# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045004
**Filing Date:** 2023-2
**Character Count:** 81880
**Document Hash:** d025562caea32afcbe5970b3b4e59eda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045004.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045004

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087
- **IRS NUMBER:** 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:** 23680306

**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 F (FLOATING RATE STRATEGIES SERIES) (Series ID: S000040553)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125779 | A            |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

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

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

- **a. Name of Series:** Series F (Floating Rate Strategies Series)

- **b. EDGAR series identifier (if any):** S000040553

- **c. LEI of Series:** 549300JCHW1MWENDS812

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $50533373.43

**Total Liabilities:** $2241889.79

**Net Assets:** $48291483.64

**Cash Not Reported:** $318215.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 83.09797046 | **5-Year:** 278.60304545 | **10-Year:** 24.33900967 | **30-Year:** 0.00000000

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

- **3-Month:** 26.10138939 | **1-Year:** 1738.93383058 | **5-Year:** 9836.59580382 | **10-Year:** 702.65953210 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125779 | 1.18%                | 1.25%                | 0.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-64831.59               | $339270.19                                 |
| Month 2  | $468.97                  | $328106.49                                 |
| Month 3  | $-14216.67               | $-41775.14                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PACKAGING HOLDINGS LTD                       | Reynolds Consumer Products LLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    220468 | PA      | $218435.12    | 0.45%             | 2027-02-04      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| AI ENTERTAINMENT HOLDINGS LLC                | WMG Acquisition Corp.                                                    | CUSIP: N/A<br>LEI: 549300NAS11NXI33CP80       | Long             | LON              | CORP              | US        |    450000 | PA      | $444186.00    | 0.92%             | 2028-01-20      | Variable      | 6.51%                 | 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        |     11609 | NS      | $2773.92      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| CELTIC INTERMEDIATE CORP                     | National Mentor Holdings, Inc.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     17906 | PA      | $12464.75     | 0.03%             | 2028-03-02      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                            | CURRENCY CONTRACT - Rec USD / Deliver EUR                                | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              |  | US        |   -388000 | NC      | $-2596.12     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| RESTAURANT BRANDS INTERNATIONAL INC          | 1011778 BC Unlimited Liability Co.                                       | CUSIP: N/A<br>LEI: 549300RHSHNRWI5LLA86       | Long             | LON              | CORP              | CA        |    363676 | PA      | $356857.38    | 0.74%             | 2026-11-19      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| API HEAT TRANSFER PARENT LLC                 | API Heat Transfer Intermediate                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |        36 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CUSHMAN & WAKEFIELD PLC                      | Cushman & Wakefield US Borrower LLC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    439824 | PA      | $428986.86    | 0.89%             | 2025-08-21      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| ENDO INTERNATIONAL PLC                       | Endo Luxembourg Finance Company I SARL                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     98750 | PA      | $78753.13     | 0.16%             | 2028-03-27      | Variable      | 13.50%                | No            |                  2 | On Loan: No      |
| BROWN GROUP HOLDING LLC                      | Brown Group Holding LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    480363 | PA      | $470823.01    | 0.97%             | 2028-06-07      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                   | Grifols Worldwide Operations USA, Inc.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    465476 | PA      | $449379.45    | 0.93%             | 2027-11-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| WHITE CAP SUPPLY HOLDINGS LLC                | White Cap Supply Holdings LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    498744 | PA      | $481467.24    | 1.00%             | 2027-10-19      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE LLC                              | Dealer Tire, LLC                                                         | CUSIP: N/A<br>LEI: 549300XTS06OMOCRSE50       | Long             | LON              | CORP              | US        |    415625 | PA      | $409598.44    | 0.85%             | 2027-12-14      | Variable      | 8.82%                 | No            |                  2 | On Loan: No      |
| PCI GAMING AUTHORITY                         | PCI Gaming Authority, Inc.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $248125.00    | 0.51%             | 2026-05-29      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| US FARATHANE LLC                             | US Farathane LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148206 | PA      | $133385.60    | 0.28%             | 2024-12-23      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| ATLANTIC AVIATION HOLDINGS CORP              | Atlantic Aviation                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    398992 | PA      | $392943.72    | 0.81%             | 2028-09-22      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| PRO MACH GROUP INC                           | Pro Mach Group, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    198056 | PA      | $192312.25    | 0.40%             | 2028-08-31      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| FRANCHISE GROUP INC                          | Franchise Group, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    199776 | PA      | $191784.92    | 0.40%             | 2026-03-10      | Variable      | 8.69%                 | No            |                  2 | On Loan: No      |
| PANTHER BF AGGREGATOR 1 LP                   | Power Solutions (Panther)                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    400000 | PA      | $391168.00    | 0.81%             | 2026-04-30      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| US FOODS HOLDING CORP                        | US Foods, Inc.                                                           | CUSIP: N/A<br>LEI: 5493000JOOFAOUY1JZ87       | Long             | LON              | CORP              | US        |    375375 | PA      | $371106.99    | 0.77%             | 2026-09-14      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| FRONT RANGE TOPCO INC                        | Zayo Group Holdings, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    401527 | PA      | $324116.38    | 0.67%             | 2027-03-09      | Variable      | 7.38%                 | No            |                  2 | On Loan: No      |
| FLEETCOR TECHNOLOGIES INC                    | FleetCor Technologies Operating Company LLC                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    394992 | PA      | $390426.31    | 0.81%             | 2028-04-28      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| FLIGHT BIDCO INC                             | Flight Bidco, Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    249351 | PA      | $229013.61    | 0.47%             | 2025-07-23      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT CO INC                          | Boxer Parent Company, Inc.                                               | CUSIP: N/A<br>LEI: 5493006T045HLTF7YX04       | Long             | LON              | CORP              | US        |    463433 | PA      | $442949.45    | 0.92%             | 2025-10-02      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| UGI CORPORATION                              | UGI Energy Services, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     99742 | PA      | $99260.85     | 0.21%             | 2026-08-13      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                   | Air Canada                                                               | CUSIP: N/A<br>LEI: 4B4HI3CGXMBDC0G6BM51       | Long             | LON              | CORP              | CA        |     99750 | PA      | $98378.44     | 0.20%             | 2028-08-11      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                       | First Brands Group LLC                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    442372 | PA      | $417599.03    | 0.86%             | 2027-03-30      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| PLATINUM EQUITIES LLC                        | Pelican Products, Inc.                                                   | CUSIP: N/A<br>LEI: 5493008CRWH2WFODTF44       | Long             | LON              | CORP              | US        |    245362 | PA      | $218372.27    | 0.45%             | 2028-12-29      | Variable      | 8.71%                 | No            |                  2 | On Loan: No      |
| NEXT LIMITED PARTNERSHIP INC                 | SFR Group S.A.                                                           | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | LON              | CORP              | FR        |    471438 | PA      | $435688.40    | 0.90%             | 2026-02-02      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| GALAXY US OPCO INC                           | Galaxy US Opco, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $225625.00    | 0.47%             | 2029-04-30      | Variable      | 9.07%                 | No            |                  2 | On Loan: No      |
| EG GROUP LTD                                 | EG Finco Ltd.                                                            | CUSIP: N/A<br>LEI: 2138003OUK4UQHRJLT65       | Long             | LON              | CORP              | GB        |     37184 | PA      | $35022.91     | 0.07%             | 2025-02-07      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| BOE HOLDING LLC                              | BWAY Holding Co.                                                         | CUSIP: N/A<br>LEI: 549300DNGHXL0OMHW304       | Long             | LON              | CORP              | US        |    251452 | PA      | $245200.83    | 0.51%             | 2024-04-03      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| ATLAS CC ACQUISITION CORP                    | Atlas CC Acquisition Corp.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     48931 | PA      | $40997.08     | 0.08%             | 2028-05-25      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| RESONETICS LLC                               | Resonetics LLC                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    397990 | PA      | $378090.45    | 0.78%             | 2028-04-28      | Variable      | 8.41%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL PARTNERS INC                 | Focus Financial Partners, LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    249375 | PA      | $246050.83    | 0.51%             | 2028-06-30      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| AZALEA TOPCO INC                             | Emerald TopCo, Inc. (Press Ganey)                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    500533 | PA      | $457362.17    | 0.95%             | 2026-07-24      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| TGP HOLDINGS III LLC                         | TGP Holdings LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      7018 | PA      | $5578.94      | 0.01%             | 2028-06-29      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| ENTAIN PLC                                   | Entain Holdings (Gibraltar) Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GI        |    100000 | PA      | $99417.00     | 0.21%             | 2029-10-31      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| KDC HOLDCO INC                               | KDC US Holdings, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    494859 | PA      | $476405.33    | 0.99%             | 2025-12-22      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| TRITON WATER HOLDINGS INC                    | Triton Water Holdings, Inc.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    394001 | PA      | $365041.49    | 0.76%             | 2028-03-31      | Variable      | 8.23%                 | No            |                  2 | On Loan: No      |
| GRANITE GENERATION LLC                       | Granite Generation LLC                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     85786 | PA      | $83145.02     | 0.17%             | 2026-11-09      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| MAVIS TIRE EXPRESS SERVICES CORP             | Mavis Tire Express Services TopCo Corp.                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    147750 | PA      | $140678.69    | 0.29%             | 2028-05-04      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC                | Hilton Worldwide Finance LLC                                             | CUSIP: N/A<br>LEI: 549300406TN7EY0NPH20       | Long             | LON              | CORP              | US        |    250000 | PA      | $249005.00    | 0.52%             | 2026-06-22      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| TWIN PALMS PACIFIC TRUST                     | Del Monte Foods, Inc.                                                    | CUSIP: N/A<br>LEI: 549300U9K7TD84Q24R17       | Long             | LON              | CORP              | US        |    250000 | PA      | $242265.00    | 0.50%             | 2029-05-16      | Variable      | 8.67%                 | No            |                  2 | On Loan: No      |
| CONAIR HOLDINGS LLC                          | Conair Holdings LLC                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    326768 | PA      | $273259.92    | 0.57%             | 2028-05-17      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| SABRE CORP                                   | Sabre GLBL, Inc.                                                         | CUSIP: N/A<br>LEI: F2TJC7HPPHLHU1AQMP98       | Long             | LON              | CORP              | US        |     56957 | PA      | $51688.54     | 0.11%             | 2027-12-17      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| MEDICAL SOLUTIONS PARENT HOLDINGS INC        | Medical Solutions Parent Holdings, Inc.                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    496630 | PA      | $464245.17    | 0.96%             | 2028-11-01      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| SABRE CORP                                   | Sabre GLBL, Inc.                                                         | CUSIP: N/A<br>LEI: F2TJC7HPPHLHU1AQMP98       | Long             | LON              | CORP              | US        |     91023 | PA      | $82603.71     | 0.17%             | 2027-12-17      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                       | Athenahealth Group, Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -72464 | PA      | $-7220.29     | -0.01%            | 2029-02-15      | Variable      | 3.50%                 | No            |                  3 | On Loan: No      |
| PARK RIVER HOLDINGS INC                      | Park River Holdings, Inc.                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    445475 | PA      | $388119.66    | 0.80%             | 2027-12-28      | Variable      | 6.99%                 | No            |                  2 | On Loan: No      |
| DP HOLDCO LP                                 | Duff & Phelps                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     99491 | PA      | $92744.60     | 0.19%             | 2027-04-09      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| VERTICAL TOPCO SARL                          | TK Elevator Midco GmbH                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |     98017 | PA      | $94158.47     | 0.19%             | 2027-07-30      | Variable      | 6.87%                 | No            |                  2 | On Loan: No      |
| API HEAT TRANSFER THERMASYS CORP             | API Heat Transfer                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     40880 | PA      | $34747.63     | 0.07%             | 2023-10-02      | Variable      | 7.34%                 | No            |                  3 | On Loan: No      |
| HUSKY INJECTION MOLDING SYSTEMS LTD          | Titan Acquisition Ltd. (Husky)                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    190999 | PA      | $178017.26    | 0.37%             | 2025-03-28      | Variable      | 8.15%                 | No            |                  2 | On Loan: No      |
| ARCLINE FM HOLDINGS LLC                      | Arcline FM Holdings LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    478938 | PA      | $454190.80    | 0.94%             | 2028-06-23      | Variable      | 9.48%                 | No            |                  2 | On Loan: No      |
| CLAROS MORTGAGE TRUST INC                    | Claros Mortgage Trust, Inc.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248744 | PA      | $245323.49    | 0.51%             | 2026-08-10      | Variable      | 8.92%                 | No            |                  2 | On Loan: No      |
| GATES INTERNATIONAL CORPORATION PLC          | Gates Global LLC                                                         | CUSIP: N/A<br>LEI: 549300XI79MQJV13DW27       | Long             | LON              | CORP              | US        |    209475 | PA      | $207642.09    | 0.43%             | 2029-11-16      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| MIDWEST VETERINARY PARTNERS LLC              | Mission Veterinary Partners                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    247500 | PA      | $220275.00    | 0.46%             | 2028-04-27      | Variable      | 7.87%                 | No            |                  3 | On Loan: No      |
| JANE STREET GROUP LLC                        | Jane Street Group LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    278274 | PA      | $269664.44    | 0.56%             | 2028-01-26      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| BRP INC                                      | Bombardier Recreational Products, Inc.                                   | CUSIP: N/A<br>LEI: 549300DZZJW11IMTMJ24       | Long             | LON              | CORP              | CA        |    477021 | PA      | $460921.61    | 0.95%             | 2027-05-24      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LP                        | Citadel Securities, LP                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    246250 | PA      | $241140.31    | 0.50%             | 2028-02-02      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC                     | Elanco Animal Health, Inc.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    453893 | PA      | $435096.83    | 0.90%             | 2027-08-02      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                                 | Internet Brands, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    242218 | PA      | $234985.41    | 0.49%             | 2024-09-13      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| ROMULUS INTERMEDIATE HOLDINGS 2 INC          | Pearl Intermediate Parent LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148087 | PA      | $138764.68    | 0.29%             | 2025-02-14      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION                          | Griffon Corporation                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    124000 | PA      | $121598.12    | 0.25%             | 2029-01-24      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER INC                           | American Bath Group LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    247307 | PA      | $215948.25    | 0.45%             | 2027-11-23      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| THEVELIA US LLC                              | Thevelia US LLC                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248750 | PA      | $240043.75    | 0.50%             | 2029-06-18      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                 | VT TopCo, Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -15613 | PA      | $-520.39      | -0.00%            | 2025-08-01      | Variable      | 3.75%                 | No            |                  3 | On Loan: No      |
| BAIN CAPITAL HOLDINGS LP                     | Diamond BC BV                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    495000 | PA      | $477675.00    | 0.99%             | 2028-09-29      | Variable      | 7.16%                 | No            |                  2 | On Loan: No      |
| VIRTU FINANCIAL INC                          | Virtu Financial                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    400000 | PA      | $388600.00    | 0.80%             | 2029-01-13      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| ASCEND LEARNING LLC                          | Ascend Learning LLC                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    247500 | PA      | $233578.13    | 0.48%             | 2028-12-11      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| PACKAGING HOLDINGS LTD                       | Reynolds Group Holdings, Inc.                                            | CUSIP: N/A<br>LEI: 5493002QNV81KCX40V06       | Long             | LON              | CORP              | US        |    490000 | PA      | $483414.39    | 1.00%             | 2026-02-05      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| ARETEC GROUP INC                             | Aretec Group, Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    240000 | PA      | $234120.00    | 0.48%             | 2025-10-01      | Variable      | 8.67%                 | No            |                  2 | On Loan: No      |
| ANCHOR PACKAGING LLC                         | Anchor Packaging LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    448837 | PA      | $428078.49    | 0.89%             | 2026-07-18      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                             | AmWINS Group, Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    491996 | PA      | $482618.48    | 1.00%             | 2028-02-21      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| DESERT NEWCO LLC                             | Go Daddy Operating Company LLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    150000 | PA      | $149604.00    | 0.31%             | 2029-11-09      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| CELESTIAL-SATURN PARENT INC                  | CoreLogic, Inc.                                                          | CUSIP: N/A<br>LEI: 54930086CD8K2UIL0516       | Long             | LON              | CORP              | US        |    272548 | PA      | $226555.24    | 0.47%             | 2028-06-02      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| TRANSUNION                                   | Trans Union LLC                                                          | CUSIP: N/A<br>LEI: X8NPN6PWJOM1QCTYFV34       | Long             | LON              | CORP              | US        |    439150 | PA      | $432483.98    | 0.90%             | 2026-11-13      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| CENGAGE LEARNING HOLDINGS II INC             | Cengage Learning Acquisitions, Inc.                                      | CUSIP: N/A<br>LEI: 549300BYGM0FWUSVXJ88       | Long             | LON              | CORP              | US        |    205952 | PA      | $184777.70    | 0.38%             | 2026-07-14      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| BERLIN PACKAGING LLC                         | Berlin Packaging LLC                                                     | CUSIP: N/A<br>LEI: 549300L1HNHO6QOXHH42       | Long             | LON              | CORP              | US        |    148500 | PA      | $142583.76    | 0.30%             | 2028-03-13      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| MATTERHORN BUYER LLC                         | Hearthside Group Holdings LLC                                            | CUSIP: N/A<br>LEI: 549300B7GQ818BSKC852       | Long             | LON              | CORP              | US        |    378327 | PA      | $334630.16    | 0.69%             | 2025-05-23      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| CELTIC INTERMEDIATE CORP                     | National Mentor Holdings, Inc.                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    425298 | PA      | $296053.98    | 0.61%             | 2028-03-02      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT LLC                   | Fertitta Entertainment LLC                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    497494 | PA      | $472061.85    | 0.98%             | 2029-01-27      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDINGS LP                          | Radiate Holdco LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248744 | PA      | $201146.61    | 0.42%             | 2026-09-25      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| FCG ACQUISITIONS INC                         | FCG Acquisitions, Inc                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    344127 | PA      | $326490.09    | 0.68%             | 2028-03-31      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| IQVIA HOLDINGS INC                           | IQVIA Holdings, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $248595.00    | 0.51%             | 2025-06-11      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| VODAFONE GROUP PLC                           | Ziggo Financing Partnership                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    400000 | PA      | $389376.00    | 0.81%             | 2028-04-28      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                         | WW International, Inc.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     94500 | PA      | $53392.50     | 0.11%             | 2028-04-13      | Variable      | 7.89%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES HOLDINGS INC                 | United Airlines, Inc.                                                    | CUSIP: N/A<br>LEI: K1OQBWM7XEOO08LDNP29       | Long             | LON              | CORP              | US        |     80017 | PA      | $78861.26     | 0.16%             | 2028-04-21      | Variable      | 8.11%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                       | Athenahealth Group, Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    425399 | PA      | $383011.84    | 0.79%             | 2029-02-15      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| WP CPP HOLDINGS LLC                          | WP CPP Holdings LLC                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    369756 | PA      | $320368.10    | 0.66%             | 2025-04-30      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| ARGOS HOLDINGS INC                           | PetSmart LLC                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    345625 | PA      | $337523.55    | 0.70%             | 2028-02-11      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| TGP HOLDINGS III LLC                         | TGP Holdings LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -7018 | PA      | $-1438.59     | -0.00%            | 2028-06-29      | Variable      | 3.25%                 | No            |                  3 | On Loan: No      |
| HOCKEY PARENT HOLDINGS LP                    | HUB International Ltd.                                                   | CUSIP: N/A<br>LEI: 549300JQT6ATTUNS5E06       | Long             | LON              | CORP              | US        |    482323 | PA      | $476496.76    | 0.99%             | 2025-04-25      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| EAGLE PARENT CORP                            | Eagle Parent Corp.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    223312 | PA      | $218846.25    | 0.45%             | 2029-04-02      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS LTD                   | Axalta Coating Systems Dutch Holding B B.V.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    100000 | PA      | $100000.00    | 0.21%             | 2029-12-07      | Variable      | 7.51%                 | No            |                  2 | On Loan: No      |
| TGP HOLDINGS III LLC                         | TGP Holdings LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    107230 | PA      | $85247.81     | 0.18%             | 2028-06-29      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| PECF USS INTERMEDIATE HOLDING II CORPORATION | PECF USS Intermediate Holding III Corp.                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    466082 | PA      | $387299.81    | 0.80%             | 2028-12-15      | Variable      | 8.63%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES HOLDINGS INC                 | Mileage Plus Holdings LLC                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    135450 | PA      | $139141.01    | 0.29%             | 2027-06-21      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| W R GRACE HOLDINGS LLC                       | W.R. Grace Holdings LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     99000 | PA      | $96958.62     | 0.20%             | 2028-09-22      | Variable      | 8.50%                 | No            |                  2 | On Loan: No      |
| DERMATOLOGY INTERMEDIATE HOLDINGS III INC    | Dermatology Intermediate Holdings III, Inc.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    201194 | PA      | $195660.87    | 0.41%             | 2029-04-02      | Variable      | 8.57%                 | No            |                  3 | On Loan: No      |
| CONGRUEX GROUP LLC                           | Congruex Group LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    249375 | PA      | $241893.75    | 0.50%             | 2029-05-03      | Variable      | 9.99%                 | No            |                  2 | On Loan: No      |
| SAVAGE ENTERPRISES LLC                       | Savage Enterprises LLC                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $247500.00    | 0.51%             | 2028-09-15      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES US PARENT LP                | Scientific Games Holdings, LP                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $238007.50    | 0.49%             | 2029-04-04      | Variable      | 7.10%                 | No            |                  2 | On Loan: No      |
| LIBERTY GLOBAL PLC                           | Virgin Media Bristol LLC                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250406 | PA      | $245845.93    | 0.51%             | 2028-01-31      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                 | VT TopCo, Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    233202 | PA      | $225429.79    | 0.47%             | 2025-08-01      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| ALTICE USA INC                               | CSC Holdings LLC                                                         | CUSIP: N/A<br>LEI: 3HG2WD2W22M120IUNG49       | Long             | LON              | CORP              | US        |    499078 | PA      | $470381.13    | 0.97%             | 2025-07-17      | Variable      | 9.23%                 | No            |                  2 | On Loan: No      |
| CARTER INTERMEDIATE INC                      | Aegion Corp.                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248115 | PA      | $230953.12    | 0.48%             | 2028-05-17      | Variable      | 9.13%                 | No            |                  2 | On Loan: No      |
| DCERT BUYER INC                              | DCert Buyer, Inc.                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     29923 | PA      | $28865.00     | 0.06%             | 2026-10-16      | Variable      | 8.70%                 | No            |                  2 | On Loan: No      |
| APOLLO COMMERCIAL REAL ESTATE FINANCE INC    | Apollo Commercial Real Estate Finance, Inc.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    249354 | PA      | $238133.07    | 0.49%             | 2026-05-15      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| LUX NEWCO                                    | Froneri US, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    397024 | PA      | $385720.32    | 0.80%             | 2027-01-29      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| WEBER INC                                    | Weber-Stephen Products LLC                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248455 | PA      | $208701.97    | 0.43%             | 2027-10-29      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| DERMATOLOGY INTERMEDIATE HOLDINGS III INC    | Dermatology Intermediate Holdings III, Inc.                              | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -6717 | PA      | $-184.71      | -0.00%            | 2029-04-02      | Variable      | 4.25%                 | No            |                  3 | On Loan: No      |
| PERATON HOLDING CORP                         | Peraton Corp.                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    289384 | PA      | $282088.37    | 0.58%             | 2028-02-01      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| OSMOSIS HOLDINGS AUSTRALIA II PTY LTD        | Osmosis Holdings Australia II Pty Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | AU        |     -7407 | PA      | $-444.44      | -0.00%            | 2028-07-31      | Variable      | 3.75%                 | No            |                  3 | On Loan: No      |
| PERRIGO COMPANY PLC                          | Perrigo Investments LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248750 | PA      | $246884.38    | 0.51%             | 2029-04-20      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| 3G SPECIAL SITUATIONS FUND V LP              | Hunter Douglas, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    448875 | PA      | $393165.12    | 0.81%             | 2029-02-26      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| CTEC JV SARL                                 | CTEC III GmbH                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | DE        |    400000 | PA      | $402030.63    | 0.83%             | 2029-03-16      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| MEDLINE INDUSTRIES INC                       | Medline Borrower LP                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    496250 | PA      | $470931.33    | 0.98%             | 2028-10-23      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| RENT-A-CENTER INC/TX                         | Rent-A-Center, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98500 | PA      | $94683.13     | 0.20%             | 2028-02-17      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| SUMMIT MATERIALS INC                         | Summit Materials LLC                                                     | CUSIP: N/A<br>LEI: 549300C97P3BW8QROE16       | Long             | LON              | CORP              | US        |    260000 | PA      | $259675.00    | 0.54%             | 2027-12-09      | Variable      | 7.61%                 | No            |                  2 | On Loan: No      |
| RED ROCK RESORTS INC                         | Station Casinos LLC                                                      | CUSIP: N/A<br>LEI: 5493004E7Q60TX54WL62       | Long             | LON              | CORP              | US        |    493579 | PA      | $480983.31    | 1.00%             | 2027-02-08      | Variable      | 6.64%                 | No            |                  2 | On Loan: No      |
| LIBERTY GLOBAL PLC                           | Telenet Financing USD LLC                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    400000 | PA      | $388600.00    | 0.80%             | 2028-04-28      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| BP HOLDCO LLC                                | BP Holdco LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     11609 | NS      | $7039.58      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| BCPE EAGLE INTERMEDIATE HOLDINGS LLC         | Aveanna Healthcare LLC                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     11292 | PA      | $8779.88      | 0.02%             | 2028-07-17      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| OSMOSIS HOLDINGS AUSTRALIA II PTY LTD        | Osmosis Holdings Australia II Pty Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |     99500 | PA      | $93571.79     | 0.19%             | 2028-07-30      | Variable      | 7.97%                 | No            |                  2 | On Loan: No      |
| APEX GROUP TREASURY LLC                      | Apex Group Treasury LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    200000 | PA      | $194000.00    | 0.40%             | 2028-07-27      | Variable      | 9.33%                 | No            |                  2 | On Loan: No      |
| GLOVES BUYER INC                             | Protective Industrial Products, Inc.                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     99244 | PA      | $90312.22     | 0.19%             | 2027-12-29      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| IMPRIVATA INTERMEDIATE HOLDINGS INC          | Imprivata, Inc.                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    249375 | PA      | $239946.13    | 0.50%             | 2027-12-01      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                     | HAH Group Holding Co. LLC                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    220796 | PA      | $210032.34    | 0.43%             | 2027-10-29      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| CHARTER NEXT GENERATION INC                  | Charter Next Generation, Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    280185 | PA      | $271692.88    | 0.56%             | 2027-12-01      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| ALTICE USA INC                               | Altice US Finance I Corp.                                                | CUSIP: N/A<br>LEI: 3HG2WD2W22M120IUNG49       | Long             | LON              | CORP              | US        |     82669 | PA      | $76882.00     | 0.16%             | 2026-01-15      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| THL AGILITI LLC                              | Agiliti                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    494859 | PA      | $481868.57    | 1.00%             | 2026-01-04      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                 | Entegris, Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $249062.50    | 0.52%             | 2029-07-06      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| CHEFS WAREHOUSE INC                          | Chefs' Warehouse, Inc.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    199500 | PA      | $197255.63    | 0.41%             | 2029-08-23      | Variable      | 9.17%                 | No            |                  2 | On Loan: No      |
| CENTRAL PARENT INC                           | CDK Global, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    100000 | PA      | $98977.00     | 0.20%             | 2029-07-06      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| TENEO HOLDINGS LLC                           | Teneo Holdings LLC                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    383026 | PA      | $367704.62    | 0.76%             | 2025-07-11      | Variable      | 9.67%                 | No            |                  2 | On Loan: No      |
| Federated Hermes U.S. Treasury               | Federated Hermes U.S. Treasury Cash Reserves Fund - Institutional Shares | CUSIP: 60934N682<br>LEI: 25490003NTA1P9CI5X97 | Long             | STIV             | RF                | US        |   2964932 | NS      | $2964931.88   | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ATLAS CC ACQUISITION CORP                    | Atlas CC Acquisition Corp.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    240576 | PA      | $201568.98    | 0.42%             | 2028-05-25      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| EQT INFRASTRUCTURE FUND                      | Osmose Utility Services, Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     73385 | PA      | $69545.96     | 0.14%             | 2028-06-23      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| LTI HOLDINGS INC                             | LTI Holdings, Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    386908 | PA      | $369617.24    | 0.77%             | 2025-09-08      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| USIC HOLDINGS INC                            | USIC Holding, Inc.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248371 | PA      | $236618.29    | 0.49%             | 2028-05-12      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                       | Level 3 Financing, Inc.                                                  | CUSIP: N/A<br>LEI: OKXQCBALRQBU7RU5WQ22       | Long             | LON              | CORP              | US        |    387478 | PA      | $370525.74    | 0.77%             | 2027-03-01      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| PARK PLACE TECHNOLOGIES LLC                  | Park Place Technologies, LLC                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    174114 | PA      | $163593.96    | 0.34%             | 2027-11-10      | Variable      | 9.42%                 | No            |                  2 | On Loan: No      |
| OSMOSIS HOLDINGS AUSTRALIA II PTY LTD        | Osmosis Holdings Australia II Pty Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |      7407 | PA      | $6962.96      | 0.01%             | 2028-07-31      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| CHS INC                                      | STS Operating, Inc. (SunSource)                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    297133 | PA      | $282894.75    | 0.59%             | 2024-12-11      | Variable      | 8.63%                 | No            |                  2 | On Loan: No      |
| OSMOSIS HOLDINGS AUSTRALIA II PTY LTD        | Osmosis Holdings Australia II Pty Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |     85185 | PA      | $80074.08     | 0.17%             | 2028-07-31      | Variable      | 7.84%                 | No            |                  2 | On Loan: No      |
| VC GB HOLDINGS I CORP                        | VC GB Holdings I Corp.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    495000 | PA      | $444881.25    | 0.92%             | 2028-07-21      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST INC                  | Starwood Property Mortgage LLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    123000 | PA      | $120963.12    | 0.25%             | 2027-11-18      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| PETCO HEALTH AND WELLNESS COMPANY INC        | Petco Health And Wellness Company, Inc.                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    255000 | PA      | $247217.40    | 0.51%             | 2028-03-03      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| NFP INTERMEDIATE HOLDINGS B CORP             | NFP Corp.                                                                | CUSIP: N/A<br>LEI: VO2L9FZNXDJNQNEYH039       | Long             | LON              | CORP              | US        |    480500 | PA      | $458791.17    | 0.95%             | 2027-02-15      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| PACKERS HOLDINGS LLC                         | Packers Holdings LLC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    497510 | PA      | $433146.85    | 0.90%             | 2028-03-09      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| DERMATOLOGY INTERMEDIATE HOLDINGS III INC    | Dermatology Intermediate Holdings III, Inc.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     31079 | PA      | $30223.86     | 0.06%             | 2029-04-02      | Variable      | 8.57%                 | No            |                  3 | On Loan: No      |
| TCB HOLDINGS I CORP                          | TricorBraun Holdings, Inc.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    494045 | PA      | $470320.58    | 0.97%             | 2028-03-03      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| FFL/EM HOLDINGS LLC                          | Eyemart Express LLC                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250000 | PA      | $212500.00    | 0.44%             | 2027-08-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MESSER INDUSTRIES USA INC                    | Messer Industries USA, Inc.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    410001 | PA      | $405900.68    | 0.84%             | 2026-03-02      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| KKR SIGMA AGGREGATOR LP                      | Sigma Holding BV (Flora Food)                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    238750 | PA      | $215443.23    | 0.45%             | 2025-07-02      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDINGS INC              | Kronos Acquisition Holdings, Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    246492 | PA      | $233859.65    | 0.48%             | 2026-12-22      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2 PLC                  | INEOS Ltd.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    147750 | PA      | $144905.81    | 0.30%             | 2026-01-29      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| CONVERGINT TECHNOLOGIES GROUP HOLDINGS INC   | DG Investment Intermediate Holdings 2, Inc.                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    197007 | PA      | $188141.24    | 0.39%             | 2028-03-31      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| ATD CORP                                     | American Tire Distributors, Inc.                                         | CUSIP: N/A<br>LEI: HZ8T88YVE2JVXJ0BTQ24       | Long             | LON              | CORP              | US        |    447750 | PA      | $407452.50    | 0.84%             | 2028-10-20      | Variable      | 10.61%                | No            |                  2 | On Loan: No      |
| BIFM CA BUYER INC                            | BGIS (BIFM CA Buyer, Inc.)                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    248711 | PA      | $236897.55    | 0.49%             | 2026-06-01      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| DXP ENTERPRISES INC                          | DXP Enterprises, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    100000 | PA      | $94875.00     | 0.20%             | 2027-12-23      | Variable      | 9.95%                 | No            |                  2 | On Loan: No      |
| WAYSTAR TECHNOLOGIES INC                     | Navicure, Inc.                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    249359 | PA      | $244578.76    | 0.51%             | 2026-10-22      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| WARBURG PINCUS LLC                           | Engineered Machinery Holdings, Inc.                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    346500 | PA      | $334805.63    | 0.69%             | 2028-05-19      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TRUST INC                | Blackstone Mortgage Trust, Inc.                                          | CUSIP: N/A<br>LEI: 549300OLDJ20R2Y2UW20       | Long             | LON              | CORP              | US        |     99500 | PA      | $97261.25     | 0.20%             | 2029-05-09      | Variable      | 7.82%                 | No            |                  3 | On Loan: No      |
| API HEAT TRANSFER THERMASYS CORP             | API Heat Transfer                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    229132 | PA      | $116857.27    | 0.24%             | 2024-01-01      | Variable      | 7.34%                 | No            |                  3 | On Loan: No      |
| TRANSDIGM GROUP INC                          | TransDigm, Inc.                                                          | CUSIP: N/A<br>LEI: 88Q84GB3X55CF5OC7582       | Long             | LON              | CORP              | US        |    483769 | PA      | $478065.39    | 0.99%             | 2025-05-30      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                        | Playtika Holding Corp.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    444361 | PA      | $423302.64    | 0.88%             | 2028-03-13      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| API HEAT TRANSFER THERMASYS CORP             | API Heat Transfer Parent LLC                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    292731 | NS      | $29.27        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| WCG PURCHASER CORP                           | WIRB - Copernicus Group, Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98987 | PA      | $89583.54     | 0.19%             | 2027-01-08      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| SPDR Blackstone Senior Loan ET               | SPDR Blackstone Senior Loan ETF                                          | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | RF                | US        |     41700 | NS      | $1705530.00   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW TROJAN PARENT INC                        | New Trojan Parent, Inc.                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248737 | PA      | $171006.94    | 0.35%             | 2028-01-06      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIONS CORP                      | SBA Senior Finance II LLC                                                | CUSIP: N/A<br>LEI: 549300PVT2ADFWMYEW87       | Long             | LON              | CORP              | US        |    245863 | PA      | $244771.39    | 0.51%             | 2025-04-11      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| SABRE CORP                                   | Sabre GLBL, Inc.                                                         | CUSIP: N/A<br>LEI: F2TJC7HPPHLHU1AQMP98       | Long             | LON              | CORP              | US        |     90046 | PA      | $82786.89     | 0.17%             | 2028-06-30      | Variable      | 9.42%                 | No            |                  2 | On Loan: No      |
| FLUTTER ENTERTAINMENT PLC                    | Stars Group (Amaya)                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    444375 | PA      | $437522.74    | 0.91%             | 2026-07-21      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| MAMBA PURCHASER INC                          | Mamba Purchaser, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    249372 | PA      | $237631.43    | 0.49%             | 2028-10-16      | Variable      | 7.89%                 | No            |                  2 | On Loan: No      |
| CPG INTERNATIONAL HOLDINGS LP                | CPG International LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    100000 | PA      | $97000.00     | 0.20%             | 2029-04-28      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| XPLORNET COMMUNICATIONS INC                  | Xplornet Communications, Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    296250 | PA      | $229099.01    | 0.47%             | 2028-10-02      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| MCGRAW HILL LLC                              | McGraw Hill LLC                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    345625 | PA      | $324562.61    | 0.67%             | 2028-07-28      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS LLC                  | TransMontaigne Operating Company LP                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    248744 | PA      | $243457.91    | 0.50%             | 2028-11-17      | Variable      | 7.87%                 | No            |                  2 | On Loan: No      |
| MAGIC ACQUIRECO INC                          | Michaels Stores, Inc.                                                    | CUSIP: N/A<br>LEI: 549300H9LWMBP7HYLR98       | Long             | LON              | CORP              | US        |    161033 | PA      | $138578.56    | 0.29%             | 2028-04-14      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| OMNITRACS HOLDINGS LLC                       | Polaris Newco LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    322773 | PA      | $293840.04    | 0.61%             | 2028-06-02      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| USI INC                                      | USI, Inc.                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    209421 | PA      | $207178.38    | 0.43%             | 2029-11-22      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING CO LLC                     | HAH Group Holding Co. LLC                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     27938 | PA      | $26576.39     | 0.06%             | 2027-10-29      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| INGENOVIS HEALTH INC                         | CCRR Parent, Inc.                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    249365 | PA      | $236792.47    | 0.49%             | 2028-03-06      | Variable      | 8.14%                 | No            |                  2 | On Loan: No      |
| PROJECT RUBY ULTIMATE PARENT CORP            | Project Ruby Ultimate Parent Corp.                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    196500 | PA      | $185376.14    | 0.38%             | 2028-03-10      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                       | Energizer Holdings, Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    241143 | PA      | $236019.07    | 0.49%             | 2027-12-22      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO