# EDGAR Filing Document

**Accession Number:** 0000802716
**File Stem:** 0001752724-25-210081
**Filing Date:** 2025-8
**Character Count:** 125426
**Document Hash:** b9b1397d68a036ffafdbc795c5d5c975
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-210081.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-210081

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VICTORY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000802716

**ORGANIZATION NAME:**
- **EIN:** 316364605
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04852
- **FILM NUMBER:** 251268252

**BUSINESS ADDRESS:**
- **STREET 1:** 4900 TIEDEMAN ROAD
- **CITY:** BROOKLYN
- **STATE:** OH
- **ZIP:** 44144
- **BUSINESS PHONE:** 6144708000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOCIETY FUNDS
- **DATE OF NAME CHANGE:** 19940906

## Series and Classes Contracts Data

### Victory High Yield Fund (Series ID: S000053572)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000168374 | Class A      | GUHYX           |
| C000168375 | Class C      | RHYCX           |
| C000168376 | Class R      | RHYKX           |
| C000168377 | Class Y      | RSYYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Victory Portfolios

- **b. Investment Company Act file number:** 811-04852

- **c. CIK number of Registrant:** 0000802716

- **d. LEI of Registrant:** 549300V07N3HJP1EW330

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

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

  - **City:** Brooklyn

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 44144

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

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

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

- **b. EDGAR series identifier (if any):** S000053572

- **c. LEI of Series:** 549300YO611MKRHL4648

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $128953327.32

**Total Liabilities:** $7622066.67

**Net Assets:** $121331260.65

**Cash Not Reported:** $389991.01

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -42.45150917 | **1-Year:** -226.63543716 | **5-Year:** -477.59101058 | **10-Year:** -339.85451188 | **30-Year:** -18.20132227

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

- **3-Month:** -250.04990541 | **1-Year:** -7472.47488088 | **5-Year:** -19238.52645967 | **10-Year:** -4696.53829825 | **30-Year:** -119.90902199

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168375 | -0.08%               | 1.95%                | 1.34%                |
| Class ID C000168374 | -0.02%               | 1.83%                | 1.40%                |
| Class ID C000168376 | -0.23%               | 1.97%                | 1.35%                |
| Class ID C000168377 | 0.00%                | 2.05%                | 1.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-242231.40              | $-699735.42                                |
| Month 2  | $-34807.79               | $1694249.43                                |
| Month 3  | $63178.56                | $1094070.26                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CCO HOLDINGS, LLC                                       | CCO HOLDINGS LLC CCO HOLDINGS CAPITAL CORP      | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1535000 | PA      | $1366165.46   | 1.13%             | 2034-01-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| LITHIA MOTORS, INC.                                     | LITHIA MOTORS INC                               | CUSIP: 536797AF0<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |   1592000 | PA      | $1513106.35   | 1.25%             | 2031-01-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| TRANSDIGM INC.                                          | TRANSDIGM INC                                   | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    435000 | PA      | $437438.99    | 0.36%             | 2033-01-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                                  | BWX TECHNOLOGIES INC                            | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144595.00    | 0.12%             | 2029-04-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| ELLUCIAN HOLDINGS INC.                                  | ELLUCIAN HOLDINGS INC                           | CUSIP: 289178AA3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | DBT              | CORP              | US        |    260000 | PA      | $266068.01    | 0.22%             | 2029-12-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I PLC                              | VMED O2 UK FINANCING I PLC                      | CUSIP: 92858RAB6<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    240000 | PA      | $221965.62    | 0.18%             | 2031-07-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| TAYLOR MORRISON COMMUNITIES, INC.                       | TAYLOR MORRISON COMMUNITIES INC                 | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    188000 | PA      | $186918.64    | 0.15%             | 2030-08-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Azorra Finance Limited                                  | AZORRA FINANCE LTD                              | CUSIP: 05480AAA3<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   1385000 | PA      | $1442273.01   | 1.19%             | 2030-04-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| WASTE PRO USA, INC.                                     | WASTE PRO USA INC                               | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |    268000 | PA      | $278727.96    | 0.23%             | 2033-02-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BEAZER HOMES USA, INC.                                  | BEAZER HOMES USA INC                            | CUSIP: 07556QBU8<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    650000 | PA      | $659634.66    | 0.54%             | 2031-03-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS INC.                           | UNIVISION COMMUNICATIONS INC                    | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    350000 | PA      | $343831.30    | 0.28%             | 2030-06-30      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| AMSTED INDUSTRIES INCORPORATED                          | AMSTED INDUSTRIES INC                           | CUSIP: 032177AK3<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |    533000 | PA      | $541497.81    | 0.45%             | 2033-03-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                  | CVS HEALTH CORP                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     96000 | PA      | $99217.69     | 0.08%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NORDSTROM, INC.                                         | NORDSTROM INC                                   | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    147000 | PA      | $135493.11    | 0.11%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC.                                        | HANESBRANDS INC                                 | CUSIP: 410345AQ5<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    225000 | PA      | $238164.74    | 0.20%             | 2031-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: —       |
| IHO Verwaltungs GmbH                                    | IHO VERWALTUNGS GMBH                            | CUSIP: 44963BAG3<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |    850000 | PA      | $867693.17    | 0.72%             | 2032-11-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                            | ROYAL CARIBBEAN CRUISES LTD                     | CUSIP: 780153BV3<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1055000 | PA      | $1074828.99   | 0.89%             | 2033-02-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| JBS USA Holding Lux S.a r.l.                            | JBS USA HOLD FOOD GRP                           | CUSIP: 47214KU14<br>LEI: RB8RC03FUD8DSX57C193 | Long             | STIV             | CORP              | LU        |    800000 | PA      | $799891.20    | 0.66%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HSBC US GOVERNMENT MONEY MARKET FUND                    | HSBC US GOVT MMKT-I                             | CUSIP: 40428X107<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1149502 | NS      | $1149501.88   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ONESKY FLIGHT, LLC                                      | ONESKY FLIGHT LLC                               | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |    367000 | PA      | $382010.86    | 0.31%             | 2029-12-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| FLUTTER TREASURY DESIGNATED ACTIVITY COMPANY            | FLUTTER TREASURY DAC                            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     27000 | PA      | $27208.19     | 0.02%             | 2031-06-04      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Company                          | EDGEWELL PERSONAL CARE CO                       | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    315000 | PA      | $297669.48    | 0.25%             | 2029-04-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING, INC.                                 | LEVEL 3 FINANCING INC                           | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    334000 | PA      | $290473.06    | 0.24%             | 2030-10-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL AUTO HOLDINGS PLC                                | GLOBAL AUTO HOLDINGS LTD AAG FH UK LTD          | CUSIP: 00033GAB1<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |    408000 | PA      | $347753.91    | 0.29%             | 2032-01-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS, INC.                             | QUEEN MERGERCO INC                              | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51621.26     | 0.04%             | 2032-04-30      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.                    | CLEAR CHANNEL OUTDOOR HOLDINGS INC              | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1238521.40   | 1.02%             | 2030-04-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER, LP                                    | MEDLINE BORROWER LP MEDLINE CO ISSUER INC       | CUSIP: 58506DAA6<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179666.62    | 0.15%             | 2029-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Enpro Inc.                                              | ENPRO INC                                       | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127810.38    | 0.11%             | 2033-06-01      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS FINANCIAL SQUARE GOVERNMENT FUND          | GLDMN SCHS FIN SQ GV-FST                        | CUSIP: 38141W273<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1149502 | NS      | $1149501.88   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| COREWEAVE, INC.                                         | COREWEAVE INC                                   | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     51000 | PA      | $52141.22     | 0.04%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| AVIENT CORPORATION                                      | AVIENT CORP                                     | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80632.71     | 0.07%             | 2031-11-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| PARK INTERMEDIATE HOLDINGS LLC.                         | PARK INTERMEDIATE HOLDINGS LLC                  | CUSIP: 70052LAC7<br>LEI: 549300HJUVLG7EAGZV92 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77441.00     | 0.06%             | 2029-05-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: —       |
| LAMAR MEDIA CORP.                                       | LAMAR MEDIA CORP                                | CUSIP: 513075BZ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    104000 | PA      | $95986.00     | 0.08%             | 2031-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PRA GROUP, INC.                                         | PRA GROUP INC                                   | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    210000 | PA      | $218383.07    | 0.18%             | 2030-01-31      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| MEN S WEARHOUSE INC                                     | MEN S WEARHOUSE INC                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     20063 | NS      | $401260.00    | 0.33%             |  |  |  | No            |                  3 | On Loan: No      |
| CSC HOLDINGS, LLC                                       | CSC HOLDINGS LLC                                | CUSIP: 126307BN6<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    900000 | PA      | $853228.66    | 0.70%             | 2029-01-31      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| CIVITAS RESOURCES, INC.                                 | CIVITAS RESOURCES INC                           | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    306000 | PA      | $313626.73    | 0.26%             | 2033-06-15      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                            | TENET HEALTHCARE CORP                           | CUSIP: 88033GDB3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    556000 | PA      | $554895.18    | 0.46%             | 2027-11-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COTIVITI, INC.                                          | COTIVITI INC                                    | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   1125000 | PA      | $1129218.75   | 0.93%             | 2031-04-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS INC.                                    | GLOBAL PAYMENTS INC                             | CUSIP: 37961CU26<br>LEI: 549300NOMHGVQBX6S778 | Long             | STIV             | CORP              | US        |   1100000 | PA      | $1099700.58   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| CENTRAL PARENT LLC                                      | CENTRAL PARENT LLC CDK GLOBAL II LLC            | CUSIP: 154915AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1448445.01   | 1.19%             | 2029-06-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ENSTAR FINANCE LLC                                      | ENSTAR FINANCE LLC                              | CUSIP: 29360AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73000 | PA      | $72731.36     | 0.06%             | 2040-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                                   | BELRON UK FINANCE PLC                           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    375000 | PA      | $377706.52    | 0.31%             | 2029-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| CVS HEALTH CORPORATION                                  | CVS HEALTH CORP                                 | CUSIP: 12665JU72<br>LEI: 549300EJG376EN5NQE29 | Long             | STIV             | CORP              | US        |   1100000 | PA      | $1098962.59   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| GOAT HOLDCO, LLC                                        | GOAT HOLDCO LLC                                 | CUSIP: 38021MAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254511.79    | 0.21%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP, INC.                           | MEDNAX INC                                      | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $494390.56    | 0.41%             | 2030-02-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE LIMITED                           | MELCO REOSRTS FINANCE                           | CUSIP: 58547DAD1<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    150000 | PA      | $140732.48    | 0.12%             | 2029-12-04      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES, INC.                              | SENSATA TECHNOLOGIES INC                        | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    175000 | PA      | $179946.50    | 0.15%             | 2032-07-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| CSC HOLDINGS, LLC                                       | CSC HOLDINGS LLC                                | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2275442.91   | 1.88%             | 2029-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| X CORP.                                                 | X CORP                                          | CUSIP: 90184NAG3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    199490 | PA      | $194690.08    | 0.16%             | 2029-10-26      | Floating      | 10.83%                | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT, LLC                             | FERTITTA ENTERTAINMENT LLC                      | CUSIP: 31556TAC3<br>LEI: 984500A0805D8V551D35 | Long             | DBT              | CORP              | US        |    260000 | PA      | $240121.40    | 0.20%             | 2030-01-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| MURPHY OIL USA, INC.                                    | MURPHY OIL USA INC                              | CUSIP: 626738AF5<br>LEI: N32S6DTR2ZZ5222WHV58 | Long             | DBT              | CORP              | US        |    275000 | PA      | $253613.64    | 0.21%             | 2031-02-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| CENTRAL PARENT LLC                                      | CENTRAL PARENT INC                              | CUSIP: 15477BAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    205541 | PA      | $171133.29    | 0.14%             | 2029-07-06      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT, INC.                             | COLT MERGER SUB INC                             | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    713000 | PA      | $713237.37    | 0.59%             | 2027-07-01      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| Alcoa Nederland Holding B.V.                            | ALCOA NEDERLAND HOLDING BV                      | CUSIP: 013822AH4<br>LEI: 5493000UL1QLQLT1VQ42 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $52431.14     | 0.04%             | 2031-03-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| BEACON MOBILITY FINANCE CORP.                           | BEACON MOBILITY CORP                            | CUSIP: 073644AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $104096.18    | 0.09%             | 2030-08-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING, INC.                                 | LEVEL 3 FINANCING INC                           | CUSIP: 527298BT9<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    306000 | PA      | $258469.39    | 0.21%             | 2029-07-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: —       |
| GEN DIGITAL INC.                                        | NORTONLIFELOCK INC                              | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82991.33     | 0.07%             | 2030-09-30      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| DIRECTV FINANCING, LLC                                  | DIRECTV FINANCING LLC                           | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    558000 | PA      | $541880.73    | 0.45%             | 2031-02-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| CIMPRESS PUBLIC LIMITED COMPANY                         | CIMPRESS PLC                                    | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |    130000 | PA      | $124114.33    | 0.10%             | 2032-09-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| CANADIAN NATURAL RESOURCES LIMITED                      | CANADIAN NAT RES                                | CUSIP: 13638WUF7<br>LEI: 549300T15RIMIKZC5Q38 | Long             | STIV             | CORP              | CA        |   1100000 | PA      | $1097736.20   | 0.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| U.S. ACUTE CARE SOLUTIONS, LLC                          | US ACUTE CARE SOLUTIONS LLC                     | CUSIP: 90367UAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    123000 | PA      | $126995.65    | 0.10%             | 2029-05-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC.                                   | CLEVELAND CLIFFS INC                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    275000 | PA      | $259420.13    | 0.21%             | 2032-03-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: —       |
| HCA INC.                                                | HCA INC                                         | CUSIP: 40412BU27<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | STIV             | CORP              | US        |    450000 | PA      | $449879.45    | 0.37%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MASTERBRAND, INC.                                       | MASTERBRAND INC                                 | CUSIP: 57638PAA2<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | DBT              | CORP              | US        |    225000 | PA      | $229914.54    | 0.19%             | 2032-07-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| THE CHEMOURS COMPANY                                    | CHEMOURS CO THE                                 | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |   1159000 | PA      | $1084469.20   | 0.89%             | 2033-01-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ATS CORPORATION                                         | ATS AUTOMATION TOOLING SYSTEMS INC              | CUSIP: 001940AC9<br>LEI: 5493005KP4RP3IU7HQ41 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $143419.46    | 0.12%             | 2028-12-15      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP LP                                          | UNITI GROUP LP UNITI GROUP FINANCE 2019 INC     | CUSIP: 91327TAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102000 | PA      | $103065.96    | 0.08%             | 2032-06-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| FORESTAR GROUP INC.                                     | FORESTAR GROUP INC                              | CUSIP: 346232AG6<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    208000 | PA      | $209574.31    | 0.17%             | 2033-03-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BLUELINX HOLDINGS INC.                                  | BLUELINX HOLDINGS INC                           | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |     64000 | PA      | $61567.67     | 0.05%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| GENESEE & WYOMING INC.                                  | GENESEE WYOMING INC                             | CUSIP: 371559AB1<br>LEI: G617XSG94Z7G0RMW3L02 | Long             | DBT              | CORP              | US        |    344000 | PA      | $351474.50    | 0.29%             | 2032-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| EMBECTA CORP.                                           | EMBECTA CORP                                    | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $903175.00    | 0.74%             | 2030-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: —       |
| VISTRA OPERATIONS COMPANY LLC                           | VISTRA OPERATIONS CO LLC                        | CUSIP: 92840VAR3<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156832.82    | 0.13%             | 2032-04-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS, INC.                                 | QUIKRETE HOLDINGS INC                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    558000 | PA      | $574142.00    | 0.47%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS, INC.                    | CLEAR CHANNEL OUTDOOR HOLDINGS INC              | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    196000 | PA      | $181236.53    | 0.15%             | 2029-06-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: —       |
| LAS VEGAS SANDS CORP.                                   | LAS VEGAS SANDS CORP                            | CUSIP: 517834AL1<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     99000 | PA      | $101138.13    | 0.08%             | 2034-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC.                                      | NEWELL BRANDS INC                               | CUSIP: 651229AX4<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76704.39     | 0.06%             | 2036-04-01      | Variable      | 6.88%                 | No            |                  2 | On Loan: —       |
| AIR LEASE CORPORATION                                   | AIR LEASE CORP                                  | CUSIP: 00913WU86<br>LEI: 5493004NW4M4P8TMMK63 | Long             | STIV             | CORP              | US        |   1100000 | PA      | $1098851.27   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROUP, INC.                         | SINCLAIR TELEVISION GROUP INC                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    280000 | PA      | $283601.80    | 0.23%             | 2033-02-15      | Fixed         | 8.12%                 | Yes           |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO, LLC                            | BEACH ACQUISITION BIDCO LLC                     | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    155000 | PA      | $161215.58    | 0.13%             | 2033-07-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| Carnival Corporation                                    | CARNIVAL CORP                                   | CUSIP: 143658BX9<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     67000 | PA      | $68489.04     | 0.06%             | 2033-02-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: —       |
| LATAM Airlines Group S.A.                               | LATAM AIRLINES GROUP SA                         | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |    332000 | PA      | $336323.04    | 0.28%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: —       |
| HERC HOLDINGS INC.                                      | HERC HOLDINGS INC                               | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    154000 | PA      | $161395.89    | 0.13%             | 2033-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CENTURY COMMUNITIES, INC.                               | CENTURY COMMUNITIES INC                         | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |    300000 | PA      | $277705.59    | 0.23%             | 2029-08-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS, INC.                                | SPIRIT AEROSYSTEMS INC                          | CUSIP: 85205TAN0<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    625000 | PA      | $664850.48    | 0.55%             | 2029-11-30      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| TKC HOLDINGS, INC.                                      | TKC HOLDINGS INC                                | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    470000 | PA      | $482692.04    | 0.40%             | 2029-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| S&S HOLDINGS, LLC                                       | S S HOLDINGS LLC                                | CUSIP: 78525CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $244302.07    | 0.20%             | 2031-10-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| MEDLINE BORROWER, LP                                    | MOZART DEBT MERGER SUB INC                      | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    362000 | PA      | $347570.33    | 0.29%             | 2029-04-01      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS INC.                              | ROGERS COMMUNICATIONS INC                       | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    111000 | PA      | $113529.55    | 0.09%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ESAB CORPORATION                                        | ESAB CORP                                       | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81937.97     | 0.07%             | 2029-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                                | VIRGIN MEDIA FINANCE PLC                        | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |      5000 | PA      | $4567.33      | 0.00%             | 2030-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AAR ESCROW ISSUER, LLC                                  | AAR ESCROW ISSUER LLC                           | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $466183.46    | 0.38%             | 2029-03-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| JABIL INC.                                              | JABIL INC                                       | CUSIP: 46652LU21<br>LEI: 5493000CGCQY2OQU7669 | Long             | STIV             | CORP              | US        |    360000 | PA      | $359897.83    | 0.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| EMRLD BORROWER LP                                       | EMRLD BORROWER LP EMERALD CO ISSUER INC         | CUSIP: 26873CAB8<br>LEI: 5493000GJYE7GAQCUC61 | Long             | DBT              | CORP              | US        |    482000 | PA      | $498997.42    | 0.41%             | 2031-07-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC.                                    | DENTSPLY SIRONA INC                             | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |    157000 | PA      | $157830.02    | 0.13%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GGAM Finance Limited                                    | GGAM FINANCE LTD                                | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $301807.13    | 0.25%             | 2030-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corporation                                    | CARNIVAL CORP                                   | CUSIP: 143658BR2<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1000000 | PA      | $1010030.86   | 0.83%             | 2029-05-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD.                                    | NCL CORPORATION LTD                             | CUSIP: 62886HBA8<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    228000 | PA      | $228324.66    | 0.19%             | 2026-03-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| TKC HOLDINGS, INC.                                      | TKC HOLDINGS INC                                | CUSIP: 87256FAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    195922 | PA      | $195759.52    | 0.16%             | 2028-05-15      | Floating      | 9.32%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS (NORTH AMERICA), INC.                    | UNITED RENTALS INC                              | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    855000 | PA      | $881833.13    | 0.73%             | 2034-03-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| ZAYO GROUP HOLDINGS LLC                                 | ZAYO GROUP HOLDINGS LLC                         | CUSIP: 98919XAE1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    447692 | PA      | $429131.02    | 0.35%             | 2027-03-09      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Post Holdings, Inc.                                     | POST HOLDINGS INC                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90846.17     | 0.07%             | 2033-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| ECHOSTAR CORPORATION                                    | ECHOSTAR CORP                                   | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    391224 | PA      | $402213.04    | 0.33%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORPORATION                            | TENET HEALTHCARE CORP                           | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    278000 | PA      | $278347.09    | 0.23%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Performance Food Group, Inc.                            | PERFORMANCE FOOD GROUP INC                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    750000 | PA      | $767788.57    | 0.63%             | 2032-09-15      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICES, INC.                         | PRIME HEALTHCARE SERVICES INC                   | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $347363.18    | 0.29%             | 2029-09-01      | Fixed         | 9.38%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUEMINES LNG, LLC                     | VENTURE GLOBAL PLAQUEMINES LNG LLC              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $325012.33    | 0.27%             | 2035-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| M/I HOMES, INC.                                         | M I HOMES INC                                   | CUSIP: 55305BAS0<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    410000 | PA      | $407331.69    | 0.34%             | 2028-02-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| BLH ESCROW 1 LLC                                        | BRIGHTLINE EAST LLC                             | CUSIP: 093536AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $77755.17     | 0.06%             | 2030-01-31      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: —       |
| UNICREDIT, SOCIETA PER AZIONI                           | UNICREDIT SPA                                   | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |    725000 | PA      | $730491.57    | 0.60%             | 2032-06-19      | Fixed         | 5.86%                 | Yes           |                  2 | On Loan: No      |
| KNIFE RIVER CORPORATION                                 | KNIFE RIVER HOLDING CO                          | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $474183.77    | 0.39%             | 2031-05-01      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| THE E.W. SCRIPPS COMPANY                                | SCRIPPS ESCROW II INC                           | CUSIP: 81105DAB1<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |    250000 | PA      | $173112.64    | 0.14%             | 2031-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| LOUISIANA-PACIFIC CORPORATION                           | LOUISIANA PACIFIC CORP                          | CUSIP: 546347AM7<br>LEI: 549300C7E2UAO5BVRR75 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143091.00    | 0.12%             | 2029-03-15      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| HCA INC.                                                | HCA INC                                         | CUSIP: 40412BUH4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | STIV             | CORP              | US        |    750000 | PA      | $748271.63    | 0.62%             |  |  |  | Yes           |                  2 | On Loan: No      |
| ROCKET SOFTWARE, INC.                                   | ROCKET SOFTWARE INC                             | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134107.42    | 0.11%             | 2028-11-28      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| NCL CORPORATION LTD.                                    | NCL CORP LTD                                    | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    762000 | PA      | $778417.57    | 0.64%             | 2032-02-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP, INC.                              | PICARD MIDCO INC                                | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    355000 | PA      | $358228.48    | 0.30%             | 2029-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORPORATION                          | ZEBRA TECHNOLOGIES CORP                         | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |    225000 | PA      | $231353.07    | 0.19%             | 2032-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BOYNE USA INC.                                          | BOYNE USA INC                                   | CUSIP: 103557AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    329000 | PA      | $319198.16    | 0.26%             | 2029-05-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GROUP, LLC                        | COGENT COMMS GRP FIN                            | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    306000 | PA      | $301321.08    | 0.25%             | 2032-07-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL AUTO HOLDINGS PLC                                | GLOBAL AUTO HOLDINGS LTD AAG FH UK LTD          | CUSIP: 00033YAA4<br>LEI: 984500ADEF1BB0584352 | Long             | DBT              | CORP              | GB        |    357000 | PA      | $350330.49    | 0.29%             | 2029-08-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| CORNERSTONE BUILDING BRANDS, INC.                       | CORNERSTONE BUILDING BRANDS INC                 | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    514000 | PA      | $473622.81    | 0.39%             | 2029-08-15      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                            | ROYAL CARIBBEAN CRUISES LTD                     | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    111000 | PA      | $111685.49    | 0.09%             | 2031-09-30      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PETSMART LLC                                            | PETSMART INC                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    130000 | PA      | $128402.30    | 0.11%             | 2028-02-14      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| RAND PARENT, LLC                                        | RAND PARENT LLC                                 | CUSIP: 753272AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250816.86    | 0.21%             | 2030-02-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: —       |
| JO ANN STORES LLC                                       | JO ANN STORES LLC                               | CUSIP: 47768J200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3118 | NS      | $31.18        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| DIEBOLD NIXDORF, INCORPORATED                           | DIEBOLD NIXDORF INC                             | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |    143000 | PA      | $152167.36    | 0.13%             | 2030-03-31      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY E                                          | COVIS EQUITY E                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1622 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SUNOCO LP                                               | SUNOCO LP                                       | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    400000 | PA      | $406604.03    | 0.34%             | 2033-07-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                                      | VOYAGER PARENT LLC                              | CUSIP: BL5083276<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    200000 | PA      | $197722.00    | 0.16%             | 2032-05-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I, L.P.                                  | HILCORP ENERGY I LP HILCORP FINANCE CO          | CUSIP: 431318BG8<br>LEI: 549300ITPIHLG0LHEC09 | Long             | DBT              | CORP              | US        |    424000 | PA      | $415274.76    | 0.34%             | 2035-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ENDEAVOUR MINING PLC                                    | ENDEAVOUR MINING PLC                            | CUSIP: 29261HAB1<br>LEI: 529900NI5MXQ91GHXR07 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $200800.00    | 0.17%             | 2030-05-28      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYSTEMS, INC.                      | CHS COMMUNITY HEALTH SYSTEMS INC                | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |     71000 | PA      | $75160.51     | 0.06%             | 2032-01-15      | Fixed         | 10.88%                | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY B                                          | COVIS EQUITY B                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1622 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PETSMART LLC                                            | PETSMART INC PETSMART FINANCE CORP              | CUSIP: 71677KAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $170434.07    | 0.14%             | 2029-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING, LLC                        | PERMIAN RESOURC OPTG LLC                        | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    280000 | PA      | $281024.86    | 0.23%             | 2029-07-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| THE E.W. SCRIPPS COMPANY                                | SCRIPPS ESCROW II INC                           | CUSIP: 81105DAA3<br>LEI: 549300U1OW41QPKYW028 | Long             | DBT              | CORP              | US        |    650000 | PA      | $568147.50    | 0.47%             | 2029-01-15      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| THE HERTZ CORPORATION                                   | HERTZ CORP THE                                  | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    400000 | PA      | $418324.80    | 0.34%             | 2029-07-15      | Fixed         | 12.62%                | Yes           |                  2 | On Loan: —       |
| MATTAMY GROUP CORPORATION                               | MATTAMY GROUP CORP                              | CUSIP: 57701RAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    260000 | PA      | $249919.69    | 0.21%             | 2030-03-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC                   | FRONTIER COMMUNICATIONS CORP                    | CUSIP: 35906ABG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    380000 | PA      | $385055.95    | 0.32%             | 2029-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PROPERTIES, LP                                | RHP HOTEL PROPERTIES LP RHP FINANCE CORP        | CUSIP: 749571AG0<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |    162000 | PA      | $158448.93    | 0.13%             | 2029-02-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| TAYLOR MORRISON COMMUNITIES, INC.                       | TAYLOR MORRISON COMM                            | CUSIP: 87724RAB8<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177369.55    | 0.15%             | 2028-01-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Viper Energy, Inc.                                      | VIPER ENERGY PARTNERS LP                        | CUSIP: 92763MAB1<br>LEI: 5299009LINL232255G03 | Long             | DBT              | CORP              | US        |     35000 | PA      | $37137.57     | 0.03%             | 2031-11-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Viking Cruises Ltd                                      | VIKING CRUISES LTD                              | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    138000 | PA      | $148724.70    | 0.12%             | 2031-07-15      | Fixed         | 9.12%                 | Yes           |                  2 | On Loan: No      |
| GREAT OUTDOORS GROUP, LLC                               | GREAT AMERICAN OUTDOORS                         | CUSIP: 07014QAP6<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |    149625 | PA      | $149204.55    | 0.12%             | 2032-03-05      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| SONOCO PRODUCTS COMPANY.                                | SONOCO PRODUCTS COMPANY                         | CUSIP: 83549RU10<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | STIV             | CORP              | US        |   1100000 | PA      | $1099846.44   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| DISH NETWORK CORPORATION                                | DISH NETWORK CORP                               | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    494000 | PA      | $508620.11    | 0.42%             | 2027-11-15      | Fixed         | 11.75%                | Yes           |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES LLC                             | SAKS GLOBAL ENTERPRISES LLC                     | CUSIP: 79380MAA3<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    365000 | PA      | $138289.45    | 0.11%             | 2029-12-15      | Fixed         | 11.00%                | Yes           |                  2 | On Loan: —       |
| BOYD GAMING CORPORATION                                 | BOYD GAMING CORP                                | CUSIP: 103304BV2<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143803.97    | 0.12%             | 2031-06-15      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTIONS INC.                        | STANDARD INDUSTRIES INC NJ                      | CUSIP: 853496AH0<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $898103.11    | 0.74%             | 2031-01-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| FLEET MIDCO I LIMITED                                   | FLEET US BIDCO INC                              | CUSIP: 33902UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | GB        |    909596 | PA      | $910732.81    | 0.75%             | 2031-02-10      | Floating      | 7.06%                 | No            |                  2 | On Loan: No      |
| FIBERCOP S.P.A.                                         | OPTICS BIDCO SPA                                | CUSIP: 683879AF7<br>LEI: 8156007022402E114A31 | Long             | DBT              | CORP              | IT        |    345000 | PA      | $336711.78    | 0.28%             | 2036-07-18      | Fixed         | 7.20%                 | Yes           |                  2 | On Loan: No      |
| Grupo Aeromexico, S.A.B. de C.V.                        | GRUPO AEROMEXICO SAB DE CV                      | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    506000 | PA      | $482933.45    | 0.40%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| ORGANON & CO.                                           | ORGANON FINANCE 1 LLC                           | CUSIP: 68622TAB7<br>LEI: 549300AMCKY57OK2CO56 | Long             | DBT              | CORP              | US        |    700000 | PA      | $607712.97    | 0.50%             | 2031-04-30      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY A                                          | COVIS EQUITY A                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1622 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ACADIA HEALTHCARE COMPANY, INC.                         | ACADIA HEALTHCARE CO INC                        | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |     71000 | PA      | $73242.78     | 0.06%             | 2033-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: —       |
| SUNOCO LP                                               | SUNOCO LP                                       | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    287000 | PA      | $301414.78    | 0.25%             | 2032-05-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| VERMILION ENERGY INC.                                   | VERMILION ENERGY INC                            | CUSIP: 923725AE5<br>LEI: WT03B8BB1IX8WI9ZGV02 | Long             | DBT              | CORP              | CA        |    180000 | PA      | $168850.15    | 0.14%             | 2033-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT, INC.                             | CAESARS ENTERTAINMENT INC                       | CUSIP: 12769GAC4<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    882000 | PA      | $904296.24    | 0.75%             | 2032-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: —       |
| ACRISURE, LLC                                           | ACRISURE LLC ACRISURE FINANCE INC               | CUSIP: 00489LAL7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |    168000 | PA      | $173502.87    | 0.14%             | 2030-11-06      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| AXON ENTERPRISE, INC.                                   | AXON ENTERPRISE INC                             | CUSIP: 05464CAD3<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |    142000 | PA      | $146691.26    | 0.12%             | 2033-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Covis Finco S.a r.l.                                    | COVIS FINCO SARL                                | CUSIP: L3680LAH4<br>LEI: 549300NNIZ3SBBEUQM24 | Long             | LON              | CORP              | LU        |   1500295 | PA      | $558859.74    | 0.46%             | 2027-02-18      | Floating      | 10.98%                | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                      | SEAGATE HDD CAYMAN                              | CUSIP: 81180WBM2<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $339690.09    | 0.28%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| ARDONAGH FINCO LIMITED                                  | ARDONAGH FINCO LTD                              | CUSIP: 039853AA4<br>LEI: 254900D2T84O1K03BA28 | Long             | DBT              | CORP              | JE        |    281000 | PA      | $293666.71    | 0.24%             | 2031-02-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| PETCO HEALTH AND WELLNESS COMPANY, INC.                 | PETCO ANIMAL SUPPLIES INC                       | CUSIP: 71601HAB2<br>LEI: 2549007TYGV6RVSE9M61 | Long             | LON              | CORP              | US        |    699296 | PA      | $642667.47    | 0.53%             | 2028-02-25      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| ZF NORTH AMERICA CAPITAL, INC.                          | ZF NORTH AMERICA CAPITAL INC                    | CUSIP: 98877DAG0<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |    450000 | PA      | $415683.27    | 0.34%             | 2032-04-23      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete, LLC                          | SMYRNA READY MIX CONCRETE LLC                   | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |    433000 | PA      | $454263.13    | 0.37%             | 2031-11-15      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| THE HOWARD HUGHES CORPORATION                           | HOWARD HUGHES CORP THE                          | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    819000 | PA      | $756323.17    | 0.62%             | 2031-02-01      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| GEN DIGITAL INC.                                        | GEN DIGITAL INC                                 | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    111000 | PA      | $114108.64    | 0.09%             | 2033-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECHNOLOGY PLC                       | INTERNATIONAL GAME TECH                         | CUSIP: 460599AD5<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $303272.97    | 0.25%             | 2027-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| RHP HOTEL PROPERTIES, LP                                | RHP HOTEL PROPERTIES LP RHP FINANCE CORP        | CUSIP: 749571AK1<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |     79000 | PA      | $81235.79     | 0.07%             | 2032-04-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP INC.                               | ALTA EQUIPMENT GROUP INC                        | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |     70000 | PA      | $65284.91     | 0.05%             | 2029-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: —       |
| NRG ENERGY, INC.                                        | NRG ENERGY INC                                  | CUSIP: 629377CY6<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300381.11    | 0.25%             | 2029-07-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER ISSUER LLC                                     | FRONTIER ISSUER LLC                             | CUSIP: 35910EAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    460000 | PA      | $483871.38    | 0.40%             | 2053-08-20      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| ALBERTSONS COMPANIES, INC.                              | ALBERTSONS COS INC                              | CUSIP: 01309QAA6<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023813.51   | 0.84%             | 2028-02-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                                   | LEVEL 3 FINANCING INC                           | CUSIP: BL5042512<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    300000 | PA      | $303063.00    | 0.25%             | 2032-03-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNATIONAL, INC.                    | COMPASS MINERALS INTERNATIONAL INC              | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    102000 | PA      | $105465.58    | 0.09%             | 2030-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| ATI INC                                                 | ALLEGHENY TECHNOLOGIES INC                      | CUSIP: 01741RAM4<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | DBT              | CORP              | US        |    350000 | PA      | $342740.79    | 0.28%             | 2031-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT COMPANY LLC                           | FORD MOTOR CREDIT CO LLC                        | CUSIP: 345397E66<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     13000 | PA      | $12648.40     | 0.01%             | 2034-03-08      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AADVANTAGE LOYALTY IP LTD.                              | AMERICAN AIRLINES INC AADVAN                    | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     30298 | PA      | $30368.71     | 0.03%             | 2029-04-20      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP, INC.                           | ASBURY AUTOMOTIVE GROUP INC                     | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $952447.35    | 0.78%             | 2032-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corporation                              | NOVA CHEMICALS CORP                             | CUSIP: 66977WAV1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     85000 | PA      | $89027.86     | 0.07%             | 2031-12-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| LIGHT AND WONDER INTERNATIONAL, INC.                    | SCIENTIFIC GAMES INTERNA                        | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    350000 | PA      | $350733.29    | 0.29%             | 2028-05-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| HILCORP ENERGY I, L.P.                                  | HILCORP ENERGY                                  | CUSIP: 431319AH5<br>LEI: 549300ITPIHLG0LHEC09 | Long             | LON              | CORP              | US        |     49875 | PA      | $49875.00     | 0.04%             | 2030-02-05      | Floating      | 6.34%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY, INC.                                      | VITAL ENERGY INC                                | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |    225000 | PA      | $192155.62    | 0.16%             | 2032-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: —       |
| STARWOOD PROPERTY TRUST, INC.                           | STARWOOD PROPERTY TRUST INC                     | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    175000 | PA      | $184238.98    | 0.15%             | 2029-04-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROUP, INC.                         | SINCLAIR TELEVISION GROU                        | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   1677000 | PA      | $1359427.07   | 1.12%             | 2030-03-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| FMC CORPORATION                                         | FMC CORP                                        | CUSIP: 34410WU18<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | STIV             | CORP              | US        |   1100000 | PA      | $1099843.47   | 0.91%             |  |  |  | Yes           |                  2 | On Loan: No      |
| TECHNIPFMC PLC                                          | TECHNIPFMC PLC                                  | CUSIP: 87854XAE1<br>LEI: 549300D5I93QWCJTCK36 | Long             | DBT              | CORP              | GB        |    800000 | PA      | $798581.57    | 0.66%             | 2026-02-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| MATCH GROUP HOLDINGS II, LLC                            | MATCH GROUP INC                                 | CUSIP: 57665RAN6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292599.81    | 0.24%             | 2028-06-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| AMC NETWORKS INC.                                       | AMC NETWORKS INC                                | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    225000 | PA      | $233367.64    | 0.19%             | 2029-01-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| VIKING OCEAN CRUISES SHIP VII LTD                       | VIKING OCEAN CRUISES SHIP VII LTD               | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    375000 | PA      | $374522.29    | 0.31%             | 2029-02-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| PRESTIGE BRANDS, INC.                                   | PRESTIGE BRANDS INC                             | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    570000 | PA      | $525117.97    | 0.43%             | 2031-04-01      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HOLDINGS, INC.                        | AMC ENTERTAINMENT HOLDINGS INC                  | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |    363177 | PA      | $366355.08    | 0.30%             | 2029-01-04      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| VAIL RESORTS, INC.                                      | VAIL RESORTS INC                                | CUSIP: 91879QAP4<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |    135000 | PA      | $139648.97    | 0.12%             | 2032-05-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                                     | AVIANCA MIDCO 2 PLC                             | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    368000 | PA      | $339282.62    | 0.28%             | 2030-02-14      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| CHURCHILL DOWNS INCORPORATED                            | CHURCHILL DOWNS INC                             | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128465.92    | 0.11%             | 2031-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ASHTON WOODS USA L.L.C.                                 | ASHTON WOODS USA LLC ASHTON WOODS FINANCE CO    | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    565000 | PA      | $537152.25    | 0.44%             | 2030-04-01      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AIRLINES, INC.                                 | AMERICAN AIRLINES INC                           | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    225000 | PA      | $229682.76    | 0.19%             | 2028-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| BAYTEX ENERGY CORP.                                     | BAYTEX ENERGY CORP                              | CUSIP: 07317QAK1<br>LEI: 549300R5LTV2H7I1I079 | Long             | DBT              | CORP              | CA        |    258000 | PA      | $246225.56    | 0.20%             | 2032-03-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: —       |
| LEVEL 3 FINANCING, INC.                                 | LEVEL 3 FINANCING INC                           | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    101903 | PA      | $103688.65    | 0.09%             | 2033-06-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CLOUD SOFTWARE GROUP, INC.                              | CLOUD SOFTWARE GROUP INC                        | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51839.10     | 0.04%             | 2029-09-30      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| iShares BB Rated Corporate Bond ETF                     | ISHARES BB RATED CORPORATE BOND ETF             | CUSIP: 46435U473<br>LEI: N/A                  | Long             |  | RF                | US        |     73000 | NS      | $3431000.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: —       |
| Gray Media, Inc                                         | GRAY TELEVISION INC                             | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    229000 | PA      | $246071.51    | 0.20%             | 2029-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                                  | EQUIPMENTSHARE COM INC                          | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    575000 | PA      | $602797.09    | 0.50%             | 2033-03-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| LBM ACQUISITION, LLC                                    | LBM ACQUISITION LLC                             | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $217584.62    | 0.18%             | 2029-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL S.A.                             | TELECOM ITALIA CAPITAL SA                       | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    125000 | PA      | $133331.20    | 0.11%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SA                                            | VALLOUREC SACA                                  | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |     50000 | PA      | $52469.19     | 0.04%             | 2032-04-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| ANYWHERE REAL ESTATE GROUP LLC                          | ANYWHERE REAL ESTATE GROUP LLC REALOGY CO ISSUE | CUSIP: 75606DAV3<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |    235000 | PA      | $238837.82    | 0.20%             | 2030-04-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| 1261229 B.C. Ltd                                        | 1261229 BC LTD                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    195000 | PA      | $196747.93    | 0.16%             | 2032-04-15      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| La Compagnie de Telephone Bell du Canada ou Bell Canada | BELL CANADA                                     | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     61000 | PA      | $62371.44     | 0.05%             | 2055-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA BRISTOL LLC                                | VIRGIN MEDIA BRISTOL LLC                        | CUSIP: G9368PBC7<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   1000000 | PA      | $986150.00    | 0.81%             | 2028-01-31      | Floating      | 6.84%                 | No            |                  2 | On Loan: No      |
| GLP Capital, L.P.                                       | GLP CAPITAL LP GLP FINANCING II INC             | CUSIP: 361841AT6<br>LEI: 2549005PXW31DRW8EC44 | Long             | DBT              | CORP              | US        |    251000 | PA      | $250321.36    | 0.21%             | 2034-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| GREAT CANADIAN GAMING CORPORATION                       | GREAT CANADIAN GAMING CORP                      | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    147000 | PA      | $144111.43    | 0.12%             | 2029-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS HOLDINGS, LLC                   | FRONTIER COMMUNICATIONS HOLDINGS LLC            | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1750679.77   | 1.44%             | 2027-10-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Perrigo Finance Unlimited Company                       | PERRIGO FINANCE UNLIMITED CO                    | CUSIP: 71429MAD7<br>LEI: 549300E86RB6YCTMRM83 | Long             | DBT              | CORP              | IE        |    125000 | PA      | $126199.79    | 0.10%             | 2032-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP, INC.                                      | TRINET GROUP INC                                | CUSIP: 896288AC1<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260370.64    | 0.21%             | 2031-08-15      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| NOVA Chemicals Corporation                              | NOVA CHEMICALS CORP                             | CUSIP: 66977WAU3<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1150000 | PA      | $1241917.47   | 1.02%             | 2030-02-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| TRUCORDIA INSURANCE HOLDINGS, LLC                       | PCF INSURANCE SERVICES OF THE WEST LLC          | CUSIP: 89783WAB1<br>LEI: 254900KYYP47CV7DMK95 | Long             | LON              | CORP              | US        |    101903 | PA      | $102030.38    | 0.08%             | 2032-06-14      | Floating      | 7.56%                 | No            |                  2 | On Loan: No      |
| SEASPAN CORPORATION                                     | SEASPAN CORP                                    | CUSIP: 81254UAK2<br>LEI: 5493007Z8Q1H45KT7W98 | Long             | DBT              | CORP              | MH        |    225000 | PA      | $213290.58    | 0.18%             | 2029-08-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GETTY IMAGES, INC.                                      | ABE INVESTMENT HOLDINGS INC                     | CUSIP: 37427UAQ3<br>LEI: 5493005NV20IG4VEKZ40 | Long             | LON              | CORP              | US        |    125000 | PA      | $123593.75    | 0.10%             | 2030-02-14      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| MONEYGRAM INTERNATIONAL, INC.                           | MOBIUS MERGER SUB INC                           | CUSIP: 606950AA1<br>LEI: 5299002DLX0Q04KC4156 | Long             | DBT              | CORP              | US        |    258000 | PA      | $230901.90    | 0.19%             | 2030-06-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| PERMIAN RESOURCES OPERATING, LLC                        | PERMIAN RESOURCES OPERATING LLC                 | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    348000 | PA      | $351195.77    | 0.29%             | 2033-02-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SPDR Portfolio High Yield Bond ETF                      | SPDR PORTFOLIO HIGH YIELD BOND ETF              | CUSIP: 78468R606<br>LEI: N/A                  | Long             |  | RF                | US        |    100000 | NS      | $2380000.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CITGO PETROLEUM CORPORATION                             | CITGO PETROLEUM CORP                            | CUSIP: 17302XAN6<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |    740000 | PA      | $769832.71    | 0.63%             | 2029-01-15      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| 1261229 B.C. Ltd                                        | 1261229 BC LTD                                  | CUSIP: C6903HAB0<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    100000 | PA      | $96234.00     | 0.08%             | 2030-10-08      | Floating      | 10.59%                | No            |                  2 | On Loan: No      |
| IVANHOE MINES LTD                                       | IVANHOE MINES LTD                               | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |    143000 | PA      | $142661.64    | 0.12%             | 2030-01-23      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| JETBLUE AIRWAYS CORPORATION                             | JETBLUE AIRWAYS CORP JETBLUE LOYALTY LP         | CUSIP: 476920AA1<br>LEI: 54930070J9H97ZO93T57 | Long             | DBT              | CORP              | US        |    232000 | PA      | $225846.60    | 0.19%             | 2031-09-20      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| SABRE GLBL INC.                                         | SABRE GLBL INC                                  | CUSIP: 78573NAM4<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    103000 | PA      | $107738.00    | 0.09%             | 2030-07-15      | Fixed         | 11.12%                | Yes           |                  2 | On Loan: No      |
| AMERITEX HOLDCO INTERMEDIATE LLC                        | AMERITEX HOLDCO INTERMED                        | CUSIP: 030727AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    879000 | PA      | $933110.80    | 0.77%             | 2028-10-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: —       |
| DCLI BIDCO LLC                                          | DCLI BIDCO LLC                                  | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |    294000 | PA      | $297728.76    | 0.25%             | 2029-11-15      | Fixed         | 7.75%                 | Yes           |                  2 | On Loan: No      |
| THE GEO GROUP, INC.                                     | GEO GROUP INC THE                               | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     53000 | PA      | $56106.55     | 0.05%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA FINANCE P.L.C.                           | VISTAJET MALTA XO MGMT                          | CUSIP: 92840JAB5<br>LEI: 5299001UK94VGT0CPQ36 | Long             | DBT              | CORP              | MT        |    608000 | PA      | $568885.99    | 0.47%             | 2030-02-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: —       |
| MINERAL RESOURCES LIMITED                               | MINERAL RESOURCES LTD                           | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    260000 | PA      | $265450.02    | 0.22%             | 2028-10-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| AIR METHODS CORPORATION                                 | AIR METHODS CORPORATION                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     11817 | NS      | $738562.50    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS, INC.           | BRUNDAGE BONE CONCRETE PUMPING HOLDINGS INC     | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $183365.74    | 0.15%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                                 | SASOL FINANCING USA LLC                         | CUSIP: 80386WAF2<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247270.73    | 0.20%             | 2029-05-03      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION HOLDINGS, INC.                   | CLYDESDALE ACQUISITION HOLDINGS INC             | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102487.42    | 0.08%             | 2032-04-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER, LLC                               | GTCR W 2 MERGER SUB LLC                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |    500000 | PA      | $531051.63    | 0.44%             | 2031-01-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BLOCK, INC.                                             | BLOCK INC                                       | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |    992000 | PA      | $1023469.22   | 0.84%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE, INC.                                | GROUP 1 AUTOMOTIVE INC                          | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    175000 | PA      | $180106.18    | 0.15%             | 2030-01-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATING COMPANY INC.                  | HILTON DOMESTIC OPERATING CO INC                | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    300000 | PA      | $282024.42    | 0.23%             | 2031-05-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTIONS INC.                        | STANDARD INDUSTRIES INC NJ                      | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    825000 | PA      | $780830.41    | 0.64%             | 2030-07-15      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| RESORTS WORLD LAS VEGAS LLC                             | RESORTS WORLD LAS VEGAS LLC                     | CUSIP: 76120HAC1<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $122328.34    | 0.10%             | 2031-04-06      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HOLDINGS, INC.                     | MOSS CREEK RESOURCES HOLDINGS INC               | CUSIP: 61965RAC9<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194541.93    | 0.16%             | 2031-09-01      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| OPAL BIDCO SAS                                          | OPAL BIDCO SAS                                  | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $203856.98    | 0.17%             | 2032-03-31      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| RESIDEO FUNDING INC                                     | RESIDEO FUNDING INC                             | CUSIP: 76119LAD3<br>LEI: 5493000IFJ6XJKH66598 | Long             | DBT              | CORP              | US        |    350000 | PA      | $358765.65    | 0.30%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC.                                         | BOMBARDIER INC                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    180000 | PA      | $188830.96    | 0.16%             | 2031-07-01      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings, Inc.                                     | POST HOLDINGS INC                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1087000 | PA      | $1118170.83   | 0.92%             | 2032-02-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| SEALED AIR CORPORATION                                  | SEALED AIR CORP                                 | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    450000 | PA      | $466460.67    | 0.38%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| GEO GROUP INC THE                                       | GEO GROUP INC THE                               | CUSIP: 36170EAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    380506 | PA      | $380981.73    | 0.31%             | 2029-04-14      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS, LLC                             | AXALTA COATING SYSTEMS LLC                      | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |    300000 | PA      | $283780.78    | 0.23%             | 2029-02-15      | Fixed         | 3.38%                 | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY C                                          | COVIS EQUITY C                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1622 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SPIRIT AEROSYSTEMS, INC.                                | SPIRIT AEROSYSTEMS INC                          | CUSIP: 85205TAR1<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    967000 | PA      | $1067867.71   | 0.88%             | 2030-11-15      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| US FOODS, INC.                                          | US FOODS INC                                    | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    724000 | PA      | $724865.37    | 0.60%             | 2033-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| LIFESCAN GLOBAL CORPORATION                             | LIFESCAN GLOBAL CORP                            | CUSIP: 53227PAP5<br>LEI: 549300VL0F83S4LR4105 | Long             | LON              | CORP              | US        |   1556702 | PA      | $1011856.48   | 0.83%             | 2026-12-31      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| OPEN TEXT INC.                                          | OPEN TEXT CORP OPEN TEXT HOLDINGS INC           | CUSIP: 683720AC0<br>LEI: 391200TOWHX99FWE8G92 | Long             | DBT              | CORP              | US        |    450000 | PA      | $414282.92    | 0.34%             | 2031-12-01      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| STAR LEASING COMPANY, LLC                               | STAR LEASING CO LLC                             | CUSIP: 854938AA5<br>LEI: 549300WXKNX4PT3HSN71 | Long             | DBT              | CORP              | US        |    110000 | PA      | $109052.32    | 0.09%             | 2030-02-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| AMERICAN AIRLINES, INC.                                 | AMERICAN AIRLINES INC                           | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    500000 | PA      | $523909.98    | 0.43%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| EZCORP, INC.                                            | EZCORP INC                                      | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    125000 | PA      | $131367.13    | 0.11%             | 2032-04-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC.                                   | NEPTUNE BIDCO US INC                            | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |    544000 | PA      | $529742.12    | 0.44%             | 2029-04-15      | Fixed         | 9.29%                 | Yes           |                  2 | On Loan: No      |
| WESCO DISTRIBUTION, INC.                                | WESCO DISTRIBUTION INC                          | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    375000 | PA      | $379444.20    | 0.31%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ARSENAL AIC PARENT LLC                                  | ARSENAL AIC PARENT LLC                          | CUSIP: 04288BAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $934107.57    | 0.77%             | 2030-10-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| UNITI GROUP LP                                          | UNITI GROUP LP UNITI GROUP FINANCE INC          | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    381000 | PA      | $403683.62    | 0.33%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| NCR ATLEOS CORPORATION                                  | NCR ATLEOS ESCROW CORP                          | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |     80000 | PA      | $87567.53     | 0.07%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HOLDINGS INC.                         | CUMULUS MEDIA NEW HOLDINGS INC                  | CUSIP: 23110AAB2<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |   2028000 | PA      | $573805.85    | 0.47%             | 2029-07-01      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS, LLC                                    | SHIFT4 PAYMENTS LLC                             | CUSIP: 82453AAB3<br>LEI: 254900GTEMR7L40VPI74 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155897.18    | 0.13%             | 2032-08-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| ONTARIO GAMING GTA LIMITED PARTNERSHIP                  | ONTARIO GAMING GTA LP                           | CUSIP: C6907UAB7<br>LEI: 894500EC9KLZLOC3V025 | Long             | LON              | CORP              | CA        |    105348 | PA      | $104195.35    | 0.09%             | 2030-08-01      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATIONS, INC.                       | CONSOLIDATED COMMUNICATI                        | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    450000 | PA      | $458073.48    | 0.38%             | 2028-10-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AMC NETWORKS INC.                                       | AMC NETWORKS INC                                | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    204000 | PA      | $206580.64    | 0.17%             | 2032-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| TALLGRASS ENERGY PARTNERS, LP                           | TALLGRASS ENERGY PARTNERS LP                    | CUSIP: 87470LAL5<br>LEI: 549300IQ3DN0F3VERF65 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133578.34    | 0.11%             | 2029-02-15      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECHNOLOGY PLC                       | INTERNATIONAL GAME TECHNOLOGY PLC               | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |   1250000 | PA      | $1238897.45   | 1.02%             | 2029-01-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| NOVELIS CORPORATION                                     | NOVELIS INC                                     | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    181000 | PA      | $187149.61    | 0.15%             | 2030-01-30      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD U.S. BORROWER, LLC.                 | CUSHMAN WAKEFIELD US BORROWER LLC               | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |    260000 | PA      | $279178.05    | 0.23%             | 2031-09-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I, L.P.                               | HARVEST MIDSTREAM I LP                          | CUSIP: 417558AB9<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    260000 | PA      | $274636.11    | 0.23%             | 2032-05-15      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| NESCO HOLDINGS II, INC.                                 | NESCO HOLDINGS II INC                           | CUSIP: 64083YAA9<br>LEI: 254900FAHT0HW9T6L409 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1020514.07   | 0.84%             | 2029-04-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD.                            | ROYAL CARIBBEAN CRUISES LTD                     | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     89000 | PA      | $91484.88     | 0.08%             | 2032-03-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Aris Mining Corporation                                 | ARIS MINING CORP                                | CUSIP: 04040YAB5<br>LEI: 5493001GJ5TILX6L1F82 | Long             | DBT              | CORP              | CA        |     90000 | PA      | $91790.27     | 0.08%             | 2029-10-31      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE, INC.                           | GLOBAL MEDICAL RESPONSE INC                     | CUSIP: 00169QAG4<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |         0 | PA      | $0.01         | 0.00%             | 2028-10-02      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| WarnerMedia Holdings, Inc.                              | WARNERMEDIA HOLDINGS INC                        | CUSIP: 55903VBD4<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    306000 | PA      | $180647.10    | 0.15%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CP ATLAS BUYER, INC.                                    | CP ATLAS BUYER INC                              | CUSIP: 12658HAG7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | LON              | CORP              | US        |    200000 | PA      | $199084.00    | 0.16%             | 2027-11-23      | Floating      | 8.18%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                                      | SEAGATE HDD CAYMAN                              | CUSIP: 81180WBP5<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    300000 | PA      | $321227.52    | 0.26%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE, INC.                              | BUILDERS FIRSTSOURCE INC                        | CUSIP: 12008RAS6<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    450000 | PA      | $458419.92    | 0.38%             | 2034-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| POLARIS NEWCO, LLC                                      | SOLERA LLC                                      | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |    125000 | PA      | $121683.75    | 0.10%             | 2028-06-04      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| MEN S WEARHOUSE LLC THE                                 | MEN S WEARHOUSE LLC THE                         | CUSIP: 58711MAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    477690 | PA      | $474107.06    | 0.39%             | 2029-02-21      | Floating      | 10.76%                | No            |                  2 | On Loan: No      |
| CALPINE CORPORATION                                     | CALPINE CORP                                    | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1623485.03   | 1.34%             | 2028-03-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| LONG DESCRIPTION 1                                      | LONG DESCRIPTION 1                              | CUSIP: BL5126513<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    150000 | PA      | $150094.50    | 0.12%             | 2030-12-18      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING, LLC                                  | DIRECTV HOLDINGS LLC DIRECTV FINANCING CO INC   | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    308000 | PA      | $306946.71    | 0.25%             | 2027-08-15      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORPORATION                            | ENCOMPASS HEALTH CORP                           | CUSIP: 29261AAE0<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77400.33     | 0.06%             | 2031-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| DOTDASH MEREDITH, INC.                                  | DOTDASH MEREDITH INC                            | CUSIP: 25849JAA8<br>LEI: 549300R2AA7U9CJUQO13 | Long             | DBT              | CORP              | US        |    204000 | PA      | $197818.80    | 0.16%             | 2032-06-15      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| VOYAGER PARENT, LLC                                     | VOYAGER PARENT LLC                              | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    306000 | PA      | $318930.26    | 0.26%             | 2032-07-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| MSILF Government Portfolio                              | MSILF GOVERNMENT-INST                           | CUSIP: 61747C707<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1149502 | NS      | $1149501.86   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BCPE FLAVOR DEBT MERGER SUB, LLC                        | BCPE FLAVOR DEBT MERGER SUB LLC                 | CUSIP: 072933AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $306665.92    | 0.25%             | 2032-07-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| UKG INC.                                                | UKG INC                                         | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    500000 | PA      | $518879.51    | 0.43%             | 2031-02-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| INVESCO GOVERNMENT & AGENCY PORTFOLIO                   | INVESCO GVT & AGNCY-INST                        | CUSIP: 825252885<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1149502 | NS      | $1149501.88   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                | SERVICE PROPERTIES TRUST                        | CUSIP: 81761LAC6<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    130000 | PA      | $139445.50    | 0.11%             | 2031-11-15      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| NEWS CORPORATION                                        | NEWS CORP                                       | CUSIP: 65249BAB5<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146837.70    | 0.12%             | 2032-02-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| COVIS EQUITY D                                          | COVIS EQUITY D                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1622 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CEC ENTERTAINMENT, LLC                                  | CEC ENTERTAINMENT LLC                           | CUSIP: 125137AC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    101000 | PA      | $100281.57    | 0.08%             | 2026-05-01      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORPORATION                           | CREDIT ACCEPTANCE CORP                          | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    111000 | PA      | $112567.94    | 0.09%             | 2030-03-15      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Gray Media, Inc                                         | GRAY ESCROW II INC                              | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    476000 | PA      | $355734.45    | 0.29%             | 2031-11-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: —       |
| BOMBARDIER INC.                                         | BOMBARDIER INC                                  | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    133000 | PA      | $133727.98    | 0.11%             | 2027-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| BOMBARDIER INC.                                         | BOMBARDIER INC                                  | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    875000 | PA      | $947780.36    | 0.78%             | 2030-11-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| XPO, INC.                                               | XPO INC                                         | CUSIP: 98379KAB8<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    123000 | PA      | $128338.63    | 0.11%             | 2031-06-01      | Fixed         | 7.12%                 | Yes           |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG, INC.                                | VENTURE GLOBAL LNG INC                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    210000 | PA      | $226783.04    | 0.19%             | 2032-02-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Victory Portfolios

**Signature:** Carol Trevino

**Name of Signer:** Carol Trevino

**Title:** Treasurer