# EDGAR Filing Document

**Accession Number:** 0001668512
**File Stem:** 0001752724-23-032146
**Filing Date:** 2023-2
**Character Count:** 74666
**Document Hash:** 98a02c187e550a031afe5d6458c5c746
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-032146.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001752724-23-032146

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guardian Variable Products Trust
- **CENTRAL INDEX KEY:** 0001668512
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23148
- **FILM NUMBER:** 23649085

**BUSINESS ADDRESS:**
- **STREET 1:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** (212)598-8000

**MAIL ADDRESS:**
- **STREET 1:** 10 HUDSON YARDS, 22 FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

## Series and Classes Contracts Data

### Guardian Multi-Sector Bond VIP Fund (Series ID: S000061841)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000200219 | Guardian Multi-Sector Bond VIP Fund |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Guardian Variable Products Trust

- **b. Investment Company Act file number:** 811-23148

- **c. CIK number of Registrant:** 0001668512

- **d. LEI of Registrant:** 549300S9PVDT6IL3OT03

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

  - **Street Address 1:** 10 Hudson Yards

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10001

  - **Telephone number:** 212-598-8000

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

- **a. Name of Series:** Guardian Multi-Sector Bond VIP Fund

- **b. EDGAR series identifier (if any):** S000061841

- **c. LEI of Series:** 5493001IFMJ4Z28G9Z92

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $232827583.92

**Total Liabilities:** $219738.69

**Net Assets:** $232607845.23

**Cash Not Reported:** $4180540.85

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -234.53000000 | **1-Year:** -4180.28000000 | **5-Year:** -20091.65000000 | **10-Year:** -30617.37000000 | **30-Year:** -8284.55000000

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

- **3-Month:** -142.97000000 | **1-Year:** -1327.81000000 | **5-Year:** 2732.39000000 | **10-Year:** -4599.46000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200219 | -2.01%               | 2.85%                | -0.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3772690.22             | $1592803.94                                |
| Month 2  | $-1236011.47             | $6652677.20                                |
| Month 3  | $-631612.20              | $-438962.33                                |

**Designated Index Information**

- **Index Name:** Barclays US Aggregate

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Citigroup Commercial Mortgage Trust                    | Citigroup Commercial Mortgage Trust 2016-C3                                                                            | CUSIP: 17325GAF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $880600.33    | 0.38%             | 2049-11-15      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| Bank                                                   | BANK 2022-BNK43                                                                                                        | CUSIP: 06541QBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    900000 | PA      | $833439.66    | 0.36%             | 2055-08-15      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Master Credit Card Trust                               | Master Credit Card Trust                                                                                               | CUSIP: 576339CJ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | CA        |   1410000 | PA      | $1324610.40   | 0.57%             | 2025-11-21      | Fixed         | 0.53%                 | No            |                  2 | On Loan: No      |
| ATHENE HOLDING LTD                                     | Athene Holding Ltd                                                                                                     | CUSIP: 04686JAC5<br>LEI: 549300H316CT32FQXI76 | Long             | DBT              | CORP              | BM        |    500000 | PA      | $413675.00    | 0.18%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KRAFT HEINZ FOODS CO                                   | Kraft Heinz Foods Co                                                                                                   | CUSIP: 50077LAV8<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |    800000 | PA      | $730792.00    | 0.31%             | 2030-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                                             | AbbVie Inc                                                                                                             | CUSIP: 00287YCB3<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    450000 | PA      | $380290.50    | 0.16%             | 2049-11-21      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                                                       | CUSIP: 3133BMDN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    490629 | PA      | $472756.43    | 0.20%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                                                        | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4516715 | PA      | $4237004.12   | 1.82%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                        | Long: BPKK09R19 CDS USD R V 03MEVENT SPKK09R19_PRO CCPCDX / Short: BPKK09R19 CDS USD P F  5.00000 SPKK09R19_FEE CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |  38050000 | OU      | $-221604.34   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp                             | FIXED INC CLEARING CORP.REPO                                                                                           | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1622693 | PA      | $1622692.66   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                                                        | CUSIP: 31418EDD9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2227915 | PA      | $1957796.85   | 0.84%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 91282CEN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8000000 | PA      | $7590000.00   | 3.26%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| AutoZone Inc                                           | AutoZone Inc                                                                                                           | CUSIP: 053332AV4<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $477440.00    | 0.21%             | 2027-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| KANSAS CITY SOUTHERN                                   | Kansas City Southern/Old                                                                                               | CUSIP: 485170BD5<br>LEI: 5493008C12PZMWP3WY03 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $952820.00    | 0.41%             | 2029-11-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                           | Comcast Corp                                                                                                           | CUSIP: 20030NDS7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    200000 | PA      | $129474.00    | 0.06%             | 2051-11-01      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC                                   | Waste Management Inc                                                                                                   | CUSIP: 94106LBS7<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1219148.80   | 0.52%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust                         | Hyundai Auto Receivables Trust 2021-A                                                                                  | CUSIP: 44933LAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1875338 | PA      | $1808283.98   | 0.78%             | 2025-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                                 | BP Capital Markets America Inc                                                                                         | CUSIP: 10373QBL3<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $1975183.50   | 0.85%             | 2030-04-06      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                    | Freddie Mac STACR REMIC Trust 2021-HQA4                                                                                | CUSIP: 35564KNK1<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    751104 | PA      | $712630.62    | 0.31%             | 2041-12-25      | Floating      | 4.88%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                                   | CITGO Petroleum Corp                                                                                                   | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244852.50    | 0.11%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                           | Ares XXXIV CLO Ltd                                                                                                     | CUSIP: 04015GAR0<br>LEI: 549300VDFIIXSFET0S73 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $284460.00    | 0.12%             | 2033-04-17      | Floating      | 5.68%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                               | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                              | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    500000 | PA      | $437235.00    | 0.19%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO IX Ltd                                     | Elmwood CLO IX Ltd                                                                                                     | CUSIP: 29003UAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $907400.00    | 0.39%             | 2034-07-20      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                    | JPMorgan Chase & Co                                                                                                    | CUSIP: 46647PAV8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2800740.00   | 1.20%             | 2029-07-23      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Dell Equipment Finance Trust                           | Dell Equipment Finance Trust 2020-2                                                                                    | CUSIP: 24704GAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    582198 | PA      | $576630.21    | 0.25%             | 2023-10-23      | Fixed         | 0.57%                 | No            |                  2 | On Loan: No      |
| Stack Infrastructure Issuer LLC                        | Stack Infrastructure Issuer LLC                                                                                        | CUSIP: 85236KAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $643160.82    | 0.28%             | 2046-03-26      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                                   | Parker-Hannifin Corp                                                                                                   | CUSIP: 701094AR5<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1362494.00   | 0.59%             | 2027-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 91282CEK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  30300000 | PA      | $29438343.75  | 12.66%            | 2024-04-30      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US ULTRA BOND CBT MAR23                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       150 | NC      | $15118.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                                    | Freddie Mac STACR REMIC Trust 2022-HQA3                                                                                | CUSIP: 35564KE39<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1388281 | PA      | $1382585.08   | 0.59%             | 2042-08-25      | Floating      | 6.23%                 | No            |                  2 | On Loan: No      |
| Bank                                                   | BANK 2019-BNK24                                                                                                        | CUSIP: 06540VBE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1412000 | PA      | $1185982.53   | 0.51%             | 2062-11-15      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                                                        | CUSIP: 31418ED72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   5041820 | PA      | $4581738.03   | 1.97%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receivables Trust               | Capital One Prime Auto Receivables Trust 2022-2                                                                        | CUSIP: 14043GAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1484572.98   | 0.64%             | 2025-09-15      | Fixed         | 3.74%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                                | Bristol-Myers Squibb Co                                                                                                | CUSIP: 110122DU9<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   2100000 | PA      | $1837143.00   | 0.79%             | 2032-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 10YR ULTRA FUT MAR23                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -183 | NC      | $30765.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Neuberger Berman CLO Ltd                               | Neuberger Berman CLO XVII Ltd                                                                                          | CUSIP: 64129UBU8<br>LEI: 549300XVEYZNG956Y145 | Long             | ABS-CBDO         | CORP              | KY        |   1400000 | PA      | $1342040.00   | 0.58%             | 2029-04-22      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                               | OHA Credit Funding 2 LTD                                                                                               | CUSIP: 67707EBC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1663920.00   | 0.72%             | 2034-04-21      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Vanguard Short-Term Inflation-Protected Securities ETF | Vanguard Short-Term Inflation-Protected Securities ETF                                                                 | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |    228300 | NS      | $10663893.00  | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                               | Warnermedia Holdings Inc                                                                                               | CUSIP: 55903VAL7<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    750000 | PA      | $620542.50    | 0.27%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                                                        | CUSIP: 31418EKR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1895959 | PA      | $1723245.19   | 0.74%             | 2052-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING                                   | Cornerstone Building Brands Inc                                                                                        | CUSIP: 21925DAA7<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1057290.00   | 0.45%             | 2029-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 10YR NOTE (CBT)MAR23                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -55 | NC      | $27904.59     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP LP                                | Simon Property Group LP                                                                                                | CUSIP: 828807DM6<br>LEI: MR92GTD0MJTTTTQDVG45 | Long             | DBT              |  | US        |    800000 | PA      | $633088.00    | 0.27%             | 2031-02-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                                | Dryden 80 CLO Ltd                                                                                                      | CUSIP: 26245JAQ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1648320.00   | 0.71%             | 2033-01-17      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                                     | Essex Portfolio LP                                                                                                     | CUSIP: 29717PAY3<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              |  | US        |   1000000 | PA      | $835740.00    | 0.36%             | 2028-03-01      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                         | Microsoft Corp                                                                                                         | CUSIP: 594918BC7<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    700000 | PA      | $636951.00    | 0.27%             | 2035-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Greywolf CLO Ltd                                       | Greywolf CLO II Ltd                                                                                                    | CUSIP: 398079BL6<br>LEI: 549300DX0ZYWEZ6TY764 | Long             | ABS-CBDO         | CORP              | KY        |   2400000 | PA      | $2273040.00   | 0.98%             | 2034-04-15      | Floating      | 8.28%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 91282CEX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6500000 | PA      | $6344101.60   | 2.73%             | 2024-06-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Octagon Investment Partners 50, Ltd.                   | Octagon Investment Partners 50 Ltd                                                                                     | CUSIP: 67592MAU8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $342240.00    | 0.15%             | 2035-01-15      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                                              | ONEOK Inc                                                                                                              | CUSIP: 682680BG7<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1207236.00   | 0.52%             | 2032-11-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                                         | Home Depot Inc/The                                                                                                     | CUSIP: 437076CP5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1249262.00   | 0.54%             | 2032-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Jackson Park Trust                                     | Jackson Park Trust 2019-LIC                                                                                            | CUSIP: 46868RAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $508335.81    | 0.22%             | 2039-10-14      | Fixed         | 2.91%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                                                            | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    400000 | PA      | $421476.00    | 0.18%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Aimco                                                  | AIMCO CLO Series 2017-A                                                                                                | CUSIP: 00900CAS3<br>LEI: 549300MMTPNJGGRMPB33 | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1607220.00   | 0.69%             | 2034-04-20      | Floating      | 7.39%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                    | Consumers Energy Co                                                                                                    | CUSIP: 210518DP8<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    700000 | PA      | $638848.00    | 0.27%             | 2032-08-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES                                  | AvalonBay Communities Inc                                                                                              | CUSIP: 053484AD3<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | DBT              |  | US        |   1100000 | PA      | $1089407.00   | 0.47%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                           | Comcast Corp                                                                                                           | CUSIP: 20030NDM0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    640000 | PA      | $518003.20    | 0.22%             | 2031-01-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| HONEYWELL INTERNATIONAL                                | Honeywell International Inc                                                                                            | CUSIP: 438516CK0<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | DBT              | CORP              | US        |    800000 | PA      | $817120.00    | 0.35%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                               | Benchmark 2019-B12 Mortgage Trust                                                                                      | CUSIP: 08162FAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4500000 | PA      | $3863124.68   | 1.66%             | 2052-08-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/Ford Credit               | Ford Credit Auto Owner Trust 2020-REV1                                                                                 | CUSIP: 34531NAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1493506.38   | 0.64%             | 2031-08-15      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                               | Charter Communications Operating LLC / Charter Communications Operating Capital                                        | CUSIP: 161175CD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $160852.00    | 0.07%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWD34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4337957 | PA      | $4069391.54   | 1.75%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                                        | CVS Health Corp                                                                                                        | CUSIP: 126650DR8<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $954132.00    | 0.41%             | 2031-09-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                               | Capital One Financial Corp                                                                                             | CUSIP: 14040HCS2<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $968890.00    | 0.42%             | 2028-05-10      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 912828Z94<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4300000 | PA      | $3672468.75   | 1.58%             | 2030-02-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                              | TEGNA Inc                                                                                                              | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    500000 | PA      | $473040.00    | 0.20%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden Credit Card Trust                               | Golden Credit Card Trust                                                                                               | CUSIP: 380881ER9<br>LEI: 549300BEDPMEONLTJX58 | Long             | ABS-O            | CORP              | CA        |   1410000 | PA      | $1394894.67   | 0.60%             | 2025-08-15      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Marathon Oil Corp                                      | Marathon Oil Corp                                                                                                      | CUSIP: 565849AP1<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1147908.00   | 0.49%             | 2027-07-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                                   | Bank of America Corp                                                                                                   | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1778742.00   | 0.76%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                                 | Verizon Communications Inc                                                                                             | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    900000 | PA      | $716724.00    | 0.31%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Battery Park CLO Ltd                                   | Battery Park CLO II Ltd                                                                                                | CUSIP: 07134CAA5<br>LEI: 549300H738INUT5W2X22 | Long             | ABS-CBDO         | CORP              | KY        |   1800000 | PA      | $1794600.00   | 0.77%             | 2035-10-20      | Floating      | 6.39%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 912828YH7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2849296.89   | 1.22%             | 2024-09-30      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                                       | Duke Energy Corp                                                                                                       | CUSIP: 26441CBN4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    450000 | PA      | $317052.00    | 0.14%             | 2051-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                                                        | CUSIP: 31418ELV0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1296150 | PA      | $1215881.85   | 0.52%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP                                | John Deere Capital Corp                                                                                                | CUSIP: 24422EWL9<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1951800.00   | 0.84%             | 2032-09-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWFB4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3731927 | PA      | $3163144.35   | 1.36%             | 2052-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                       | T-Mobile USA Inc                                                                                                       | CUSIP: 87264ACT0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $136398.00    | 0.06%             | 2052-10-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                           | Broadcom Inc                                                                                                           | CUSIP: 11135FBT7<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    900000 | PA      | $793143.00    | 0.34%             | 2032-04-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 5YR NOTE (CBT) MAR23                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       210 | NC      | $-54.63       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GSK CONSUMER HEALTHCARE                                | GSK Consumer Healthcare Capital US LLC                                                                                 | CUSIP: 36264FAM3<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1586952.00   | 0.68%             | 2032-03-24      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DB Master Finance LLC                                  | DB Master Finance LLC                                                                                                  | CUSIP: 233046AQ4<br>LEI: 549300F17UZJL70BPB08 | Long             | ABS-O            | CORP              | US        |    940500 | PA      | $766973.98    | 0.33%             | 2051-11-20      | Fixed         | 2.49%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US LONG BOND(CBT) MAR23                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       161 | NC      | $-11126.72    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                                                        | CUSIP: 31418EDC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1256641 | PA      | $1065564.19   | 0.46%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BB-UBS Trust                                           | BB-UBS Trust 2012-SHOW                                                                                                 | CUSIP: 05538UAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1200000 | PA      | $1118898.65   | 0.48%             | 2036-11-05      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                                       | T-Mobile USA Inc                                                                                                       | CUSIP: 87264ACQ6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    950000 | PA      | $771590.00    | 0.33%             | 2032-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                               | AT&T Inc                                                                                                               | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    800000 | PA      | $617944.00    | 0.27%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ICG US CLO Ltd                                         | ICG US CLO 2018-2 LTD                                                                                                  | CUSIP: 44932TAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $954600.00    | 0.41%             | 2031-07-22      | Floating      | 6.08%                 | No            |                  2 | On Loan: No      |
| OSCAR US Funding Trust                                 | Oscar US Funding XIV LLC                                                                                               | CUSIP: 68784HAB7<br>LEI: 353800FUC565GTX73583 | Long             | ABS-O            | CORP              | JP        |    885362 | PA      | $867916.45    | 0.37%             | 2025-03-10      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Trust                      | World Omni Auto Receivables Trust 2022-C                                                                               | CUSIP: 98163TAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1400000 | PA      | $1380891.60   | 0.59%             | 2026-03-16      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Bluemountain CLO Ltd                                   | BlueMountain CLO 2014-2 Ltd                                                                                            | CUSIP: 09626QBC0<br>LEI: 549300NUS8PQQUZMPR50 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $575400.00    | 0.25%             | 2030-10-20      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                           | Voya CLO 2016-3 Ltd                                                                                                    | CUSIP: 92915HAQ6<br>LEI: 549300001G5S0D8B8343 | Long             | ABS-CBDO         | CORP              | KY        |    835000 | PA      | $797174.50    | 0.34%             | 2031-10-18      | Floating      | 5.94%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                               | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                                                              | CUSIP: 00774MAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    700000 | PA      | $588385.00    | 0.25%             | 2028-10-29      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                            | Oracle Corp                                                                                                            | CUSIP: 68389XCK9<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    200000 | PA      | $216870.00    | 0.09%             | 2052-11-09      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                             | Fannie Mae Pool                                                                                                        | CUSIP: 3140QNQY1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4092890 | PA      | $3598324.15   | 1.55%             | 2052-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NYC Commercial Mortgage Trust 2021-909                 | NYC Commercial Mortgage Trust 2021-909                                                                                 | CUSIP: 67076XAE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    385000 | PA      | $283221.56    | 0.12%             | 2043-04-10      | Variable      | 3.21%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                                     | PBF Holding Co LLC / PBF Finance Corp                                                                                  | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $222210.00    | 0.10%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PACIFICORP                                             | PacifiCorp                                                                                                             | CUSIP: 695114CZ9<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    400000 | PA      | $401560.00    | 0.17%             | 2053-12-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.       | Freddie Mac Multifamily Structured Pass Through Certificates                                                           | CUSIP: 3137FETN0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1175000 | PA      | $1119290.68   | 0.48%             | 2028-01-25      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                 | Pacific Gas and Electric Co                                                                                            | CUSIP: 694308JJ7<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    600000 | PA      | $379308.00    | 0.16%             | 2050-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KROGER CO                                              | Kroger Co/The                                                                                                          | CUSIP: 501044DQ1<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    200000 | PA      | $154806.00    | 0.07%             | 2031-01-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner Trust                    | Nissan Auto Receivables 2019-C Owner Trust                                                                             | CUSIP: 65479JAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $977718.17    | 0.42%             | 2026-05-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWFR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1094985 | PA      | $1079794.89   | 0.46%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WF-RBS Commercial Mortgage Trust                       | WFRBS Commercial Mortgage Trust 2014-C19                                                                               | CUSIP: 92938VAS4<br>LEI: 549300FCX3YXSYSLU895 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1454298.14   | 0.63%             | 2047-03-15      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Bank                                                   | BANK 2022-BNK43                                                                                                        | CUSIP: 06541QBK0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $434579.99    | 0.19%             | 2055-08-15      | Variable      | 5.15%                 | No            |                  2 | On Loan: No      |
| CONSUMERS ENERGY CO                                    | Consumers Energy Co                                                                                                    | CUSIP: 210518DQ6<br>LEI: 7NKTFWJ1G6MELP9TU740 | Long             | DBT              | CORP              | US        |    200000 | PA      | $172028.00    | 0.07%             | 2052-09-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                                                       | CUSIP: 3132D6CV0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    474657 | PA      | $462751.80    | 0.20%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Bill                                                                                            | CUSIP: 912796XT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7100000 | PA      | $7077546.25   | 3.04%             | 2023-02-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4600000 | PA      | $3998406.25   | 1.72%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 91282CFB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    850000 | PA      | $805308.60    | 0.35%             | 2027-07-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                    | Freddie Mac STACR REMIC Trust 2021-DNA7                                                                                | CUSIP: 35564KMH9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1100000 | PA      | $1033166.30   | 0.44%             | 2041-11-25      | Floating      | 5.73%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                               | Anheuser-Busch InBev Worldwide Inc                                                                                     | CUSIP: 035240AT7<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |    700000 | PA      | $617764.00    | 0.27%             | 2050-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| American Tower Truste I                                | American Tower Trust #1                                                                                                | CUSIP: 03027WAJ1<br>LEI: 5493004YGM0MQZJOEJ36 | Long             | ABS-O            | CORP              | US        |   1300000 | PA      | $1293431.82   | 0.56%             | 2048-03-15      | Fixed         | 3.07%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                                 | UnitedHealth Group Inc                                                                                                 | CUSIP: 91324PEJ7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    600000 | PA      | $572136.00    | 0.25%             | 2032-05-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Bear Stearns Asset Backed Securities Trust             | Bear Stearns Asset Backed Securities Trust 2005-SD1                                                                    | CUSIP: 073877AG7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    463746 | PA      | $477132.67    | 0.21%             | 2043-08-25      | Floating      | 6.41%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 91282CCE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1900000 | PA      | $1647656.25   | 0.71%             | 2028-05-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                    | Abbott Laboratories                                                                                                    | CUSIP: 002824BG4<br>LEI: HQD377W2YR662HK5JX27 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1192524.00   | 0.51%             | 2036-11-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                                 | NXP BV / NXP Funding LLC / NXP USA Inc                                                                                 | CUSIP: 62954HAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    500000 | PA      | $393080.00    | 0.17%             | 2032-02-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AmeriCredit Automobile Receivables Trust               | AmeriCredit Automobile Receivables Trust 2019-3                                                                        | CUSIP: 03066NAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    128964 | PA      | $128826.77    | 0.06%             | 2025-07-18      | Fixed         | 2.13%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                                 | Pacific Gas and Electric Co                                                                                            | CUSIP: 694308JK4<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    500000 | PA      | $445625.00    | 0.19%             | 2028-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                 | US 2YR NOTE (CBT) MAR23                                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        43 | NC      | $3331.46      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                                | O'Reilly Automotive Inc                                                                                                | CUSIP: 67103HAL1<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    700000 | PA      | $680589.00    | 0.29%             | 2032-06-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                                         | Microsoft Corp                                                                                                         | CUSIP: 594918CE2<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    500000 | PA      | $356300.00    | 0.15%             | 2052-03-17      | Fixed         | 2.92%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                                            | MetLife Inc                                                                                                            | CUSIP: 59156RBZ0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |    500000 | PA      | $493505.00    | 0.21%             | 2030-03-23      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                                | Goldman Sachs Group Inc/The                                                                                            | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $933330.00    | 0.40%             | 2029-05-01      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                         | Morgan Stanley                                                                                                         | CUSIP: 61747YEY7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $524730.00    | 0.23%             | 2033-10-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                              | Apple Inc                                                                                                              | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    400000 | PA      | $267948.00    | 0.12%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                    | Freddie Mac STACR REMIC Trust 2022-DNA1                                                                                | CUSIP: 35564KPU7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    691746 | PA      | $673786.35    | 0.29%             | 2042-01-25      | Floating      | 4.93%                 | No            |                  2 | On Loan: No      |
| SLG Office Trust                                       | SLG Office Trust 2021-OVA                                                                                              | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1600000 | PA      | $1276820.24   | 0.55%             | 2041-07-15      | Fixed         | 2.58%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                         | Morgan Stanley Capital I Trust 2020-L4                                                                                 | CUSIP: 61770KBA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $813024.88    | 0.35%             | 2053-02-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                              | Boeing Co/The                                                                                                          | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    600000 | PA      | $586896.00    | 0.25%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                           | Barclays PLC                                                                                                           | CUSIP: 06738ECD5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |   1000000 | PA      | $1042010.00   | 0.45%             | 2028-11-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                            | Freddie Mac Pool                                                                                                       | CUSIP: 3132DWD26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3088921 | PA      | $2807062.04   | 1.21%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                            | Prologis LP                                                                                                            | CUSIP: 74340XBM2<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              |  | US        |   1700000 | PA      | $1424872.00   | 0.61%             | 2030-04-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                                 | Philip Morris International Inc                                                                                        | CUSIP: 718172CX5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512995.00    | 0.22%             | 2032-11-17      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| TECHNIPFMC PLC                                         | TechnipFMC PLC                                                                                                         | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | GB        |    700000 | PA      | $683949.00    | 0.29%             | 2026-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PARKER-HANNIFIN CORP                                   | Parker-Hannifin Corp                                                                                                   | CUSIP: 701094AS3<br>LEI: 5493002CONDB4N2HKI23 | Long             | DBT              | CORP              | US        |    600000 | PA      | $577848.00    | 0.25%             | 2029-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ONE Park Mortgage Trust                                | ONE 2021-PARK Mortgage Trust                                                                                           | CUSIP: 682413AC3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $469699.96    | 0.20%             | 2036-03-15      | Floating      | 5.40%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                                  | Antero Resources Corp                                                                                                  | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |    610000 | PA      | $617917.80    | 0.27%             | 2029-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner Trust                    | Toyota Auto Receivables 2019-C Owner Trust                                                                             | CUSIP: 89238UAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    559988 | PA      | $555361.33    | 0.24%             | 2024-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CarMax Auto Owner Trust                                | CarMax Auto Owner Trust 2020-4                                                                                         | CUSIP: 14316HAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1250000 | PA      | $1151994.58   | 0.50%             | 2026-06-15      | Fixed         | 0.85%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14530000 | PA      | $12370932.81  | 5.32%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                                         | Microsoft Corp                                                                                                         | CUSIP: 594918BY9<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |   3100000 | PA      | $2989578.00   | 1.29%             | 2027-02-06      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured Pass Through Certs.       | Freddie Mac Multifamily Structured Pass Through Certificates                                                           | CUSIP: 3137FQKN2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1390000 | PA      | $1239543.49   | 0.53%             | 2029-11-25      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                                     | Cenovus Energy Inc                                                                                                     | CUSIP: 15135UAX7<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $212352.00    | 0.09%             | 2052-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MITSUBISHI UFJ FIN GRP                                 | Mitsubishi UFJ Financial Group Inc                                                                                     | CUSIP: 606822CN2<br>LEI: 353800V2V8PUY9TK3E06 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $297543.00    | 0.13%             | 2028-09-13      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| United States Treasury                                 | United States Treasury Note/Bond                                                                                       | CUSIP: 91282CCB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2400000 | PA      | $2026500.00   | 0.87%             | 2031-05-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                         | Morgan Stanley                                                                                                         | CUSIP: 61744YAP3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1375905.00   | 0.59%             | 2029-01-24      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| Altice USA Inc                                         | Altice USA Inc                                                                                                         | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |     10940 | NS      | $50324.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CENOVUS ENERGY INC                                     | Cenovus Energy Inc                                                                                                     | CUSIP: 15135UAW9<br>LEI: 549300F4XPHJ7NOSP309 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $399970.00    | 0.17%             | 2032-01-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                                    | COMM 2014-CCRE18 Mortgage Trust                                                                                        | CUSIP: 12632QAZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1455000 | PA      | $1397754.25   | 0.60%             | 2047-07-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                       | CIFC Funding 2013-IV Ltd                                                                                               | CUSIP: 12549FBP3<br>LEI: 549300QSQ98IRWUWDV20 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1149240.00   | 0.49%             | 2031-04-27      | Floating      | 5.96%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-18

**Name of Applicant:** Guardian Variable Products Trust

**Signature:** John Walter

**Name of Signer:** John Walter

**Title:** Treasurer