# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045167
**Filing Date:** 2023-2
**Character Count:** 121981
**Document Hash:** 56e80943793557184dd85ded559af042
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045167.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045167

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087
- **IRS NUMBER:** 480873454
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 23680479

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $32645994.51

**Total Liabilities:** $324295.94

**Net Assets:** $32321698.57

**Cash Not Reported:** $29681.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -0.26112933 | **1-Year:** 2.84067191 | **5-Year:** 144.35578321 | **10-Year:** 188.26497497 | **30-Year:** 244.68094277

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

- **3-Month:** 0.00000000 | **1-Year:** 847.67098809 | **5-Year:** 7960.05540568 | **10-Year:** 3569.56046357 | **30-Year:** 181.43055263

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027854 | 2.55%                | 1.97%                | -0.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-190360.91              | $851762.04                                 |
| Month 2  | $-132020.20              | $637460.41                                 |
| Month 3  | $-30307.67               | $-319819.65                                |

**Designated Index Information**

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

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                         | Title                                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMC NETWORKS INC                             | AMC Networks, Inc.                                                                                   | CUSIP: 00164VAF0<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    300000 | PA      | $186929.25    | 0.58%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SUPERIOR PLUS LP                             | Superior Plus, LP                                                                                    | CUSIP: 86828QAK7<br>LEI: 549300K5Y13GU6TPZJ49 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $48206.57     | 0.15%             | 2028-05-18      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| KEHE DISTRIBUTORS LLC/FI                     | KeHE Distributors LLC / KeHE Finance Corp.                                                           | CUSIP: 487526AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179000 | PA      | $174972.50    | 0.54%             | 2026-10-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| INGLES MARKETS INC                           | Ingles Markets, Inc.                                                                                 | CUSIP: 457030AK0<br>LEI: 549300XH5RYBMYP8TF26 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21026.00     | 0.07%             | 2031-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JONES DESLAURIERS INSURA                     | Jones Deslauriers Insurance Management, Inc.                                                         | CUSIP: 48020RAA3<br>LEI: 549300JQIWNFU00E5424 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $123106.76    | 0.38%             | 2030-12-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| MIRABELA NICKEL LTD                          | Mirabela Nickel Ltd.                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | AU        |    390085 | PA      | $7801.70      | 0.02%             | 2019-06-24      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Barclays Bank plc                            | CURRENCY CONTRACT - Rec USD / Deliver EUR                                                            | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              |  | US        |   -230000 | NC      | $-1538.93     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GXO LOGISTICS INC                            | GXO Logistics, Inc.                                                                                  | CUSIP: 36262GAD3<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $36917.52     | 0.11%             | 2031-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                            | Post Holdings, Inc.                                                                                  | CUSIP: 737446AN4<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23533.63     | 0.07%             | 2028-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQ  / KIK CUSTOM                     | Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.                                        | CUSIP: 50106GAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $43250.00     | 0.13%             | 2026-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY BUYER INC                        | CD&R Smokey Buyer, Inc.                                                                              | CUSIP: 12510CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $150171.00    | 0.46%             | 2025-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OSMOSIS HOLDINGS AUSTRALIA II PTY LTD        | Osmosis Holdings Australia II Pty Ltd.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |     63889 | PA      | $60055.56     | 0.19%             | 2028-07-31      | Variable      | 7.84%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO                      | Central Garden & Pet Co.                                                                             | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |     75000 | PA      | $62086.88     | 0.19%             | 2031-04-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| HARSCO CORP                                  | Harsco Corp.                                                                                         | CUSIP: 415864AM9<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $78956.66     | 0.24%             | 2027-07-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                       | Albertsons Companies Incorporated / Safeway Inc / New Albertsons Limited Partnership / Albertsons LL | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $213903.00    | 0.66%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NIC ACQUISITION CORP                         | NIC Acquisition Corp.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98497 | PA      | $70819.24     | 0.22%             | 2027-12-29      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| MIDWEST VETERINARY PARTNERS LLC              | Mission Veterinary Partners                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49749 | PA      | $44276.38     | 0.14%             | 2028-04-27      | Variable      | 7.87%                 | No            |                  3 | On Loan: No      |
| KRONOS ACQ  / KIK CUSTOM                     | Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.                                        | CUSIP: 50106GAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $88007.50     | 0.27%             | 2027-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGE PARTNERS                       | TransMontaigne Partners Limited Partnership / TLP Finance Corp.                                      | CUSIP: 89376VAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $129000.00    | 0.40%             | 2026-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| VECTOR PHOENIX HOLDINGS (CAYMAN) LP          | Vector Phoenix Holdings, LP                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |       523 | NS      | $124.89       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NFP CORP                                     | NFP Corp.                                                                                            | CUSIP: 65342RAD2<br>LEI: VO2L9FZNXDJNQNEYH039 | Long             | DBT              | CORP              | US        |    393000 | PA      | $323941.64    | 1.00%             | 2028-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                        | Bausch Health Companies, Inc.                                                                        | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $143109.41    | 0.44%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                             | AmWINS Group, Inc.                                                                                   | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $84814.67     | 0.26%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INGEVITY CORP                                | Ingevity Corp.                                                                                       | CUSIP: 45688CAB3<br>LEI: 5493009UTFC4B5IMGF87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85986.52     | 0.27%             | 2028-11-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NCR CORP                                     | NCR Corp.                                                                                            | CUSIP: 62886EAV0<br>LEI: 549300YKTY8JX1DV2R67 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187011.00    | 0.58%             | 2029-09-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ARCLINE FM HOLDINGS LLC                      | Arcline FM Holdings LLC                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    172812 | PA      | $163883.28    | 0.51%             | 2028-06-23      | Variable      | 9.48%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                        | Level 3 Financing, Inc.                                                                              | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    300000 | PA      | $219672.31    | 0.68%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FAGE INTL / FAGE  USA                        | FAGE International S.A. / FAGE USA Dairy Industry, Inc.                                              | CUSIP: 30257WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    410000 | PA      | $380332.40    | 1.18%             | 2026-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                         | Wabash National Corp.                                                                                | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    125000 | PA      | $106448.24    | 0.33%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ATLAS CC ACQUISITION CORP                    | Atlas CC Acquisition Corp.                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     61389 | PA      | $51435.46     | 0.16%             | 2028-05-25      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| CONFLUENT HEALTH LLC                         | Confluent Health LLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -5731 | PA      | $-878.73      | -0.00%            | 2028-11-30      | Variable      | 4.00%                 | No            |                  3 | On Loan: No      |
| VALVOLINE INC                                | Valvoline, Inc.                                                                                      | CUSIP: 92047WAG6<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |    125000 | PA      | $102566.25    | 0.32%             | 2031-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ATLAS CC ACQUISITION CORP                    | Atlas CC Acquisition Corp.                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     12486 | PA      | $10461.45     | 0.03%             | 2028-05-25      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                       | AmeriGas Partners Limited Partnership / AmeriGas Finance Corp.                                       | CUSIP: 030981AK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $72061.85     | 0.22%             | 2025-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                          | NuStar Logistics, LP                                                                                 | CUSIP: 67059TAF2<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72218.04     | 0.22%             | 2026-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT LLC                   | Fertitta Entertainment LLC                                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     13697 | PA      | $12996.81     | 0.04%             | 2029-01-27      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC                         | GrafTech Finance, Inc.                                                                               | CUSIP: 384311AA4<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |    430000 | PA      | $353125.73    | 1.09%             | 2028-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FLIGHT BIDCO INC                             | Flight Bidco, Inc.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49870 | PA      | $45802.72     | 0.14%             | 2025-07-23      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| MICHAELS COS INC/THE                         | Michaels Companies, Inc.                                                                             | CUSIP: 55916AAA2<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80453.07     | 0.25%             | 2028-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STERICYCLE INC                               | Stericycle, Inc.                                                                                     | CUSIP: 858912AF5<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49254.50     | 0.15%             | 2024-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| APRO LLC                                     | Apro LLC                                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98250 | PA      | $95138.42     | 0.29%             | 2026-11-16      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES HOLDINGS INC                 | United Airlines, Inc.                                                                                | CUSIP: N/A<br>LEI: K1OQBWM7XEOO08LDNP29       | Long             | LON              | CORP              | US        |     49250 | PA      | $48538.83     | 0.15%             | 2028-04-21      | Variable      | 8.11%                 | No            |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GR                     | Cogent Communications Group, Inc.                                                                    | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122491.01    | 0.38%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Securities Ca               | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares                              | CUSIP: N/A<br>LEI: 549300U78VESCW509025       | Long             | STIV             | RF                | US        |    811908 | NS      | $811908.17    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORP                                    | Ball Corp.                                                                                           | CUSIP: 058498AX4<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    125000 | PA      | $100391.25    | 0.31%             | 2031-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                          | United Airlines, Inc.                                                                                | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    125000 | PA      | $108836.96    | 0.34%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| QORVO INC                                    | Qorvo, Inc.                                                                                          | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $160687.80    | 0.50%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CLAROS MORTGAGE TRUST INC                    | Claros Mortgage Trust, Inc.                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     91080 | PA      | $89827.65     | 0.28%             | 2026-08-10      | Variable      | 8.92%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                           | Kennedy-Wilson, Inc.                                                                                 | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79254.68     | 0.25%             | 2029-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                         | Entegris Escrow Corp.                                                                                | CUSIP: 29365BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $91193.73     | 0.28%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP INTL                            | Service Corporation International                                                                    | CUSIP: 817565CF9<br>LEI: 549300RKVM2ME20JHZ15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $81290.69     | 0.25%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC / CCO Holdings Capital Corp.                                                        | CUSIP: 1248EPCP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $73804.50     | 0.23%             | 2034-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERVICES INC                         | Aramark Services, Inc.                                                                               | CUSIP: 038522AQ1<br>LEI: 42YMHYH0XMHJEXDUB065 | Long             | DBT              | CORP              | US        |    200000 | PA      | $186587.00    | 0.58%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                         | OneMain Finance Corp.                                                                                | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    175000 | PA      | $139163.50    | 0.43%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TEXGEN POWER LLC                             | TexGen Power LLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7929 | NS      | $206154.00    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Chorus Aviation Inc                          | Chorus Aviation, Inc.                                                                                | CUSIP: 17040T300<br>LEI: 529900TODFT0W0C9NM47 | Long             | EC               | CORP              | US        |         3 | NS      | $7.27         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| US FARATHANE LLC                             | US Farathane LLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     48667 | PA      | $43800.00     | 0.14%             | 2024-12-23      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                         | Kaiser Aluminum Corp.                                                                                | CUSIP: 483007AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    110000 | PA      | $95988.83     | 0.30%             | 2028-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| RXR ACQUISITION CORP- CL A                   | RXR Acquisition Corp.                                                                                | CUSIP: 74981W115<br>LEI: N/A                  | N/A              | DE               |  | US        |        38 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCOSA INC                                   | Arcosa, Inc.                                                                                         | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |     75000 | PA      | $65038.55     | 0.20%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| XPLORNET COMMUNICATIONS INC                  | Xplornet Communications, Inc.                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    123438 | PA      | $95457.92     | 0.30%             | 2028-10-02      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| ATD CORP                                     | American Tire Distributors, Inc.                                                                     | CUSIP: N/A<br>LEI: HZ8T88YVE2JVXJ0BTQ24       | Long             | LON              | CORP              | US        |    174125 | PA      | $158453.75    | 0.49%             | 2028-10-20      | Variable      | 10.61%                | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                     | SK Invictus Intermediate II Sarl                                                                     | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    225000 | PA      | $184500.00    | 0.57%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENGAGE LEARNING INC                         | Cengage Learning, Inc.                                                                               | CUSIP: 15137NAA1<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | DBT              | CORP              | US        |    290000 | PA      | $276587.50    | 0.86%             | 2024-06-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GXO LOGISTICS INC                            | GXO Logistics, Inc.                                                                                  | CUSIP: 36262GAB7<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21404.43     | 0.07%             | 2026-07-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| MIWD HLDCO II/MIWD FIN                       | MIWD Holdco II LLC / MIWD Finance Corp.                                                              | CUSIP: 55337PAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $19903.75     | 0.06%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC                       | Clearway Energy Operating LLC                                                                        | CUSIP: 18539UAC9<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69220.93     | 0.21%             | 2028-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                       | First Brands Group LLC                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    113062 | PA      | $106730.11    | 0.33%             | 2027-03-30      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| Barclays Bank plc                            | CURRENCY CONTRACT - Rec USD / Deliver GBP                                                            | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              |  | US        |   -223000 | NC      | $6668.36      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC / CCO Holdings Capital Corp.                                                        | CUSIP: 1248EPCL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $95903.75     | 0.30%             | 2033-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RENT-A-CENTER INC                            | Rent-A-Center, Inc.                                                                                  | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    375000 | PA      | $303355.62    | 0.94%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DATIX BIDCO LIMITED                          | Datix Bidco Ltd.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    150000 | PA      | $177109.53    | 0.55%             | 2025-04-28      | Variable      | 6.69%                 | No            |                  3 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                     | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20268.20     | 0.06%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FLUTTER ENTERTAINMENT PLC                    | Flutter Financing B.V.                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |     49875 | PA      | $49591.21     | 0.15%             | 2028-07-24      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                            | Iron Mountain, Inc.                                                                                  | CUSIP: 46284VAJ0<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     75000 | PA      | $65175.00     | 0.20%             | 2030-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GARDEN SPINCO CORP                           | Garden Spinco Corp.                                                                                  | CUSIP: 365417AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $53000.00     | 0.16%             | 2030-07-20      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Cengage Learning Holdings II I               | Cengage Learning Holdings II, Inc.                                                                   | CUSIP: 15136X102<br>LEI: 5493003VGPEJMW28UG24 | Long             | EC               | CORP              | US        |      2107 | NS      | $23573.12     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                         | OneMain Finance Corp.                                                                                | CUSIP: 682691AA8<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     75000 | PA      | $55960.47     | 0.17%             | 2030-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Acropolis Infrastructure Acqui               | Acropolis Infrastructure Acquisition Corp.                                                           | CUSIP: 005029103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4900 | NS      | $48559.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRE GLBL INC                               | Sabre GLBL, Inc.                                                                                     | CUSIP: 78573NAC6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49806.35     | 0.15%             | 2025-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                     | Virgin Media Finance plc                                                                             | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | US        |    275000 | PA      | $220566.50    | 0.68%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                             | CSC Holdings LLC                                                                                     | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $107635.00    | 0.33%             | 2030-12-01      | Fixed         | 4.62%                 | No            |                  3 | On Loan: No      |
| NUSTAR LOGISTICS LP                          | NuStar Logistics, LP                                                                                 | CUSIP: 67059TAH8<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92466.47     | 0.29%             | 2030-10-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                             | CSC Holdings LLC                                                                                     | CUSIP: 126307BF3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |     75000 | PA      | $48910.15     | 0.15%             | 2031-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HOME POINT CAPITAL INC                       | Home Point Capital, Inc.                                                                             | CUSIP: 43734LAA4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |     13000 | PA      | $8989.37      | 0.03%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRIFOLS ESCROW ISSUER                        | Grifols Escrow Issuer S.A.                                                                           | CUSIP: 39843UAA0<br>LEI: 959800HLB3PGTGSLVV62 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $172694.00    | 0.53%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                            | Iron Mountain, Inc.                                                                                  | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    120000 | PA      | $104664.00    | 0.32%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LEGENDS HOSPITALITY HOLD                     | Legends Hospitality Holding Company LLC / Legends Hospitality Co-Issuer, Inc.                        | CUSIP: 52473NAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $89000.00     | 0.28%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                     | Cheplapharm Arzneimittel GmbH                                                                        | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |    375000 | PA      | $313575.00    | 0.97%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMPAGNIE BENELUX PARTICIPATIONS SA          | Holding SOCOTEC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     74250 | PA      | $69609.38     | 0.22%             | 2028-06-30      | Variable      | 8.73%                 | No            |                  2 | On Loan: No      |
| NATHAN'S FAMOUS INC                          | Nathan's Famous, Inc.                                                                                | CUSIP: 632347AC4<br>LEI: 54930034SKNSF1JIE673 | Long             | DBT              | CORP              | US        |     52000 | PA      | $50570.00     | 0.16%             | 2025-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BRUIN E&P PARTNERS LLC                       | Bruin E&P Partnership Units                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      6071 | NS      | $135.99       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| MATCH GROUP HLD II LLC                       | Match Group Holdings II LLC                                                                          | CUSIP: 57667JAA0<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    150000 | PA      | $115029.60    | 0.36%             | 2031-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TGP HOLDINGS III LLC                         | TGP Holdings LLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -1456 | PA      | $-298.52      | -0.00%            | 2028-06-29      | Variable      | 3.25%                 | No            |                  3 | On Loan: No      |
| WR GRACE HOLDING LLC                         | WR Grace Holdings LLC                                                                                | CUSIP: 92943GAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $177226.00    | 0.55%             | 2027-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PAR                     | Greystar Real Estate Partners LLC                                                                    | CUSIP: 39807UAB2<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195450.50    | 0.60%             | 2025-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                     | Scientific Games Holdings Limited Partnership/Scientific Games US FinCo, Inc.                        | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $105587.50    | 0.33%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| DISPATCH TERRA ACQUISITION LLC               | Dispatch Terra Acquisition LLC                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148249 | PA      | $124528.95    | 0.39%             | 2028-03-27      | Variable      | 8.98%                 | No            |                  2 | On Loan: No      |
| HEALTHCHANNELS INTERMEDIATE HOLDCO LLC       | ScribeAmerica Intermediate Holdco LLC (Healthchannels)                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    185680 | PA      | $128583.52    | 0.40%             | 2025-04-03      | Variable      | 8.88%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINANCING I                       | Vmed O2 UK Financing I plc                                                                           | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $161903.00    | 0.50%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| USI INC/NY                                   | USI, Inc.                                                                                            | CUSIP: 91739VAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $168585.28    | 0.52%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ASCEND PERFORMANCE MATERIALS HOLDINGS INC    | Ascend Performance Materials Operations LLC                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49621 | PA      | $46606.73     | 0.14%             | 2026-08-27      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| BCP V MODULAR SERVICES FINANCE PLC           | BCP V Modular Services Finance II plc                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | GB        |    125000 | PA      | $111786.44    | 0.35%             | 2028-10-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HUNT COS INC                                 | Hunt Companies, Inc.                                                                                 | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    450000 | PA      | $378230.58    | 1.17%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK                      | Great Lakes Dredge & Dock Corp.                                                                      | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    225000 | PA      | $174915.00    | 0.54%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                        | McGraw-Hill Education, Inc.                                                                          | CUSIP: 57767XAB6<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    175000 | PA      | $144719.31    | 0.45%             | 2029-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                     | Allison Transmission, Inc.                                                                           | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    200000 | PA      | $164500.00    | 0.51%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HILLENBRAND INC                              | Hillenbrand, Inc.                                                                                    | CUSIP: 431571AE8<br>LEI: U246OE781574J2BUD366 | Long             | DBT              | CORP              | US        |     50000 | PA      | $41000.00     | 0.13%             | 2031-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| OSMOSIS HOLDINGS AUSTRALIA II PTY LTD        | Osmosis Holdings Australia II Pty Ltd.                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | AU        |      5556 | PA      | $5222.22      | 0.02%             | 2028-07-31      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                           | Kennedy-Wilson, Inc.                                                                                 | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |    150000 | PA      | $112911.41    | 0.35%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MSD Acquisition Corp                         | MSD Acquisition Corp.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        84 | NS      | $848.40       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW LLC/CDW FINANCE                          | CDW LLC / CDW Finance Corp.                                                                          | CUSIP: 12513GBJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $41201.81     | 0.13%             | 2031-12-01      | Fixed         | 3.57%                 | No            |                  2 | On Loan: No      |
| SOTHEBY'S/BIDFAIR HLD                        | Sotheby's/Bidfair Holdings, Inc.                                                                     | CUSIP: 83600GAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $167940.04    | 0.52%             | 2029-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| LTI HOLDINGS INC                             | LTI Holdings, Inc.                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     99368 | PA      | $94648.24     | 0.29%             | 2026-07-24      | Variable      | 9.13%                 | No            |                  2 | On Loan: No      |
| MASONITE INTERNATIONAL C                     | Masonite International Corp.                                                                         | CUSIP: 575385AD1<br>LEI: 549300H0H07ZFT4JYM32 | Long             | DBT              | CORP              | US        |    175000 | PA      | $161806.75    | 0.50%             | 2028-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| EQT INFRASTRUCTURE FUND                      | Osmose Utility Services, Inc.                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49874 | PA      | $47264.64     | 0.15%             | 2028-06-23      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC / CCO Holdings Capital Corp.                                                        | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $120317.25    | 0.37%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                          | Medline Borrower, LP                                                                                 | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $79427.00     | 0.25%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONGRUEX GROUP LLC                           | Congruex Group LLC                                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     85962 | PA      | $83382.66     | 0.26%             | 2029-05-03      | Variable      | 9.99%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LP                        | Citadel Securities, LP                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     95000 | PA      | $93841.95     | 0.29%             | 2028-02-02      | Variable      | 7.44%                 | No            |                  2 | On Loan: No      |
| UPC BROADBAND FINCO BV                       | UPC Broadband Finco BV                                                                               | CUSIP: 90320BAA7<br>LEI: 213800MNFBDEQRS6HZ22 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $166359.00    | 0.51%             | 2031-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| iShares iBoxx High Yield Corpo               | iShares iBoxx High Yield Corporate Bond ETF                                                          | CUSIP: 464288513<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5600 | NS      | $412328.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| YAK HOLDING III LLC                          | YAK MAT (YAK ACCESS LLC)                                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    150000 | PA      | $15750.00     | 0.05%             | 2026-07-10      | Variable      | 13.64%                | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDINGS INC              | Kronos Acquisition Holdings, Inc.                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     24688 | PA      | $23761.72     | 0.07%             | 2026-12-22      | Variable      | 10.51%                | No            |                  2 | On Loan: No      |
| PAR PHARMACEUTICAL INC                       | Par Pharmaceutical, Inc.                                                                             | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |    225000 | PA      | $170994.30    | 0.53%             | 2027-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                        | HUB International Ltd.                                                                               | CUSIP: 44332PAD3<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97899.00     | 0.30%             | 2026-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                            | Newell Brands, Inc.                                                                                  | CUSIP: 651229AW6<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    150000 | PA      | $141119.29    | 0.44%             | 2026-04-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| SWEETWATER BORROWER LLC                      | Sweetwater Sound                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     48749 | PA      | $45092.60     | 0.14%             | 2028-08-07      | Variable      | 8.69%                 | No            |                  2 | On Loan: No      |
| ARGOS HOLDINGS INC                           | PetSmart LLC                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    148125 | PA      | $144652.95    | 0.45%             | 2028-02-11      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                       | Mauser Packaging Solutions Holding Co.                                                               | CUSIP: 57763RAA5<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24498.95     | 0.08%             | 2024-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                                   | CPI CG, Inc.                                                                                         | CUSIP: 12598FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    351000 | PA      | $344919.81    | 1.07%             | 2026-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CROCS INC                                    | Crocs, Inc.                                                                                          | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    300000 | PA      | $254130.00    | 0.79%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN ENERGY CO                       | Southwestern Energy Co.                                                                              | CUSIP: 845467AR0<br>LEI: EFWMP121W54QV9MGOP87 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46353.00     | 0.14%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                             | CSC Holdings LLC                                                                                     | CUSIP: 126307BB2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $141166.00    | 0.44%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| NEW ENTERPRISE STONE & L                     | New Enterprise Stone & Lime Company, Inc.                                                            | CUSIP: 644274AH5<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $133195.61    | 0.41%             | 2028-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OSMOSIS HOLDINGS AUSTRALIA II PTY LTD        | Osmosis Holdings Australia II Pty Ltd.                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | AU        |     -5556 | PA      | $-333.33      | -0.00%            | 2028-07-31      | Variable      | 3.75%                 | No            |                  3 | On Loan: No      |
| BRUNDAGE-BONE CONCRETE                       | Brundage-Bone Concrete Pumping Holdings, Inc.                                                        | CUSIP: 66981QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $250702.64    | 0.78%             | 2026-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                      | Goldman Sachs & Co. LLC                                                                              | CUSIP: N/A<br>LEI: FOR8UP27PHTHYVLBNG30       | Short            | RA               | CORP              | US        |   -238240 | PA      | $-238239.53   | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| LEGACY RESERVES INC                          | Legacy Reserves, Inc.                                                                                | CUSIP: N/A<br>LEI: 549300UK2ZYOI65LEZ32       | Long             | EC               | CORP              | US        |      1969 | NS      | $17228.75     | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| DATIX BIDCO LIMITED                          | Datix Bidco Ltd.                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |     75000 | PA      | $88808.63     | 0.27%             | 2026-04-27      | Variable      | 9.94%                 | No            |                  3 | On Loan: No      |
| HOWMET AEROSPACE INC                         | Howmet Aerospace, Inc.                                                                               | CUSIP: 013817AK7<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72806.04     | 0.23%             | 2037-02-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| PPP INTERMEDIATE HOLDINGS LLC                | Permian Production Partners LLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      9124 | NS      | $7481.68      | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| FRANCHISE GROUP INC                          | Franchise Group, Inc.                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     99888 | PA      | $95892.46     | 0.30%             | 2026-03-10      | Variable      | 8.69%                 | No            |                  2 | On Loan: No      |
| CELTIC INTERMEDIATE CORP                     | National Mentor Holdings, Inc.                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     93901 | PA      | $65365.19     | 0.20%             | 2028-03-02      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE PARTNRS                     | Suburban Propane Partners Limited Partnership/Suburban Energy Finance Corp.                          | CUSIP: 864486AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $127497.38    | 0.39%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                        | Playtika Holding Corp.                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98500 | PA      | $93832.09     | 0.29%             | 2028-03-13      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| WILTON RE FINANCE LLC                        | Wilton Re Finance LLC                                                                                | CUSIP: 97263BAA1<br>LEI: 54930013IJH3HK0K5051 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148424.66    | 0.46%             | 2033-03-30      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                        | HUB International Ltd.                                                                               | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43669.12     | 0.14%             | 2029-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MEDIQ Inc                                    | MEDIQ, Inc.                                                                                          | CUSIP: 584906507<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        92 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ADVANCED DRAINAGE SYSTEM                     | Advanced Drainage Systems, Inc.                                                                      | CUSIP: 00790RAB0<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |     75000 | PA      | $72874.50     | 0.23%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LIBERTY MUTUAL GROUP INC                     | Liberty Mutual Group, Inc.                                                                           | CUSIP: 53079EBL7<br>LEI: QUR0DG15Z6FFGYCHH861 | Long             | DBT              | CORP              | US        |    100000 | PA      | $61000.00     | 0.19%             | 2061-02-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC                      | LCPR Senior Secured Financing DAC                                                                    | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | US        |    270000 | PA      | $252450.00    | 0.78%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                       | CCO Holdings LLC / CCO Holdings Capital Corp.                                                        | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $234935.00    | 0.73%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ENERSYS                                      | EnerSys                                                                                              | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90000.00     | 0.28%             | 2027-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DIAMOND BC BV                                | Diamond BC BV                                                                                        | CUSIP: 25257DAA6<br>LEI: 549300SWLHWJF3D4N658 | Long             | DBT              | CORP              | NL        |    150000 | PA      | $120375.00    | 0.37%             | 2029-10-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA                     | Compass Minerals International, Inc.                                                                 | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192000.00    | 0.59%             | 2027-12-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT CO INC                          | Boxer Parent Company, Inc.                                                                           | CUSIP: 103186AB8<br>LEI: 5493006T045HLTF7YX04 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194502.31    | 0.60%             | 2025-10-02      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC                     | Prime Security Services Borrower LLC / Prime Finance, Inc.                                           | CUSIP: 74166MAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $172636.92    | 0.53%             | 2027-08-31      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| STANDARD INDUSTRIES INC                      | Standard Industries, Inc.                                                                            | CUSIP: 853496AG2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    150000 | PA      | $122238.69    | 0.38%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC                              | TripAdvisor, Inc.                                                                                    | CUSIP: 896945AA0<br>LEI: 549300XVG45PT5BART17 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123504.36    | 0.38%             | 2025-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ILLUMINATE BUYER/HLDG                        | Illuminate Buyer LLC / Illuminate Holdings IV, Inc.                                                  | CUSIP: 45232TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $83722.64     | 0.26%             | 2028-07-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BASIC ENERGY SERVICES INC                    | Basic Energy Services, Inc.                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |    168000 | PA      | $5040.00      | 0.02%             | 2023-10-15      | Fixed         | 10.75%                | No            |                  3 | On Loan: No      |
| AMSTED INDUSTRIES                            | Amsted Industries, Inc.                                                                              | CUSIP: 032177AJ6<br>LEI: N2VLGYMEEBIU3PFSUY86 | Long             | DBT              | CORP              | US        |    175000 | PA      | $149187.50    | 0.46%             | 2030-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                       | Mauser Packaging Solutions Holding Co.                                                               | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92471.67     | 0.29%             | 2025-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                        | Clearwater Paper Corp.                                                                               | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    175000 | PA      | $153768.28    | 0.48%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                    | Ball Corp.                                                                                           | CUSIP: 058498AY2<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77037.75     | 0.24%             | 2028-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN EQUITY INVESTME                     | American Equity Investment Life Holding Co.                                                          | CUSIP: 025676503<br>LEI: 549300RK5RZQ740FPL83 | Long             | EP               | CORP              | US        |      6000 | NS      | $120660.00    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| CARTER INTERMEDIATE INC                      | Aegion Corp.                                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     74062 | PA      | $68939.51     | 0.21%             | 2028-05-17      | Variable      | 9.13%                 | No            |                  2 | On Loan: No      |
| CENGAGE LEARNING HOLDINGS II INC             | Cengage Learning Acquisitions, Inc.                                                                  | CUSIP: N/A<br>LEI: 549300BYGM0FWUSVXJ88       | Long             | LON              | CORP              | US        |     74062 | PA      | $66448.13     | 0.21%             | 2026-07-14      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                     | Builders FirstSource, Inc.                                                                           | CUSIP: 12008RAR8<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    125000 | PA      | $117405.78    | 0.36%             | 2032-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                       | Penn Entertainment, Inc.                                                                             | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $158000.73    | 0.49%             | 2029-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| TGP HOLDINGS III LLC                         | TGP Holdings LLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     22088 | PA      | $17559.64     | 0.05%             | 2028-06-29      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| INGENOVIS HEALTH INC                         | CCRR Parent, Inc.                                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     73688 | PA      | $69972.18     | 0.22%             | 2028-03-06      | Variable      | 8.14%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                      | Global Partners Limited Partnership / GLP Finance Corp.                                              | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $45803.50     | 0.14%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                     | United Wholesale Mortgage LLC                                                                        | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    225000 | PA      | $178983.05    | 0.55%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                     | Clarios Global Limited Partnership / Clarios US Finance Co.                                          | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $195500.43    | 0.60%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                        | McGraw-Hill Education, Inc.                                                                          | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    375000 | PA      | $315138.75    | 0.98%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PPP INTERMEDIATE HOLDINGS LLC                | Permian Production Partners LLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     18427 | PA      | $18334.75     | 0.06%             | 2025-11-24      | Variable      | 6.20%                 | No            |                  3 | On Loan: No      |
| GLP CAPITAL LP / FIN II                      | GLP Capital Limited Partnership / GLP Financing II, Inc.                                             | CUSIP: 361841AQ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $85780.00     | 0.27%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                      | Global Partners Limited Partnership / GLP Finance Corp.                                              | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $213666.09    | 0.66%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                              | Yum! Brands, Inc.                                                                                    | CUSIP: 988498AL5<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137625.00    | 0.43%             | 2030-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ARTERA SERVICES LLC                          | Artera Services LLC                                                                                  | CUSIP: 73939VAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |    400000 | PA      | $333236.00    | 1.03%             | 2025-12-04      | Fixed         | 9.03%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                       | Mauser Packaging Solutions Holding Co.                                                               | CUSIP: 12429TAD6<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97234.72     | 0.30%             | 2024-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QUIRCH FOODS HOLDINGS LLC                    | Quirch Foods Holdings LLC                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98000 | PA      | $89180.00     | 0.28%             | 2027-10-27      | Variable      | 8.99%                 | No            |                  3 | On Loan: No      |
| TEMPUR SEALY INTL INC                        | Tempur Sealy International, Inc.                                                                     | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $117753.75    | 0.36%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| LIBERTY GLOBAL PLC                           | Telenet Finance Luxembourg Notes SARL                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | LU        |    200000 | PA      | $180000.00    | 0.56%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES IN                     | Minerals Technologies, Inc.                                                                          | CUSIP: 603158AA4<br>LEI: 549300D3I1QU67GP6403 | Long             | DBT              | CORP              | US        |    275000 | PA      | $244915.00    | 0.76%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                          | Go Daddy Operating Company LLC / GD Finance Co., Inc.                                                | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $62789.39     | 0.19%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA CAP LLC/C                     | Outfront Media Capital LLC / Outfront Media Capital Corp.                                            | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $20743.25     | 0.06%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BLUE RIBBON LLC (USA)                        | Blue Ribbon LLC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     95000 | PA      | $70418.75     | 0.22%             | 2028-05-08      | Variable      | 10.12%                | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                         | OneMain Finance Corp.                                                                                | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46041.50     | 0.14%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| HOLLY NRG PRTNR/FIN CORP                     | Holly Energy Partners Limited Partnership / Holly Energy Finance Corp.                               | CUSIP: 435765AJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $171936.08    | 0.53%             | 2027-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                     | Jefferies Finance LLC / JFIN Company-Issuer Corp.                                                    | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $367078.50    | 1.14%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                      | Starwood Property Trust, Inc.                                                                        | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    125000 | PA      | $109384.43    | 0.34%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PLATINUM EQUITIES LLC                        | Pelican Products, Inc.                                                                               | CUSIP: N/A<br>LEI: 5493008CRWH2WFODTF44       | Long             | LON              | CORP              | US        |    114935 | PA      | $102292.27    | 0.32%             | 2028-12-29      | Variable      | 8.71%                 | No            |                  2 | On Loan: No      |
| VALVOLINE INC                                | Valvoline, Inc.                                                                                      | CUSIP: 92047WAD3<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24253.02     | 0.08%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIENTS INC                      | Darling Ingredients, Inc.                                                                            | CUSIP: 237266AJ0<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195500.00    | 0.60%             | 2030-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                | Parkland Corp.                                                                                       | CUSIP: 70137WAG3<br>LEI: 549300XHQS1JYWBNK868 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $187484.93    | 0.58%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                     | Central Parent Incorporated / CDK Global Inc                                                         | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $195624.37    | 0.61%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INFO MGMT                      | Iron Mountain Information Management Services, Inc.                                                  | CUSIP: 46285MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $166140.09    | 0.51%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONFLUENT HEALTH LLC                         | Confluent Health LLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      7543 | PA      | $6386.73      | 0.02%             | 2028-11-30      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| ENDO LUX FIN CO I SARL                       | Endo Luxembourg Finance Company I SARL / Endo US, Inc.                                               | CUSIP: 29280BAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    125000 | PA      | $94828.57     | 0.29%             | 2029-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BESSEL CAPITAL SARL                          | Castor S.p.A.                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | IT        |    125000 | PA      | $129318.57    | 0.40%             | 2029-02-15      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                        | Level 3 Financing, Inc.                                                                              | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    300000 | PA      | $236310.00    | 0.73%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                                | Parkland Corp.                                                                                       | CUSIP: 70137WAL2<br>LEI: 549300XHQS1JYWBNK868 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $206875.00    | 0.64%             | 2030-05-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                         | Carpenter Technology Corp.                                                                           | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    400000 | PA      | $380412.00    | 1.18%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TGP HOLDINGS III LLC                         | TGP Holdings LLC                                                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |      1456 | PA      | $1157.68      | 0.00%             | 2028-06-29      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                          | Sirius XM Radio, Inc.                                                                                | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82521.00     | 0.26%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| WOMENS CARE HOLDINGS INC                     | Women's Care Holdings, Inc.                                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     96902 | PA      | $90422.22     | 0.28%             | 2028-01-17      | Variable      | 7.87%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                     | Rocket Mortgage LLC / Rocket Mortgage Company-Issuer, Inc.                                           | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $152655.09    | 0.47%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HANESBRANDS INC                              | Hanesbrands, Inc.                                                                                    | CUSIP: 410345AL6<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89357.09     | 0.28%             | 2026-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| US SHIPPING CORP                             | U.S. Shipping Corp.                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | US        |     24529 | NS      | $2.45         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SBKSCP                                       | TPG Pace Beneficial II Corp.                                                                         | CUSIP: SBKSCP682<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5510 | NS      | $54135.75     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTICE FRANCE SA                             | Altice France S.A.                                                                                   | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    325000 | PA      | $247822.25    | 0.77%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM LLC                         | EnLink Midstream LLC                                                                                 | CUSIP: 29336TAD2<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148455.00    | 0.46%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                     | United Wholesale Mortgage LLC                                                                        | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    200000 | PA      | $172178.26    | 0.53%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MICHAEL BAKER INTERNATIONAL LLC              | Michael Baker International LLC                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     74250 | PA      | $71651.25     | 0.22%             | 2028-12-01      | Variable      | 9.38%                 | No            |                  3 | On Loan: No      |
| TERRAFORM GLOBAL OPERATI                     | Terraform Global Operating, LP                                                                       | CUSIP: 88104UAC7<br>LEI: 549300LC7QMVR79H5O86 | Long             | DBT              | CORP              | US        |    420000 | PA      | $393750.00    | 1.22%             | 2026-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                               | Sabre GLBL, Inc.                                                                                     | CUSIP: 78573NAF9<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |    147000 | PA      | $141272.88    | 0.44%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                            | Post Holdings, Inc.                                                                                  | CUSIP: 737446AQ7<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     75000 | PA      | $64705.50     | 0.20%             | 2030-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| KINETIK HOLDINGS LP                          | Kinetik Holdings, LP                                                                                 | CUSIP: 49461MAA8<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70333.73     | 0.22%             | 2030-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CONFLUENT HEALTH LLC                         | Confluent Health LLC                                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     61257 | PA      | $51864.68     | 0.16%             | 2028-11-30      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                   | DaVita, Inc.                                                                                         | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    200000 | PA      | $160885.34    | 0.50%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                     | SLM Corp.                                                                                            | CUSIP: 78442PGE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $127567.47    | 0.39%             | 2026-11-02      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                         | Wolverine World Wide, Inc.                                                                           | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |    225000 | PA      | $170451.00    | 0.53%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                            | Iron Mountain, Inc.                                                                                  | CUSIP: 46284VAL5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    275000 | PA      | $238319.44    | 0.74%             | 2032-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MSCI INC                                     | MSCI, Inc.                                                                                           | CUSIP: 55354GAL4<br>LEI: 549300HTIN2PD78UB763 | Long             | DBT              | CORP              | US        |    100000 | PA      | $83142.50     | 0.26%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                          | Station Casinos LLC                                                                                  | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |    200000 | PA      | $160434.66    | 0.50%             | 2031-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP                     | Crestwood Midstream Partners Limited Partnership / Crestwood Midstream Finance Corp.                 | CUSIP: 226373AQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $162750.00    | 0.50%             | 2027-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp.                                                                               | CUSIP: 88033GDN7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     75000 | PA      | $64917.38     | 0.20%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PERATON HOLDING CORP                         | Peraton Corp.                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    176161 | PA      | $171719.92    | 0.53%             | 2028-02-01      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP                          | NuStar Logistics, LP                                                                                 | CUSIP: 67059TAE5<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |    200000 | PA      | $187011.50    | 0.58%             | 2027-04-28      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ACROPOLIS INFRASTRUCTURE - A                 | Acropolis Infrastructure Acquisition Corp.                                                           | CUSIP: 005029111<br>LEI: N/A                  | N/A              | DE               |  | US        |      1632 | NS      | $195.84       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| JB POINDEXTER & CO INC                       | JB Poindexter & Company, Inc.                                                                        | CUSIP: 730481AJ7<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    200000 | PA      | $193000.00    | 0.60%             | 2026-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                          | Charles Schwab Corp.                                                                                 | CUSIP: 808513BJ3<br>LEI: 549300VSGCJ7E698NM85 | Long             | EP               | CORP              | US        |    150000 | NS      | $119617.50    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                             | Altice France S.A.                                                                                   | CUSIP: 02156LAF8<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    175000 | PA      | $131205.06    | 0.41%             | 2029-07-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN BRAND INTELLECT                     | Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.                               | CUSIP: 41984LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    265000 | PA      | $239825.00    | 0.74%             | 2026-01-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SCIL IV LLC / SCIL USA H                     | SCIL IV LLC / SCIL USA Holdings LLC                                                                  | CUSIP: 78397UAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $233062.50    | 0.72%             | 2026-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MSD ACQUISITION CORP-A                       | MSD Acquisition Corp.                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        16 | NS      | $1.20         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KAISER ALUMINUM CORP                         | Kaiser Aluminum Corp.                                                                                | CUSIP: 483007AL4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $60281.25     | 0.19%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                             | Altice France S.A.                                                                                   | CUSIP: 02156LAA9<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $182176.00    | 0.56%             | 2027-02-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                      | Asbury Automotive Group, Inc.                                                                        | CUSIP: 043436AX2<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |     75000 | PA      | $61702.50     | 0.19%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                       | Cushman & Wakefield US Borrower LLC                                                                  | CUSIP: 23166MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $190872.00    | 0.59%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BP HOLDCO LLC                                | BP Holdco LLC                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       523 | NS      | $317.14       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| ARCH CAPITAL GROUP LTD                       | Arch Capital Group Ltd.                                                                              | CUSIP: 03939A404<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EP               | CORP              | BM        |      6000 | NS      | $103620.00    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| PECF USS INTERMEDIATE HOLDING II CORPORATION | PECF USS Intermediate Holding III Corp.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     74374 | PA      | $61802.87     | 0.19%             | 2028-12-15      | Variable      | 8.63%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                        | Tenet Healthcare Corp.                                                                               | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $238200.00    | 0.74%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                   | Air Canada                                                                                           | CUSIP: 008911BK4<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $88573.27     | 0.27%             | 2026-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MCGRAW HILL LLC                              | McGraw Hill LLC                                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     48863 | PA      | $45885.63     | 0.14%             | 2028-07-28      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                | TransDigm, Inc.                                                                                      | CUSIP: 893647BK2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101479.00    | 0.31%             | 2025-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RENT-A-CENTER INC/TX                         | Rent-A-Center, Inc.                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49250 | PA      | $47341.56     | 0.15%             | 2028-02-17      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                      | VZ Secured Financing BV                                                                              | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |    375000 | PA      | $304733.03    | 0.94%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                               | CVR Energy, Inc.                                                                                     | CUSIP: 12662PAB4<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23000.00     | 0.07%             | 2025-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FR REFUEL LLC                                | FR Refuel LLC                                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     67103 | PA      | $64083.51     | 0.20%             | 2028-11-08      | Variable      | 9.19%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                   | Air Canada                                                                                           | CUSIP: N/A<br>LEI: 4B4HI3CGXMBDC0G6BM51       | Long             | LON              | CORP              | CA        |     49875 | PA      | $49189.22     | 0.15%             | 2028-08-11      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                         | WW International, Inc.                                                                               | CUSIP: 98262PAA9<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | DBT              | CORP              | US        |    250000 | PA      | $124897.50    | 0.39%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                              | Fair Isaac Corp.                                                                                     | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68062.95     | 0.21%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY                         | Carpenter Technology Corp.                                                                           | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125298.36    | 0.39%             | 2030-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Bank of America, N.A.                        | CURRENCY CONTRACT - Rec USD / Deliver CAD                                                            | CUSIP: N/A<br>LEI: B4TYDEB6GKMZO031MB27       | N/A              | DFE              |  | US        |    -65000 | NC      | $-68.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EISNER ADVISORY GROUP                        | Eisner Advisory Group                                                                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     49375 | PA      | $46412.76     | 0.14%             | 2028-07-28      | Variable      | 9.69%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                             | ITT Holdings LLC                                                                                     | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |    325000 | PA      | $273695.50    | 0.85%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SCOTTS MIRACLE-GRO CO                        | Scotts Miracle-Gro Co.                                                                               | CUSIP: 810186AW6<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | DBT              | CORP              | US        |    200000 | PA      | $150739.97    | 0.47%             | 2032-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                               | CVR Energy, Inc.                                                                                     | CUSIP: 12662PAD0<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    325000 | PA      | $282912.50    | 0.88%             | 2028-02-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                     | Ferrellgas Limited Partnership / Ferrellgas Finance Corp.                                            | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $68223.53     | 0.21%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CABLE ONE INC                                | Cable One, Inc.                                                                                      | CUSIP: 12685JAC9<br>LEI: 549300648QS85T0XSH18 | Long             | DBT              | CORP              | US        |     75000 | PA      | $58853.68     | 0.18%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                          | Sirius XM Radio, Inc.                                                                                | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    125000 | PA      | $97521.15     | 0.30%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ASSURANT INC                                 | Assurant, Inc.                                                                                       | CUSIP: 04621XAK4<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145280.01    | 0.45%             | 2048-03-27      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| GIBSON BRANDS INC                            | Gibson Brands, Inc.                                                                                  | CUSIP: N/A<br>LEI: 549300KU4ACNZQGB7J14       | Long             | LON              | CORP              | US        |     96769 | PA      | $70641.19     | 0.22%             | 2028-08-11      | Variable      | 9.13%                 | No            |                  3 | On Loan: No      |
| NEW ENTERPRISE STONE & L                     | New Enterprise Stone & Lime Company, Inc.                                                            | CUSIP: 644274AG7<br>LEI: 549300O5DQ5Y61B8VF38 | Long             | DBT              | CORP              | US        |    350000 | PA      | $323378.87    | 1.00%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO