# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-25-209275
**Filing Date:** 2025-8
**Character Count:** 134143
**Document Hash:** fcfaf099e106e4328b31ec94d6b76067
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209275.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209275

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 480873454
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 251264239

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

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

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

- **a. Name of Series:** Series P (High Yield Series)

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

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

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

- **a. Date of fiscal year-end:** 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:** $30475169.62

**Total Liabilities:** $540517.10

**Net Assets:** $29934652.52

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00994511 | **1-Year:** 57.32485013 | **5-Year:** 152.45776385 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** 228.45658623 | **1-Year:** 1822.57939475 | **5-Year:** 4894.54778077 | **10-Year:** 616.27547987 | **30-Year:** 74.83827192

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027854 | 0.20%                | 1.84%                | 1.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-43107.34               | $-21562.50                                 |
| Month 2  | $-22927.71               | $381650.43                                 |
| Month 3  | $-24392.59               | $339187.78                                 |

**Designated Index Information**

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

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                     | Title                                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMC NETWORKS INC                         | AMC Networks, Inc.                                                                                   | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    300000 | PA      | $240333.00    | 0.80%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                         | AMC Networks, Inc.                                                                                   | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126655.00    | 0.42%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                       | AMN Healthcare, Inc.                                                                                 | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121589.43    | 0.41%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                 | Acadia Healthcare Company, Inc.                                                                      | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77267.40     | 0.26%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                       | Advance Auto Parts, Inc.                                                                             | CUSIP: 00751YAH9<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49990.00     | 0.17%             | 2026-03-09      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                 | Advanced Drainage Systems, Inc.                                                                      | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127844.63    | 0.43%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                   | Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LL | CUSIP: 013092AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $147934.22    | 0.49%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                   | Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LL | CUSIP: 01309QAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103082.60    | 0.34%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /                 | Albion Financing 1 SARL / Aggreko Holdings, Inc.                                                     | CUSIP: 01330AAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $204105.45    | 0.68%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                 | Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer                                  | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $77580.75     | 0.26%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                 | Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer                                  | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76394.93     | 0.26%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                 | Allwyn Entertainment Financing UK plc                                                                | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208163.00    | 0.70%             | 2029-04-30      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France S.A.                                                                                   | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    175000 | PA      | $144641.88    | 0.48%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                          | Alumina Pty Ltd.                                                                                     | CUSIP: 02220AAB3<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $203756.34    | 0.68%             | 2032-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                     | Amentum Holdings, Inc.                                                                               | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102915.30    | 0.34%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                      | Amer Sports Co.                                                                                      | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104083.70    | 0.35%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                  | American National Group, Inc.                                                                        | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      2000 | NS      | $52140.00     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                 | AmeriTex HoldCo Intermediate LLC                                                                     | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $53039.61     | 0.18%             | 2028-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                         | AmWINS Group, Inc.                                                                                   | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97181.45     | 0.32%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                        | Amsted Industries, Inc.                                                                              | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72137.54     | 0.24%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                               | Arcosa, Inc.                                                                                         | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72550.77     | 0.24%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                       | Ardonagh Finco Ltd.                                                                                  | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $209093.80    | 0.70%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                         | Aretec Group, Inc.                                                                                   | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $109891.90    | 0.37%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                   | Arsenal AIC Parent LLC                                                                               | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $106719.00    | 0.36%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ARTERA SERVICES LLC                      | Artera Services LLC                                                                                  | CUSIP: 04302XAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |     57075 | PA      | $47527.56     | 0.16%             | 2031-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                  | Asbury Automotive Group, Inc.                                                                        | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71360.14     | 0.24%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                             | Assurant, Inc.                                                                                       | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152936.22    | 0.51%             | 2048-03-27      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                      | Axon Enterprise, Inc.                                                                                | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77224.62     | 0.26%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                     | Bank of America Corp.                                                                                | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     50000 | NS      | $51782.65     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                    | Bausch Health Companies, Inc.                                                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $189797.63    | 0.63%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                           | Brink's Co.                                                                                          | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78104.78     | 0.26%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                      | Buckeye Partners, LP                                                                                 | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172957.07    | 0.58%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                      | Buckeye Partners, LP                                                                                 | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77701.65     | 0.26%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                 | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23161.50     | 0.08%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                 | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128471.00    | 0.43%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                 | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45858.29     | 0.15%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                 | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51480.76     | 0.17%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp.                                                        | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $114253.79    | 0.38%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp.                                                        | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $209529.63    | 0.70%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp.                                                        | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $89018.70     | 0.30%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp.                                                        | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102003.63    | 0.34%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                               | CPI CG, Inc.                                                                                         | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    275000 | PA      | $289781.25    | 0.97%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                                                     | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $141102.52    | 0.47%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                                                     | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $93011.18     | 0.31%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                         | CSC Holdings LLC                                                                                     | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     75000 | PA      | $51966.68     | 0.17%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                           | CVR Energy, Inc.                                                                                     | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    182000 | PA      | $174266.02    | 0.58%             | 2028-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                           | CVR Energy, Inc.                                                                                     | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75029.40     | 0.25%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                            | Cable One, Inc.                                                                                      | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |     14000 | PA      | $11030.10     | 0.04%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                    | Caesars Entertainment, Inc.                                                                          | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25652.89     | 0.09%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                    | Caesars Entertainment, Inc.                                                                          | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122588.99    | 0.41%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                   | Calderys Financing LLC                                                                               | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79510.15     | 0.27%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                    | Capstone Borrower, Inc.                                                                              | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156502.95    | 0.52%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                    | Capstone Borrower, Inc.                                                                              | CUSIP: 140944AB5<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26015.73     | 0.09%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                    | Carriage Services, Inc.                                                                              | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $165353.42    | 0.55%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                     | Carpenter Technology Corp.                                                                           | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100271.30    | 0.33%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                     | Carpenter Technology Corp.                                                                           | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129348.88    | 0.43%             | 2030-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                  | Central Garden & Pet Co.                                                                             | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69625.20     | 0.23%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                 | Central Parent Incorporated / CDK Global, Inc.                                                       | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $60949.52     | 0.20%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                 | Cheplapharm Arzneimittel GmbH                                                                        | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    200000 | PA      | $193305.20    | 0.65%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                            | Citigroup, Inc.                                                                                      | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    125000 | NS      | $131549.00    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                 | Clarios Global Limited Partnership / Clarios US Finance Co.                                          | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51322.65     | 0.17%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                        | Clean Harbors, Inc.                                                                                  | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153678.45    | 0.51%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                    | Clearwater Paper Corp.                                                                               | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    125000 | PA      | $118428.27    | 0.40%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                   | Cogent Communications Group Incorporated / Cogent Communications Finance, Inc.                       | CUSIP: 19240WAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    159000 | PA      | $159283.97    | 0.53%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                 | Compass Minerals International, Inc.                                                                 | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60500.58     | 0.20%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                 | Compass Minerals International, Inc.                                                                 | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51657.01     | 0.17%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                | Crocs, Inc.                                                                                          | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    175000 | PA      | $166948.11    | 0.56%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                       | Crown Americas LLC                                                                                   | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151025.25    | 0.50%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                  | Darling Ingredients, Inc.                                                                            | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151980.60    | 0.51%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                               | DaVita, Inc.                                                                                         | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95812.16     | 0.32%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Ca           | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares                              | CUSIP: N/A<br>LEI: 549300U78VESCW509025       | Long             | STIV             | RF                | US        |   1202316 | NS      | $1202316.35   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DYE & DURHAM LIMITED                     | Dye & Durham Ltd.                                                                                    | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $209315.80    | 0.70%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                    | Caesars Entertainment, Inc.                                                                          | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50015.00     | 0.17%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| EMRLD BOR / EMRLD CO-ISS                 | EMRLD Borrower Limited Partnership / Emerald Company-Issuer, Inc.                                    | CUSIP: 29103CAA6<br>LEI: 98450099EE3A0ZD5F786 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102217.20    | 0.34%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ENERSYS                                  | EnerSys                                                                                              | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178942.05    | 0.60%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Endo Inc                                 | Endo, Inc.                                                                                           | CUSIP: 29290D117<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3651 | NS      | $76623.54     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ENDO INC (DELAWARE)                      | Endo Luxembourg Finance Co I SARL / Endo US, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | LU        |    125000 | NS      | $12.50        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ENPRO INC                                | Enpro, Inc.                                                                                          | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178906.29    | 0.60%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                 | SK Invictus Intermediate II SARL                                                                     | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    125000 | PA      | $121047.91    | 0.40%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERGREEN ACQCO/TVI INC                  | Evergreen Acqco 1 Limited Partnership / TVI, Inc.                                                    | CUSIP: 30015DAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     53000 | PA      | $55438.24     | 0.19%             | 2028-04-26      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                          | Fair Isaac Corp.                                                                                     | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100916.58    | 0.34%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                 | Ferrellgas Limited Partnership / Ferrellgas Finance Corp.                                            | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $173338.62    | 0.58%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT                   | Fertitta Entertainment LLC / Fertitta Entertainment Finance Company, Inc.                            | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $47890.83     | 0.16%             | 2029-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                     | Flutter Treasury DAC                                                                                 | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $201500.00    | 0.67%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                 | Focus Financial Partners LLC                                                                         | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153114.60    | 0.51%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                 | Boost Newco Borrower LLC                                                                             | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212303.00    | 0.71%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                     | Wrangler Holdco Corp.                                                                                | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78079.58     | 0.26%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                  | Global Partners Limited Partnership / GLP Finance Corp.                                              | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105168.20    | 0.35%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                  | Global Partners Limited Partnership / GLP Finance Corp.                                              | CUSIP: 37954FAL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25350.35     | 0.08%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                  | Goldman Sachs Group, Inc.                                                                            | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     75000 | NS      | $79641.30     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC                     | GrafTech Finance, Inc.                                                                               | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |    430000 | PA      | $294550.00    | 0.98%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK                  | Great Lakes Dredge & Dock Corp.                                                                      | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    275000 | PA      | $264259.88    | 0.88%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                               | Grifols S.A.                                                                                         | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $192265.40    | 0.64%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                 | HAH Group Holding Company LLC                                                                        | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173497.31    | 0.58%             | 2031-10-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP                              | Enviri Corp.                                                                                         | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    275000 | PA      | $271414.69    | 0.91%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                        | Herc Holdings, Inc.                                                                                  | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52217.87     | 0.17%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                        | Herc Holdings, Inc.                                                                                  | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36673.04     | 0.12%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                 | Hess Midstream Operations, LP                                                                        | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50745.30     | 0.17%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                    | Hightower Holding LLC                                                                                | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79540.36     | 0.27%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                          | Hillenbrand, Inc.                                                                                    | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    125000 | PA      | $111961.30    | 0.37%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                 | Hilton Domestic Operating Company, Inc.                                                              | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76810.13     | 0.26%             | 2032-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                    | HUB International Ltd.                                                                               | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50006.75     | 0.17%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                    | HUB International Ltd.                                                                               | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26158.21     | 0.09%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HUNT COS INC                             | Hunt Companies, Inc.                                                                                 | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192710.60    | 0.64%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                        | INEOS Finance plc                                                                                    | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198650.22    | 0.66%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                         | ITT Holdings LLC                                                                                     | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237737.78    | 0.79%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                    | Illuminate Buyer LLC / Illuminate Holdings IV, Inc.                                                  | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100491.00    | 0.34%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                | IQVIA, Inc.                                                                                          | CUSIP: 46266TAA6<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199324.56    | 0.67%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                        | Iron Mountain, Inc.                                                                                  | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124006.46    | 0.41%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                 | JH North America Holdings, Inc.                                                                      | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    225000 | PA      | $226964.70    | 0.76%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                   | JB Poindexter & Company, Inc.                                                                        | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76327.41     | 0.25%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                  | Jane Street Group / JSG Finance, Inc.                                                                | CUSIP: 47077WAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48504.62     | 0.16%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                  | Jane Street Group / JSG Finance, Inc.                                                                | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78911.78     | 0.26%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                  | Jane Street Group / JSG Finance, Inc.                                                                | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50477.31     | 0.17%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                 | Jefferies Finance LLC / JFIN Company-Issuer Corp.                                                    | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $241668.98    | 0.81%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                 | Jones Deslauriers Insurance Management, Inc.                                                         | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $239806.78    | 0.80%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                     | Kaiser Aluminum Corp.                                                                                | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $107625.16    | 0.36%             | 2028-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                     | Kaiser Aluminum Corp.                                                                                | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $70163.30     | 0.23%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                       | Kennedy-Wilson, Inc.                                                                                 | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93721.47     | 0.31%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                      | Kinetik Holdings, LP                                                                                 | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75636.00     | 0.25%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing, Inc.                                                                              | CUSIP: 527298BU6<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    125000 | PA      | $137965.51    | 0.46%             | 2030-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing, Inc.                                                                              | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |     99190 | PA      | $113779.72    | 0.38%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                 | Liberty Mutual Group, Inc.                                                                           | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    100000 | PA      | $60538.93     | 0.20%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                            | Life Time, Inc.                                                                                      | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152392.50    | 0.51%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                   | MIWD Holdco II LLC / MIWD Finance Corp.                                                              | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $71296.18     | 0.24%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                   | Match Group Holdings II LLC                                                                          | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    150000 | PA      | $134211.05    | 0.45%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                   | Mauser Packaging Solutions Holding Co.                                                               | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99298.85     | 0.33%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                   | Mauser Packaging Solutions Holding Co.                                                               | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177868.60    | 0.59%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                    | McGraw-Hill Education, Inc.                                                                          | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125753.00    | 0.42%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                    | McGraw-Hill Education, Inc.                                                                          | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101820.20    | 0.34%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                    | McGraw-Hill Education, Inc.                                                                          | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26078.53     | 0.09%             | 2031-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MEDIQ Inc                                | MEDIQ, Inc.                                                                                          | CUSIP: 584906507<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        92 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                 | Minerals Technologies, Inc.                                                                          | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73770.75     | 0.25%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                  | Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC                                     | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25641.46     | 0.09%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                    | Molina Healthcare, Inc.                                                                              | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25447.47     | 0.09%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                      | Medline Borrower, LP                                                                                 | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99220.48     | 0.33%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NCR VOYIX CORP                           | NCR Voyix Corp.                                                                                      | CUSIP: 62886EBA5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |     59000 | PA      | $58111.31     | 0.19%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                 | New Enterprise Stone & Lime Company, Inc.                                                            | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200466.80    | 0.67%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                       | New Flyer Holdings, Inc.                                                                             | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26376.04     | 0.09%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                        | Newell Brands, Inc.                                                                                  | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95395.78     | 0.32%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                        | Newell Brands, Inc.                                                                                  | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52510.55     | 0.18%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                          | Gen Digital, Inc.                                                                                    | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77013.15     | 0.26%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                   | Brundage-Bone Concrete Pumping Holdings, Inc.                                                        | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49559.55     | 0.17%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                             | Novelis Corp.                                                                                        | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191637.34    | 0.64%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp.                                                                                | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46136.68     | 0.15%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                     | OneMain Finance Corp.                                                                                | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95895.79     | 0.32%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                 | Outfront Media Capital LLC / Outfront Media Capital Corp.                                            | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95667.37     | 0.32%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                 | Outfront Media Capital LLC / Outfront Media Capital Corp.                                            | CUSIP: 69007TAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26467.85     | 0.09%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                 | Clarios Global Limited Partnership / Clarios US Finance Co.                                          | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $75328.50     | 0.25%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA                 | Papa John's International, Inc.                                                                      | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48551.91     | 0.16%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ENDO INC (DELAWARE)                      | Endo Luxembourg Finance Co I SARL / Endo US, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    225000 | NS      | $22.50        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PARK RIVER HOLDINGS INC                  | Park River Holdings, Inc.                                                                            | CUSIP: 70082LAA5<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80991.08     | 0.27%             | 2029-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                            | Parkland Corp.                                                                                       | CUSIP: 70137WAG3<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $120160.63    | 0.40%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                            | Parkland Corp.                                                                                       | CUSIP: 70137WAL2<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $71817.10     | 0.24%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                   | Penn Entertainment, Inc.                                                                             | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $92660.80     | 0.31%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                    | PennyMac Financial Services, Inc.                                                                    | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106188.30    | 0.35%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                 | Performance Food Group, Inc.                                                                         | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127866.75    | 0.43%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                 | Perrigo Finance Unlimited Co.                                                                        | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $25239.78     | 0.08%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                    | Playtika Holding Corp.                                                                               | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45375.50     | 0.15%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                        | Post Holdings, Inc.                                                                                  | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74656.10     | 0.25%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                        | Post Holdings, Inc.                                                                                  | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72092.57     | 0.24%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                    | QXO Building Products, Inc.                                                                          | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51510.10     | 0.17%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                    | Quikrete Holdings, Inc.                                                                              | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77123.99     | 0.26%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                    | Quikrete Holdings, Inc.                                                                              | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51591.30     | 0.17%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                        | Upbound Group, Inc.                                                                                  | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    157000 | PA      | $155311.12    | 0.52%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC                   | RB Global Holdings, Inc.                                                                             | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157688.91    | 0.53%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                           | Ryan Specialty LLC                                                                                   | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75589.95     | 0.25%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                 | SCIL IV LLC / SCIL USA Holdings LLC                                                                  | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198703.20    | 0.66%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                 | SLM Corp.                                                                                            | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78722.63     | 0.26%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                           | Sabre GLBL, Inc.                                                                                     | CUSIP: 78573NAF9<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35043.75     | 0.12%             | 2025-09-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                 | Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.                        | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $168640.24    | 0.56%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                    | Scotts Miracle-Gro Co.                                                                               | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183652.32    | 0.61%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US                 | Sealed Air Corporation/Sealed Air Corp US                                                            | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105247.80    | 0.35%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                        | Service Corporation International                                                                    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50509.90     | 0.17%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S/BIDFAIR HLD                    | Sotheby's/Bidfair Holdings, Inc.                                                                     | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $180104.36    | 0.60%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP                       | Expand Energy Corp.                                                                                  | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50046.53     | 0.17%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                 | Standard Building Solutions, Inc.                                                                    | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76847.55     | 0.26%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                  | Starwood Property Trust, Inc.                                                                        | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78886.53     | 0.26%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                  | Starwood Property Trust, Inc.                                                                        | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77433.00     | 0.26%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                      | Station Casinos LLC                                                                                  | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    225000 | PA      | $210765.06    | 0.70%             | 2031-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                 | Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.                          | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $236524.29    | 0.79%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                | Sunoco, LP                                                                                           | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78748.60     | 0.26%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP                   | Sunoco Limited Partnership / Sunoco Finance Corp.                                                    | CUSIP: 86765LAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99972.69     | 0.33%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SUPERIOR PLUS LP                         | Superior Plus, LP                                                                                    | CUSIP: 86828QAK7<br>LEI: 549300K5Y13GU6TPZJ49 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $53735.01     | 0.18%             | 2028-05-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                      | Somnigroup International, Inc.                                                                       | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68187.29     | 0.23%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                    | Tenet Healthcare Corp.                                                                               | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127173.02    | 0.42%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                    | Tenet Healthcare Corp.                                                                               | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77594.18     | 0.26%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TERRAFORM GLOBAL OPERATI                 | Terraform Global Operating, LP                                                                       | CUSIP: 88104UAC7<br>LEI: 549300LC7QMVR79H5O86 | Long             | DBT              | CORP              | US        |    202000 | PA      | $200778.18    | 0.67%             | 2026-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                   | Cloud Software Group, Inc.                                                                           | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100931.30    | 0.34%             | 2029-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm, Inc.                                                                                      | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    175000 | PA      | $181577.86    | 0.61%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                            | TransDigm, Inc.                                                                                      | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50271.69     | 0.17%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                  | TransMontaigne Partners LLC                                                                          | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $182051.63    | 0.61%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                         | TriNet Group, Inc.                                                                                   | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    175000 | PA      | $182279.27    | 0.61%             | 2031-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC                   | Trinity Industries, Inc.                                                                             | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    275000 | PA      | $286422.40    | 0.96%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SUNRISE FINCO I BV                       | Sunrise FinCo I B.V.                                                                                 | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $189150.00    | 0.63%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US SHIPPING CORP                         | U.S. Shipping Corp.                                                                                  | CUSIP: N/A<br>LEI: 549300LA1UDXPBQ7CV95       | Long             | EP               | CORP              | US        |     24529 | NS      | $2.45         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| USI INC/NY                               | USI, Inc.                                                                                            | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52757.95     | 0.18%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                         | UWM Holdings LLC                                                                                     | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100103.35    | 0.33%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                 | United Wholesale Mortgage LLC                                                                        | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48532.76     | 0.16%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                 | United Wholesale Mortgage LLC                                                                        | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124700.14    | 0.42%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                    | VFH Parent LLC / Valor Company-Issuer, Inc.                                                          | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $131174.88    | 0.44%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                         | Vail Resorts, Inc.                                                                                   | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103324.90    | 0.35%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP                   | Velocity Vehicle Group LLC                                                                           | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $124899.04    | 0.42%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                                                   | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    125000 | PA      | $135302.75    | 0.45%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                 | Venture Global Calcasieu Pass LLC                                                                    | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154706.25    | 0.52%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                   | Venture Global LNG, Inc.                                                                             | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77515.80     | 0.26%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                   | Venture Global LNG, Inc.                                                                             | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75818.47     | 0.25%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY INC                         | Viper Energy, Inc.                                                                                   | CUSIP: 92763MAB1<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106108.52    | 0.35%             | 2031-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                     | WR Grace Holdings LLC                                                                                | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74566.71     | 0.25%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                     | Wabash National Corp.                                                                                | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    200000 | PA      | $180927.96    | 0.60%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                      | Walker & Dunlop, Inc.                                                                                | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76967.47     | 0.26%             | 2033-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                        | Waste Pro USA, Inc.                                                                                  | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77858.85     | 0.26%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                           | Whirlpool Corp.                                                                                      | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100320.23    | 0.34%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                    | Williams Scotsman, Inc.                                                                              | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    125000 | PA      | $131574.88    | 0.44%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                    | Williams Scotsman, Inc.                                                                              | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51937.55     | 0.17%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                     | Wolverine World Wide, Inc.                                                                           | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    225000 | PA      | $201735.29    | 0.67%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                     | WW International, Inc.                                                                               | CUSIP: 98262PAA9<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | DBT              | CORP              | US        |    205000 | PA      | $67393.75     | 0.23%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  3 | On Loan: No      |
| WYNN RESORTS FINANCE LLC                 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.                                                | CUSIP: 983133AD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100641.20    | 0.34%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                        | Xerox Corp.                                                                                          | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104694.47    | 0.35%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| MIRABELA NICKEL LTD                      | Mirabela Nickel Ltd.                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AU        |    390085 | PA      | $1950.43      | 0.01%             | 2019-06-24      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| BP HOLDCO LLC                            | BP Holdco LLC                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       523 | NS      | $427.52       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| VECTOR PHOENIX HOLDINGS (CAYMAN) LP      | Vector Phoenix Holdings, LP                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |       523 | NS      | $11.06        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| REVENIR ENERGY INC                       | Legacy Reserves, Inc.                                                                                | CUSIP: N/A<br>LEI: 549300SZ0GOWNZGNYY47       | Long             | EC               | CORP              | US        |      1969 | NS      | $221.91       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PPP INTERMEDIATE HOLDINGS LLC            | Permian Production Partners LLC                                                                      | CUSIP: N/A<br>LEI: 549300GJYDC41CGNIO64       | Long             | EC               | CORP              | US        |      9124 | NS      | $0.91         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BCP V MODULAR SERVICES FINANCE PLC       | BCP V Modular Services Finance II plc                                                                | CUSIP: N/A<br>LEI: 213800K8U94KVZL98H64       | Long             | DBT              | CORP              | GB        |    125000 | PA      | $144572.25    | 0.48%             | 2028-10-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CASTOR SPA                               | Castor S.p.A.                                                                                        | CUSIP: N/A<br>LEI: 213800OWLX4ZFFIAB390       | Long             | DBT              | CORP              | IT        |    125000 | PA      | $145761.66    | 0.49%             | 2029-02-15      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| YAK BLOCKER 2 LLC                        | YAK BLOCKER 2 LLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       914 | NS      | $718.67       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| YAK BLOCKER 2 LLC                        | YAK BLOCKER 2 LLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       844 | NS      | $664.26       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ONE HOTELS & RESORTS GMBH                | ONE Hotels GmbH                                                                                      | CUSIP: N/A<br>LEI: 529900OZ5000U0NZHM90       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $126270.26    | 0.42%             | 2031-04-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                           | TeamSystem SpA                                                                                       | CUSIP: N/A<br>LEI: 81560062081DF3AB7A90       | Long             | DBT              | CORP              | IT        |    100000 | PA      | $117994.34    | 0.39%             | 2031-07-31      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| ESSENDI SA                               | AccorInvest Group S.A.                                                                               | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |    100000 | PA      | $123553.30    | 0.41%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SAMMONTANA ITALIA SPA                    | Sammontana Italia SpA                                                                                | CUSIP: N/A<br>LEI: 8156002DFC51B8173A68       | Long             | DBT              | CORP              | IT        |    100000 | PA      | $117692.62    | 0.39%             | 2031-10-15      | Variable      | 6.03%                 | No            |                  2 | On Loan: No      |
| NIDDA TOPCO SARL                         | Nidda Healthcare Holding                                                                             | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $120053.02    | 0.40%             | 2030-02-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| XPLORE INC                               | Xplore, Inc.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      1647 | NS      | $3830.51      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc.            | Alimentation Couche-Tard Inc.                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      9333 | NS      | $142794.90    | 0.48%             |  |  |  | No            |                  3 | On Loan: No      |
| ASPHALT BUYER II LLC                     | Asphalt Intermediate Holdco, LLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |       417 | NS      | $1748.77      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| XPLORE INC                               | Xplore, Inc.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | CA        |       126 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CLARIOS INTERNATIONAL INC                | Clarios Global LP                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    100000 | PA      | $118265.79    | 0.40%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO LLC              | Beach Acquisition Bidco, LLC                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    150000 | PA      | $177923.54    | 0.59%             | 2032-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC      | CURRENCY CONTRACT - Rec USD / Deliver CAD                                                            | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DFE              |  | US        |    -80000 | NC      | $-148.59      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC      | CURRENCY CONTRACT - Rec USD / Deliver EUR                                                            | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DFE              |  | US        |   -100000 | NC      | $-2086.26     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank plc                        | CURRENCY CONTRACT - Rec USD / Deliver EUR                                                            | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              |  | US        |   -775000 | NC      | $-21589.72    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| HEALTHCHANNELS INTERMEDIATE HOLDCO LLC   | ScribeAmerica Intermediate Holdco LLC (Healthchannels)                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    180516 | PA      | $140802.57    | 0.47%             | 2025-04-03      | Variable      | 8.94%                 | No            |                  2 | On Loan: No      |
| E2OPEN PARENT HOLDINGS INC               | E2open LLC                                                                                           | CUSIP: N/A<br>LEI: 549300WF2BZODU55DR56       | Long             | LON              | CORP              | US        |     74612 | PA      | $74825.21     | 0.25%             | 2028-02-04      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| WOMENS CARE HOLDINGS INC                 | Women's Care Holdings, Inc.                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     61423 | PA      | $56201.59     | 0.19%             | 2028-01-15      | Variable      | 8.88%                 | No            |                  2 | On Loan: No      |
| CPC ACQUISITION CORP                     | NIC Acquisition Corp.                                                                                | CUSIP: N/A<br>LEI: 254900UFA4AMH3PZZW32       | Long             | LON              | CORP              | US        |     87154 | PA      | $75824.14     | 0.25%             | 2027-12-29      | Variable      | 8.31%                 | No            |                  2 | On Loan: No      |
| FREEDOM VCM INC                          | Franchise Group, Inc.                                                                                | CUSIP: N/A<br>LEI: 549300MWCHSL8BSOMV77       | Long             | LON              | CORP              | US        |     40748 | PA      | $2037.42      | 0.01%             | 2026-03-10      | Variable      | 9.25%                 | No            |                  3 | On Loan: No      |
| ARGOS HOLDINGS INC                       | PetSmart LLC                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    144375 | PA      | $142600.63    | 0.48%             | 2028-02-11      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| DISPATCH TERRA ACQUISITION LLC           | Dispatch Terra Acquisition LLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    144120 | PA      | $141135.57    | 0.47%             | 2028-03-27      | Variable      | 8.70%                 | No            |                  2 | On Loan: No      |
| INGENOVIS HEALTH INC                     | CCRR Parent, Inc.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    244564 | PA      | $96602.73     | 0.32%             | 2028-03-06      | Variable      | 8.70%                 | No            |                  2 | On Loan: No      |
| DMG PRACTICE MANAGEMENT SOLUTIONS LLC    | Midwest Physician Administrative Services                                                            | CUSIP: N/A<br>LEI: 5493001F7B0DCPKBGK48       | Long             | LON              | CORP              | US        |     46379 | PA      | $43055.39     | 0.14%             | 2028-03-12      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                     | WW International, Inc.                                                                               | CUSIP: N/A<br>LEI: SGT8R1MU6ESIC7UJC518       | Long             | LON              | CORP              | US        |     45000 | PA      | $14737.50     | 0.05%             | 2028-04-13      | Variable      | 8.04%                 | No            |                  2 | On Loan: No      |
| BLUE RIBBON LLC (USA)                    | Blue Ribbon LLC                                                                                      | CUSIP: N/A<br>LEI: 549300NQM7J4KC44D416       | Long             | LON              | CORP              | US        |     82500 | PA      | $63044.03     | 0.21%             | 2028-05-08      | Variable      | 10.55%                | No            |                  2 | On Loan: No      |
| SOLERA CORP                              | Polaris Newco LLC                                                                                    | CUSIP: N/A<br>LEI: 254900LEPDAG7EDOA064       | Long             | LON              | CORP              | US        |     74806 | PA      | $72821.59     | 0.24%             | 2028-06-02      | Variable      | 8.29%                 | No            |                  2 | On Loan: No      |
| GIBSON BRANDS INC                        | Gibson Brands, Inc.                                                                                  | CUSIP: N/A<br>LEI: 549300KU4ACNZQGB7J14       | Long             | LON              | CORP              | US        |     94088 | PA      | $89442.40     | 0.30%             | 2028-08-11      | Variable      | 9.54%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                        | Rent-A-Center, Inc.                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     45494 | PA      | $45607.72     | 0.15%             | 2028-02-17      | Variable      | 7.03%                 | No            |                  3 | On Loan: No      |
| PLATINUM EQUITIES LLC                    | Pelican Products, Inc.                                                                               | CUSIP: N/A<br>LEI: 5493008CRWH2WFODTF44       | Long             | LON              | CORP              | US        |     88350 | PA      | $76974.50     | 0.26%             | 2028-12-29      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| GALAXY US OPCO INC                       | Galaxy US Opco, Inc.                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49931 | PA      | $46248.34     | 0.15%             | 2030-07-31      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| DISCOVERY PURCHASER CORP                 | Discovery Purchaser Corp.                                                                            | CUSIP: N/A<br>LEI: 2549001LSO1ZBIPA5D65       | Long             | LON              | CORP              | US        |    124376 | PA      | $124103.40    | 0.41%             | 2029-10-04      | Variable      | 8.02%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                   | First Brands Group LLC                                                                               | CUSIP: N/A<br>LEI: 2549005IXRZR7KSBJD91       | Long             | LON              | CORP              | US        |     45067 | PA      | $42429.23     | 0.14%             | 2027-03-30      | Variable      | 9.54%                 | No            |                  2 | On Loan: No      |
| LONESTAR INTERMEDIATE SUPER HOLDINGS LLC | Asurion LLC                                                                                          | CUSIP: N/A<br>LEI: 549300KNQVXGIOXWK278       | Long             | LON              | CORP              | US        |     79192 | PA      | $78272.50     | 0.26%             | 2028-08-19      | Variable      | 8.68%                 | No            |                  2 | On Loan: No      |
| BALROG ACQUISITION INC                   | Balrog Acquisition, Inc.                                                                             | CUSIP: N/A<br>LEI: 25490017XQ2US9FIMN58       | Long             | LON              | CORP              | US        |     49000 | PA      | $48020.00     | 0.16%             | 2028-09-05      | Variable      | 8.94%                 | No            |                  2 | On Loan: No      |
| TRANSNETWORK LLC                         | TransNetwork LLC                                                                                     | CUSIP: N/A<br>LEI: 549300QF18JL5NEFRT47       | Long             | LON              | CORP              | US        |     49622 | PA      | $49653.43     | 0.17%             | 2030-12-29      | Variable      | 9.05%                 | No            |                  2 | On Loan: No      |
| STS OPERATING INC                        | STS Operating, Inc.                                                                                  | CUSIP: N/A<br>LEI: 549300HW5C2VGPZCHL57       | Long             | LON              | CORP              | US        |     49375 | PA      | $48523.28     | 0.16%             | 2031-03-25      | Variable      | 8.43%                 | No            |                  2 | On Loan: No      |
| MODENA BUYER LLC                         | Modena Buyer LLC                                                                                     | CUSIP: N/A<br>LEI: 254900B0G2IU0VBDOY26       | Long             | LON              | CORP              | US        |     74625 | PA      | $71733.28     | 0.24%             | 2031-07-01      | Variable      | 8.78%                 | No            |                  2 | On Loan: No      |
| LEIA FINCO US LLC                        | Leia Finco US LLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     34912 | PA      | $34925.77     | 0.12%             | 2031-10-09      | Variable      | 7.46%                 | No            |                  2 | On Loan: No      |
| DS ADMIRAL BIDCO LLC                     | DS Admiral Bidco LLC                                                                                 | CUSIP: N/A<br>LEI: 25490030X7DBAF7KCR65       | Long             | LON              | CORP              | US        |    149051 | PA      | $148305.41    | 0.50%             | 2031-06-26      | Variable      | 8.55%                 | No            |                  2 | On Loan: No      |
| HOBBS & ASSOCIATES LLC                   | Hobbs & Associates LLC                                                                               | CUSIP: N/A<br>LEI: 254900FAZYX24PP1RY58       | Long             | LON              | CORP              | US        |     74983 | PA      | $74865.98     | 0.25%             | 2031-07-23      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| ASTRION GROUP LLC                        | Engineering Research And Consulting LLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     74625 | PA      | $72759.38     | 0.24%             | 2031-08-29      | Variable      | 9.29%                 | No            |                  2 | On Loan: No      |
| LERNEN US FINCO LLC                      | Cognita Ltd.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49750 | PA      | $50040.35     | 0.17%             | 2031-10-27      | Variable      | 8.29%                 | No            |                  2 | On Loan: No      |
| OUTCOMES GROUP HOLDINGS INC              | Outcomes Group Holdings, Inc.                                                                        | CUSIP: N/A<br>LEI: 5493005V7ZG5K84MO728       | Long             | LON              | CORP              | US        |     99002 | PA      | $99476.09     | 0.33%             | 2031-05-06      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| ATD CORP                                 | American Tire Distributors, Inc.                                                                     | CUSIP: N/A<br>LEI: HZ8T88YVE2JVXJ0BTQ24       | Long             | LON              | CORP              | US        |     68250 | PA      | $0.07         | 0.00%             | 2028-10-20      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| XPLORNET COMMUNICATIONS INC              | Xplore, Inc.                                                                                         | CUSIP: N/A<br>LEI: 2138007ZVGYYNWEGU394       | Long             | LON              | CORP              | CA        |      8278 | PA      | $7822.49      | 0.03%             | 2029-10-23      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| XPLORNET COMMUNICATIONS INC              | Xplore, Inc.                                                                                         | CUSIP: N/A<br>LEI: 2138007ZVGYYNWEGU394       | Long             | LON              | CORP              | CA        |     29232 | PA      | $21582.90     | 0.07%             | 2031-10-24      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| FREEDOM VCM INC                          | Franchise Group, Inc.                                                                                | CUSIP: N/A<br>LEI: 549300MWCHSL8BSOMV77       | Long             | LON              | CORP              | US        |     36115 | PA      | $36070.31     | 0.12%             | 2025-07-05      | Variable      | 13.44%                | No            |                  2 | On Loan: No      |
| FREEDOM VCM INC                          | Franchise Group, Inc.                                                                                | CUSIP: N/A<br>LEI: 549300MWCHSL8BSOMV77       | Long             | LON              | CORP              | US        |     62610 | PA      | $56349.27     | 0.19%             | 2025-07-05      | Variable      | 9.19%                 | No            |                  2 | On Loan: No      |
| COMPAGNIE BENELUX PARTICIPATIONS SA      | Holding Socotec SAS                                                                                  | CUSIP: N/A<br>LEI: 969500TSHWNDZONA3M83       | Long             | LON              | CORP              | FR        |     24750 | PA      | $24770.54     | 0.08%             | 2028-06-30      | Variable      | 8.04%                 | No            |                  2 | On Loan: No      |
| PICARD HOLDCO INC                        | Cloud Software Group, Inc.                                                                           | CUSIP: N/A<br>LEI: 04EEB871XLHVNY4RZJ65       | Long             | LON              | CORP              | US        |     72903 | PA      | $72952.19     | 0.24%             | 2029-03-30      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| AMSPEC PARENT LLC                        | AmSpec Parent LLC                                                                                    | CUSIP: N/A<br>LEI: 254900LUGRP5Z7OOV477       | Long             | LON              | CORP              | US        |     91388 | PA      | $91731.11     | 0.31%             | 2031-12-22      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| AmSpec Parent LLC                        | AmSpec Parent LLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -14060 | PA      | $0.00         | 0.00%             | 2031-12-11      | Variable      | 1.00%                 | No            |                  3 | On Loan: No      |
| PLANVIEW PARENT INC                      | Planview Parent, Inc.                                                                                | CUSIP: N/A<br>LEI: 549300SEALM1D9FKMA32       | Long             | LON              | CORP              | US        |     54451 | PA      | $52885.56     | 0.18%             | 2027-12-17      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| GRAFTECH INTERNATIONAL LTD.              | GrafTech Finance, Inc.                                                                               | CUSIP: N/A<br>LEI: 1Z010BU876CF2HDBIN43       | Long             | LON              | CORP              | US        |    135903 | PA      | $136243.07    | 0.46%             | 2029-12-21      | Variable      | 10.32%                | No            |                  2 | On Loan: No      |
| GrafTech Finance, Inc.                   | GrafTech Finance, Inc.                                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -77659 | PA      | $0.00         | 0.00%             | 2029-11-04      | Variable      | 3.75%                 | No            |                  3 | On Loan: No      |
| BLUE RIBBON LLC (USA)                    | Blue Ribbon LLC                                                                                      | CUSIP: N/A<br>LEI: 549300NQM7J4KC44D416       | Long             | LON              | CORP              | US        |     30357 | PA      | $30356.66     | 0.10%             | 2028-05-08      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| RECESS HOLDINGS INC                      | Recess Holdings, Inc.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     99064 | PA      | $99274.92     | 0.33%             | 2030-02-20      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| PUSHPAY USA INC                          | Pushpay USA, Inc.                                                                                    | CUSIP: N/A<br>LEI: 9845001D6794B3C1FF33       | Long             | LON              | CORP              | US        |     99750 | PA      | $100248.75    | 0.33%             | 2031-08-15      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| MICHAEL BAKER INTERNATIONAL LLC          | Michael Baker International LLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     97394 | PA      | $97759.09     | 0.33%             | 2028-12-01      | Variable      | 8.28%                 | No            |                  2 | On Loan: No      |
| CARTER INTERMEDIATE INC                  | Aegion Corp.                                                                                         | CUSIP: N/A<br>LEI: 549300AG3DVJURRIT691       | Long             | LON              | CORP              | US        |     72261 | PA      | $72409.42     | 0.24%             | 2028-05-17      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| BHN UPPER INTERMEDIATE HOLDINGS INC      | Blackhawk Network Holdings, Inc.                                                                     | CUSIP: N/A<br>LEI: 549300LFU3K8UIR03132       | Long             | LON              | CORP              | US        |     74252 | PA      | $74600.12     | 0.25%             | 2029-03-12      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| IVI AMERICA LLC                          | IVI America LLC                                                                                      | CUSIP: N/A<br>LEI: 549300V0LY56J9HGCK92       | Long             | LON              | CORP              | US        |     69300 | PA      | $69776.78     | 0.23%             | 2031-04-18      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| SECRETARIAT ADVISORS LLC                 | Secretariat Advisors LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     66935 | PA      | $66935.48     | 0.22%             | 2032-02-24      | Variable      | 8.30%                 | No            |                  3 | On Loan: No      |
| SECRETARIAT ADVISORS LLC                 | Secretariat Advisors LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -8065 | PA      | $0.00         | 0.00%             | 2032-02-21      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| APEX GROUP TREASURY LLC                  | Apex Group Treasury LLC                                                                              | CUSIP: N/A<br>LEI: 254900N6HRPDDNW7HP03       | Long             | LON              | CORP              | US        |     25000 | PA      | $24890.75     | 0.08%             | 2032-02-19      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| MANNINGTON MILLS INC                     | Mannington Mills, Inc.                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49625 | PA      | $48570.47     | 0.16%             | 2032-03-07      | Variable      | 9.05%                 | No            |                  2 | On Loan: No      |
| ASPHALT BUYER II LLC                     | Asphalt Atd Holdco,  LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     33350 | PA      | $33350.46     | 0.11%             | 2030-02-28      | Variable      | 5.65%                 | No            |                  3 | On Loan: No      |
| INTERNATIONAL ENTERTAINMENT JJCO 3 LTD   | ATG Entertainment                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     75000 | PA      | $75093.75     | 0.25%             | 2032-04-17      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN AUTO AUCTION GROUP LLC          | American Auto Auction Group LLC                                                                      | CUSIP: N/A<br>LEI: 5493002VI1KML1L8HW19       | Long             | LON              | CORP              | US        |     75000 | PA      | $75258.00     | 0.25%             | 2032-05-22      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| CFC USA 2025 LLC                         | CFC USA 2025 LLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    125000 | PA      | $124375.00    | 0.42%             | 2032-05-29      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| IVIRMA GROUP                             | IVI America LLC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     35000 | PA      | $35240.80     | 0.12%             | 2031-04-09      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO