# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0000913181-25-000375
**Filing Date:** 2025-12
**Character Count:** 381596
**Document Hash:** beec377ddc1b9677b37848f39c5733c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-25-000375.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000913181-25-000375

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**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:** 251538247

**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            |  |

## Nport-Ex

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 0.0%** | **COMMON STOCKS<sup>†</sup> - 0.0%** | **COMMON STOCKS<sup>†</sup> - 0.0%** |
| **Financial - 0.0%** | **Financial - 0.0%** | **Financial - 0.0%** |
| Pershing Square Tontine Holdings, Ltd. — Class A<sup>\*,†††,1</sup> | 76590 | $8 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | 8 |
| **PREFERRED STOCKS<sup>†</sup> - 2.2%** |  |  |
| **Financial - 2.1%** |  |  |
| Citigroup, Inc. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;6.75% | 300000 | 304580 |
| &nbsp;&nbsp;&nbsp;6.88% | 250000 | 257639 |
| &nbsp;&nbsp;&nbsp;3.88% | 200000 | 198152 |
| Wells Fargo & Co. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;3.90% | 500000 | 495144 |
| &nbsp;&nbsp;&nbsp;6.85% | 100000 | 105089 |
| Goldman Sachs Group, Inc. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;6.85% | 250000 | 259682 |
| &nbsp;&nbsp;&nbsp;3.80% | 150000 | 148178 |
| &nbsp;&nbsp;&nbsp;7.50% | 100000 | 105574 |
| Bank of New York Mellon Corp. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;3.75% | 400000 | 392011 |
| &nbsp;&nbsp;&nbsp;5.95% | 50000 | 50558 |
| Bank of America Corp. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;6.25% | 325000 | 329152 |
| &nbsp;&nbsp;&nbsp;4.38% | 100000 | 98359 |
| JPMorgan Chase & Co. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;3.65% | 250000 | 247259 |
| &nbsp;&nbsp;&nbsp;6.50% | 110000 | 113865 |
| Charles Schwab Corp. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;4.00% | 200000 | 187673 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 11/25/60 | 6000 | 121140 |
| State Street Corp. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;6.45% | 100000 | 103177 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% | 4000 | 100440 |
| Selective Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.60% | 4000 | 74200 |
| Kuvare US Holdings, Inc. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 02/17/51<sup>2</sup> | 68000 | 67679 |
| First Republic Bank <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;4.25%<sup>\*</sup> | 16525 | 2 |
| &nbsp;&nbsp;&nbsp;4.50%<sup>\*</sup> | 675 | – |
| **Total Financial** |  | 3759553 |
| **Energy - 0.1%** |  |  |
| Venture Global LNG, Inc. <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;9.00%<sup>2</sup> | 150000 | 148662 |
| **Utilities - 0.0%** |  |  |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/85 | 2100 | 54075 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,425,865) |  | 3962290 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| Ginkgo Bioworks Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 09/16/26<sup>\*</sup> | 684 | 5 |
| Pershing Square SPARC Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 12/31/49<sup>\*,†††,1</sup> | 23402 | 2 |
| Pershing Square Tontine Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 07/24/25<sup>\*,†††,1</sup> | 8510 | 1 |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,584) |  | 8 |
| **MUTUAL FUND<sup>†</sup> - 14.3%** |  |  |
| Guggenheim Variable Insurance Strategy Fund III<sup>3</sup> | 1058025 | 26334233 |
| **Total Mutual Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,307,356) |  | 26334233 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 2.0%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>4</sup> | 3767573 | 3767573 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,767,573) |  | 3767573 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 42.1%** |  |  |
| **Government Agency - 30.6%** |  |  |
| Uniform MBS 30 Year |  |  |
| &nbsp;&nbsp;&nbsp; 3.00% due 12/01/25<sup>5</sup> | 14940000 | 13122071 |
| &nbsp;&nbsp;&nbsp; 5.00% due 01/01/26<sup>5</sup> | 6082000 | 6026423 |
| &nbsp;&nbsp;&nbsp; 5.50% due 12/01/25<sup>5</sup> | 4740000 | 4777640 |
| &nbsp;&nbsp;&nbsp; 2.50% due 12/01/25<sup>5</sup> | 4210000 | 3550024 |
| &nbsp;&nbsp;&nbsp; 6.00% due 01/01/26<sup>5</sup> | 2680000 | 2735114 |
| &nbsp;&nbsp;&nbsp; 6.00% due 12/01/25<sup>5</sup> | 1680000 | 1715927 |
| &nbsp;&nbsp;&nbsp; 2.00% due 12/01/25<sup>5</sup> | 1210000 | 975621 |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/01/53 | 2193975 | 2190797 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 1004204 | 1036181 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 1019139 | 1035202 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 799028 | 796693 |
| &nbsp;&nbsp;&nbsp;5.50% due 05/01/55 | 621947 | 629035 |
| &nbsp;&nbsp;&nbsp;5.00% due 08/01/53 | 485109 | 483165 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 445289 | 445810 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/54 | 435002 | 435251 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 434281 | 435147 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/01/55 | 415537 | 420273 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/53 | 386942 | 387203 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/25/53 | 380555 | 381293 |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/53 | 169692 | 168979 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 05/01/52 | 1480281 | 1303156 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/53 | 882255 | 903459 |
| &nbsp;&nbsp;&nbsp;5.00% due 04/01/53 | 765626 | 763546 |
| &nbsp;&nbsp;&nbsp;6.00% due 08/01/54 | 709910 | 733769 |
| &nbsp;&nbsp;&nbsp;5.00% due 11/25/51 | 686271 | 687109 |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/54 | 622451 | 633824 |
| &nbsp;&nbsp;&nbsp;6.00% due 09/01/54 | 612538 | 632421 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/01/55 | 413939 | 418657 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/01/53 | 417066 | 415420 |
| &nbsp;&nbsp;&nbsp;5.00% due 10/25/51 | 341018 | 339815 |
| &nbsp;&nbsp;&nbsp;5.50% due 06/01/53 | 214460 | 218153 |
| &nbsp;&nbsp;&nbsp;5.00% due 02/25/52 | 146540 | 146740 |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 12/01/25<sup>5</sup> | 1650000 | 1661383 |
| &nbsp;&nbsp;&nbsp;5.00% due 01/01/26<sup>5</sup> | 1593370 | 1582471 |
| &nbsp;&nbsp;&nbsp;5.25% due 03/20/52 | 348548 | 352129 |
| Uniform MBS 15 Year |  |  |
| &nbsp;&nbsp;&nbsp; 4.50% due 12/01/25<sup>5</sup> | 1688850 | 1686406 |
| &nbsp;&nbsp;&nbsp; 4.50% due 11/01/25<sup>5</sup> | 1601150 | 1599270 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 42.1% (continued)** | | |
| **Government Agency - 30.6% (continued)** |  |  |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 01/20/55 | 236416 | $235492 |
| Fannie Mae-Aces |  |  |
| &nbsp;&nbsp;&nbsp;1.60% (WAC) due 03/25/35<sup>◊,6</sup> | 2483086 | 201267 |
| **Total Government Agency** |  | 56262336 |
| **Residential Mortgage-Backed Securities - 9.6%** |  |  |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-NQM16, 5.21% due 08/25/65<sup>2,7</sup> | 500000 | 498456 |
| &nbsp;&nbsp;&nbsp;2024-NQM11, 6.13% due 06/25/64<sup>2,7</sup> | 364786 | 368751 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, 6.43% due 12/25/63<sup>2,7</sup> | 319897 | 324130 |
| &nbsp;&nbsp;&nbsp;2024-NQM13, 5.37% due 06/25/64<sup>2,7</sup> | 185362 | 185666 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 6.18% due 12/25/63<sup>2,7</sup> | 167512 | 168573 |
| &nbsp;&nbsp;&nbsp;2022-NQM1, 6.50% (WAC) due 11/25/62<sup>◊,2</sup> | 163055 | 162783 |
| &nbsp;&nbsp;&nbsp;2024-NQM5, 6.29% due 01/25/64<sup>2,7</sup> | 158513 | 160168 |
| &nbsp;&nbsp;&nbsp;2024-NQM6, 6.85% due 02/25/64<sup>2,7</sup> | 99040 | 100440 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, 6.44% due 01/25/64<sup>2,7</sup> | 72126 | 72899 |
| &nbsp;&nbsp;&nbsp;2024-NQM8, 6.59% due 05/25/64<sup>2,7</sup> | 68479 | 69300 |
| &nbsp;&nbsp;&nbsp;2022-NQM9, 6.45% due 09/25/62<sup>2,7</sup> | 66891 | 66733 |
| FIGRE Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-PF2, 5.22% (WAC) due 10/25/55<sup>◊,2</sup> | 656000 | 652933 |
| &nbsp;&nbsp;&nbsp;2024-HE3, 6.13% (WAC) due 07/25/54<sup>◊,2</sup> | 297230 | 303038 |
| &nbsp;&nbsp;&nbsp;2024-HE2, 6.38% (WAC) due 05/25/54<sup>◊,2</sup> | 215600 | 221125 |
| &nbsp;&nbsp;&nbsp;2025-HE1, 5.83% (WAC) due 01/25/55<sup>◊,2</sup> | 171794 | 174249 |
| &nbsp;&nbsp;&nbsp;2024-HE4, 5.06% (WAC) due 09/25/54<sup>◊,2</sup> | 78515 | 78803 |
| &nbsp;&nbsp;&nbsp;2024-HE1, 6.17% (WAC) due 03/25/54<sup>◊,2</sup> | 68817 | 70339 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV2, 5.46% due 10/25/60<sup>2,7</sup> | 1000000 | 999176 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM3, 6.89% due 08/25/68<sup>2,7</sup> | 324163 | 328500 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, 5.73% due 06/25/70<sup>2,7</sup> | 245559 | 247477 |
| &nbsp;&nbsp;&nbsp;2025-INV3, 6.00% (WAC) due 08/25/55<sup>◊,2</sup> | 197667 | 201084 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-12, 2.50% (WAC) due 02/25/52<sup>◊,2</sup> | 526136 | 491957 |
| &nbsp;&nbsp;&nbsp;2021-13, 2.50% (WAC) due 04/25/52<sup>◊,2</sup> | 225947 | 211302 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES8, 5.25% (WAC) due 08/25/55<sup>◊,2</sup> | 496933 | 498569 |
| &nbsp;&nbsp;&nbsp;2024-CES4, 6.15% due 06/25/44<sup>2,7</sup> | 147100 | 149054 |
| PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-7, 5.50% due 08/25/30<sup>2,7</sup> | 398583 | 399161 |
| &nbsp;&nbsp;&nbsp;2025-6, 5.77% due 08/25/28<sup>2,7</sup> | 238117 | 238364 |
| Legacy Mortgage Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-GS3, 5.75% due 07/25/61<sup>2</sup> | 303844 | 303818 |
| &nbsp;&nbsp;&nbsp;2021-GS5, 5.25% due 07/25/67<sup>2,7</sup> | 292976 | 292941 |
| JP Morgan Mortgage Acquisition Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.51% (1 Month Term SOFR + 0.35%, Rate Floor: 0.24%) due 12/25/36<sup>◊</sup> | 1101705 | 575557 |
| Ameriquest Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-M3, 4.43% (1 Month Term SOFR + 0.27%, Rate Floor: 0.16%) due 10/25/36<sup>◊</sup> | 1941818 | 569855 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 2.41% (WAC) due 02/25/50<sup>◊,2</sup> | 554252 | 529786 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-2, 6.25% due 01/25/69<sup>2,7</sup> | 373227 | 375976 |
| &nbsp;&nbsp;&nbsp;2023-1, 4.75% due 09/26/67<sup>2,7</sup> | 152686 | 151427 |
| HOMES Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-AFC3, 5.34% due 08/25/60<sup>2,7</sup> | 500000 | 497913 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-RTL3, 5.24% due 08/25/40<sup>2</sup> | 250000 | 250665 |
| &nbsp;&nbsp;&nbsp;2024-RTL5, 5.32% due 09/25/39<sup>2,7</sup> | 200000 | 200774 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-INV8, 6.00% (WAC) due 07/25/56<sup>◊,2</sup> | 441405 | 444749 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 42.1% (continued)** | | |
| **Residential Mortgage-Backed Securities - 9.6% (continued)** |  |  |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-SPL1, 4.25% due 02/25/65<sup>2,5</sup> | 450000 | $435494 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-BR2, 4.63% (1 Month Term SOFR + 0.47%, Rate Floor: 0.36%) due 02/25/37<sup>◊,2</sup> | 472826 | 412272 |
| Home Equity Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-FRE1, 4.46% (1 Month Term SOFR + 0.30%, Rate Floor: 0.19%) due 04/25/37<sup>◊</sup> | 376446 | 365361 |
| BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM2, 4.50% due 05/25/62<sup>2,7</sup> | 198177 | 196415 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, 6.40% due 12/01/63<sup>2,7</sup> | 156872 | 158097 |
| Master Asset-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-WMC4, 4.57% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 10/25/36<sup>◊</sup> | 1054715 | 341923 |
| Credit Suisse Mortgage Capital Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL9, 3.86% (WAC) due 02/25/61<sup>◊,2</sup> | 331423 | 329810 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, 5.42% due 09/25/64<sup>2</sup> | 235630 | 236299 |
| &nbsp;&nbsp;&nbsp;2025-NQM3, 5.53% due 05/25/65<sup>2</sup> | 91752 | 92655 |
| First Franklin Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-FF16, 4.69% (1 Month Term SOFR + 0.53%, Rate Floor: 0.42%) due 12/25/36<sup>◊</sup> | 788433 | 318633 |
| OSAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL1, 6.12% due 05/25/65<sup>2</sup> | 317936 | 318060 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-FIX1, 5.16% due 07/25/45<sup>2,7</sup> | 300000 | 298394 |
| CSMC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-RPL4, 4.14% (WAC) due 12/27/60<sup>◊,2</sup> | 292044 | 290859 |
| HarborView Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-14, 4.55% (1 Month Term SOFR + 0.41%, Rate Floor: 0.30%) due 01/25/47<sup>◊</sup> | 273851 | 256441 |
| American Home Mortgage Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;2007-1, 2.08% due 05/25/47<sup>6</sup> | 1571597 | 245314 |
| EFMT |  |  |
| &nbsp;&nbsp;&nbsp;2025-CES4, 5.43% due 06/25/60<sup>2,7</sup> | 240486 | 242319 |
| NovaStar Mortgage Funding Trust Series |  |  |
| &nbsp;&nbsp;&nbsp;2007-2, 4.47% (1 Month Term SOFR + 0.31%, Rate Cap/Floor: 11.00%/0.20%) due 09/25/37<sup>◊</sup> | 229230 | 226010 |
| Cross Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-H6, 5.54% due 07/25/70<sup>2,7</sup> | 197413 | 198076 |
| Vista Point Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CES3, 5.68% due 01/25/55<sup>2,7</sup> | 173656 | 174445 |
| Provident Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-4, 5.50% (WAC) due 09/25/55<sup>◊,2</sup> | 150000 | 149952 |
| Washington Mutual Mortgage Pass-Through Certificates WMALT Series Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-AR9, 4.99% (1 Year CMT Rate + 0.84%, Rate Floor: 0.84%) due 11/25/46<sup>◊</sup> | 170884 | 145020 |
| Mill City Securities Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-RS2, 3.00% due 08/01/69<sup>2,7</sup> | 149766 | 141154 |
| Imperial Fund Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM2, 4.20% (WAC) due 03/25/67<sup>◊,2</sup> | 147024 | 139249 |
| Saluda Grade Alternative Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-FIG4, 6.72% (WAC) due 11/25/53<sup>◊,2</sup> | 103011 | 106714 |
| LSTAR Securities Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, 7.46% (30 Day Average SOFR + 3.10%, Rate Floor: 3.10%) due 01/01/29<sup>◊,2</sup> | 82647 | 83266 |
| Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-5, 6.00% (WAC) due 06/25/54<sup>◊,2</sup> | 77529 | 78362 |
| Top Pressure Recovery Turbines |  |  |
| &nbsp;&nbsp;&nbsp;7.51% due 11/01/69 | 78063 | 78141 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS<sup>††</sup> - 42.1% (continued)** | | |
| **Residential Mortgage-Backed Securities - 9.6% (continued)** |  |  |
| Morgan Stanley Re-REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;2010-R5, 2.86% due 06/26/36<sup>2</sup> | 23764 | $23041 |
| **Total Residential Mortgage-Backed Securities** |  | 17718267 |
| **Commercial Mortgage-Backed Securities - 1.0%** |  |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-LP2, 6.11% (1 Month Term SOFR + 1.96%, Rate Floor: 1.96%) due 02/15/39<sup>◊,2</sup> | 350000 | 349562 |
| &nbsp;&nbsp;&nbsp;2021-VOLT, 6.27% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 09/15/36<sup>◊,2</sup> | 339090 | 338454 |
| &nbsp;&nbsp;&nbsp;2024-AIRC, 6.29% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 08/15/39<sup>◊,2</sup> | 187239 | 187766 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.29% (1 Month Term SOFR + 2.14%, Rate Floor: 2.14%) due 06/15/41<sup>◊,2</sup> | 150000 | 150094 |
| &nbsp;&nbsp;&nbsp;2024-VLT4, 6.09% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 06/15/41<sup>◊,2</sup> | 100000 | 100094 |
| Extended Stay America Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-ESH, 6.52% (1 Month Term SOFR + 2.36%, Rate Floor: 2.25%) due 07/15/38<sup>◊,2</sup> | 210819 | 210819 |
| RWC Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, due 06/25/40<sup>2,5</sup> | 200000 | 199742 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-GC45, 0.73% (WAC) due 02/13/53<sup>◊,6</sup> | 9267337 | 197527 |
| Life Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-BMR, 6.62% (1 Month Term SOFR + 2.46%, Rate Floor: 2.35%) due 03/15/38<sup>◊,2</sup> | 175000 | 172973 |
| CFCRE Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-C3, 1.04% (WAC) due 01/10/48<sup>◊,6</sup> | 2646868 | 2294 |
| Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-GC37, 1.76% (WAC) due 04/10/49<sup>◊,6</sup> | 2409234 | 905 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-NXS5, 1.51% (WAC) due 01/15/59<sup>◊,6</sup> | 2576921 | 88 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-CR26, 0.87% (WAC) due 10/10/48<sup>◊,6</sup> | 579704 | 7 |
| **Total Commercial Mortgage-Backed Securities** |  | 1910325 |
| **Military Housing - 0.9%** |  |  |
| GMAC Commercial Mortgage Asset Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2007-HCKM, 6.11% due 08/10/52<sup>†††,2</sup> | 891150 | 868948 |
| Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |  |
| &nbsp;&nbsp;&nbsp;2015-R1, 4.65% (WAC) due 11/25/55<sup>◊,2</sup> | 875205 | 766213 |
| **Total Military Housing** |  | 1635161 |
| **Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $79,263,465) |  | 77526089 |
| **CORPORATE BONDS<sup>††</sup> - 22.2%** |  |  |
| **Financial - 11.5%** |  |  |
| Pershing Square Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 10/01/31<sup>2</sup> | 1000000 | 891514 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/19/34<sup>2,8</sup> | 250000 | 278894 |
| &nbsp;&nbsp;&nbsp;5.39% due 05/28/31<sup>2,8</sup> | 250000 | 256486 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/15/31 | 280000 | 267993 |
| &nbsp;&nbsp;&nbsp;5.30% due 01/15/29 | 250000 | 254572 |
| Wilton RE Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% <sup>2,8,9</sup> | 497000 | 494117 |
| Nippon Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.75% due 01/21/51<sup>2,8</sup> | 350000 | 314943 |
| &nbsp;&nbsp;&nbsp;2.90% due 09/16/51<sup>2,8</sup> | 200000 | 178869 |
| Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.64% due 08/13/36<sup>2,8</sup> | 275000 | 278565 |
| &nbsp;&nbsp;&nbsp;3.62% due 06/03/30<sup>2</sup> | 200000 | 190578 |
| Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 03/03/31 | 250000 | 235819 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/16/32 | 100000 | 103914 |
| &nbsp;&nbsp;&nbsp;5.75% due 05/20/35<sup>2</sup> | 100000 | 103674 |
| Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 03/15/31 | 250000 | 264200 |
| &nbsp;&nbsp;&nbsp;5.63% due 08/01/35 | 175000 | 177974 |
| FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 01/15/27 | 247000 | 239992 |
| &nbsp;&nbsp;&nbsp;3.25% due 07/15/27 | 200000 | 193273 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 22.2% (continued)** | | |
| **Financial - 11.5% (continued)** |  |  |
| Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 03/30/51 | 280000 | $197844 |
| &nbsp;&nbsp;&nbsp;5.68% due 01/15/35 | 100000 | 103724 |
| &nbsp;&nbsp;&nbsp;5.33% due 01/15/36 | 75000 | 75396 |
| &nbsp;&nbsp;&nbsp;4.70% due 09/20/47 | 50000 | 43814 |
| Global Atlantic Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.70% due 10/15/51<sup>2,8</sup> | 250000 | 246273 |
| &nbsp;&nbsp;&nbsp;7.95% due 06/15/33<sup>2</sup> | 150000 | 173821 |
| Host Hotels & Resorts, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 09/15/30 | 395000 | 370848 |
| &nbsp;&nbsp;&nbsp;2.90% due 12/15/31 | 50000 | 44490 |
| Fort Moore Family Communities LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.09% due 01/15/51<sup>2</sup> | 446394 | 403825 |
| Safehold GL Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 06/15/31 | 160000 | 146494 |
| &nbsp;&nbsp;&nbsp;2.85% due 01/15/32 | 151000 | 133987 |
| &nbsp;&nbsp;&nbsp;6.10% due 04/01/34 | 87000 | 91652 |
| &nbsp;&nbsp;&nbsp;5.65% due 01/15/35 | 23000 | 23536 |
| CoStar Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.80% due 07/15/30<sup>2</sup> | 430000 | 393656 |
| Blue Owl Capital GP LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.21% due 08/22/43<sup>†††</sup> | 350000 | 369235 |
| Macquarie Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2.87% due 01/14/33<sup>2,8</sup> | 250000 | 225449 |
| &nbsp;&nbsp;&nbsp;2.69% due 06/23/32<sup>2,8</sup> | 140000 | 126480 |
| Maple Grove Funding Trust I |  |  |
| &nbsp;&nbsp;&nbsp;4.16% due 08/15/51<sup>2</sup> | 500000 | 351575 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>2</sup> | 554000 | 348822 |
| First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 05/15/30 | 360000 | 347998 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>2</sup> | 300000 | 295876 |
| &nbsp;&nbsp;&nbsp;5.50% due 11/15/25<sup>2</sup> | 50000 | 49982 |
| LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 03/15/29<sup>2</sup> | 174000 | 170161 |
| &nbsp;&nbsp;&nbsp;6.00% due 05/20/34 | 160000 | 167180 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 11/01/34<sup>8</sup> | 153000 | 171147 |
| &nbsp;&nbsp;&nbsp;5.94% due 02/07/39<sup>8</sup> | 150000 | 157049 |
| Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 03/01/31<sup>2</sup> | 350000 | 326845 |
| Meiji Yasuda Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.10% due 06/11/55<sup>2,8</sup> | 300000 | 312139 |
| American National Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/03/30<sup>2</sup> | 300000 | 305920 |
| Nationwide Mutual Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.35% due 04/30/50<sup>2</sup> | 370000 | 293189 |
| TPG Operating Group II, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/05/34 | 251000 | 264754 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;2.10% due 02/11/32<sup>2,8</sup> | 300000 | 264702 |
| Citadel Securities Global Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 06/18/35<sup>2</sup> | 250000 | 262619 |
| Credit Agricole S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.22% due 05/27/31<sup>2,8</sup> | 250000 | 256458 |
| MidCap Funding XLVI Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.72% (1 Month Term SOFR + 2.50%, Rate Floor: 0.00%) due 04/15/28<sup>◊,†††</sup> | 250000 | 250000 |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>2</sup> | 250000 | 241546 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/08/34<sup>8</sup> | 150000 | 162251 |
| &nbsp;&nbsp;&nbsp;5.20% due 09/11/36<sup>8</sup> | 75000 | 74175 |
| Societe Generale S.A. |  |  |
| &nbsp;&nbsp;&nbsp;2.89% due 06/09/32<sup>2,8</sup> | 250000 | 224054 |
| Stewart Information Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 11/15/31 | 250000 | 223950 |
| American National Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 07/15/35 | 141000 | 143940 |
| &nbsp;&nbsp;&nbsp;7.00% due 12/01/55<sup>8</sup> | 75000 | 77293 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.02% due 11/18/36<sup>8</sup> | 150000 | 133784 |
| &nbsp;&nbsp;&nbsp;3.13% due 11/18/41 | 73000 | 55251 |
| &nbsp;&nbsp;&nbsp;2.67% due 11/15/35<sup>8</sup> | 27000 | 24229 |
| Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% due 03/28/55<sup>8</sup> | 202000 | 210537 |
| Lloyds Banking Group plc |  |  |
| &nbsp;&nbsp;&nbsp;5.59% due 11/26/35<sup>8</sup> | 200000 | 207871 |
| Equities AB |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 05/08/35<sup>2</sup> | 200000 | 206516 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;6.55% <sup>2,8,9</sup> | 200000 | 206480 |
| Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;5.54% due 07/14/36<sup>2,8</sup> | 200000 | 205675 |
| Sumitomo Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 09/10/55<sup>2,8</sup> | 200000 | 203621 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/31<sup>2</sup> | 200000 | 199418 |
| Carlyle Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.05% due 09/19/35 | 200000 | 199301 |
| Santander UK Group Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.14% due 09/22/36<sup>8</sup> | 200000 | 198136 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>2</sup> | 200000 | 194989 |
| Trustage Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/32<sup>2</sup> | 200000 | 191597 |
| Farmers Insurance Exchange |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/64<sup>2,8</sup> | 180000 | 186840 |
| Blue Owl IV SR SEC A |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> | 182000 | 182000 |
| CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.45% due 06/15/34 | 170000 | 180400 |
| Americo Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/31<sup>2</sup> | 200000 | 180359 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 22.2% (continued)** | | |
| **Financial - 11.5% (continued)** |  |  |
| AmFam Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.81% due 03/11/31<sup>2</sup> | 200000 | $173688 |
| Dyal Capital Partners III (A), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 168000 | 169454 |
| Blue Owl IV SR SEC B |  |  |
| &nbsp;&nbsp;&nbsp;5.94% due 09/04/45<sup>†††</sup> | 168000 | 168000 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 04/30/31<sup>2</sup> | 160000 | 167823 |
| Belrose Funding Trust II |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 05/15/55<sup>2</sup> | 150000 | 162441 |
| Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 04/14/34 | 133000 | 141405 |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/36 | 17000 | 18126 |
| MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 03/15/55<sup>8</sup> | 150000 | 159370 |
| Reinsurance Group of America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 09/15/34 | 100000 | 104548 |
| &nbsp;&nbsp;&nbsp;6.65% due 09/15/55<sup>8</sup> | 50000 | 52485 |
| Ascot Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.35% due 06/15/35<sup>2,8</sup> | 150000 | 156354 |
| Beacon Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.27% due 08/15/54<sup>2</sup> | 150000 | 153499 |
| GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 09/18/30<sup>2</sup> | 150000 | 148793 |
| Pacific Beacon LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.51% due 07/15/36<sup>2</sup> | 150000 | 148708 |
| OneAmerica Financial Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 10/15/50<sup>2</sup> | 184000 | 143815 |
| KKR Group Finance Company VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 08/25/50<sup>2</sup> | 190000 | 136375 |
| Ares Finance Company II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 06/15/30<sup>2</sup> | 141000 | 133178 |
| Dyal Capital Partners III (B), LP |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 06/15/44<sup>†††</sup> | 132000 | 133134 |
| PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/50<sup>8</sup> | 140000 | 132094 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/11/31<sup>2</sup> | 120000 | 125191 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 03/15/26 | 122000 | 123103 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 10/01/50<sup>8</sup> | 130000 | 121432 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 08/15/30<sup>2</sup> | 100000 | 108950 |
| Henneman Trust |  |  |
| &nbsp;&nbsp;&nbsp;6.58% due 05/15/55<sup>2</sup> | 100000 | 106653 |
| Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 04/01/45<sup>2,8</sup> | 100000 | 104291 |
| Fortitude Group Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/30<sup>2</sup> | 100000 | 103830 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>2</sup> | 100000 | 103428 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/31<sup>2</sup> | 100000 | 99524 |
| Apollo Management Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 06/05/30<sup>2</sup> | 90000 | 83306 |
| Assured Guaranty US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.60% due 09/15/51 | 100000 | 71593 |
| Globe Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.85% due 09/15/34 | 65000 | 68150 |
| Penn Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.80% due 04/29/61<sup>2</sup> | 100000 | 66850 |
| Symetra Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.55% due 10/01/55<sup>2</sup> | 50000 | 53044 |
| Mutual of Omaha Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% due 01/16/64<sup>2,8</sup> | 50000 | 51613 |
| Rocket Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/01/33<sup>2</sup> | 50000 | 51606 |
| Nassau Companies of New York |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 07/15/30<sup>2</sup> | 50000 | 51066 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/01/26<sup>2</sup> | 50000 | 50000 |
| Western & Southern Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 04/28/61<sup>2</sup> | 68000 | 47186 |
| Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>2</sup> | 35000 | 35318 |
| Brookfield Finance LLC / Brookfield Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.45% due 04/15/50 | 50000 | 34985 |
| Aspen Insurance Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/01/30 | 24000 | 25119 |
| **Total Financial** |  | 21096058 |
| **Energy - 2.8%** |  |  |
| BP Capital Markets plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% <sup>8,9</sup> | 436000 | 432918 |
| &nbsp;&nbsp;&nbsp;6.13% <sup>8,9</sup> | 75000 | 77681 |
| Plains All American Pipeline Limited Partnership / PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 09/15/34 | 250000 | 257682 |
| &nbsp;&nbsp;&nbsp;5.60% due 01/15/36 | 200000 | 202514 |
| MPLX, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.95% due 04/01/55 | 150000 | 146638 |
| &nbsp;&nbsp;&nbsp;6.20% due 09/15/55 | 125000 | 126456 |
| &nbsp;&nbsp;&nbsp;5.40% due 09/15/35 | 125000 | 125271 |
| &nbsp;&nbsp;&nbsp;5.65% due 03/01/53 | 50000 | 47194 |
| ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 10/15/55 | 275000 | 279268 |
| &nbsp;&nbsp;&nbsp;5.65% due 09/01/34 | 100000 | 102514 |
| &nbsp;&nbsp;&nbsp;7.15% due 01/15/51 | 50000 | 56021 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 22.2% (continued)** | | |
| **Energy - 2.8% (continued)** |  |  |
| Greensaif Pipelines Bidco SARL |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 02/23/38<sup>2</sup> | 200000 | $212907 |
| &nbsp;&nbsp;&nbsp;6.10% due 08/23/42<sup>2</sup> | 200000 | 210332 |
| Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/15/35 | 300000 | 305264 |
| &nbsp;&nbsp;&nbsp;6.50% due 03/30/34 | 63000 | 68599 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.50% due 02/01/29<sup>2</sup> | 200000 | 220405 |
| &nbsp;&nbsp;&nbsp;9.88% due 02/01/32<sup>2</sup> | 100000 | 108872 |
| Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 09/30/40<sup>2</sup> | 328000 | 266890 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>2</sup> | 248000 | 243817 |
| Cheniere Energy Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/15/34 | 150000 | 155938 |
| &nbsp;&nbsp;&nbsp;5.55% due 10/30/35<sup>2</sup> | 50000 | 51081 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 08/15/31<sup>2</sup> | 200000 | 188770 |
| Gulfstream Natural Gas System LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.60% due 07/23/35<sup>2</sup> | 175000 | 179299 |
| Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 08/01/35 | 175000 | 177926 |
| HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/01/32 | 175000 | 177885 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 01/01/32 | 150000 | 152547 |
| Midwest Connector Capital Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 04/01/29<sup>2</sup> | 110000 | 110478 |
| Sunoco, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 05/01/32<sup>2</sup> | 100000 | 104948 |
| Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.70% due 09/30/31<sup>2</sup> | 100000 | 103959 |
| NuStar Logistics, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 04/28/27 | 100000 | 100614 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/01/30<sup>2</sup> | 100000 | 97226 |
| Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 03/15/56<sup>8</sup> | 75000 | 75201 |
| Energy Transfer, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 02/01/31<sup>2</sup> | 50000 | 52224 |
| Vnom Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/27<sup>2</sup> | 26000 | 26005 |
| **Total Energy** |  | 5245344 |
| **Industrial - 1.7%** |  |  |
| AP Grange Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 900000 | 949500 |
| &nbsp;&nbsp;&nbsp;5.00% due 03/20/45<sup>†††</sup> | 200000 | 208000 |
| Stadco LA LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 05/15/56<sup>†††</sup> | 500000 | 349637 |
| Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 10/01/30 | 227000 | 216342 |
| &nbsp;&nbsp;&nbsp;2.80% due 01/15/32 | 147000 | 130146 |
| Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.95% due 04/01/31 | 340000 | 310554 |
| TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.65% due 08/09/31 | 210000 | 188401 |
| &nbsp;&nbsp;&nbsp;6.10% due 04/12/34 | 100000 | 106312 |
| Terminal Investment Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 07/09/32<sup>†††</sup> | 200000 | 201367 |
| Weir Group plc |  |  |
| &nbsp;&nbsp;&nbsp;2.20% due 05/13/26<sup>2</sup> | 200000 | 196810 |
| FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 02/01/45<sup>2</sup> | 75000 | 58706 |
| AP Grange Holdings LLC Deferral |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 03/20/45<sup>†††</sup> | 58587 | 58587 |
| Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.57% due 01/15/26 | 50000 | 49569 |
| Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.10% due 05/15/21 | 50000 | 35456 |
| **Total Industrial** |  | 3059387 |
| **Consumer, Non-cyclical - 1.5%** |  |  |
| Smithfield Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.63% due 09/13/31<sup>2</sup> | 300000 | 262789 |
| &nbsp;&nbsp;&nbsp;3.00% due 10/15/30<sup>2</sup> | 100000 | 91362 |
| Altria Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 02/04/51 | 350000 | 252206 |
| &nbsp;&nbsp;&nbsp;4.45% due 05/06/50 | 50000 | 40535 |
| JBS USA Holding Lux SARL/ JBS USA Food Company/ JBS Lux Co SARL |  |  |
| &nbsp;&nbsp;&nbsp;3.00% due 05/15/32 | 200000 | 178935 |
| &nbsp;&nbsp;&nbsp;4.38% due 02/02/52 | 100000 | 78622 |
| GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/06/34 | 100000 | 107515 |
| &nbsp;&nbsp;&nbsp;6.25% due 05/06/29 | 100000 | 105016 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 05/15/27<sup>2</sup> | 200000 | 199443 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 12/10/54<sup>8</sup> | 150000 | 154835 |
| &nbsp;&nbsp;&nbsp;6.20% due 09/15/55 | 25000 | 25731 |
| Triton Container International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;3.15% due 06/15/31<sup>2</sup> | 200000 | 178354 |
| Becle, SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;2.50% due 10/14/31<sup>2</sup> | 200000 | 172803 |
| Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 06/15/32<sup>2</sup> | 150000 | 156022 |
| Graham Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/01/26<sup>2</sup> | 150000 | 149939 |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/26<sup>2</sup> | 150000 | 148827 |
| Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 11/15/31 | 140000 | 125543 |
| AZ Battery Property LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.73% due 02/20/46<sup>†††</sup> | 100000 | 97632 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 22.2% (continued)** | | |
| **Consumer, Non-cyclical - 1.5% (continued)** |  |  |
| Triton Container International Limited / TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/32 | 100000 | $89290 |
| JBS USA Holding Lux SARL / JBS USA Foods Group Holdings Incorporated / JBS USA Food Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 01/15/36<sup>2</sup> | 75000 | 76591 |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 04/30/31<sup>2</sup> | 42000 | 39185 |
| **Total Consumer, Non-cyclical** |  | 2731175 |
| **Communications - 1.3%** |  |  |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/30<sup>2</sup> | 330000 | 288121 |
| &nbsp;&nbsp;&nbsp;4.00% due 04/15/31<sup>2</sup> | 60000 | 51586 |
| British Telecommunications plc |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 11/23/81<sup>2,8</sup> | 350000 | 335714 |
| Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;4.90% due 08/15/44 | 132000 | 106327 |
| &nbsp;&nbsp;&nbsp;5.25% due 04/01/44 | 116000 | 95323 |
| &nbsp;&nbsp;&nbsp;5.90% due 10/15/40 | 72000 | 66133 |
| Vodafone Group plc |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 06/04/81<sup>8</sup> | 250000 | 233873 |
| NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 07/16/35<sup>2</sup> | 200000 | 206878 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.55% due 03/15/52 | 159000 | 131800 |
| &nbsp;&nbsp;&nbsp;7.13% due 04/15/55<sup>8</sup> | 50000 | 53008 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>2</sup> | 200000 | 170800 |
| Sirius XM Radio LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/30<sup>2</sup> | 180000 | 168824 |
| Bell Telephone Company of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 09/15/55<sup>8</sup> | 150000 | 156766 |
| TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 10/15/55<sup>8</sup> | 75000 | 79081 |
| &nbsp;&nbsp;&nbsp;6.63% due 10/15/55<sup>8</sup> | 75000 | 77213 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>2</sup> | 200000 | 130971 |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 06/01/52 | 32000 | 21673 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 08/01/28<sup>2</sup> | 16000 | 15990 |
| **Total Communications** |  | 2390081 |
| **Utilities - 1.1%** |  |  |
| QTS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.42% due 08/21/32<sup>†††</sup> | 825000 | 825183 |
| NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.45% due 12/02/27<sup>2</sup> | 200000 | 191719 |
| &nbsp;&nbsp;&nbsp;7.00% due 03/15/33<sup>2</sup> | 100000 | 110570 |
| Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 02/15/56<sup>8</sup> | 200000 | 201309 |
| AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 07/15/30<sup>2</sup> | 170000 | 164157 |
| PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 09/15/55<sup>8</sup> | 150000 | 157923 |
| CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/01/55<sup>8</sup> | 140000 | 144949 |
| Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.39% due 09/15/33<sup>2</sup> | 100000 | 107791 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/55<sup>8</sup> | 67000 | 69570 |
| Sierra Pacific Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 12/15/55<sup>8</sup> | 50000 | 50044 |
| Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 09/15/51<sup>8</sup> | 29000 | 28613 |
| **Total Utilities** |  | 2051828 |
| **Consumer, Cyclical - 1.0%** |  |  |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.70% due 01/15/31 | 360000 | 337027 |
| &nbsp;&nbsp;&nbsp;5.85% due 08/01/34 | 30000 | 30682 |
| AS Mileage Plan IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.31% due 10/20/31<sup>2</sup> | 250000 | 248844 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.28% due 03/15/32 | 233000 | 213486 |
| &nbsp;&nbsp;&nbsp;5.14% due 03/15/52 | 28000 | 20860 |
| Flutter Treasury Designated Activity Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 04/29/29<sup>2</sup> | 200000 | 206524 |
| LG Energy Solution Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 07/02/34<sup>2</sup> | 200000 | 202542 |
| Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.05% due 05/14/34 | 150000 | 156886 |
| United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 04/15/26<sup>2</sup> | 150000 | 149770 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 08/15/26<sup>2</sup> | 150000 | 148639 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/46 | 100000 | 76298 |
| &nbsp;&nbsp;&nbsp;4.60% due 05/15/50 | 10000 | 7475 |
| British Airways Class A Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;2.90% due 03/15/35<sup>2</sup> | 81502 | 73965 |
| Delta Air Lines, Inc. / SkyMiles IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/20/25<sup>2</sup> | 25000 | 24969 |
| **Total Consumer, Cyclical** |  | 1897967 |
| **Technology - 0.7%** |  |  |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.20% due 09/26/35 | 175000 | 175964 |
| &nbsp;&nbsp;&nbsp;3.95% due 03/25/51 | 217000 | 161341 |
| &nbsp;&nbsp;&nbsp;5.95% due 09/26/55 | 125000 | 124615 |
| &nbsp;&nbsp;&nbsp;4.80% due 09/26/32 | 75000 | 75090 |
| &nbsp;&nbsp;&nbsp;5.88% due 09/26/45 | 50000 | 50136 |
| &nbsp;&nbsp;&nbsp;6.10% due 09/26/65 | 25000 | 24954 |
| Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.20% due 01/25/37<sup>2</sup> | 200000 | 213338 |
| &nbsp;&nbsp;&nbsp;5.88% due 01/25/34<sup>2</sup> | 200000 | 208354 |
| Constellation Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.46% due 02/16/34<sup>2</sup> | 100000 | 102156 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 22.2% (continued)** | | |
| **Technology - 0.7% (continued)** |  |  |
| Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.38% due 04/01/31<sup>2</sup> | 100000 | $91878 |
| Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 05/15/34 | 70000 | 72115 |
| **Total Technology** |  | 1299941 |
| **Basic Materials - 0.5%** |  |  |
| Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/15/30<sup>2</sup> | 400000 | 409078 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 08/15/33<sup>2</sup> | 125000 | 126292 |
| Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.90% due 05/15/53 | 110000 | 117529 |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 10/01/30<sup>2</sup> | 100000 | 105880 |
| Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>2</sup> | 90000 | 88200 |
| International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.23% due 10/01/25<sup>2</sup> | 70000 | 70000 |
| **Total Basic Materials** |  | 916979 |
| **Transportation - 0.1%** |  |  |
| Stolthaven Houston, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.98% due 07/17/34<sup>†††</sup> | 196000 | 198915 |
| **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,392,541) |  | 40887675 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 17.2%** |  |  |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/35 | 5220000 | 5268122 |
| &nbsp;&nbsp;&nbsp;4.00% due 07/31/32 | 3500000 | 3516406 |
| &nbsp;&nbsp;&nbsp;4.13% due 05/31/32 | 3250000 | 3291133 |
| &nbsp;&nbsp;&nbsp;4.13% due 11/30/29 | 1810000 | 1839130 |
| &nbsp;&nbsp;&nbsp;4.13% due 11/30/31 | 750000 | 760664 |
| &nbsp;&nbsp;&nbsp;4.00% due 03/31/30 | 660000 | 667554 |
| &nbsp;&nbsp;&nbsp;4.63% due 02/15/35 | 370000 | 384511 |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp; due 05/15/51<sup>10,11</sup> | 12850000 | 3723015 |
| &nbsp;&nbsp;&nbsp;4.38% due 11/15/39 | 2500000 | 2479687 |
| &nbsp;&nbsp;&nbsp; due 05/15/44<sup>6,10</sup> | 2790000 | 1115967 |
| &nbsp;&nbsp;&nbsp; due 02/15/46<sup>6,10</sup> | 1990000 | 727447 |
| &nbsp;&nbsp;&nbsp; due 02/15/54<sup>10,11</sup> | 2500000 | 646570 |
| &nbsp;&nbsp;&nbsp; due 02/15/52<sup>10,11</sup> | 2180000 | 611166 |
| &nbsp;&nbsp;&nbsp; due 08/15/54<sup>10,11</sup> | 1850000 | 468532 |
| &nbsp;&nbsp;&nbsp; due 02/15/55<sup>10,11</sup> | 1750000 | 433934 |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/55 | 300000 | 301078 |
| &nbsp;&nbsp;&nbsp; due 11/15/44<sup>6,10</sup> | 500000 | 194902 |
| United States Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.13% due 01/15/35<sup>16</sup> | 5148658 | 5300007 |
| **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,395,822) |  | 31729825 |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 15.3%** |  |  |
| **Collateralized Loan Obligations - 5.6%** |  |  |
| BXMT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-FL2 AS, 5.66% (1 Month Term SOFR + 1.51%, Rate Floor: 1.51%) due 02/15/38<sup>◊,2</sup> | 1000000 | 988028 |
| &nbsp;&nbsp;&nbsp;2020-FL3 C, 7.31% (1 Month Term SOFR + 3.16%, Rate Floor: 3.16%) due 11/15/37<sup>◊,2</sup> | 250000 | 244649 |
| Cerberus Loan Funding XLIV LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-5A A, 6.67% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 01/15/36<sup>◊,2</sup> | 700000 | 711224 |
| &nbsp;&nbsp;&nbsp;2024-5A B, 7.52% (3 Month Term SOFR + 3.20%, Rate Floor: 3.20%) due 01/15/36<sup>◊,2</sup> | 250000 | 252575 |
| Dryden 37 Senior Loan Fund |  |  |
| &nbsp;&nbsp;&nbsp;2017-37A BR, 5.98% (3 Month Term SOFR + 1.66%, Rate Floor: 1.40%) due 01/15/31<sup>◊,2</sup> | 367868 | 368063 |
| &nbsp;&nbsp;&nbsp;2017-37A CR, 7.83% (3 Month Term SOFR + 3.51%, Rate Floor: 3.25%) due 01/15/31<sup>◊,2</sup> | 333333 | 334168 |
| &nbsp;&nbsp;&nbsp;2015-37A SUB, due 01/15/31<sup>2,12</sup> | 298799 | 1357 |
| KREF Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-FL2 C, 6.26% (1 Month Term SOFR + 2.11%, Rate Floor: 2.00%) due 02/15/39<sup>◊,2</sup> | 500000 | 497282 |
| &nbsp;&nbsp;&nbsp;2021-FL2 AS, 5.56% (1 Month Term SOFR + 1.41%, Rate Floor: 1.30%) due 02/15/39<sup>◊,2</sup> | 150000 | 149176 |
| Ares Direct Lending CLO 6 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-2A B, due 10/16/37<sup>◊,2,5</sup> | 600000 | 600000 |
| Cerberus Loan Funding 50 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/37<sup>◊,2</sup> | 500000 | 502794 |
| Cerberus Loan Funding XL LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A A, 6.72% (3 Month Term SOFR + 2.40%, Rate Floor: 2.40%) due 03/22/35<sup>◊,2</sup> | 500000 | 501854 |
| Golub Capital Partners CLO 54M L.P |  |  |
| &nbsp;&nbsp;&nbsp;2025-54A CR, 6.78% (3 Month Term SOFR + 2.45%, Rate Floor: 2.45%) due 08/05/37<sup>◊,2</sup> | 500000 | 499988 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 15.3% (continued)** | | |
| **Collateralized Loan Obligations - 5.6% (continued)** |  |  |
| LoanCore Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-CRE6 C, 6.57% (1 Month Term SOFR + 2.41%, Rate Floor: 2.30%) due 11/15/38<sup>◊,2</sup> | 500000 | $497908 |
| THL Credit Lake Shore MM CLO I Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A A1R, 6.28% (3 Month Term SOFR + 1.96%, Rate Floor: 1.70%) due 04/15/33<sup>◊,2</sup> | 426471 | 427748 |
| Cerberus Loan Funding XLVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,2</sup> | 300000 | 301674 |
| Fortress Credit BSL XV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A BR, 6.33% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/18/33<sup>◊,2</sup> | 300000 | 300660 |
| OWL Rock CLO XXII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-22A A, 5.42% (3 Month Term SOFR + 1.47%, Rate Floor: 1.47%) due 10/20/37<sup>◊,2</sup> | 300000 | 300418 |
| BDS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL15 B, 6.03% (1 Month Term SOFR + 1.90%, Rate Floor: 1.90%) due 03/19/43<sup>◊,2</sup> | 300000 | 300255 |
| TRTX Issuer Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL6 A, 5.67% (1 Month Term SOFR + 1.54%, Rate Floor: 1.54%) due 09/18/42<sup>◊,2</sup> | 300000 | 299505 |
| Owl Rock CLO III Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A AR, 6.18% (3 Month Term SOFR + 1.85%, Rate Floor: 1.85%) due 04/20/36<sup>◊,2</sup> | 250000 | 251387 |
| Owl Rock CLO IV Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A A1R, 6.07% (3 Month Term SOFR + 1.86%, Rate Floor: 1.60%) due 08/20/33<sup>◊,2</sup> | 250000 | 251149 |
| BRSP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-FL2 A, 6.08% (1 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 08/19/37<sup>◊,2</sup> | 250000 | 250017 |
| Eldridge CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A B, due 10/20/38<sup>◊,2</sup> | 250000 | 250000 |
| Ares Direct Lending CLO 1 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A B, 6.52% (3 Month Term SOFR + 2.20%, Rate Floor: 2.20%) due 04/25/36<sup>◊,2</sup> | 250000 | 249337 |
| Owl Rock CLO XVII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-17A B, 6.27% (3 Month Term SOFR + 1.95%, Rate Floor: 1.95%) due 07/15/36<sup>◊,2</sup> | 250000 | 249259 |
| BSPRT Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL12 B, due 01/17/43<sup>◊,2</sup> | 100000 | 99708 |
| &nbsp;&nbsp;&nbsp;2025-FL12 AS, due 01/17/43<sup>◊,2</sup> | 100000 | 99705 |
| Ares Direct Lending CLO 2 LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A C, 6.68% (3 Month Term SOFR + 2.35%, Rate Floor: 2.35%) due 10/20/36<sup>◊,2</sup> | 100000 | 100410 |
| BSPDF Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL2 AS, 6.27% (1 Month Term SOFR + 1.94%, Rate Floor: 1.94%) due 12/15/42<sup>◊,2</sup> | 100000 | 100288 |
| LoanCore |  |  |
| &nbsp;&nbsp;&nbsp;2025-CRE8 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/17/42<sup>◊,2</sup> | 100000 | 99589 |
| FS Rialto Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-FL10 AS, 5.73% (1 Month Term SOFR + 1.59%, Rate Floor: 1.59%) due 08/19/42<sup>◊,2</sup> | 100000 | 99549 |
| PFP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-11 AS, 6.41% (1 Month Term SOFR + 2.19%, Rate Floor: 2.19%) due 09/17/39<sup>◊,2</sup> | 94513 | 94604 |
| Treman Park CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2015-1A COM, due 10/20/28<sup>2,12</sup> | 162950 | 458 |
| Copper River CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>12,13</sup> | 600000 | 60 |
| **Total Collateralized Loan Obligations** |  | 10274846 |
| **Infrastructure - 1.9%** |  |  |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, 5.44% due 06/25/54<sup>2</sup> | 300000 | 301515 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 03/25/55<sup>2</sup> | 200000 | 198143 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.28% due 03/25/54<sup>2</sup> | 100000 | 101945 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 15.3% (continued)** | | |
| **Infrastructure - 1.9% (continued)** |  |  |
| QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.44% due 05/25/55<sup>2</sup> | 500000 | $510674 |
| Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.90% due 03/25/48<sup>2</sup> | 500000 | 502047 |
| Vantage Data Centers LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.13% due 08/15/55<sup>2</sup> | 450000 | 452279 |
| Hotwire Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.31% due 11/20/51<sup>2</sup> | 250000 | 243662 |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.89% due 06/20/54<sup>2</sup> | 150000 | 152538 |
| VB-S1 Issuer LLC - VBTEL |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 4.29% due 02/15/52<sup>2</sup> | 250000 | 245883 |
| Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.94% due 08/15/46<sup>2</sup> | 250000 | 244019 |
| ALLO Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.94% due 07/20/54<sup>2</sup> | 150000 | 152831 |
| SBA Tower Trust |  |  |
| &nbsp;&nbsp;&nbsp;4.83% due 10/15/29<sup>2</sup> | 150000 | 150969 |
| QTS Issuer ABS II LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.04% due 10/05/55<sup>2</sup> | 150000 | 149493 |
| **Total Infrastructure** |  | 3405998 |
| **Transport-Aircraft - 1.6%** |  |  |
| Navigator Aviation Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2025-1, 5.11% due 10/15/50<sup>2</sup> | 250000 | 250798 |
| &nbsp;&nbsp;&nbsp;2024-1, 5.40% due 08/15/49<sup>2</sup> | 230655 | 230817 |
| AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.26% due 05/16/49<sup>2</sup> | 232795 | 240326 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.95% due 11/16/41<sup>2</sup> | 216729 | 207786 |
| Slam Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.34% due 09/15/49<sup>2</sup> | 187348 | 188773 |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.43% due 06/15/46<sup>2</sup> | 183325 | 172915 |
| Navigator Aircraft ABS Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.77% due 11/15/46<sup>2</sup> | 347295 | 329409 |
| Lunar Structured Aircraft Portfolio Notes |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 2.64% due 10/15/46<sup>2</sup> | 335695 | 317137 |
| Castlelake Aircraft Structured Trust |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.78% due 02/15/50<sup>2</sup> | 238555 | 242232 |
| &nbsp;&nbsp;&nbsp;2021-1A, 3.47% due 01/15/46<sup>2</sup> | 33151 | 32947 |
| JOL Air Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.97% due 04/15/44<sup>2</sup> | 266236 | 264290 |
| Sapphire Aviation Finance II Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.23% due 03/15/40<sup>2</sup> | 246091 | 235081 |
| WAVE LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.60% due 09/15/44<sup>2</sup> | 238745 | 230713 |
| Sprite Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.75% due 11/15/46<sup>2</sup> | 86976 | 84543 |
| Falcon Aerospace Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, 4.58% due 02/15/42<sup>2</sup> | 6535 | 6515 |
| **Total Transport-Aircraft** |  | 3034282 |
| **Whole Business - 1.4%** |  |  |
| Arbys Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.24% due 07/30/50<sup>2</sup> | 760000 | 733906 |
| Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-3A, 5.91% due 07/30/54<sup>2</sup> | 248125 | 247144 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.27% due 07/30/54<sup>2</sup> | 198500 | 203606 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.51% due 07/30/54<sup>2</sup> | 148875 | 155400 |
| SERVPRO Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.39% due 04/25/51<sup>2</sup> | 478750 | 451074 |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.17% due 01/25/54<sup>2</sup> | 98500 | 101776 |
| Taco Bell Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.05% due 08/25/55<sup>2</sup> | 150000 | 150356 |
| &nbsp;&nbsp;&nbsp;2025-1A, 4.82% due 08/25/55<sup>2</sup> | 150000 | 150313 |
| ServiceMaster Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, 3.34% due 01/30/51<sup>2</sup> | 234476 | 207731 |
| Five Guys Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 7.55% due 01/26/54<sup>2</sup> | 148875 | 154849 |
| DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, 4.02% due 05/20/49<sup>2</sup> | 94000 | 93663 |
| **Total Whole Business** |  | 2649818 |
| **Financial - 1.4%** |  |  |
| Station Place Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SP2, 5.87% (1 Month Term SOFR + 1.70%, Rate Floor: 1.70%) due 07/12/26<sup>◊,†††,2</sup> | 325000 | 325000 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **ASSET-BACKED SECURITIES<sup>††</sup> - 15.3% (continued)** | | |
| **Financial - 1.4% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;2025-SP2, 5.31% (1 Month Term SOFR + 1.15%, Rate Floor: 1.15%) due 09/25/26<sup>◊,†††,2</sup> | 200000 | $200000 |
| KKR Core Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/12/31<sup>†††</sup> | 476514 | 442514 |
| Thunderbird A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 400000 | 378073 |
| Lightning A |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 03/01/37<sup>†††</sup> | 400000 | 378073 |
| LVNV Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.80% due 11/05/28<sup>†††</sup> | 250000 | 262440 |
| &nbsp;&nbsp;&nbsp;6.84% due 06/12/29<sup>†††</sup> | 100000 | 102504 |
| HarbourVest Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.57% (3 Month Term SOFR + 2.55%, Rate Floor: 2.55%) due 09/15/30<sup>◊</sup> | 200000 | 200000 |
| Ceamer Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.79% due 11/15/39<sup>†††</sup> | 193044 | 198376 |
| Project Onyx II |  |  |
| &nbsp;&nbsp;&nbsp;7.09% (3 Month Term SOFR + 2.80%, Rate Floor: 2.80%) due 01/26/27<sup>◊,†††</sup> | 90214 | 89926 |
| Nassau LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, 3.98% due 08/15/34<sup>13</sup> | 67475 | 64263 |
| **Total Financial** |  | 2641169 |
| **Net Lease - 1.4%** |  |  |
| STORE Master Funding I-VII |  |  |
| &nbsp;&nbsp;&nbsp;2016-1A, 3.96% due 10/20/46<sup>2</sup> | 815123 | 806760 |
| CARS-DB5, LP |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 2.76% due 08/15/51<sup>2</sup> | 493229 | 417150 |
| CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, 6.11% due 08/15/62<sup>2</sup> | 243153 | 232808 |
| &nbsp;&nbsp;&nbsp;2020-1, 2.28% due 07/15/60<sup>2</sup> | 224863 | 156649 |
| CMFT Net Lease Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1, 3.44% due 07/20/51<sup>2</sup> | 400000 | 347449 |
| SVC ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, 5.15% due 02/20/53<sup>2</sup> | 345479 | 343592 |
| CARS-DB4, LP |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 3.81% due 02/15/50<sup>2</sup> | 244635 | 230687 |
| **Total Net Lease** |  | 2535095 |
| **Single Family Residence - 0.9%** |  |  |
| FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR1, 1.79% due 08/17/38<sup>2</sup> | 600000 | 585990 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.50% due 10/19/37<sup>2</sup> | 150000 | 149401 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 4.00% due 10/19/37<sup>2</sup> | 150000 | 149375 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, 3.37% due 10/19/37<sup>2</sup> | 100000 | 99554 |
| Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-SFR2, 5.00% due 12/17/40<sup>2</sup> | 250000 | 248869 |
| &nbsp;&nbsp;&nbsp;2024-SFR3, 5.25% due 08/17/41<sup>2</sup> | 200000 | 199510 |
| &nbsp;&nbsp;&nbsp;2024-SFR2, 5.70% due 06/17/40<sup>2</sup> | 100000 | 101947 |
| Invitation Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-SFR1, 4.00% due 09/17/41<sup>2</sup> | 100000 | 97017 |
| **Total Single Family Residence** |  | 1631663 |
| **Collateralized Debt Obligations - 0.4%** |  |  |
| Anchorage Credit Funding 4 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-4A AR, 2.72% due 04/27/39<sup>2</sup> | 750000 | 709489 |
| **Transport-Container - 0.3%** |  |  |
| CLI Funding VIII LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, 1.64% due 02/18/46<sup>2</sup> | 251369 | 232261 |
| Textainer Marine Containers Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, 1.94% due 08/20/46<sup>2</sup> | 202000 | 181510 |
| Textainer Marine Containers VII Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, 2.73% due 08/21/45<sup>2</sup> | 109240 | 105090 |
| TIF Funding III LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 5.48% due 04/20/49<sup>2</sup> | 88750 | 89025 |
| **Total Transport-Container** |  | 607886 |
| **Insurance - 0.3%** |  |  |
| Obra Longevity |  |  |
| &nbsp;&nbsp;&nbsp;8.48% due 06/30/39<sup>†††</sup> | 450000 | 473306 |
| **Unsecured Consumer Loans - 0.1%** |  |  |
| Service Experts Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, 6.39% due 11/20/35<sup>2</sup> | 110138 | 112634 |
| &nbsp;&nbsp;&nbsp;2025-1A, 5.38% due 01/20/37<sup>2</sup> | 96264 | 96595 |
| **Total Unsecured Consumer Loans** |  | 209229 |
| **Total Asset-Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,584,977) |  | 28172781 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 2.2%** | | |
| **Financial - 1.0%** |  |  |
| Higginbotham Insurance Agency, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.67% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 11/24/28<sup>†††</sup> | 408768 | $406323 |
| Franklin Square Holdings, LP |  |  |
| &nbsp;&nbsp;&nbsp;due 04/25/31 | 249369 | 249369 |
| Worldpay |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 248128 | 248232 |
| Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 220832 | 218992 |
| Citadel Securities, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 196525 | 196845 |
| HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/03/32 | 154237 | 153949 |
| CPI Holdco B LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 148500 | 148315 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 148500 | 147873 |
| Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 98260 | 98782 |
| **Total Financial** |  | 1868680 |
| **Consumer, Cyclical - 0.4%** |  |  |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 450000 | 450000 |
| MB2 Dental Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.66% (1 Month Term SOFR + 5.50%, Rate Floor: 6.25%) due 02/13/31<sup>†††</sup> | 173638 | 172971 |
| Pacific Bells LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/13/28 | 88656 | 88951 |
| **Total Consumer, Cyclical** |  | 711922 |
| **Consumer, Non-cyclical - 0.3%** |  |  |
| Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 01/22/31 | 350000 | 350220 |
| Quirch Foods Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.05% (3 Month Term SOFR + 4.75%, Rate Floor: 5.75%) due 10/27/27 | 144222 | 141187 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.16% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 18119 | 16268 |
| Elanco Animal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 08/01/27 | 14422 | 14403 |
| **Total Consumer, Non-cyclical** |  | 522078 |
| **Industrial - 0.2%** |  |  |
| EMRLD Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.12% (6 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 08/04/31 | 99002 | 98526 |
| &nbsp;&nbsp;&nbsp;6.45% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/31/30 | 98254 | 97921 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 12/14/28 | 149612 | 149986 |
| Capstone Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.76% (1 Month Term SOFR + 4.50%, Rate Floor: 5.50%) due 11/12/29<sup>†††</sup> | 136890 | 136265 |
| **Total Industrial** |  | 482698 |
| **Technology - 0.2%** |  |  |
| Team.Blue Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;due 07/12/32 | 200000 | 199626 |
| Datix Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;9.21% (6 Month GBP SONIA + 5.00%, Rate Floor: 5.00%) due 04/30/31<sup>†††</sup> | GBP 71,200 | 95760 |
| &nbsp;&nbsp;&nbsp;9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 04/30/31<sup>†††</sup> | 20000 | 20000 |
| **Total Technology** |  | 315386 |
| **Communications - 0.1%** |  |  |
| Authentic Brands |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/21/28 | 173250 | 172789 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/29/32 | 30000 | 30000 |
| **Total Communications** |  | 202789 |
| **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,094,747) |  | 4103553 |
| **FEDERAL AGENCY BONDS<sup>††</sup> - 1.0%** |  |  |
| Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 09/15/65 | 1000000 | 826781 |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/56 | 750000 | 762219 |
| &nbsp;&nbsp;&nbsp;5.25% due 02/01/55 | 50000 | 49943 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** |
| **FEDERAL AGENCY BONDS<sup>††</sup> - 1.0% (continued)** | **FEDERAL AGENCY BONDS<sup>††</sup> - 1.0% (continued)** | **FEDERAL AGENCY BONDS<sup>††</sup> - 1.0% (continued)** | **FEDERAL AGENCY BONDS<sup>††</sup> - 1.0% (continued)** |
| Tennessee Valley Authority Principal Strips |  |  |  |
| &nbsp;&nbsp;&nbsp; due 01/15/48<sup>10,11</sup> |  | 500000 | $152567 |
| **Total Federal Agency Bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,603,896) |  |  | 1791510 |
| **MUNICIPAL BONDS<sup>††</sup> - 0.2%** |  |  |  |
| **Illinois - 0.2%** |  |  |  |
| State of Illinois General Obligation Unlimited |  |  |  |
| &nbsp;&nbsp;&nbsp;5.65% due 12/01/38 |  | 311111 | 321861 |
| **Total Municipal Bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $315,742) |  |  | 321861 |
| **FOREIGN GOVERNMENT DEBT<sup>††</sup> - 0.1%** |  |  |  |
| Eagle Funding Luxco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 08/17/30<sup>2</sup> |  | 250000 | 253640 |
| **Total Foreign Government Debt** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $249,384) |  |  | 253640 |
| **REPURCHASE AGREEMENTS<sup>††,14</sup> - 2.6%** |  |  |  |
| BofA Securities, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.19% <br> due 10/01/25 |  | 1845735 | 1845735 |
| BNP Paribas |  |  |  |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% <br> due 10/01/25 |  | 1615018 | 1615018 |
| J.P. Morgan Securities LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.20% <br> due 10/01/25 |  | 1153584 | 1153584 |
| Bank of Montreal |  |  |  |
| &nbsp;&nbsp;&nbsp;issued 09/30/25 at 4.18% <br> due 10/01/25 |  | 230717 | 230717 |
| **Total Repurchase Agreements** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,845,054) |  |  | 4845054 |
|  |  | **Contracts/Notional Value** |  |
| **OTC OPTIONS PURCHASED<sup>††</sup> - 0.0%** |  |  |  |
| **Put Options on:** |  |  |  |
| **Foreign Exchange Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.73 | USD | 420000 | 5408 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.64 | USD | 336000 | 4326 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 140000 | 4126 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $1,394,725) | EUR | 1187000 | 2028 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $1,394,725) | EUR | 1187000 | 2028 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $1,782,475) | EUR | 1517000 | 2664 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $1,594,475) | EUR | 1357000 | 2281 |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 870000 | 1840 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange EUR/USD Expiring January 2026 with strike price of EUR 1.12 (Notional Value $789,600) | EUR | 672000 | 1148 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Bank, N.A. Foreign Exchange USD/JPY Expiring May 2026 with strike price of $123.50 | USD | 33000 | 972 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange USD/JPY Expiring April 2026 with strike price of $2.63 | USD | 74000 | 953 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Contracts/Notional Value** | **Value** |
| **OTC OPTIONS PURCHASED<sup>††</sup> - 0.0% (continued)** | | | |
| **Put Options on:** |  |  |  |
| **Foreign Exchange Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 261000 | $552 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $140.00 | USD | 80000 | 169 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $2,019,825) | EUR | 1719000 | 4 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $2,019,825) | EUR | 1719000 | 4 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $1,414,700) | EUR | 1204000 | 4 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $719,100) | EUR | 612000 | 2 |
| &nbsp;&nbsp;&nbsp;Bank of America, N.A. Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $606,300) | EUR | 516000 | 2 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Foreign Exchange EUR/USD Expiring November 2025 with strike price of EUR 1.01 (Notional Value $118,675) | EUR | 101000 | – |
| **Total Foreign Exchange Options** |  |  | 28511 |
| **Total OTC Options Purchased** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $181,793) |  |  | 28511 |
| **OTC INTEREST RATE SWAPTIONS PURCHASED<sup>††,15</sup> - 0.1%** |  |  |  |
| **Call Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $5,515,000) | USD | 5515000 | 69602 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $2,757,500) | USD | 2757500 | 34801 |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.50% (Notional Value $2,757,500) | USD | 2757500 | 34801 |
| **Total Interest Rate Swaptions** |  |  | 139204 |
| **Total OTC Interest Rate Swaptions Purchased** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $132,498) |  |  | 139204 |
| **Total Investments - 121.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $229,562,297) |  |  | $223863815 |
|  |  | **Contracts/Notional Value** |  |
| **OTC OPTIONS WRITTEN<sup>††</sup> - (0.0)%** |  |  |  |
| **Put Options on:** |  |  |  |
| **Foreign Exchange Options** |  |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs International Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 80000 | (11) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 261000 | (35) |
| &nbsp;&nbsp;&nbsp;UBS AG Foreign Exchange USD/JPY Expiring November 2025 with strike price of $130.00 | USD | 870000 | (115) |
| **Total Foreign Exchange Options** |  |  | (161) |
| **Total OTC Options Written** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $9,563) |  |  | (161) |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Contracts/Notional Value** | **Contracts/Notional Value** | **Value** |
| **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,15</sup> - (0.0)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,15</sup> - (0.0)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,15</sup> - (0.0)%** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,15</sup> - (0.0)%** |
| **Call Swaptions on:** | | | |
| **Interest Rate Swaptions** |  |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $837,500) | USD | 837500 | $(2089) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.85% (Notional Value $837,500) | USD | 837500 | (2095) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.86% (Notional Value $837,500) | USD | 837500 | (2138) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc <br> 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $837,500) | USD | 837500 | (2426) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.71% (Notional Value $837,500) | USD | 837500 | (2426) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.89% (Notional Value $837,500) | USD | 837500 | (2465) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc <br> 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $837,500) | USD | 837500 | (2697) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.93% (Notional Value $837,500) | USD | 837500 | (2727) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $837,500) | USD | 837500 | (2790) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 2.94% (Notional Value $837,500) | USD | 837500 | (2790) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $1,172,500) | USD | 1172500 | (2952) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.64% (Notional Value $1,172,500) | USD | 1172500 | (2952) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $1,340,000) | USD | 1340000 | (3656) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 2.69% (Notional Value $1,340,000) | USD | 1340000 | (3656) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $2,757,500) | USD | 2757500 | (9718) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $2,757,500) | USD | 2757500 | (9717) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 9-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.00% (Notional Value $5,515,000) | USD | 5515000 | (19434) |
| **Total Interest Rate Swaptions** |  |  | (76728) |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Contracts/Notional Value** | **Contracts/Notional Value** | **Value** |
| **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,15</sup> - (0.0)% (continued)** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,15</sup> - (0.0)% (continued)** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,15</sup> - (0.0)% (continued)** | **OTC INTEREST RATE SWAPTIONS WRITTEN<sup>††,15</sup> - (0.0)% (continued)** |
| **Put Swaptions on:** |  |  |  |
| **Interest Rate Swaptions** | | | |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $837,500) | USD | 837500 | $(1134) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.94% (Notional Value $837,500) | USD | 837500 | (1134) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $837,500) | USD | 837500 | (1195) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc <br> 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.93% (Notional Value $837,500) | USD | 837500 | (1211) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.89% (Notional Value $837,500) | USD | 837500 | (1381) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.86% (Notional Value $837,500) | USD | 837500 | (1399) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $837,500) | USD | 837500 | (1433) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 6-Month/5-Year Interest Rate Swap Expiring February 2026 with exercise rate of 3.85% (Notional Value $837,500) | USD | 837500 | (1438) |
| &nbsp;&nbsp;&nbsp;Barclays Bank plc <br> 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $837,500) | USD | 837500 | (1765) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.71% (Notional Value $837,500) | USD | 837500 | (1765) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $1,172,500) | USD | 1172500 | (2803) |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services LLC 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.64% (Notional Value $1,172,500) | USD | 1172500 | (2803) |
| &nbsp;&nbsp;&nbsp;The Toronto-Dominion Bank 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $1,340,000) | USD | 1340000 | (2925) |
| &nbsp;&nbsp;&nbsp;BNP Paribas 1-Year/2-Year Interest Rate Swap Expiring August 2026 with exercise rate of 3.69% (Notional Value $1,340,000) | USD | 1340000 | (2925) |
| **Total Interest Rate Swaptions** |  |  | (25311) |
| **Total OTC Interest Rate Swaptions Written** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $148,435) |  |  | (102039) |
| **Other Assets & Liabilities, net - (21.5)%** |  |  | (39615006) |
| **Total Net Assets - 100.0%** |  |  | $184146609 |

---

**Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Protection <br> Premium Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront <br> Premiums <br> Received** | **Unrealized <br> Appreciation <br> (Depreciation)<sup>\*\*</sup>** |
| BofA Securities, Inc. ICE | CDX.NA.IG.45.V1 | 1.00% | Quarterly | 12/20/30 | $3700000 | $(83746) | $(84135) | $389 |
| BofA Securities, Inc. ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | 1850000 | (147886) | (139147) | (8739) |
|  |  |  |  |  |  | $(231632) | $(223282) | $(8350) |

---

**OTC Credit Default Swap Agreements Protection Purchased<sup>††</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Protection <br> Premium Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront <br> Premiums Received** | **Unrealized <br> (Depreciation)** |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (15-25%) | 5.00% | Quarterly | 12/20/29 | $250000 | $(21403) | $(13392) | $(8011) |
| Morgan Stanley Capital Services LLC | CDX.NA.HY.43.V1 (25-35%) | 5.00% | Quarterly | 12/20/29 | 250000 | (38842) | (31992) | (6850) |
|  |  |  |  |  |  | $(60245) | $(45384) | $(14861) |

---

**Centrally Cleared Interest Rate Swap Agreements<sup>††</sup>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating <br> Rate Type** | **Floating Rate <br> Index** | **Fixed Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional Amount** | **Value** | **Upfront Premiums <br> Paid** | **Unrealized <br> Appreciation <br> (Depreciation)<sup>\*\*</sup>** |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.09% | Annually | 12/23/29 | $3499262 | $100862 | $266 | $100596 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.27% | Annually | 06/27/27 | 4500000 | 62946 | 180 | 62766 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.21% | Annually | 07/11/27 | 4000000 | 53763 | 183 | 53580 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.66% | Annually | 10/18/27 | 5300000 | 28830 | 214 | 28616 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.76% | Annually | 02/06/29 | 1300000 | 17144 | 91 | 17053 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 4.99% | Annually | 10/11/25 | 9089000 | 2293 | 4 | 2289 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 3.40% | Annually | 04/04/28 | 5000000 | 1646 | 162 | 1484 |
| BofA Securities, Inc. CME | Pay | U.S. Secured Overnight Financing Rate | 2.78% | Annually | 07/18/27 | 5000000 | (58364) | 46 | (58410) |
|  |  |  |  |  |  |  | $209120 | $1146 | $207974 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligation** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| JPMorgan Chase Bank, N.A. | iShares iBoxx $ Investment Grade Corporate Bond ETF | Pay | 3.42% (Federal Funds Rate - 0.67%) | At Maturity | 11/05/25 | 4730 | $527253 | $7568 |

---

**Forward Foreign Currency Exchange Contracts<sup>††</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency** | **Type** | **Quantity** | **Contract Amount** | **Settlement Date** | **Unrealized Appreciation (Depreciation)** |
| Barclays Bank plc | GBP | Sell | 73000 | 99,158 USD | 10/17/25 | $969 |
| Toronto-Dominion Bank | EUR | Sell | 6000 | 7,056 USD | 10/15/25 | 4 |
| Morgan Stanley Capital Services LLC | EUR | Sell | 15000 | 17,610 USD | 10/15/25 | (18) |
| Morgan Stanley Capital Services LLC | EUR | Buy | 49000 | 57,614 USD | 10/17/25 | (19) |
| Barclays Bank plc | EUR | Sell | 7000 | 8,172 USD | 10/15/25 | (55) |
|  |  |  |  |  |  | $881 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**OTC Interest Rate Swaptions Purchased**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/Description** | **Floating Rate<br> Type** | **Floating Rate Index** | **Payment<br> Frequency** | **Fixed Rate** | **Expiration<br> Date** | **Exercise<br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas<br> 9-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.50% | 02/13/26 | 3.50% | $5515000 | $69602 |
| Morgan Stanley Capital Services LLC<br> 9-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 2757500 | 34801 |
| The Toronto-Dominion Bank<br> 9-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.50% | 02/13/26 | 3.50% | 2757500 | 34801 |
|  |  |  |  |  |  |  |  | $139204 |

---

**OTC Interest Rate Swaptions Written**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/Description** | **Floating Rate<br> Type** | **Floating Rate Index** | **Payment<br> Frequency** | **Fixed Rate** | **Expiration<br> Date** | **Exercise<br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Call** |  |  |  |  |  |  |  |  |
| BNP Paribas<br> 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | $837500 | $(2089) |
| Morgan Stanley Capital Services LLC<br> 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.85% | 02/13/26 | 2.85% | 837500 | (2095) |
| Morgan Stanley Capital Services LLC<br> 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.86% | 02/13/26 | 2.86% | 837500 | (2138) |
| BNP Paribas<br> 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 837500 | (2426) |
| Barclays Bank plc<br> 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.71% | 08/19/26 | 2.71% | 837500 | (2426) |
| BNP Paribas<br> 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.89% | 02/20/26 | 2.89% | 837500 | (2465) |
| Barclays Bank plc<br> 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 837500 | (2697) |
| The Toronto-Dominion Bank<br> 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.93% | 02/19/26 | 2.93% | 837500 | (2727) |
| BNP Paribas<br> 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 837500 | (2790) |
| The Toronto-Dominion Bank<br> 6-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.94% | 02/18/26 | 2.94% | 837500 | (2790) |
| Morgan Stanley Capital Services LLC<br> 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 1172500 | (2952) |
| BNP Paribas<br> 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.64% | 08/13/26 | 2.64% | 1172500 | (2952) |
| The Toronto-Dominion Bank<br> 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 1340000 | (3656) |
| BNP Paribas<br> 1-Year/2-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 2.69% | 08/14/26 | 2.69% | 1340000 | (3656) |
| The Toronto-Dominion Bank<br> 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 2757500 | (9717) |
| Morgan Stanley Capital Services LLC<br> 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 2757500 | (9718) |
| BNP Paribas<br> 9-Month/5-Year Interest Rate Swap | Receive | 12 Month SOFR | Annual | 3.00% | 02/13/26 | 3.00% | 5515000 | (19434) |
|  |  |  |  |  |  |  |  | $(76728) |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty/Description** | **Floating Rate<br> Type** | **Floating Rate Index** | **Payment<br> Frequency** | **Fixed Rate** | **Expiration<br> Date** | **Exercise<br> Rate** | **Swaption <br> Notional <br> Amount** | **Swaption <br> Value** |
| **Put** |  |  |  | |  | | | |
| BNP Paribas<br> 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | $837500 | $(1134) |
| The Toronto-Dominion Bank<br> 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.94% | 02/18/26 | 3.94% | 837500 | (1134) |
| The Toronto-Dominion Bank<br> 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 837500 | (1195) |
| Barclays Bank plc<br> 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.93% | 02/19/26 | 3.93% | 837500 | (1211) |
| BNP Paribas<br> 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.89% | 02/20/26 | 3.89% | 837500 | (1381) |
| Morgan Stanley Capital Services LLC<br> 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.86% | 02/13/26 | 3.86% | 837500 | (1399) |
| Morgan Stanley Capital Services LLC<br> 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 837500 | (1433) |
| BNP Paribas<br> 6-Month/5-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.85% | 02/13/26 | 3.85% | 837500 | (1438) |
| Barclays Bank plc<br> 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 837500 | (1765) |
| BNP Paribas<br> 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.71% | 08/19/26 | 3.71% | 837500 | (1765) |
| BNP Paribas<br> 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 1172500 | (2803) |
| Morgan Stanley Capital Services LLC<br> 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.64% | 08/13/26 | 3.64% | 1172500 | (2803) |
| The Toronto-Dominion Bank<br> 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 1340000 | (2925) |
| BNP Paribas<br> 1-Year/2-Year Interest Rate Swap | Pay | 12 Month SOFR | Annual | 3.69% | 08/14/26 | 3.69% | 1340000 | (2925) |
|  |  |  |  |  |  |  |  | $(25311) |

---

---

| | |
|:---|:---|
| *<sup>~</sup>* | *The face amount is denominated in U.S. dollars unless otherwise indicated.* |
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.* |
| *<sup>1</sup>* | *Special Purpose Acquisition Company (SPAC).* |
| *<sup>2</sup>* | *Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $65,118,555 (cost $66,819,889), or 35.4% of total net assets.* |
| *<sup>3</sup>* | *Affiliated issuer.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *<sup>5</sup>* | *Security is unsettled at period end and may not have a stated effective rate.* |
| *<sup>6</sup>* | *Security is an interest-only strip.* |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

*<sup>7</sup>* *Security is a step up/down bond. The coupon increases or decreases at regular intervals until the bond reaches full maturity. Rate indicated is the rate at September 30, 2025. See table below for additional step information for each security.*

*<sup>8</sup>* *Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.*

*<sup>9</sup>* *Perpetual maturity.*

*<sup>10</sup>* *Zero coupon rate security.*

*<sup>11</sup>* *Security is a principal-only strip.*

*<sup>12</sup>* *Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.*

*<sup>13</sup>* *Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $64,323 (cost $67,474), or 0.0% of total net assets — See Note 6.*

*<sup>14</sup>* *Repurchase Agreements - The interest rate on repurchase agreements is market driven and based on the underlying collateral obtained. See additional disclosure in the repurchase agreements table below for more information on repurchase agreements.*

*<sup>15</sup>* *See additional disclosure in the swaptions table above for more information on swaptions.*

*<sup>16</sup>* *Face amount of security is adjusted for inflation*

---

| |
|:---|
| *BofA — Bank of America* |
| *CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1* |
| *CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1* |
| *CDX.NA.IG.45.V1 — Credit Default Swap North American Investment Grade Series 45 Index Version 1* |
| *CME — Chicago Mercantile Exchange* |
| *CMT — Constant Maturity Treasury* |
| *EUR — Euro* |
| *GBP — British Pound* |
| *ICE — Intercontinental Exchange* |
| *plc — Public Limited Company* |
| *REMIC — Real Estate Mortgage Investment Conduit* |
| *SARL — Société à Responsabilité Limitée* |
| *SOFR — Secured Overnight Financing Rate* |
| *SONIA — Sterling Overnight Index Average* |
| *WAC — Weighted Average Coupon* |
| *See Sector Classification in Other Information section.* |

---

The following table summarizes the inputs used to value the Fund's investments at September 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $— | $— | $8 | $8 |
| Preferred Stocks | 349855 | 3612435 |  | 3962290 |
| Warrants | 5 |  | 3 | 8 |
| Mutual Fund | 26334233 |  |  | 26334233 |
| Money Market Fund | 3767573 |  |  | 3767573 |
| Collateralized Mortgage Obligations |  | 76657141 | 868948 | 77526089 |
| Corporate Bonds |  | 36727031 | 4160644 | 40887675 |
| U.S. Government Securities |  | 31729825 |  | 31729825 |
| Asset-Backed Securities |  | 25322569 | 2850212 | 28172781 |
| Senior Floating Rate Interests |  | 3272234 | 831319 | 4103553 |
| Federal Agency Bonds |  | 1791510 |  | 1791510 |
| Municipal Bonds |  | 321861 |  | 321861 |
| Foreign Government Debt |  | 253640 |  | 253640 |
| Repurchase Agreements |  | 4845054 |  | 4845054 |
| Options Purchased |  | 28511 |  | 28511 |
| Interest Rate Swaptions Purchased |  | 139204 |  | 139204 |
| Credit Default Swap Agreements\*\* |  | 389 |  | 389 |
| Interest Rate Swap Agreements\*\* |  | 266384 |  | 266384 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 973 |  | 973 |
| Credit Index Swap Agreements\*\* |  | 7568 |  | 7568 |
| Total Assets | $30451666 | $184976329 | $8711134 | $224139129 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Options Written | $— | $161 | $— | $161 |
| Interest Rate Swaptions Written |  | 102039 |  | 102039 |
| Credit Default Swap Agreements\*\* |  | 23600 |  | 23600 |
| Interest Rate Swap Agreements\*\* |  | 58410 |  | 58410 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 92 |  | 92 |
| Unfunded Loan Commitments (Note 5) |  |  | 95 | 95 |
| Total Liabilities | $— | $184302 | $95 | $184397 |

---

*<sup>\*\*</sup>* *This derivative is reported as unrealized appreciation/depreciation at period end.*

The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending Balance at September 30, 2025** | **Valuation Technique** | **Unobservable Inputs** | **Input Range** | **Weighted Average\*** |
| **Assets:** |  |  |  |  |  |
| Asset-Backed Securities | $1563604 | Yield Analysis | Yield | 6.1%-7.2% | 6.6% |
| Asset-Backed Securities | 761608 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Asset-Backed Securities | 525000 | Third Party Pricing | Broker Quote |  |  |
| Collateralized Mortgage Obligations | 868948 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Common Stocks | 8 | Model Price | Liquidation Value |  |  |
| Corporate Bonds | 2344557 | Option adjusted spread off prior month end broker quote | Broker Quote |  |  |
| Corporate Bonds | 1407500 | Third Party Pricing | Broker Quote |  |  |
| Corporate Bonds | 408587 | Third Party Pricing | Trade Price |  |  |
| Senior Floating Rate Interests | 831319 | Model Price | Purchase Price |  |  |
| Warrants | 3 | Model Price | Liquidation Value |  |  |
| Total Assets | $8711134 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $95 | Model Price | Purchase price |  |  |

---

*<sup>\*</sup>* *Inputs are weighted by the fair value of the instruments.*

Significant changes in a quote, yield, or liquidation value would generally result in significant changes in the fair value of the security.

The Fund's fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the period ended September 30, 2025, the Fund did not have any securities to transfer into Level 3 from Level 2 or transfer out of Level 3 into Level 2.

**Summary of Fair Value Level 3 Activity**

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended September 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | **Assets** | | **Liabilities** |
| | **Asset-Backed Securities** | **Collateralized Mortgage Obligations** | **Corporate Bonds** | **Senior Floating Rate Interests** | **Warrants** | **Common Stocks** |<br>**Total Assets** | **Unfunded Loan Commitments** |
| Beginning Balance | $3214279 | $792946 | $2423951 | $820124 | $3 | $8 | $7251311 | $(3041) |
| Purchases/(Receipts) | 309125 |  | 1679921 | 41610 |  |  | 2030656 | (4935) |
| (Sales, maturities and paydowns)/Fundings | (717056) | (9386) | (16260) | (38604) |  |  | (781306) | 4542 |
| Amortization of premiums/discounts |  | (2845) |  | 1032 |  |  | (1813) | (516) |
| Total realized gains (losses) included in earnings |  |  |  | (124) |  |  | (124) | 157 |
| Total change in unrealized appreciation (depreciation) included in earnings | 43864 | 88233 | 73032 | 7281 |  |  | 212410 | 3698 |
| Transfers into Level 3 |  |  |  |  |  |  |  |  |
| Transfers out of Level 3 | - | - | - | - | - | - | - | - |
| Ending Balance | $2850212 | $868948 | $4160644 | $831319 | $3 | $8 | $8711134 | $(95) |
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2025 | $40062 | $88233 | $73032 | $7293 | $- | $- | $208620 | $3698 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Step Coupon Bonds**

The following table discloses additional information related to step coupon bonds held by the Fund. Certain securities are subject to multiple rate changes prior to maturity. For those securities, a range of rates and corresponding dates have been provided. Rates for all step coupon bonds held by the Fund are scheduled to increase, none are scheduled to decrease.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Coupon Rate at <br> Next Reset Date** | **Next Rate Reset Date** | **Future Reset Rate(s)** | **Future Reset Date(s)** |
| Angel Oak Mortgage Trust 2023-1, 4.75% due 09/26/67 | 5.75% | 01/01/27 |  |  |
| Angel Oak Mortgage Trust 2024-2, 6.25% due 01/25/69 | 7.25% | 01/01/28 |  |  |
| BRAVO Residential Funding Trust 2024-NQM1, 6.40% due 12/01/63 | 7.40% | 01/01/28 |  |  |
| BRAVO Residential Funding Trust 2023-NQM2, 4.50% due 05/25/62 | 5.50% | 02/01/27 |  |  |
| Cross Mortgage Trust 2025-H6, 5.54% due 07/25/70 | 6.54% | 07/01/29 |  |  |
| EFMT 2025-CES4, 5.43% due 06/25/60 | 6.43% | 07/01/29 |  |  |
| GCAT Trust 2023-NQM3, 6.89% due 08/25/68 | 7.89% | 09/01/27 |  |  |
| GCAT Trust 2025-NQM4, 5.73% due 06/25/70 | 6.73% | 07/01/29 |  |  |
| HOMES Trust 2025-AFC3, 5.34% due 08/25/60 | 6.34% | 09/01/29 |  |  |
| Legacy Mortgage Asset Trust 2021-GS5, 5.25% due 07/25/67 | 6.25% | 11/25/25 |  |  |
| LHOME Mortgage Trust 2024-RTL5, 5.32% due 09/25/39 | 6.32% | 03/25/27 |  |  |
| Mill City Securities Ltd. 2024-RS2, 3.00% due 08/01/69 | 6.00% | 12/01/27 |  |  |
| NYMT Loan Trust 2025-INV2, 5.46% due 10/25/60 | 6.46% | 09/01/29 |  |  |
| OBX Trust 2024-NQM5, 6.29% due 01/25/64 | 7.29% | 03/01/28 |  |  |
| OBX Trust 2025-NQM16, 5.21% due 08/25/65 | 6.21% | 09/01/29 |  |  |
| OBX Trust 2024-NQM13, 5.37% due 06/25/64 | 6.37% | 08/01/28 |  |  |
| OBX Trust 2024-NQM11, 6.13% due 06/25/64 | 7.08% | 07/01/28 |  |  |
| OBX Trust 2024-NQM9, 6.44% due 01/25/64 | 7.66% | 06/01/28 |  |  |
| OBX Trust 2024-NQM2, 6.18% due 12/25/63 | 7.18% | 01/01/28 |  |  |
| OBX Trust 2024-NQM6, 6.85% due 02/25/64 | 7.85% | 04/01/28 |  |  |
| OBX Trust 2022-NQM9, 6.45% due 09/25/62 | 7.45% | 11/01/26 |  |  |
| OBX Trust 2024-NQM3, 6.43% due 12/25/63 | 7.43% | 02/01/28 |  |  |
| OBX Trust 2024-NQM8, 6.59% due 05/25/64 | 7.59% | 05/01/28 |  |  |
| PRPM LLC 2025-7, 5.50% due 08/25/30 | 8.50% | 08/01/28 | 9.50% | 08/01/29 |
| PRPM LLC 2025-6, 5.77% due 08/25/28 | 8.77% | 08/01/28 | 9.77% | 08/01/29 |
| RCKT Mortgage Trust 2024-CES4, 6.15% due 06/25/44 | 7.15% | 05/01/28 |  |  |
| Towd Point Mortgage Trust 2025-FIX1, 5.16% due 07/25/45 | 6.16% | 09/01/29 |  |  |
| Vista Point Securitization Trust 2024-CES3, 5.68% due 01/25/55 | 6.68% | 12/01/28 |  |  |

---

**Repurchase Agreements**

The Fund may engage in repurchase agreements. Repurchase agreements are fixed income securities in the form of agreements backed by collateral. These agreements typically involve the acquisition by the Fund of securities from the selling institution coupled with the agreement that the selling institution will repurchase the underlying securities at a specified price and at a fixed time in the future. The Fund may accept a wide variety of underlying securities as collateral for the repurchase agreements entered into by the Fund. Any such securities serving as collateral are marked-to-market daily in order to maintain full collateralization.

In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take possession of the underlying collateral. The collateral is in the possession of the Fund's custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements.

The use of repurchase agreements involves certain risks. For example, if the selling institution defaults on its obligation to repurchase the underlying securities at a time when the value of securities has declined, the Fund may incur a loss upon disposition of them. In the event of an insolvency or bankruptcy by the selling institution, the Fund's right to control the collateral could be affected and result in certain costs and delays. In addition, the Fund could incur a loss if the value of the underlying collateral falls below the agreed upon repurchase price.

At September 30, 2025, the repurchase agreements in the account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| BofA Securities, Inc. |  |  | U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;4.19% |  |  | 3.75% |  |  |
| &nbsp;&nbsp;&nbsp;Due 10/01/25 | 1845735 | 1845950 | Due 04/15/28 | $1845800 | $1882556 |
|  |  |  | U.S. Treasury Strip |  |  |
|  |  |  | 0.00% |  |  |
|  |  |  | Due 11/15/26 | 100 | 96 |
|  |  |  |  | 1845900 | 1882652 |
| BNP Paribas |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.20% |  |  | 3.63% - 3.88% |  |  |
| &nbsp;&nbsp;&nbsp;Due 10/01/25 | 1615018 | 1615206 | Due 07/15/28 - 08/31/30 | 1623000 | 1647063 |
|  |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
|  |  |  | 0.63% |  |  |
|  |  |  | Due 07/15/32 | 556 | 527 |
|  |  |  |  | 1623556 | 1647590 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.20% |  |  | 1.88% - 4.00% |  |  |
| &nbsp;&nbsp;&nbsp;Due 10/01/25 | 1153584 | 1153719 | Due 02/28/27 - 01/31/31 | 1199700 | 1174226 |
|  |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
|  |  |  | 2.00% |  |  |
|  |  |  | Due 01/15/26 | 2604 | 2618 |
|  |  |  |  | 1202304 | 1176844 |
| Bank of Montreal |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.18% |  |  | 2.38% |  |  |
| &nbsp;&nbsp;&nbsp;Due 10/01/25 | 230717 | 230744 | Due 11/15/49 | 354100 | 235360 |

---

---

| | |
|:---|:---|
| **Series E (Total Return Bond Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Affiliated Transactions**

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 09/30/25** | **Shares<br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III | $45415997 | $1538545 | $(20550000) | $47205 | $(117514) | $26334233 | 1058025 | $1545311 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 0.9%** | **COMMON STOCKS<sup>†</sup> - 0.9%** | **COMMON STOCKS<sup>†</sup> - 0.9%** |
| **Industrial - 0.4%** | **Industrial - 0.4%** | **Industrial - 0.4%** |
| API Heat Transfer Intermediate<sup>\*,†††</sup> | 123 | $160256 |
| BP Holdco LLC<sup>\*,†††,1</sup> | 11609 | 9490 |
| Vector Phoenix Holdings, LP<sup>\*,†††</sup> | 11609 | 1 |
| **Total Industrial** |  | 169747 |
| **Consumer, Cyclical - 0.3%** |  |  |
| American Tire Distributors, Inc.<sup>†††</sup> | 23999 | 137694 |
| **Financial - 0.2%** |  |  |
| Fusion Buyer LLC<sup>\*,††</sup> | 2340 | 77220 |
| Contra Mallinckro<sup>\*,††</sup> | 269 | 27954 |
| **Total Financial** |  | 105174 |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| WW International, Inc.<sup>\*</sup> | 531 | 14528 |
| **Communications - 0.0%** |  |  |
| Xplore, Inc.<sup>\*,††</sup> | 3953 | 9148 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $669,804) |  | 436291 |
| **RIGHTS<sup>†</sup>- 0.0%** |  |  |
| Asphalt Intermediate Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 12/31/49<sup>†††</sup> | 1071 | 395 |
| Xplore, Inc. | 302 | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | 395 |
| **EXCHANGE-TRADED FUND<sup>\*\*\*,†</sup> - 0.9%** |  |  |
| SPDR Blackstone Senior Loan ETF | 10447 | 434386 |
| **Total Exchange-Traded Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $432,792) |  | 434386 |
| **MUTUAL FUND<sup>†</sup> - 4.5%** |  |  |
| Guggenheim Floating Rate Strategies Fund — Class R6<sup>1</sup> | 93389 | 2210516 |
| **Total Mutual Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,280,799) |  | 2210516 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 2.4%** |  |  |
| Federated Hermes U.S. Treasury Cash Reserves Fund — Institutional Shares, 3.98%<sup>2</sup> | 1170345 | 1170345 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,170,345) |  | 1170345 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9%** |  |  |
| **Industrial - 20.5%** |  |  |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.80% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 12/28/27 | 502847 | 502163 |
| &nbsp;&nbsp;&nbsp;due 09/24/32 | 110000 | 109973 |
| Hunter Douglas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 01/17/32 | 477452 | 477452 |
| Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 09/29/31 | 410222 | 409734 |
| AS Mileage Plan Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 10/15/31 | 405626 | 406133 |
| LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.99% (1 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 06/06/31 | 410815 | 400216 |
| Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 279756 | 280193 |
| Fugue Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.95% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/09/32 | 273737 | 274128 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/28/31 | 193805 | 193679 |
| &nbsp;&nbsp;&nbsp;6.50% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 01/19/32 | 79200 | 79145 |
| EMRLD Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.12% (6 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 08/04/31 | 268182 | 266892 |
| Genesee & Wyoming, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/10/31 | 257922 | 256818 |
| DXP Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (1 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 10/11/30 | 255173 | 256290 |
| Albion Financing 3 SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.21% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 05/01/31 | 250000 | 250470 |
| Convergint |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/12/32 | 249864 | 250176 |
| Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/21/31 | 247487 | 247178 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9% (continued)** | | |
| **Industrial - 20.5% (continued)** |  |  |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/14/31 | 139550 | $139470 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 64675 | 64631 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/19/29 | 42708 | 42719 |
| Core & Main LP |  |  |
| &nbsp;&nbsp;&nbsp;6.17% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 02/10/31 | 246264 | 245496 |
| Harsco Corporation |  |  |
| &nbsp;&nbsp;&nbsp;6.53% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 06/09/28 | 243020 | 242211 |
| Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/01/31 | 213036 | 213924 |
| Hobbs & Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 214158 | 213871 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 12/14/28 | 212506 | 213037 |
| Pelican Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 238546 | 202049 |
| Aegion Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 186140 | 186187 |
| StandardAero |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 175521 | 175512 |
| Cube A&D Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.58% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/17/31 | 173645 | 174080 |
| Pregis TopCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/28/29 | 172025 | 173100 |
| White Cap Supply Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.42% (1 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/19/29 | 168974 | 168938 |
| O-I Glass, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 09/25/32 | 165800 | 165386 |
| MI Windows And Doors LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/28/31 | 155069 | 155522 |
| APi Group DE, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/03/29 | 152912 | 152764 |
| Foundation Building Materials Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 01/29/31 | 147750 | 147935 |
| Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/15/27 | 144219 | 144163 |
| Spring Education Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 10/04/30 | 143515 | 143851 |
| Engineering Research And Consulting LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31 | 148875 | 143664 |
| Savage Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/05/32 | 143141 | 143167 |
| Tiger Acquisition |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/16/32 | 135000 | 134433 |
| Atlantic Aviation |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 09/23/31 | 129025 | 128979 |
| API Heat Transfer |  |  |
| &nbsp;&nbsp;&nbsp;12.30% (3 Month Term SOFR + 8.00%, Rate Floor: 11.00%) due 11/12/27<sup>†††</sup> | 79847 | 79847 |
| &nbsp;&nbsp;&nbsp;9.30% (3 Month Term SOFR + 5.00%, Rate Floor: 8.00%) due 11/12/27<sup>†††</sup> | 46214 | 46214 |
| Ring Container Technologies Group, LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/28 | 124587 | 124717 |
| ASP Dream Acquisiton Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 12/15/28 | 129441 | 118439 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9% (continued)** | | |
| **Industrial - 20.5% (continued)** |  |  |
| STS Operating, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.26% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 115245 | $114429 |
| PointClickCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/03/31 | 104475 | 104534 |
| John Bean Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 01/02/32 | 104475 | 104318 |
| Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 103425 | 100839 |
| Brown Group Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.99% ((1 Month Term SOFR + 2.75%) and (3 Month Term SOFR + 2.75%), Rate Floor: 3.25%) due 07/01/31 | 99497 | 99660 |
| Red SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.39% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/15/32 | 97124 | 96901 |
| Construction Partners, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 11/03/31 | 94288 | 94494 |
| GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.67% (3 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/03/32 | 89950 | 89832 |
| Osmose Utility Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.53% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 06/23/28 | 70160 | 66345 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/20/32 | 65000 | 65244 |
| Student Transportation Of America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/24/32 | 60667 | 60800 |
| &nbsp;&nbsp;&nbsp;7.38% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/24/32 | 4333 | 4343 |
| Madison Safety & Flow LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/26/31 | 64805 | 64846 |
| Knife River Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.12% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/08/32 | 41836 | 41876 |
| Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/23/32 | 35889 | 36161 |
| **Total Industrial** |  | 10089568 |
| **Consumer, Cyclical - 18.5%** |  |  |
| Burlington Coat Factory Warehouse Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/24/31 | 497487 | 497487 |
| Restaurant Brands |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 09/20/30 | 495770 | 493702 |
| PetSmart LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.14% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/09/32 | 493136 | 485433 |
| Alterra Mountain Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/17/28 | 239652 | 239552 |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/31/30 | 198503 | 198628 |
| Flutter Entertainment plc |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 11/30/30 | 432300 | 430463 |
| Grant Thornton Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 06/02/31 | 407929 | 405151 |
| Entain Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 10/31/29 | 298811 | 298455 |
| Prime Security Services Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.13% (6 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/13/30 | 274592 | 273752 |
| Bulldog Purchaser, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 06/28/31 | 253472 | 254423 |
| Thevelia US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 06/18/29 | 251599 | 250781 |
| Acuren |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/30/31 | 249372 | 249559 |
| Arcis Golf LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/24/28 | 248832 | 248988 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9% (continued)** | | |
| **Consumer, Cyclical - 18.5% (continued)** |  |  |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/32 | 246765 | $246148 |
| Tortuga Resorts GHD LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 08/13/32 | 245250 | 245404 |
| Peer Holding III BV |  |  |
| &nbsp;&nbsp;&nbsp;6.50% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/01/31 | 243163 | 243213 |
| Sweetwater Sound |  |  |
| &nbsp;&nbsp;&nbsp;8.53% (1 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 08/07/28 | 230973 | 231407 |
| Go Daddy Operating Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 11/09/29 | 226081 | 225749 |
| Galaxy US Opco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.06% (3 Month Term SOFR + 5.75%, Rate Floor: 6.25%) due 07/31/30 | 246648 | 223372 |
| Life Time, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.36% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/05/31 | 219075 | 218709 |
| Eagle Parent Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.25% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 04/02/29 | 217125 | 216684 |
| Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/30 | 202210 | 201525 |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 02/06/31 | 14849 | 14800 |
| Congruex Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.96% (3 Month Term SOFR + 1.50%, Rate Floor: 2.25%) (in-kind rate was 5.00%) due 05/03/29<sup>3</sup> | 258096 | 216155 |
| Belron Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.74% (3 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 10/16/31 | 198500 | 199369 |
| Imagefirst Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/07/32 | 189525 | 189525 |
| AmSpec Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 183863 | 184438 |
| DK Crown Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/04/32 | 174068 | 173743 |
| ATG Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/19/32 | 164588 | 165103 |
| Apro LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.94% (1 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 07/09/31 | 148500 | 148092 |
| Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/27/32 | 137317 | 137231 |
| CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.71% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 431173 | 133664 |
| Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/31 | 129343 | 129297 |
| Seaworld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 12/04/31 | 123750 | 123441 |
| Tripadvisor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/08/31 | 119098 | 116219 |
| Scenic Cruises |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/19/32 | 108500 | 108500 |
| Fertitta Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.41% (1 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 01/27/29 | 98974 | 98800 |
| Citrin Cooperman Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.00% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 04/01/32 | 98636 | 98113 |
| Frontdoor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/19/31 | 95156 | 95394 |
| Seren BidCo AB |  |  |
| &nbsp;&nbsp;&nbsp;7.76% (3 Month SOFR + 3.40%, Rate Floor: 3.90%) due 11/16/28 | 94285 | 94427 |
| TransNetwork LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.75% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/30/30 | 91371 | 90762 |
| Asphalt Atd Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% (3 Month Term SOFR + 7.00%, Rate Floor: 7.00%) due 02/28/30<sup>†††</sup> | 86635 | 86635 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9% (continued)** | | |
| **Consumer, Cyclical - 18.5% (continued)** |  |  |
| American Auto Auction Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32 | 44775 | $45103 |
| Cedar Fair LP |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/01/31 | 44773 | 44449 |
| 1-800 Contacts |  |  |
| &nbsp;&nbsp;&nbsp;6.56% (3 Month Term SOFR + 2.25%, Rate Floor: 3.00%) due 11/08/32 | 27431 | 27407 |
| Weight Watchers International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.80% (3 Month Term SOFR + 6.80%, Rate Floor: 7.30%) due 06/24/30 | 27129 | 24552 |
| Tacala Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 4.25%) due 01/31/31 | 398 | 399 |
| **Total Consumer, Cyclical** |  | 9124203 |
| **Financial - 13.7%** |  |  |
| GIP Pilot Acquisition Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/04/30 | 491069 | 489993 |
| Citadel Securities, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/31/31 | 351098 | 351670 |
| Cobham Ultra SeniorCo SARL |  |  |
| &nbsp;&nbsp;&nbsp;8.37% (6 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 08/03/29 | 318677 | 318492 |
| Ardonagh Midco 3 plc |  |  |
| &nbsp;&nbsp;&nbsp;6.94% ((3 Month Term SOFR + 2.75%) and (6 Month Term SOFR + 2.75%), Rate Floor: 2.75%) due 02/18/31 | 272436 | 270848 |
| Jane Street Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/15/31 | 270465 | 268213 |
| Worldpay |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 268065 | 268178 |
| Nexus Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 07/31/31 | 266936 | 266173 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/15/31 | 255702 | 255728 |
| HighTower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.07% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 02/03/32 | 254363 | 253887 |
| CPI Holdco B LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 05/17/31 | 249978 | 249665 |
| Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 06/17/30 | 243910 | 243249 |
| Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 249046 | 243131 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 09/19/30 | 238912 | 237904 |
| HarbourVest Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 04/18/30<sup>†††</sup> | 235534 | 235534 |
| Corpay, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/28/28 | 228325 | 227898 |
| Jefferies Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.92% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 10/21/31 | 226499 | 226216 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 11/21/29 | 203716 | 203445 |
| Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/32 | 201600 | 201451 |
| Orion Advisor Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 09/09/30 | 187740 | 188042 |
| Virtu Financial |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 06/21/31 | 175000 | 175000 |
| Zodiac Pool Solutions LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.19% (1 Month Term SOFR + 1.93%, Rate Floor: 2.43%) due 01/29/29 | 161096 | 160996 |
| Boots Group Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.70% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/30/32 | 152100 | 152416 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9% (continued)** | | |
| **Financial - 13.7% (continued)** |  |  |
| Tegra118 Wealth Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.20% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/18/27 | 147280 | $145685 |
| Eisner Advisory Group |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 02/28/31 | 137564 | 138294 |
| CFC USA 2025 LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (0 - –%) due 05/29/32 | 145000 | 138113 |
| Starwood Property Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 01/02/30 | 129293 | 129213 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/09/30 | 126330 | 126310 |
| Fusion Intermediate, LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.10% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) due 06/06/30 | 111411 | 113640 |
| Orion US FinCo |  |  |
| &nbsp;&nbsp;&nbsp;due 05/20/32 | 110000 | 110550 |
| IMC Global Holdings |  |  |
| &nbsp;&nbsp;&nbsp;7.64% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 06/21/32 | 84788 | 85317 |
| AqGen Island Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 08/02/28 | 79365 | 79246 |
| Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/14/32<sup>†††</sup> | 76083 | 75988 |
| Assetmark Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/05/31 | 74775 | 74769 |
| Saphilux SARL |  |  |
| &nbsp;&nbsp;&nbsp;7.29% (3 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/27/28 | 64837 | 65019 |
| **Total Financial** |  | 6770273 |
| **Consumer, Non-cyclical - 12.4%** |  |  |
| Grifols Worldwide Operations USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.26% (1 Month Term SOFR + 2.00%, Rate Floor: 3.00%) due 11/15/27 | 506913 | 505139 |
| Culligan |  |  |
| &nbsp;&nbsp;&nbsp;7.28% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 07/31/28 | 498750 | 499643 |
| Bombardier Recreational Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 01/22/31 | 463854 | 464146 |
| Topgolf Callaway Brands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/15/30 | 468675 | 462751 |
| Dermatology Intermediate Holdings III, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.56% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/30/29 | 451606 | 424673 |
| Primo Brands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% (3 Month Term SOFR + 2.25%, Rate Floor: 2.75%) due 03/31/28 | 387090 | 386881 |
| Froneri US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.20% (6 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 09/30/31 | 387948 | 384798 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 268483 | 269251 |
| Nomad Foods Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (6 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 11/12/29 | 262341 | 262441 |
| IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/14/31 | 170969 | 171824 |
| &nbsp;&nbsp;&nbsp;due 04/14/31 | 85000 | 85425 |
| Skechers |  |  |
| &nbsp;&nbsp;&nbsp;7.31% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 06/28/32 | 170000 | 170709 |
| Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 08/23/29 | 168000 | 168736 |
| Resonetics LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.06% (3 Month Term SOFR + 2.75%, Rate Floor: 3.50%) due 06/18/31 | 168000 | 167771 |
| Medical Solutions Parent Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.91% (3 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 11/01/28 | 482939 | 165580 |
| Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.14% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 03/13/32 | 157558 | 157492 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9% (continued)** | | |
| **Consumer, Non-cyclical - 12.4% (continued)** |  |  |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 10/23/30 | 137332 | $137247 |
| HAH Group Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.16% (1 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 09/24/31 | 145658 | 130773 |
| Hayward Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.78% (1 Month Term SOFR + 2.50%, Rate Floor: 3.00%) due 05/30/28 | 130589 | 130644 |
| Pacific Dental Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 03/15/31 | 128203 | 128043 |
| Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.17% ((1 Month Term SOFR + 2.00%) and (3 Month Term SOFR + 2.00%), Rate Floor: 2.00%) due 06/24/30 | 127228 | 127361 |
| Sazerac Co Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.70% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 07/09/32 | 123800 | 124488 |
| Midwest Physician Administrative Services |  |  |
| &nbsp;&nbsp;&nbsp;7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28 | 132650 | 123220 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 10/23/31 | 107823 | 107985 |
| Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.41% (1 Month Term SOFR + 6.25%, Rate Floor: 6.25%) due 10/08/30 | 108728 | 106994 |
| Ceva Sante |  |  |
| &nbsp;&nbsp;&nbsp;6.98% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/08/30 | 94288 | 94327 |
| Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/28/31 | 84364 | 84628 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;12.47% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) due 08/02/28 | 100462 | 47719 |
| &nbsp;&nbsp;&nbsp;8.55% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 08/02/28 | 158815 | 6353 |
| **Total Consumer, Non-cyclical** |  | 6097042 |
| **Technology - 11.1%** |  |  |
| Ascend Learning, LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.50%) due 12/11/28 | 496853 | 496127 |
| Boxer Parent Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.20% (3 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 07/30/31 | 482943 | 481885 |
| DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 433180 | 432457 |
| Iron Mountain Information Management Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 01/31/31 | 384660 | 384564 |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.10% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 11/17/29 | 332901 | 308349 |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 06/02/28 | 312992 | 301299 |
| Indicor LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 11/22/29 | 298496 | 298747 |
| Conair Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.03% (1 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 05/17/28 | 441362 | 275300 |
| Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.62% (6 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 08/18/31 | 257984 | 258951 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 2.25%) due 09/12/29 | 208871 | 208219 |
| &nbsp;&nbsp;&nbsp;5.91% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/13/32 | 45000 | 44786 |
| Team.Blue Finco SARL |  |  |
| &nbsp;&nbsp;&nbsp;due 07/12/32 | 250000 | 249533 |
| Athenahealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 02/15/29 | 248750 | 248128 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9% (continued)** | | |
| **Technology - 11.1% (continued)** |  |  |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | 235420 | $232226 |
| WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.91% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 03/31/28 | 210070 | 209731 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 156592 | 157057 |
| Instructure Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 11/13/31 | 143133 | 142887 |
| Zuora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.66% (1 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/17/32 | 134038 | 133100 |
| Epicor Software |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 05/30/31 | 105750 | 105832 |
| Waystar Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 10/22/29 | 55600 | 55577 |
| &nbsp;&nbsp;&nbsp;due 10/22/29 | 26792 | 26781 |
| Dye & Durham Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.35% (3 Month Term SOFR + 4.25%, Rate Floor: 5.25%) due 04/11/31 | 80507 | 80004 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 08/09/32 | 60000 | 60171 |
| &nbsp;&nbsp;&nbsp;7.48% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 03/24/31 | 18416 | 18479 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.26% (1 Month Term SOFR + 5.00%, Rate Floor: 5.50%) due 06/30/28 | 49943 | 46697 |
| &nbsp;&nbsp;&nbsp;7.78% (1 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 12/17/27 | 30872 | 29174 |
| Sabre GLBL, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.26% (1 Month Term SOFR + 6.00%, Rate Floor: 7.50%) due 11/15/29<sup>†††</sup> | 74936 | 70439 |
| World Wide Technology Holding Company LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 03/01/30 | 69649 | 69736 |
| Clearwater Analytics, LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.46% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/10/32 | 50000 | 50000 |
| **Total Technology** |  | 5476236 |
| **Communications - 6.4%** |  |  |
| Virgin Media Bristol LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.37% (6 Month Term SOFR + 3.18%, Rate Floor: 3.18%) due 03/02/31 | 400406 | 394440 |
| UPC Financing Partnership |  |  |
| &nbsp;&nbsp;&nbsp;6.69% (6 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/29/32 | 304199 | 303113 |
| Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.43% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 03/09/27 | 293877 | 289286 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.65% (1 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 01/18/28 | 281718 | 279726 |
| Midcontinent Communications |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 08/16/31 | 247500 | 247267 |
| Speedster Bidco GmbH |  |  |
| &nbsp;&nbsp;&nbsp;7.24% (3 Month Term SOFR + 3.25%, Rate Floor: 3.75%) due 12/10/31 | 242125 | 242277 |
| Mcgraw Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/06/31 | 203000 | 202937 |
| Cengage Learning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.69% ((1 Month Term SOFR + 3.50%) and (3 Month Term SOFR + 3.50%), Rate Floor: 4.50%) due 03/24/31 | 201974 | 201321 |
| Authentic Brands |  |  |
| &nbsp;&nbsp;&nbsp;6.41% (1 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 02/11/32 | 199000 | 198586 |
| Charter Communications Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.29% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 12/07/30 | 186675 | 186402 |
| Altice France SA |  |  |
| &nbsp;&nbsp;&nbsp;9.82% (3 Month Term SOFR + 5.50%, Rate Floor: 5.50%) due 08/15/28 | 174419 | 168314 |
| Playtika Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.03% (1 Month Term SOFR + 2.75%, Rate Floor: 3.75%) due 03/13/28 | 109901 | 108095 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 90.9% (continued)** | | | |
| **Communications - 6.4% (continued)** |  |  |  |
| Level 3 Financing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.42% (1 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 03/29/32 |  | 103500 | $103500 |
| Outfront Media Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;due 09/16/32 |  | 98800 | 98739 |
| TKO Group Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.04% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/21/31 |  | 84364 | 84456 |
| Xplore, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 10/24/31 |  | 70157 | 47940 |
| &nbsp;&nbsp;&nbsp;9.28% (3 Month Term SOFR + 1.50%, Rate Floor: 1.50%) (in-kind rate was 3.50%) due 10/23/29<sup>3</sup> |  | 20103 | 18897 |
| **Total Communications** |  |  | 3175296 |
| **Utilities - 3.3%** |  |  |  |
| NRG Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 04/16/31 |  | 698228 | 698012 |
| Calpine Construction Finance Company, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 07/31/30 |  | 497500 | 497440 |
| UGI Energy Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.66% (1 Month Term SOFR + 2.50%, Rate Floor: 2.50%) due 02/22/30 |  | 277342 | 278296 |
| TerraForm Power Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (3 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/21/29 |  | 162500 | 162094 |
| **Total Utilities** |  |  | 1635842 |
| **Energy - 3.2%** |  |  |  |
| Colonial Pipeline |  |  |  |
| &nbsp;&nbsp;&nbsp;6.06% (1 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 07/30/32 |  | 303200 | 301256 |
| Par Petroleum LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.03% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 02/28/30 |  | 262568 | 261912 |
| AL GCX Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.22% (1 Month Term SOFR + 2.00%, Rate Floor: 2.50%) due 05/17/29 |  | 233974 | 233389 |
| Whitewater Whistler Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% (3 Month Term SOFR + 1.75%, Rate Floor: 1.75%) due 02/15/30 |  | 154316 | 153853 |
| Buckeye Partners, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;due 11/22/32 |  | 123522 | 123567 |
| ITT Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.64% (1 Month Term SOFR + 2.48%, Rate Floor: 2.98%) due 10/11/30 |  | 112712 | 112677 |
| WhiteWater DBR Holdco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 03/03/31 |  | 108902 | 108971 |
| Whitewater Matterhorn Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 05/12/32 |  | 95000 | 94896 |
| Bip PipeCo Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;6.54% (3 Month Term SOFR + 2.25%, Rate Floor: 2.25%) due 12/06/30 |  | 92243 | 92127 |
| CVR Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 12/30/27 |  | 71558 | 71558 |
| **Total Energy** |  |  | 1554206 |
| **Basic Materials - 1.8%** |  |  |  |
| Discovery Purchaser Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.08% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 |  | 255439 | 253950 |
| Minerals Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.16% (1 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 11/26/31 |  | 148875 | 148875 |
| SCIH Salt Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.20% (6 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 01/31/29 |  | 134187 | 134282 |
| CTEC III GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;5.78% (3 Month EURIBOR + 3.75%, Rate Floor: 3.75%) due 03/16/29 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;110000 | 129061 |
| A-AP Buyer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% (3 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 09/09/31 |  | 99250 | 99188 |
| Ecovyst Catalyst Technology |  |  |  |
| &nbsp;&nbsp;&nbsp;6.31% (3 Month Term SOFR + 2.00%, Rate Floor: 2.00%) due 06/12/31 |  | 70000 | 69891 |
| GrafTech Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;10.16% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 |  | 28445 | 28886 |
| **Total Basic Materials** |  |  | 864133 |
| **Total Senior Floating Rate Interests** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,773,182) |  |  | 44786799 |
| **SENIOR FIXED RATE INTERESTS<sup>††</sup> - 0.5%** |  |  |  |
| **Consumer, Cyclical - 0.3%** |  |  |  |
| Savers, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.03% due 09/13/32 |  | 125000 | 125000 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FIXED RATE INTERESTS<sup>††</sup> - 0.5% (continued)** | | |
| **Industrial - 0.2%** |  |  |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.84% due 10/27/31 | 119700 | $119999 |
| **Total Senior Fixed Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $243,784) |  | 244999 |
| **CORPORATE BONDS<sup>††</sup> - 0.3%** |  |  |
| **Consumer, Non-cyclical - 0.2%** |  |  |
| Acadia Healthcare Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 04/15/29<sup>4</sup> | 110000 | 107688 |
| **Industrial - 0.1%** |  |  |
| GrafTech Global Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.88% due 12/23/29<sup>4</sup> | 90000 | 76725 |
| **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $194,578) |  | 184413 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,765,284) |  | $49468144 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (189397) |
| **Total Net Assets - 100.0%** |  | $49278747 |

---

**Forward Foreign Currency Exchange Contracts<sup>††</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency** | **Type** | **Quantity** | **Contract Amount** | **Settlement Date** | **Unrealized Appreciation** |
| Morgan Stanley Capital Services LLC | EUR | Sell | 206000 | 242,215 USD | 10/17/25 | $81 |
| Morgan Stanley Capital Services LLC | CAD | Sell | 15000 | 10,865 USD | 10/17/25 | 73 |
|  |  |  |  |  |  | $154 |

---

---

| | |
|:---|:---|
| *<sup>~</sup>* | *The face amount is denominated in U.S. dollars unless otherwise indicated.* |
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*\*</sup>* | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *<sup>3</sup>* | *Payment-in-kind security.* |
| *<sup>4</sup>* | *Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $184,413 (cost $194,578), or 0.4% of total net assets.* |

---

---

| |
|:---|
| *CAD — Canadian Dollar* |
| *EUR — Euro* |
| *EURIBOR — European Interbank Offered Rate* |
| *plc — Public Limited Company* |
| *SARL — Société à Responsabilité Limitée* |
| *SOFR — Secured Overnight Financing Rate* |
| *See Sector Classification in Other Information section.* |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at September 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $14528 | $114322 | $307441 | $436291 |
| Rights |  |  | 395 | 395 |
| Exchange-Traded Fund | 434386 |  |  | 434386 |
| Mutual Fund | 2210516 |  |  | 2210516 |
| Money Market Fund | 1170345 |  |  | 1170345 |
| Senior Floating Rate Interests |  | 44192142 | 594657 | 44786799 |
| Senior Fixed Rate Interests |  | 244999 |  | 244999 |
| Corporate Bonds |  | 184413 |  | 184413 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 154 |  | 154 |
| Total Assets | $3829775 | $44736030 | $902493 | $49468298 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Unfunded Loan Commitments (Note 5) | $– $– $| 44 | $44 |

---

*<sup>\*\*</sup>* *This derivative is reported as unrealized appreciation/depreciation at period end.*

The following is a summary of significant unobservable inputs used in the fair valuation of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Ending Balance at September 30, 2025** | **Valuation Technique** | **Unobservable Inputs** | **Input Range** | **Weighted Average\*** |
| **Assets:** |  |  |  |  |  |
| Common Stocks | $169747 | &nbsp;&nbsp;&nbsp;Enterprise Value | Valuation Multiple | 2.6x-8.7x | 4.9x |
| Common Stocks | 137694 | &nbsp;&nbsp;&nbsp;Model Price | Purchase Price |  |  |
| Right | 395 | &nbsp;&nbsp;&nbsp;Model Price | Purchase Price |  |  |
| Senior Floating Rate Interests | 381961 | &nbsp;&nbsp;&nbsp;Third Party Pricing | Broker Quote |  |  |
| Senior Floating Rate Interests | 212696 | &nbsp;&nbsp;&nbsp;Model Price | Purchase Price |  |  |
| Total Assets | $902493 |  |  |  |  |
| **Liabilities:** |  |  |  |  |  |
| Unfunded Loan Commitments | $44 | &nbsp;&nbsp;&nbsp;Model Price | Purchase price |  |  |

---

\* *Inputs are weighted by the fair value of the instruments.*

Significant changes in a valuation multiple or liquidation value would generally result in significant changes in the fair value of the security.

The Fund's fair valuation leveling guidelines classify a single daily broker quote, or a vendor price based on a single daily or monthly broker quote, as Level 3, if such a quote or price cannot be supported with other available market information.

Transfers between Level 2 and Level 3 may occur as markets fluctuate and/or the availability of data used in an investment's valuation changes. For the period ended September 30, 2025, the Fund had securities with a total value of $39,976 transfer into Level 3 from Level 2 due to a lack of observable inputs and had securities with a total value of $383,301 transfer out of Level 3 into Level 2 due to the availability of current and reliable market-based data provided by a third-party pricing service which utilizes significant observable inputs.

**Summary of Fair Value Level 3 Activity**

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** |
| | **Senior Floating Rate Interests** | **Common Stocks** | **Rights** | **Total Assets** | **Unfunded Loan Commitments** |
| Beginning Balance | $2234220 | $180649 | $- | $2414869 | $(772) |
| Purchases/(Receipts) | 230584 | 353028 |  | 583612 | (394) |
| (Sales, maturities and paydowns)/Fundings | (877558) |  |  | (877558) | 2326 |
| Amortization of premiums/discounts | 10031 |  |  | 10031 | (2059) |
| Corporate actions | (534959) |  |  | (534959) |  |
| Total realized gains (losses) included in earnings | (435896) |  |  | (435896) | (192) |
| Total change in unrealized appreciation (depreciation) included in earnings | 311560 | (226236) | 395 | 85719 | 1047 |
| Transfers into Level 3 | 39976 |  |  | 39976 |  |
| Transfers out of Level 3 | (383301) | - | - | (383301) | - |
| Ending Balance | $594657 | $307441 | $395 | $902493 | $(44) |
| Net change in unrealized appreciation (depreciation) for investments in Level 3 securities still held at September 30, 2025 | $(533) | $(226236) | $395 | $(226374) | $408 |

---

---

| | |
|:---|:---|
| **Series F (Floating Rate Strategies Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Affiliated Transactions**

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Common Stocks** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BP Holdco LLC <sup>\*</sup> | $14072 | $– | $– | $– | $(4582) | $9490 | 11609 | $– |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Floating Rate Strategies Fund — Class R6 | 1562812 | 700720 | – | – | (53016) | 2210516 | 93389 | 116002 |
|  | $1576884 | $700720 | $– | $– | $(57598) | $2220006 |  | $116002 |

---

*<sup>\*</sup>* *Non-income producing security.*

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Shares** | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 0.8%** | **COMMON STOCKS<sup>†</sup> - 0.8%** | **COMMON STOCKS<sup>†</sup> - 0.8%** | **COMMON STOCKS<sup>†</sup> - 0.8%** | **COMMON STOCKS<sup>†</sup> - 0.8%** |
| **Financial - 0.5%** | **Financial - 0.5%** | **Financial - 0.5%** | **Financial - 0.5%** | **Financial - 0.5%** |
| Contra Mallinckro<sup>\*,††</sup> |  |  | 940 | $97682 |
| Fusion Buyer LLC<sup>\*,††</sup> |  |  | 1170 | 38610 |
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.<sup>†††,1</sup> |  |  | 225000 | 23 |
| Endo Luxembourg Finance Co I SARL / Endo US, Inc.<sup>†††,1</sup> |  |  | 125000 | 12 |
| **Total Financial** |  |  |  | 136327 |
| **Consumer, Cyclical - 0.2%** |  |  |  |  |
| American Tire Distributors, Inc.<sup>†††</sup> |  |  | 9333 | 53548 |
| **Consumer, Non-cyclical - 0.1%** |  |  |  |  |
| WW International, Inc.<sup>\*</sup> |  |  | 1406 | 38468 |
| MEDIQ, Inc.<sup>\*,†††</sup> |  |  | 92 | – |
| **Total Consumer, Non-cyclical** |  |  |  | 38468 |
| **Communications - 0.0%** |  |  |  |  |
| Xplore, Inc.<sup>\*,††</sup> |  |  | 1647 | 3811 |
| **Industrial - 0.0%** |  |  |  |  |
| YAK BLOCKER 2 LLC<sup>†††</sup> |  |  | 914 | 749 |
| YAK BLOCKER 2 LLC<sup>†††</sup> |  |  | 844 | 693 |
| BP Holdco LLC<sup>\*,†††,2</sup> |  |  | 523 | 427 |
| Vector Phoenix Holdings, LP<sup>\*,†††</sup> |  |  | 523 | – |
| **Total Industrial** |  |  |  | 1869 |
| **Energy - 0.0%** |  |  |  |  |
| Legacy Reserves, Inc.<sup>†††</sup> |  |  | 1969 | 217 |
| Permian Production Partners LLC<sup>\*,†††</sup> |  |  | 9124 | 1 |
| **Total Energy** |  |  |  | 218 |
| **Total Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $341,317) |  |  |  | 234241 |
| **PREFERRED STOCKS<sup>†</sup> - 1.1%** |  |  |  |  |
| **Financial - 1.1%** |  |  |  |  |
| Citigroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.63%<sup>††</sup> |  |  | 125000 | 131232 |
| Goldman Sachs Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50%****<sup>††</sup> |  |  | 75000 | 79598 |
| Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63%****<sup>††</sup> |  |  | 50000 | 52025 |
| American National Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.38%<sup>††</sup> |  |  | 2000 | 50220 |
| **Total Financial** |  |  |  | 313075 |
| **Industrial - 0.0%** |  |  |  |  |
| U.S. Shipping Corp <sup>\*,†††</sup> |  |  | 24529 | 2 |
| **Total Preferred Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $925,000) |  |  |  | 313077 |
| **RIGHTS<sup>†††</sup> - 0.0%** |  |  |  |  |
| **Basic Materials** |  |  |  |  |
| Asphalt Intermediate Holdco, LLC |  |  | 417 | 154 |
| **Communications - 0.0%** |  |  |  |  |
| Xplore, Inc. |  |  | 126 | – |
| **Total Rights** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  |  |  | 154 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 2.4%** |  |  |  |  |
| Dreyfus Treasury Securities Cash Management Fund — Institutional Shares, 3.98%<sup>3</sup> |  |  | 683689 | 683689 |
| **Total Money Market Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $683,689) |  |  |  | 683689 |
|  |  |  | **Face<br> Amount<sup>~</sup>** |  |
| **CORPORATE BONDS<sup>††</sup> - 83.9%** |  |  |  |  |
| **Consumer, Cyclical - 18.4%** |  |  |  |  |
| PetSmart LLC / PetSmart Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 09/15/32<sup>4</sup> |  |  | 250000 | 250372 |
| Clarios Global Limited Partnership / Clarios US Finance Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 06/15/31<sup>4</sup> |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 119639 |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/32<sup>4</sup> |  |  | 75000 | 76662 |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>4</sup> |  |  | 50000 | 51104 |
| Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 06/01/31<sup>4</sup> |  |  | 250000 | 237872 |
| Station Casinos LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/31<sup>4</sup> |  |  | 225000 | 212246 |
| Allwyn Entertainment Financing UK plc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/30/29<sup>4</sup> |  |  | 200000 | 207519 |
| Wolverine World Wide, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 08/15/29<sup>4</sup> |  |  | 225000 | 205848 |
| Hilton Domestic Operating Company, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 09/15/33<sup>4</sup> |  |  | 125000 | 126669 |
| &nbsp;&nbsp;&nbsp;6.13% due 04/01/32<sup>4</sup> |  |  | 75000 | 77102 |
| Wabash National Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/15/28<sup>4</sup> |  |  | 200000 | 185564 |
| Scotts Miracle-Gro Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.38% due 02/01/32 |  |  | 200000 | 184662 |
| Beach Acquisition Bidco, LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 07/15/32 | EUR |  | &nbsp;&nbsp;&nbsp;&nbsp;150000 | 180557 |
| Ferrellgas Limited Partnership / Ferrellgas Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 04/01/26<sup>4</sup> |  |  | 175000 | 173237 |
| Crocs, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>4</sup> |  |  | 175000 | 167708 |
| Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 03/01/30<sup>4</sup> |  |  | 175000 | 162700 |
| RB Global Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 03/15/31<sup>4</sup> |  |  | 150000 | 156885 |
| Life Time, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 11/15/31<sup>4</sup> |  |  | 150000 | 152394 |
| Newell Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 05/15/32 |  |  | 100000 | 98691 |
| &nbsp;&nbsp;&nbsp;8.50% due 06/01/28<sup>4</sup> |  |  | 50000 | 52887 |
| Carnival Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 05/01/29<sup>4</sup> |  |  | 150000 | 150000 |
| Park River Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/01/29<sup>4</sup> |  |  | 100000 | 97996 |
| &nbsp;&nbsp;&nbsp;8.00% due 03/15/31<sup>4</sup> |  |  | 50000 | 50634 |

---

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 83.9% (continued)** | | | |
| **Consumer, Cyclical - 18.4% (continued)** |  |  |  |
| Caesars Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 10/15/32<sup>4</sup> |  | 125000 | $123120 |
| &nbsp;&nbsp;&nbsp;6.50% due 02/15/32<sup>4</sup> |  | 25000 | 25500 |
| JB Poindexter & Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;8.75% due 12/15/31<sup>4</sup> |  | 125000 | 130919 |
| ONE Hotels GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 04/02/31<sup>4</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 126699 |
| Velocity Vehicle Group LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/01/29<sup>4</sup> |  | 125000 | 125327 |
| Viking Cruises Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 10/15/33<sup>4</sup> |  | 125000 | 125088 |
| AccorInvest Group S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 10/15/29<sup>4</sup> | EUR | 100000 | 123926 |
| Intralot Capital Luxembourg S.A. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 10/15/31<sup>4</sup> | EUR | 100000 | 118311 |
| Amer Sports Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 02/16/31<sup>4</sup> |  | 100000 | 103923 |
| Vail Resorts, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 05/15/32<sup>4</sup> |  | 100000 | 103395 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>4</sup> |  | 100000 | 101548 |
| NCL Corporation Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 09/15/33<sup>4</sup> |  | 100000 | 100518 |
| Whirlpool Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 06/15/33 |  | 100000 | 99794 |
| Penn Entertainment, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 07/01/29<sup>4</sup> |  | 100000 | 93732 |
| Lithia Motors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 10/01/30<sup>4</sup> |  | 75000 | 74906 |
| VOC Escrow Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/28<sup>4</sup> |  | 75000 | 74796 |
| Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 02/15/32<sup>4</sup> |  | 75000 | 72017 |
| Somnigroup International, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 10/15/31<sup>4</sup> |  | 75000 | 68691 |
| Superior Plus, LP |  |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/18/28<sup>4</sup> | CAD | &nbsp;&nbsp;&nbsp;&nbsp;75000 | 53242 |
| QXO Building Products, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 04/30/32<sup>4</sup> |  | 50000 | 51770 |
| New Flyer Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.25% due 07/01/30<sup>4</sup> |  | 25000 | 26759 |
| Lindblad Expeditions LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 09/15/30<sup>4</sup> |  | 25000 | 25482 |
| **Total Consumer, Cyclical** |  |  | 5328411 |
| **Industrial - 15.3%** |  |  |  |
| GrafTech Finance, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 12/23/29<sup>4</sup> |  | 430000 | 301136 |
| Mauser Packaging Solutions Holding Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 04/15/27<sup>4</sup> |  | 175000 | 176715 |
| &nbsp;&nbsp;&nbsp;9.25% due 04/15/27<sup>4</sup> |  | 100000 | 100229 |
| Enviri Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 07/31/27<sup>4</sup> |  | 275000 | 272770 |
| Great Lakes Dredge & Dock Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 06/01/29<sup>4</sup> |  | 275000 | 266450 |
| Builders FirstSource, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/15/32<sup>4</sup> |  | 125000 | 129206 |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/35<sup>4</sup> |  | 50000 | 52207 |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/34<sup>4</sup> |  | 45000 | 46355 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/01/32<sup>4</sup> |  | 25000 | 23511 |
| TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 12/15/30<sup>4</sup> |  | 175000 | 181324 |
| &nbsp;&nbsp;&nbsp;6.00% due 01/15/33<sup>4</sup> |  | 50000 | 50554 |
| Trinity Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 07/15/28<sup>4</sup> |  | 200000 | 206880 |
| New Enterprise Stone & Lime Company, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;9.75% due 07/15/28<sup>4</sup> |  | 200000 | 200444 |
| EnerSys |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 01/15/32<sup>4</sup> |  | 175000 | 180089 |
| Enpro, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 06/01/33<sup>4</sup> |  | 175000 | 178858 |
| Clean Harbors, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/01/31<sup>4</sup> |  | 150000 | 153605 |
| JH North America Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 01/31/31<sup>4</sup> |  | 150000 | 152297 |
| Crown Americas LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 06/01/33<sup>4</sup> |  | 150000 | 151517 |
| Quikrete Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 03/01/32<sup>4</sup> |  | 75000 | 77688 |
| &nbsp;&nbsp;&nbsp;6.75% due 03/01/33<sup>4</sup> |  | 50000 | 51985 |
| Advanced Drainage Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 06/15/30<sup>4</sup> |  | 125000 | 127214 |
| Nidda Healthcare Holding |  |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 02/21/30 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;100000 | 120668 |
| Hillenbrand, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 03/01/31 |  | 125000 | 117831 |
| Clearwater Paper Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/28<sup>4</sup> |  | 125000 | 117596 |
| Sealed Air Corporation/Sealed Air Corp US |  |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 02/15/31<sup>4</sup> |  | 100000 | 104932 |
| EMRLD Borrower Limited Partnership / Emerald Company-Issuer, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 12/15/30<sup>4</sup> |  | 100000 | 102795 |
| Calderys Financing LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;11.25% due 06/01/28<sup>4</sup> |  | 75000 | 79525 |
| Wrangler Holdco Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/01/32<sup>4</sup> |  | 75000 | 78202 |
| AmeriTex HoldCo Intermediate LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 08/15/33<sup>4</sup> |  | 75000 | 78059 |
| Waste Pro USA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 02/01/33<sup>4</sup> |  | 75000 | 77685 |
| Axon Enterprise, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>4</sup> |  | 75000 | 77197 |
| Standard Building Solutions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/15/32<sup>4</sup> |  | 75000 | 76952 |
| Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 09/15/33 |  | 75000 | 75806 |

---

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 83.9% (continued)** | | |
| **Industrial - 15.3% (continued)** |  |  |
| MIWD Holdco II LLC / MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 02/01/30<sup>4</sup> | $75000 | $73058 |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 05/15/30<sup>4</sup> | 75000 | 72478 |
| Brundage-Bone Concrete Pumping Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 02/01/32<sup>4</sup> | 50000 | 50517 |
| AAR Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 03/15/29<sup>4</sup> | 25000 | 25735 |
| Miter Brands Acquisition Holdco Incorporated / MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 04/01/32<sup>4</sup> | 25000 | 25681 |
| **Total Industrial** |  | 4435751 |
| **Consumer, Non-cyclical - 13.9%** |  |  |
| AMN Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 01/15/31<sup>4</sup> | 250000 | 250772 |
| &nbsp;&nbsp;&nbsp;4.63% due 10/01/27<sup>4</sup> | 125000 | 124950 |
| CPI CG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 07/15/29<sup>4</sup> | 255000 | 267370 |
| Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.25% due 03/15/26<sup>4</sup> | 150000 | 148827 |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/33<sup>4</sup> | 100000 | 102270 |
| Boost Newco Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/31<sup>4</sup> | 200000 | 212179 |
| Albion Financing 1 SARL / Aggreko Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 05/21/30<sup>4</sup> | 200000 | 206860 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 06/15/30 | 125000 | 126595 |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/31 | 75000 | 77646 |
| Bausch Health Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 06/01/28<sup>4</sup> | 225000 | 201375 |
| Grifols S.A. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/15/28<sup>4</sup> | 200000 | 194273 |
| Williams Scotsman, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 10/01/31<sup>4</sup> | 125000 | 130543 |
| &nbsp;&nbsp;&nbsp;6.63% due 04/15/30<sup>4</sup> | 50000 | 51463 |
| TriNet Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 08/15/31<sup>4</sup> | 175000 | 180762 |
| Carriage Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 05/15/29<sup>4</sup> | 175000 | 165794 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 02/15/29<sup>4</sup> | 157000 | 154937 |
| Darling Ingredients, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 06/15/30<sup>4</sup> | 150000 | 151434 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.50% due 12/15/29<sup>4</sup> | 75000 | 74701 |
| &nbsp;&nbsp;&nbsp;4.63% due 04/15/30<sup>4</sup> | 75000 | 72301 |
| BCP V Modular Services Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 10/30/28<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | 140517 |
| Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 09/15/32<sup>4</sup> | 125000 | 128039 |
| Sammontana Italia SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.78% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 10/15/31<sup>◊</sup> | 100000 | 117776 |
| ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 10/15/33<sup>4</sup> | 100000 | 100000 |
| Medline Borrower, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 10/01/29<sup>4</sup> | 100000 | 99135 |
| Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 06/15/30<sup>4</sup> | 50000 | 51936 |
| &nbsp;&nbsp;&nbsp;7.25% due 06/15/33<sup>4</sup> | 35000 | 36537 |
| Brink's Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 06/15/32<sup>4</sup> | 75000 | 78011 |
| Acadia Healthcare Company, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.38% due 03/15/33<sup>4</sup> | 75000 | 77864 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 08/15/33<sup>4</sup> | 75000 | 76803 |
| Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 04/30/31<sup>4</sup> | 75000 | 69974 |
| Service Corporation International |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 10/15/32 | 50000 | 50654 |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 06/01/30<sup>4</sup> | 50000 | 47919 |
| Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/33<sup>4</sup> | 25000 | 25278 |
| Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 09/30/32 | 25000 | 25168 |
| **Total Consumer, Non-cyclical** |  | 4020663 |
| **Financial - 12.9%** |  |  |
| Jefferies Finance LLC / JFIN Company-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 08/15/28<sup>4</sup> | 250000 | 241546 |
| Nassau Companies of New York |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 07/15/30<sup>4</sup> | 225000 | 229796 |
| Ardonagh Finco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 02/15/31<sup>4</sup> | 200000 | 209278 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% due 10/01/33<sup>4</sup> | 200000 | 198952 |
| Hunt Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 04/15/29<sup>4</sup> | 185000 | 180365 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.13% due 04/30/31<sup>4</sup> | 75000 | 78667 |
| &nbsp;&nbsp;&nbsp;6.13% due 11/01/32<sup>4</sup> | 50000 | 50678 |
| &nbsp;&nbsp;&nbsp;4.50% due 11/15/29<sup>4</sup> | 50000 | 48811 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 02/01/30<sup>4</sup> | 100000 | 101728 |
| &nbsp;&nbsp;&nbsp;6.25% due 03/15/31<sup>4</sup> | 75000 | 74643 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.88% due 12/15/29<sup>4</sup> | 100000 | 106130 |
| &nbsp;&nbsp;&nbsp;6.75% due 02/15/34<sup>4</sup> | 50000 | 51004 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 04/01/29<sup>4</sup> | 75000 | 78753 |
| &nbsp;&nbsp;&nbsp;6.50% due 10/15/30<sup>4</sup> | 75000 | 77473 |

---

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 83.9% (continued)** | | |
| **Financial - 12.9% (continued)** |  |  |
| Alliant Holdings Intermediate LLC / Alliant Holdings Company-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 01/15/31<sup>4</sup> | $75000 | $77492 |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/31<sup>4</sup> | 75000 | 76682 |
| Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.00% due 03/27/48<sup>5</sup> | 150000 | 153758 |
| Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 09/15/31<sup>4</sup> | 150000 | 153618 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 05/15/30 | 100000 | 101268 |
| &nbsp;&nbsp;&nbsp;4.00% due 09/15/30 | 50000 | 46478 |
| VFH Parent LLC / Valor Company-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 06/15/31<sup>4</sup> | 125000 | 129286 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 07/15/32<sup>4</sup> | 125000 | 124333 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 06/15/27<sup>4</sup> | 75000 | 74958 |
| &nbsp;&nbsp;&nbsp;5.50% due 04/15/29<sup>4</sup> | 50000 | 49313 |
| Kane Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.70% (3 Month EURIBOR + 3.75%, Rate Floor: 0.00%) due 07/15/32<sup>◊,4</sup> | 100000 | 118166 |
| Aretec Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.00% due 08/15/30<sup>4</sup> | 100000 | 108950 |
| Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 03/01/29 | 100000 | 95547 |
| Hightower Holding LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.13% due 01/31/30<sup>4</sup> | 75000 | 79547 |
| SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 01/31/30 | 75000 | 78155 |
| Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 04/01/33<sup>4</sup> | 75000 | 76698 |
| HUB International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.63% due 12/01/29<sup>4</sup> | 50000 | 49950 |
| &nbsp;&nbsp;&nbsp;7.38% due 01/31/32<sup>4</sup> | 25000 | 26033 |
| Ryan Specialty LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 08/01/32<sup>4</sup> | 75000 | 75839 |
| CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 10/01/30<sup>4</sup> | 75000 | 75276 |
| GLP Capital Limited Partnership / GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.25% due 02/15/33 | 75000 | 75122 |
| Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.30% due 02/01/61<sup>4</sup> | 100000 | 62964 |
| USI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% due 01/15/32<sup>4</sup> | 50000 | 52434 |
| Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 08/01/32<sup>4</sup> | 50000 | 51642 |
| **Total Financial** |  | 3741333 |
| **Energy - 7.1%** |  |  |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.75% due 02/15/28<sup>4</sup> | 182000 | 179202 |
| &nbsp;&nbsp;&nbsp;8.50% due 01/15/29<sup>4</sup> | 75000 | 76655 |
| Buckeye Partners, LP |  |  |
| &nbsp;&nbsp;&nbsp;3.95% due 12/01/26 | 175000 | 173442 |
| &nbsp;&nbsp;&nbsp;6.88% due 07/01/29<sup>4</sup> | 75000 | 77728 |
| ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.50% due 08/01/29<sup>4</sup> | 250000 | 245784 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% due 05/01/35<sup>4</sup> | 125000 | 141089 |
| &nbsp;&nbsp;&nbsp;6.75% due 01/15/36<sup>4</sup> | 75000 | 79663 |
| Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 10/01/29<sup>4</sup> | 125000 | 121735 |
| &nbsp;&nbsp;&nbsp;4.63% due 05/01/30<sup>4</sup> | 75000 | 72920 |
| TransMontaigne Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% due 06/15/30<sup>4</sup> | 175000 | 182354 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 01/15/30<sup>4</sup> | 150000 | 156382 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.13% due 06/01/28<sup>4</sup> | 75000 | 77630 |
| &nbsp;&nbsp;&nbsp;7.00% due 01/15/30<sup>4</sup> | 75000 | 77607 |
| Global Partners Limited Partnership / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.25% due 01/15/32<sup>4</sup> | 100000 | 105466 |
| &nbsp;&nbsp;&nbsp;7.13% due 07/01/33<sup>4</sup> | 25000 | 25625 |
| Sunoco, LP |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 05/01/32<sup>4</sup> | 75000 | 78711 |
| &nbsp;&nbsp;&nbsp;5.88% due 03/15/34<sup>4</sup> | 50000 | 49567 |
| Sunoco Limited Partnership / Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 04/15/27 | 100000 | 99962 |
| Hess Midstream Operations, LP |  |  |
| &nbsp;&nbsp;&nbsp;5.88% due 03/01/28<sup>4</sup> | 50000 | 50969 |
| **Total Energy** |  | 2072491 |
| **Basic Materials - 6.3%** |  |  |
| Carpenter Technology Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.63% due 03/15/30 | 125000 | 128454 |
| &nbsp;&nbsp;&nbsp;6.38% due 07/15/28 | 100000 | 100213 |
| Alumina Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;6.38% due 09/15/32<sup>4</sup> | 200000 | 205027 |
| SCIL IV LLC / SCIL USA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/26<sup>4</sup> | 200000 | 199839 |
| INEOS Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 05/15/28<sup>4</sup> | 200000 | 196175 |
| Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 03/01/28<sup>4</sup> | 110000 | 108768 |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/31<sup>4</sup> | 75000 | 70690 |
| WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/32<sup>4</sup> | 125000 | 123597 |
| &nbsp;&nbsp;&nbsp;4.88% due 06/15/27<sup>4</sup> | 49000 | 48696 |
| SK Invictus Intermediate II SARL |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 10/30/29<sup>4</sup> | 125000 | 122345 |
| Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 01/30/30<sup>4</sup> | 125000 | 120583 |

---

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **CORPORATE BONDS<sup>††</sup> - 83.9% (continued)** | | |
| **Basic Materials - 6.3% (continued)** |  |  |
| Compass Minerals International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.75% due 12/01/27<sup>4</sup> | $60000 | $60057 |
| &nbsp;&nbsp;&nbsp;8.00% due 07/01/30<sup>4</sup> | 50000 | 52259 |
| Arsenal AIC Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 10/01/30<sup>4</sup> | 100000 | 105880 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.00% due 07/01/28<sup>4</sup> | 100000 | 100316 |
| Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.00% due 07/01/28<sup>4</sup> | 75000 | 73500 |
| Mirabela Nickel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;due 06/24/19<sup>†††,1,6</sup> | 390085 | 975 |
| **Total Basic Materials** |  | 1817374 |
| **Communications - 5.7%** |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.50% due 05/01/32 | 225000 | 204765 |
| &nbsp;&nbsp;&nbsp;4.50% due 06/01/33<sup>4</sup> | 125000 | 111133 |
| &nbsp;&nbsp;&nbsp;4.25% due 01/15/34<sup>4</sup> | 100000 | 86456 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.13% due 12/01/30<sup>4</sup> | 200000 | 130971 |
| &nbsp;&nbsp;&nbsp;4.63% due 12/01/30<sup>4</sup> | 200000 | 70169 |
| &nbsp;&nbsp;&nbsp;3.38% due 02/15/31<sup>4</sup> | 75000 | 48371 |
| Sunrise FinCo I B.V. |  |  |
| &nbsp;&nbsp;&nbsp;4.88% due 07/15/31<sup>4</sup> | 200000 | 190530 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.13% due 07/15/29<sup>4</sup> | 175000 | 149450 |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.50% due 07/15/32<sup>4</sup> | 125000 | 132179 |
| &nbsp;&nbsp;&nbsp;4.25% due 02/15/29 | 7000 | 6090 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;3.63% due 10/01/31<sup>4</sup> | 150000 | 135948 |
| McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 08/01/29<sup>4</sup> | 100000 | 101842 |
| &nbsp;&nbsp;&nbsp;7.38% due 09/01/31<sup>4</sup> | 25000 | 25974 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 01/15/29<sup>4</sup> | 100000 | 96049 |
| &nbsp;&nbsp;&nbsp;7.38% due 02/15/31<sup>4</sup> | 25000 | 26374 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.25% due 04/01/33<sup>4</sup> | 75000 | 76566 |
| Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.38% due 11/01/33<sup>4</sup> | 50000 | 49632 |
| **Total Communications** |  | 1642499 |
| **Technology - 3.8%** |  |  |
| Dye & Durham Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;8.63% due 04/15/29<sup>4</sup> | 200000 | 197775 |
| Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.00% due 06/15/30<sup>4</sup> | 175000 | 183013 |
| Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.63% due 08/15/33<sup>4</sup> | 150000 | 152695 |
| Castor S.p.A. |  |  |
| &nbsp;&nbsp;&nbsp;7.26% (3 Month EURIBOR + 5.25%, Rate Floor: 5.25%) due 02/15/29<sup>◊,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;125000 | 134587 |
| TeamSystem SpA |  |  |
| &nbsp;&nbsp;&nbsp;5.53% (3 Month EURIBOR + 3.50%, Rate Floor: 3.50%) due 07/31/31<sup>◊,4</sup> | 100000 | 117767 |
| Amentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.25% due 08/01/32<sup>4</sup> | 100000 | 103837 |
| Xerox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;10.25% due 10/15/30<sup>4</sup> | 100000 | 101584 |
| Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% due 05/15/33<sup>4</sup> | 100000 | 101244 |
| Playtika Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.25% due 03/15/29<sup>4</sup> | 9000 | 8263 |
| **Total Technology** |  | 1100765 |
| **Utilities - 0.5%** |  |  |
| Terraform Global Operating, LP |  |  |
| &nbsp;&nbsp;&nbsp;6.13% due 03/01/26<sup>4</sup> | 162000 | 159952 |
| **Total Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,726,828) |  | 24319239 |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 13.0%** |  |  |
| **Consumer, Cyclical - 3.7%** |  |  |
| PetSmart LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.14% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 08/09/32 | 144000 | 141751 |
| ScribeAmerica Intermediate Holdco LLC (Healthchannels) |  |  |
| &nbsp;&nbsp;&nbsp;due 04/03/25<sup>6</sup> | 185813 | 130069 |
| AmSpec Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/22/31 | 96770 | 97073 |
| CCRR Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.71% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/06/28 | 243925 | 75617 |
| American Auto Auction Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.50% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 05/22/32 | 74625 | 75171 |
| Tortuga Resorts GHD LLC |  |  |
| &nbsp;&nbsp;&nbsp;due 08/13/32 | 75000 | 75047 |
| ATG Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;8.06% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 04/19/32 | 74813 | 75047 |
| Secretariat Advisors LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.00% (3 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 02/27/32 | 66601 | 66560 |
| Weight Watchers International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.80% (3 Month Term SOFR + 6.80%, Rate Floor: 7.30%) due 06/24/30 | 71840 | 65015 |
| Scenic Cruises |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/19/32 | 50000 | 50000 |
| TransNetwork LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.75% (3 Month Term SOFR + 4.75%, Rate Floor: 5.25%) due 12/30/30 | 49496 | 49166 |

---

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 13.0% (continued)** | | |
| **Consumer, Cyclical - 3.7% (continued)** |  |  |
| Galaxy US Opco, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.06% (3 Month Term SOFR + 5.75%, Rate Floor: 6.25%) due 07/31/30 | $50208 | $45470 |
| Upbound Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.88% (1 Month Term SOFR + 2.75%, Rate Floor: 3.25%) due 08/12/32 | 45494 | 45380 |
| Asphalt Atd Holdco, LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.50% (3 Month Term SOFR + 7.00%, Rate Floor: 7.00%) due 02/28/30<sup>†††</sup> | 33691 | 33691 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.09% (1 Month Term SOFR + 4.00%, Rate Floor: 8.09%) (in-kind rate was 4.00%) due 05/08/28<sup>†††,7</sup> | 30667 | 30207 |
| Socotec Holding |  |  |
| &nbsp;&nbsp;&nbsp;7.37% (3 Month Term SOFR + 3.25%, Rate Floor: 4.00%) due 06/02/31 | 24750 | 24863 |
| **Total Consumer, Cyclical** |  | 1080127 |
| **Industrial - 2.7%** |  |  |
| Dispatch Terra Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.40% (3 Month Term SOFR + 4.25%, Rate Floor: 5.00%) due 03/27/28 | 143745 | 140121 |
| Merlin Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;due 12/14/28 | 99742 | 99991 |
| Michael Baker International LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.31% (3 Month Term SOFR + 4.00%, Rate Floor: 4.75%) due 12/01/28 | 97149 | 97301 |
| Hobbs & Associates LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.91% (1 Month Term SOFR + 2.75%, Rate Floor: 2.75%) due 07/23/31 | 74796 | 74695 |
| Pelican Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (3 Month Term SOFR + 4.25%, Rate Floor: 4.75%) due 12/29/28 | 87893 | 74445 |
| Aegion Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 05/17/28 | 72080 | 72098 |
| Engineering Research And Consulting LLC |  |  |
| &nbsp;&nbsp;&nbsp;9.29% (6 Month Term SOFR + 5.00%, Rate Floor: 5.00%) due 08/29/31 | 74438 | 71832 |
| Cognita Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.87% (6 Month Term SOFR + 3.50%, Rate Floor: 4.00%) due 10/27/31 | 49626 | 49750 |
| STS Operating, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.26% (1 Month Term SOFR + 4.00%, Rate Floor: 4.00%) due 03/25/31 | 49250 | 48901 |
| Mannington Mills, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (1 Month Term SOFR + 4.75%, Rate Floor: 4.75%) due 03/07/32 | 49250 | 48019 |
| **Total Industrial** |  | 777153 |
| **Consumer, Non-cyclical - 2.2%** |  |  |
| IVI America LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.25% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 04/14/31 | 69300 | 69646 |
| &nbsp;&nbsp;&nbsp;due 04/14/31 | 35000 | 35175 |
| &nbsp;&nbsp;&nbsp;due 04/09/31 | 25000 | 25125 |
| Recess Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.07% (3 Month Term SOFR + 3.75%, Rate Floor: 4.75%) due 02/20/30 | 123505 | 123858 |
| Outcomes Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.16% (1 Month Term SOFR + 3.00%, Rate Floor: 3.00%) due 05/06/31 | 99002 | 99409 |
| Gibson Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;9.58% (3 Month Term SOFR + 5.00%, Rate Floor: 5.75%) due 08/11/28 | 93844 | 88166 |
| Women's Care Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.91% (3 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 01/15/28 | 61263 | 55596 |
| Blue Ribbon LLC |  |  |
| &nbsp;&nbsp;&nbsp;10.55% (3 Month Term SOFR + 6.00%, Rate Floor: 6.75%) due 05/08/28 | 81250 | 49806 |
| Balrog Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.78% (1 Month Term SOFR + 4.50%, Rate Floor: 5.25%) due 09/05/28<sup>†††</sup> | 48875 | 46920 |
| Midwest Physician Administrative Services |  |  |
| &nbsp;&nbsp;&nbsp;7.26% (3 Month Term SOFR + 3.00%, Rate Floor: 3.75%) due 03/12/28 | 46259 | 42970 |
| **Total Consumer, Non-cyclical** |  | 636671 |
| **Technology - 1.9%** |  |  |
| DS Admiral Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.41% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 06/26/31 | 146493 | 146248 |
| Pushpay USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.62% (6 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 08/18/31 | 99250 | 99622 |
| Blackhawk Network Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;8.16% (1 Month Term SOFR + 4.00%, Rate Floor: 5.00%) due 03/12/29 | 74065 | 74285 |

---

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount<sup>~</sup>** | **Value** |
| **SENIOR FLOATING RATE INTERESTS<sup>††,◊</sup> - 13.0% (continued)** | | |
| **Technology - 1.9% (continued)** |  |  |
| Modena Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.81% (3 Month Term SOFR + 4.50%, Rate Floor: 4.50%) due 07/01/31 | $74438 | $73428 |
| Polaris Newco LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.57% (3 Month Term SOFR + 4.00%, Rate Floor: 4.50%) due 06/02/28 | 74419 | 71638 |
| Planview Parent, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.50% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 12/17/27 | 54314 | 53409 |
| Leia Finco US LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.57% (3 Month Term SOFR + 3.25%, Rate Floor: 3.25%) due 10/09/31 | 34825 | 34798 |
| **Total Technology** |  | 553428 |
| **Financial - 1.2%** |  |  |
| CFC USA 2025 LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.04% (3 Month Term SOFR + 3.75%, Rate Floor: 3.75%) due 05/29/32 | 125000 | 119063 |
| Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;8.51% (1 Month Term SOFR + 4.25%, Rate Floor: 4.25%) due 08/19/28 | 78788 | 79012 |
| Boots Group Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;7.70% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 08/30/32 | 75000 | 75156 |
| Fusion Intermediate, LLC |  |  |
| &nbsp;&nbsp;&nbsp;12.10% (3 Month Term SOFR + 8.00%, Rate Floor: 8.00%) due 06/06/30 | 55706 | 56820 |
| Apex Group Treasury LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.75% (3 Month Term SOFR + 3.50%, Rate Floor: 3.50%) due 02/19/32 | 24938 | 24345 |
| **Total Financial** |  | 354396 |
| **Basic Materials - 1.2%** |  |  |
| GrafTech Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;10.16% (1 Month Term SOFR + 6.00%, Rate Floor: 8.00%) due 12/21/29 | 135903 | 138010 |
| Discovery Purchaser Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.08% (3 Month Term SOFR + 3.75%, Rate Floor: 4.25%) due 10/04/29 | 124065 | 123342 |
| NIC Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.01% (3 Month Term SOFR + 3.75%, Rate Floor: 4.50%) due 12/29/27 | 87154 | 72599 |
| **Total Basic Materials** |  | 333951 |
| **Communications - 0.1%** |  |  |
| Xplore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.00% (1 Month Term SOFR + 1.61%, Rate Floor: 1.61%) due 10/24/31 | 29232 | 19975 |
| &nbsp;&nbsp;&nbsp;9.28% (3 Month Term SOFR + 1.50%, Rate Floor: 5.78%) (in-kind rate was 3.50%) due 10/23/29<sup>7</sup> | 8376 | 7874 |
| **Total Communications** |  | 27849 |
| **Total Senior Floating Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,011,991) |  | 3763575 |
| **SENIOR FIXED RATE INTERESTS<sup>††</sup> - 0.2%** |  |  |
| **Consumer, Cyclical - 0.2%** |  |  |
| Savers, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.03% due 09/13/32 | 75000 | 75000 |
| **Total Senior Fixed Rate Interests** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,626) |  | 75000 |
| **Total Investments - 101.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $30,763,451) |  | $29388975 |
| **Other Assets & Liabilities, net - (1.4)%** |  | (394591) |
| **Total Net Assets - 100.0%** |  | $28994384 |

---

**Forward Foreign Currency Exchange Contracts<sup>††</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency** | **Type** | **Quantity** | **Contract** <br> **Amount** | **Settlement** <br> **Date** | **Unrealized Appreciation (Depreciation)** |
| Morgan Stanley Capital Services LLC | CAD | Sell | 81000 | 58,672 USD | 10/17/25 | $397 |
| Morgan Stanley Capital Services LLC | EUR | Sell | 1221000 | 1,435,143 USD | 10/17/25 | (28) |
|  |  |  |  |  |  | $369 |

---

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>~</sup>* | *The face amount is denominated in U.S. dollars unless otherwise indicated.* |
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*\*</sup>* | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.* |
| *<sup>1</sup>* | *Security is a 144A or Section 4(a)(2) security. These securities have been determined to be illiquid and restricted under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) illiquid and restricted securities is $1,010 (cost $355,998), or less than 0.1% of total net assets — See Note 6.* |
| *<sup>2</sup>* | *Affiliated issuer.* |
| *<sup>3</sup>* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *<sup>4</sup>* | *Security is a 144A or Section 4(a)(2) security. These securities have been determined to be liquid under guidelines established by the Board of Trustees. The total market value of 144A or Section 4(a)(2) securities is $21,779,162 (cost $21,889,628), or 75.1% of total net assets.* |
| *<sup>5</sup>* | *Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.* |
| *<sup>6</sup>* | *Security is in default of interest and/or principal obligations.* |
| *<sup>7</sup>* | *Payment-in-kind security.* |

---

---

| |
|:---|
| *CAD — Canadian Dollar* |
| *EUR — Euro* |
| *EURIBOR — European Interbank Offered Rate* |
| *plc — Public Limited Company* |
| *SARL — Société à Responsabilité Limitée* |
| *SOFR — Secured Overnight Financing Rate* |
| *See Sector Classification in Other Information section.* |

---

The following table summarizes the inputs used to value the Fund's investments at September 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $38468 | $140103 | $55670 | $234241 |
| Preferred Stocks |  | 313075 | 2 | 313077 |
| Rights |  |  | 154 | 154 |
| Money Market Fund | 683689 |  |  | 683689 |
| Corporate Bonds |  | 24318264 | 975 | 24319239 |
| Senior Floating Rate Interests |  | 3652757 | 110818 | 3763575 |
| Senior Fixed Rate Interests |  | 75000 |  | 75000 |
| Forward Foreign Currency Exchange Contracts\*\* |  | 397 |  | 397 |
| Total Assets | $722157 | $28499596 | $167619 | $29389372 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Forward Foreign Currency Exchange Contracts\*\* | $— | $28 | $— | $28 |
| Unfunded Loan Commitments (Note 5) |  |  | 5 | 5 |
| Total Liabilities | $— | $28 | $5 | $33 |

---

*<sup>\*\*</sup>* *This derivative is reported as unrealized appreciation/depreciation at period end.*

---

| | |
|:---|:---|
| **Series P (High Yield Series)** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Affiliated Transactions**

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments, result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** |
| **Common Stocks** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BP Holdco LLC<sup>\*</sup> | $634 | $– | $– | $– | $(207) | $427 | 523 |

---

*<sup>\*</sup>* *Non-income producing security.*

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)**

**Note 1 – Organization and Significant Accounting Policies**

**Organization**

Guggenheim Variable Funds Trust (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). The Trust may issue an unlimited number of authorized shares. The Trust offers shares of the Funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification Status** |
| Series E (Total Return Bond Series) | Diversified |
| Series F (Floating Rate Strategies Series) | Diversified |
| Series P (High Yield Series) | Diversified |

---

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.

**Significant Accounting Policies** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

**(a) Valuation of Investments** 

The Board of Trustees of the Funds (the "Board") has adopted policies and procedures for the valuation of the Funds' investments (the "Fund Valuation Procedures").

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Guggenheim Partners Investment Management, LLC (the "Adviser") as the valuation designee to perform fair valuation determinations for each Fund with respect to all Fund investments and/or other assets. As the Funds' valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures ("Valuation Designee Procedures" and collectively with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim's investment management, fund administration, legal and compliance departments (the "Valuation Committee"), in determining fair value of the Funds' securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

Valuations of the Funds' securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services. If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)**

U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service.

CLOs, CDOs, MBS, ABS, and other structured finance securities are generally valued using an independent third-party pricing service.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market ("NASDAQ") will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their Net Asset Value ("NAV") as of the close of business, on the valuation date. Exchange-traded funds (" ETFs") and listed closed-end investment companies are generally valued at the last quoted sale price.

Exchange-traded options are valued at the mean of the bid and ask prices on the principal exchange on which they are traded.

Over-the-counter ("OTC") options and options on swaps ("swaptions") are valued using a price provided by a pricing service.

Forward foreign currency exchange contracts are valued daily based on the applicable exchange rate of the underlying currency.

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

Interest rate swap agreements entered into by a Fund are valued on the basis of the last sale price on the primary exchange on which the swap is traded. Other swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

Typically, loans are valued using information provided by an independent third-party pricing service that uses broker quotes, among other inputs. If the independent third-party pricing service cannot or does not provide a valuation for a particular loan, or such valuation is deemed unreliable, such investment is valued based on a quote from a broker-dealer or is fair valued by the Adviser. Funds that invest in loans or asset-backed securities as part of their investment strategies may have a significant amount of these instruments that are fair valued by the Adviser.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, American Depositary Receipts ("ADR") trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by a third-party pricing vendor in valuing foreign securities.

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)**

A Fund may also fair value securities and assets when a significant event is deemed to have occurred after the time of a market quotation including for securities and assets traded on foreign markets and securities and assets for which market quotations are provided by independent third-party pricing services as of a time that is prior to the time when the Funds determine their NAV. There can be no assurance in each case that significant events will be identified.

Valuations of the Funds' securities and other assets are supplied primarily by independent third-party pricing services pursuant to the processes set forth in the Valuation Designee Procedures. Valuations provided by the independent third-party pricing services are generally based on methods designed to approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset. When providing valuations to the Funds, independent third-party pricing services use various inputs, methods, models and assumptions, which may include information provided by broker-dealers and other market makers. Independent third-party pricing services face the same challenges as the Funds in valuing securities and assets and may rely on limited available information. If the independent third-party pricing service cannot or does not provide a valuation for a particular investment, or such valuation is deemed unreliable, such investment is fair valued by the Adviser. A Fund may also use third-party service providers to model certain securities to determine fair market value. While a Fund's use of fair valuation is intended to result in calculation of NAV that fairly reflects values of the Fund's portfolio securities as of the time of pricing, a Fund cannot guarantee that any fair valuation will, in fact, approximate the amount the Fund would actually realize upon the sale of the securities in question.

Quotes from broker-dealers (i.e., prices provided by a broker-dealer or other market participant, which may or may not be committed to trade at that price), adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value a Fund's assets. Quotes from broker-dealers and vendor prices based on broker quotes can vary in terms of depth (e.g., provided by a single broker-dealer) and frequency (e.g., provided on a daily, weekly, or monthly basis, or any other regular or irregular interval). Although quotes from broker-dealers and vendor prices based on broker quotes are typically received from established market participants, a Fund may not have the transparency to view the underlying inputs which support such quotes. Significant changes in a quote from a broker-dealer would generally result in significant changes in the fair value of the security.

The Funds may acquire an interest in a special purpose acquisition company ("SPAC") in an initial public offering or a secondary market transaction. SPAC investments carry many of the same risks as investments in initial public offering securities, such as erratic price movements, greater risk of loss, lack of information about the issuer, limited operating and little public or no trading history, and higher transaction costs. An investment in a SPAC is typically subject to a higher risk of dilution by additional later offerings of interests in the SPAC or by other investors exercising existing rights to purchase shares of the SPAC and interests in SPACs may be illiquid and/or be subject to restrictions on resale. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring the equity securities of one or more existing companies (or interests therein) via merger, combination, acquisition or other similar transactions. Unless and until an acquisition is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. SPAC investments are also subject to the risk that a significant portion of the funds raised by the SPAC may be expended during the search for a target acquisition or merger and that the SPAC may have limited time in which to conduct due diligence on potential business combination targets. Because SPACs are in essence blank check companies without operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Among other conflicts of interest, the economic interests of the management, directors, officers and related parties of a SPAC can differ from the economic interests of public shareholders, which may lead to conflicts as they evaluate, negotiate and recommend business combination transactions to shareholders. This risk may become more acute as the deadline for the completion of a business combination nears. There is no guarantee that the SPACs in which the Funds invest will complete

an acquisition or that any acquisitions that are completed will be profitable.

**Note 2 – Financial Instruments and Derivatives**

As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)**

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Funds utilized derivatives for the following purposes:

**Duration:** the use of an instrument to manage the interest rate risk of a portfolio.

**Hedge:** an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

**Income:** the use of any instrument that distributes cash flows typically based upon some rate of interest.

**Index Exposure:** the use of an instrument to obtain exposure to a listed or other type of index.

**Speculation:** the use of an instrument to express macro-economic and other investment views.

If a Fund's investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund's use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if they had not been leveraged.

**Options Purchased and Written** 

A call option on a security gives the purchaser of the option the right to buy, and the writer of a call option the obligation to sell, the underlying security. The purchaser of a put option has the right to sell, and the writer of the put option the obligation to buy, the underlying security at any time during the option period. The risk associated with purchasing options is limited to the premium originally paid.

The risk in writing a call option is that a Fund may incur a loss if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that a Fund may incur a loss if the market price of the underlying security decreases and the option is exercised. In addition, there may be an imperfect correlation between the movement in prices of options and the underlying securities where a Fund may not be able to enter into a closing transaction because of an illiquid secondary market; or, for OTC options, a Fund may be at risk because of the counterparty's inability to perform.

**Futures Contracts**

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Schedules of Investments.

**Swap Agreements**

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)**

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as index) for a fixed or variable interest rate. Total return will usually be computed based on the current index value as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

Interest rate swaps involve the exchange by the Funds with another party for their respective commitment to pay or receive a fixed or variable interest rate on a notional amount of principal. Interest rate swaps are generally centrally-cleared, but central clearing does not make interest rate swap transactions risk free.

Credit default swaps are instruments which allow for the full or partial transfer of third-party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a "seller" or "buyer" of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

**Forward Foreign Currency Exchange Contracts**

A forward foreign currency exchange contract is an agreement between two parties to exchange two designated currencies at a specific time in the future. Certain types of contracts may be cash settled, in an amount equal to the change in exchange rates during the term of the contract. The contracts can be used to hedge or manage exposure to foreign currency risks with portfolio investments or to gain exposure to foreign currencies.

The market value of a forward foreign currency exchange contract changes with fluctuations in foreign currency exchange rates. Furthermore, the Funds may be exposed to risk if the counterparties cannot meet the contract terms or if the currency value changes unfavorably as compared to the U.S. dollar.

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)**

**Foreign Investments** 

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

**Reverse Repurchase Agreements**

Each of the Funds may enter into reverse repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities and agrees to repurchase them at a particular price at a future date. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

**Note 3 – Fair Value Measurement**

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of "readily available market quotations," which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that "a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable."

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)**

Independent third-party pricing services are used to value a majority of the Funds' investments. When values are not available from an independent third-party pricing service, they will be determined using a variety of sources and techniques, including: market prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information and analysis. A significant portion of the Funds' assets and liabilities are categorized as Level 2, as indicated in this report.

Quotes from broker-dealers, adjusted for fluctuations in criteria such as credit spreads and interest rates, may also be used to value the Funds' assets and liabilities, i.e. prices provided by a broker-dealer or other market participant who has not committed to trade at that price. Although quotes are typically received from established market participants, the Funds may not have the transparency to view the underlying inputs which support the market quotations. Significant changes in a quote would generally result in significant changes in the fair value of the security.

Certain fixed income securities are valued by obtaining a monthly quote from a broker-dealer, adjusted for fluctuations in criteria such as credit spreads and interest rates.

Certain loans and other securities are valued using a single daily broker quote or a price from an independent third-party pricing service based on a single daily or monthly broker quote.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

**Note 4– Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder's basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

At September 30, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Tax Unrealized<br> Appreciation** | **Tax Unrealized<br> Depreciation** | **Net Tax<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Series E (Total Return Bond Series) | $229578338 | $2327262 | $(7950773) | $(5623511) |
| Series F (Floating Rate Strategies Series) | 50765304 | 195488 | (1492494) | (1297006) |
| Series P (High Yield Series) | 30765185 | 663836 | (2039677) | (1375841) |

---

**NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (continued)**

**Note 5 – Unfunded Loan Commitments** 

Pursuant to the terms of certain loan agreements, certain Funds held unfunded loan commitments as of September 30, 2025. The Funds are obligated to fund these loan commitments at the borrower's discretion.

The unfunded loan commitments as of September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Borrower** | **Maturity Date** | **Face Amount** | **Value** |
| **Series E (Total Return Bond Series)** | **Series E (Total Return Bond Series)** |  |  |  |
|  | Capstone Acquisition Holdings, Inc. | 11/12/29 | $12076 | $55 |
|  | Datix Bidco Ltd. | 04/25/31 | 40050 |  |
|  | MB2 Dental Solutions LLC | 02/13/31 | 35455 | 40 |
|  |  |  |  | 95 |
| **Series F (Floating Rate Strategies Series)** | **Series F (Floating Rate Strategies Series)** |  |  |  |
|  | Aegion Corp. | 05/17/28 | 27922 |  |
|  | AmSpec Parent LLC | 12/22/31 | 16028 |  |
|  | Citrin Cooperman Advisors LLC | 04/01/32 | 6364 | 34 |
|  | GrafTech Finance, Inc. | 11/04/29 | 16254 |  |
|  | Hanger, Inc. | 10/23/31 | 11635 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 16627 | 10 |
|  |  |  |  | 44 |
| **Series P (High Yield Series)** | **Series P (High Yield Series)** |  |  |  |
|  | AmSpec Parent LLC | 12/22/31 | 8436 |  |
|  | GrafTech Finance, Inc. | 11/04/29 | 77659 |  |
|  | Secretariat Advisors LLC | 02/21/32 | 8065 | 5 |
|  |  |  |  | 5 |

---

**Note 6 – Restricted Securities**

The securities below are considered illiquid and restricted under guidelines established by the Board:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Restricted Securities** | **Acquisition Date** | **Cost** | **Value** |
| **Series E (Total Return Bond Series)** | **Series E (Total Return Bond Series)** |  |  |  |
|  | Copper River CLO Ltd. |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007-1A INC, due 01/20/21<sup>1</sup> | 05/09/14 | $– | $60 |
|  | Nassau LLC |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2019-1 3.98% due 08/15/34 | 08/16/19 | 67474 | 64263 |
|  |  |  | 67474 | 64323 |
| **Series P (High Yield Series)** | **Series P (High Yield Series)** |  |  |  |
|  | Endo Luxembourg Finance Co I SARL / Endo US, Inc. | 04/23/24 | 1343 | 23 |
|  | Endo Luxembourg Finance Co I SARL / Endo US, Inc. | 04/23/24 | 746 | 12 |
|  | Mirabela Nickel Ltd. |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; due 06/24/19<sup>2</sup> | 12/31/13 | 353909 | 975 |
|  |  |  | 355998 | 1010 |

---

*<sup>1</sup>* *Security has no stated coupon. However, it is expected to receive residual cash flow payments on defined deal dates.*

*<sup>2</sup>* *Security is in default of interest and/or principal obligations.*

**Note 7 – Market Risks** 

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

**OTHER INFORMATION *(Unaudited)***

**Sector Classification**

Information in the "Schedule of Investments" is categorized by sectors using sector-level classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund's registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

## 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:** 2025-09-30

**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:** $29716399.58

**Total Liabilities:** $723056.22

**Net Assets:** $28993343.36

**Delayed Delivery Securities:** $109625.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 17.41394850 | **5-Year:** 85.33155000 | **10-Year:** 21.98679660 | **30-Year:** 0.00000000

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

- **3-Month:** 240.31449800 | **1-Year:** 1814.34786440 | **5-Year:** 4977.23263820 | **10-Year:** 742.24934910 | **30-Year:** 80.78518850

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027854 | 0.30%                | 0.91%                | 0.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-241566.28              | $139802.36                                 |
| Month 2  | $34839.24                | $104323.63                                 |
| Month 3  | $-22740.14               | $-86942.47                                 |

**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        |      7000 | PA      | $6090.00      | 0.02%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TORTUGA RESORTS GHD LLC                             | Tortuga Resorts GHD LLC                                                                              | CUSIP: N/A<br>LEI: 254900XSXXA1T3VYS339       | Long             | LON              | CORP              | US        |     75000 | PA      | $75047.25     | 0.26%             | 2032-08-13      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| SUPERIOR PLUS LP                                    | Superior Plus, LP                                                                                    | CUSIP: 86828QAK7<br>LEI: 549300K5Y13GU6TPZJ49 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $53242.16     | 0.18%             | 2028-05-18      | Fixed         | 4.25%                 | 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      | $99408.77     | 0.34%             | 2031-05-06      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                                     | Alumina Pty Ltd.                                                                                     | CUSIP: 02220AAB3<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |    200000 | PA      | $205027.00    | 0.71%             | 2032-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                              | Mauser Packaging Solutions Holding Co.                                                               | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176715.53    | 0.61%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                    | UWM Holdings LLC                                                                                     | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $74642.80     | 0.26%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                       | TransDigm, Inc.                                                                                      | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    175000 | PA      | $181323.63    | 0.63%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Contra Mallinckro                                   | Contra Mallinckro                                                                                    | CUSIP: 292CNT011<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       940 | NS      | $97681.98     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| MIRABELA NICKEL LTD                                 | Mirabela Nickel Ltd.                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AU        |    390085 | PA      | $975.21       | 0.00%             | 2019-06-24      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| LITHIA MOTORS INC                                   | Lithia Motors, Inc.                                                                                  | CUSIP: 536797AJ2<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74906.25     | 0.26%             | 2030-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                                | Weight Watchers International, Inc.                                                                  | CUSIP: N/A<br>LEI: SGT8R1MU6ESIC7UJC518       | Long             | LON              | CORP              | US        |     71840 | PA      | $65015.15     | 0.22%             | 2030-06-24      | Variable      | 10.80%                | 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        |  -1121000 | NC      | $441.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                                  | Crown Americas LLC                                                                                   | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151516.68    | 0.52%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                            | Compass Minerals International, Inc.                                                                 | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52258.85     | 0.18%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ASPHALT BUYER II LLC                                | Asphalt Intermediate Holdco, LLC                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |       417 | NS      | $153.79       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CENTRAL GARDEN & PET CO                             | Central Garden & Pet Co.                                                                             | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69973.97     | 0.24%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP                                         | Enviri Corp.                                                                                         | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    275000 | PA      | $272769.50    | 0.94%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                                          | USI, Inc.                                                                                            | CUSIP: 90346KAB5<br>LEI: 2549006D7UF7072T7I27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52433.92     | 0.18%             | 2032-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CPC ACQUISITION CORP                                | NIC Acquisition Corp.                                                                                | CUSIP: N/A<br>LEI: 254900UFA4AMH3PZZW32       | Long             | LON              | CORP              | US        |     87154 | PA      | $72599.44     | 0.25%             | 2027-12-29      | Variable      | 8.01%                 | No            |                  2 | 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 GLOBAL LP/US FIN                            | Clarios Global Limited Partnership / Clarios US Finance Co.                                          | CUSIP: 18060TAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51104.33     | 0.18%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                   | Herc Holdings, Inc.                                                                                  | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51936.30     | 0.18%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                                    | AMC Networks, Inc.                                                                                   | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    125000 | PA      | $132179.38    | 0.46%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                               | Caesars Entertainment, Inc.                                                                          | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123119.98    | 0.42%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | 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      | $0.05         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MERLIN BUYER INC                                    | Merlin Buyer, Inc.                                                                                   | CUSIP: N/A<br>LEI: 2549008CJ699WXZAWW31       | Long             | LON              | CORP              | US        |     99742 | PA      | $99990.95     | 0.34%             | 2028-12-14      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| GALAXY US OPCO INC                                  | Galaxy US Opco, Inc.                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     50258 | PA      | $45514.77     | 0.16%             | 2030-07-31      | Variable      | 10.06%                | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                               | Bausch Health Companies, Inc.                                                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $201375.00    | 0.69%             | 2028-06-01      | Fixed         | 4.88%                 | 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      | $129285.50    | 0.45%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TEAMSYSTEM SPA                                      | TeamSystem SpA                                                                                       | CUSIP: N/A<br>LEI: 81560062081DF3AB7A90       | Long             | DBT              | CORP              | IT        |    100000 | PA      | $117766.82    | 0.41%             | 2031-07-31      | Variable      | 5.53%                 | 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      | $74472.41     | 0.26%             | 2029-03-12      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                                | Wabash National Corp.                                                                                | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185563.40    | 0.64%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                               | HUB International Ltd.                                                                               | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26033.48     | 0.09%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| YAK BLOCKER 2 LLC                                   | YAK BLOCKER 2 LLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       844 | NS      | $692.77       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| STS OPERATING INC                                   | STS Operating, Inc.                                                                                  | CUSIP: N/A<br>LEI: 549300HW5C2VGPZCHL57       | Long             | LON              | CORP              | US        |     49250 | PA      | $48901.31     | 0.17%             | 2031-03-25      | Variable      | 8.26%                 | No            |                  2 | On Loan: No      |
| BLAZING STAR BOOTS SUPERCO JERSEY LTD               | Boots Group Bidco Ltd.                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     75000 | PA      | $75156.00     | 0.26%             | 2032-08-30      | Variable      | 7.70%                 | No            |                  2 | On Loan: No      |
| ALLWYN ENTERTAINMENT FIN                            | Allwyn Entertainment Financing UK plc                                                                | CUSIP: 02007VAA8<br>LEI: 315700J7ZTIN8XGCX365 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $207519.45    | 0.72%             | 2029-04-30      | Fixed         | 7.88%                 | 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      | $102270.00    | 0.35%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENDO LP                                             | 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      |
| Dreyfus Treasury Securities Ca                      | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares                              | CUSIP: N/A<br>LEI: 549300U78VESCW509025       | Long             | STIV             | RF                | US        |    683689 | NS      | $683688.94    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| INTRALOT INTEGRATED LOTTERY SYSTEMS AND SERVICES SA | Intralot Capital Luxembourg S.A.                                                                     | CUSIP: N/A<br>LEI: 549300QF747C7UWZYB38       | Long             | DBT              | CORP              | LU        |    100000 | PA      | $118311.16    | 0.41%             | 2031-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                                  | Kennedy-Wilson, Inc.                                                                                 | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95546.67     | 0.33%             | 2029-03-01      | Fixed         | 4.75%                 | 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      | $105466.40    | 0.36%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| IVI AMERICA LLC                                     | IVI America LLC                                                                                      | CUSIP: N/A<br>LEI: 549300V0LY56J9HGCK92       | Long             | LON              | CORP              | US        |     69300 | PA      | $69646.50     | 0.24%             | 2031-04-14      | Variable      | 7.25%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                                     | Fair Isaac Corp.                                                                                     | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101244.32    | 0.35%             | 2033-05-15      | Fixed         | 6.00%                 | 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      | $86456.30     | 0.30%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                               | Capstone Borrower, Inc.                                                                              | CUSIP: 140944AA7<br>LEI: 254900YSP2BAI3YKIX08 | Long             | DBT              | CORP              | US        |    175000 | PA      | $183013.43    | 0.63%             | 2030-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                                       | Life Time, Inc.                                                                                      | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152394.58    | 0.53%             | 2031-11-15      | Fixed         | 6.00%                 | 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      | $148827.21    | 0.51%             | 2026-03-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                       | TransDigm, Inc.                                                                                      | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50554.15     | 0.17%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                      | CVR Energy, Inc.                                                                                     | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76654.35     | 0.26%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                | Kaiser Aluminum Corp.                                                                                | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $108768.18    | 0.38%             | 2028-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                               | Caesars Entertainment, Inc.                                                                          | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25499.70     | 0.09%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SGH2 LLC                                            | Scenic Cruises                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     50000 | PA      | $50000.00     | 0.17%             | 2032-07-19      | Variable      | 8.51%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                               | Molina Healthcare, Inc.                                                                              | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25277.73     | 0.09%             | 2033-01-15      | Fixed         | 6.25%                 | 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      | $122344.70    | 0.42%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RECESS HOLDINGS INC                                 | Recess Holdings, Inc.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    123505 | PA      | $123857.75    | 0.43%             | 2030-02-20      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| BALROG ACQUISITION INC                              | Balrog Acquisition, Inc.                                                                             | CUSIP: N/A<br>LEI: 25490017XQ2US9FIMN58       | Long             | LON              | CORP              | US        |     48875 | PA      | $46920.00     | 0.16%             | 2028-09-05      | Variable      | 8.78%                 | No            |                  3 | 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      | $73058.50     | 0.25%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENPRO INC                                           | Enpro, Inc.                                                                                          | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178857.59    | 0.62%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                                  | Viking Cruises Ltd.                                                                                  | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    125000 | PA      | $125087.72    | 0.43%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                   | Post Holdings, Inc.                                                                                  | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74700.62     | 0.26%             | 2029-12-15      | Fixed         | 5.50%                 | 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     | 0.12%             | 2030-02-28      | Variable      | 5.50%                 | No            |                  3 | On Loan: No      |
| ASTRION GROUP LLC                                   | Engineering Research And Consulting LLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     74438 | PA      | $71832.19     | 0.25%             | 2031-08-29      | Variable      | 9.29%                 | 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      | $53548.09     | 0.18%             |  |  |  | No            |                  3 | On Loan: No      |
| RB GLOBAL HOLDINGS INC                              | RB Global Holdings, Inc.                                                                             | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156885.45    | 0.54%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM LIMITED                                | Dye & Durham Ltd.                                                                                    | CUSIP: 267486AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $197775.48    | 0.68%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AMSPEC PARENT LLC                                   | AmSpec Parent LLC                                                                                    | CUSIP: N/A<br>LEI: 254900LUGRP5Z7OOV477       | Short            | LON              | CORP              | US        |     -8436 | PA      | $0.00         | 0.00%             | 2031-12-22      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                                | Bank of America Corp.                                                                                | CUSIP: 06055HAH6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |     50000 | NS      | $52024.45     | 0.18%             |  |  |  | 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      | $111132.60    | 0.38%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                   | Upbound Group, Inc.                                                                                  | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    157000 | PA      | $154936.86    | 0.53%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                            | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23510.93     | 0.08%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                                 | Amer Sports Co.                                                                                      | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103922.70    | 0.36%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                                | OneMain Finance Corp.                                                                                | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46477.81     | 0.16%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                             | Park River Holdings, Inc.                                                                            | CUSIP: 70082LAA5<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97996.16     | 0.34%             | 2029-02-01      | Fixed         | 5.62%                 | 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      | $104931.80    | 0.36%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                              | JB Poindexter & Company, Inc.                                                                        | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    125000 | PA      | $130919.13    | 0.45%             | 2031-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE                                      | Brink's Co.                                                                                          | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78010.88     | 0.27%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                            | Standard Building Solutions, Inc.                                                                    | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76951.58     | 0.27%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                    | CSC Holdings LLC                                                                                     | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $70169.32     | 0.24%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                            | Performance Food Group, Inc.                                                                         | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128038.88    | 0.44%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                    | CSC Holdings LLC                                                                                     | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     75000 | PA      | $48370.89     | 0.17%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| LONESTAR INTERMEDIATE SUPER HOLDINGS LLC            | Asurion LLC                                                                                          | CUSIP: N/A<br>LEI: 549300KNQVXGIOXWK278       | Long             | LON              | CORP              | US        |     78788 | PA      | $79012.43     | 0.27%             | 2028-08-19      | Variable      | 8.51%                 | No            |                  2 | On Loan: No      |
| BLUE RIBBON LLC (USA)                               | Blue Ribbon LLC                                                                                      | CUSIP: N/A<br>LEI: 549300NQM7J4KC44D416       | Long             | LON              | CORP              | US        |     30667 | PA      | $30206.88     | 0.10%             | 2028-05-08      | Variable      | 6.14%                 | No            |                  3 | On Loan: No      |
| GRIFOLS SA                                          | Grifols S.A.                                                                                         | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $194272.42    | 0.67%             | 2028-10-15      | Fixed         | 4.75%                 | 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      |
| VAIL RESORTS INC                                    | Vail Resorts, Inc.                                                                                   | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103395.00    | 0.36%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                            | Venture Global Calcasieu Pass LLC                                                                    | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156382.50    | 0.54%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                                          | CPI CG, Inc.                                                                                         | CUSIP: 12598FAC3<br>LEI: 254900H3R50WH1B1LB48 | Long             | DBT              | CORP              | US        |    255000 | PA      | $267370.35    | 0.92%             | 2029-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GRAFTECH INTERNATIONAL LTD.                         | GrafTech Finance, Inc.                                                                               | CUSIP: N/A<br>LEI: 1Z010BU876CF2HDBIN43       | Long             | LON              | CORP              | US        |    135903 | PA      | $138009.81    | 0.48%             | 2029-12-21      | Variable      | 10.16%                | 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      | $135948.56    | 0.47%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PUSHPAY USA INC                                     | Pushpay USA, Inc.                                                                                    | CUSIP: N/A<br>LEI: 9845001D6794B3C1FF33       | Long             | LON              | CORP              | US        |     99500 | PA      | $99873.13     | 0.34%             | 2031-08-18      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                | WR Grace Holdings LLC                                                                                | CUSIP: 92943GAD3<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |     49000 | PA      | $48696.12     | 0.17%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  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      | $162699.79    | 0.56%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DISPATCH TERRA ACQUISITION LLC                      | Dispatch Terra Acquisition LLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    143745 | PA      | $140121.17    | 0.48%             | 2028-03-27      | Variable      | 8.40%                 | 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        |    185813 | PA      | $130069.19    | 0.45%             | 2025-04-03      | Variable      | 6.38%                 | 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%             | 2028-10-23      | Variable      | 11.80%                | No            |                  3 | 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      | $48811.50     | 0.17%             | 2029-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                                | Amentum Holdings, Inc.                                                                               | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103836.60    | 0.36%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IVI AMERICA LLC                                     | IVI America LLC                                                                                      | CUSIP: N/A<br>LEI: 549300V0LY56J9HGCK92       | Long             | LON              | CORP              | US        |     25000 | PA      | $25125.00     | 0.09%             | 2031-04-09      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                            | Hilton Domestic Operating Company, Inc.                                                              | CUSIP: 432833AS0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126668.75    | 0.44%             | 2033-09-15      | Fixed         | 5.75%                 | No            |                  2 | 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      | $140517.09    | 0.48%             | 2028-10-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HUNT COS INC                                        | Hunt Companies, Inc.                                                                                 | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    185000 | PA      | $180364.84    | 0.62%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| APEX GROUP TREASURY LLC                             | Apex Group Treasury LLC                                                                              | CUSIP: N/A<br>LEI: 254900N6HRPDDNW7HP03       | Long             | LON              | CORP              | US        |     24938 | PA      | $24345.23     | 0.08%             | 2032-02-19      | Variable      | 7.75%                 | 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      | $266449.73    | 0.92%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                               | Tenet Healthcare Corp.                                                                               | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126594.61    | 0.44%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| KANE FEEDERCO LTD                                   | Kane Bidco Ltd.                                                                                      | CUSIP: N/A<br>LEI: 213800IT8MD1MLYZWC24       | Long             | DBT              | CORP              | JE        |    100000 | PA      | $118165.95    | 0.41%             | 2032-07-15      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                                  | New Flyer Holdings, Inc.                                                                             | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $26759.21     | 0.09%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                               | McGraw-Hill Education, Inc.                                                                          | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101841.90    | 0.35%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                                     | Hillenbrand, Inc.                                                                                    | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117831.44    | 0.41%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| MANNINGTON MILLS INC                                | Mannington Mills, Inc.                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49250 | PA      | $48018.75     | 0.17%             | 2032-03-07      | Variable      | 8.91%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                                   | Clean Harbors, Inc.                                                                                  | CUSIP: 184496AQ0<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153605.10    | 0.53%             | 2031-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                                 | Axon Enterprise, Inc.                                                                                | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77197.20     | 0.27%             | 2033-03-15      | Fixed         | 6.25%                 | 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      | $749.51       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PLAYTIKA HOLDING CORP                               | Playtika Holding Corp.                                                                               | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8262.63      | 0.03%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FUSION BUYER LLC                                    | Fusion Intermediate, LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     55706 | PA      | $56819.75     | 0.20%             | 2030-06-06      | Variable      | 12.10%                | No            |                  2 | On Loan: No      |
| CLARIOS INTERNATIONAL INC                           | Clarios Global LP                                                                                    | CUSIP: N/A<br>LEI: 549300474L1ZLXZY2P98       | Long             | DBT              | CORP              | US        |    100000 | PA      | $119638.61    | 0.41%             | 2031-06-15      | Fixed         | 4.75%                 | 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      | $26373.58     | 0.09%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SECRETARIAT ADVISORS LLC                            | Secretariat Advisors LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -8065 | PA      | $-5.00        | -0.00%            | 2032-02-21      | Variable      | 4.00%                 | No            |                  3 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                            | Hilton Domestic Operating Company, Inc.                                                              | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77102.33     | 0.27%             | 2032-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC                                | GrafTech Finance, Inc.                                                                               | CUSIP: 384311AC0<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |    430000 | PA      | $301136.13    | 1.04%             | 2029-12-23      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                               | Venture Global Plaquemines LNG LLC                                                                   | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79663.28     | 0.27%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO LLC                         | Beach Acquisition Bidco, LLC                                                                         | CUSIP: N/A<br>LEI: 254900F2FNX3GBTB6202       | Long             | DBT              | CORP              | US        |    150000 | PA      | $180557.16    | 0.62%             | 2032-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONE HOTELS & RESORTS GMBH                           | ONE Hotels GmbH                                                                                      | CUSIP: N/A<br>LEI: 529900OZ5000U0NZHM90       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $126698.91    | 0.44%             | 2031-04-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC                                | WR Grace Holdings LLC                                                                                | CUSIP: 92943GAF8<br>LEI: 549300WNOVFRGYOAEB12 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123597.50    | 0.43%             | 2032-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                              | Venture Global LNG, Inc.                                                                             | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77630.25     | 0.27%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC                              | Cloud Software Group, Inc.                                                                           | CUSIP: 18912UAG7<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152694.62    | 0.53%             | 2033-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DARKTRACE FINCO US LLC                              | Leia Finco US LLC                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     34825 | PA      | $34798.18     | 0.12%             | 2031-10-09      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                                 | Medline Borrower, LP                                                                                 | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99135.32     | 0.34%             | 2029-10-01      | Fixed         | 5.25%                 | 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      | $190530.00    | 0.66%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PLC                                   | INEOS Finance plc                                                                                    | CUSIP: 44984WAH0<br>LEI: 2138002D68XDR4LZCG32 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $196174.80    | 0.68%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                               | Williams Scotsman, Inc.                                                                              | CUSIP: 96949VAN3<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51463.25     | 0.18%             | 2030-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SOLERA CORP                                         | Polaris Newco LLC                                                                                    | CUSIP: N/A<br>LEI: 254900LEPDAG7EDOA064       | Long             | LON              | CORP              | US        |     74419 | PA      | $71638.32     | 0.25%             | 2028-06-02      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| AMSPEC PARENT LLC                                   | AmSpec Parent LLC                                                                                    | CUSIP: N/A<br>LEI: 254900LUGRP5Z7OOV477       | Long             | LON              | CORP              | US        |     91388 | PA      | $91674.45     | 0.32%             | 2031-12-22      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                            | SLM Corp.                                                                                            | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78155.05     | 0.27%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MODENA BUYER LLC                                    | Modena Buyer LLC                                                                                     | CUSIP: N/A<br>LEI: 254900B0G2IU0VBDOY26       | Long             | LON              | CORP              | US        |     74438 | PA      | $73427.38     | 0.25%             | 2031-07-01      | Variable      | 8.81%                 | 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      | $76682.45     | 0.26%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                                    | Lamar Media Corp.                                                                                    | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49632.20     | 0.17%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                           | Crocs, Inc.                                                                                          | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    175000 | PA      | $167707.75    | 0.58%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                                    | CSC Holdings LLC                                                                                     | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $130971.00    | 0.45%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HOBBS & ASSOCIATES LLC                              | Hobbs & Associates LLC                                                                               | CUSIP: N/A<br>LEI: 254900FAZYX24PP1RY58       | Long             | LON              | CORP              | US        |     74796 | PA      | $74695.27     | 0.26%             | 2031-07-23      | Variable      | 6.91%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                              | Venture Global LNG, Inc.                                                                             | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77607.39     | 0.27%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS                            | Focus Financial Partners LLC                                                                         | CUSIP: 34417VAA5<br>LEI: 5493007L0E0VKRC2CP39 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153617.70    | 0.53%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WRANGLER HOLDCO CORP                                | Wrangler Holdco Corp.                                                                                | CUSIP: 37441QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78202.43     | 0.27%             | 2032-04-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REVENIR ENERGY INC                                  | Legacy Reserves, Inc.                                                                                | CUSIP: N/A<br>LEI: 549300SZ0GOWNZGNYY47       | Long             | EC               | CORP              | US        |      1969 | NS      | $216.59       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JH NORTH AMERICA HOLDING                            | JH North America Holdings, Inc.                                                                      | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152297.19    | 0.53%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | 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      |
| CARTER INTERMEDIATE INC                             | Aegion Corp.                                                                                         | CUSIP: N/A<br>LEI: 549300AG3DVJURRIT691       | Long             | LON              | CORP              | US        |     72261 | PA      | $72279.35     | 0.25%             | 2028-05-17      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                               | PennyMac Financial Services, Inc.                                                                    | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    100000 | PA      | $106129.70    | 0.37%             | 2029-12-15      | Fixed         | 7.88%                 | 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      | $237872.53    | 0.82%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                   | Upbound Group, Inc.                                                                                  | CUSIP: N/A<br>LEI: 529900QUHE15UQNCCJ63       | Long             | LON              | CORP              | US        |     45494 | PA      | $45380.25     | 0.16%             | 2032-08-12      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                               | HUB International Ltd.                                                                               | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49949.72     | 0.17%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                                 | Walker & Dunlop, Inc.                                                                                | CUSIP: 93148PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76698.50     | 0.26%             | 2033-04-01      | Fixed         | 6.62%                 | 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      |
| ENERSYS                                             | EnerSys                                                                                              | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180088.48    | 0.62%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                            | Hess Midstream Operations, LP                                                                        | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50969.00     | 0.18%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                            | Advanced Drainage Systems, Inc.                                                                      | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127213.88    | 0.44%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                            | Liberty Mutual Group, Inc.                                                                           | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    100000 | PA      | $62964.20     | 0.22%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| COMPAGNIE BENELUX PARTICIPATIONS SA                 | Socotec Holding                                                                                      | CUSIP: N/A<br>LEI: 969500TSHWNDZONA3M83       | Long             | LON              | CORP              | FR        |     24750 | PA      | $24863.36     | 0.09%             | 2031-06-02      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                            | Compass Minerals International, Inc.                                                                 | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60056.76     | 0.21%             | 2027-12-01      | 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      | $77688.30     | 0.27%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                                      | Ryan Specialty LLC                                                                                   | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75838.95     | 0.26%             | 2032-08-01      | Fixed         | 5.88%                 | 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      | $100316.00    | 0.35%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AMSTED INDUSTRIES                                   | Amsted Industries, Inc.                                                                              | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72478.46     | 0.25%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NIDDA TOPCO SARL                                    | Nidda Healthcare Holding                                                                             | CUSIP: N/A<br>LEI: 549300Q89C4WAO6L0L19       | Long             | DBT              | CORP              | DE        |    100000 | PA      | $120668.21    | 0.42%             | 2030-02-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                               | Clearwater Paper Corp.                                                                               | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117596.25    | 0.41%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PETSMART LLC/PETSMART FI                            | PetSmart LLC / PetSmart Finance Corp.                                                                | CUSIP: 71677KAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250371.57    | 0.86%             | 2032-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                                 | NCL Corporation Ltd.                                                                                 | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    100000 | PA      | $100517.58    | 0.35%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                                  | AMN Healthcare, Inc.                                                                                 | CUSIP: 00175PAB9<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124950.00    | 0.43%             | 2027-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                            | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129206.38    | 0.45%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                              | Penn Entertainment, Inc.                                                                             | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $93731.66     | 0.32%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                     | Gen Digital, Inc.                                                                                    | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76565.93     | 0.26%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| XEROX CORPORATION                                   | Xerox Corp.                                                                                          | CUSIP: 984121CS0<br>LEI: 4KF48RN45X1OO8UBLY20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101583.60    | 0.35%             | 2030-10-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| INGENOVIS HEALTH INC                                | CCRR Parent, Inc.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    243925 | PA      | $75616.85     | 0.26%             | 2028-03-06      | Variable      | 8.71%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                               | Venture Global Plaquemines LNG LLC                                                                   | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    125000 | PA      | $141088.54    | 0.49%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                            | United Wholesale Mortgage LLC                                                                        | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49312.70     | 0.17%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLP CAPITAL LP / FIN II                             | GLP Capital Limited Partnership / GLP Financing II, Inc.                                             | CUSIP: 361841AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $75122.25     | 0.26%             | 2033-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARRIAGE SERVICES INC                               | Carriage Services, Inc.                                                                              | CUSIP: 143905AP2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $165793.86    | 0.57%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                    | UWM Holdings LLC                                                                                     | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101728.32    | 0.35%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VELOCITY VEHICLE GROUP                              | Velocity Vehicle Group LLC                                                                           | CUSIP: 92262TAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $125327.00    | 0.43%             | 2029-06-01      | Fixed         | 8.00%                 | 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      | $204764.90    | 0.71%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                   | Newell Brands, Inc.                                                                                  | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52886.80     | 0.18%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SAVERS VALUE VILLAGE INC                            | Savers, Inc.                                                                                         | CUSIP: N/A<br>LEI: 549300F6POVHG3ME8T95       | Long             | LON              | CORP              | US        |     75000 | PA      | $75000.00     | 0.26%             | 2032-09-13      | Fixed         | 7.03%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                                           | Block, Inc.                                                                                          | CUSIP: 852234AU7<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76803.00     | 0.26%             | 2033-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                              | Mauser Packaging Solutions Holding Co.                                                               | CUSIP: 57763RAC1<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100228.80    | 0.35%             | 2027-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                 | Buckeye Partners, LP                                                                                 | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77727.90     | 0.27%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LERNEN US FINCO LLC                                 | Cognita Ltd.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49626 | PA      | $49750.00     | 0.17%             | 2031-10-27      | Variable      | 7.87%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC                            | Boost Newco Borrower LLC                                                                             | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212178.80    | 0.73%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                                 | Somnigroup International, Inc.                                                                       | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68690.45     | 0.24%             | 2031-10-15      | Fixed         | 3.88%                 | 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        |     74625 | PA      | $75171.26     | 0.26%             | 2032-05-22      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| ESSENDI SA                                          | AccorInvest Group S.A.                                                                               | CUSIP: N/A<br>LEI: 2221000MD2YP7WLTNC52       | Long             | DBT              | CORP              | LU        |    100000 | PA      | $123926.36    | 0.43%             | 2029-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                            | Minerals Technologies, Inc.                                                                          | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73500.41     | 0.25%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                                   | Waste Pro USA, Inc.                                                                                  | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77684.78     | 0.27%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                            | Lindblad Expeditions LLC                                                                             | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25482.25     | 0.09%             | 2030-09-15      | Fixed         | 7.00%                 | 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      | $-468.73      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                               | Tenet Healthcare Corp.                                                                               | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77645.91     | 0.27%             | 2031-05-15      | Fixed         | 6.75%                 | 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      | $96049.10     | 0.33%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BLUE RIBBON LLC (USA)                               | Blue Ribbon LLC                                                                                      | CUSIP: N/A<br>LEI: 549300NQM7J4KC44D416       | Long             | LON              | CORP              | US        |     81250 | PA      | $49806.25     | 0.17%             | 2028-05-08      | Variable      | 10.55%                | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                            | Jefferies Finance LLC / JFIN Company-Issuer Corp.                                                    | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $241546.18    | 0.83%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                           | Ball Corp.                                                                                           | CUSIP: 058498BA3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75806.17     | 0.26%             | 2033-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ARGOS HOLDINGS INC                                  | PetSmart LLC                                                                                         | CUSIP: N/A<br>LEI: 894500NGJMHSFNESGA67       | Long             | LON              | CORP              | US        |    144000 | PA      | $141750.72    | 0.49%             | 2032-08-09      | Variable      | 8.14%                 | No            |                  2 | On Loan: No      |
| HIGHTOWER HOLDING LLC                               | Hightower Holding LLC                                                                                | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79546.80     | 0.27%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| PLATINUM EQUITIES LLC                               | Pelican Products, Inc.                                                                               | CUSIP: N/A<br>LEI: 5493008CRWH2WFODTF44       | Long             | LON              | CORP              | US        |     87893 | PA      | $74445.30     | 0.26%             | 2028-12-29      | Variable      | 8.51%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                             | Darling Ingredients, Inc.                                                                            | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151434.15    | 0.52%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                       | Parkland Corp.                                                                                       | CUSIP: 70137WAG3<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $121735.27    | 0.42%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENDO LP                                             | 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      |
| TRANSNETWORK LLC                                    | TransNetwork LLC                                                                                     | CUSIP: N/A<br>LEI: 549300QF18JL5NEFRT47       | Long             | LON              | CORP              | US        |     49496 | PA      | $49166.08     | 0.17%             | 2030-12-30      | Variable      | 8.75%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                                    | Aretec Group, Inc.                                                                                   | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $108950.30    | 0.38%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PLANVIEW PARENT INC                                 | Planview Parent, Inc.                                                                                | CUSIP: N/A<br>LEI: 549300SEALM1D9FKMA32       | Long             | LON              | CORP              | US        |     54451 | PA      | $53543.33     | 0.18%             | 2027-12-17      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| AAR ESCROW ISSUER LLC                               | AAR Escrow Issuer LLC                                                                                | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25735.62     | 0.09%             | 2029-03-15      | Fixed         | 6.75%                 | 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      | $25681.33     | 0.09%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                                   | Newell Brands, Inc.                                                                                  | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98690.80     | 0.34%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CASTOR SPA                                          | Castor S.p.A.                                                                                        | CUSIP: N/A<br>LEI: 213800OWLX4ZFFIAB390       | Long             | DBT              | CORP              | IT        |    125000 | PA      | $134587.66    | 0.46%             | 2029-02-15      | Variable      | 7.26%                 | 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      | $77492.12     | 0.27%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                       | Parkland Corp.                                                                                       | CUSIP: 70137WAL2<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $72919.70     | 0.25%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                | Carpenter Technology Corp.                                                                           | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100213.00    | 0.35%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                                       | Citigroup, Inc.                                                                                      | CUSIP: 172967PE5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EP               | CORP              | US        |    125000 | NS      | $131232.00    | 0.45%             |  |  |  | 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        |     61263 | PA      | $55595.77     | 0.19%             | 2028-01-15      | Variable      | 8.91%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                                   | Service Corporation International                                                                    | CUSIP: 817565CH5<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50653.90     | 0.17%             | 2032-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LTD                                  | Ardonagh Finco Ltd.                                                                                  | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    200000 | PA      | $209277.80    | 0.72%             | 2031-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                            | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46354.77     | 0.16%             | 2034-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                             | Starwood Property Trust, Inc.                                                                        | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77472.53     | 0.27%             | 2030-10-15      | Fixed         | 6.50%                 | 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      |
| QXO BUILDING PRODUCTS                               | QXO Building Products, Inc.                                                                          | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51769.81     | 0.18%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                            | United Wholesale Mortgage LLC                                                                        | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74958.11     | 0.26%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AMN HEALTHCARE INC                                  | AMN Healthcare, Inc.                                                                                 | CUSIP: 00175PAD5<br>LEI: 549300H27NUKBFFQEE84 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250772.50    | 0.86%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | 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      | $101548.00    | 0.35%             | 2033-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AMERICAN NATIONAL GROUP                             | American National Group, Inc.                                                                        | CUSIP: 025676859<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      2000 | NS      | $50220.00     | 0.17%             |  |  |  | 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      | $50517.30     | 0.17%             | 2032-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| DMG PRACTICE MANAGEMENT SOLUTIONS LLC               | Midwest Physician Administrative Services                                                            | CUSIP: N/A<br>LEI: 5493001F7B0DCPKBGK48       | Long             | LON              | CORP              | US        |     46259 | PA      | $42970.09     | 0.15%             | 2028-03-12      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                            | Jones Deslauriers Insurance Management, Inc.                                                         | CUSIP: 48020RAE5<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $198951.62    | 0.69%             | 2033-10-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TERRAFORM GLOBAL OPERATI                            | Terraform Global Operating, LP                                                                       | CUSIP: 88104UAC7<br>LEI: 549300LC7QMVR79H5O86 | Long             | DBT              | CORP              | US        |    162000 | PA      | $159952.38    | 0.55%             | 2026-03-01      | Fixed         | 6.12%                 | 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      | $102794.90    | 0.35%             | 2030-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                                   | Post Holdings, Inc.                                                                                  | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72300.93     | 0.25%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                            | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52206.63     | 0.18%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                          | DaVita, Inc.                                                                                         | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47919.44     | 0.17%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DS ADMIRAL BIDCO LLC                                | DS Admiral Bidco LLC                                                                                 | CUSIP: N/A<br>LEI: 25490030X7DBAF7KCR65       | Long             | LON              | CORP              | US        |    146493 | PA      | $146248.37    | 0.50%             | 2031-06-26      | Variable      | 8.41%                 | 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      | $25624.58     | 0.09%             | 2033-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DISCOVERY PURCHASER CORP                            | Discovery Purchaser Corp.                                                                            | CUSIP: N/A<br>LEI: 2549001LSO1ZBIPA5D65       | Long             | LON              | CORP              | US        |    124376 | PA      | $123650.67    | 0.43%             | 2029-10-04      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| MICHAEL BAKER INTERNATIONAL LLC                     | Michael Baker International LLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     97149 | PA      | $97300.71     | 0.34%             | 2028-12-01      | Variable      | 8.31%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                                | Wolverine World Wide, Inc.                                                                           | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    225000 | PA      | $205847.84    | 0.71%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRINITY INDUSTRIES INC                              | Trinity Industries, Inc.                                                                             | CUSIP: 896522AJ8<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206879.60    | 0.71%             | 2028-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                   | Iron Mountain, Inc.                                                                                  | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124332.76    | 0.43%             | 2032-07-15      | Fixed         | 5.62%                 | 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      | $119062.50    | 0.41%             | 2032-05-29      | Variable      | 8.04%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                                 | Station Casinos LLC                                                                                  | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    225000 | PA      | $212245.85    | 0.73%             | 2031-12-01      | Fixed         | 4.62%                 | 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      | $50677.96     | 0.17%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| STONEPEAK PARTNERS UPPER HOLDINGS LP                | Xplore, Inc.                                                                                         | CUSIP: N/A<br>LEI: 2138007ZVGYYNWEGU394       | Long             | LON              | CORP              | CA        |      8376 | PA      | $7873.60      | 0.03%             | 2029-10-23      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| XPLORE INC                                          | Xplore, Inc.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      1647 | NS      | $3811.29      | 0.01%             |  |  |  | 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      | $99962.35     | 0.34%             | 2027-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                             | Goldman Sachs Group, Inc.                                                                            | CUSIP: 38141GA38<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EP               | CORP              | US        |     75000 | NS      | $79598.25     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                                      | Whirlpool Corp.                                                                                      | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99794.12     | 0.34%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SECRETARIAT ADVISORS LLC                            | Secretariat Advisors LLC                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     66601 | PA      | $66559.51     | 0.23%             | 2032-02-27      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                               | Quikrete Holdings, Inc.                                                                              | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51984.69     | 0.18%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMED                            | AmeriTex HoldCo Intermediate LLC                                                                     | CUSIP: 030727AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $78059.14     | 0.27%             | 2033-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                                    | Altice France S.A.                                                                                   | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    175000 | PA      | $149450.00    | 0.52%             | 2029-07-15      | Fixed         | 5.12%                 | 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      | $199838.68    | 0.69%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                           | Sunoco, LP                                                                                           | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78711.08     | 0.27%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                             | TransMontaigne Partners LLC                                                                          | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $182353.53    | 0.63%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| STONEPEAK PARTNERS UPPER HOLDINGS LP                | Xplore, Inc.                                                                                         | CUSIP: N/A<br>LEI: 2138007ZVGYYNWEGU394       | Long             | LON              | CORP              | CA        |     29232 | PA      | $19975.14     | 0.07%             | 2031-10-24      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                | Kaiser Aluminum Corp.                                                                                | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $70689.78     | 0.24%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                             | Starwood Property Trust, Inc.                                                                        | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78753.39     | 0.27%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                            | Clarios Global Limited Partnership / Clarios US Finance Co.                                          | CUSIP: 18060TAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76662.00     | 0.26%             | 2032-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IVI AMERICA LLC                                     | IVI America LLC                                                                                      | CUSIP: N/A<br>LEI: 549300V0LY56J9HGCK92       | Long             | LON              | CORP              | US        |     35000 | PA      | $35175.00     | 0.12%             | 2031-04-14      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                        | Novelis Corp.                                                                                        | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120583.51    | 0.42%             | 2030-01-30      | Fixed         | 4.75%                 | 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      | $78666.92     | 0.27%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CROSSCOUNTRY INTER                                  | CrossCountry Intermediate HoldCo LLC                                                                 | CUSIP: 22757VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $75275.98     | 0.26%             | 2030-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FUSION BUYER LLC                                    | Fusion Buyer LLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1170 | NS      | $38610.00     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                             | Asbury Automotive Group, Inc.                                                                        | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72017.43     | 0.25%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | 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      |
| WW International Inc                                | WW International, Inc.                                                                               | CUSIP: 98262P200<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | EC               | CORP              | US        |      1406 | NS      | $38468.16     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN FINANCE CORP                                | OneMain Finance Corp.                                                                                | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101268.50    | 0.35%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AMSPEC PARENT LLC                                   | AmSpec Parent LLC                                                                                    | CUSIP: N/A<br>LEI: 254900LUGRP5Z7OOV477       | Long             | LON              | CORP              | US        |      5624 | PA      | $5641.50      | 0.02%             | 2031-12-22      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE UNLIMITE                            | Perrigo Finance Unlimited Co.                                                                        | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |     25000 | PA      | $25167.62     | 0.09%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                                  | Osaic Holdings, Inc.                                                                                 | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51641.80     | 0.18%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JEFFERSON JVCO LP                                   | ATG Entertainment                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     75000 | PA      | $75234.75     | 0.26%             | 2032-04-19      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| CALDERYS FINANCING LLC                              | Calderys Financing LLC                                                                               | CUSIP: 128786AA8<br>LEI: 254900ZIKDM74XNEFV84 | Long             | DBT              | CORP              | US        |     75000 | PA      | $79524.60     | 0.27%             | 2028-06-01      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                                    | TriNet Group, Inc.                                                                                   | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180762.23    | 0.62%             | 2031-08-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                                 | Buckeye Partners, LP                                                                                 | CUSIP: 118230AQ4<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173441.99    | 0.60%             | 2026-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                               | PennyMac Financial Services, Inc.                                                                    | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51004.30     | 0.18%             | 2034-02-15      | Fixed         | 6.75%                 | 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      | $105879.70    | 0.37%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                           | Sunoco, LP                                                                                           | CUSIP: 86765KAG4<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49567.09     | 0.17%             | 2034-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                            | Acadia Healthcare Company, Inc.                                                                      | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77864.18     | 0.27%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                             | Park River Holdings, Inc.                                                                            | CUSIP: 70082LAC1<br>LEI: 254900PGY077KWCROT75 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50633.71     | 0.17%             | 2031-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                               | Williams Scotsman, Inc.                                                                              | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    125000 | PA      | $130542.75    | 0.45%             | 2031-10-01      | Fixed         | 7.38%                 | 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      | $206860.00    | 0.71%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                                | Carpenter Technology Corp.                                                                           | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128453.25    | 0.44%             | 2030-03-15      | Fixed         | 7.62%                 | 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        |    -81000 | NC      | $396.46       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| VOC ESCROW LTD                                      | VOC Escrow Ltd.                                                                                      | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |     75000 | PA      | $74795.96     | 0.26%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                                    | ITT Holdings LLC                                                                                     | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245783.65    | 0.85%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NASSAU COMPANIES OF NY                              | Nassau Companies of New York                                                                         | CUSIP: 63155AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $229795.88    | 0.79%             | 2030-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                               | Scotts Miracle-Gro Co.                                                                               | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184662.68    | 0.64%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                      | CVR Energy, Inc.                                                                                     | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    182000 | PA      | $179202.02    | 0.62%             | 2028-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                               | McGraw-Hill Education, Inc.                                                                          | CUSIP: 58064LAA2<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25973.73     | 0.09%             | 2031-09-01      | Fixed         | 7.38%                 | 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      | $173236.72    | 0.60%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SAMMONTANA ITALIA SPA                               | Sammontana Italia SpA                                                                                | CUSIP: N/A<br>LEI: 8156002DFC51B8173A68       | Long             | DBT              | CORP              | IT        |    100000 | PA      | $117776.26    | 0.41%             | 2031-10-15      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                                        | Assurant, Inc.                                                                                       | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153757.98    | 0.53%             | 2048-03-27      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| GIBSON BRANDS INC                                   | Gibson Brands, Inc.                                                                                  | CUSIP: N/A<br>LEI: 549300KU4ACNZQGB7J14       | Long             | LON              | CORP              | US        |     93844 | PA      | $88166.20     | 0.30%             | 2028-08-11      | Variable      | 9.58%                 | 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      | $200443.86    | 0.69%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                   | Herc Holdings, Inc.                                                                                  | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36536.57     | 0.13%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO