# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0000940400-26-020913
**Filing Date:** 2026-5
**Character Count:** 256596
**Document Hash:** 8ff0a81ffca9ee84b20bb3dca0fec0b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020913.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0000940400-26-020913

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forethought Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0001580353

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1213

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22865
- **FILM NUMBER:** 261018066

**BUSINESS ADDRESS:**
- **STREET 1:** 10 WEST MARKET STREET
- **STREET 2:** SUITE 2300
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204
- **BUSINESS PHONE:** 317-223-2700

**MAIL ADDRESS:**
- **STREET 1:** 10 WEST MARKET STREET
- **STREET 2:** SUITE 2300
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46204

## Series and Classes Contracts Data

### Global Atlantic Goldman Sachs Core Fixed Income Portfolio (Series ID: S000052667)

| Class ID   | Class Name                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000165351 | Global Atlantic Goldman Sachs Core Fixed Income Portfolio Class I Shares |  |

## Nport-Ex

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Corporate Bonds and Notes - 36.3%** |  |  |
| **Aerospace & Defense - 0.8%** |  |  |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/1/28 | $100000 | $97617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 5/1/30 | 66000 | 66997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 5/1/34 | 63000 | 68620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86%, 5/1/54 | 94000 | 103667 |
| Howmet Aerospace, Inc., 4.85%, 10/15/31 | 46000 | 46532 |
| Northrop Grumman Corp., 4.75%, 6/1/43 | 25000 | 22602 |
| RTX Corp., 4.05%, 5/4/47 | 50000 | 39671 |
|  |  | 445706 |
| **Agriculture - 0.4%** |  |  |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%, 3/25/28 | 75000 | 71979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/20/34 | 157000 | 165893 |
|  |  | 237872 |
| **Auto Manufacturers - 0.5%** |  |  |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 6/10/26 | 125000 | 124263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 1/8/31 | 125000 | 111341 |
| Hyundai Capital America, 5.40%, 6/24/31<sup>(a)</sup> | 50000 | 50872 |
|  |  | 286476 |
| **Banks - 8.5%** |  |  |
| Banco Santander SA, 5.57%, 1/17/30 | 200000 | 204895 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, (3 Month Term SOFR + 1.30%), 12/20/28<sup>(b)</sup> | 108000 | 106091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27%, (3 Month Term SOFR + 1.57%), 7/23/29<sup>(b)</sup> | 125000 | 124370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, (SOFR + 2.15%), 4/29/31<sup>(b)</sup> | 75000 | 69272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, (SOFR + 1.53%), 7/23/31<sup>(b)</sup> | 100000 | 89061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, (SOFR + 1.22%), 3/11/32<sup>(b)</sup> | 100000 | 90698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, (SOFR + 1.33%), 2/4/33<sup>(b)</sup> | 50000 | 45239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, (SOFR + 1.83%), 4/27/33<sup>(b)</sup> | 50000 | 49132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, (SOFR + 1.31%), 1/24/36<sup>(b)</sup> | 25000 | 25507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, (US 5 Year CMT T-Note + 1.20%), 9/21/36<sup>(b)</sup> | 75000 | 64879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, (SOFR + 1.13%), 2/6/37<sup>(b)</sup> | 225000 | 222090 |
| Barclays PLC, 5.79%, (SOFR + 1.59%), 2/25/36<sup>(b)</sup> | 200000 | 202430 |
| Canadian Imperial Bank of Commerce, 5.25%, (SOFR + 1.11%), 1/13/31<sup>(b)</sup> | 100000 | 101990 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 5/1/26 | 200000 | 200027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 9/29/27 | 125000 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%, (3 Month Term SOFR + 1.65%), 7/24/28<sup>(b)</sup> | 50000 | 49467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%, (SOFR + 1.42%), 11/5/30<sup>(b)</sup> | 100000 | 94417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, (SOFR + 1.35%), 1/25/33<sup>(b)</sup> | 50000 | 45179 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02%, (SOFR + 1.83%), 1/24/36<sup>(b)</sup> | $60000 | $61268 |
| First Horizon Corp., 5.51%, (SOFR + 1.77%), 3/7/31<sup>(b)</sup> | 55000 | 55715 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 4/1/26 | 225000 | 225000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%, (3 Month Term SOFR + 1.21%), 1/23/29<sup>(b)</sup> | 125000 | 122973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, (3 Month Term SOFR + 2.52%), 5/13/31<sup>(b)</sup> | 25000 | 23294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, (SOFR + 0.84%), 1/22/32<sup>(b)</sup> | 90000 | 88724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, (SOFR + 1.26%), 1/25/33<sup>(b)</sup> | 50000 | 45346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, (SOFR + 1.68%), 4/22/36<sup>(b)</sup> | 145000 | 149362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, (SOFR + 1.07%), 1/22/37<sup>(b)</sup> | 120000 | 117487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, (SOFR + 1.30%), 2/5/37<sup>(b)</sup> | 75000 | 73737 |
| M&T Bank Corp., 5.05%, (SOFR + 1.85%), 1/27/34<sup>(b)</sup> | 90000 | 88912 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 1/20/27 | 50000 | 49783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 4/23/27 | 30000 | 29819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, (SOFR + 1.59%), 4/20/29<sup>(b)</sup> | 155000 | 156777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43%, (3 Month Term SOFR + 1.89%), 1/23/30<sup>(b)</sup> | 50000 | 49775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, (SOFR + 1.14%), 1/22/31<sup>(b)</sup> | 75000 | 69646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, (SOFR + 1.03%), 2/13/32<sup>(b)</sup> | 125000 | 108244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, (SOFR + 1.73%), 1/18/35<sup>(b)</sup> | 30000 | 30502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, (SOFR + 1.76%), 4/17/36<sup>(b)</sup> | 50000 | 51248 |
| Toronto-Dominion Bank (The), 4.46%, 6/8/32 | 25000 | 24580 |
| Truist Financial Corp., 6.05%, (SOFR + 2.05%), 6/8/27<sup>(b)</sup> | 25000 | 25065 |
| UBS Group AG, 4.55%, 4/17/26 | 255000 | 254996 |
| US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, (SOFR + 2.02%), 6/12/29<sup>(b)</sup> | 70000 | 71980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, (SOFR + 2.11%), 7/22/33<sup>(b)</sup> | 140000 | 138474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, (SOFR + 2.09%), 10/21/33<sup>(b)</sup> | 50000 | 52525 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/23/26 | 325000 | 322752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 7/22/27 | 100000 | 99858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 1/24/29 | 25000 | 24853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, (SOFR + 2.10%), 7/25/33<sup>(b)</sup> | 11000 | 10939 |
| Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34<sup>(b)</sup> | 75000 | 73122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, (US 1 Year CMT T-Note + 1.20%), 11/20/35<sup>(b)</sup> | 114000 | 115373 |
|  |  | 4721873 |
| **Beverages - 1.2%** |  |  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20%, 1/15/39 | 25000 | 31448 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 1/23/39 | $35000 | $35584 |
| Coca-Cola Consolidated, Inc., 5.45%, 6/1/34 | 40000 | 41019 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 2/15/28 | 100000 | 98534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 8/1/29 | 125000 | 119634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 8/1/31 | 50000 | 44090 |
| Keurig Dr Pepper, Inc., 3.80%, 5/1/50 | 19000 | 13241 |
| Pernod Ricard International Finance LLC, 1.63%, 4/1/31<sup>(a)</sup> | 330000 | 285040 |
|  |  | 668590 |
| **Biotechnology - 0.6%** |  |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/2/30 | 130000 | 133493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/2/33 | 84000 | 86252 |
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 9/2/30 | 70000 | 63020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 9/2/34 | 79000 | 79677 |
|  |  | 362442 |
| **Building Materials - 0.3%** |  |  |
| Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 2/15/31 | 75000 | 68767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 3/15/34 | 101000 | 106384 |
|  |  | 175151 |
| **Chemicals - 0.0%<sup>†</sup>** |  |  |
| International Flavors & Fragrances, Inc., 1.83%, 10/15/27<sup>(a)</sup> | 27000 | 25896 |
| **Commercial Services - 0.6%** |  |  |
| Cornell University, 4.73%, 6/15/35 | 130000 | 128877 |
| Global Payments, Inc., 5.55%, 11/15/35 | 80000 | 77113 |
| Quanta Services, Inc., 5.25%, 8/9/34 | 68000 | 68451 |
| S&P Global, Inc., 2.95%, 1/22/27 | 50000 | 49484 |
|  |  | 323925 |
| **Computers - 0.1%** |  |  |
| Dell International LLC / EMC Corp., 5.30%, 10/1/29 | 25000 | 25518 |
| Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | 57000 | 55210 |
|  |  | 80728 |
| **Diversified Financial Services - 1.7%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/29/26 | 225000 | 222413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/31 | 150000 | 152231 |
| Air Lease Corp., 3.75%, 6/1/26 | 175000 | 174724 |
| Ally Financial, Inc., 2.20%, 11/2/28 | 100000 | 94052 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 5/4/28<sup>(a)</sup> | 40000 | 41170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 1/15/30<sup>(a)</sup> | 26000 | 26093 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Diversified Financial Services (continued)** |  |  |
| Capital One Financial Corp., 6.18%, (SOFR + 2.04%), 1/30/36<sup>(b)</sup> | $120000 | $122183 |
| Nasdaq, Inc., 3.25%, 4/28/50 | 25000 | 16678 |
| Synchrony Financial, 4.95%, (SOFR + 1.53%), 2/25/32<sup>(b)</sup> | 80000 | 77644 |
|  |  | 927188 |
| **Electric - 1.4%** |  |  |
| Ameren Corp., 3.50%, 1/15/31 | 25000 | 23719 |
| American Electric Power Co., Inc., 2.30%, 3/1/30 | 50000 | 45756 |
| Dominion Energy, Inc., 3.38%, 4/1/30 | 50000 | 47742 |
| Duke Energy Carolinas LLC, 3.95%, 3/15/48 | 25000 | 19234 |
| Duquesne Light Holdings, Inc., 2.53%, 10/1/30<sup>(a)</sup> | 100000 | 91008 |
| Entergy Corp., 2.95%, 9/1/26 | 175000 | 173984 |
| Exelon Corp., 4.05%, 4/15/30 | 50000 | 48960 |
| FirstEnergy Corp., 2.25%, 9/1/30 | 50000 | 45042 |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | 80000 | 75858 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 8/1/27 | 25000 | 24225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/1/31 | 50000 | 44797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 8/1/40 | 25000 | 18718 |
| Southern California Edison Co., 4.20%, 3/1/29 | 100000 | 98968 |
|  |  | 758011 |
| **Electronics - 0.1%** |  |  |
| Allegion US Holding Co., Inc., 5.60%, 5/29/34 | 45000 | 45947 |
| **Engineering & Construction - 0.4%** |  |  |
| Mexico City Airport Trust, 3.88%, 4/30/28<sup>(a)</sup> | 200000 | 196166 |
| **Environmental Control - 0.1%** |  |  |
| Republic Services, Inc., 4.88%, 4/1/29 | 50000 | 50749 |
| **Food - 1.4%** |  |  |
| Campbell's Co. (The), 4.75%, 3/23/35 | 39000 | 35908 |
| J M Smucker Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/28 | 83000 | 85839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/33 | 47000 | 49828 |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 3/1/30<sup>(a)</sup> | 150000 | 151591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/32<sup>(a)</sup> | 125000 | 126497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 3/1/35<sup>(a)</sup> | 200000 | 202035 |
| Sysco Corp., 4.45%, 3/15/48 | 25000 | 19768 |
| The Campbell's Co., 5.40%, 3/21/34 | 117000 | 113610 |
|  |  | 785076 |
| **Gas - 0.0%<sup>†</sup>** |  |  |
| NiSource, Inc., 3.60%, 5/1/30 | 25000 | 24086 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Healthcare-Products - 0.3%** |  |  |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 3/1/29 | $47000 | $48092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 3/23/34 | 60000 | 61359 |
| STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31 | 75000 | 68069 |
|  |  | 177520 |
| **Healthcare-Services - 3.2%** |  |  |
| Adventist Health System/West |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 3/1/29 | 25000 | 23782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74%, 12/1/30 | 155000 | 153492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76%, 12/1/34 | 35000 | 36065 |
| Ascension Health, 4.92%, 11/15/35 | 75000 | 74128 |
| Banner Health, 2.34%, 1/1/30 | 145000 | 134437 |
| Baylor Scott & White Holdings, 1.78%, 11/15/30 | 50000 | 44408 |
| Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 5/15/31 | 85000 | 86732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 8/15/38 | 75000 | 70577 |
| CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 9/1/30 | 40000 | 39369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98%, 9/1/35 | 65000 | 63472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%, 10/1/50 | 110000 | 80762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46%, 11/1/52 | 105000 | 111737 |
| Elevance Health, Inc., 4.60%, 9/15/32 | 150000 | 147653 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/15/27 | 100000 | 99998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 4/1/31 | 125000 | 128165 |
| Humana, Inc., 5.95%, 3/15/34 | 20000 | 20383 |
| Laboratory Corp. of America Holdings, 4.80%, 10/1/34 | 35000 | 34087 |
| PeaceHealth Obligated Group, 4.34%, 11/15/28 | 55000 | 54730 |
| Rush System for Health Obligated Group, 3.92%, 11/15/29 | 60000 | 59034 |
| Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29%, 8/15/30 | 25000 | 22798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 8/15/48 | 225000 | 178944 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 2/15/53 | 50000 | 49353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 4/15/53 | 50000 | 44092 |
|  |  | 1758198 |
| **Home Builders - 0.1%** |  |  |
| Lennar Corp., 4.75%, 11/29/27 | 45000 | 45067 |
| **Insurance - 0.8%** |  |  |
| Assurant, Inc., 3.70%, 2/22/30 | 191000 | 183298 |
| Chubb INA Holdings LLC, 6.80%, 11/15/31 | 49000 | 54108 |
| Principal Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 11/15/26 | 75000 | 74465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 6/15/30 | 100000 | 90275 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Insurance (continued)** |  |  |
| Willis North America, Inc., 2.95%, 9/15/29 | $50000 | $47326 |
|  |  | 449472 |
| **Internet - 1.4%** |  |  |
| Alphabet, Inc., 4.10%, 11/15/30 | 250000 | 248257 |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 2/15/30 | 28000 | 26451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 3/15/31 | 14000 | 12831 |
| Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 11/15/30 | 100000 | 98986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/35 | 225000 | 220828 |
| Netflix, Inc., 5.88%, 11/15/28 | 95000 | 98839 |
| Uber Technologies, Inc., 4.50%, 8/15/29<sup>(a)</sup> | 50000 | 49589 |
|  |  | 755781 |
| **Investment Companies - 0.1%** |  |  |
| Blackstone Private Credit Fund, 6.00%, 1/29/32 | 25000 | 24233 |
| Blackstone Secured Lending Fund, 5.88%, 11/15/27 | 25000 | 25082 |
|  |  | 49315 |
| **Leisure Time - 0.2%** |  |  |
| Royal Caribbean Cruises Ltd., 5.25%, 2/27/38 | 90000 | 85639 |
| **Lodging - 1.0%** |  |  |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 1/15/31 | 94000 | 88241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 8/1/34 | 45000 | 45396 |
| Hyatt Hotels Corp., 5.50%, 6/30/34 | 147000 | 148552 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 4/15/29 | 50000 | 50572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 5/15/29 | 39000 | 39439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 4/15/31 | 175000 | 160242 |
| Marriott International, Inc./Md, 4.50%, 5/1/33 | 50000 | 48324 |
|  |  | 580766 |
| **Machinery-Construction & Mining - 0.2%** |  |  |
| Vertiv Holdings Co., 4.85%, 3/15/36 | 100000 | 97277 |
| **Machinery-Diversified - 0.1%** |  |  |
| IDEX Corp., 2.63%, 6/15/31 | 25000 | 22551 |
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | 45000 | 46789 |
|  |  | 69340 |
| **Media - 0.2%** |  |  |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/1/34 | 98000 | 99541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 4/1/40 | 25000 | 20292 |
|  |  | 119833 |
| **Oil & Gas - 0.3%** |  |  |
| Marathon Petroleum Corp., 3.80%, 4/1/28 | 25000 | 24708 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Oil & Gas (continued)** |  |  |
| Phillips 66, 3.90%, 3/15/28 | $150000 | $148619 |
|  |  | 173327 |
| **Pharmaceuticals - 0.5%** |  |  |
| Cencora, Inc., 2.70%, 3/15/31 | 117000 | 106646 |
| CVS Health Corp., 4.78%, 3/25/38 | 160000 | 147305 |
|  |  | 253951 |
| **Pipelines - 1.2%** |  |  |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 4/15/29 | 100000 | 101821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 4/15/47 | 25000 | 22094 |
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40 | 169782 | 137231 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 2/15/29 | 50000 | 50395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 8/15/30 | 125000 | 115207 |
| Sabine Pass Liquefaction LLC, 5.00%, 3/15/27 | 100000 | 100184 |
| Targa Resources Corp., 4.20%, 2/1/33 | 40000 | 37881 |
| Williams Cos., Inc. (The), 5.65%, 3/15/33 | 75000 | 77512 |
|  |  | 642325 |
| **REITS - 2.1%** |  |  |
| Agree LP, 4.80%, 10/1/32 | 35000 | 34659 |
| American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 2/15/29 | 50000 | 50241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 7/15/31 | 30000 | 26403 |
| Camden Property Trust, 2.80%, 5/15/30 | 75000 | 70050 |
| Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 9/1/27 | 75000 | 74101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 7/1/30 | 204000 | 191145 |
| CubeSmart LP, 2.50%, 2/15/32 | 15000 | 13140 |
| Essex Portfolio LP, 3.00%, 1/15/30 | 75000 | 70658 |
| Host Hotels & Resorts LP, 2.90%, 12/15/31 | 42000 | 37336 |
| Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | 50000 | 47055 |
| Kilroy Realty LP, 4.75%, 12/15/28 | 79000 | 78352 |
| Prologis LP, 4.63%, 1/15/33 | 75000 | 74243 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/1/26 | 75000 | 75013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 1/15/30 | 100000 | 95891 |
| Regency Centers LP, 2.95%, 9/15/29 | 125000 | 119133 |
| UDR, Inc., 2.10%, 8/1/32 | 25000 | 21148 |
| WP Carey, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 7/15/29 | 75000 | 73227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 2/1/31 | 25000 | 22360 |
|  |  | 1174155 |
| **Retail - 0.6%** |  |  |
| 7-Eleven, Inc., 1.30%, 2/10/28<sup>(a)</sup> | 100000 | 94298 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Retail (continued)** |  |  |
| Alimentation Couche-Tard, Inc., 3.55%, 7/26/27<sup>(a)</sup> | $50000 | $49418 |
| AutoNation, Inc., 1.95%, 8/1/28 | 25000 | 23517 |
| Lowe's Cos., Inc., 1.70%, 9/15/28 | 75000 | 70478 |
| O'reilly Automotive, Inc., 5.10%, 3/12/36 | 40000 | 39502 |
| Starbucks Corp., 4.00%, 11/15/28 | 75000 | 74391 |
|  |  | 351604 |
| **Semiconductors - 0.9%** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 4/15/33 | 150000 | 137204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47%, 4/15/34 | 40000 | 36039 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 2/10/33 | 100000 | 100806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 2/21/34 | 28000 | 27932 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 5/1/30 | 50000 | 47665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 5/11/31 | 125000 | 112188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 2/15/32 | 75000 | 66048 |
|  |  | 527882 |
| **Software - 3.3%** |  |  |
| Constellation Software, Inc., 5.46%, 2/16/34<sup>(a)</sup> | 41000 | 40219 |
| Electronic Arts, Inc., 2.95%, 2/15/51 | 54000 | 43502 |
| Fidelity National Information Services, Inc., 4.80%, 3/10/31 | 100000 | 99188 |
| Fiserv, Inc., 4.20%, 10/1/28 | 100000 | 98834 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/6/28 | 75000 | 74638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 4/1/30 | 25000 | 22806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 5/6/30 | 100000 | 97704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 3/25/31 | 225000 | 200090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 2/3/32 | 90000 | 88379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 9/26/32 | 90000 | 85684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 2/6/33 | 91000 | 86286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 5/4/33 | 80000 | 77898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | 105000 | 98298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 2/4/36 | 80000 | 76979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 4/1/40 | 25000 | 18141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 8/3/55 | 25000 | 21024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 2/4/56 | 40000 | 37036 |
| Salesforce, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 9/15/31 | 230000 | 229571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 3/15/36 | 209000 | 208420 |
| Synopsys, Inc., 5.00%, 4/1/32 | 55000 | 55481 |
| VMware LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 8/15/28 | 25000 | 23527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 8/15/31 | 75000 | 65844 |
|  |  | 1849549 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Telecommunications - 1.3%** |  |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 8/15/37 | $50000 | $48057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 3/1/39 | 85000 | 79131 |
| Rogers Communications, Inc., 3.20%, 3/15/27 | 215000 | 212331 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 4/15/27 | 111000 | 110305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 1/15/33 | 150000 | 152752 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02%, 12/3/29 | 25000 | 24655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 3/21/31 | 100000 | 90814 |
|  |  | 718045 |
| **Transportation - 0.3%** |  |  |
| Burlington Northern Santa Fe LLC, 3.25%, 6/15/27 | 75000 | 74362 |
| FedEx Corp., 3.40%, 2/15/28 | 25000 | 24560 |
| Union Pacific Corp., 2.80%, 2/14/32 | 100000 | 90847 |
|  |  | 189769 |
| **Trucking & Leasing - 0.1%** |  |  |
| Penske Truck Leasing Co. LP / PTL Finance Corp., 5.25%, 7/1/29<sup>(a)</sup> | 48000 | 48712 |
| **Total Corporate Bonds and Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $20,749,680)** |  | **20233409** |
| **Agency Mortgage Backed Securities - 29.6%** |  |  |
| **Federal Home Loan Mortgage Corporation - 5.5%** |  |  |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/50 | 332316 | 319262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/1/50 | 500994 | 449840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 9/1/51 | 678809 | 581364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 1/1/52 | 1596610 | 1293419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/1/52 | 435576 | 424784 |
|  |  | 3068669 |
| **Federal National Mortgage Association - 15.2%** |  |  |
| Fannie Mae or Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05%, 4/1/41<sup>(c)</sup> | 1000000 | 991836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/56<sup>(c)</sup> | 1500000 | 1506445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/1/56<sup>(c)</sup> | 1000000 | 1018750 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/1/31 | 124920 | 125770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 7/1/48 | 252520 | 246331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/48 | 170554 | 171851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/50 | 820207 | 666295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/1/50 | 795925 | 684225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 3/1/51 | 60714 | 52175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 9/1/51 | 77280 | 66417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/51 | 304639 | 261849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/1/51 | 179299 | 154093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/1/51 | 140524 | 120762 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Federal National Mortgage Association (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/1/52 | $185282 | $156903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/52 | 775082 | 768741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/1/52 | 750605 | 762478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/1/52 | 673409 | 698698 |
|  |  | 8453619 |
| **Government National Mortgage Association - 8.9%** |  |  |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/1/48 | 86776 | 85047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/1/48 | 90878 | 89397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/1/48 | 114289 | 112064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/1/48 | 23104 | 23231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 9/1/48 | 403091 | 396521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/48 | 133836 | 135192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/48 | 82020 | 82851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/1/48 | 43833 | 44070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/49 | 128738 | 129370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/49 | 118424 | 112398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/1/49 | 3833 | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/49 | 61113 | 60754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/1/49 | 105940 | 101151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/1/49 | 90649 | 89174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 3/1/50 | 329280 | 294525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/51 | 656980 | 585997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/1/51 | 849572 | 700718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 6/1/52 | 833632 | 771556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/52 | 755730 | 736535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 5/1/54 | 416233 | 419454 |
|  |  | 4973776 |
| **Total Agency Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $16,987,819)** |  | **16496064** |
| **Asset Backed and Commercial Backed Securities - 20.0%** |  |  |
| Bain Capital Credit CLO 2019-1, 5.06%, (3 Month Term SOFR + 1.40%), 4/19/34 <sup>(a),(b)</sup> | 200000 | 199921 |
| BANK 2025-BNK51, 5.29%, 12/11/67 | 100000 | 101797 |
| BANK5 2024-5YR9, 6.18%, 8/1/57 <sup>(d)</sup> | 150000 | 155475 |
| Barclays Dryrock Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 2/15/29 | $300000 | 300059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 7/15/31 | 125000 | 124668 |
| Barings CLO Ltd. 2024-I, 4.85%, (3 Month Term SOFR + 1.17%), 1/20/39 <sup>(a),(b)</sup> | 250000 | 249194 |
| BBCMS Mortgage Trust 2024-5C25, 6.36%, 3/1/57 <sup>(d)</sup> | 100000 | 103690 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Belmont Park CLO Ltd., 0.00%, (3 Month Term SOFR + 1.28%), 4/15/37 <sup>(a),(b)</sup> | $270000 | $270000 |
| BFLD Commercial Mortgage Trust 2025-660F, 5.17%, (1 Month Term SOFR + 1.50%), 11/15/42 <sup>(a),(b)</sup> | 200000 | 199604 |
| BMO 2023-C7 Mortgage Trust, 6.16%, 12/1/56 | 100000 | 106007 |
| BMO 2024-5C4 Mortgage Trust, 6.53%, 5/15/57 <sup>(d)</sup> | 125000 | 130764 |
| BX Commercial Mortgage Trust 2024-XL4, 5.11%, (1 Month Term SOFR + 1.44%), 2/15/39 <sup>(a),(b)</sup> | 79918 | 79944 |
| BX Commercial Mortgage Trust 2024-XL5, 5.06%, (1 Month Term SOFR + 1.39%), 3/15/39 <sup>(a),(b)</sup> | 61129 | 61148 |
| BX Commercial Mortgage Trust 2026-CSMO, 5.07%, (1 Month Term SOFR + 1.40%), 2/15/43 <sup>(a),(b)</sup> | 100000 | 99956 |
| BX Trust 2024-BIO, 5.31%, (1 Month Term SOFR + 1.64%), 2/15/41 <sup>(a),(b)</sup> | 150000 | 149524 |
| CarVal CLO IX-C Ltd., 5.77%, (3 Month Term SOFR + 2.10%), 4/20/37 <sup>(a),(b)</sup> | 250000 | 250235 |
| CBAMR 2017-4 Ltd., 5.09%, (3 Month Term SOFR + 1.42%), 3/31/38 <sup>(a),(b)</sup> | 250000 | 250293 |
| COLT 2021-2 Mortgage Loan Trust, 0.92%, 8/1/66 <sup>(a),(d)</sup> | 54293 | 47582 |
| COLT 2025-8 Mortgage Loan Trust, 5.48%, 8/1/70 <sup>(a),(e)</sup> | 159982 | 160353 |
| Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, (SOFR + 1.65%), 12/25/41<sup>(a),(b)</sup> | 33660 | 33715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46%, (SOFR + 1.80%), 1/25/44<sup>(a),(b)</sup> | 50000 | 50027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, (SOFR + 1.95%), 3/25/44<sup>(a),(b)</sup> | 50000 | 49983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, (SOFR + 0.85%), 1/25/46<sup>(a),(b)</sup> | 154724 | 153895 |
| Csmc 2021-Nqm6 Trust, 1.17%, 7/1/66 <sup>(a),(d)</sup> | 73365 | 62480 |
| Dewolf Park CLO Ltd., 4.87%, (3 Month Term SOFR + 1.21%), 1/22/39 <sup>(a),(b)</sup> | 260000 | 259297 |
| DOLP Trust 2021-NYC, 2.96%, 5/1/41 <sup>(a)</sup> | 100000 | 89777 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Durst Commercial Mortgage Trust 2025-151, 4.80%, 8/1/42 <sup>(a),(d)</sup> | $150000 | $151287 |
| EFMT 2026-NQM4, 5.47%, 4/1/71 <sup>(a),(e)</sup> | 125000 | 125179 |
| Fannie Mae Remics, 4.66%, (SOFR + 1.00%), 3/25/55 <sup>(b)</sup> | 131341 | 131877 |
| Fidelity Grand Harbour Clo 2023-1 DAC, 3.73%, 2/15/38 <sup>(a)</sup> | 250000 | 286013 |
| Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 10/1/28<sup>(d)</sup> | 50000 | 50830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, (SOFR + 0.68%), 2/25/33<sup>(b)</sup> | 75339 | 75427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/1/33<sup>(d)</sup> | 150000 | 153753 |
| Freddie Mac STACR REMIC Trust 2021-DNA5, 5.31%, (SOFR + 1.65%), 1/25/34 <sup>(a),(b)</sup> | 5756 | 5752 |
| Freddie Mac STACR REMIC Trust 2024-DNA2, 4.86%, (SOFR + 1.20%), 5/25/44 <sup>(a),(b)</sup> | 81257 | 81222 |
| Freddie Mac STACR REMIC Trust 2024-DNA3, 4.61%, (SOFR + 0.95%), 9/25/45 <sup>(a),(b)</sup> | 147250 | 146785 |
| Generate CLO 22 Ltd., 5.00%, (3 Month Term SOFR + 1.33%), 7/20/38 <sup>(a),(b)</sup> | 250000 | 250257 |
| Ginnie Mae, 2.00%, 8/1/51 | 338430 | 285397 |
| GoldenTree Loan Management US CLO 19 Ltd., 4.82%, (3 Month Term SOFR + 1.15%), 7/20/39 <sup>(a),(b)</sup> | 250000 | 249499 |
| Honda Auto Receivables 2023-4 Owner Trust, 5.67%, 6/21/28 | 138441 | 139672 |
| IRV Trust 2025-200P |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 3/1/47<sup>(a),(d)</sup> | 200000 | 201854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, 3/1/47<sup>(a),(d)</sup> | 150000 | 149316 |
| J.P. Morgan Mortgage Trust 2024-1, 6.00%, 6/1/54 <sup>(a),(d)</sup> | 43081 | 43025 |
| JP Morgan Mortgage Trust 2021-6, 2.50%, 10/1/51 <sup>(a),(d)</sup> | 85214 | 70542 |
| JP Morgan Mortgage Trust Series 2024-VIS2, 5.85%, 11/1/64 <sup>(a),(e)</sup> | 238266 | 239860 |
| LEX 2024-BBG Mortgage Trust, 4.87%, 10/1/33 <sup>(a),(d)</sup> | 150000 | 149413 |
| Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/1/53 | 250000 | 225611 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM4, 5.59%, 6/1/70 <sup>(a),(e)</sup> | 168472 | 168661 |
| Nissan Auto Receivables 2023-B Owner Trust, 5.93%, 3/15/28 | 20387 | 20498 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| NYC Commercial Mortgage Trust 2025-11X, 5.42%, (1 Month Term SOFR + 1.74%), 10/15/40 <sup>(a),(b)</sup> | $100000 | $100061 |
| NYC Trust 2025-77C, 4.79%, 1/1/36 <sup>(a),(d)</sup> | 150000 | 148915 |
| OBX 2024-NQM14 Trust, 4.94%, 9/1/64 <sup>(a),(e)</sup> | 124054 | 123048 |
| OBX 2025-NQM11 Trust, 5.42%, 5/1/65 <sup>(a),(e)</sup> | 123219 | 123074 |
| OCP CLO 2017-14 Ltd., 5.04%, (3 Month Term SOFR + 1.37%), 7/20/37 <sup>(a),(b)</sup> | 350000 | 350029 |
| OHA Credit Funding 7 Ltd., 4.95%, (3 Month Term SOFR + 1.28%), 7/19/38 <sup>(a),(b)</sup> | 275000 | 275015 |
| Pikes Peak CLO 19 2025, 5.01%, (3 Month Term SOFR + 1.34%), 7/20/38 <sup>(a),(b)</sup> | 250000 | 250107 |
| PRKCM 2021-AFC2 Trust, 2.07%, 11/1/56 <sup>(a),(d)</sup> | 172475 | 152983 |
| RAD CLO 27 Ltd., 4.99%, (3 Month Term SOFR + 1.32%), 1/15/38 <sup>(a),(b)</sup> | 150000 | 149997 |
| Regatta 30 Funding Ltd., 4.99%, (3 Month Term SOFR + 1.32%), 1/25/38 <sup>(a),(b)</sup> | 275000 | 275179 |
| ROCK TRUST 2024-CNTR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 11/1/41<sup>(a)</sup> | 100000 | 102246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 11/13/41<sup>(a)</sup> | 150000 | 152578 |
| Santander Drive Auto Receivables Trust 2025-1, 4.74%, 1/16/29 | 121994 | 122221 |
| Sixth Street CLO XVI Ltd., 4.83%, (3 Month Term SOFR + 1.17%), 1/21/39 <sup>(a),(b)</sup> | 300000 | 299195 |
| Sound Point Euro Clo 14 funding DAC, 3.63%, 4/20/39 <sup>(a)</sup> | 250000 | 284273 |
| Starwood Mortgage Residential Trust 2020-2, 3.00%, 4/1/60 <sup>(a),(d)</sup> | 150000 | 145803 |
| Texas Debt Capital CLO 2025-I Ltd., 4.81%, (3 Month Term SOFR + 1.14%), 4/24/38 <sup>(a),(b)</sup> | 275000 | 274008 |
| Verus Securitization Trust 2022-1, 3.29%, 1/1/67 <sup>(a),(d)</sup> | 97696 | 90895 |
| Warwick Capital CLO 1 Ltd., 4.95%, (3 Month Term SOFR + 1.28%), 10/20/38 <sup>(a),(b)</sup> | 250000 | 249504 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** | **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Wells Fargo Mortgage Backed Securities Trust 2019-3, 3.50%, 7/1/49 <sup>(a),(d)</sup> |  | $4789 | $4376 |
| Wonder Lake Park CLO Ltd., 4.96%, (3 Month Term SOFR + 1.29%), 7/24/38 <sup>(a),(b)</sup> |  | 325000 | 325139 |
| **Total Asset Backed and Commercial Backed Securities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $11,129,601)** |  |  | **11139764** |
| **U.S. Treasury Securities and Agency Bonds - 14.1%** | **U.S. Treasury Securities and Agency Bonds - 14.1%** |  |  |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 4/12/32 |  | 290000 | 271152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/32 |  | 40000 | 38536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 3/28/34 |  | 370000 | 334701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 4/23/35 |  | 540000 | 425003 |
| Federal Home Loan Banks, 4.75%, 12/10/32 |  | 80000 | 82384 |
| U.S. Treasury Bond | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/41 |  | 1560000 | 1570786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 5/15/44 |  | 1440000 | 1399388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 5/15/48 |  | 260000 | 196056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/48 |  | 250000 | 196338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 5/15/49 |  | 260000 | 185311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 5/15/55 |  | 170000 | 165962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 8/15/55 |  | 160000 | 156325 |
| U.S. Treasury Note | U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/15/27 |  | 1090000 | 1098397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/30/30 |  | 370000 | 367615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 3/31/31 |  | 290000 | 289094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 3/31/32 |  | 520000 | 522011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 3/31/33 |  | 360000 | 362644 |
| U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/29<sup>(f)</sup> |  | 68600 | 59581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/30<sup>(f)</sup> |  | 30000 | 25242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/30<sup>(f)</sup> |  | 30000 | 24987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/31<sup>(f)</sup> |  | 30000 | 23908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 5/15/32<sup>(f)</sup> |  | 64500 | 50288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/33<sup>(f)</sup> |  | 30000 | 22035 |
| **Total U.S. Treasury Securities and Agency Bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $8,057,255)** |  |  | **7867744** |
| **Sovereign Debts - 1.4%** | **Sovereign Debts - 1.4%** |  |  |
| Chile Government International Bond, 4.95%, 1/5/36 |  | 200000 | 197452 |
| Eagle Funding Luxco Sarl, 5.50%, 8/17/30 <sup>(a)</sup> |  | 250000 | 250575 |
| Indonesia Government International Bond, 4.10%, 3/4/34 | EUR | 100000 | 110684 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares/<br> Principal** | **Fair Value** |
| **Sovereign Debts (continued)** | **Sovereign Debts (continued)** |  |  |
| Peruvian Government International Bond, 3.23%, 7/28/21 |  | $20000 | $10665 |
| Republic of Poland Government International Bond, 5.50%, 3/18/54 |  | 30000 | 27729 |
| Romanian Government International Bond | Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/27/27<sup>(a)</sup> |  | 30000 | 29412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 7/16/31 | EUR | 30000 | 29694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 1/30/34 |  | 80000 | 79524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/4/36<sup>(a)</sup> |  | 20000 | 18540 |
| **Total Sovereign Debts** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $783,851)** |  |  | **754275** |
| **Municipal Bonds - 1.0%** | **Municipal Bonds - 1.0%** |  |  |
| Maryland Economic Development Corp. | Maryland Economic Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83%, 11/30/30 |  | 25000 | 25518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 11/30/32 |  | 60000 | 61386 |
| Metropolitan Transportation Authority, 5.18%, 11/15/49 |  | 15000 | 13995 |
| New Jersey Turnpike Authority, 7.10%, 1/1/41 |  | 25000 | 28841 |
| State of California, 7.60%, 11/1/40 |  | 175000 | 209913 |
| State of Illinois, 5.10%, 6/1/33 |  | 231225 | 235528 |
| **Total Municipal Bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $603,678)** |  |  | **575181** |
| **Short-Term Investments - 2.9%** | **Short-Term Investments - 2.9%** |  |  |
| **Money Market Funds - 2.9%** | **Money Market Funds - 2.9%** |  |  |
| Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53%<sup>(g)</sup> (Cost - $1,633,837) |  | 1633837 | 1633837 |
| **Total Short-Term Investments<br> (Cost - $1,633,837)** |  |  | **1633837** |
| **Total Investments - 105.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $59,945,721)** |  |  | **$58700274** |
| **Other Assets Less Liabilities - Net (5.3)%** |  |  | **(2937141)** |
| **Total Net Assets - 100.0%** |  |  | **$55763133** |

---

† Represents less than 0.05%.

(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of March 31, 2026, these securities amounted to $10,689,149 or 19.2% of net assets.

(b) Variable rate or fixed to variable rate security. The rate shown is the rate in effect at period end.

(c) When-issued, or delayed delivery. All or a portion may be subject to dollar-roll transactions.

(d) Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. The coupon rate shown represents the rate at period end.

(e) Step coupon.

(f) Rate shown represents discount rate at the time of purchase.

(g) The rate shown is the annualized seven-day yield at period end.

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | |
|:---|:---|
| CLO | Collateralized Loan Obligation |
| CMT | Treasury Constant Maturity Rate |
| EUR | EURO |
| PLC | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STRIP | Separate trading of registered interest and principal of securities |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** |
| At March 31, 2026, the Fund had the following forward sales contracts: | At March 31, 2026, the Fund had the following forward sales contracts: | At March 31, 2026, the Fund had the following forward sales contracts: | At March 31, 2026, the Fund had the following forward sales contracts: | At March 31, 2026, the Fund had the following forward sales contracts: | At March 31, 2026, the Fund had the following forward sales contracts: |
| **Description** | **Interest Rate** | **Maturity Date<sup>\*</sup>** | **Settlement Date** | **Principal Amount** | **Value** |
| Fannie Mae or Freddie Mac | 4.50% | TBA - 30Yr | 4/1/2056 | $(500000) | $(482187) |
| Fannie Mae or Freddie Mac | 0.00% | TBA - 30Yr | 4/1/2056 | (250000) | (246445) |
| Ginnie Mae | 0.00% | TBA - 30Yr | 4/20/2053 | (1000000) | (964492) |
| (Proceeds Receivable: $(1706054)) | (Proceeds Receivable: $(1706054)) | (Proceeds Receivable: $(1706054)) | (Proceeds Receivable: $(1706054)) |  | $(1693124) |

---

\* TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date.The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | | | |
|  | **Counterparty** | **Number of Contracts** | <br>**Expiration Date** | <br>**Notional Value** | <br>**Fair Value/Unrealized Appreciation<br> (Depreciation)** |
| **Long Futures Contracts** |  |  |  |  |  |
| EURO-SCHATZ Future | Morgan Stanley | 10 | 6/8/2026 | $1218452 | $(4108) |
| ICE 3 Month SONIA Future | Morgan Stanley | 9 | 3/16/2027 | 2837711 | (26011) |
| U.S. 10 Year Note Future | Morgan Stanley | 12 | 6/18/2026 | 1332563 | (9256) |
| U.S. 2 Year Note Future | Morgan Stanley | 37 | 6/30/2026 | 7675477 | (56928) |
| U.S. 5 Year Note Future | Morgan Stanley | 28 | 6/30/2026 | 3029031 | (22102) |
| U.S. Long Bond Future | Morgan Stanley | 10 | 6/18/2026 | 1138750 | (19313) |
| U.S. Ultra Bond Future | Morgan Stanley | 27 | 6/18/2026 | 3147188 | (95682) |
|  |  |  |  |  | (233400) |
| **Short Futures Contracts** |  |  |  |  |  |
| U.S. 10 Year Ultra Future | Morgan Stanley | 13 | 6/18/2026 | 1475703 | 29737 |
| TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS |  | $(203663) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Over the Counter ("OTC") Interest Rate Swaptions Purchased** | **Over the Counter ("OTC") Interest Rate Swaptions Purchased** | **Over the Counter ("OTC") Interest Rate Swaptions Purchased** | | | | | |
| **Counterparty** | **Floating Rate Index** | **Exercise Rate** | <br>**Expiration Date** | <br>**Notional Amount** | <br>**Fair Value** | <br>**Premiums Paid** | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America, NA Call | 6 Month EUR | Receives 2.25% | 04/29/26 | 130000 | $5 | $866 | $(861) |
| TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | $5 | $866 | $(861) |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | **OTC Interest Rate Swaptions Written** | | | | | |
| **Counterparty** | **Floating Rate Index** | **Exercise Rate** | <br>**Expiration Date** | <br>**Notional Amount** | <br>**Fair Value** | <br>**Premiums Received** | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America, NA Call | 6 Month EUR | Receives 2.586% | 04/29/26 | 30000 | $(7) | $(869) | $862 |
| TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | $(7) | $(869) | $862 |

---

\* The Fund may receive or pay a variable rate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** | |
| **Payment Frequency** | **Fund Receives** | **Fund Pays** | **Expiration Date** | **Notional Amount** | | **Fair Value** | **Premiums Paid (Received)** | <br>**Unrealized Appreciation<br> (Depreciation)** |
| Annually | SOFR-COMPOUND | 3.062% | 08/31/27 | 460000 | USD | $2695 | $433 | $2262 |
| Annually | Tokyo Overnight Average Rate | 1.250% | 12/15/27 | 434730000 | JPY | 6508 | 948 | 5560 |
| Annually | SOFR-COMPOUND | 3.175% | 03/15/28 | 1820000 | USD | 12694 | 760 | 11934 |
| Annually | 2.000% | Euro Short-Term Rate | 06/17/28 | 10000 | EUR | (137) | (93) | (44) |
| Semi-Annually | Canadian Overnight Index | 2.500% | 06/19/28 | 120000 | CAD | 495 | 60 | 435 |
| Annually | Sterling Overnight Index Average | 4.000% | 06/19/28 | 110000 | GBP | 778 | (500) | 1278 |
| Semi-Annually | 6 Month Euribor | 2.500% | 06/19/28 | 190000 | EUR | 1654 | (22) | 1676 |
| Annually | SOFR-COMPOUND | 3.250% | 06/19/28 | 290000 | USD | 1916 | 990 | 926 |
| Semi-Annually | Canadian Overnight Index | 2.750% | 06/19/28 | 250000 | CAD | 167 | 717 | (550) |
| Annually | 3.750% | Sterling Overnight Index Average | 06/19/28 | 1160000 | GBP | (15342) | (5321) | (10021) |
| Quarterly | 3 Month Australian Bill | 4.500% | 06/19/28 | 480000 | AUD | 1038 | 17 | 1021 |
| Annually | SOFR-COMPOUND | 3.000% | 06/19/28 | 1340000 | USD | 15262 | 9502 | 5760 |
| Annually | 2.000% | Euro Short-Term Rate | 09/11/28 | 7650000 | EUR | (50076) | (7075) | (43001) |
| Semi-Annually | 6 Month Euribor | 2.500% | 09/11/28 | 7650000 | EUR | 31410 | (14369) | 45779 |
| Annually | 3.750% | Sterling Overnight Index Average | 06/18/29 | 20000 | GBP | (348) | 256 | (604) |
| Annually | SOFR-COMPOUND | 3.298% | 09/02/30 | 1350000 | USD | 15148 | 9112 | 6036 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Annually | Tokyo Overnight Average Rate | 1.250% | 06/17/31 | 577000000 | JPY | 95993 | 68744 | 27249 |
| Annually | 4.000% | Sterling Overnight Index Average | 06/17/31 | 480000 | GBP | (6372) | 5621 | (11993) |
| Semi-Annually | 4.750% | 3 Month Australian Bill | 06/17/31 | 1150000 | AUD | (5268) | (587) | (4681) |
| Quarterly | 3.750% | 3 Month New Zealand Dollar Bank Bill Rate | 06/17/31 | 1360000 | NZD | (11716) | (1278) | (10438) |
| Semi-Annually | 2.500% | 6 Month Euribor | 06/17/31 | 130000 | EUR | (2869) | (585) | (2284) |
| Annually | 3.379% | SOFR-COMPOUND | 08/31/31 | 660000 | USD | (7288) | (2395) | (4893) |
| Annually | Tokyo Overnight Average Rate | 2.000% | 01/11/33 | 46067551 | JPY | 1635 | (1252) | 2887 |
| Annually | SOFR-COMPOUND | 3.407% | 01/31/33 | 1200000 | USD | 20275 | 169 | 20106 |
| Quarterly | 4.000% | 3 Month New Zealand Dollar Bank Bill Rate | 06/17/36 | 270000 | NZD | (5231) | (2337) | (2894) |
| Semi-Annually | 4.250% | 6 Month Norway Ibor | 06/17/36 | 860000 | NOK | (1250) | (960) | (290) |
| Semi-Annually | 6 Month Euribor | 2.750% | 06/17/36 | 370000 | EUR | 12504 | 2400 | 10104 |
| Annually | 0.500% | Swiss Average Rate Overnight | 06/17/36 | 120000 | CHF | (1000) | (1890) | 890 |
| Annually | 1.500% | Tokyo Overnight Average Rate | 06/17/36 | 31000000 | JPY | (12268) | (11376) | (892) |
| Semi-Annually | 5.000% | 3 Month Australian Bill | 06/17/36 | 320000 | AUD | (1154) | 2697 | (3851) |
| Semi-Annually | 3.250% | Canadian Overnight Index | 06/17/36 | 110000 | CAD | 61 | 1676 | (1615) |
| Annually | Sterling Overnight Index Average | 4.250% | 06/17/36 | 140000 | GBP | 3112 | 1449 | 1663 |
| Annually | SOFR-COMPOUND | 3.750% | 06/17/36 | 230000 | USD | 2169 | (3789) | 5958 |
| Quarterly | 3 Month Stockholm Interbank Offered Rate | 2.750% | 06/17/36 | 1770000 | SEK | 5744 | 4785 | 959 |
| Annually | SOFR-COMPOUND | 3.805% | 08/31/36 | 400000 | USD | 2375 | 680 | 1695 |
| Annually | 2.160% | Tokyo Overnight Average Rate | 08/02/44 | 74466319 | JPY | (25020) | (23550) | (1470) |
| Semi-Annually | 6 Month Euribor | 3.000% | 06/19/56 | 60000 | EUR | 1411 | 417 | 994 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Annually | 2.500% | Tokyo <br> Overnight <br> Average Rate | 06/19/56 | 9500000.0 | JPY | (6526) | (4231) | (2295) |
| TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS |  |  | $83179 | $29823 | $53356 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | **Centrally Cleared Credit Default Swaps** | | |
| **Reference Obligation/ <br> Index** | **Payment Frequency** | **Buy/Sell<br> Protection** | **Fixed <br> Rate Received** | **Fixed <br> Rate Paid** | **Expiration Date** | **Notional<br> Amount\*\*** | **Fair Value** | <br>**Premiums<br> Paid (Received)** | <br>**Unrealized Appreciation(Depreciation)** |
| CDX.NA.IG.43 | Quarterly | Buy | 1.00% | – BBB | 12/20/29 | $250000 | $4591 | $4195 | $396 |
| CDX.NA.IG.44 | Quarterly | Buy | 1.00% | – BBB | 06/20/30 | 325000 | 5927 | 5277 | 650 |
| CDX.NA.IG.45 | Quarterly | Buy | 1.00% | – BBB | 12/20/30 | 2272853 | 41038 | 46053 | (5015) |
| TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED DEPRECIATION ON CREDIT DEFAULT SWAPS |  |  | $51556 | $55525 | $(3969) |

---

\* Index credit default swaps do not have credit ratings themselves, but they are influenced by the credit ratings of the underlying securities in the index.

\*\* The maximum potential amount the Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **Forward Foreign Currency Contracts** | <br> **Forward Foreign Currency Contracts** | <br> **Forward Foreign Currency Contracts** | <br> **Forward Foreign Currency Contracts** | |  | |
| **Settlement Date** | **Counterparty** | **Currency Units to Receive** |  | <br>**In Exchange For** |  | <br>**Unrealized Appreciation<br> (Depreciation)** |
| 05/22/26 | Morgan Stanley | 117804 | USD | 99973 | EUR | $2332 |
| 05/22/26 | Morgan Stanley | 581952 | USD | 491277 | EUR | 14513 |
| TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS |  | $16845 |

---

EUR - Euro <br> JPY - Japanese Yen <br> USD - United States Dollar

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Forethought Variable Insurance Trust

- **b. Investment Company Act file number:** 811-22865

- **c. CIK number of Registrant:** 0001580353

- **d. LEI of Registrant:** 5493006EQMR1BNKF6A36

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

  - **Street Address 1:** 10 West Market Street

  - **City:** Indianapolis

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 46204

  - **Telephone number:** 877-355-1820

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

- **a. Name of Series:** Global Atlantic Goldman Sachs Core Fixed Income Portfolio

- **b. EDGAR series identifier (if any):** S000052667

- **c. LEI of Series:** 549300ZZC9C2QEZJA302

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $59794453.28

**Total Liabilities:** $4025810.52

**Net Assets:** $55768642.76

**Delayed Delivery Securities:** $270000.00

**Stand-by Commitments:** $3538222.66

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 130.06919000 | **1-Year:** 2346.33604000 | **5-Year:** 15833.98582000 | **10-Year:** 4788.03363000 | **30-Year:** 192.11192000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165351 | 0.12%                | 1.60%                | -2.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1674.75                | $-17432.31                                 |
| Month 2  | $6495.30                 | $558065.76                                 |
| Month 3  | $28494.29                | $-1093601.21                               |

**Designated Index Information**

- **Index Name:** Global Atlantic Goldman Sachs Core Fixed Income Portfolio Risk _Ex Derivatives BM

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Federal National Mortgage Association                                               | FNMA-30YR                                              | CUSIP: 01F052649<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1500000 | PA      | $1506445.35   | 2.70%             | 2056-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Elevance Health Inc.                                                                | ELV 4.6 09/15/32                                       | CUSIP: 036752BJ1<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147653.19    | 0.26%             | 2032-09-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V2.956 05/13/31                                    | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23294.22     | 0.04%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                         | IL ILS 5.1 06/01/2033                                  | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    231225 | PA      | $235528.18    | 0.42%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V4.271 07/23/29 MTN                                | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124369.88    | 0.22%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| Humana Inc.                                                                         | HUM 5.95 03/15/34                                      | CUSIP: 444859BY7<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20383.43     | 0.04%             | 2034-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP                                                       | MD MDSDEV 4.83 11/30/2030                              | CUSIP: 574205HY9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25517.31     | 0.05%             | 2030-11-30      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS EUR                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $1412.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BMO 2023-C7 MORTGAGE TRUST                                                          | BMO 2023-C7 A5                                         | CUSIP: 05593FAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $106006.67    | 0.19%             | 2056-12-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CATMED 3.91 10/01/50                                   | CUSIP: 20268JAG8<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    110000 | PA      | $80762.00     | 0.14%             | 2050-10-01      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V2.972 02/04/33 MTN                                | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45239.44     | 0.08%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5399                                              | CUSIP: 36179T7L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    114289 | PA      | $112064.42    | 0.20%             | 2048-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | WFC 3 10/23/26                                         | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    325000 | PA      | $322752.11    | 0.58%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | U.S. Treasury Bond Futures, Jun-2026,ETH               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        11 | NC      | $-23035.22    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                        | T 3.125 05/15/48                                       | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $196056.25    | 0.35%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5653                                              | CUSIP: 36179UH62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     43833 | PA      | $44070.48     | 0.08%             | 2048-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                          | BA 3.45 11/01/28                                       | CUSIP: 097023CA1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97617.10     | 0.18%             | 2028-11-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Baylor Scott & White Holdings                                                       | BSWHLD 1.777 11/15/30 2021                             | CUSIP: 072863AH6<br>LEI: 549300JQDKSBWYRGGV95 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44407.63     | 0.08%             | 2030-11-15      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5712                                              | CUSIP: 36179UKZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    128738 | PA      | $129369.81    | 0.23%             | 2049-01-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Adventist Health Systems (West)                                                     | ADVENT 2.952 03/01/29                                  | CUSIP: 007944AF8<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23782.36     | 0.04%             | 2029-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Duquesne Light Holdings, Inc.                                                       | DQE 2.532 10/01/30 144A                                | CUSIP: 266233AH8<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91008.26     | 0.16%             | 2030-10-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2022-1                                                   | VERUS 2022-1 A3                                        | CUSIP: 92538WAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     97696 | PA      | $90894.65     | 0.16%             | 2067-01-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                   | CCI 3.3 07/01/30                                       | CUSIP: 22822VAR2<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    204000 | PA      | $191145.44    | 0.34%             | 2030-07-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 2-Year T-Note Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        37 | NC      | $-56928.54    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| AUTONATION INC                                                                      | AN 1.95 08/01/28                                       | CUSIP: 05329WAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23517.04     | 0.04%             | 2028-08-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                           | DUK 3.95 03/15/48                                      | CUSIP: 26442CAU8<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     25000 | PA      | $19233.64     | 0.03%             | 2048-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FS4481                                              | CUSIP: 3140XK6T2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    795925 | PA      | $684224.77    | 1.23%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2026-R01                                        | CAS 2026-R01 2A1                                       | CUSIP: 20755BAA8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |    154724 | PA      | $153895.52    | 0.28%             | 2046-01-25      | Floating      | 4.51%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                      | HPE 5 10/15/34                                         | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     57000 | PA      | $55209.51     | 0.10%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                          | AMGN 5.25 03/02/33                                     | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |     84000 | PA      | $86251.53     | 0.15%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNR 2025-11 FB                                         | CUSIP: 3136BUZ45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    131341 | PA      | $131876.60    | 0.24%             | 2055-03-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $2374.15      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHUBB CORP (THE)                                                                    | CB 6.8 11/15/31                                        | CUSIP: 171232AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $54108.33     | 0.10%             | 2031-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| W. P. Carey Inc                                                                     | WPC 3.85 07/15/29                                      | CUSIP: 92936UAF6<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73227.13     | 0.13%             | 2029-07-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V2.963 01/25/33                                    | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45346.11     | 0.08%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| STARWOOD MORTGAGE RESIDENTIAL TRUST 2020-2                                          | STAR 2020-2 B1E                                        | CUSIP: 85573DAU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $145802.58    | 0.26%             | 2060-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| PeaceHealth                                                                         | PEAHEA 4.335 11/15/28                                  | CUSIP: 70462GAE8<br>LEI: PLDU35L52IYZUL5SMS69 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54730.36     | 0.10%             | 2028-11-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| TEXAS DEBT CAPITAL CLO 2025-1 LTD                                                   | TCIFC 2025-1A A1                                       | CUSIP: 881936AA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |    275000 | PA      | $274008.35    | 0.49%             | 2038-04-24      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V5.164 04/20/29 MTN                                 | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    155000 | PA      | $156776.74    | 0.28%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS GBP                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $777.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Homes 4 Rent L P                                                           | AMH 2.375 07/15/31                                     | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26403.03     | 0.05%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2020-HR8                                             | MSC 2020-HR8 A4                                        | CUSIP: 61692BBP4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    250000 | PA      | $225610.95    | 0.40%             | 2053-07-17      | Variable      | 2.04%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                           | FFCB 1.7 04/23/35                                      | CUSIP: 3133ELXH2<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    540000 | PA      | $425003.13    | 0.76%             | 2035-04-23      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Poland (Republic of)                                                                | POLAND 5.5 03/18/54 30Y                                | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     30000 | PA      | $27729.19     | 0.05%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Willis North America Inc.                                                           | WTW 2.95 09/15/29                                      | CUSIP: 970648AJ0<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47325.77     | 0.08%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| UBS Group AG                                                                        | UBS 4.55 04/17/26                                      | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    255000 | PA      | $254995.83    | 0.46%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | MAR 4.875 05/15/29                                     | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39438.77     | 0.07%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Blackstone Private Credit Fund                                                      | BCRED 6 01/29/32                                       | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24233.35     | 0.04%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                                                                | MTB V5.053 01/27/34                                    | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88911.89     | 0.16%             | 2034-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| WARWICK CAPITAL CLO 1 LTD                                                           | WWICK 2023-1A AR                                       | CUSIP: 936919AN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $249503.75    | 0.45%             | 2038-10-20      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 6 08/03/55                                        | CUSIP: 68389XDB8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21024.18     | 0.04%             | 2055-08-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $12693.61     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 10-Year T-Note Futures, Jun-2026,ETH                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         7 | NC      | $-11631.50    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Allegion US Holding Company Inc                                                     | ALLE 5.6 05/29/34                                      | CUSIP: 01748NAF1<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45946.91     | 0.08%             | 2034-05-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN CB1805                                              | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    304639 | PA      | $261848.74    | 0.47%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.875 03/31/31                                       | CUSIP: 91282CQG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    290000 | PA      | $289093.75    | 0.52%             | 2031-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN CB5087                                              | CUSIP: 3140QQUM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    750605 | PA      | $762478.41    | 1.37%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                    | PCG 2.1 08/01/27                                       | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24224.64     | 0.04%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Fidelity National Information Services Inc                                          | FIS 4.8 03/10/31                                       | CUSIP: 31620MCE4<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99188.17     | 0.18%             | 2031-03-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                  | ET 5.3 04/15/47                                        | CUSIP: 29273RBL2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22094.25     | 0.04%             | 2047-04-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                   | FE 2.25 09/01/30 B                                     | CUSIP: 337932AP2<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45041.70     | 0.08%             | 2030-09-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DEWOLF PARK CLO LTD                                                                 | DWOLF 2017-1A AR2                                      | CUSIP: 25211AAN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    260000 | PA      | $259296.96    | 0.46%             | 2039-01-24      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C 4.45 09/29/27                                        | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124999.91    | 0.22%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                          | BATSLN 6 02/20/34                                      | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    157000 | PA      | $165893.15    | 0.30%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts, L.P.                                                         | HST 2.9 12/15/31 J                                     | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |     42000 | PA      | $37335.76     | 0.07%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FM9492                                              | CUSIP: 3140XDRN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    140524 | PA      | $120761.55    | 0.22%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK5 2024-5YR9                                                                     | BANK5 2024-5YR9 AS                                     | CUSIP: 06644VBM1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $155474.73    | 0.28%             | 2057-08-17      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| Starbucks Corp.                                                                     | SBUX 4 11/15/28                                        | CUSIP: 855244AR0<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74391.70     | 0.13%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2024-DNA2                                             | STACR 2024-DNA2 M1                                     | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-O            | USGSE             | US        |     81257 | PA      | $81222.25     | 0.15%             | 2044-05-25      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS AUD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-1153.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                               | ROMANI 6.375 01/30/34 REGS                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     80000 | PA      | $79523.89     | 0.14%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 4.5 04/15/27                                         | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1090000 | PA      | $1098397.10   | 1.97%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | AVOL 6.375 05/04/28 144A                               | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     40000 | PA      | $41170.04     | 0.07%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V4.898 01/22/37                                    | CUSIP: 46647PFJ0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    120000 | PA      | $117486.78    | 0.21%             | 2037-01-22      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Marathon Petroleum Corp.                                                            | MPC 3.8 04/01/28                                       | CUSIP: 56585ABD3<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24707.57     | 0.04%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | MAR 2.85 04/15/31 HH                                   | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    175000 | PA      | $160242.41    | 0.29%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA8347                                              | CUSIP: 36179XHY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    755730 | PA      | $736535.43    | 1.32%             | 2052-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-11X                                              | NYC 2025-11X A                                         | CUSIP: 67122NAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100061.46    | 0.18%             | 2040-10-15      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| The Campbells Co.                                                                   | CPB 4.75 03/23/35                                      | CUSIP: 134429BQ1<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     39000 | PA      | $35907.70     | 0.06%             | 2035-03-23      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                  | ET 5.25 04/15/29                                       | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101820.65    | 0.18%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA9668                                              | CUSIP: 36179YW59<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    416233 | PA      | $419454.07    | 0.75%             | 2054-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | WFC V4.897 07/25/33 MTN                                | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     11000 | PA      | $10938.93     | 0.02%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                        | EXC 4.05 04/15/30                                      | CUSIP: 30161NAX9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48959.78     | 0.09%             | 2030-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4.75 08/15/55                                        | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $156325.00    | 0.28%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS JPY                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $100485.70    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                               | TRGP 4.2 02/01/33                                      | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37881.52     | 0.07%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                     | CRM 5.55 03/15/36                                      | CUSIP: 79466LAU8<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    209000 | PA      | $208420.60    | 0.37%             | 2036-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | VZ 4.016 12/03/29                                      | CUSIP: 92343VEU4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24655.19     | 0.04%             | 2029-12-03      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C V2.976 11/05/30                                      | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94416.54     | 0.17%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5400                                              | CUSIP: 36179T7M1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     23104 | PA      | $23231.00     | 0.04%             | 2048-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                               | ROMANI 3 02/27/27 144A                                 | CUSIP: 77586RAK6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     30000 | PA      | $29411.76     | 0.05%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR RA5853                                              | CUSIP: 3133KMQE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    678809 | PA      | $581363.90    | 1.04%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                             | HYNMTR 5.4 06/24/31 144A                               | CUSIP: 44891ADD6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50872.28     | 0.09%             | 2031-06-24      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                                                         | PSX 3.9 03/15/28                                       | CUSIP: 718546AR5<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148619.12    | 0.27%             | 2028-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR RA6676                                              | CUSIP: 3133KNMZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1596610 | PA      | $1293419.14   | 2.32%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UNH 5.05 04/15/53                                      | CUSIP: 91324PEW8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44091.44     | 0.08%             | 2053-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS 3.625 01/20/27                                      | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49782.56     | 0.09%             | 2027-01-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V4.347 01/22/32                                    | CUSIP: 46647PFG6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88723.72     | 0.16%             | 2032-01-22      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                          | STZ 3.6 02/15/28                                       | CUSIP: 21036PAY4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98534.66     | 0.18%             | 2028-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| RAD CLO 27 LTD                                                                      | RAD 2024-27A A1                                        | CUSIP: 749972AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $149996.70    | 0.27%             | 2038-01-15      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| First Horizon Corporation                                                           | FHN V5.514 03/07/31                                    | CUSIP: 320517AE5<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55714.77     | 0.10%             | 2031-03-07      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                  | CM V5.245 01/13/31                                     | CUSIP: 13607PVQ4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $101990.37    | 0.18%             | 2031-01-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                                                 | ETR 2.95 09/01/26                                      | CUSIP: 29364GAJ2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173984.08    | 0.31%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                         | VZ 2.55 03/21/31                                       | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90813.58     | 0.16%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                     | CI 4.8 08/15/38                                        | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70576.92     | 0.13%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                 | NEE 1.9 06/15/28                                       | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     80000 | PA      | $75858.08     | 0.14%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| The J M Smucker Company                                                             | SJM 5.9 11/15/28                                       | CUSIP: 832696AW8<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     83000 | PA      | $85839.57     | 0.15%             | 2028-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS CHF                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-999.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C V3.057 01/25/33                                      | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45179.33     | 0.08%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| O'Reilly Automotive Inc.                                                            | ORLY 5.1 03/12/36                                      | CUSIP: 67103HAP2<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39501.99     | 0.07%             | 2036-03-12      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS EUR                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-137.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS NZD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-11716.08    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS 3.95 04/23/27                                       | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29819.23     | 0.05%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Adventist Health Systems (West)                                                     | ADVENT 5.757 12/01/34                                  | CUSIP: 007944AK7<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36064.87     | 0.06%             | 2034-12-01      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN CB3666                                              | CUSIP: 3140QPCC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    185282 | PA      | $156902.85    | 0.28%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OBX 2025-NQM11 TRUST                                                                | OBX 2025-NQM11 A1A                                     | CUSIP: 67449BAL7<br>LEI: 254900KNWDG7C03UTA13 | Long             | ABS-O            | CORP              | US        |    123219 | PA      | $123073.91    | 0.22%             | 2065-05-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                                   | S 0 08/15/33                                           | CUSIP: 9128334W7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $22035.14     | 0.04%             | 2033-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                           | FFCB 2.9 04/12/32                                      | CUSIP: 3133ENUJ7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    290000 | PA      | $271152.39    | 0.49%             | 2032-04-12      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5931                                              | CUSIP: 36179USU7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    105940 | PA      | $101150.73    | 0.18%             | 2049-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONDA AUTO RECEIVABLES 2023-4 OWNER TRUST                                           | HAROT 2023-4 A3                                        | CUSIP: 438123AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    138441 | PA      | $139671.71    | 0.25%             | 2028-06-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| Ally Financial Inc.                                                                 | ALLY 2.2 11/02/28                                      | CUSIP: 02005NBP4<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94051.93     | 0.17%             | 2028-11-02      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Ingersoll Rand Inc                                                                  | IR 5.7 08/14/33                                        | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46788.75     | 0.08%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Electronic Arts Inc.                                                                | EA 2.95 02/15/51                                       | CUSIP: 285512AF6<br>LEI: 549300O7A67PUEYKDL45 | Long             | DBT              | CORP              | US        |     54000 | PA      | $43501.71     | 0.08%             | 2051-02-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Eagle Funding Luxco S.a.r.l.                                                        | MEXPCP 5.5 08/17/30 144A                               | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $250575.00    | 0.45%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 3.375 11/15/48                                       | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $196337.89    | 0.35%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                          | BA 6.858 05/01/54                                      | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     94000 | PA      | $103667.32    | 0.19%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER) | AER 2.45 10/29/26                                      | CUSIP: 00774MAV7<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    225000 | PA      | $222413.64    | 0.40%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS JPY                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-6331.69     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                                                      | PLD 4.625 01/15/33                                     | CUSIP: 74340XBT7<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74242.83     | 0.13%             | 2033-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                            | HCA 5.45 04/01/31                                      | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    125000 | PA      | $128164.99    | 0.23%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Choice Hotels International, Inc.                                                   | CHH 5.85 08/01/34                                      | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45396.61     | 0.08%             | 2034-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                                                          | VMW 1.8 08/15/28                                       | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23527.45     | 0.04%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C V6.02 01/24/36                                       | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61267.76     | 0.11%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS NOK                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-1249.49     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V5.664 04/17/36                                     | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51248.48     | 0.09%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| COLT 2021-2 MORTGAGE LOAN TRUST                                                     | COLT 2021-2 A1                                         | CUSIP: 19685WAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54293 | PA      | $47581.94     | 0.09%             | 2066-08-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc.                                                       | ATDBCN 3.55 07/26/27 144A                              | CUSIP: 01626PAH9<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49417.80     | 0.09%             | 2027-07-26      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                   | INTC 5.2 02/10/33                                      | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100806.15    | 0.18%             | 2033-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Camden Property Trust                                                               | CPT 2.8 05/15/30                                       | CUSIP: 133131AZ5<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70049.64     | 0.13%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Northrop Grumman Corporation                                                        | NOC 4.75 06/01/43                                      | CUSIP: 666807BH4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22602.10     | 0.04%             | 2043-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                          | BATSLN 2.259 03/25/28                                  | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71979.00     | 0.13%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                          | BA 5.15 05/01/30                                       | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     66000 | PA      | $66996.48     | 0.12%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                  | META 4.2 11/15/30                                      | CUSIP: 30303MAB8<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98986.00     | 0.18%             | 2030-11-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $2168.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | TMUS 5.2 01/15/33                                      | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152752.21    | 0.27%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                                   | S 0 08/15/30                                           | CUSIP: 912833XY1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $25242.44     | 0.05%             | 2030-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS CAD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $495.11       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V5.045 02/06/37                                    | CUSIP: 060505GR9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    225000 | PA      | $222090.34    | 0.40%             | 2037-02-06      | Fixed         | 5.04%                 | No            |                  2 | On Loan: No      |
| Belmont Park CLO                                                                    | Belmont Park CLO Ltd                                   | CUSIP: 08049AAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    270000 | PA      | $270000.00    | 0.48%             | 2037-04-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES 2019-3 TRUST                                 | WFMBS 2019-3 A1                                        | CUSIP: 949831AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      4789 | PA      | $4375.52      | 0.01%             | 2049-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                  | META 4.875 11/15/35                                    | CUSIP: 30303MAD4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    225000 | PA      | $220828.10    | 0.40%             | 2035-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Global Payments Inc                                                                 | GPN 5.55 11/15/35                                      | CUSIP: 37940XAY8<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77112.84     | 0.14%             | 2035-11-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS EUR                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-50075.92    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Laboratory Corporation of America Holdings                                          | LH 4.8 10/01/34                                        | CUSIP: 50540RBB7<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34087.27     | 0.06%             | 2034-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNMA-30YR                                              | CUSIP: 01F050643<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -500000 | PA      | $-492890.60   | -0.88%            | 2056-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                            | HCA 4.5 02/15/27                                       | CUSIP: 404119BU2<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99998.02     | 0.18%             | 2027-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | GNR 2021-135 A                                         | CUSIP: 38382XAA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |    338430 | PA      | $285397.32    | 0.51%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sysco Corporation                                                                   | SYY 4.45 03/15/48                                      | CUSIP: 871829BH9<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     25000 | PA      | $19767.68     | 0.04%             | 2048-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                       | NFLX 5.875 11/15/28                                    | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     95000 | PA      | $98839.20     | 0.18%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                       | USB V4.967 07/22/33 MTN                                | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    140000 | PA      | $138474.64    | 0.25%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                           | RTX 4.05 05/04/47                                      | CUSIP: 913017CP2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39670.95     | 0.07%             | 2047-05-04      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                                             | INDON 4.1 03/04/34                                     | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    100000 | PA      | $110684.13    | 0.20%             | 2034-03-04      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                             | MPLX 2.65 08/15/30                                     | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    125000 | PA      | $115206.92    | 0.21%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Penske Truck Leasing Co LP / PTL Finance Corp.                                      | PENSKE 5.25 07/01/29 144A                              | CUSIP: 709599CA0<br>LEI: 549300ZX07JYMI8GHQ39 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48712.04     | 0.09%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                                                                  | Three Month SONIA - ICEU                               | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |         9 | NC      | $-26011.35    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                                                      | SPGI 2.95 01/22/27                                     | CUSIP: 78409VAM6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49484.29     | 0.09%             | 2027-01-22      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                              | FHMS K510 A2                                           | CUSIP: 3137HB3D4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     50000 | PA      | $50830.68     | 0.09%             | 2028-10-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                        | AVOL 5.15 01/15/30 144A                                | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     26000 | PA      | $26092.64     | 0.05%             | 2030-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| ROCK TRUST 2024-CNTR                                                                | ROCC 2024-CNTR A                                       | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $152578.43    | 0.27%             | 2041-11-15      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                        | SNPS 5 04/01/32                                        | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55480.71     | 0.10%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| W. P. Carey Inc                                                                     | WPC 2.4 02/01/31                                       | CUSIP: 92936UAG4<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22360.38     | 0.04%             | 2031-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2018-BILT                                                                  | BX 2026-CSMO A                                         | CUSIP: 12433LAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $99955.73     | 0.18%             | 2031-02-15      | Floating      | 5.07%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                                                             | RSG 4.875 04/01/29                                     | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50748.67     | 0.09%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS AUD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-6275.33     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERATE CLO 22 LTD                                                                 | KLLM 2025-22A A                                        | CUSIP: 37150AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250257.50    | 0.45%             | 2038-07-20      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                          | AMGN 5.25 03/02/30                                     | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133493.32    | 0.24%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Williams Companies Inc. (The)                                                       | WMB 5.65 03/15/33                                      | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77511.82     | 0.14%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| REGATTA 30 FUNDING LTD                                                              | REG30 2024-4A A1                                       | CUSIP: 75903UAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    275000 | PA      | $275178.75    | 0.49%             | 2038-01-25      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| Intel Corporation                                                                   | INTC 5.15 02/21/34                                     | CUSIP: 458140CL2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     28000 | PA      | $27931.76     | 0.05%             | 2034-02-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 4.25 03/31/33                                        | CUSIP: 91282CQF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    360000 | PA      | $362643.75    | 0.65%             | 2033-03-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corporation                                                            | H 5.5 06/30/34                                         | CUSIP: 448579AS1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    147000 | PA      | $148551.75    | 0.27%             | 2034-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Chile (Republic Of)                                                                 | CHILE 4.95 01/05/36                                    | CUSIP: 168863DZ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $197452.00    | 0.35%             | 2036-01-05      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 3.75 06/30/30                                        | CUSIP: 91282CHJ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    370000 | PA      | $367615.24    | 0.66%             | 2030-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Cbamr 2017-4 Ltd. / Cbamr 2017-4 LLC                                                | CBAMR 2017-4A A1R                                      | CUSIP: 12516EAC5<br>LEI: 635400U9D8ZDLM1G7T76 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250293.50    | 0.45%             | 2038-03-31      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                          | BA 6.528 05/01/34                                      | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     63000 | PA      | $68619.76     | 0.12%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| Blackstone Secured Lending Fund                                                     | BXSL 5.875 11/15/27                                    | CUSIP: 09261XAH5<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25082.02     | 0.04%             | 2027-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio Lp                                                                  | ESS 3 01/15/30                                         | CUSIP: 29717PAU1<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70657.64     | 0.13%             | 2030-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA7706                                              | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    656980 | PA      | $585996.89    | 1.05%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                  | SANTAN 5.565 01/17/30                                  | CUSIP: 05964HBJ3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $204895.00    | 0.37%             | 2030-01-17      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| ROCK TRUST 2024-CNTR                                                                | ROCC 2024-CNTR B                                       | CUSIP: 74970WAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $102245.87    | 0.18%             | 2041-11-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V4.431 01/23/30 GMTN                                | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49774.99     | 0.09%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA7766                                              | CUSIP: 36179WTX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    849572 | PA      | $700717.68    | 1.26%             | 2051-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | Ultra U.S. Treasury Bond Futures, Jun-2026,ETH         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        29 | NC      | $-102752.23   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                     | CDS CDX.NA.IG.43.V1                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $4590.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sound Point Euro Clo 14 Funding Designated Activity Co.                             | SNDPE 14A B                                            | CUSIP: 000000000<br>LEI: 635400MRPPDDKPZD8B91 | Long             | ABS-O            | CORP              | IE        |    250000 | PA      | $284273.38    | 0.51%             | 2039-04-20      | Floating      | 3.63%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V2.651 03/11/32 N                                  | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90698.10     | 0.16%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 2.875 03/25/31                                    | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    225000 | PA      | $200090.31    | 0.36%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                    | BNSF 3.25 06/15/27                                     | CUSIP: 12189LBA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $74362.44     | 0.13%             | 2027-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                       | USB V5.85 10/21/33                                     | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52524.66     | 0.09%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2024-1                                                     | JPMMT 2024-1 A4                                        | CUSIP: 46657PAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     43081 | PA      | $43025.46     | 0.08%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT                                                    | USD/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DFE              | CORP              | US        |         1 | NC      | $14513.19     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.5 05/06/28                                      | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74637.98     | 0.13%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                                                             | MPLX 4.8 02/15/29                                      | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50395.00     | 0.09%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                   | EXPE 3.25 02/15/30                                     | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |     28000 | PA      | $26450.81     | 0.05%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $20275.14     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| 7-Eleven Inc.                                                                       | SVELEV 1.3 02/10/28 144A                               | CUSIP: 817826AD2<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94297.76     | 0.17%             | 2028-02-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                        | T 4.125 03/31/32                                       | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    520000 | PA      | $522010.94    | 0.94%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS CAD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $166.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5021                                              | CUSIP: 36179TSJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     86776 | PA      | $85047.04     | 0.15%             | 2048-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| COLT 2025-8 MORTGAGE LOAN TRUST                                                     | COLT 2025-8 A1                                         | CUSIP: 19689DAA7<br>LEI: 2138009IZ4NQZAKAEN75 | Long             | ABS-O            | CORP              | US        |    159982 | PA      | $160353.42    | 0.29%             | 2070-08-25      | Variable      | 5.48%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                 | ABIBB 5.45 01/23/39                                    | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35583.85     | 0.06%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Peru (Republic Of)                                                                  | PERU 3.23 07/28/21                                     | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     20000 | PA      | $10664.80     | 0.02%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C V3.668 07/24/28                                      | CUSIP: 172967LP4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49467.19     | 0.09%             | 2028-07-24      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                                            | JPMMT 2021-6 A3                                        | CUSIP: 46653PAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85214 | PA      | $70541.60     | 0.13%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                     | SOLV 5.4 03/01/29                                      | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     47000 | PA      | $48091.93     | 0.09%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 6.7 02/04/56                                      | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37035.44     | 0.07%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN BM5538                                              | CUSIP: 3140JAEL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    170554 | PA      | $171851.32    | 0.31%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                         | FISV 4.2 10/01/28                                      | CUSIP: 337738AR9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98834.07     | 0.18%             | 2028-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS JPY                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $1635.49      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                          | STZ 2.25 08/01/31                                      | CUSIP: 21036PBH0<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44089.99     | 0.08%             | 2031-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                | HWM 4.85 10/15/31                                      | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46532.09     | 0.08%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS GBP                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $3111.88      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V5.572 04/22/36                                    | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    145000 | PA      | $149362.48    | 0.27%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V5.193 02/05/37                                    | CUSIP: 46647PFK7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73736.57     | 0.13%             | 2037-02-05      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2-30YR-Multi                                          | CUSIP: 21H042646<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -1000000 | PA      | $-964492.20   | -1.73%            | 2056-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                        | AVGO 3.419 04/15/33                                    | CUSIP: 11135FCU3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137204.28    | 0.25%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| PIKES PEAK CLO 19(2025)                                                             | PIPK 2025-19A A1                                       | CUSIP: 72132DAA9<br>LEI: 391200PAO6NUBCQMES50 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250106.50    | 0.45%             | 2038-07-20      | Floating      | 5.01%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECONOMIC DEV CORP                                                       | MD MDSDEV 4.97 11/30/2032                              | CUSIP: 574205JA9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61386.22     | 0.11%             | 2032-11-30      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $1915.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS JPY                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-6526.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM 3.3 04/01/26                                       | CUSIP: 46625HQW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    225000 | PA      | $225000.00    | 0.40%             | 2026-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                              | TFC V6.047 06/08/27 MTN                                | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25065.14     | 0.04%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Constellation Software Inc.                                                         | CSUCN 5.461 02/16/34 144A                              | CUSIP: 21037XAD2<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     41000 | PA      | $40218.90     | 0.07%             | 2034-02-16      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 5.2 09/26/35                                      | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    105000 | PA      | $98297.72     | 0.18%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | WFC 4.3 07/22/27 GMTN                                  | CUSIP: 94974BGL8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99857.65     | 0.18%             | 2027-07-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                           | MARS 5 03/01/32 144A                                   | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    125000 | PA      | $126497.61    | 0.23%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V4.571 04/27/33                                    | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49131.86     | 0.09%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                                                              | NJ NJSTRN 7.1 01/01/2041                               | CUSIP: 646139X83<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28841.40     | 0.05%             | 2041-01-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                               | FN MA4806                                              | CUSIP: 31418EKU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    775082 | PA      | $768740.63    | 1.38%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lennar Corp.                                                                        | LEN 4.75 11/29/27                                      | CUSIP: 526057CD4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45066.53     | 0.08%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA6221                                              | CUSIP: 36179U4E9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     90649 | PA      | $89173.94     | 0.16%             | 2049-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5597                                              | CUSIP: 36179UGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     82020 | PA      | $82851.04     | 0.15%             | 2048-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ameren Corp.                                                                        | AEE 3.5 01/15/31                                       | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23718.76     | 0.04%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                           | FFCB 3.5 09/01/32                                      | CUSIP: 3133ENJ92<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |     40000 | PA      | $38535.63     | 0.07%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd.                                                        | RCL 5.25 02/27/38                                      | CUSIP: 78017TAD5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     90000 | PA      | $85639.47     | 0.15%             | 2038-02-27      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5819                                              | CUSIP: 36179UPC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     61113 | PA      | $60753.69     | 0.11%             | 2049-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Babson CLO Ltd                                                                      | Barings CLO Ltd 2024-I                                 | CUSIP: 06763VAL9<br>LEI: 2549005VRCK51O5LRS39 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249194.00    | 0.45%             | 2039-01-20      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                               | ROMANI 5.75 07/04/36 144A                              | CUSIP: 775921AA7<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     20000 | PA      | $18540.31     | 0.03%             | 2036-07-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Air Lease Corporation                                                               | AL 3.75 06/01/26 GMTN                                  | CUSIP: 00914AAB8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174724.57    | 0.31%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NiSource Inc.                                                                       | NI 3.6 05/01/30                                        | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24086.40     | 0.04%             | 2030-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| WONDER LAKE PARK CLO LTD                                                            | WONPK 2025-1A A                                        | CUSIP: 97816WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    325000 | PA      | $325139.43    | 0.58%             | 2038-07-26      | Floating      | 4.96%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V5.466 01/18/35                                     | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30502.47     | 0.05%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT                                                   | Euro(FGBS) Schatz Futures                              | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        10 | NC      | $-4107.60     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                                                               | UBER 4.5 08/15/29 144A                                 | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49589.37     | 0.09%             | 2029-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                               | FN MA4182                                              | CUSIP: 31418DUG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    820207 | PA      | $666295.31    | 1.19%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS EUR                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $12504.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2024-5C25                                                      | BBCMS 2024-5C25 AS                                     | CUSIP: 05554VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $103690.07    | 0.19%             | 2057-03-16      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 2.95 04/01/30                                     | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22806.36     | 0.04%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                                                  | BX 2024-XL5 A                                          | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     61129 | PA      | $61148.09     | 0.11%             | 2041-03-15      | Floating      | 5.06%                 | No            |                  2 | On Loan: No      |
| Bain Capital Credit Clo 2019-1                                                      | BCC 2019-1A BR3                                        | CUSIP: 05683VBL7<br>LEI: 549300B0VI605XM3L529 | Long             | ABS-CBDO         | CORP              | KY        |    200000 | PA      | $199921.20    | 0.36%             | 2034-04-19      | Variable      | 5.06%                 | No            |                  2 | On Loan: No      |
| SANTANDER DRIVE AUTO RECEIVABLES TRUST 2025-1                                       | SDART 2025-1 A3                                        | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    121994 | PA      | $122220.68    | 0.22%             | 2029-01-15      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                               | WSTP V4.11 07/24/34                                    | CUSIP: 961214EF6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     75000 | PA      | $73121.88     | 0.13%             | 2034-07-24      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 2.875 05/15/49                                       | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $185310.94    | 0.33%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                      | C 3.4 05/01/26                                         | CUSIP: 172967KN0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200026.72    | 0.36%             | 2026-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                                   | S 0 11/15/31                                           | CUSIP: 9128337Q7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $23907.53     | 0.04%             | 2031-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V5.511 01/24/36                                    | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25507.31     | 0.05%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                               | FR RA7541                                              | CUSIP: 3133KPLW6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    435576 | PA      | $424783.40    | 0.76%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                                   | S 0 11/15/30                                           | CUSIP: 9128337N4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $24986.94     | 0.04%             | 2030-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Adventist Health Systems (West)                                                     | ADVENT 4.742 12/01/30 2025                             | CUSIP: 007944AN1<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |    155000 | PA      | $153492.08    | 0.28%             | 2030-12-01      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                            | T 4.9 08/15/37                                         | CUSIP: 00206RFW7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48057.11     | 0.09%             | 2037-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Mars Inc.                                                                           | MARS 5.2 03/01/35 144A                                 | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202034.83    | 0.36%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corporation                                                           | UNP 2.8 02/14/32                                       | CUSIP: 907818FX1<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90846.69     | 0.16%             | 2032-02-14      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Sutter Health                                                                       | SUTHEA 2.294 08/15/30 20A                              | CUSIP: 86944BAG8<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22797.88     | 0.04%             | 2030-08-15      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| IRV TRUST 2025-200P                                                                 | IRV 2025-200P B                                        | CUSIP: 45006HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149315.81    | 0.27%             | 2047-03-14      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                       | GOOGL 4.1 11/15/30                                     | CUSIP: 02079KAW7<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248257.09    | 0.45%             | 2030-11-15      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNMA-15YR                                              | CUSIP: 01F042442<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $991835.90    | 1.78%             | 2041-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EFMT 2026-NQM4                                                                      | EFMT 2026-NQM4 A1A                                     | CUSIP: 26846KAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $125178.61    | 0.22%             | 2071-04-25      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Royalty Pharma PLC                                                                  | RPRX 5.4 09/02/34                                      | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     79000 | PA      | $79677.69     | 0.14%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V2.592 04/29/31                                    | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69271.79     | 0.12%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $15147.33     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN BR6352                                              | CUSIP: 3140L5BW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60714 | PA      | $52175.47     | 0.09%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                                               | SWOP IRS EUR                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    -30000 | NC      | $-6.80        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V3.419 12/20/28                                    | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    108000 | PA      | $106090.67    | 0.19%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| Capital One Financial Corp.                                                         | COF V6.183 01/30/36                                    | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122182.94    | 0.22%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| PRKCM 2021-AFC2 TRUST                                                               | PRKCM 2021-AFC2 A1                                     | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    172475 | PA      | $152982.63    | 0.27%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                  | VRT 4.85 03/15/36                                      | CUSIP: 92537NAA6<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97277.40     | 0.17%             | 2036-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA3416                                              | CUSIP: 31418CYN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    252520 | PA      | $246330.88    | 0.44%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Invitation Homes Operating Partnership Lp                                           | INVH 2.3 11/15/28                                      | CUSIP: 46188BAB8<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47054.84     | 0.08%             | 2028-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Choice Hotels International, Inc.                                                   | CHH 3.7 01/15/31                                       | CUSIP: 169905AG1<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     94000 | PA      | $88241.01     | 0.16%             | 2031-01-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | MAR 4.9 04/15/29                                       | CUSIP: 571903BL6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50572.08     | 0.09%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DOLP TRUST 2021-NYC                                                                 | DOLP 2021-NYC A                                        | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $89776.96     | 0.16%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                              | FHMS K-161 A2                                          | CUSIP: 3137HB2X1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |    150000 | PA      | $153752.76    | 0.28%             | 2033-10-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS CAD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $61.10        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5530                                              | CUSIP: 36179UEB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    133836 | PA      | $135191.79    | 0.24%             | 2048-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                              | FHMS KF153 AS                                          | CUSIP: 3137H9Y94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     75339 | PA      | $75427.02     | 0.14%             | 2033-02-25      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| Westpac Banking Corp.                                                               | WSTP V5.618 11/20/35 GMTN                              | CUSIP: 961214FW8<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |    114000 | PA      | $115372.81    | 0.21%             | 2035-11-20      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4.625 05/15/44                                       | CUSIP: 912810UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1440000 | PA      | $1399387.51   | 2.51%             | 2044-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                                          | CARR 2.7 02/15/31                                      | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68766.83     | 0.12%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V2.699 01/22/31 GMTN                                | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69646.46     | 0.12%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Royalty Pharma PLC                                                                  | RPRX 2.2 09/02/30                                      | CUSIP: 78081BAK9<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $63019.73     | 0.11%             | 2030-09-02      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                     | CVS 4.78 03/25/38                                      | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    160000 | PA      | $147305.31    | 0.26%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS NZD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-5231.38     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers, L.P.                                                               | REG 2.95 09/15/29                                      | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119133.11    | 0.21%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                               | AMH 4.9 02/15/29                                       | CUSIP: 02666TAB3<br>LEI: 549300ZJUO7A58PNUW40 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50240.68     | 0.09%             | 2029-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                   | EXPE 2.95 03/15/31                                     | CUSIP: 30212PBH7<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |     14000 | PA      | $12830.56     | 0.02%             | 2031-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev Worldwide Inc.                                                 | ABIBB 8.2 01/15/39                                     | CUSIP: 03523TBF4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     25000 | PA      | $31447.86     | 0.06%             | 2039-01-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| U.S. Bancorp.                                                                       | USB V5.775 06/12/29                                    | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     70000 | PA      | $71979.81     | 0.13%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trust                                                     | DROCK 2025-1 A                                         | CUSIP: 06742LBF9<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $124667.56    | 0.22%             | 2031-07-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA3                                             | STACR 2025-DNA3 A1                                     | CUSIP: 35564UAQ0<br>LEI: 5299009HC4IGFM6RXF30 | Long             | ABS-O            | USGSE             | US        |    147250 | PA      | $146785.43    | 0.26%             | 2045-09-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | CAS 2024-R03 2M2                                       | CUSIP: 207941AB1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     50000 | PA      | $49982.60     | 0.09%             | 2044-03-25      | Floating      | 5.61%                 | No            |                  2 | On Loan: No      |
| Kilroy Realty L.P.                                                                  | KRC 4.75 12/15/28                                      | CUSIP: 49427RAN2<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |     79000 | PA      | $78352.47     | 0.14%             | 2028-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Cornell University                                                                  | CORNLU 4.733 06/15/35 2025                             | CUSIP: 219207AF4<br>LEI: 549300ZZIJPNT0RZWP17 | Long             | DBT              | CORP              | US        |    130000 | PA      | $128876.88    | 0.23%             | 2035-06-15      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Sixth Street Clo XVI Ltd.                                                           | SIXST 2020-16A A1R2                                    | CUSIP: 83012DBQ5<br>LEI: 549300YD05LZSDNMVF16 | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $299195.40    | 0.54%             | 2039-01-21      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                           | O 4.875 06/01/26                                       | CUSIP: 756109BF0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75012.72     | 0.13%             | 2026-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                        | MAR 4.5 05/01/33                                       | CUSIP: 571903BY8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48323.87     | 0.09%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                        | AVGO 3.469 04/15/34                                    | CUSIP: 11135FCT6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36038.64     | 0.06%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.9 02/06/33                                      | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     91000 | PA      | $86286.43     | 0.15%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                 | D 3.375 04/01/30 C                                     | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47742.29     | 0.09%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.8 09/26/32                                      | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $85683.84     | 0.15%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| OHA CREDIT FUNDING 7 LTD                                                            | OAKC 2020-7A A1R2                                      | CUSIP: 67098WAY7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    275000 | PA      | $275014.85    | 0.49%             | 2038-07-19      | Floating      | 4.95%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA6541                                              | CUSIP: 36179VHS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    329280 | PA      | $294525.31    | 0.53%             | 2050-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BANK 2025-BNK50                                                                     | BANK 2025-BNK51 A5                                     | CUSIP: 06541HAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $101796.82    | 0.18%             | 2067-12-25      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2024-XL4                                               | BX 2024-XL4 A                                          | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     79918 | PA      | $79944.00     | 0.14%             | 2039-02-15      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS EUR                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $1653.66      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard International Finance Llc                                             | RIFP 1.625 04/01/31 144A                               | CUSIP: 71427QAB4<br>LEI: 5493009254WI1A8WXT48 | Long             | DBT              | CORP              | US        |    330000 | PA      | $285039.86    | 0.51%             | 2031-04-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 3.6 04/01/40                                      | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $18140.80     | 0.03%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| APIDOS CLO XV LTD                                                                   | GLM 2024-19A AR                                        | CUSIP: 38138WAN4<br>LEI: 549300HXW2GBYSKFE344 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249499.50    | 0.45%             | 2039-07-20      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                     | CRM 4.9 09/15/31                                       | CUSIP: 79466LAS3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    230000 | PA      | $229570.77    | 0.41%             | 2031-09-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNMA-30YR                                              | CUSIP: 01F060642<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1000000 | PA      | $1018750.00   | 1.83%             | 2056-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                     | CDS CDX.NA.IG.45.V1                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $41037.67     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                                   | S 0 11/15/29                                           | CUSIP: 912833XT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     68600 | PA      | $59581.13     | 0.11%             | 2029-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                                        | NY MTATRN 5.17 11/15/2049                              | CUSIP: 59261A2P1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     15000 | PA      | $13994.92     | 0.03%             | 2049-11-15      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FM8779                                              | CUSIP: 3140XCXH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     77280 | PA      | $66416.93     | 0.12%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                 | CMCSA 5.3 06/01/34                                     | CUSIP: 20030NEJ6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     98000 | PA      | $99540.61     | 0.18%             | 2034-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| NYC COMMERCIAL MORTGAGE TRUST 2025-3BP                                              | NYC 2025-77C A                                         | CUSIP: 67123LAA2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $148914.81    | 0.27%             | 2036-01-10      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                    | PCG 2.5 02/01/31                                       | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44797.48     | 0.08%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                    | FR SD0296                                              | CUSIP: 3132DMKH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    332316 | PA      | $319262.21    | 0.57%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DURST COMMERCIAL MORTGAGE TRUST 2025-151                                            | DURST 2025-151 A                                       | CUSIP: 266895AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $151286.75    | 0.27%             | 2042-08-12      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| CARVAL CLO IX-C LTD                                                                 | CARVL 2024-1A B                                        | CUSIP: 14688HAE2<br>LEI: 2549009HBUYMF23IOB57 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250234.75    | 0.45%             | 2037-04-20      | Floating      | 5.77%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS GBP                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-6371.30     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                            | T 4.85 03/01/39                                        | CUSIP: 00206RHK1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     85000 | PA      | $79131.42     | 0.14%             | 2039-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN FS3440                                              | CUSIP: 3140XJZE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    673409 | PA      | $698698.03    | 1.25%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Agree LP                                                                            | ADC 4.8 10/01/32                                       | CUSIP: 008513AD5<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34659.17     | 0.06%             | 2032-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CATMED 4.352 09/01/30                                  | CUSIP: 20268JAY9<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39369.17     | 0.07%             | 2030-09-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| CubeSmart LP                                                                        | CUBE 2.5 02/15/32                                      | CUSIP: 22966RAJ5<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13140.30     | 0.02%             | 2032-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-7288.62     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                 | CMCSA 3.75 04/01/40                                    | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20292.58     | 0.04%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 5.25 02/03/32                                     | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88379.39     | 0.16%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN MA0776                                              | CUSIP: 31417Y2J5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    124920 | PA      | $125770.39    | 0.23%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rush University System for Health                                                   | RUSHOB 3.922 11/15/29 2020                             | CUSIP: 78200JAA0<br>LEI: ZF7C375GL43TFX8CCS02 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59033.62     | 0.11%             | 2029-11-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                           | FFCB 2.85 03/28/34                                     | CUSIP: 3133ENSY7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    370000 | PA      | $334700.95    | 0.60%             | 2034-03-28      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Romania (Republic Of)                                                               | ROMANI 2.124 07/16/31 REGS                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     30000 | PA      | $29694.30     | 0.05%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| IRV TRUST 2025-200P                                                                 | IRV 2025-200P A                                        | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $201854.36    | 0.36%             | 2047-03-14      | Variable      | 5.29%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                | GM 2.35 01/08/31                                       | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    125000 | PA      | $111340.75    | 0.20%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                | GM 1.5 06/10/26                                        | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124262.60    | 0.22%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Carrier Global Corporation                                                          | CARR 5.9 03/15/34                                      | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    101000 | PA      | $106383.86    | 0.19%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Realty Income Corporation                                                           | O 3.4 01/15/30                                         | CUSIP: 756109CC6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95890.99     | 0.17%             | 2030-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CATMED 6.461 11/01/52                                  | CUSIP: 20268JAM5<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    105000 | PA      | $111737.14    | 0.20%             | 2052-11-01      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| Fidelity Colchester Street Trust                                                    | Fidelity Colchester Street Trust MNY MRKT FDS I        | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   1633837 | NS      | $1633836.67   | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                                             | FR SD7531                                              | CUSIP: 3132DVLL7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |    500994 | PA      | $449840.21    | 0.81%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| U.S. Treasury Security Stripped Interest Security                                   | S 0 05/15/32                                           | CUSIP: 9128337R5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     64500 | PA      | $50287.91     | 0.09%             | 2032-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION                                               | SWOP IRS EUR                                           | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    130000 | NC      | $4.76         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5763                                              | CUSIP: 36179UML3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    118424 | PA      | $112397.77    | 0.20%             | 2049-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS GBP                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-15341.97    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 5.7 02/04/36                                      | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     80000 | PA      | $76978.77     | 0.14%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Ascension Health Alliance                                                           | ASCHEA 4.923 11/15/35 2025                             | CUSIP: 04351LAE0<br>LEI: 549300IMOY6ECI21DH68 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74127.69     | 0.13%             | 2035-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| BFLD COMMERCIAL MORTGAGE TRUST 2025-660F                                            | BFLD 2025-660F A                                       | CUSIP: 05556QAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $199603.70    | 0.36%             | 2042-11-17      | Floating      | 5.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5467                                              | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    403091 | PA      | $396521.47    | 0.71%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Galaxy Pipeline Assets Bidco Ltd.                                                   | ADGLXY 2.94 09/30/40 REGS                              | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    169782 | PA      | $137231.34    | 0.25%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Crown Castle Inc.                                                                   | CCI 3.65 09/01/27                                      | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74100.86     | 0.13%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Fidelity Grand Harbour Clo 2023-1 DAC                                               | FICLO 2023-1A B1R                                      | CUSIP: 000000000<br>LEI: 635400GMXFDXRDDHLG52 | Long             | ABS-O            | CORP              | IE        |    250000 | PA      | $286013.20    | 0.51%             | 2038-02-15      | Floating      | 3.73%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                     | CDS CDX.NA.IG.44.V1                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $5927.63      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NISSAN AUTO LEASE TRUST 2023-B                                                      | NAROT 2023-B A3                                        | CUSIP: 65480MAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     20387 | PA      | $20498.43     | 0.04%             | 2028-03-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                             | NXPI 2.5 05/11/31                                      | CUSIP: 62954HBA5<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |    125000 | PA      | $112187.71    | 0.20%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| VMware LLC                                                                          | VMW 2.2 08/15/31                                       | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     75000 | PA      | $65843.92     | 0.12%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| Cencora Inc                                                                         | COR 2.7 03/15/31                                       | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    117000 | PA      | $106645.46    | 0.19%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| STATE STREET BANK AND TRUST COMPANY                                                 | USD/EUR FORWARD                                        | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              | CORP              | US        |         1 | NC      | $2331.95      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                               | LOW 1.7 09/15/28                                       | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70478.16     | 0.13%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| Assurant Inc.                                                                       | AIZ 3.7 02/22/30                                       | CUSIP: 04621XAM0<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | DBT              | CORP              | US        |    191000 | PA      | $183298.32    | 0.33%             | 2030-02-22      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Consolidated Inc                                                          | COKE 5.45 06/01/34                                     | CUSIP: 191098AP7<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41019.55     | 0.07%             | 2034-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Constellation Brands, Inc.                                                          | STZ 3.15 08/01/29                                      | CUSIP: 21036PBE7<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119633.90    | 0.21%             | 2029-08-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Banks                                                             | FHLB 4.75 12/10/32                                     | CUSIP: 3130ATVX2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |     80000 | PA      | $82383.99     | 0.15%             | 2032-12-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                 | SYF V4.947 02/25/32                                    | CUSIP: 87165BAZ6<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77643.68     | 0.14%             | 2032-02-25      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-NQM6 TRUST                                                                | CSMC 2021-NQM6 A1                                      | CUSIP: 12662KAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     73365 | PA      | $62479.71     | 0.11%             | 2066-07-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                      | MS V1.794 02/13/32 MTN                                 | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    125000 | PA      | $108243.50    | 0.19%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS JPY                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-25020.69    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4.75 02/15/41                                        | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1560000 | PA      | $1570785.93   | 2.82%             | 2041-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA8099                                              | CUSIP: 36179W7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    833632 | PA      | $771556.05    | 1.38%             | 2052-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| The Cigna Group                                                                     | CI 5.125 05/15/31                                      | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86731.89     | 0.16%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5193                                              | CUSIP: 36179TXW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     90878 | PA      | $89396.81     | 0.16%             | 2048-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 4.65 05/06/30                                     | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97704.00     | 0.18%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V1.898 07/23/31 MTN                                | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89060.75     | 0.16%             | 2031-07-23      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| The Campbells Co.                                                                   | CPB 5.4 03/21/34                                       | CUSIP: 134429BP3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    117000 | PA      | $113609.86    | 0.20%             | 2034-03-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM14 TRUST                                                                | OBX 2024-NQM14 A1                                      | CUSIP: 67119XAC8<br>LEI: 254900C7ZCEHM7Y5MX79 | Long             | ABS-O            | CORP              | US        |    124054 | PA      | $123048.21    | 0.22%             | 2064-09-25      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                | JPM V3.509 01/23/29                                    | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122972.98    | 0.22%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                             | NXPI 2.65 02/15/32                                     | CUSIP: 62954HAJ7<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |     75000 | PA      | $66048.33     | 0.12%             | 2032-02-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BMO 2024-5C4 MORTGAGE TRUST                                                         | BMO 2024-5C4 A3                                        | CUSIP: 09660SAU4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $130763.83    | 0.23%             | 2057-05-17      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2024-VIS2                                                | JPMMT 2024-VIS2 A1                                     | CUSIP: 46658DAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    238266 | PA      | $239859.67    | 0.43%             | 2064-11-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| Solventum Corp.                                                                     | SOLV 5.6 03/23/34                                      | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61358.69     | 0.11%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | 5-Year T-Note Futures, Jun-2026,ETH                    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        31 | NC      | $-26726.54    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Mars Inc.                                                                           | MARS 4.8 03/01/30 144A                                 | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151590.91    | 0.27%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS EUR                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-2869.46     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                                                           | TD 4.456 06/08/32                                      | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24580.29     | 0.04%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                    | AEP 2.3 03/01/30                                       | CUSIP: 025537AN1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45756.48     | 0.08%             | 2030-03-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                        | T 4.75 05/15/55                                        | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    170000 | PA      | $165962.50    | 0.30%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA5                                             | STACR 2021-DNA5 M2                                     | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-O            | USGSE             | US        |      5756 | PA      | $5752.19      | 0.01%             | 2034-01-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Quanta Services, Inc.                                                               | PWR 5.25 08/09/34                                      | CUSIP: 74762EAL6<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     68000 | PA      | $68450.60     | 0.12%             | 2034-08-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Barclays PLC                                                                        | BACR V5.785 02/25/36                                   | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $202429.71    | 0.36%             | 2036-02-25      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| International Flavors & Fragrances Inc.                                             | IFF 1.832 10/15/27 144A                                | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25896.44     | 0.05%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $2695.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                             | UNH 5.875 02/15/53                                     | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49353.06     | 0.09%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS AUD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $1038.25      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FNMA-30YR                                              | CUSIP: 01F042640<br>LEI: B1V7KEBTPIMZEU4LTD58 | Short            | ABS-MBS          | USGSE             | US        |   -500000 | PA      | $-482187.50   | -0.86%            | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                    | PCG 3.3 08/01/40                                       | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $18718.11     | 0.03%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                               | BAC V2.482 09/21/36                                    | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $64878.85     | 0.12%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| The J M Smucker Company                                                             | SJM 6.2 11/15/33                                       | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     47000 | PA      | $49827.79     | 0.09%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                   | WFC 4.15 01/24/29 MTN                                  | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24853.48     | 0.04%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                  | TMUS 3.75 04/15/27                                     | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    111000 | PA      | $110304.52    | 0.20%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS USD                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $15261.84     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banner Health                                                                       | BANNER 2.338 01/01/30                                  | CUSIP: 06654DAB3<br>LEI: PLD0E0WJKFN8IZJ2WD85 | Long             | DBT              | CORP              | US        |    145000 | PA      | $134437.44    | 0.24%             | 2030-01-01      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| Nasdaq Inc                                                                          | NDAQ 3.25 04/28/50                                     | CUSIP: 63111XAB7<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $16677.57     | 0.03%             | 2050-04-28      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                          | RCICN 3.2 03/15/27                                     | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    215000 | PA      | $212331.25    | 0.38%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| OCP Clo 2017-14 Ltd / LLC                                                           | OCP 2017-14A A1R                                       | CUSIP: 67097QAN5<br>LEI: 25490025Q5WQX513IQ05 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350029.05    | 0.63%             | 2037-07-20      | Floating      | 5.04%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS EUR                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $31410.08     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trust                                                     | DROCK 2023-1 A                                         | CUSIP: 06742LAX1<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300059.52    | 0.54%             | 2029-02-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| Sutter Health                                                                       | SUTHEA 4.091 08/15/48 2018                             | CUSIP: 86944BAE3<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |    225000 | PA      | $178944.28    | 0.32%             | 2048-08-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                            | G2 MA5818                                              | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      3833 | PA      | $3770.84      | 0.01%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LEX 2024-BBG MORTGAGE TRUST                                                         | LEX 2024-BBG A                                         | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149412.50    | 0.27%             | 2033-10-14      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                                                   | FDX 3.4 02/15/28 *                                     | CUSIP: 31428XDD5<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24559.65     | 0.04%             | 2028-02-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group Inc.                                                      | PFG 2.125 06/15/30                                     | CUSIP: 74251VAS1<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90274.85     | 0.16%             | 2030-06-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BX Trust 2018-Bilt                                                                  | BX 2024-BIO A                                          | CUSIP: 05612AAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $149523.98    | 0.27%             | 2041-02-15      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | CAS 2024-R01 1M2                                       | CUSIP: 20753UAB6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     50000 | PA      | $50027.15     | 0.09%             | 2044-01-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                                       | CA CAS 7.6 11/01/2040                                  | CUSIP: 13063BJC7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    175000 | PA      | $209913.10    | 0.38%             | 2040-11-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| NXP B V / NXP Funding LLC & NXP USA Inc                                             | NXPI 3.4 05/01/30                                      | CUSIP: 62954HAY4<br>LEI: 724500RKKW4NOJ9YQF60 | Long             | DBT              | CORP              | NL        |     50000 | PA      | $47665.41     | 0.09%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Sabine Pass Liquefaction, LLC                                                       | SPLLLC 5 03/15/27                                      | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100183.76    | 0.18%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Steris Irish Finco Unlimited Company                                                | STE 2.7 03/15/31                                       | CUSIP: 85917PAA5<br>LEI: 549300BRDKZ1HFI2J358 | Long             | DBT              | CORP              | IE        |     75000 | PA      | $68069.12     | 0.12%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025-NQM4                            | MSRM 2025-NQM4 A1A                                     | CUSIP: 617945AB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    168472 | PA      | $168661.36    | 0.30%             | 2070-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| Dell International LLC / EMC Corp.                                                  | DELL 5.3 10/01/29                                      | CUSIP: 24703TAG1<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25518.25     | 0.05%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | FN CB2045                                              | CUSIP: 3140QMHX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    179299 | PA      | $154092.48    | 0.28%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS GBP                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-347.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                               | CAS 2021-R03 1M2                                       | CUSIP: 20754AAB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     33660 | PA      | $33715.15     | 0.06%             | 2041-12-26      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                        | ORCL 5.35 05/04/33                                     | CUSIP: 68389XDY8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     80000 | PA      | $77897.56     | 0.14%             | 2033-05-04      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.                                         | Ultra 10-Year U.S. Treasury Note Futures, Jun-2026,ETH | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -13 | NC      | $29737.46     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern California Edison Company                                                  | EIX 4.2 03/01/29 A                                     | CUSIP: 842400GQ0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98967.64     | 0.18%             | 2029-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UDR Inc                                                                             | UDR 2.1 08/01/32 MTN                                   | CUSIP: 90265EAT7<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21147.63     | 0.04%             | 2032-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Mexico City Airport Trust                                                           | MEXCAT 3.875 04/30/28 144A                             | CUSIP: 59284MAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $196165.86    | 0.35%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER) | AER 5.375 12/15/31                                     | CUSIP: 00774MBP9<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $152230.64    | 0.27%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Principal Financial Group Inc.                                                      | PFG 3.1 11/15/26                                       | CUSIP: 74251VAM4<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74464.50     | 0.13%             | 2026-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| CommonSpirit Health                                                                 | CATMED 4.975 09/01/35 2025                             | CUSIP: 20268JBD4<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63471.36     | 0.11%             | 2035-09-01      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS JPY                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $6507.65      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                                                           | IRS SEK                                                | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $5744.08      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Idex Corporation                                                                    | IEX 2.625 06/15/31                                     | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22550.82     | 0.04%             | 2031-06-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Keurig Dr Pepper Inc                                                                | KDP 3.8 05/01/50                                       | CUSIP: 49271VAK6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     19000 | PA      | $13240.62     | 0.02%             | 2050-05-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** Forethought Variable Insurance Trust

**Signature:** Cameron Jeffreys, CFA

**Name of Signer:** Cameron Jeffreys, CFA

**Title:** Senior Vice President