# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-25-209165
**Filing Date:** 2025-8
**Character Count:** 114814
**Document Hash:** e874a30c76fdaa29b556882e6a34f44d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209165.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209165

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 251264130

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $53673226.20

**Total Liabilities:** $2067969.40

**Net Assets:** $51605256.80

**Delayed Delivery Securities:** $617812.50

**Cash Not Reported:** $38962.57

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 265.74573720 | **1-Year:** 0.42909641 | **5-Year:** 130.40388771 | **10-Year:** 16.30454949 | **30-Year:** 0.00000000

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

- **3-Month:** 3307.88509234 | **1-Year:** 1297.46664524 | **5-Year:** 3177.62169630 | **10-Year:** 461.53384435 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000125779 | -0.32%               | 1.73%                | 0.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-268576.51              | $-201746.07                                |
| Month 2  | $-51562.94               | $578491.58                                 |
| Month 3  | $-5779.88                | $-6588.87                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACADIA HEALTHCARE CO INC                          | Acadia Healthcare Company, Inc.                                          | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    110000 | PA      | $106706.90    | 0.21%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guggenheim Partners Investment Management LLC     | Guggenheim Floating Rate Strategies Fund - Class R6                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |     91129 | NS      | $2186194.76   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Endo Inc                                          | Endo, Inc.                                                               | CUSIP: 29290D117<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1046 | NS      | $21952.40     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAFTECH GLOBAL ENTERPRI                          | GrafTech Global Enterprises, Inc.                                        | CUSIP: 38431AAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $71100.00     | 0.14%             | 2029-12-23      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                             | Level 3 Financing, Inc.                                                  | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    134610 | PA      | $154409.60    | 0.30%             | 2029-11-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Federated Hermes US Treasury C                    | Federated Hermes U.S. Treasury Cash Reserves Fund - Institutional Shares | CUSIP: 60934N682<br>LEI: 25490003NTA1P9CI5X97 | Long             | STIV             | RF                | US        |   3853060 | NS      | $3853060.48   | 7.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Blackstone Senior Loan ET                    | SPDR Blackstone Senior Loan ETF                                          | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | RF                | US        |     10447 | NS      | $434490.73    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BP HOLDCO LLC                                     | BP Holdco LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     11609 | NS      | $9489.68      | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| VECTOR PHOENIX HOLDINGS (CAYMAN) LP               | Vector Phoenix Holdings, LP                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     11609 | NS      | $245.66       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| API HEAT TRANSFER PARENT LLC                      | API Heat Transfer Intermediate                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       123 | NS      | $160089.57    | 0.31%             |  |  |  | No            |                  3 | On Loan: No      |
| XPLORE INC                                        | Xplore, Inc.                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      3953 | NS      | $9193.70      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc.                     | Alimentation Couche-Tard Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     23999 | NS      | $367184.70    | 0.71%             |  |  |  | No            |                  3 | On Loan: No      |
| ASPHALT BUYER II LLC                              | Asphalt Intermediate Holdco, LLC                                         | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |      1071 | NS      | $4491.45      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| XPLORE INC                                        | Xplore, Inc.                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | CA        |       302 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Morgan Stanley Capital Services LLC               | CURRENCY CONTRACT - Rec USD / Deliver CAD                                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DFE              |  | US        |    -15000 | NC      | $-27.86       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank plc                                 | CURRENCY CONTRACT - Rec USD / Deliver EUR                                | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DFE              |  | US        |   -200000 | NC      | $-5571.54     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WRENCH GROUP LLC                                  | Wrench Group LLC                                                         | CUSIP: N/A<br>LEI: 549300P8EZVZ0SIZ7N24       | Long             | LON              | CORP              | US        |    240142 | PA      | $239015.78    | 0.46%             | 2028-10-30      | Variable      | 8.56%                 | No            |                  2 | On Loan: No      |
| DCERT BUYER INC                                   | DCert Buyer, Inc.                                                        | CUSIP: N/A<br>LEI: 549300EF826JEEUCHZ67       | Long             | LON              | CORP              | US        |    493490 | PA      | $488347.43    | 0.95%             | 2026-10-16      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                                        | Grifols Worldwide Operations USA, Inc.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    506913 | PA      | $505083.29    | 0.98%             | 2027-11-15      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| TEGRA118 WEALTH SOLUTIONS INC                     | Tegra118 Wealth Solutions, Inc.                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    147668 | PA      | $145575.93    | 0.28%             | 2027-02-18      | Variable      | 8.32%                 | No            |                  2 | On Loan: No      |
| FRONT RANGE TOPCO INC                             | Zayo Group Holdings, Inc.                                                | CUSIP: N/A<br>LEI: 529900Z6OTS7RT0V0I47       | Long             | LON              | CORP              | US        |    401527 | PA      | $381129.15    | 0.74%             | 2027-03-09      | Variable      | 7.44%                 | No            |                  2 | On Loan: No      |
| DELTA PARENT HOLDINGS INC                         | Duff & Phelps                                                            | CUSIP: N/A<br>LEI: 549300FDREJLOIGXY104       | Long             | LON              | CORP              | US        |    381683 | PA      | $370274.82    | 0.72%             | 2027-04-09      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| E2OPEN PARENT HOLDINGS INC                        | E2open LLC                                                               | CUSIP: N/A<br>LEI: 549300WF2BZODU55DR56       | Long             | LON              | CORP              | US        |    340411 | PA      | $341384.45    | 0.66%             | 2028-02-04      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| PARK RIVER HOLDINGS INC                           | Park River Holdings, Inc.                                                | CUSIP: N/A<br>LEI: 254900PGY077KWCROT75       | Long             | LON              | CORP              | US        |    504161 | PA      | $489837.56    | 0.95%             | 2027-12-28      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| MURPHY USA INC                                    | Murphy Oil USA, Inc.                                                     | CUSIP: N/A<br>LEI: N32S6DTR2ZZ5222WHV58       | Long             | LON              | CORP              | US        |    250000 | PA      | $251740.00    | 0.49%             | 2028-01-31      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| FREEDOM VCM INC                                   | Franchise Group, Inc.                                                    | CUSIP: N/A<br>LEI: 549300MWCHSL8BSOMV77       | Long             | LON              | CORP              | US        |     81497 | PA      | $4074.84      | 0.01%             | 2026-03-10      | Variable      | 9.25%                 | No            |                  3 | On Loan: No      |
| ARGOS HOLDINGS INC                                | PetSmart LLC                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    494420 | PA      | $488343.34    | 0.95%             | 2028-02-11      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| INGENOVIS HEALTH INC                              | CCRR Parent, Inc.                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    432302 | PA      | $170759.22    | 0.33%             | 2028-03-06      | Variable      | 8.70%                 | No            |                  2 | On Loan: No      |
| PSSI HOLDINGS LLC                                 | Packers Holdings LLC                                                     | CUSIP: N/A<br>LEI: 549300X0L6OJNRPME518       | Long             | LON              | CORP              | US        |    242529 | PA      | $129753.04    | 0.25%             | 2028-03-09      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| DMG PRACTICE MANAGEMENT SOLUTIONS LLC             | Midwest Physician Administrative Services                                | CUSIP: N/A<br>LEI: 5493001F7B0DCPKBGK48       | Long             | LON              | CORP              | US        |    132996 | PA      | $123464.21    | 0.24%             | 2028-03-12      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| ENVIRI CORP                                       | Harsco Corporation                                                       | CUSIP: N/A<br>LEI: KAO98FK89NPNNPQGUZ43       | Long             | LON              | CORP              | US        |    244289 | PA      | $241296.80    | 0.47%             | 2028-06-09      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING UK II LTD                        | Playtika Holding Corp.                                                   | CUSIP: N/A<br>LEI: 254900E35Z4TKA4UFG64       | Long             | LON              | CORP              | US        |    238683 | PA      | $234312.51    | 0.45%             | 2028-03-13      | Variable      | 7.19%                 | No            |                  2 | On Loan: No      |
| CONVERGINT TECHNOLOGIES GROUP HOLDINGS INC        | DG Investment Intermediate Holdings 2, Inc.                              | CUSIP: N/A<br>LEI: 549300AE79DEGS4AGL59       | Long             | LON              | CORP              | US        |    250513 | PA      | $250259.97    | 0.48%             | 2028-03-31      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| FIRST BRANDS GROUP LLC                            | First Brands Group LLC                                                   | CUSIP: N/A<br>LEI: 2549005IXRZR7KSBJD91       | Long             | LON              | CORP              | US        |    101274 | PA      | $95507.47     | 0.19%             | 2027-03-30      | Variable      | 9.54%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                              | WW International, Inc.                                                   | CUSIP: N/A<br>LEI: SGT8R1MU6ESIC7UJC518       | Long             | LON              | CORP              | US        |     94500 | PA      | $30948.75     | 0.06%             | 2028-04-13      | Variable      | 8.04%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                            | SCIH Salt Holdings, Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    134862 | PA      | $134805.86    | 0.26%             | 2029-01-31      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| CONAIR HOLDINGS LLC                               | Conair Holdings LLC                                                      | CUSIP: N/A<br>LEI: 549300804G00T34FLV17       | Long             | LON              | CORP              | US        |    442512 | PA      | $321559.87    | 0.62%             | 2028-05-17      | Variable      | 8.19%                 | No            |                  2 | On Loan: No      |
| HAYWARD INDUSTRIES INC                            | Hayward Industries, Inc.                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    130930 | PA      | $131214.44    | 0.25%             | 2028-05-30      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| SOLERA CORP                                       | Polaris Newco LLC                                                        | CUSIP: N/A<br>LEI: 254900LEPDAG7EDOA064       | Long             | LON              | CORP              | US        |    314623 | PA      | $306275.67    | 0.59%             | 2028-06-02      | Variable      | 8.29%                 | No            |                  2 | On Loan: No      |
| OSMOSE UTILITIES SERVICES INC                     | Osmose Utility Services, Inc.                                            | CUSIP: N/A<br>LEI: 549300FSLVHLFZ3S0D82       | Long             | LON              | CORP              | US        |     70343 | PA      | $65858.23     | 0.13%             | 2028-06-23      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| SABRE CORP                                        | Sabre GLBL, Inc.                                                         | CUSIP: N/A<br>LEI: F2TJC7HPPHLHU1AQMP98       | Long             | LON              | CORP              | US        |     13355 | PA      | $13097.25     | 0.03%             | 2027-12-17      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| SABRE CORP                                        | Sabre GLBL, Inc.                                                         | CUSIP: N/A<br>LEI: F2TJC7HPPHLHU1AQMP98       | Long             | LON              | CORP              | US        |     23334 | PA      | $22883.54     | 0.04%             | 2027-12-17      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| SWEETWATER BORROWER LLC                           | Sweetwater Sound                                                         | CUSIP: N/A<br>LEI: 254900JJU57789DC8283       | Long             | LON              | CORP              | US        |    236786 | PA      | $236785.86    | 0.46%             | 2028-08-07      | Variable      | 8.69%                 | No            |                  2 | On Loan: No      |
| W R GRACE HOLDINGS LLC                            | W.R. Grace Holdings LLC                                                  | CUSIP: N/A<br>LEI: 549300WNOVFRGYOAEB12       | Long             | LON              | CORP              | US        |     96500 | PA      | $96540.53     | 0.19%             | 2028-09-22      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                                 | Rent-A-Center, Inc.                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    229901 | PA      | $230475.66    | 0.45%             | 2028-02-17      | Variable      | 7.03%                 | No            |                  3 | On Loan: No      |
| MEDICAL SOLUTIONS PARENT HOLDINGS INC             | Medical Solutions Parent Holdings, Inc.                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    484184 | PA      | $250966.87    | 0.49%             | 2028-11-01      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| COBHAM GROUP HOLDINGS LTD                         | Cobham Ultra SeniorCo SARL                                               | CUSIP: N/A<br>LEI: 254900L6IKLPZKIC4F32       | Long             | LON              | CORP              | LU        |    319476 | PA      | $319591.02    | 0.62%             | 2029-08-03      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| PLATINUM EQUITIES LLC                             | Pelican Products, Inc.                                                   | CUSIP: N/A<br>LEI: 5493008CRWH2WFODTF44       | Long             | LON              | CORP              | US        |    239786 | PA      | $208913.29    | 0.40%             | 2028-12-29      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| MERLIN BUYER INC                                  | Merlin Buyer, Inc.                                                       | CUSIP: N/A<br>LEI: 2549008CJ699WXZAWW31       | Long             | LON              | CORP              | US        |    121686 | PA      | $120672.73    | 0.23%             | 2028-12-14      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| ASP DREAM ACQUISITION CO LLC                      | ASP Dream Acquisiton Co. LLC                                             | CUSIP: N/A<br>LEI: 254900DH5Q9BDS6KS803       | Long             | LON              | CORP              | US        |    129776 | PA      | $125233.73    | 0.24%             | 2028-12-15      | Variable      | 8.68%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT LLC                        | Fertitta Entertainment LLC                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     99231 | PA      | $99057.11     | 0.19%             | 2029-01-27      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| CTEC JV SARL                                      | CTEC III GmbH                                                            | CUSIP: N/A<br>LEI: 9845001D9F4A861EIB39       | Long             | LON              | CORP              | DE        |    205000 | PA      | $232844.55    | 0.45%             | 2029-03-16      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| FLUIDRA FINCO SLU                                 | Zodiac Pool Solutions LLC                                                | CUSIP: N/A<br>LEI: 549300YNQVQUS06LKK61       | Long             | LON              | CORP              | US        |    161514 | PA      | $161454.43    | 0.31%             | 2029-01-29      | Variable      | 6.35%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC                            | Athenahealth Group, Inc.                                                 | CUSIP: N/A<br>LEI: 254900AA3KZN4Q7A5Z33       | Long             | LON              | CORP              | US        |    249375 | PA      | $248985.98    | 0.48%             | 2029-02-15      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| EAGLE PARENT CORP                                 | Eagle Parent Corp.                                                       | CUSIP: N/A<br>LEI: 5493007MVERDD2NKNE42       | Long             | LON              | CORP              | US        |    218250 | PA      | $216021.67    | 0.42%             | 2029-04-02      | Variable      | 8.55%                 | No            |                  2 | On Loan: No      |
| DERMATOLOGY INTERMEDIATE HOLDINGS III INC         | Dermatology Intermediate Holdings III, Inc.                              | CUSIP: N/A<br>LEI: 254900GUIR9SP64DNR96       | Long             | LON              | CORP              | US        |    452773 | PA      | $409384.10    | 0.79%             | 2029-03-30      | Variable      | 8.53%                 | No            |                  2 | On Loan: No      |
| CONGRUEX GROUP LLC                                | Congruex Group LLC                                                       | CUSIP: N/A<br>LEI: 254900DY0KADNJ4ZCJ32       | Long             | LON              | CORP              | US        |    254839 | PA      | $219587.38    | 0.43%             | 2029-05-03      | Variable      | 5.46%                 | No            |                  2 | On Loan: No      |
| AL GCX HOLDINGS LLC                               | AL GCX Holdings LLC                                                      | CUSIP: N/A<br>LEI: 2549009G4C2J89LNWS21       | Long             | LON              | CORP              | US        |    236833 | PA      | $236790.12    | 0.46%             | 2029-05-17      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| GALAXY US OPCO INC                                | Galaxy US Opco, Inc.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    245285 | PA      | $227194.95    | 0.44%             | 2030-07-31      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| SIGNATURE AVIATION US HOLDCO LP                   | Brown Group Holding LLC                                                  | CUSIP: N/A<br>LEI: 25490094PF4HHK9QS109       | Long             | LON              | CORP              | US        |    100000 | PA      | $100102.00    | 0.19%             | 2031-07-01      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| DISCOVERY PURCHASER CORP                          | Discovery Purchaser Corp.                                                | CUSIP: N/A<br>LEI: 2549001LSO1ZBIPA5D65       | Long             | LON              | CORP              | US        |    256079 | PA      | $255518.53    | 0.50%             | 2029-10-04      | Variable      | 8.02%                 | No            |                  2 | On Loan: No      |
| SABRE CORP                                        | Sabre GLBL, Inc.                                                         | CUSIP: N/A<br>LEI: F2TJC7HPPHLHU1AQMP98       | Long             | LON              | CORP              | US        |     87599 | PA      | $86723.32     | 0.17%             | 2028-06-30      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| CHEFS WAREHOUSE INC                               | Chefs' Warehouse, Inc.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    169000 | PA      | $169282.23    | 0.33%             | 2029-08-23      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| ALTICE USA INC                                    | CSC Holdings LLC                                                         | CUSIP: N/A<br>LEI: 3HG2WD2W22M120IUNG49       | Long             | LON              | CORP              | US        |    479040 | PA      | $471859.47    | 0.91%             | 2028-01-18      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| NEXT ALT SARL                                     | Altice France SA                                                         | CUSIP: N/A<br>LEI: 5493001ZMCICV4N02J21       | Long             | LON              | CORP              | FR        |    174419 | PA      | $157606.48    | 0.31%             | 2028-08-15      | Variable      | 9.76%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                         | Caesars Entertainment, Inc.                                              | CUSIP: N/A<br>LEI: 549300FA4CTCW903Y781       | Long             | LON              | CORP              | US        |    202831 | PA      | $202424.94    | 0.39%             | 2030-02-06      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| VANTAGE SPECIALTY CHEMICALS INC                   | Vantage Specialty Chemicals, Inc.                                        | CUSIP: N/A<br>LEI: 54930057U5S5AY44VU09       | Long             | LON              | CORP              | US        |    102638 | PA      | $98989.76     | 0.19%             | 2026-10-26      | Variable      | 9.03%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATING LLC                     | TerraForm Power Operating LLC                                            | CUSIP: N/A<br>LEI: 5493000S2OLR3UT5BE13       | Long             | LON              | CORP              | US        |    162909 | PA      | $162705.69    | 0.32%             | 2029-05-21      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK LTD                                    | Virgin Media Bristol LLC                                                 | CUSIP: N/A<br>LEI: 213800ZRKYXK2SHQOW75       | Long             | LON              | CORP              | GB        |    400406 | PA      | $394856.20    | 0.77%             | 2031-03-02      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| TOPGOLF CALLAWAY BRANDS CORP                      | Topgolf Callaway Brands Corp.                                            | CUSIP: N/A<br>LEI: 5493005UB0KFRKBPCU72       | Long             | LON              | CORP              | US        |    469928 | PA      | $461938.99    | 0.90%             | 2030-03-15      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP                           | BANGL LLC                                                                | CUSIP: N/A<br>LEI: 549300PM5ZCKF0QY2J26       | Long             | LON              | CORP              | US        |    228116 | PA      | $228686.47    | 0.44%             | 2029-02-01      | Variable      | 8.79%                 | No            |                  2 | On Loan: No      |
| VOLT PARENT LP                                    | Calpine Construction Finance Company, LP                                 | CUSIP: N/A<br>LEI: V0Q3DOB0FIB2XI1KWU77       | Long             | LON              | CORP              | US        |    497500 | PA      | $497181.60    | 0.96%             | 2030-07-31      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| NOMAD FOODS LTD                                   | Nomad Foods Ltd.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |    262341 | PA      | $262013.48    | 0.51%             | 2029-11-12      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| SPRING EDUCATION GROUP INC                        | Spring Education Group, Inc.                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    143880 | PA      | $144326.04    | 0.28%             | 2030-10-04      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| TRANSNETWORK LLC                                  | TransNetwork LLC                                                         | CUSIP: N/A<br>LEI: 549300QF18JL5NEFRT47       | Long             | LON              | CORP              | US        |     91604 | PA      | $91661.48     | 0.18%             | 2030-12-29      | Variable      | 9.05%                 | No            |                  2 | On Loan: No      |
| XEROX HOLDINGS CORP                               | Xerox Corp.                                                              | CUSIP: N/A<br>LEI: 4KF48RN45X1OO8UBLY20       | Long             | LON              | CORP              | US        |    332901 | PA      | $320520.10    | 0.62%             | 2029-11-17      | Variable      | 8.27%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM GROUP INC                               | TransDigm, Inc.                                                          | CUSIP: N/A<br>LEI: 88Q84GB3X55CF5OC7582       | Long             | LON              | CORP              | US        |    194296 | PA      | $194626.13    | 0.38%             | 2031-02-28      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| API HEAT TRANSFER THERMASYS CORP                  | API Heat Transfer Thermasys Corp.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     80050 | PA      | $80050.43     | 0.16%             | 2027-11-12      | Variable      | 12.58%                | No            |                  3 | On Loan: No      |
| CHARTER COMMUNICATIONS INC                        | Charter Communications Operating LLC                                     | CUSIP: N/A<br>LEI: 549300TPZNMN50BJ3745       | Long             | LON              | CORP              | US        |    187150 | PA      | $187000.28    | 0.36%             | 2030-12-07      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| BIP PIPECO HOLDINGS LLC                           | Bip PipeCo Holdings LLC                                                  | CUSIP: N/A<br>LEI: 254900VCXW4EPI0VC343       | Long             | LON              | CORP              | US        |     92243 | PA      | $92035.17     | 0.18%             | 2030-12-06      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                 | Iron Mountain Information Management Services, Inc.                      | CUSIP: N/A<br>LEI: SQL3F6CKNNBM3SQGHX24       | Long             | LON              | CORP              | US        |    385639 | PA      | $384994.64    | 0.75%             | 2031-01-31      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                             | Platform Specialty Products                                              | CUSIP: N/A<br>LEI: 549300FLGN6P5CU20J91       | Long             | LON              | CORP              | US        |    117626 | PA      | $117895.39    | 0.23%             | 2030-12-18      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| API HEAT TRANSFER THERMASYS CORP                  | API Heat Transfer Thermasys Corp.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     46332 | PA      | $46331.92     | 0.09%             | 2027-11-10      | Variable      | 9.58%                 | No            |                  3 | On Loan: No      |
| BRP INC                                           | Bombardier Recreational Products, Inc.                                   | CUSIP: N/A<br>LEI: 549300DZZJW11IMTMJ24       | Long             | LON              | CORP              | CA        |    465034 | PA      | $464550.60    | 0.90%             | 2031-01-22      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                         | Caesars Entertainment, Inc.                                              | CUSIP: N/A<br>LEI: 549300FA4CTCW903Y781       | Long             | LON              | CORP              | US        |     14887 | PA      | $14859.09     | 0.03%             | 2031-02-06      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| FOUNDATION BUILDING MATERIALS HOLDING COMPANY LLC | Foundation Building Materials Holding Company LLC                        | CUSIP: N/A<br>LEI: 549300X5S4H9C8CNO521       | Long             | LON              | CORP              | US        |    148125 | PA      | $144738.86    | 0.28%             | 2031-01-29      | Variable      | 8.28%                 | No            |                  2 | On Loan: No      |
| GMS INC                                           | GYP Holdings III Corp.                                                   | CUSIP: N/A<br>LEI: 549300055I1KJWZH9690       | Long             | LON              | CORP              | US        |    246258 | PA      | $246257.81    | 0.48%             | 2030-05-12      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| ARTERA SERVICES LLC                               | Artera Services LLC                                                      | CUSIP: N/A<br>LEI: 549300J2G34D0WX8Z443       | Long             | LON              | CORP              | US        |    134127 | PA      | $111843.22    | 0.22%             | 2031-02-15      | Variable      | 8.80%                 | No            |                  2 | On Loan: No      |
| EISNER ADVISORY GROUP                             | Eisner Advisory Group                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    137910 | PA      | $138426.77    | 0.27%             | 2031-02-28      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| PACIFIC DENTAL SERVICES LLC                       | Pacific Dental Services LLC                                              | CUSIP: N/A<br>LEI: 549300SDH1NQDOZ2M105       | Long             | LON              | CORP              | US        |    128850 | PA      | $128849.62    | 0.25%             | 2031-03-15      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| RED ROCK RESORTS INC                              | Station Casinos LLC                                                      | CUSIP: N/A<br>LEI: 5493004E7Q60TX54WL62       | Long             | LON              | CORP              | US        |    129672 | PA      | $129828.62    | 0.25%             | 2031-03-14      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| MI WINDOWS AND DOORS LLC                          | MI Windows And Doors LLC                                                 | CUSIP: N/A<br>LEI: 2549001JQBGDT0WEQ156       | Long             | LON              | CORP              | US        |    155069 | PA      | $155253.99    | 0.30%             | 2031-03-28      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| STS OPERATING INC                                 | STS Operating, Inc.                                                      | CUSIP: N/A<br>LEI: 549300HW5C2VGPZCHL57       | Long             | LON              | CORP              | US        |    115538 | PA      | $113544.48    | 0.22%             | 2031-03-25      | Variable      | 8.43%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                        | Air Canada                                                               | CUSIP: N/A<br>LEI: 4B4HI3CGXMBDC0G6BM51       | Long             | LON              | CORP              | CA        |    248744 | PA      | $248666.61    | 0.48%             | 2031-03-21      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                             | Quikrete Holdings, Inc.                                                  | CUSIP: N/A<br>LEI: 5493007KIN86DIZWZT22       | Long             | LON              | CORP              | US        |     42816 | PA      | $42783.10     | 0.08%             | 2029-03-19      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| ARAMARK                                           | Aramark Services, Inc.                                                   | CUSIP: N/A<br>LEI: 42YMHYH0XMHJEXDUB065       | Long             | LON              | CORP              | US        |    128627 | PA      | $128787.43    | 0.25%             | 2030-06-22      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| DYE & DURHAM LTD                                  | Dye & Durham Corp.                                                       | CUSIP: N/A<br>LEI: 549300XUQDPIC5QRY347       | Long             | LON              | CORP              | CA        |     80720 | PA      | $81264.50     | 0.16%             | 2031-04-11      | Variable      | 8.65%                 | No            |                  2 | On Loan: No      |
| G & W INTERMEDIATE HOLDINGS LLG                   | Genesee & Wyoming, Inc.                                                  | CUSIP: N/A<br>LEI: G617XSG94Z7G0RMW3L02       | Long             | LON              | CORP              | US        |    258574 | PA      | $257037.75    | 0.50%             | 2031-04-10      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| PAR PACIFIC HOLDINGS INC                          | Par Petroleum LLC                                                        | CUSIP: N/A<br>LEI: 984500CCF05C2FB39F45       | Long             | LON              | CORP              | US        |    263912 | PA      | $260449.21    | 0.50%             | 2030-02-28      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| ANTICIMEX GROUP AB                                | Seren BidCo AB                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     94524 | PA      | $94783.78     | 0.18%             | 2028-11-16      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| RS IVY HOLDCO INC                                 | ITT Holdings LLC                                                         | CUSIP: N/A<br>LEI: 549300TH2PHOLK31LB42       | Long             | LON              | CORP              | US        |    112995 | PA      | $113107.68    | 0.22%             | 2030-10-11      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| MODENA BUYER LLC                                  | Modena Buyer LLC                                                         | CUSIP: N/A<br>LEI: 254900B0G2IU0VBDOY26       | Long             | LON              | CORP              | US        |    236013 | PA      | $226867.75    | 0.44%             | 2031-07-01      | Variable      | 8.78%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT CORP                      | Cedar Fair LP                                                            | CUSIP: N/A<br>LEI: 549300TUVLNQQ6BVKH61       | Long             | LON              | CORP              | US        |     45000 | PA      | $45000.00     | 0.09%             | 2031-05-01      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| ENTAIN PLC                                        | Entain Holdings (Gibraltar) Ltd.                                         | CUSIP: N/A<br>LEI: 213800ATWJIEYQ8NF838       | Long             | LON              | CORP              | GI        |    298811 | PA      | $299712.96    | 0.58%             | 2029-10-31      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| CREATIVE PLANNING (CPI) HOLDCO INC                | CPI Holdco B LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    250609 | PA      | $249731.97    | 0.48%             | 2031-05-17      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| CHRYSAOR AGGREGATOR LP                            | Alter Domus                                                              | CUSIP: N/A<br>LEI: 254900CXX37NCB7A8J31       | Long             | LON              | CORP              | LU        |    100987 | PA      | $101616.32    | 0.20%             | 2031-10-30      | Variable      | 7.24%                 | No            |                  2 | On Loan: No      |
| Alter Domus                                       | Alter Domus                                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -7506 | PA      | $0.00         | 0.00%             | 2031-10-30      | Variable      | 3.00%                 | No            |                  3 | On Loan: No      |
| EPICOR SOFTWARE CORP                              | Epicor Software                                                          | CUSIP: N/A<br>LEI: JGNXVGGGXR4O1L5I7S73       | Long             | LON              | CORP              | US        |    106017 | PA      | $106230.19    | 0.21%             | 2031-05-30      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                               | LBM Acquisition LLC                                                      | CUSIP: N/A<br>LEI: 549300FAEB3VWZL4NI86       | Long             | LON              | CORP              | US        |    411855 | PA      | $383539.83    | 0.74%             | 2031-06-06      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| GTCR EVEREST BORROWER LLC                         | Assetmark Financial Holdings, Inc.                                       | CUSIP: N/A<br>LEI: 5493001K4EDHT2T6W812       | Long             | LON              | CORP              | US        |     44775 | PA      | $44830.97     | 0.09%             | 2031-09-05      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                   | Gen Digital, Inc.                                                        | CUSIP: N/A<br>LEI: YF6ZV0M6AU4FY94MK914       | Long             | LON              | CORP              | US        |    208871 | PA      | $208480.52    | 0.40%             | 2029-09-12      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| MEDLINE INDUSTRIES INC                            | Medline Borrower LP                                                      | CUSIP: N/A<br>LEI: 254900QT3R363TVK6F09       | Long             | LON              | CORP              | US        |    137678 | PA      | $137745.74    | 0.27%             | 2028-10-23      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| RESTAURANT BRANDS INTERNATIONAL INC               | Restaurant Brands                                                        | CUSIP: N/A<br>LEI: 549300RHSHNRWI5LLA86       | Long             | LON              | CORP              | CA        |    498280 | PA      | $495579.40    | 0.96%             | 2030-09-20      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| WHITE CAP SUPPLY HOLDINGS LLC                     | White Cap Supply Holdings LLC                                            | CUSIP: N/A<br>LEI: 254900L2N0T6GULCL366       | Long             | LON              | CORP              | US        |    169399 | PA      | $168213.57    | 0.33%             | 2029-10-19      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| DS ADMIRAL BIDCO LLC                              | DS Admiral Bidco LLC                                                     | CUSIP: N/A<br>LEI: 25490030X7DBAF7KCR65       | Long             | LON              | CORP              | US        |    440743 | PA      | $438539.27    | 0.85%             | 2031-06-26      | Variable      | 8.55%                 | No            |                  2 | On Loan: No      |
| EMRLD BORROWER LP                                 | EMRLD Borrower, LP                                                       | CUSIP: N/A<br>LEI: 5493000GJYE7GAQCUC61       | Long             | LON              | CORP              | US        |    268854 | PA      | $268232.99    | 0.52%             | 2031-08-04      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| APRO LLC                                          | Apro LLC                                                                 | CUSIP: N/A<br>LEI: 549300HALLMPVGYAKP14       | Long             | LON              | CORP              | US        |    148875 | PA      | $148193.15    | 0.29%             | 2031-07-09      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| TARA TOPCO LTD                                    | Ardonagh Midco 3 plc                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | NL        |    273119 | PA      | $270729.40    | 0.52%             | 2031-02-15      | Variable      | 7.04%                 | No            |                  2 | On Loan: No      |
| TRIPADVISOR INC                                   | Tripadvisor, Inc.                                                        | CUSIP: N/A<br>LEI: 549300XVG45PT5BART17       | Long             | LON              | CORP              | US        |    119398 | PA      | $118950.76    | 0.23%             | 2031-07-08      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| UGI ENERGY SERVICES LLC                           | UGI Energy Services LLC                                                  | CUSIP: N/A<br>LEI: 5493001O7RUKEUP5XR11       | Long             | LON              | CORP              | US        |    278055 | PA      | $278819.68    | 0.54%             | 2030-02-22      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| HOBBS & ASSOCIATES LLC                            | Hobbs & Associates LLC                                                   | CUSIP: N/A<br>LEI: 254900FAZYX24PP1RY58       | Long             | LON              | CORP              | US        |    214695 | PA      | $214359.92    | 0.42%             | 2031-07-23      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| RING CONTAINER TECHNOLOGIES GROUP LLC             | Ring Container Technologies Group, LLC                                   | CUSIP: N/A<br>LEI: 254900MFUG4RPN6Y4A98       | Long             | LON              | CORP              | US        |    124587 | PA      | $124898.87    | 0.24%             | 2028-08-12      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| THEVELIA US LLC                                   | Thevelia US LLC                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    252239 | PA      | $252292.17    | 0.49%             | 2029-06-18      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| HARBOURVEST PARTNERS LLC                          | Harbourvest Partners LP                                                  | CUSIP: N/A<br>LEI: 54930029KR62LTFQ8M21       | Long             | LON              | CORP              | US        |    236129 | PA      | $236128.77    | 0.46%             | 2030-04-18      | Variable      | 6.55%                 | No            |                  3 | On Loan: No      |
| A-AP BUYER INC                                    | A-AP Buyer, Inc.                                                         | CUSIP: N/A<br>LEI: 254900BOO8W9IR1VYO11       | Long             | LON              | CORP              | US        |     99750 | PA      | $99500.63     | 0.19%             | 2031-09-09      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| AMENTUM PARENT HOLDINGS LLC                       | Amentum Holdings, Inc.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    485430 | PA      | $484216.18    | 0.94%             | 2031-09-29      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| ICON PARENT INC                                   | Instructure Holdings, Inc.                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    143492 | PA      | $143609.29    | 0.28%             | 2031-11-13      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| MIDCONTINENT COMMUNICATIONS                       | Midcontinent Communications                                              | CUSIP: N/A<br>LEI: 549300ZI9GDQBS28C408       | Long             | LON              | CORP              | US        |    248750 | PA      | $249267.40    | 0.48%             | 2031-08-16      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| GOLDEN CHAMBER INVESTMENT LTD                     | Del Monte Foods, Inc.                                                    | CUSIP: N/A<br>LEI: 549300U9K7TD84Q24R17       | Long             | LON              | CORP              | US        |    100462 | PA      | $90164.61     | 0.17%             | 2028-08-02      | Variable      | 7.74%                 | No            |                  2 | On Loan: No      |
| GOLDEN CHAMBER INVESTMENT LTD                     | Del Monte Foods, Inc.                                                    | CUSIP: N/A<br>LEI: 549300U9K7TD84Q24R17       | Long             | LON              | CORP              | US        |    158815 | PA      | $87348.33     | 0.17%             | 2028-08-02      | Variable      | 8.72%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                                        | Arcosa, Inc.                                                             | CUSIP: N/A<br>LEI: 549300WFHLTCZV7D6V29       | Long             | LON              | CORP              | US        |    248750 | PA      | $249267.40    | 0.48%             | 2031-08-12      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| ASTRION GROUP LLC                                 | Engineering Research And Consulting LLC                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    149250 | PA      | $145518.75    | 0.28%             | 2031-08-29      | Variable      | 9.29%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM GROUP INC                               | TransDigm, Inc.                                                          | CUSIP: N/A<br>LEI: 88Q84GB3X55CF5OC7582       | Long             | LON              | CORP              | US        |     79400 | PA      | $79506.40     | 0.15%             | 2032-01-19      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| LUX NEWCO                                         | Froneri US, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    388923 | PA      | $384306.25    | 0.74%             | 2031-09-30      | Variable      | 6.24%                 | No            |                  2 | On Loan: No      |
| LONESTAR INTERMEDIATE SUPER HOLDINGS LLC          | Asurion LLC                                                              | CUSIP: N/A<br>LEI: 549300KNQVXGIOXWK278       | Long             | LON              | CORP              | US        |    239515 | PA      | $233302.04    | 0.45%             | 2030-09-19      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| BURLINGTON STORES INC                             | Burlington Coat Factory Warehouse Corp.                                  | CUSIP: N/A<br>LEI: 549300SIFDMGE3Y2SW49       | Long             | LON              | CORP              | US        |    498744 | PA      | $496250.00    | 0.96%             | 2031-09-24      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| HAH GROUP HOLDING COMPANY LLC                     | HAH Group Holding Co. LLC                                                | CUSIP: N/A<br>LEI: 254900FFJQHW9R90FL74       | Long             | LON              | CORP              | US        |    270536 | PA      | $261984.55    | 0.51%             | 2031-09-24      | Variable      | 9.33%                 | No            |                  2 | On Loan: No      |
| TACALA INVESTMENT CORP                            | Tacala Investment Corp.                                                  | CUSIP: N/A<br>LEI: 549300XTM341KBSTDI88       | Long             | LON              | CORP              | US        |    158459 | PA      | $159040.71    | 0.31%             | 2031-01-31      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| BELRON FINANCE 2019 LLC                           | Belron Finance US LLC                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    198500 | PA      | $199190.78    | 0.39%             | 2031-10-16      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| DXP ENTERPRISES INC                               | DXP Enterprises, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    256461 | PA      | $257905.13    | 0.50%             | 2030-10-11      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| ALASKA AIR GROUP INC.                             | AS Mileage Plan Ltd.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | KY        |    406648 | PA      | $407969.53    | 0.79%             | 2031-10-15      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| Convergint                                        | Convergint                                                               | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -3203 | PA      | $-3.24        | -0.00%            | 2028-03-31      | Variable      | 3.50%                 | No            |                  3 | On Loan: No      |
| JBTMAREL CORP                                     | Jefferies Finance LLC                                                    | CUSIP: N/A<br>LEI: 5493007CT6ATBZ2L6826       | Long             | LON              | CORP              | US        |    104738 | PA      | $104999.34    | 0.20%             | 2032-01-02      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FINANCE LLC                             | Jefferies Finance LLC                                                    | CUSIP: N/A<br>LEI: 549300SKVB18YSSIDT75       | Long             | LON              | CORP              | US        |    144275 | PA      | $144455.34    | 0.28%             | 2031-10-21      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| CUBE A&D BUYER INC                                | Cube A&D Buyer, Inc.                                                     | CUSIP: N/A<br>LEI: 25490058FG1NWDNJ5K52       | Long             | LON              | CORP              | US        |    174518 | PA      | $175226.62    | 0.34%             | 2031-10-17      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| HANGER INC                                        | Hanger, Inc.                                                             | CUSIP: N/A<br>LEI: 254900ZJJJYVLHJXSZ60       | Long             | LON              | CORP              | US        |    106046 | PA      | $106147.81    | 0.21%             | 2031-10-23      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| ORION ADVISOR SOLUTIONS INC                       | Orion Advisor Solutions, Inc.                                            | CUSIP: N/A<br>LEI: 549300R3BS3HTGTSN386       | Long             | LON              | CORP              | US        |    187740 | PA      | $188635.35    | 0.37%             | 2030-09-24      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| HANGER INC                                        | Hanger, Inc.                                                             | CUSIP: N/A<br>LEI: 254900ZJJJYVLHJXSZ60       | Long             | LON              | CORP              | US        |      2048 | PA      | $2050.07      | 0.00%             | 2031-10-23      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| HANGER INC                                        | Hanger, Inc.                                                             | CUSIP: N/A<br>LEI: 254900ZJJJYVLHJXSZ60       | Short            | LON              | CORP              | US        |    -11635 | PA      | $0.00         | 0.00%             | 2031-10-23      | Variable      | 3.50%                 | No            |                  3 | On Loan: No      |
| POINTCLICKCARE CORP                               | PointClickCare Technologies, Inc.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |    104475 | PA      | $104802.01    | 0.20%             | 2031-11-03      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| SPEEDSTER MIV SCSP                                | Speedster Bidco GmbH                                                     | CUSIP: N/A<br>LEI: 254900LE837QB2YYV824       | Long             | LON              | CORP              | DE        |    242732 | PA      | $243794.89    | 0.47%             | 2031-12-10      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| LIFE TIME GROUP HOLDINGS INC                      | Life Time, Inc.                                                          | CUSIP: N/A<br>LEI: 549300PALKE96VYH4X17       | Long             | LON              | CORP              | US        |    184075 | PA      | $184443.15    | 0.36%             | 2031-11-05      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| SOUTHERN VETERINARY COMPANY LLC                   | Southern Veterinary Partners LLC                                         | CUSIP: N/A<br>LEI: 549300DT78GYJYRK0R74       | Long             | LON              | CORP              | US        |    174758 | PA      | $174828.26    | 0.34%             | 2031-12-04      | Variable      | 7.53%                 | No            |                  2 | On Loan: No      |
| DYNASTY PARENT HOLDINGS LP                        | StandardAero                                                             | CUSIP: N/A<br>LEI: 549300L1RCRPOAUCB870       | Long             | LON              | CORP              | US        |    127476 | PA      | $127493.67    | 0.25%             | 2031-10-31      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| DYNASTY PARENT HOLDINGS LP                        | StandardAero                                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     48488 | PA      | $48494.51     | 0.09%             | 2031-10-31      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| CONSTRUCTION PARTNERS INC                         | Construction Partners, Inc.                                              | CUSIP: N/A<br>LEI: 549300MHLFL4E8JLZU44       | Long             | LON              | CORP              | US        |     94525 | PA      | $94761.31     | 0.18%             | 2031-11-03      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBAL HOLDINGS LLC            | Citadel Securities, LP                                                   | CUSIP: N/A<br>LEI: 549300NV5RXBUS3X7L47       | Long             | LON              | CORP              | US        |    352866 | PA      | $354147.34    | 0.69%             | 2031-10-31      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| ATD CORP                                          | American Tire Distributors, Inc.                                         | CUSIP: N/A<br>LEI: HZ8T88YVE2JVXJ0BTQ24       | Long             | LON              | CORP              | US        |    175500 | PA      | $0.18         | 0.00%             | 2028-10-20      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| HAWK HOLDING COMPANY LLC                          | Alterra Mountain Co.                                                     | CUSIP: N/A<br>LEI: 549300C5O4FSVNUEI843       | Long             | LON              | CORP              | US        |    298502 | PA      | $299621.25    | 0.58%             | 2028-08-17      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| HAWK HOLDING COMPANY LLC                          | Alterra Mountain Co.                                                     | CUSIP: N/A<br>LEI: 549300C5O4FSVNUEI843       | Long             | LON              | CORP              | US        |    198502 | PA      | $198875.68    | 0.39%             | 2030-05-31      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| PICARD HOLDCO INC                                 | Cloud Software Group, Inc.                                               | CUSIP: N/A<br>LEI: 04EEB871XLHVNY4RZJ65       | Long             | LON              | CORP              | US        |     18416 | PA      | $18443.26     | 0.04%             | 2031-03-21      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| XPLORNET COMMUNICATIONS INC                       | Xplore, Inc.                                                             | CUSIP: N/A<br>LEI: 2138007ZVGYYNWEGU394       | Long             | LON              | CORP              | CA        |     19867 | PA      | $18773.98     | 0.04%             | 2029-10-23      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| XPLORNET COMMUNICATIONS INC                       | Xplore, Inc.                                                             | CUSIP: N/A<br>LEI: 2138007ZVGYYNWEGU394       | Long             | LON              | CORP              | CA        |     70157 | PA      | $51798.97     | 0.10%             | 2031-10-24      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| UFC HOLDINGS LLC                                  | UFC Holdings LLC                                                         | CUSIP: N/A<br>LEI: 549300JEOTH7UMZ3C491       | Long             | LON              | CORP              | US        |     84575 | PA      | $84852.41     | 0.16%             | 2031-11-21      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| FREEDOM VCM INC                                   | Franchise Group, Inc.                                                    | CUSIP: N/A<br>LEI: 549300MWCHSL8BSOMV77       | Long             | LON              | CORP              | US        |     72231 | PA      | $72140.62     | 0.14%             | 2025-07-05      | Variable      | 13.44%                | No            |                  2 | On Loan: No      |
| FREEDOM VCM INC                                   | Franchise Group, Inc.                                                    | CUSIP: N/A<br>LEI: 549300MWCHSL8BSOMV77       | Long             | LON              | CORP              | US        |    125221 | PA      | $112698.59    | 0.22%             | 2025-07-05      | Variable      | 9.19%                 | No            |                  2 | On Loan: No      |
| UNITED PARKS & RESORTS INC                        | Seaworld Parks & Entertainment, Inc.                                     | CUSIP: N/A<br>LEI: 549300UZV72O3371JJ53       | Long             | LON              | CORP              | US        |    124062 | PA      | $123752.34    | 0.24%             | 2031-12-04      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| MINERALS TECHNOLOGIES INC.                        | Minerals Technologies, Inc.                                              | CUSIP: N/A<br>LEI: 549300D3I1QU67GP6403       | Long             | LON              | CORP              | US        |    149250 | PA      | $149063.44    | 0.29%             | 2031-11-26      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| CENGAGE LEARNING HOLDINGS II INC                  | Cengage Learning, Inc.                                                   | CUSIP: N/A<br>LEI: 549300BYGM0FWUSVXJ88       | Long             | LON              | CORP              | US        |    202991 | PA      | $203307.73    | 0.39%             | 2031-03-24      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| SABRE CORP                                        | Sabre GLBL, Inc.                                                         | CUSIP: N/A<br>LEI: F2TJC7HPPHLHU1AQMP98       | Long             | LON              | CORP              | US        |     74593 | PA      | $74257.34     | 0.14%             | 2029-11-15      | Variable      | 10.43%                | No            |                  2 | On Loan: No      |
| SABRE CORP                                        | Sabre GLBL, Inc.                                                         | CUSIP: N/A<br>LEI: F2TJC7HPPHLHU1AQMP98       | Long             | LON              | CORP              | US        |     32489 | PA      | $30661.68     | 0.06%             | 2029-11-15      | Variable      | 10.43%                | No            |                  2 | On Loan: No      |
| COMPAGNIE BENELUX PARTICIPATIONS SA               | Holding Socotec SAS                                                      | CUSIP: N/A<br>LEI: 969500TSHWNDZONA3M83       | Long             | LON              | CORP              | FR        |    118800 | PA      | $118898.60    | 0.23%             | 2028-06-30      | Variable      | 8.04%                 | No            |                  2 | On Loan: No      |
| PICARD HOLDCO INC                                 | Cloud Software Group, Inc.                                               | CUSIP: N/A<br>LEI: 04EEB871XLHVNY4RZJ65       | Long             | LON              | CORP              | US        |    179054 | PA      | $179176.20    | 0.35%             | 2029-03-30      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| SAVAGE ENTERPRISES LLC                            | Savage Enterprises LLC                                                   | CUSIP: N/A<br>LEI: 549300OONATO5UYKLU88       | Long             | LON              | CORP              | US        |    250000 | PA      | $250540.00    | 0.49%             | 2028-09-15      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| PRIME SECURITY SERVICES TOPCO PARENT LP           | Prime Security Services Borrower LLC                                     | CUSIP: N/A<br>LEI: 549300O6QPZVWXV2DC15       | Long             | LON              | CORP              | US        |    275282 | PA      | $275282.08    | 0.53%             | 2030-10-13      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                                    | CVR Energy, Inc.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     77962 | PA      | $77831.34     | 0.15%             | 2027-12-30      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| WWTHC II INC                                      | World Wide Technology Holding Company LLC                                | CUSIP: N/A<br>LEI: 213800MTFQARCZL1PY64       | Long             | LON              | CORP              | US        |     69825 | PA      | $70086.40     | 0.14%             | 2030-03-01      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| JANE STREET GROUP LLC                             | Jane Street Group LLC                                                    | CUSIP: N/A<br>LEI: 5493002N1IVX6KHGYO08       | Long             | LON              | CORP              | US        |    271885 | PA      | $271534.52    | 0.53%             | 2031-12-15      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| AI AQUA MERGER SUB INC                            | Culligan                                                                 | CUSIP: N/A<br>LEI: 5493005QMH1D47U26R45       | Long             | LON              | CORP              | US        |    500000 | PA      | $498965.00    | 0.97%             | 2028-07-31      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| DESERT NEWCO LLC                                  | Go Daddy Operating Company LLC                                           | CUSIP: N/A<br>LEI: 5493005GJOH8HLL11157       | Long             | LON              | CORP              | US        |    226652 | PA      | $226738.11    | 0.44%             | 2029-11-09      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| WAYSTAR TECHNOLOGIES INC                          | Waystar Technologies, Inc.                                               | CUSIP: N/A<br>LEI: 549300BIRBTAWWHCSZ09       | Long             | LON              | CORP              | US        |     46770 | PA      | $46857.47     | 0.09%             | 2029-10-22      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| BACH FINANCE LTD                                  | Fugue Finance LLC                                                        | CUSIP: N/A<br>LEI: 254900Y4DWBRGAFENC88       | Long             | LON              | CORP              | US        |    274423 | PA      | $275910.09    | 0.53%             | 2032-01-09      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| AMSPEC PARENT LLC                                 | AmSpec Parent LLC                                                        | CUSIP: N/A<br>LEI: 254900LUGRP5Z7OOV477       | Long             | LON              | CORP              | US        |    173638 | PA      | $174289.10    | 0.34%             | 2031-12-22      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| AmSpec Parent LLC                                 | AmSpec Parent LLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -26714 | PA      | $0.00         | 0.00%             | 2031-12-11      | Variable      | 1.00%                 | No            |                  3 | On Loan: No      |
| GC TWO HOLDINGS INC                               | Aretec Group, Inc.                                                       | CUSIP: N/A<br>LEI: 549300NV2T8A33L0PQ58       | Long             | LON              | CORP              | US        |    126648 | PA      | $126819.25    | 0.25%             | 2030-08-09      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| ASCENSUS GROUP HOLDINGS INC                       | AqGen Island Holdings, Inc.                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     79577 | PA      | $79659.67     | 0.15%             | 2028-08-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| INDICOR LLC                                       | Indicor LLC                                                              | CUSIP: N/A<br>LEI: 254900RXO1EICEHOLG29       | Long             | LON              | CORP              | US        |    300000 | PA      | $299157.00    | 0.58%             | 2029-11-22      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| OPTIMA BIDCO JERSEY LTD                           | EG Finco Ltd.                                                            | CUSIP: N/A<br>LEI: 894500KFDM6GTUGDJJ54       | Long             | LON              | CORP              | GB        |     53877 | PA      | $54049.98     | 0.10%             | 2028-02-07      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| FRONTDOOR INC                                     | Frontdoor, Inc.                                                          | CUSIP: N/A<br>LEI: 5493008RB0JZJI3QGZ06       | Long             | LON              | CORP              | US        |     95396 | PA      | $95575.06     | 0.19%             | 2031-12-19      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| ZUORA INC                                         | Zuora, Inc.                                                              | CUSIP: N/A<br>LEI: 549300ISVGC1YZWQJ420       | Long             | LON              | CORP              | US        |    134038 | PA      | $133311.35    | 0.26%             | 2032-02-17      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| FLUTTER ENTERTAINMENT PLC                         | Flutter Entertainment plc                                                | CUSIP: N/A<br>LEI: 635400VFWPBIKJK6GN11       | Long             | LON              | CORP              | NL        |    433400 | PA      | $431774.75    | 0.84%             | 2030-11-30      | Variable      | 6.05%                 | No            |                  2 | On Loan: No      |
| BULLDOG PURCHASER INC                             | Bulldog Purchaser, Inc.                                                  | CUSIP: N/A<br>LEI: 254900JB2GC3Q5OISZ63       | Long             | LON              | CORP              | US        |    254111 | PA      | $254428.40    | 0.49%             | 2031-06-28      | Variable      | 8.04%                 | No            |                  2 | On Loan: No      |
| GRANT THORNTON ADVISORS LLC                       | Grant Thornton Advisors LLC                                              | CUSIP: N/A<br>LEI: 254900XS1SHU0YY3WF58       | Long             | LON              | CORP              | US        |    408952 | PA      | $408236.11    | 0.79%             | 2031-06-02      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST INC                       | Starwood Property Mortgage LLC                                           | CUSIP: N/A<br>LEI: 5493008SB15CNJRIOK13       | Long             | LON              | CORP              | US        |    129943 | PA      | $130187.47    | 0.25%             | 2030-01-02      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| WHITEWATER DBR HOLDCO LLC                         | WhiteWater DBR Holdco LLC                                                | CUSIP: N/A<br>LEI: 21380025GXMNBTSJP816       | Long             | LON              | CORP              | US        |    109176 | PA      | $109176.37    | 0.21%             | 2031-03-03      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| CORE & MAIN INC                                   | Core & Main LP                                                           | CUSIP: N/A<br>LEI: 549300ZSLF8Q660SCD17       | Long             | LON              | CORP              | US        |    246884 | PA      | $246988.06    | 0.48%             | 2031-02-09      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| USI INTERIM HOLDINGS CORP                         | USI, Inc.                                                                | CUSIP: N/A<br>LEI: 2549006D7UF7072T7I27       | Long             | LON              | CORP              | US        |    204230 | PA      | $203815.53    | 0.39%             | 2029-11-21      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| GRAFTECH INTERNATIONAL LTD.                       | GrafTech Finance, Inc.                                                   | CUSIP: N/A<br>LEI: 1Z010BU876CF2HDBIN43       | Long             | LON              | CORP              | US        |     28445 | PA      | $28515.99     | 0.06%             | 2029-12-21      | Variable      | 10.32%                | No            |                  2 | On Loan: No      |
| GrafTech Finance, Inc.                            | GrafTech Finance, Inc.                                                   | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -16254 | PA      | $0.00         | 0.00%             | 2029-11-04      | Variable      | 3.75%                 | No            |                  3 | On Loan: No      |
| HUNTER DOUGLAS INC                                | Hunter Douglas, Inc.                                                     | CUSIP: N/A<br>LEI: 529900811T142NS3H544       | Long             | LON              | CORP              | US        |    478655 | PA      | $476462.61    | 0.92%             | 2032-01-17      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| GIP PILOT ACQUISITION PARTNERS LP                 | GIP Pilot Acquisition Partners LP                                        | CUSIP: N/A<br>LEI: 254900NQOAOPPA12X060       | Long             | LON              | CORP              | US        |    491069 | PA      | $491476.22    | 0.95%             | 2030-10-04      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| HT HOLDING LLC                                    | HighTower Holding LLC                                                    | CUSIP: N/A<br>LEI: 254900MKOSB7RTMA9K12       | Long             | LON              | CORP              | US        |    255000 | PA      | $254150.85    | 0.49%             | 2032-02-03      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| NEW BOOST HOLDCO LLC                              | Worldpay                                                                 | CUSIP: N/A<br>LEI: 254900S8RE1OL7TTCU64       | Long             | LON              | CORP              | US        |    268739 | PA      | $269297.95    | 0.52%             | 2031-01-31      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| MCGRAW HILL LLC                                   | McGraw Hill Education, Inc.                                              | CUSIP: N/A<br>LEI: 254900U6YJ9QZ4IQOR26       | Long             | LON              | CORP              | US        |    304496 | PA      | $305320.75    | 0.59%             | 2031-08-06      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| RECESS HOLDINGS INC                               | Recess Holdings, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    269836 | PA      | $270410.69    | 0.52%             | 2030-02-20      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| CLEARWATER ANALYTICS HOLDINGS INC                 | Clearwater Analytics, LLC                                                | CUSIP: N/A<br>LEI: 894500N8DN2JO5ZDRQ11       | Long             | LON              | CORP              | US        |     50000 | PA      | $49937.50     | 0.10%             | 2032-02-10      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| PUSHPAY USA INC                                   | Pushpay USA, Inc.                                                        | CUSIP: N/A<br>LEI: 9845001D6794B3C1FF33       | Long             | LON              | CORP              | US        |    227203 | PA      | $228339.32    | 0.44%             | 2031-08-15      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| MICHAEL BAKER INTERNATIONAL LLC                   | Michael Baker International LLC                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    280461 | PA      | $281512.75    | 0.55%             | 2028-12-01      | Variable      | 8.28%                 | No            |                  2 | On Loan: No      |
| NEXUS PARENT LLC                                  | Nexus Buyer LLC                                                          | CUSIP: N/A<br>LEI: 254900PILSANV8WOOF24       | Long             | LON              | CORP              | US        |    268278 | PA      | $269012.70    | 0.52%             | 2031-07-31      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| BOXER PARENT COMPANY INC                          | Boxer Parent Co., Inc.                                                   | CUSIP: N/A<br>LEI: 5493006T045HLTF7YX04       | Long             | LON              | CORP              | US        |    485370 | PA      | $482001.42    | 0.93%             | 2031-07-30      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| ASCEND LEARNING LLC                               | Ascend Learning, LLC                                                     | CUSIP: N/A<br>LEI: 549300T466HKRLVCD610       | Long             | LON              | CORP              | US        |    498101 | PA      | $497792.16    | 0.96%             | 2028-12-11      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| CARTER INTERMEDIATE INC                           | Aegion Corp.                                                             | CUSIP: N/A<br>LEI: 549300AG3DVJURRIT691       | Long             | LON              | CORP              | US        |    186609 | PA      | $186991.60    | 0.36%             | 2028-05-17      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| ARCIS GOLF LLC                                    | Arcis Golf LLC                                                           | CUSIP: N/A<br>LEI: 254900ZMGXNNIX4SXQ48       | Long             | LON              | CORP              | US        |    193750 | PA      | $193750.00    | 0.38%             | 2028-11-28      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| BHN UPPER INTERMEDIATE HOLDINGS INC               | Blackhawk Network Holdings, Inc.                                         | CUSIP: N/A<br>LEI: 549300LFU3K8UIR03132       | Long             | LON              | CORP              | US        |    156986 | PA      | $157722.39    | 0.31%             | 2029-03-12      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORP                      | Concentra Health Services, Inc.                                          | CUSIP: N/A<br>LEI: 984500GB84105F75DE32       | Long             | LON              | CORP              | US        |     84576 | PA      | $84786.97     | 0.16%             | 2031-07-26      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                             | Quikrete Holdings, Inc.                                                  | CUSIP: N/A<br>LEI: 5493007KIN86DIZWZT22       | Long             | LON              | CORP              | US        |     64838 | PA      | $64724.03     | 0.13%             | 2032-02-10      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| LIBERTY GLOBAL LTD                                | UPC Financing Partnership                                                | CUSIP: N/A<br>LEI: 213800DXWIS9KORQ3X94       | Long             | LON              | CORP              | US        |    304199 | PA      | $303310.53    | 0.59%             | 2032-02-29      | Variable      | 6.79%                 | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL SERVICES INC                    | GFL Environmental, Inc.                                                  | CUSIP: N/A<br>LEI: 254900ZM5MY0A8BPJI72       | Long             | LON              | CORP              | CA        |     89950 | PA      | $89875.34     | 0.17%             | 2032-03-03      | Variable      | 6.82%                 | No            |                  2 | On Loan: No      |
| PRIMO BRANDS CORP                                 | Primo Brands Corp.                                                       | CUSIP: N/A<br>LEI: 254900J0WS4AXV2LAX55       | Long             | LON              | CORP              | US        |    389040 | PA      | $390261.62    | 0.76%             | 2028-03-31      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| FERDINAND FFP ULTIMATE HOLDINGS LP                | Focus Financial Partners LLC                                             | CUSIP: N/A<br>LEI: 5493007L0E0VKRC2CP39       | Long             | LON              | CORP              | US        |    256322 | PA      | $255714.03    | 0.50%             | 2031-09-15      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| IVI AMERICA LLC                                   | IVI America LLC                                                          | CUSIP: N/A<br>LEI: 549300V0LY56J9HGCK92       | Long             | LON              | CORP              | US        |    170969 | PA      | $172145.47    | 0.33%             | 2031-04-18      | Variable      | 8.05%                 | No            |                  2 | On Loan: No      |
| SECRETARIAT ADVISORS LLC                          | Secretariat Advisors LLC                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    138007 | PA      | $138006.63    | 0.27%             | 2032-02-24      | Variable      | 8.30%                 | No            |                  3 | On Loan: No      |
| SECRETARIAT ADVISORS LLC                          | Secretariat Advisors LLC                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -16627 | PA      | $0.00         | 0.00%             | 2032-02-21      | Variable      | 2.00%                 | No            |                  3 | On Loan: No      |
| API GROUP CORP                                    | APi Group DE, Inc.                                                       | CUSIP: N/A<br>LEI: 549300XP4G7B4QYA0G83       | Long             | LON              | CORP              | US        |    152912 | PA      | $152904.52    | 0.30%             | 2029-01-03      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                             | Quikrete Holdings, Inc.                                                  | CUSIP: N/A<br>LEI: 5493007KIN86DIZWZT22       | Long             | LON              | CORP              | US        |    139901 | PA      | $139590.57    | 0.27%             | 2031-04-14      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| ABG INTERMEDIATE HOLDINGS 2 LLC                   | Authentic Brands                                                         | CUSIP: N/A<br>LEI: 54930020NXD0RJB64985       | Long             | LON              | CORP              | US        |    199500 | PA      | $198917.46    | 0.39%             | 2032-02-11      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| FINANCIERE MENDELSSOHN                            | Ceva Sante                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | FR        |     94762 | PA      | $94722.70     | 0.18%             | 2030-11-08      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| ATLANTIC AVIATION HOLDINGS CORP                   | Atlantic Aviation                                                        | CUSIP: N/A<br>LEI: 2549001SCJD3WEYJFM53       | Long             | LON              | CORP              | US        |    129675 | PA      | $129340.44    | 0.25%             | 2031-09-23      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| XPO INC                                           | XPO, Inc.                                                                | CUSIP: N/A<br>LEI: 54930096DB9LCLPN7H13       | Long             | LON              | CORP              | US        |     99750 | PA      | $100049.25    | 0.19%             | 2031-02-03      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                   | Gen Digital, Inc.                                                        | CUSIP: N/A<br>LEI: YF6ZV0M6AU4FY94MK914       | Long             | LON              | CORP              | US        |     45000 | PA      | $44898.75     | 0.09%             | 2032-02-13      | Variable      | 6.08%                 | No            |                  2 | On Loan: No      |
| APEX GROUP TREASURY LLC                           | Apex Group Treasury LLC                                                  | CUSIP: N/A<br>LEI: 254900N6HRPDDNW7HP03       | Long             | LON              | CORP              | US        |    249670 | PA      | $248578.66    | 0.48%             | 2032-02-19      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| VIRTU FINANCIAL INC                               | Virtu Financial                                                          | CUSIP: N/A<br>LEI: 549300FRO9M476YHHY64       | Long             | LON              | CORP              | US        |    175000 | PA      | $175437.50    | 0.34%             | 2031-06-21      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                                  | Knife River Corp.                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     41941 | PA      | $42020.13     | 0.08%             | 2032-03-08      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| CITRIN COOPERMAN ADVISORS LLC                     | Citrin Cooperman Advisors LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     98636 | PA      | $98471.64     | 0.19%             | 2032-04-01      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| Citrin Cooperman Advisors LLC                     | Citrin Cooperman Advisors LLC                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -6364 | PA      | $-10.63       | -0.00%            | 2032-04-01      | Variable      | 0.50%                 | No            |                  3 | On Loan: No      |
| IMAGEFIRST HOLDINGS LLC                           | Imagefirst Holdings LLC                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    190000 | PA      | $189762.50    | 0.37%             | 2032-03-07      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| MADISON SAFETY & FLOW LLC                         | Madison Safety & Flow LLC                                                | CUSIP: N/A<br>LEI: 5493007D2J7BBIFYBY65       | Long             | LON              | CORP              | US        |     77806 | PA      | $77903.51     | 0.15%             | 2031-09-26      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| RED SPV LLC                                       | Red SPV LLC                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     97367 | PA      | $97123.59     | 0.19%             | 2032-03-06      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| MANNINGTON MILLS INC                              | Mannington Mills, Inc.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    104212 | PA      | $101997.98    | 0.20%             | 2032-03-07      | Variable      | 9.05%                 | No            |                  2 | On Loan: No      |
| PEER HOLDING III BV                               | Peer Holding III BV                                                      | CUSIP: N/A<br>LEI: 7245002S0K5Q59JCVQ03       | Long             | LON              | CORP              | NL        |    244388 | PA      | $245487.24    | 0.48%             | 2031-07-01      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC                            | Energizer Holdings, Inc.                                                 | CUSIP: N/A<br>LEI: 5493000D6NN0V57UME20       | Long             | LON              | CORP              | US        |    157558 | PA      | $157706.25    | 0.31%             | 2032-03-13      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| CAPSTONE BORROWER INC                             | Capstone Borrower, Inc.                                                  | CUSIP: N/A<br>LEI: 254900YSP2BAI3YKIX08       | Long             | LON              | CORP              | US        |    244525 | PA      | $244214.07    | 0.47%             | 2030-06-17      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| WALKER & DUNLOP INC                               | Walker & Dunlop, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     76083 | PA      | $76272.82     | 0.15%             | 2032-03-14      | Variable      | 6.31%                 | No            |                  2 | On Loan: No      |
| ASPHALT BUYER II LLC                              | Asphalt Atd Holdco,  LLC                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     85758 | PA      | $85758.34     | 0.17%             | 2030-02-28      | Variable      | 5.65%                 | No            |                  3 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                            | Level 3 Financing, Inc.                                                  | CUSIP: N/A<br>LEI: 254900AE5FEFIJOXWL19       | Long             | LON              | CORP              | US        |    103500 | PA      | $104556.74    | 0.20%             | 2032-03-21      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COMPANIES INC                       | Bausch Health Companies, Inc.                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | CA        |     60000 | PA      | $57740.40     | 0.11%             | 2030-10-08      | Variable      | 10.56%                | No            |                  2 | On Loan: No      |
| INTERNATIONAL ENTERTAINMENT JJCO 3 LTD            | ATG Entertainment                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | GB        |    165000 | PA      | $165206.25    | 0.32%             | 2032-04-17      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| QXO INC                                           | Beacon Roofing Supply, Inc.                                              | CUSIP: N/A<br>LEI: 549300HDXQWWCBOYXP31       | Long             | LON              | CORP              | US        |     35889 | PA      | $36102.79     | 0.07%             | 2032-04-23      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| ORION US FINCO INC                                | Orion US FinCo                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    110000 | PA      | $110330.00    | 0.21%             | 2032-05-19      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| ARCIS GOLF LLC                                    | Arcis Golf LLC                                                           | CUSIP: N/A<br>LEI: 254900ZMGXNNIX4SXQ48       | Long             | LON              | CORP              | US        |     56250 | PA      | $56250.00     | 0.11%             | 2028-11-24      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| WHITEWATER MATTERHORN HOLDINGS LLC                | Whitewater Matterhorn Holdings LLC                                       | CUSIP: N/A<br>LEI: 2138009J7G187M6C4Q91       | Long             | LON              | CORP              | US        |     95000 | PA      | $94861.30     | 0.18%             | 2032-05-12      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                                 | Herc Holdings, Inc.                                                      | CUSIP: N/A<br>LEI: 549300TP80QLITMSBP82       | Long             | LON              | CORP              | US        |     65000 | PA      | $65189.80     | 0.13%             | 2032-05-20      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| AMERICAN AUTO AUCTION GROUP LLC                   | American Auto Auction Group LLC                                          | CUSIP: N/A<br>LEI: 5493002VI1KML1L8HW19       | Long             | LON              | CORP              | US        |     45000 | PA      | $45154.80     | 0.09%             | 2032-05-22      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| PELICAN TOPCO LLC                                 | Pregis TopCo LLC                                                         | CUSIP: N/A<br>LEI: 549300LJXHJYHS1GM034       | Long             | LON              | CORP              | US        |    172456 | PA      | $172801.30    | 0.33%             | 2029-02-28      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| Aegion Corp.                                      | Aegion Corp.                                                             | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |    -27922 | PA      | $0.00         | 0.00%             | 2028-05-17      | Variable      | 0.50%                 | No            |                  3 | On Loan: No      |
| CFC USA 2025 LLC                                  | CFC USA 2025 LLC                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    145000 | PA      | $144275.00    | 0.28%             | 2032-05-29      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| SAPHITOPLUX SCA                                   | Saphilux SARL                                                            | CUSIP: N/A<br>LEI: 222100CX5OA6ONWOBW66       | Long             | LON              | CORP              | LU        |     65000 | PA      | $65297.70     | 0.13%             | 2028-07-27      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| IMC FINANCING LLC                                 | IMC Global Holdings                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |     85000 | PA      | $85425.00     | 0.17%             | 2032-06-02      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| STUDENT TRANSPORTATION OF AMERICA HOLDINGS INC    | Student Transportation Of America Holdings, Inc.                         | CUSIP: N/A<br>LEI: 549300O4G48RRYGSD439       | Long             | LON              | CORP              | US        |     60667 | PA      | $60761.31     | 0.12%             | 2032-06-10      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| Student Transportation Of America Holdings, Inc.  | Student Transportation Of America Holdings, Inc.                         | CUSIP: N/A<br>LEI: N/A                        | Short            | LON              | CORP              | US        |     -4333 | PA      | $0.00         | 0.00%             | 2032-06-10      | Variable      | 0.50%                 | No            |                  3 | On Loan: No      |
| IVIRMA GROUP                                      | IVI America LLC                                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | LU        |     85000 | PA      | $85584.80     | 0.17%             | 2031-04-09      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| COLONIAL ENTERPRISES INC                          | Colonial Pipeline                                                        | CUSIP: N/A<br>LEI: 549300Y8RLCD6IQXIT35       | Long             | LON              | CORP              | US        |    303200 | PA      | $301001.80    | 0.58%             | 2032-06-11      | Variable      | 1.75%                 | No            |                  2 | On Loan: No      |
| SAZERAC CO INC                                    | Sazerac Co Inc.                                                          | CUSIP: N/A<br>LEI: 9QU0CG1O4LSOB6IFK895       | Long             | LON              | CORP              | US        |    123800 | PA      | $123645.25    | 0.24%             | 2032-06-24      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO LLC                       | Skechers                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |    170000 | PA      | $170850.00    | 0.33%             | 2032-06-25      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| ALBION JVCO LTD                                   | Albion Financing 3 SARL                                                  | CUSIP: N/A<br>LEI: 259400QTZA08U7DIP580       | Long             | LON              | CORP              | LU        |    250000 | PA      | $250157.50    | 0.48%             | 2031-05-24      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO