0.31%             | 2036-07-18      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| BAYTEX ENERGY CORP.                                     | BAYTEX ENERGY CORP                              | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |     38000 | PA      | $36265.78     | 0.21%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: —       |
| Gray Media, Inc                                         | GRAY TELEVISION INC                             | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10745.48     | 0.06%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| ANYWHERE REAL ESTATE GROUP LLC                          | ANYWHERE REAL ESTATE GROUP LLC REALOGY CO ISSUE | CUSIP: 75606DAV3<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35571.59     | 0.20%             | 2030-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| CCO HOLDINGS, LLC                                       | CCO HOLDINGS LLC CCO HOLDINGS CAPITAL CORP      | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    315000 | PA      | $280353.17    | 1.60%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HOLDINGS, INC.                        | AMC ENTERTAINMENT HOLDINGS INC                  | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |     34825 | PA      | $35129.94     | 0.20%             | 2029-01-04      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| ACRISURE, LLC                                           | ACRISURE LLC ACRISURE FINANCE INC               | CUSIP: 00489LAL7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27884.39     | 0.16%             | 2030-11-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| DIEBOLD NIXDORF, INCORPORATED                           | DIEBOLD NIXDORF INC                             | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21282.15     | 0.12%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECHNOLOGY PLC                       | INTERNATIONAL GAME TECHNOLOGY PLC               | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |     25000 | PA      | $24777.95     | 0.14%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC.                                   | CLEVELAND CLIFFS INC                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47167.30     | 0.27%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL AUTO HOLDINGS PLC                                | GLOBAL AUTO HOLDINGS LTD AAG FH UK LTD          | CUSIP: 00033YAA4<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |     53000 | PA      | $52009.85     | 0.30%             | 2029-08-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| SOTHEBY'S                                               | SOTHEBY S                                       | CUSIP: 835898AH0<br>LEI: 549300P5BAAMQQ7VL735 | Long             | DBT              | CORP              | US        |     80000 | PA      | $79099.42     | 0.45%             | 2027-10-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                          | OPAL BIDCO SAS                                  | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $305785.48    | 1.74%             | 2032-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| JO ANN STORES LLC                                       | JO ANN STORES LLC                               | CUSIP: 47768J200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       562 | NS      | $5.62         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TKC HOLDINGS, INC.                                      | TKC HOLDINGS INC                                | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72000 | PA      | $73944.31     | 0.42%             | 2029-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORPORATION                            | ENCOMPASS HEALTH CORP                           | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     16000 | PA      | $15480.07     | 0.09%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNATIONAL, INC.                    | COMPASS MINERALS INTERNATIONAL INC              | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15509.64     | 0.09%             | 2030-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| BEAZER HOMES USA, INC.                                  | BEAZER HOMES USA INC                            | CUSIP: 07556QBU8<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101482.26    | 0.58%             | 2031-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP, INC.                           | MEDNAX INC                                      | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $59326.87     | 0.34%             | 2030-02-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES, INC.                              | SENSATA TECHNOLOGIES INC                        | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35989.30     | 0.20%             | 2032-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| 1261229 B.C. Ltd                                        | 1261229 BC LTD                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     30000 | PA      | $30268.91     | 0.17%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBUTION, INC.                                | WESCO DISTRIBUTION INC                          | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126481.40    | 0.72%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BEACON MOBILITY FINANCE CORP.                           | BEACON MOBILITY CORP                            | CUSIP: 073644AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15308.26     | 0.09%             | 2030-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECHNOLOGY PLC                       | INTERNATIONAL GAME TECH                         | CUSIP: 460599AD5<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $50545.49     | 0.29%             | 2027-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS, LLC                             | AXALTA COATING SYSTEMS LLC                      | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56756.16     | 0.32%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| TAYLOR MORRISON COMMUNITIES, INC.                       | TAYLOR MORRISON COMMUNITIES INC                 | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     26000 | PA      | $25850.45     | 0.15%             | 2030-08-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| CENTRAL PARENT LLC                                      | CENTRAL PARENT LLC CDK GLOBAL II LLC            | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $206920.72    | 1.18%             | 2029-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROUP, INC.                         | SINCLAIR TELEVISION GROU                        | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    129000 | PA      | $104571.31    | 0.60%             | 2030-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST, INC.                           | STARWOOD PROPERTY TRUST INC                     | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36847.80     | 0.21%             | 2029-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CHURCHILL DOWNS INCORPORATED                            | CHURCHILL DOWNS INC                             | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20554.55     | 0.12%             | 2031-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| EZCORP, INC.                                            | EZCORP INC                                      | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26273.43     | 0.15%             | 2032-04-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Azorra Finance Limited                                  | AZORRA FINANCE LTD                              | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |    140000 | PA      | $145789.33    | 0.83%             | 2030-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corporation                              | NOVA CHEMICALS CORP                             | CUSIP: 66977WAU3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $215985.65    | 1.23%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS, INC.                                | SPIRIT AEROSYSTEMS INC                          | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79782.06     | 0.45%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP INC.                               | ALTA EQUIPMENT GROUP INC                        | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |     24000 | PA      | $22383.40     | 0.13%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: —       |
| SEASPAN CORPORATION                                     | SEASPAN CORP                                    | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |     45000 | PA      | $42658.12     | 0.24%             | 2029-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC.                                    | DENTSPLY SIRONA INC                             | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23121.60     | 0.13%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COREWEAVE, INC.                                         | COREWEAVE INC                                   | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |      8000 | PA      | $8179.02      | 0.05%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| SEALED AIR CORPORATION                                  | SEALED AIR CORP                                 | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |     55000 | PA      | $57011.86     | 0.32%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND          | GLDMN SCHS FIN SQ GV-FST                        | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    258074 | NS      | $258074.25    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLUCIAN HOLDINGS INC.                                  | ELLUCIAN HOLDINGS INC                           | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40933.54     | 0.23%             | 2029-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| THE GEO GROUP, INC.                                     | GEO GROUP INC THE                               | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |      7000 | PA      | $7410.30      | 0.04%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND                    | HSBC US GOVT MMKT-I                             | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    258074 | NS      | $258074.25    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MURPHY OIL USA, INC.                                    | MURPHY OIL USA INC                              | CUSIP: 626738AF5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |     55000 | PA      | $50722.73     | 0.29%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| POLARIS NEWCO, LLC                                      | SOLERA LLC                                      | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |     25000 | PA      | $24336.75     | 0.14%             | 2028-06-04      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC.                                          | OPEN TEXT CORP OPEN TEXT HOLDINGS INC           | CUSIP: 683720AC0<br>LEI: 391200TOWHX99FWE8G92 | Long             | DBT              | CORP              | US        |     57500 | PA      | $52936.15     | 0.30%             | 2031-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE, INC.                                | GROUP 1 AUTOMOTIVE INC                          | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36021.24     | 0.21%             | 2030-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corporation                                    | CARNIVAL CORP                                   | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     10000 | PA      | $10222.24     | 0.06%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: —       |
| THE HERTZ CORPORATION                                   | HERTZ CORP THE                                  | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52290.60     | 0.30%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                           | FORD MOTOR CREDIT CO LLC                        | CUSIP: 345397E66<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68106.77     | 0.39%             | 2034-03-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HOLDINGS, INC.                     | MOSS CREEK RESOURCES HOLDINGS INC               | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |     58000 | PA      | $56417.16     | 0.32%             | 2031-09-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| M/I HOMES, INC.                                         | M I HOMES INC                                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64576.98     | 0.37%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MONEYGRAM INTERNATIONAL, INC.                           | MOBIUS MERGER SUB INC                           | CUSIP: 606950AA1<br>LEI: 5299002DLX0Q04KC4156 | Long             | DBT              | CORP              | US        |     40000 | PA      | $35798.74     | 0.20%             | 2030-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                                     | AVIANCA MIDCO 2 PLC                             | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     56000 | PA      | $51629.96     | 0.29%             | 2030-02-14      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| Grupo Aeromexico, S.A.B. de C.V.                        | GRUPO AEROMEXICO SAB DE CV                      | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     90000 | PA      | $85897.25     | 0.49%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATING COMPANY INC.                  | HILTON DOMESTIC OPERATING CO INC                | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56404.88     | 0.32%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                                | VENTURE GLOBAL LNG INC                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     40000 | PA      | $43196.77     | 0.25%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING, INC.                                 | LEVEL 3 FINANCING INC                           | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     49000 | PA      | $42614.31     | 0.24%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: —       |
| THE CHEMOURS COMPANY                                    | CHEMOURS CO THE                                 | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    196000 | PA      | $183396.00    | 1.04%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | SASOL FINANCING USA LLC                         | CUSIP: 80386WAF2<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49454.15     | 0.28%             | 2029-05-03      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| ALBERTSONS COMPANIES, INC.                              | ALBERTSONS COS INC                              | CUSIP: 01309QAA6<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204762.70    | 1.17%             | 2028-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GLP Capital, L.P.                                       | GLP CAPITAL LP GLP FINANCING II INC             | CUSIP: 361841AT6<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |     34000 | PA      | $33908.07     | 0.19%             | 2034-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UKG INC.                                                | UKG INC                                         | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51887.95     | 0.30%             | 2031-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC.                                          | TRANSDIGM INC                                   | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65364.45     | 0.37%             | 2033-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.                    | CLEAR CHANNEL OUTDOOR HOLDINGS INC              | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46233.81     | 0.26%             | 2029-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: —       |
| ARSENAL AIC PARENT LLC                                  | ARSENAL AIC PARENT LLC                          | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $133443.94    | 0.76%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT, LLC                             | FERTITTA ENTERTAINMENT LLC                      | CUSIP: 31556TAC3<br>LEI: 984500A0805D8V551D35 | Long             | DBT              | CORP              | US        |     41000 | PA      | $37865.30     | 0.22%             | 2030-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ATI INC                                                 | ALLEGHENY TECHNOLOGIES INC                      | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48962.97     | 0.28%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUEMINES LNG, LLC                     | VENTURE GLOBAL PLAQUEMINES LNG LLC              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54168.72     | 0.31%             | 2035-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY D                                          | COVIS EQUITY D                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       147 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AXON ENTERPRISE, INC.                                   | AXON ENTERPRISE INC                             | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23759.85     | 0.14%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PETSMART LLC                                            | PETSMART INC                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     20000 | PA      | $19754.20     | 0.11%             | 2028-02-14      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| GREAT OUTDOORS GROUP, LLC                               | GREAT AMERICAN OUTDOORS                         | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |     24938 | PA      | $24867.43     | 0.14%             | 2032-03-05      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete, LLC                          | SMYRNA READY MIX CONCRETE LLC                   | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     76000 | PA      | $79732.10     | 0.45%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION HOLDINGS, INC.                   | CLYDESDALE ACQUISITION HOLDINGS INC             | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25621.86     | 0.15%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| HERC HOLDINGS INC.                                      | HERC HOLDINGS INC                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     23000 | PA      | $24104.58     | 0.14%             | 2033-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | SERVICE PROPERTIES TRUST                        | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     44000 | PA      | $45199.71     | 0.26%             | 2032-06-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BCPE FLAVOR DEBT MERGER SUB, LLC                        | BCPE FLAVOR DEBT MERGER SUB LLC                 | CUSIP: 072933AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51110.99     | 0.29%             | 2032-07-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| SUNOCO LP                                               | SUNOCO LP                                       | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50825.50     | 0.29%             | 2033-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| VALLOUREC SA                                            | VALLOUREC SACA                                  | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |     10000 | PA      | $10493.84     | 0.06%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| GENESEE & WYOMING INC.                                  | GENESEE WYOMING INC                             | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |     29000 | PA      | $29630.12     | 0.17%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| X CORP.                                                 | X CORP                                          | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     49872 | PA      | $48672.52     | 0.28%             | 2029-10-26      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT, INC.                             | COLT MERGER SUB INC                             | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    136000 | PA      | $136045.28    | 0.77%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP LP                                          | UNITI GROUP LP UNITI GROUP FINANCE 2019 INC     | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15156.76     | 0.09%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| BLUELINX HOLDINGS INC.                                  | BLUELINX HOLDINGS INC                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9619.95      | 0.05%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                            | TENET HEALTHCARE CORP                           | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39048.69     | 0.22%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | SERVICE PROPERTIES TRUST                        | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21453.15     | 0.12%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EQUIPMENTSHARE COM INC                          | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78625.71     | 0.45%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS, LLC                                    | SHIFT4 PAYMENTS LLC                             | CUSIP: 82453AAB3<br>LEI: 254900GTEMR7L40VPI74 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20786.29     | 0.12%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                            | ROYAL CARIBBEAN CRUISES LTD                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    190000 | PA      | $193571.10    | 1.10%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY E                                          | COVIS EQUITY E                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       147 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC                   | FRONTIER COMMUNICATIONS CORP                    | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     43000 | PA      | $43572.12     | 0.25%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANCING, LLC                                  | DIRECTV HOLDINGS LLC DIRECTV FINANCING CO INC   | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     16000 | PA      | $15945.28     | 0.09%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | LEVEL 3 FINANCING INC                           | CUSIP: BL5042512<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     75000 | PA      | $75765.75     | 0.43%             | 2032-03-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENSTAR FINANCE LLC                                      | ENSTAR FINANCE LLC                              | CUSIP: 29360AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9963.20      | 0.06%             | 2040-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER ISSUER LLC                                     | FRONTIER ISSUER LLC                             | CUSIP: 35910EAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $42075.77     | 0.24%             | 2053-08-20      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| ENDEAVOUR MINING PLC                                    | ENDEAVOUR MINING PLC                            | CUSIP: 29261HAB1<br>LEI: 529900NI5MXQ91GHXR07 | Long             | DBT              | CORP              | GB        |     50000 | PA      | $50200.00     | 0.29%             | 2030-05-28      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CHARIOT BUYER LLC                                       | CHARIOT BUYER LLC                               | CUSIP: 15963CAC0<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    193500 | PA      | $193697.37    | 1.10%             | 2028-11-03      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING, INC.                                 | LEVEL 3 FINANCING INC                           | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     15034 | PA      | $15297.44     | 0.09%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| TRUCORDIA INSURANCE HOLDINGS, LLC                       | PCF INSURANCE SERVICES OF THE WEST LLC          | CUSIP: 89783WAB1<br>LEI: 254900KYYP47CV7DMK95 | Long             | LON              | CORP              | US        |     15034 | PA      | $15052.79     | 0.09%             | 2032-06-14      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Company                       | PERRIGO FINANCE UNLIMITED CO                    | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $25239.96     | 0.14%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORPORATION                                 | BOYD GAMING CORP                                | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |     30000 | PA      | $28760.79     | 0.16%             | 2031-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHIP VII LTD                       | VIKING OCEAN CRUISES SHIP VII LTD               | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $249681.52    | 1.42%             | 2029-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS INC.                              | ROGERS COMMUNICATIONS INC                       | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     16000 | PA      | $16364.62     | 0.09%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| US FOODS, INC.                                          | US FOODS INC                                    | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     98000 | PA      | $98117.14     | 0.56%             | 2033-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Victory Variable Insurance Funds

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer