# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0000940400-26-020876
**Filing Date:** 2026-5
**Character Count:** 244821
**Document Hash:** b3ecad23189eefa03e0f134e09e5c0f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020876.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0000940400-26-020876

**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:** 261018007

**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 Franklin Tactical Allocation Managed Risk Portfolio (Series ID: S000045288)

| Class ID   | Class Name                                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000141021 | Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio Class II Shares |  |

## Nport-Ex

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Common Stocks - 70.2%** |  |  |
| **Aerospace & Defense - 2.3%** |  |  |
| General Dynamics Corp. | 4349 | $1492664 |
| RTX Corp. | 9751 | 1880968 |
|  |  | 3373632 |
| **Banks - 2.6%** |  |  |
| JPMorgan Chase & Co. | 12975 | 3816726 |
| **Beverages - 0.7%** |  |  |
| PepsiCo, Inc. | 6430 | 998515 |
| **Biotechnology - 1.3%** |  |  |
| Abbvie, Inc. | 8406 | 1828221 |
| **Building Products - 1.8%** |  |  |
| Carlisle Cos., Inc. | 2648 | 883426 |
| Johnson Controls International PLC | 13370 | 1750801 |
|  |  | 2634227 |
| **Capital Markets - 6.4%** |  |  |
| Ares Management Corp., Class A | 16308 | 1779203 |
| Charles Schwab Corp. (The) | 20612 | 1937116 |
| Morgan Stanley | 16144 | 2656818 |
| Nasdaq, Inc. | 23317 | 1979380 |
| S&P Global, Inc. | 1985 | 844300 |
|  |  | 9196817 |
| **Chemicals - 3.8%** |  |  |
| Ecolab, Inc. | 4923 | 1309617 |
| Linde PLC | 6761 | 3351833 |
| Sherwin-Williams Co. (The) | 2571 | 824134 |
|  |  | 5485584 |
| **Commercial Services & Supplies - 0.8%** |  |  |
| Cintas Corp. | 7232 | 1223221 |
| **Communications Equipment - 0.7%** |  |  |
| Motorola Solutions, Inc. | 2318 | 1005942 |
| **Consumer Discretionary Services - 0.0%<sup>†</sup>** |  |  |
| 24 Hour Fitness Worldwide, Inc. <sup>\*</sup> | 4301 | 22 |
| **Consumer Staples Distribution & Retail - 3.4%** |  |  |
| Casey's General Stores, Inc. | 1652 | 1202425 |
| Walmart, Inc. | 29287 | 3639788 |
|  |  | 4842213 |
| **Electric Utilities - 1.0%** |  |  |
| NextEra Energy, Inc. | 16079 | 1493418 |
| **Electrical Equipment - 1.1%** |  |  |
| nVent Electric PLC | 12953 | 1532081 |
| **Financial Services - 2.2%** |  |  |
| Visa, Inc., Class A | 10439 | 3155083 |
| **Ground Transportation - 0.8%** |  |  |
| Old Dominion Freight Line, Inc. | 6011 | 1174549 |
| **Health Care Equipment & Supplies - 3.5%** |  |  |
| Abbott Laboratories | 18452 | 1894467 |
| STERIS PLC | 4258 | 941572 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Health Care Equipment & Supplies (continued)** |  |  |
| Stryker Corp. | 6638 | $2181180 |
|  |  | 5017219 |
| **Hotels, Restaurants & Leisure - 1.4%** |  |  |
| McDonald's Corp. | 6563 | 2039715 |
| **Household Durables - 0.6%** |  |  |
| DR Horton, Inc. | 6441 | 883834 |
| **Household Products - 1.4%** |  |  |
| Procter & Gamble Co. (The) | 14275 | 2061881 |
| **Industrial Conglomerates - 0.7%** |  |  |
| Honeywell International, Inc. | 4311 | 974415 |
| **Insurance - 0.7%** |  |  |
| Erie Indemnity Co., Class A | 600 | 150786 |
| Marsh & McLennan Cos., Inc. | 4788 | 830479 |
|  |  | 981265 |
| **IT Services - 0.5%** |  |  |
| Accenture PLC, Class A | 3874 | 768175 |
| **Life Sciences Tools & Services - 1.1%** |  |  |
| Danaher Corp. | 8239 | 1562114 |
| **Machinery - 1.2%** |  |  |
| Parker-Hannifin Corp. | 1958 | 1752880 |
| **Multi-Utilities - 1.7%** |  |  |
| Ameren Corp. | 11194 | 1230445 |
| WEC Energy Group, Inc. | 10920 | 1264208 |
|  |  | 2494653 |
| **Oil, Gas & Consumable Fuels - 3.1%** |  |  |
| Chevron Corp. | 8714 | 1802927 |
| EOG Resources, Inc. | 8756 | 1265855 |
| Exxon Mobil Corp. | 8356 | 1417679 |
|  |  | 4486461 |
| **Pharmaceuticals - 4.7%** |  |  |
| Eli Lilly & Co. | 3323 | 3056395 |
| Johnson & Johnson | 11143 | 2723795 |
| Merck & Co., Inc. | 8599 | 1034374 |
|  |  | 6814564 |
| **Semiconductors & Semiconductor Equipment - 7.4%** |  |  |
| Analog Devices, Inc. | 7745 | 2463994 |
| Applied Materials, Inc. | 4972 | 1699380 |
| Broadcom, Inc. | 15591 | 4825570 |
| Texas Instruments, Inc. | 9049 | 1756773 |
|  |  | 10745717 |
| **Software - 6.6%** |  |  |
| Intuit, Inc. | 709 | 306557 |
| Microsoft Corp. | 16816 | 6224779 |
| Oracle Corp. | 17277 | 2541620 |
| Roper Technologies, Inc. | 1247 | 441263 |
|  |  | 9514219 |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Specialty Retail - 2.8%** |  |  |
| Lowe's Cos., Inc. | 6932 | $1637893 |
| Ross Stores, Inc. | 6681 | 1447305 |
| Tractor Supply Co. | 22788 | 1032296 |
|  |  | 4117494 |
| **Technology Hardware, Storage & Peripherals - 2.7%** |  |  |
| Apple, Inc. | 15585 | 3955317 |
| **Trading Companies & Distributors - 1.2%** |  |  |
| WW Grainger, Inc. | 1553 | 1694028 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $52,617,980)** |  | **101624202** |
| **Corporate Bonds and Notes - 12.3%** |  |  |
| **Advertising - 0.1%** |  |  |
| Clear Channel Outdoor Holdings, Inc., 7.88%, 4/1/30<sup>(a)</sup> | 50000 | 52314 |
| Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29%, 4/15/29<sup>(a)</sup> | $5000 | 5008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 2/15/33<sup>(a)</sup> | 15000 | 14552 |
|  |  | 71874 |
| **Aerospace & Defense - 0.3%** |  |  |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 5/1/30 | 150000 | 152264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/15/39 | 50000 | 54966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 3/1/47 | 100000 | 70449 |
| Honeywell Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 3/16/33<sup>(a)</sup> | 15000 | 14832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 3/16/36<sup>(a)</sup> | 30000 | 29763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 3/16/56<sup>(a)</sup> | 15000 | 14872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 3/16/66<sup>(a)</sup> | 10000 | 9933 |
| Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 10/15/31 | 50000 | 50579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 4/15/36 | 25000 | 24307 |
|  |  | 421965 |
| **Agriculture - 0.2%** |  |  |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 3/22/33 | 85000 | 83208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39%, 8/15/37 | 28000 | 25424 |
| Philip Morris International, Inc., 5.38%, 2/15/33 | 200000 | 205414 |
|  |  | 314046 |
| **Apparel - 0.0%<sup>†</sup>** |  |  |
| Tapestry, Inc., 5.50%, 3/11/35 | 35000 | 35077 |
| **Auto Manufacturers - 0.1%** |  |  |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/27/28 | 15000 | 14844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 9/6/34 | 20000 | 19852 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 3/19/29<sup>(a)</sup> | 50000 | 50912 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Auto Manufacturers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 6/23/32<sup>(a)</sup> | $100000 | $101799 |
|  |  | 187407 |
| **Banks - 2.6%** |  |  |
| ABN AMRO Bank NV, 6.34%, (US 1 Year CMT T-Note + 1.65%), 9/18/27<sup>(a),(b)</sup> | 200000 | 201694 |
| Banco Santander SA, 2.75%, 12/3/30 | 200000 | 179792 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, (SOFR + 2.15%), 4/29/31<sup>(b)</sup> | 100000 | 92362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, (SOFR + 1.37%), 10/24/31<sup>(b)</sup> | 200000 | 177194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, (SOFR + 1.65%), 1/23/35<sup>(b)</sup> | 150000 | 152893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, (US 5 Year CMT T-Note + 2.00%), 3/8/37<sup>(b)</sup> | 28000 | 25937 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, (SOFR + 2.11%), 6/3/31<sup>(b)</sup> | 100000 | 91672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, (SOFR + 1.35%), 1/25/33<sup>(b)</sup> | 200000 | 180717 |
| Danske Bank A/S, 5.71%, (US 1 Year CMT T-Note + 1.40%), 3/1/30<sup>(a),(b)</sup> | 200000 | 205672 |
| Deutsche Bank AG, 5.37%, 9/9/27 | 150000 | 152546 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%, (SOFR + 1.09%), 1/27/32<sup>(b)</sup> | 300000 | 263205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, (SOFR + 1.25%), 7/21/32<sup>(b)</sup> | 200000 | 176556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, (SOFR + 1.19%), 1/21/37<sup>(b)</sup> | 15000 | 14672 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49%, (3 Month Term SOFR + 3.79%), 3/24/31<sup>(b)</sup> | 400000 | 397831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, (SOFR + 1.62%), 1/23/35<sup>(b)</sup> | 50000 | 50770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, (SOFR + 1.64%), 7/23/36<sup>(b)</sup> | 30000 | 30510 |
| Mizuho Financial Group, Inc., 5.78%, (US 1 Year CMT T-Note + 1.65%), 7/6/29<sup>(b)</sup> | 200000 | 205457 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49%, (SOFR + 0.95%), 1/16/32<sup>(b)</sup> | 25000 | 24591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71%, (SOFR + 1.20%), 3/12/32<sup>(b)</sup> | 30000 | 29801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, (SOFR + 1.18%), 7/21/32<sup>(b)</sup> | 500000 | 437775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, (SOFR + 1.18%), 1/30/37<sup>(b)</sup> | 25000 | 24519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, (US 5 Year CMT T-Note + 2.43%), 1/19/38<sup>(b)</sup> | 10000 | 10253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, (SOFR + 1.78%), 3/13/47<sup>(b)</sup> | 20000 | 19922 |
| Societe Generale SA, 1.79%, (US 1 Year CMT T-Note + 1.00%), 6/9/27<sup>(a),(b)</sup> | 200000 | 198940 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, (SOFR + 2.45%), 10/30/29<sup>(b)</sup> | 50000 | 53136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, (SOFR + 1.62%), 1/24/30<sup>(b)</sup> | 100000 | 102334 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, (SOFR + 1.50%), 1/23/30<sup>(b)</sup> | 100000 | 101632 |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, (SOFR + 1.78%), 1/23/35<sup>(b)</sup> | $100000 | $101825 |
|  |  | 3704208 |
| **Beverages - 0.0%<sup>†</sup>** |  |  |
| Keurig Dr Pepper, Inc., 5.30%, 3/15/34 | 20000 | 19841 |
| **Biotechnology - 0.4%** |  |  |
| Amgen, Inc., 5.25%, 3/2/33 | 100000 | 102680 |
| Biogen, Inc., 2.25%, 5/1/30 | 100000 | 91347 |
| CSL Finance PLC, 4.25%, 4/27/32<sup>(a)</sup> | 150000 | 145264 |
| Royalty Pharma PLC, 2.15%, 9/2/31 | 300000 | 261500 |
|  |  | 600791 |
| **Building Materials - 0.1%** |  |  |
| JH North America Holdings, Inc., 5.88%, 1/31/31<sup>(a)</sup> | 25000 | 24780 |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 4/1/32<sup>(a)</sup> | 75000 | 71832 |
|  |  | 96612 |
| **Chemicals - 0.0%<sup>†</sup>** |  |  |
| Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/15/32<sup>(a)</sup> | 10000 | 10006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 8/15/33<sup>(a)</sup> | 5000 | 5051 |
| Rain Carbon, Inc., 12.25%, 9/1/29<sup>(a)</sup> | 50000 | 51437 |
|  |  | 66494 |
| **Commercial Services - 0.2%** |  |  |
| Ashtead Capital, Inc., 5.80%, 4/15/34<sup>(a)</sup> | 200000 | 204085 |
| EquipmentShare.com, Inc., 9.00%, 5/15/28<sup>(a)</sup> | 50000 | 51635 |
|  |  | 255720 |
| **Computers - 0.1%** |  |  |
| CACI International, Inc., 6.38%, 6/15/33<sup>(a)</sup> | 25000 | 25440 |
| Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 100000 | 99317 |
| McAfee Corp., 7.38%, 2/15/30<sup>(a)</sup> | 30000 | 24784 |
|  |  | 149541 |
| **Cosmetics/Personal Care - 0.1%** |  |  |
| Kenvue, Inc., 4.85%, 5/22/32 | 100000 | 100906 |
| **Diversified Financial Services - 0.3%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33 | 150000 | 132765 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/10/30<sup>(a)</sup> | 65000 | 64551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/15/32<sup>(a)</sup> | 100000 | 97391 |
| Freedom Mortgage Holdings LLC, 8.38%, 4/1/32<sup>(a)</sup> | 25000 | 24589 |
| Jane Street Group / JSG Finance, Inc., 6.13%, 11/1/32<sup>(a)</sup> | 50000 | 49406 |
|  |  | 368702 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Electric - 1.8%** |  |  |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, (US 5 Year CMT T-Note + 2.13%), 3/15/56<sup>(b)</sup> | $35000 | $34571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, (US 5 Year CMT T-Note + 1.94%), 3/15/56<sup>(b)</sup> | 10000 | 9907 |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 2/15/32<sup>(a)</sup> | 150000 | 146468 |
| Clearway Energy Operating LLC, 5.75%, 1/15/34<sup>(a)</sup> | 5000 | 4911 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 1/15/31 | 15000 | 14809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 3/1/33 | 200000 | 209557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 1/15/34 | 50000 | 53387 |
| Dominion Energy, Inc., 3.38%, 4/1/30 | 100000 | 95485 |
| DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 5/15/35 | 15000 | 15215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 3/1/36 | 25000 | 24550 |
| Duke Energy Carolinas LLC, 6.10%, 6/1/37 | 100000 | 105562 |
| EDP Finance BV, 1.71%, 1/24/28<sup>(a)</sup> | 200000 | 189804 |
| Electricite de France SA, 5.70%, 5/23/28<sup>(a)</sup> | 200000 | 204690 |
| Enel Finance International NV, 3.50%, 4/6/28<sup>(a)</sup> | 200000 | 196147 |
| Exelon Corp., 4.05%, 4/15/30 | 200000 | 195839 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 6/1/30 | 100000 | 91132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44%, 1/15/32 | 100000 | 88105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 3/15/32 | 65000 | 66502 |
| Pacific Gas and Electric Co., 3.25%, 6/1/31 | 150000 | 138383 |
| Southern Co. (The), 3.70%, 4/30/30 | 50000 | 48357 |
| Talen Energy Supply LLC, 6.25%, 2/1/34<sup>(a)</sup> | 20000 | 19773 |
| Virginia Electric and Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/33 | 100000 | 100628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 3/15/36 | 40000 | 38993 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 7/15/29<sup>(a)</sup> | 300000 | 294428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 1/31/36<sup>(a)</sup> | 15000 | 14652 |
| Xcel Energy, Inc., 5.45%, 8/15/33 | 150000 | 153154 |
|  |  | 2555009 |
| **Electrical Components & Equipments - 0.0%<sup>†</sup>** |  |  |
| WESCO Distribution, Inc., 6.63%, 3/15/32<sup>(a)</sup> | 50000 | 51149 |
| **Electronics - 0.1%** |  |  |
| Amphenol Corp., 4.40%, 2/15/33 | 45000 | 43930 |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Electronics (continued)** |  |  |
| Flex Ltd., 5.25%, 1/15/32 | $100000 | $100409 |
|  |  | 144339 |
| **Engineering & Construction - 0.0%<sup>†</sup>** |  |  |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 9/15/28<sup>(a)</sup> | 50000 | 48203 |
| **Entertainment - 0.0%<sup>†</sup>** |  |  |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(a)</sup> | 5000 | 4986 |
| **Environmental Control - 0.0%<sup>†</sup>** |  |  |
| Waste Connections, Inc., 4.80%, 7/15/36 | 25000 | 24459 |
| **Food - 0.3%** |  |  |
| Industrial F&B Investments III, Inc., 7.75%, 2/11/33<sup>(a)</sup> | 10000 | 10045 |
| JBS USA Holding LUX Sarl / JBS USA Food Co. / JBS LUX Co. Sarl, 3.63%, 1/15/32 | 200000 | 185097 |
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | 50000 | 44062 |
| Mars, Inc., 5.20%, 3/1/35<sup>(a)</sup> | 140000 | 141424 |
|  |  | 380628 |
| **Gas - 0.1%** |  |  |
| Southern Co. Gas Capital Corp., 5.15%, 9/15/32 | 100000 | 101390 |
| **Healthcare-Products - 0.2%** |  |  |
| Baxter International, Inc., 2.54%, 2/1/32 | 200000 | 168557 |
| Medline Borrower LP, 3.88%, 4/1/29<sup>(a)</sup> | 50000 | 48361 |
| Thermo Fisher Scientific, Inc., 4.90%, 2/12/36 | 20000 | 19862 |
|  |  | 236780 |
| **Healthcare-Services - 0.5%** |  |  |
| Centene Corp., 3.00%, 10/15/30 | 100000 | 87623 |
| DaVita, Inc., 4.63%, 6/1/30<sup>(a)</sup> | 50000 | 48027 |
| HCA, Inc., 4.60%, 11/15/32 | 20000 | 19453 |
| Icon Investments Six DAC, 6.00%, 5/8/34 | 200000 | 202923 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 2/1/29 | 100000 | 103888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 6/1/32<sup>(a)</sup> | 50000 | 50769 |
| Kaiser Foundation Hospitals, 3.27%, 11/1/49 | 140000 | 96016 |
| Tenet Healthcare Corp., 6.00%, 11/15/33<sup>(a)</sup> | 10000 | 10117 |
| UnitedHealth Group, Inc., 5.15%, 7/15/34 | 100000 | 100951 |
|  |  | 719767 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Housewares - 0.0%<sup>†</sup>** |  |  |
| Newell Brands, Inc., 8.50%, 6/1/28<sup>(a)</sup> | $35000 | $36118 |
| **Insurance - 0.6%** |  |  |
| Arthur J Gallagher & Co., 5.00%, 2/15/32 | 50000 | 50122 |
| Asurion LLC And Asurion Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 12/31/32<sup>(a)</sup> | 10000 | 10357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 2/1/34<sup>(a)</sup> | 10000 | 9689 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 7/17/30<sup>(a)</sup> | 50000 | 49447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 8/22/35<sup>(a)</sup> | 50000 | 48908 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 3/15/31 | 100000 | 87999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/23/32 | 15000 | 14966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/23/35 | 30000 | 29977 |
| Corebridge Financial, Inc., 6.05%, 9/15/33 | 150000 | 156892 |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | 50000 | 50179 |
| Metropolitan Life Global Funding I, 4.30%, 8/25/29<sup>(a)</sup> | 150000 | 148607 |
| RGA Global Funding, 5.50%, 1/11/31<sup>(a)</sup> | 100000 | 102745 |
| Sammons Financial Group, Inc., 6.88%, 4/15/34<sup>(a)</sup> | 100000 | 105936 |
|  |  | 865824 |
| **Internet - 0.2%** |  |  |
| Airbnb, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 3/16/31 | 15000 | 14970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/16/36 | 10000 | 10012 |
| Alphabet, Inc., 4.80%, 2/15/36 | 20000 | 19929 |
| Amazon.com, Inc., 4.88%, 3/13/36 | 25000 | 24791 |
| Amazon.Com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 3/13/33 | 15000 | 14864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 3/13/56 | 10000 | 10025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 3/13/76 | 30000 | 29898 |
| Beignet Investor LLC, 6.58%, 5/30/49<sup>(a)</sup> | 9000 | 9253 |
| Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 7/1/32<sup>(a)</sup> | 50000 | 43586 |
| Meta Platforms, Inc., 4.95%, 5/15/33 | 50000 | 50451 |
|  |  | 227779 |
| **Iron & Steel - 0.0%<sup>†</sup>** |  |  |
| Commercial Metals Co., 6.00%, 12/15/35<sup>(a)</sup> | 15000 | 14783 |
| **Leisure Time - 0.1%** |  |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/15/30<sup>(a)</sup> | 50000 | 50392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/1/32<sup>(a)</sup> | 10000 | 9997 |
| NCL Corp. Ltd., 6.25%, 9/15/33<sup>(a)</sup> | 10000 | 9655 |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Leisure Time (continued)** |  |  |
| Viking Cruises Ltd., 5.88%, 10/15/33<sup>(a)</sup> | $15000 | $14807 |
|  |  | 84851 |
| **Lodging - 0.0%<sup>†</sup>** |  |  |
| Marriott International, Inc., 4.50%, 5/1/33 | 25000 | 24162 |
| **Machinery-Construction & Mining - 0.0%<sup>†</sup>** |  |  |
| Vertiv Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 3/15/36 | 36000 | 35020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 3/15/56 | 10000 | 9634 |
|  |  | 44654 |
| **Machinery-Diversified - 0.0%<sup>†</sup>** |  |  |
| Esab Corp., 6.25%, 4/15/29<sup>(a)</sup> | 50000 | 50738 |
| **Media - 0.5%** |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 4/1/31 | 200000 | 179567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 4/1/33 | 100000 | 93579 |
| Comcast Corp., 4.80%, 5/15/33 | 100000 | 99477 |
| Fox Corp., 3.50%, 4/8/30 | 125000 | 119915 |
| Nexstar Media, Inc., 7.25%, 4/15/34<sup>(a)</sup> | 20000 | 20077 |
| Paramount Global, 4.20%, 5/19/32 | 100000 | 85678 |
| Sinclair Television Group, Inc., 8.13%, 2/15/33<sup>(a)</sup> | 50000 | 50828 |
| Time Warner Cable LLC, 6.75%, 6/15/39 | 100000 | 99301 |
|  |  | 748422 |
| **Mining - 0.2%** |  |  |
| Glencore Funding LLC, 5.51%, 4/1/36<sup>(a)</sup> | 30000 | 30051 |
| Novelis Corp., 6.38%, 8/15/33<sup>(a)</sup> | 30000 | 29420 |
| Rio Tinto Finance USA PLC, 5.00%, 3/14/32 | 150000 | 152966 |
|  |  | 212437 |
| **Miscellaneous Manufacturing - 0.0%<sup>†</sup>** |  |  |
| Carlisle Cos., Inc., 5.25%, 9/15/35 | 15000 | 14995 |
| **Oil & Gas - 0.5%** |  |  |
| Aker BP ASA, 4.00%, 1/15/31<sup>(a)</sup> | 200000 | 191875 |
| Canadian Natural Resources Ltd., 2.95%, 7/15/30 | 100000 | 94071 |
| Hess Corp., 7.13%, 3/15/33 | 200000 | 227966 |
| Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 7/15/31<sup>(a)</sup> | 10000 | 9920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 7/15/34<sup>(a)</sup> | 5000 | 4915 |
| TotalEnergies Capital SA, 4.72%, 9/10/34 | 100000 | 99491 |
| Viper Energy Partners LLC, 5.70%, 8/1/35 | 34000 | 34266 |
|  |  | 662504 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Oil & Gas Services - 0.0%<sup>†</sup>** |  |  |
| Archrock Services LP / Archrock Partners Finance Corp., 6.00%, 2/1/34<sup>(a)</sup> | $5000 | $4956 |
| Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/1/33<sup>(a)</sup> | 15000 | 15161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/1/35<sup>(a)</sup> | 10000 | 10159 |
| Weatherford International Ltd., 6.75%, 10/15/33<sup>(a)</sup> | 15000 | 15316 |
|  |  | 45592 |
| **Packaging & Containers - 0.1%** |  |  |
| Amcor Flexibles North America, Inc., 2.63%, 6/19/30 | 50000 | 46010 |
| Aptargroup, Inc., 4.75%, 3/30/31 | 25000 | 24784 |
| Toucan Finco Ltd. / Toucan Finco Can, Inc. / Toucan Finco US LLC, 9.50%, 5/15/30<sup>(a)</sup> | 150000 | 132394 |
|  |  | 203188 |
| **Pharmaceuticals - 0.4%** |  |  |
| Abbvie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 3/15/33 | 20000 | 19636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/15/36 | 5000 | 4903 |
| Bayer US Finance II LLC, 4.38%, 12/15/28<sup>(a)</sup> | 100000 | 99012 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 2/28/31 | 15000 | 13095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/1/33 | 100000 | 100820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 3/25/38 | 100000 | 92066 |
| Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 12/4/32 | 10000 | 9932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/4/35 | 20000 | 19627 |
| Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 11/5/30 | 85000 | 83923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 3/18/33 | 20000 | 19933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 3/18/36 | 25000 | 24957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 3/18/56 | 15000 | 15147 |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, 5/19/33 | 100000 | 99694 |
| Teva Pharmaceutical Finance Netherlands III BV, 4.10%, 10/1/46 | 15000 | 11116 |
|  |  | 613861 |
| **Pipelines - 0.7%** |  |  |
| Cheniere Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 4/15/34 | 50000 | 51492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 7/30/36<sup>(a)</sup> | 5000 | 4952 |
| Eastern Energy Gas Holdings LLC, 5.80%, 1/15/35 | 140000 | 145292 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 5/15/28 | 100000 | 100858 |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 5/15/34 | $100000 | $101897 |
| Hess Midstream Operations LP, 6.50%, 6/1/29<sup>(a)</sup> | 50000 | 51055 |
| Kinetik Holdings LP, 6.63%, 12/15/28<sup>(a)</sup> | 50000 | 50813 |
| MPLX LP, 5.40%, 4/1/35 | 150000 | 149730 |
| Targa Resources Corp., 4.35%, 4/15/31 | 20000 | 19573 |
| TransCanada PipeLines Ltd., 4.25%, 5/15/28 | 100000 | 99556 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 5/15/30 | 100000 | 95054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 3/15/36<sup>(a)</sup> | 25000 | 24793 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/1/33<sup>(a)</sup> | 25000 | 27475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 5/1/35<sup>(a)</sup> | 25000 | 28023 |
| Williams Cos., Inc. (The), 3.50%, 11/15/30 | 50000 | 47505 |
|  |  | 998068 |
| **REITS - 0.5%** |  |  |
| Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33 | 100000 | 81006 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 10/15/30 | 100000 | 88236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/15/32 | 15000 | 14733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 3/15/35 | 150000 | 151059 |
| Essex Portfolio LP, 5.38%, 4/1/35 | 50000 | 50455 |
| Iron Mountain, Inc., 7.00%, 2/15/29<sup>(a)</sup> | 50000 | 50974 |
| Millrose Properties, Inc., 6.38%, 8/1/30<sup>(a)</sup> | 75000 | 74854 |
| MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31 | 25000 | 16284 |
| Prologis Targeted US Logistics Fund LP, 5.25%, 4/1/29<sup>(a)</sup> | 100000 | 101902 |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 4/1/32<sup>(a)</sup> | 50000 | 50908 |
| VICI Properties LP, 5.13%, 11/15/31 | 100000 | 99213 |
|  |  | 779624 |
| **Retail - 0.0%<sup>†</sup>** |  |  |
| FirstCash, Inc., 6.88%, 3/1/32<sup>(a)</sup> | 50000 | 50946 |
| **Semiconductors - 0.2%** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 1/15/36 | 20000 | 19751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 1/15/56 | 5000 | 4962 |
| Foundry JV Holdco LLC, 6.25%, 1/25/35<sup>(a)</sup> | 200000 | 209334 |
|  |  | 234047 |
| **Software - 0.3%** |  |  |
| Fiserv, Inc., 2.65%, 6/1/30 | 150000 | 136582 |
| Oak-Eagle Acquireco, Inc., 7.25%, 7/1/33<sup>(a)</sup> | 10000 | 10374 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Software (continued)** |  |  |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 3/25/31 | $100000 | $88929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 9/26/32 | 25000 | 23801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 2/4/36 | 40000 | 38490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 2/4/56 | 15000 | 13888 |
| Salesforce, Inc., 5.20%, 3/15/33 | 50000 | 49936 |
| Synopsys, Inc., 5.00%, 4/1/32 | 100000 | 100874 |
|  |  | 462874 |
| **Telecommunications - 0.5%** |  |  |
| APLD ComputeCo 2 LLC, 6.75%, 3/15/31<sup>(a)</sup> | 10000 | 9926 |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | 10000 | 10310 |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 12/1/33 | 250000 | 211612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 4/30/36 | 20000 | 19766 |
| Black Pearl Compute LLC, 6.13%, 2/15/31<sup>(a)</sup> | 5000 | 5089 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(a)</sup> | 10000 | 10360 |
| Motorola Solutions, Inc., 2.75%, 5/24/31 | 100000 | 90888 |
| SV RNO Property Owner 1 LLC, 5.88%, 3/1/31<sup>(a)</sup> | 10000 | 9912 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 4/15/30 | 200000 | 194786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/15/36 | 35000 | 34450 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36%, 3/15/32 | 150000 | 130644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 1/15/33 | 35000 | 34564 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(a)</sup> | 10000 | 10568 |
|  |  | 772875 |
| **Transportation - 0.0%<sup>†</sup>** |  |  |
| Burlington Northern Santa Fe LLC, 5.55%, 3/15/56 | 20000 | 19430 |
| **Total Corporate Bonds and Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $18,107,032)** |  | **17827666** |
| **Agency Mortgage Backed Securities - 7.9%** |  |  |
| **Federal Home Loan Mortgage Corporation - 2.4%** |  |  |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 3/1/51 | 506458 | 411217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/51 | 456981 | 387668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/1/52 | 601898 | 534638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 3/1/52 | 572999 | 463236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/1/52 | 680532 | 550132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 5/1/52 | 542374 | 457851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/52 | 431359 | 407128 |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Federal Home Loan Mortgage Corporation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/1/52 | $335067 | $324125 |
|  |  | 3535995 |
| **Federal National Mortgage Association - 3.8%** |  |  |
| Fannie Mae or Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 4/1/41<sup>(c)</sup> | 180000 | 161655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/1/41<sup>(c)</sup> | 250000 | 229522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/41<sup>(c)</sup> | 80000 | 75484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/41<sup>(c)</sup> | 120000 | 120764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/56<sup>(c)</sup> | 60000 | 50407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 4/1/56<sup>(c)</sup> | 40000 | 36619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/1/56<sup>(c)</sup> | 470000 | 453256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/56<sup>(c)</sup> | 500000 | 492891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/1/56<sup>(c)</sup> | 1530000 | 1536574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/1/56<sup>(c)</sup> | 1330000 | 1354938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 4/1/56<sup>(c)</sup> | 260000 | 268836 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/48 | 187623 | 169255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/52 | 187061 | 157998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/1/52 | 441757 | 405892 |
|  |  | 5514091 |
| **Government National Mortgage Association - 1.7%** |  |  |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/20/53<sup>(c)</sup> | 180000 | 173609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/20/56<sup>(c)</sup> | 120000 | 98888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/20/56<sup>(c)</sup> | 420000 | 360527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 4/20/56<sup>(c)</sup> | 230000 | 210594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 4/20/56<sup>(c)</sup> | 170000 | 159003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/20/56<sup>(c)</sup> | 300000 | 296988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/20/56<sup>(c)</sup> | 390000 | 392300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/20/56<sup>(c)</sup> | 320000 | 325200 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 7/20/52 | 213718 | 176293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 7/20/52 | 226545 | 194710 |
|  |  | 2388112 |
| **Total Agency Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $11,683,832)** |  | **11438198** |
| **Asset Backed and Commercial Backed Securities - 4.8%** |  |  |
| Ares LXV CLO Ltd., 4.79%, (3 Month Term SOFR + 1.12%), 7/25/34 <sup>(a),(b)</sup> | 250000 | 249625 |
| Bank, 3.47%, 5/15/62 | 30000 | 29063 |
| Bank5, 5.63%, 11/15/58 <sup>(d)</sup> | 24000 | 24410 |
| Bank5 Trust, 1.06%, 1/15/58 <sup>(a),(d)</sup> | 1885749 | 64791 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Barclays Commercial Mortgage Trust, 3.44%, 5/15/52 | $13848 | $13615 |
| Basswood Park CLO Ltd., 4.70%, (3 Month Term SOFR + 1.03%), 4/20/34 <sup>(a),(b)</sup> | 250000 | 249562 |
| BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 9/15/56<sup>(d)</sup> | $33000 | 34985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 2/15/59<sup>(d)</sup> | 53000 | 54380 |
| Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%, 3/15/53 | 21455 | 20708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 8/15/57 | 102096 | 98527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%, 9/15/58<sup>(d)</sup> | 418000 | 24550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%, 10/15/58<sup>(a),(d)</sup> | 999695 | 49593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 2/15/59<sup>(d)</sup> | 49000 | 50125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91%, 12/15/62 | 22123 | 21493 |
| BMO Mortgage Trust, 5.94%, 12/15/57 <sup>(d)</sup> | 40000 | 41249 |
| BRAVO Residential Funding Trust, 3.50%, 10/25/44 <sup>(a),(d)</sup> | 27367 | 26331 |
| BX Mortgage Trust, 4.69%, (1 Month Term SOFR + 1.01%), 10/15/36 <sup>(a),(b)</sup> | 130000 | 129594 |
| BX Trust, 5.16%, (1 Month Term SOFR + 1.49%), 4/15/37 <sup>(a),(b)</sup> | 90707 | 90707 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59%, (3 Month Term SOFR + 0.92%), 7/20/32<sup>(a),(b)</sup> | 121517 | 121646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, (3 Month Term SOFR + 1.09%), 4/20/34<sup>(a),(b)</sup> | 250000 | 249776 |
| CFCRE Commercial Mortgage Trust, 3.84%, 12/10/54 | 50000 | 49189 |
| CGMS Commercial Mortgage Trust, 3.71%, 8/15/50 <sup>(d)</sup> | 31000 | 30305 |
| Chase Home Lending Mortgage Trust, 5.06%, (SOFR + 1.40%), 5/25/56 <sup>(a),(b)</sup> | 26441 | 26498 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.64%, (3 Month Term SOFR + 0.97%), 4/19/35<sup>(a),(b)</sup> | 310000 | 308998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, (3 Month Term SOFR + 1.52%), 4/22/37<sup>(a),(b)</sup> | 300000 | 300251 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/25/48<sup>(a),(d)</sup> | 12972 | 12385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/25/49<sup>(a),(d)</sup> | 5291 | 5145 |
| Citigroup Commercial Mortgage Trust, 2.71%, 2/15/53 | 24486 | 23261 |
| COMM Mortgage Trust, 4.61%, 10/10/48 <sup>(d)</sup> | 12763 | 12744 |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Compass Datacenters Issuer II LLC, 4.93%, 11/25/50 <sup>(a)</sup> | $85000 | $84374 |
| Connecticut Avenue Securities, 4.76%, (SOFR + 1.10%), 1/25/45 <sup>(a),(b)</sup> | 15107 | 15078 |
| Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66%, (SOFR + 1.00%), 2/25/45<sup>(a),(b)</sup> | 19920 | 19890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, (SOFR + 1.45%), 3/25/45<sup>(a),(b)</sup> | 23394 | 23469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66%, (SOFR + 1.00%), 5/25/45<sup>(a),(b)</sup> | 21732 | 21692 |
| CSAIL Commercial Mortgage Trust, 3.40%, 11/15/50 | 18575 | 18387 |
| Elevation CLO Ltd., 4.59%, (3 Month Term SOFR + 0.92%), 10/20/31 <sup>(a),(b)</sup> | 315 | 315 |
| Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, (SOFR + 0.95%), 11/25/54<sup>(b)</sup> | 128157 | 129293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, (SOFR + 0.95%), 11/25/54<sup>(b)</sup> | 82722 | 82585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, (SOFR + 1.10%), 12/25/54<sup>(b)</sup> | 152168 | 152218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66%, (SOFR + 1.00%), 1/25/55<sup>(b)</sup> | 153220 | 154086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, (SOFR + 0.95%), 4/25/55<sup>(b)</sup> | 25346 | 25630 |
| Freddie Mac REMICS, 4.78%, (SOFR + 1.12%), 8/25/54 <sup>(b)</sup> | 99209 | 99971 |
| Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06%, (SOFR + 2.40%), 2/25/42<sup>(a),(b)</sup> | 80000 | 80700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61%, (SOFR + 0.95%), 1/25/45<sup>(a),(b)</sup> | 26765 | 26716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76%, (SOFR + 1.10%), 5/25/45<sup>(a),(b)</sup> | 23125 | 23125 |
| Goldentree Loan Management US Clo 11 Ltd., 4.75%, (3 Month Term SOFR + 1.08%), 10/20/34 <sup>(a),(b)</sup> | 250000 | 249792 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86%, 7/10/46<sup>(a),(d)</sup> | 14427 | 14197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 5/10/49 | 15930 | 15907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93%, 9/10/52 | 42207 | 41039 |
| Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 12/17/26<sup>(a)</sup> | 201462 | 197802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 1/17/41<sup>(a)</sup> | 71811 | 67068 |
| HomesTrust, 5.92%, 7/25/69 <sup>(a),(e)</sup> | 73971 | 74872 |
| Invesco CLO Ltd., 4.77%, (3 Month Term SOFR + 1.10%), 7/15/34 <sup>(a),(b)</sup> | 250000 | 249763 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 6/25/52<sup>(a),(d)</sup> | $77794 | $70003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, (SOFR + 1.70%), 3/20/54<sup>(a),(b)</sup> | 10910 | 10963 |
| JPMCC Commercial Mortgage Securities Trust, 3.15%, 6/13/52 | 9915 | 9853 |
| LCM 34 Ltd., 4.85%, (3 Month Term SOFR + 1.18%), 10/20/34 <sup>(a),(b)</sup> | 250000 | 249707 |
| Marble Point CLO XV Ltd., 4.71%, (3 Month Term SOFR + 1.04%), 7/23/32 <sup>(a),(b)</sup> | 170287 | 170198 |
| Mill City Mortgage Loan Trust, 3.50%, 4/25/66 <sup>(a),(d)</sup> | 40639 | 39877 |
| Morgan Stanley Bank of America Merrill Lynch Trust, 3.99%, 12/15/49 <sup>(d)</sup> | 24000 | 23084 |
| Morgan Stanley Capital I Trust, 1.21%, 7/15/52 <sup>(d)</sup> | 1518968 | 47488 |
| Neuberger Berman Loan Advisers CLO Ltd., 4.76%, (3 Month Term SOFR + 1.09%), 4/25/36 <sup>(a),(b)</sup> | 250000 | 249634 |
| New Economy Assets Phase 1 Sponsor LLC, 1.91%, 10/20/61 <sup>(a)</sup> | 260000 | 218207 |
| Northwoods Capital 25 Ltd., 4.79%, (3 Month Term SOFR + 1.12%), 7/20/34 <sup>(a),(b)</sup> | 250000 | 249764 |
| OBX Trust, 6.13%, 12/25/63 <sup>(a),(e)</sup> | 53100 | 53486 |
| Octagon Investment Partners 41 Ltd., 4.76%, (3 Month Term SOFR + 1.09%), 10/15/33 <sup>(a),(b)</sup> | 250000 | 249536 |
| Octagon Investment Partners 45 Ltd., 4.82%, (3 Month Term SOFR + 1.15%), 4/15/35 <sup>(a),(b)</sup> | 250000 | 249803 |
| Provident Funding Mortgage Trust, 3.00%, 12/25/49 <sup>(a),(d)</sup> | 18294 | 15808 |
| PSMC Trust, 2.50%, 8/25/51 <sup>(a),(d)</sup> | 139393 | 126957 |
| Structured Agency Credit Risk, 4.66%, (SOFR + 1.00%), 2/25/46 <sup>(a),(b)</sup> | 40707 | 40556 |
| Vegas, 6.22%, 7/10/36 <sup>(a),(d)</sup> | 38000 | 37805 |
| Venture 41 CLO Ltd., 4.80%, (3 Month Term SOFR + 1.13%), 1/20/34 <sup>(a),(b)</sup> | 250000 | 250014 |
| Verus Securitization Trust, 6.22%, 6/25/69 <sup>(a),(e)</sup> | 58219 | 58930 |
| VRTX Trust, 4.93%, 8/5/42 <sup>(a),(d)</sup> | 38000 | 37550 |
| WFRBS Commercial Mortgage Trust, 4.31%, 10/15/57 <sup>(d)</sup> | 33000 | 32202 |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Zais CLO Ltd., 4.99%, (3 Month Term SOFR + 1.32%), 10/25/37 <sup>(a),(b)</sup> | $250000 | $249366 |
| **Total Asset Backed and Commercial Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $7,122,094)** |  | **7022266** |
| **U.S. Treasury Securities and Agency Bonds - 2.6%** |  |  |
| Federal Farm Credit Banks Funding Corp., 2.10%, 2/25/36 | 140000 | 113248 |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/15/35 | 55000 | 54837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 5/15/40 | 525000 | 331324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 8/15/40 | 60000 | 37479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 2/15/43 | 120000 | 106819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 8/15/44 | 150000 | 136342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 5/15/46 | 360000 | 247866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 8/15/46 | 525000 | 343034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 5/15/48 | 100000 | 75406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 5/15/49 | 498000 | 354942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 8/15/49 | 425000 | 265011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 5/15/50 | 800000 | 380781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 5/15/51 | 90000 | 56450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 11/15/51 | 1001000 | 551449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 5/15/53 | 330000 | 265263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/15/54 | 240000 | 215550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 8/15/55 | 235000 | 229602 |
| **Total U.S. Treasury Securities and Agency Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $4,234,250)** |  | **3765403** |
| **Mutual Funds - 0.8%** |  |  |
| **Debt Funds - 0.8%** |  |  |
| Franklin Floating Rate Daily Access Fund (Cost - $1,136,337) | 151109 | 1094026 |
| **Municipal Bonds - 0.4%** |  |  |
| Golden State Tobacco Securitization Corp., 3.85%, 6/1/50 | 185000 | 169048 |
| Greenville City School District, 3.54%, 1/1/51 | 110000 | 83401 |
| San Bernardino Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 8/1/41 | 250000 | 189025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86%, 8/1/49 | 150000 | 98834 |
| **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $689,276)** |  | **540308** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Short-Term Investments - 5.2%** |  |  |
| **Money Market Funds - 5.2%** |  |  |
| Dreyfus Government Cash Management, Institutional Shares, 3.53%<sup>(f)</sup> | 5627540 | $5627539 |
| Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53%<sup>(f)</sup> | 1944999 | 1944999 |
| **Total Short-Term Investments<br> (Cost - $7,572,538)** |  | **7572538** |
| **Total Investments - 104.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $103,163,339)** |  | **$150884607** |
| **Other Assets Less Liabilities - Net (4.2)%** |  | **(6133996)** |
| **Total Net Assets - 100.0%** |  | **$144750611** |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| † | 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 $11,018,085 or 7.6% of net assets. |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

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

---

| | |
|:---|:---|
| CLO | Collateralized Loan Obligation |
| CMT | Treasury Constant Maturity Rate |
| PLC | Public Limited Company |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |

---

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br> (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)<br> Portfolio of Investments (Unaudited) (Continued)<br> March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | | | |
|  | **Counterparty** | **Number of<br> Contracts** | <br>**Expiration Date** | <br>**Notional Value** | <br>**Fair<br> Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Futures Contracts** |  |  |  |  |  |
| U.S. 2 Year Note Future | J. P. Morgan Securities LLC | 21 | 6/30/2026 | $4356352 | $(30344) |
| U.S. Ultra Bond Future | J. P. Morgan Securities LLC | 1 | 6/18/2026 | 116562 | (4017) |
|  |  |  |  |  | (34361) |
| **Short Futures Contracts** |  |  |  |  |  |
| MSCI EAFE Future | Goldman Sachs & Co. | 26 | 6/19/2026 | 3771430 | (19860) |
| S&P 500 E-Mini Future | Goldman Sachs & Co. | 42 | 6/18/2026 | 13798575 | 98858 |
| S&P Mid 400 E-Mini Future | Goldman Sachs & Co. | 6 | 6/18/2026 | 2037900 | (19775) |
| U.S. 10 Year Ultra Future | J. P. Morgan Securities LLC | 2 | 6/18/2026 | 227031 | (750) |
| U.S. 5 Year Note Future | J. P. Morgan Securities LLC | 25 | 6/30/2026 | 2704492 | 10568 |
| U.S. Long Bond Future | J. P. Morgan Securities LLC | 3 | 6/18/2026 | 341625 | (2177) |
|  |  |  |  |  | 66864 |
| TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS |  | $32503 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | | |
| **Counterparty** | **Reference<br> Obligation/<br> Index** | **Payment<br> Frequency** | **Buy/Sell<br> Protection** | **Fixed<br> Rate<br> Received** | **Fixed<br> Rate<br> Paid** | **Credit<br> Rating\*** | **Expiration<br> Date** | **Notional<br> Amount\*\*** | **Fair Value** | <br>**Premiums<br> Paid<br> (Received)** | <br>**Unrealized<br> Appreciation(Depreciation)** |
| Citibank NA | CDX.EM.44 | Quarterly | Buy | 1.00% |  | NR | 12/20/30 | $580000 | $(11267) | $(11548) | $281 |
| Citibank NA | CDX.NA.HY.45 | Quarterly | Buy | 5.00% |  | NR | 12/20/30 | 168300 | 9144 | 10195 | (1051) |
| Citibank NA | ITRAXX Europe Series.45 | Quarterly | Sell | 1.00% |  | NR | 06/20/31 | 930000 | (15060) | (13409) | (1651) |
| Citibank NA | CDX.NA.IG.46 | Quarterly | Buy | 1.00% |  | NR | 06/20/31 | 370000 | 6510 | 5759 | 751 |
| 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 | 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 |  |  | $(10673) | $(9003) | $(1670) |

---

\* Credit ratings for the underlying securities in the credit default swaps are assigned based on the higher ratings of either Moody's or S&P. If both are unrated, then Fitch is used.

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

NR - Not Rated

## 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 Franklin Tactical Allocation Managed Risk Portfolio

- **b. EDGAR series identifier (if any):** S000045288

- **c. LEI of Series:** 54930090MU1ONMLIGZ58

**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:** $163615242.14

**Total Liabilities:** $18701685.75

**Net Assets:** $144913556.39

**Delayed Delivery Securities:** $30000.00

**Stand-by Commitments:** $11325868.98

**Cash Not Reported:** $1260358.60

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 24.22286000 | **1-Year:** 1963.50256000 | **5-Year:** 11486.61936000 | **10-Year:** 3889.69854000 | **30-Year:** 119.13565000

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

- **3-Month:** 0.00000000 | **1-Year:** 166.51266000 | **5-Year:** 378.20404000 | **10-Year:** 21.33125000 | **30-Year:** 1.55860000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000141021 | 0.73%                | 1.53%                | -4.13%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2485426.15              | $-1513261.89                               |
| Month 2  | $2841844.09              | $-605027.02                                |
| Month 3  | $2178111.24              | $-8738218.98                               |

**Designated Index Information**

- **Index Name:** Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio_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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Carnival Corporation                                                                 | CCL 5.75 03/15/30 144A                                 | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     50000 | PA      | $50391.90     | 0.03%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                                                             | FG 6.5 06/04/29                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50179.21     | 0.03%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 3.875 04/15/30                                    | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194786.17    | 0.13%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Carlisle Companies Inc.                                                              | CSL 5.25 09/15/35                                      | CUSIP: 142339AN0<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14995.07     | 0.01%             | 2035-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Apld Computeco 2 LLC                                                                 | PFORGE 6.75 03/15/31 144A                              | CUSIP: 03772CAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9925.52      | 0.01%             | 2031-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.499 01/23/35                                    | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101825.48    | 0.07%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PSMC 2021-3 TRUST                                                                    | PSMC 2021-3 A3                                         | CUSIP: 69376DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    139393 | PA      | $126956.94    | 0.09%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Homes Trust 2024-NQM1                                                                | HOMES 2024-NQM1 A1                                     | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-O            | CORP              | US        |     73971 | PA      | $74872.03     | 0.05%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 5.15 05/01/30                                       | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152264.73    | 0.11%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                   | IRM 7 02/15/29 144A                                    | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50973.55     | 0.04%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.875 02/15/43                                       | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $106818.75    | 0.07%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group, Inc.                                                      | SBGI 8.125 02/15/33 144A                               | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50828.25     | 0.04%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| GREENVILLE CITY SCHOOL DISTRICT (OH)                                                 | OH GRLSCD 3.54 01/01/2051                              | CUSIP: 396352GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $83400.75     | 0.06%             | 2051-01-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| DTE Electric Co.                                                                     | DTE 4.85 03/01/36 A                                    | CUSIP: 23338VBB1<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24550.02     | 0.02%             | 2036-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 7.75 05/01/35 144A                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $28022.88     | 0.02%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FEDERAL NATIONAL MORTGAGE ASSOCIATION                                                | FN MA4578                                              | CUSIP: 31418ECQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187061 | PA      | $157997.82    | 0.11%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SPECTRUM MANAGEMENT HOLDING COMPANY LLC                                              | CHTR 6.75 06/15/39                                     | CUSIP: 88732JAU2<br>LEI: B1WXCWLJVJXMWJX6O298 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99301.16     | 0.07%             | 2039-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA2                                              | STACR 2025-DNA2 A1                                     | CUSIP: 35564NHY2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-O            | USGSE             | US        |     23125 | PA      | $23124.93     | 0.02%             | 2045-05-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Pacific Gas and Electric Company                                                     | PCG 3.25 06/01/31                                      | CUSIP: 694308JT5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138383.09    | 0.10%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                          | CUSIP: 21H040640<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    170000 | PA      | $159003.13    | 0.11%             | 2056-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.125 05/15/40                                       | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $331324.22    | 0.23%             | 2040-05-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Black Pearl Compute LLC                                                              | BLKPRL 6.125 02/15/31 144A                             | CUSIP: 09216NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5089.17      | 0.00%             | 2031-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Franklin Investors Securities Trust                                                  | Franklin Investors Securities Trust FLTG DAILY ACC     | CUSIP: 353612559<br>LEI: 549300XUGIR9DEQFV548 | Long             | EC               | RF                | US        |    151109 | NS      | $1094026.37   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                                                                | WCNCN 4.8 07/15/36                                     | CUSIP: 94106BAK7<br>LEI: 549300HDLRTPBQU69P29 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24458.73     | 0.02%             | 2036-07-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                              | CUSIP: 01F060642<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1330000 | PA      | $1354937.50   | 0.93%             | 2056-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Bank Of America Merrill Lynch Trust 2016-C32                          | MSBAM 2016-C32 AS                                      | CUSIP: 61691GAV2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24000 | PA      | $23083.95     | 0.02%             | 2049-12-17      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                          | CUSIP: 21H050649<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    300000 | PA      | $296988.27    | 0.20%             | 2056-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 6.125 01/15/34                                     | CUSIP: 210385AD2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53387.55     | 0.04%             | 2034-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                               | Motorola Solutions Inc COM NEW                         | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      2318 | NS      | $1005942.46   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management Funds                                             | Dreyfus Government Cash Management Funds SH BEN INT    | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   5627540 | NS      | $5627539.56   | 3.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis Targeted US Logistics Fund LP                                               | PLDTLF 5.25 04/01/29 144A                              | CUSIP: 74350LAA2<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101901.72    | 0.07%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP V6.05 03/15/56 D                                   | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9907.57      | 0.01%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2025-R03 2A1                                       | CUSIP: 20754VAA5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     23394 | PA      | $23469.36     | 0.02%             | 2045-03-27      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Paramount Global                                                                     | PARA 4.2 05/19/32                                      | CUSIP: 92556HAD9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $85677.64     | 0.06%             | 2032-05-19      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CFCRE 2016-C7 MORTGAGE TRUST                                                         | CFCRE 2016-C7 A3                                       | CUSIP: 12532BAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $49189.14     | 0.03%             | 2054-12-11      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-15YR                                              | CUSIP: 01F020448<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    250000 | PA      | $229521.48    | 0.16%             | 2041-04-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V2.383 07/21/32                                     | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $176555.34    | 0.12%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                            | SUN 5.375 07/15/31 144A                                | CUSIP: 86765KAM1<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9920.01      | 0.01%             | 2031-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WFRBS COMMERCIAL MORTGAGE TRUST 2014-C23                                             | WFRBS 2014-C23 B                                       | CUSIP: 92939HBB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33000 | PA      | $32201.97     | 0.02%             | 2057-10-17      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                  | CCO 7.875 04/01/30 144A                                | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52313.85     | 0.04%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AerCap Ireland Capital Designated Activity Co. / AerCap Global Aviation Trust (AER)  | AER 3.4 10/29/33                                       | CUSIP: 00774MAY1<br>LEI: 549300TI38531ODB1G63 | Long             | DBT              | CORP              | IE        |    150000 | PA      | $132764.63    | 0.09%             | 2033-10-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                              | CUSIP: 01F042640<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    470000 | PA      | $453256.25    | 0.31%             | 2056-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Carlisle Companies Inc.                                                              | Carlisle Companies Inc. COM                            | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      2648 | NS      | $883425.76    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                         | AVOL 4.9 10/10/30 144A                                 | CUSIP: 05401ABA8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     65000 | PA      | $64550.81     | 0.04%             | 2030-10-10      | Fixed         | 4.90%                 | 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        |        20 | NC      | $-30312.52    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG New York Branch                                                     | DB 5.371 09/09/27                                      | CUSIP: 25160PAM9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $152546.19    | 0.11%             | 2027-09-09      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 5.3 06/01/33                                       | CUSIP: 126650DY3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100820.01    | 0.07%             | 2033-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Jpmcc Commercial Mortgage Securities Trust 2019-COR5                                 | JPMCC 2019-COR5 A2                                     | CUSIP: 46591EAR8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      9915 | PA      | $9852.69      | 0.01%             | 2052-06-14      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| Casey'S General Stores Inc.                                                          | Casey'S General Stores Inc. COM                        | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      1652 | NS      | $1202424.72   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)                                                        | WMB 3.5 11/15/30                                       | CUSIP: 969457BX7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47504.47     | 0.03%             | 2030-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN MORTGAGE CORP                                                      | FNMA-15YR                                              | CUSIP: 01F012445<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    180000 | PA      | $161655.46    | 0.11%             | 2041-04-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                                                   | NextEra Energy Inc COM                                 | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     16079 | NS      | $1493417.52   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2019-BNK18                                                                      | BANK 2019-BN18 A2                                      | CUSIP: 065402AZ2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30000 | PA      | $29063.05     | 0.02%             | 2062-05-17      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                                                            | FLEX 5.25 01/15/32                                     | CUSIP: 33938XAF2<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $100409.43    | 0.07%             | 2032-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FUNDING MORTGAGE TRUST 2019-1                                              | PFMT 2019-1 A2                                         | CUSIP: 74387LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18294 | PA      | $15808.19     | 0.01%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                 | ASUCOR 8.375 02/01/34 144A                             | CUSIP: 045941AB7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9688.83      | 0.01%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2016-GS2                                                | GSMS 2016-GS2 A4                                       | CUSIP: 36252TAR6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     15930 | PA      | $15907.34     | 0.01%             | 2049-05-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                                | ATH 5.033 07/17/30 144A                                | CUSIP: 04685A4R9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49447.34     | 0.03%             | 2030-07-17      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                                                          | KVUE 4.85 05/22/32                                     | CUSIP: 49177JAS1<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100906.15    | 0.07%             | 2032-05-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8204                                              | CUSIP: 3132DWDH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    680532 | PA      | $550131.84    | 0.38%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Exelon Corp.                                                                         | EXC 4.05 04/15/30                                      | CUSIP: 30161NAX9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195839.13    | 0.14%             | 2030-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| HCA Inc.                                                                             | HCA 4.6 11/15/32                                       | CUSIP: 404119DE6<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19453.36     | 0.01%             | 2032-11-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 4.8 09/26/32                                      | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23801.07     | 0.02%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                                                     | PM 5.375 02/15/33                                      | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205413.52    | 0.14%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Corebridge Financial Inc.                                                            | CRBG 6.05 09/15/33                                     | CUSIP: 21871XAR0<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156891.92    | 0.11%             | 2033-09-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 4.3 07/15/29 144A                                  | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    300000 | PA      | $294428.27    | 0.20%             | 2029-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Cipher Compute LLC                                                                   | CIFR 7.125 11/15/30 144A                               | CUSIP: 17253NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10359.80     | 0.01%             | 2030-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MA8147                                              | CUSIP: 36179XBQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    226545 | PA      | $194710.56    | 0.13%             | 2052-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Ares Management Corporation                                                          | Ares Management Corporation CL A COM STK               | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |     16308 | NS      | $1779202.80   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Operations Co LLC                                                             | VST 5.35 01/31/36 144A                                 | CUSIP: 92840VAZ5<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14651.37     | 0.01%             | 2036-01-31      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8199                                              | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    572999 | PA      | $463236.04    | 0.32%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2026-5C40                                                       | BBCMS 2026-5C40 B                                      | CUSIP: 05557AAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     53000 | PA      | $54379.73     | 0.04%             | 2059-02-18      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                                                                    | Exxon Mobil Corp. COM                                  | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      8356 | NS      | $1417678.96   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDEN STATE TOBACCO SECURITIZATION CORP                                             | CA GLDGEN 3.85 06/01/2050                              | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $169048.17    | 0.12%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.336 01/23/35                                    | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50770.27     | 0.04%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                                                      | Microsoft Corp. COM                                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     16816 | NS      | $6224778.72   | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.948 01/19/38                                     | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10252.84     | 0.01%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 2.25 06/01/30                                      | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91131.81     | 0.06%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Weekley Homes LLC/Weekley Finance Corp.                                              | WEEKHM 4.875 09/15/28 144A                             | CUSIP: 948565AD8<br>LEI: 5493009MTTQO8ZN53F13 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48202.70     | 0.03%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CSAIL 2017-CX10 COMMERCIAL MORTGAGE TRUST                                            | CSAIL 2017-CX10 A3                                     | CUSIP: 12595JAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     18575 | PA      | $18386.93     | 0.01%             | 2050-11-18      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| VEGAS 2024-GCS                                                                       | VEGAS 2024-GCS D                                       | CUSIP: 92254BAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38000 | PA      | $37804.79     | 0.03%             | 2036-07-10      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| VERUS SECURITIZATION TRUST 2024-4                                                    | VERUS 2024-4 A1                                        | CUSIP: 92540GAA6<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-O            | CORP              | US        |     58219 | PA      | $58930.33     | 0.04%             | 2069-06-25      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| Tractor Supply Co                                                                    | Tractor Supply Co COM                                  | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     22788 | NS      | $1032296.40   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.6 03/18/33                                    | CUSIP: 66989HBH0<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19933.41     | 0.01%             | 2033-03-18      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.IG.46.V1                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $6509.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 5.732 03/16/56 144A                               | CUSIP: 43849RAJ4<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14871.52     | 0.01%             | 2056-03-16      | Fixed         | 5.73%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 4.95 05/15/28                                       | CUSIP: 292480AL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100858.07    | 0.07%             | 2028-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.                                                | ARE 1.875 02/01/33                                     | CUSIP: 015271AV1<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $81006.48     | 0.06%             | 2033-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Essex Portfolio Lp                                                                   | ESS 5.375 04/01/35                                     | CUSIP: 29717PBB2<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50454.88     | 0.03%             | 2035-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RTX Corp.                                                                            | RTX Corp. COM                                          | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      9751 | NS      | $1880967.90   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co, Inc.                                                     | AEP V5.8 03/15/56 C                                    | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34570.67     | 0.02%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Atlantica Sustainable Infrastructure Group PLC                                       | AY 6.375 02/15/32 144A                                 | CUSIP: 13005HAA8<br>LEI: 254900V5SMQ1UP1CLC26 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $146467.61    | 0.10%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V1.992 01/27/32                                     | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $263205.29    | 0.18%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                                                        | GOOGL 4.8 02/15/36                                     | CUSIP: 02079KBM8<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19928.98     | 0.01%             | 2036-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Rain Carbon Inc                                                                      | RCOLIN 12.25 09/01/29 144A                             | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51437.22     | 0.04%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                 | VIKCRU 5.875 10/15/33 144A                             | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |     15000 | PA      | $14807.36     | 0.01%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.9 03/18/36                                    | CUSIP: 66989HBJ6<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24956.51     | 0.02%             | 2036-03-18      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CALIF CMNTY COLLEGE DIST                                              | CA SBDHGR 2.69 08/01/2041                              | CUSIP: 796720PN4<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |    250000 | PA      | $189025.20    | 0.13%             | 2041-08-01      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| CINTAS CORP                                                                          | Cintas Corporation COM                                 | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7232 | NS      | $1223220.48   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.75 03/15/36                                     | CUSIP: 00287YEG0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4902.59      | 0.00%             | 2036-03-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Banco Santander SA                                                                   | SANTAN 2.749 12/03/30                                  | CUSIP: 05971KAG4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $179791.72    | 0.12%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| W.w. Grainger Inc.                                                                   | W.w. Grainger Inc. COM                                 | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1553 | NS      | $1694027.93   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mars Inc.                                                                            | MARS 5.2 03/01/35 144A                                 | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141424.38    | 0.10%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BM5585                                              | CUSIP: 3140JAF37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    187623 | PA      | $169254.66    | 0.12%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                                                             | Visa Inc COM CL A                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     10439 | NS      | $3155083.36   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 5.3 03/15/32                                       | CUSIP: 65339KDK3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66501.77     | 0.05%             | 2032-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 3.65 03/01/47                                       | CUSIP: 097023BV6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $70448.83     | 0.05%             | 2047-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                              | CUSIP: 01F050643<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    500000 | PA      | $492890.60    | 0.34%             | 2056-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK5 2025-5YR13                                                                     | BANK5 2025-5YR13 XA                                    | CUSIP: 06650CAM5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1885749 | PA      | $64790.56     | 0.04%             | 2058-01-17      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                              | CUSIP: 01F052649<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1530000 | PA      | $1536574.26   | 1.06%             | 2056-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Airbnb Inc                                                                           | ABNB 5.25 03/16/36                                     | CUSIP: 009066AE1<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10012.45     | 0.01%             | 2036-03-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                             | JBS 3.625 01/15/32                                     | CUSIP: 46590XAU0<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |    200000 | PA      | $185096.68    | 0.13%             | 2032-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.55 03/13/33                                     | CUSIP: 023135DE3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14864.21     | 0.01%             | 2033-03-13      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.625 05/15/53                                       | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    330000 | PA      | $265263.28    | 0.18%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2019-H7                                               | MSC 2019-H7 XA                                         | CUSIP: 61771MAX8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1518968 | PA      | $47487.96     | 0.03%             | 2052-07-17      | Variable      | 1.22%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MORTGAGE TRUST 2023-HE2                                                    | JPMMT 2023-HE2 A1                                      | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     10910 | PA      | $10963.38     | 0.01%             | 2054-03-20      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| Rio Tinto Finance (USA) plc                                                          | RIOLN 5 03/14/32                                       | CUSIP: 76720AAT3<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $152966.11    | 0.11%             | 2032-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZAIS CLO 18 LTD                                                                      | ZAIS 2022-18A A1R                                      | CUSIP: 98885NAS2<br>LEI: 549300PRQCSTFU7VEI08 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249365.75    | 0.17%             | 2037-10-26      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2022-DNA2                                              | STACR 2022-DNA2 M1B                                    | CUSIP: 35564KRF8<br>LEI: 5493000ISA3AUOXQEF68 | Long             | ABS-O            | USGSE             | US        |     80000 | PA      | $80700.48     | 0.06%             | 2042-02-25      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd Bermuda                                                | WFRD 6.75 10/15/33 144A                                | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     15000 | PA      | $15316.04     | 0.01%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Asurion LLC / Asurion Co-Issuer Inc.                                                 | ASUCOR 8 12/31/32 144A                                 | CUSIP: 045941AA9<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10357.32     | 0.01%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                                                    | BRO 5.25 06/23/32                                      | CUSIP: 115236AL5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14966.07     | 0.01%             | 2032-06-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Amcor Flexibles North America Inc                                                    | AMCR 2.63 06/19/30                                     | CUSIP: 081437AT2<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46009.91     | 0.03%             | 2030-06-19      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES U.S., INC.                                                               | MSCI EAFE Index Futures - ICUS, Jun26                  | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |       -26 | NC      | $-19860.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                                                                  | Analog Devices Inc. COM                                | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      7745 | NS      | $2463994.30   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC                                                   | Johnson Controls International PLC COM USD1.00         | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     13370 | NS      | $1750801.50   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Company Gas Capital Corp.                                                   | SO 5.15 09/15/32                                       | CUSIP: 8426EPAF5<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101389.68    | 0.07%             | 2032-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-15YR                                              | CUSIP: 01F022444<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80000 | PA      | $75484.38     | 0.05%             | 2041-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 4.95 03/16/36 144A                                | CUSIP: 43849RAG0<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29763.39     | 0.02%             | 2036-03-16      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CSL Finance PLC                                                                      | CSLAU 4.25 04/27/32 144A                               | CUSIP: 12661PAC3<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $145263.54    | 0.10%             | 2032-04-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fox Corporation                                                                      | FOXA 3.5 04/08/30                                      | CUSIP: 35137LAL9<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119915.28    | 0.08%             | 2030-04-08      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                                                                   | META 4.95 05/15/33                                     | CUSIP: 30303M8N5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50450.43     | 0.03%             | 2033-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| RGA Global Funding                                                                   | RGA 5.5 01/11/31 144A                                  | CUSIP: 76209PAD5<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102744.96    | 0.07%             | 2031-01-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Roper Technologies Inc                                                               | Roper Technologies Inc COM                             | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      1247 | NS      | $441263.42    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FN FS3816                                              | CUSIP: 3140XKG20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    441757 | PA      | $405892.56    | 0.28%             | 2052-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                 | HWM 4.85 10/15/31                                      | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50578.36     | 0.03%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Tapestry Inc                                                                         | TPR 5.5 03/11/35                                       | CUSIP: 876030AL1<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35076.97     | 0.02%             | 2035-03-11      | Fixed         | 5.50%                 | 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        |        -2 | NC      | $-750.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                                                                    | BRO 2.375 03/15/31                                     | CUSIP: 115236AC5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87998.92     | 0.06%             | 2031-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Connecticut Avenue Securities Trust 2025-R03                                         | CAS 2025-R02 1A1                                       | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     19920 | PA      | $19890.03     | 0.01%             | 2045-02-27      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2021-PAC                                                                    | BX 2021-PAC B                                          | CUSIP: 05609PAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $129593.97    | 0.09%             | 2036-10-15      | Floating      | 4.69%                 | No            |                  2 | On Loan: No      |
| Newell Brands Inc.                                                                   | NWL 8.5 06/01/28 144A                                  | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36117.66     | 0.02%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 2.355 03/15/32                                      | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $130644.40    | 0.09%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited                                                   | CNQCN 2.95 07/15/30                                    | CUSIP: 136385BA8<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $94071.17     | 0.06%             | 2030-07-15      | Fixed         | 2.95%                 | 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        |         1 | NC      | $-4016.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 4.2 10/27/28                                        | CUSIP: 37045XFL5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14844.06     | 0.01%             | 2028-10-27      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V4.493 03/24/31                                    | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    400000 | PA      | $397831.13    | 0.27%             | 2031-03-24      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| Thermo Fisher Scientific Inc                                                         | TMO 4.902 02/12/36                                     | CUSIP: 883556DJ8<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19862.16     | 0.01%             | 2036-02-12      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Oak-Eagle AcquireCo Inc.                                                             | EA 7.25 07/01/33 144A                                  | CUSIP: 67124CAA1<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10374.27     | 0.01%             | 2033-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.25 08/15/54                                        | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    240000 | PA      | $215550.00    | 0.15%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 2.875 03/25/31                                    | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88929.03     | 0.06%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS OF AMERICA 2021-3 TRUST                                                | HPA 2021-3 B                                           | CUSIP: 43730XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71811 | PA      | $67067.95     | 0.05%             | 2041-01-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP / RHP Finance Corporation                                    | RHP 6.5 04/01/32 144A                                  | CUSIP: 749571AK1<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50907.71     | 0.04%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NORTHWOOD CAPITAL 25 LIMITED                                                         | WOODS 2021-25A AR                                      | CUSIP: 668468AL5<br>LEI: 254900UXEMW3RG9T8D39 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249763.75    | 0.17%             | 2034-07-20      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Amgen Inc.                                                                           | AMGN 5.25 03/02/33                                     | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102680.39    | 0.07%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2025-R04                                         | CAS 2025-R04 1A1                                       | CUSIP: 20755TAA9<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     21732 | PA      | $21691.57     | 0.01%             | 2045-05-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V7.161 10/30/29 MTN                                | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53136.10     | 0.04%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                                                           | BAX 2.539 02/01/32                                     | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $168556.46    | 0.12%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING 2025-7                                                            | CHASE 2025-7 A11                                       | CUSIP: 16160AAZ2<br>LEI: 529900D1PFVOAYCPMB10 | Long             | ABS-O            | CORP              | US        |     26441 | PA      | $26498.35     | 0.02%             | 2056-05-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8212                                              | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    542374 | PA      | $457850.71    | 0.32%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                   | VRT 4.85 03/15/36                                      | CUSIP: 92537NAA6<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |     36000 | PA      | $35019.86     | 0.02%             | 2036-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Societe Generale S.A.                                                                | SOCGEN V1.792 06/09/27 144A                            | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $198939.56    | 0.14%             | 2027-06-09      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                          | CUSIP: 21H042646<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    180000 | PA      | $173608.60    | 0.12%             | 2056-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TotalEnergies Capital S.A.                                                           | TTEFP 4.724 09/10/34                                   | CUSIP: 89157XAD3<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $99490.69     | 0.07%             | 2034-09-10      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA GROUP INC                                                              | NXST 7.25 04/15/34 144A                                | CUSIP: 65346UAA7<br>LEI: 52990083ZRR5UT591988 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20076.94     | 0.01%             | 2034-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                                            | IQV 6.25 02/01/29                                      | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103887.60    | 0.07%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                              | HYNMTR 5.35 03/19/29 144A                              | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50911.96     | 0.04%             | 2029-03-19      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Commercial Metals Company                                                            | CMC 6 12/15/35 144A                                    | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14782.55     | 0.01%             | 2035-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.073 01/30/37                                     | CUSIP: 61748UAT9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24519.15     | 0.02%             | 2037-01-30      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| Johnson & Johnson                                                                    | Johnson & Johnson COM                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11143 | NS      | $2723794.92   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                          | CUSIP: 21H022648<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    420000 | PA      | $360527.33    | 0.25%             | 2056-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                           | ESAB 6.25 04/15/29 144A                                | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50738.05     | 0.04%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                          | CUSIP: 21H060648<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    320000 | PA      | $325200.00    | 0.22%             | 2056-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 6 11/15/33 144A                                    | CUSIP: 88033GDV9<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10116.54     | 0.01%             | 2033-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPM V5.576 07/23/36                                    | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30509.61     | 0.02%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.125 05/15/48                                       | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $75406.25     | 0.05%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Accenture PLC                                                                        | Accenture PLC CLS'A'USD0.0000225                       | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      3874 | NS      | $768175.46    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.                                                              | CACI 6.375 06/15/33 144A                               | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25440.31     | 0.02%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| General Motors Financial Company Inc                                                 | GM 5.45 09/06/34                                       | CUSIP: 37045XFA9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19852.14     | 0.01%             | 2034-09-06      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Iqvia Inc                                                                            | IQV 6.25 06/01/32 144A                                 | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50769.55     | 0.04%             | 2032-06-01      | Fixed         | 6.25%                 | 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        |   1944999 | NS      | $1944998.73   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V1.922 10/24/31 MTN                                | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177193.41    | 0.12%             | 2031-10-24      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| Walmart Inc                                                                          | Walmart Inc COM                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     29287 | NS      | $3639788.36   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                                                           | ABNB 4.65 03/16/31                                     | CUSIP: 009066AD3<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14969.82     | 0.01%             | 2031-03-16      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-15YR                                              | CUSIP: 01F050445<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120000 | PA      | $120764.06    | 0.08%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athene Global Funding                                                                | ATH 5.543 08/22/35 144A                                | CUSIP: 04685A4S7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48907.95     | 0.03%             | 2035-08-22      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2020-B17 MORTGAGE TRUST                                                    | BMARK 2020-B17 A2                                      | CUSIP: 08162MAV0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     21455 | PA      | $20708.35     | 0.01%             | 2053-03-17      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust 2019-GC42                                               | GSMS 2019-GC42 A2                                      | CUSIP: 36257UAJ6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     42207 | PA      | $41038.50     | 0.03%             | 2052-09-12      | Fixed         | 2.93%                 | No            |                  2 | On Loan: No      |
| Foundry JV Holdco LLC.                                                               | FABSJV 6.25 01/25/35                                   | CUSIP: 350930AD5<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209334.45    | 0.14%             | 2035-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                                                         | T 4.25 08/15/35                                        | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     55000 | PA      | $54836.72     | 0.04%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.                                                          | VZ 4.75 01/15/33                                       | CUSIP: 92343VHF4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34563.96     | 0.02%             | 2033-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                                                               | MSI 2.75 05/24/31                                      | CUSIP: 620076BU2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90887.89     | 0.06%             | 2031-05-24      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank N.V.                                                                   | ABNANV V6.339 09/18/27 144A                            | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $201694.29    | 0.14%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 5 02/15/36                                        | CUSIP: 87264ADZ5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34449.89     | 0.02%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ashtead Capital Inc.                                                                 | AHTLN 5.8 04/15/34 144A                                | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204085.45    | 0.14%             | 2034-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Gallagher Aj &Co                                                                     | AJG 5 02/15/32                                         | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50122.54     | 0.03%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                                                                         | Chevron Corp. COM                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8714 | NS      | $1802926.60   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                                           | Intuit Inc COM                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       709 | NS      | $306557.42    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TransCanada Pipelines Limited                                                        | TRPCN 4.25 05/15/28                                    | CUSIP: 89352HAW9<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $99556.42     | 0.07%             | 2028-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 4.1 11/05/30                                    | CUSIP: 66989HAY4<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83923.25     | 0.06%             | 2030-11-05      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| VICI Properties LP                                                                   | VICI 5.125 11/15/31                                    | CUSIP: 925650AH6<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99213.52     | 0.07%             | 2031-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Linde PLC                                                                            | Linde PLC COM EUR0.001                                 | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      6761 | NS      | $3351833.36   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Investment Enterprises Pte Ltd.                                               | PFE 4.75 05/19/33                                      | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $99693.50     | 0.07%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Vertiv Holdings Co                                                                   | VRT 5.8 03/15/56                                       | CUSIP: 92537NAC2<br>LEI: 549300KTTIRAOGXCRV69 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9634.56      | 0.01%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V3.846 03/08/37                                    | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     28000 | PA      | $25937.02     | 0.02%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Comm 2015-Ccre26 Mortgage Trust                                                      | COMM 2015-CR26 B                                       | CUSIP: 12593QBH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12763 | PA      | $12743.92     | 0.01%             | 2048-10-13      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                              | MRP 6.375 08/01/30 144A                                | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $74854.22     | 0.05%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Salesforce Inc.                                                                      | CRM 5.2 03/15/33                                       | CUSIP: 79466LAT1<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49936.18     | 0.03%             | 2033-03-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Brown & Brown Inc                                                                    | BRO 5.55 06/23/35                                      | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29976.96     | 0.02%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 4.7 12/15/32                                       | CUSIP: 03027XCR9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14733.04     | 0.01%             | 2032-12-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| VRTX TRUST 2025-HQ                                                                   | VRTX 2025-HQ A                                         | CUSIP: 91835XAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38000 | PA      | $37550.41     | 0.03%             | 2042-08-07      | Variable      | 4.93%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | Oracle Corp. COM                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     17277 | NS      | $2541619.47   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                                                       | C V3.057 01/25/33                                      | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $180717.33    | 0.12%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Glencore Funding LLC                                                                 | GLENLN 5.508 04/01/36 144A                             | CUSIP: 378272CE6<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30051.02     | 0.02%             | 2036-04-01      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Qnity Electronics Inc.                                                               | QNTELE 6.25 08/15/33 144A                              | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5051.52      | 0.00%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST 2021-15                                                   | JPMMT 2021-15 A4                                       | CUSIP: 46654TAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     77794 | PA      | $70002.53     | 0.05%             | 2052-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Viper Energy Partners LLC                                                            | VNOM 5.7 08/01/35                                      | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34265.54     | 0.02%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Ameren Corp.                                                                         | Ameren Corp. COM                                       | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     11194 | NS      | $1230444.48   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac Stacr Remic Trust                                                        | STACR 2026-DNA1 M1                                     | CUSIP: 35564UCR6<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |     40707 | PA      | $40556.16     | 0.03%             | 2046-02-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                                                                     | McDonald's Corp. COM                                   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      6563 | NS      | $2039714.77   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.125 08/15/40                                       | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     60000 | PA      | $37478.91     | 0.03%             | 2040-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                              | CUSIP: 01F062648<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    260000 | PA      | $268835.94    | 0.19%             | 2056-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 4.78 03/25/38                                      | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92065.82     | 0.06%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| NVent Electric PLC                                                                   | NVent Electric PLC COM USD0.01                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     12953 | NS      | $1532080.84   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| D.R. Horton, Inc.                                                                    | D.R. Horton, Inc. COM                                  | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      6441 | NS      | $883834.02    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Group LLC / Cogent Finance Inc.                                | CCOI 6.5 07/01/32 144A                                 | CUSIP: 19240WAB5<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43585.68     | 0.03%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 4.875 03/13/36                                    | CUSIP: 023135DF0<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24790.74     | 0.02%             | 2036-03-13      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership LP / MPT Finance Corporation                               | MPW 3.5 03/15/31                                       | CUSIP: 55342UAM6<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |     25000 | PA      | $16283.94     | 0.01%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Boeing Co.                                                                           | BA 6.875 03/15/39                                      | CUSIP: 097023AX3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54965.80     | 0.04%             | 2039-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                             | EDF 5.7 05/23/28 144A                                  | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $204689.85    | 0.14%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V5.468 01/23/35                                    | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152893.35    | 0.11%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc.                                                          | MIZUHO V5.778 07/06/29                                 | CUSIP: 60687YCZ0<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $205456.63    | 0.14%             | 2029-07-06      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 4.75 12/04/35                                      | CUSIP: 58933YBZ7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19627.24     | 0.01%             | 2035-12-04      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V2.239 07/21/32 GMTN                                | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $437774.67    | 0.30%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                                                            | FFCB 2.1 02/25/36                                      | CUSIP: 3133EMRX2<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    140000 | PA      | $113247.80    | 0.08%             | 2036-02-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | CAS 2025-R01 1M1                                       | CUSIP: 20755JAB9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     15107 | PA      | $15078.21     | 0.01%             | 2045-01-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                          | CUSIP: 21H052645<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    390000 | PA      | $392300.38    | 0.27%             | 2056-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2019-C3                                                         | BBCMS 2019-C3 A2                                       | CUSIP: 05550MAR5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13848 | PA      | $13615.49     | 0.01%             | 2052-05-17      | Fixed         | 3.44%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                                                      | XEL 5.45 08/15/33                                      | CUSIP: 98389BBA7<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $153153.94    | 0.11%             | 2033-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                                                              | KGS 6.5 10/01/33 144A                                  | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15160.35     | 0.01%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fiserv Inc.                                                                          | FISV 2.65 06/01/30                                     | CUSIP: 337738BC1<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    150000 | PA      | $136582.17    | 0.09%             | 2030-06-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Venture Global Plaquemines Lng LLC                                                   | VEGLPL 7.5 05/01/33 144A                               | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27474.75     | 0.02%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Hyundai Capital America                                                              | HYNMTR 5.4 06/23/32 144A                               | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101798.46    | 0.07%             | 2032-06-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ARES LXV CLO LTD                                                                     | ARES 2022-65A A1R                                      | CUSIP: 04019FAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249625.00    | 0.17%             | 2034-07-25      | Floating      | 4.79%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                              | CUSIP: 01F032641<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     40000 | PA      | $36618.75     | 0.03%             | 2056-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Elevation CLO 2018-10 Ltd.                                                           | AWPT 2018-10A AR                                       | CUSIP: 28623CAL5<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |       315 | PA      | $314.50       | 0.00%             | 2031-10-20      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 4.625 03/22/33                                  | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     85000 | PA      | $83207.74     | 0.06%             | 2033-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNMA-30YR                                              | CUSIP: 01F022642<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     60000 | PA      | $50407.03     | 0.03%             | 2056-04-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2019-B14 MORTGAGE TRUST                                                    | BMARK 2019-B14 A2                                      | CUSIP: 08162YAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22123 | PA      | $21493.10     | 0.01%             | 2062-12-15      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| BANK5 2025-5YR17                                                                     | BANK5 2025-5YR17 AS                                    | CUSIP: 06211GAP1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24000 | PA      | $24410.14     | 0.02%             | 2058-11-18      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.EM.44.V1                                       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-11267.29    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDEN TREE LN MGMT US 2021-11                                                       | GLM 2021-11A AR                                        | CUSIP: 38138KAL4<br>LEI: 549300TMEEKUOKVHYV65 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249791.75    | 0.17%             | 2034-10-20      | Floating      | 4.75%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | E-mini S&P MidCap 400 Index Futures, Jun-2026,ETH      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        -6 | NC      | $-19775.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                                                      | Eli Lilly & Co. COM                                    | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3323 | NS      | $3056395.71   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CIFC Funding 2022-II Ltd. / CIFC Funding 2022-II LLC                                 | CIFC 2022-2A A1R                                       | CUSIP: 12567MAN1<br>LEI: 549300PC4RPZFE70AI24 | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $308997.77    | 0.21%             | 2035-04-19      | Floating      | 4.64%                 | No            |                  2 | On Loan: No      |
| Medline Borrower LP                                                                  | MEDIND 3.875 04/01/29 144A                             | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48361.37     | 0.03%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MITER BRANDS ACQUISITION HOLDCO INC                                                  | MIWIDO 6.75 04/01/32 144A                              | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $71831.66     | 0.05%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.25 05/15/50                                        | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $380781.25    | 0.26%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| JH North America Holdings Inc.                                                       | JHXAU 5.875 01/31/31 144A                              | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24780.39     | 0.02%             | 2031-01-31      | Fixed         | 5.88%                 | 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        |       -30 | NC      | $18380.61     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Energy Gas Holdings Llc                                                      | BRKHEC 5.8 01/15/35                                    | CUSIP: 27636AAB8<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    140000 | PA      | $145292.04    | 0.10%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS OF AMERICA 2021-2 TRUST                                                | HPA 2021-2 B                                           | CUSIP: 43732VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201462 | PA      | $197802.05    | 0.14%             | 2026-12-17      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| WULF Compute LLC                                                                     | WULF 7.75 10/15/30 144A                                | CUSIP: 982911AA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10567.97     | 0.01%             | 2030-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NEUBERGER BERMAN LOAN ADVISERS CLO 48 LTD                                            | NEUB 2022-48A A1R                                      | CUSIP: 64135GAL2<br>LEI: 549300FC7JRIZ6YLHK36 | Long             | DBT              | CORP              | KY        |    250000 | PA      | $249633.75    | 0.17%             | 2036-04-25      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD2903                                              | CUSIP: 3132DQGL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    506458 | PA      | $411216.67    | 0.28%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | MRK 4.45 12/04/32                                      | CUSIP: 58933YBY0<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9932.26      | 0.01%             | 2032-12-04      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                                                                  | Stryker Corporation COM                                | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      6638 | NS      | $2181180.42   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| B.A.T. Capital Corporation                                                           | BATSLN 4.39 08/15/37                                   | CUSIP: 05526DBD6<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     28000 | PA      | $25424.27     | 0.02%             | 2037-08-15      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                              | TLN 6.25 02/01/34 144A                                 | CUSIP: 87422VAM0<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19773.25     | 0.01%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                                                           | Apple Inc. COM                                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     15585 | NS      | $3955317.15   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.375 05/15/51                                       | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     90000 | PA      | $56450.39     | 0.04%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc.                                                               | Texas Instruments Inc. COM                             | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      9049 | NS      | $1756772.86   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Life Global Funding I                                                   | MET 4.3 08/25/29 144A                                  | CUSIP: 59217GFD6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148606.56    | 0.10%             | 2029-08-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Steris PLC                                                                           | Steris PLC ORD USD0.001                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      4258 | NS      | $941571.54    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 41 LTD                                                   | OCT41 2019-2A A1R2                                     | CUSIP: 67592FBA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249536.25    | 0.17%             | 2033-10-17      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.                                                     | Marsh & McLennan Companies, Inc. COM                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      4788 | NS      | $830478.60    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 5.75 08/01/32 144A                                 | CUSIP: 143658CA8<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     10000 | PA      | $9997.30      | 0.01%             | 2032-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V5.065 01/21/37                                     | CUSIP: 38145GAS9<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14672.00     | 0.01%             | 2037-01-21      | Fixed         | 5.07%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Capital Holdings Inc                                                  | NEE 2.44 01/15/32                                      | CUSIP: 65339KBZ2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88105.17     | 0.06%             | 2032-01-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| Biogen Inc                                                                           | BIIB 2.25 05/01/30                                     | CUSIP: 09062XAH6<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91346.74     | 0.06%             | 2030-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.875 05/15/49                                       | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    498000 | PA      | $354941.72    | 0.24%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Synopsys Inc                                                                         | SNPS 5 04/01/32                                        | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100874.03    | 0.07%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                                                  | LNG 5.65 04/15/34                                      | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51492.31     | 0.04%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| MILL CITY MORTGAGE LOAN TRUST 2018-4                                                 | MCMLT 2018-4 A1B                                       | CUSIP: 59980YAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40639 | PA      | $39877.04     | 0.03%             | 2066-04-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| 24 Hour Fitness Worldwide Inc Common Stock                                           | 24 Hour Fitness Worldwide Inc Common Stock             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4301 | NS      | $21.50        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                                                         | General Dynamics Corporation COM                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      4349 | NS      | $1492663.78   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Equipmentshare Com Inc.                                                              | EQMSRM 9 05/15/28 144A                                 | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51634.65     | 0.04%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Neptune BidCo US Inc.                                                                | NLSN 9.5 02/15/33 144A                                 | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14551.92     | 0.01%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Old Dominion Freight Line Inc.                                                       | Old Dominion Freight Line Inc. COM                     | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      6011 | NS      | $1174549.40   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Datacenters Issuer II LLC                                                    | CMPDC 2025-2A A1                                       | CUSIP: 20469CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85000 | PA      | $84373.64     | 0.06%             | 2050-11-28      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2019-B13 MORTGAGE TRUST                                                    | BMARK 2019-B13 A2                                      | CUSIP: 08162DAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102096 | PA      | $98527.36     | 0.07%             | 2057-08-17      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| NCL Corporation Ltd.                                                                 | NCLH 6.25 09/15/33 144A                                | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     10000 | PA      | $9654.65      | 0.01%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                                         | HESM 6.5 06/01/29 144A                                 | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51054.60     | 0.04%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 2.8 04/01/31                                      | CUSIP: 161175BU7<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    200000 | PA      | $179566.88    | 0.12%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Howmet Aerospace Inc                                                                 | HWM 4.75 04/15/36                                      | CUSIP: 443201AH1<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24307.19     | 0.02%             | 2036-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                                                                      | Ross Stores Inc COM                                    | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      6681 | NS      | $1447305.03   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Global Market Strategies CLO 2015-4 Ltd.                                     | CGMS 2015-4A A1R3                                      | CUSIP: 14311NBC7<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    121517 | PA      | $121645.88    | 0.08%             | 2032-07-20      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| WEC Energy Group Inc.                                                                | WEC Energy Group Inc. COM                              | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     10920 | NS      | $1264208.40   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TOUCAN FINCO LTD                                                                     | TOUCAN 9.5 05/15/30 144A                               | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |    150000 | PA      | $132394.23    | 0.09%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Dominion Energy Inc                                                                  | D 3.375 04/01/30 C                                     | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95484.58     | 0.07%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                                                                  | Abbott Laboratories COM                                | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     18452 | NS      | $1894466.84   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                                                                              | MPLX 5.4 04/01/35                                      | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149730.37    | 0.10%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.5 05/15/46                                         | CUSIP: 912810RS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    360000 | PA      | $247865.62    | 0.17%             | 2046-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                                                         | NOVNVX 5.7 03/18/56                                    | CUSIP: 66989HBL1<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15147.16     | 0.01%             | 2056-03-18      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                             | JANEST 6.125 11/01/32 144A                             | CUSIP: 47077WAD0<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49406.42     | 0.03%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                                                    | WFC V5.198 01/23/30                                    | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101631.79    | 0.07%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Marriott International, Inc.                                                         | MAR 4.5 05/01/33                                       | CUSIP: 571903BY8<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24161.93     | 0.02%             | 2033-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 5.7 01/15/56                                      | CUSIP: 11135FDD0<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4962.02      | 0.00%             | 2056-01-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.708 03/12/32                                     | CUSIP: 61747YGB5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29800.91     | 0.02%             | 2032-03-12      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| Kinetik Holdings LP                                                                  | KNTK 6.625 12/15/28 144A                               | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50813.30     | 0.04%             | 2028-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR QC9156                                              | CUSIP: 3133AUE53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    456981 | PA      | $387668.15    | 0.27%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Kaiser Foundation Hospitals                                                          | KPERM 3.266 11/01/49 2019                              | CUSIP: 48305QAE3<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |    140000 | PA      | $96016.07     | 0.07%             | 2049-11-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD3152                                              | CUSIP: 3132DQQD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    601898 | PA      | $534637.90    | 0.37%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Honeywell International Inc.                                                         | Honeywell International Inc. COM                       | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      4311 | NS      | $974415.33    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP Finance B.V.                                                                     | EDPPL 1.71 01/24/28 144A                               | CUSIP: 26835PAH3<br>LEI: 5299007L43AQDFOW5739 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $189804.03    | 0.13%             | 2028-01-24      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| Clearway Energy Operating LLC                                                        | CWENA 5.75 01/15/34 144A                               | CUSIP: 18539UAG0<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4911.28      | 0.00%             | 2034-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| BX Trust 2022-IND                                                                    | BX 2022-IND A                                          | CUSIP: 05609WAA1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     90707 | PA      | $90707.33     | 0.06%             | 2037-04-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.25 08/15/49                                        | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    425000 | PA      | $265010.74    | 0.18%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Gs Mortgage Securities Trust 2013-GC13                                               | GSMS 2013-GC13 AS                                      | CUSIP: 36198EAP0<br>LEI: 549300WF5YRKNHB1FX69 | Long             | ABS-O            | CORP              | US        |     14427 | PA      | $14197.02     | 0.01%             | 2046-07-12      | Variable      | 3.86%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                                           | DVA 4.625 06/01/30 144A                                | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48026.52     | 0.03%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Aptargroup Inc.                                                                      | ATR 4.75 03/30/31                                      | CUSIP: 038336AB9<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24784.02     | 0.02%             | 2031-03-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | ABBV 4.4 03/15/33                                      | CUSIP: 00287YEF2<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19636.12     | 0.01%             | 2033-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 5.852 03/16/66 144A                               | CUSIP: 43849RAK1<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     10000 | PA      | $9932.64      | 0.01%             | 2066-03-16      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2017-B1                                          | CGCMT 2017-B1 AS                                       | CUSIP: 17326CBB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     31000 | PA      | $30304.50     | 0.02%             | 2050-08-17      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| Qnity Electronics Inc.                                                               | QNTELE 5.75 08/15/32 144A                              | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10005.67     | 0.01%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Centene Corp.                                                                        | CNC 3 10/15/30                                         | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87623.34     | 0.06%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 2.55 12/01/33                                        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $211612.25    | 0.15%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                                  | HNDLIN 6.375 08/15/33 144A                             | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29419.67     | 0.02%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 6.7 02/04/56                                      | CUSIP: 68389XEB7<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13888.29     | 0.01%             | 2056-02-04      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Targa Resources Corp.                                                                | TRGP 4.35 04/15/31                                     | CUSIP: 87612GAT8<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19573.38     | 0.01%             | 2031-04-15      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V2.572 06/03/31                                      | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91671.63     | 0.06%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                     | TEVA 4.1 10/01/46                                      | CUSIP: 88167AAF8<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     15000 | PA      | $11116.20     | 0.01%             | 2046-10-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Danaher Corporation                                                                  | Danaher Corporation COM                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      8239 | NS      | $1562114.40   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 5 04/01/33                                           | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100628.26    | 0.07%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2 MA8146                                              | CUSIP: 36179XBP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    213718 | PA      | $176292.62    | 0.12%             | 2052-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                                     | FR SD8238                                              | CUSIP: 3132DWEK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    335067 | PA      | $324125.51    | 0.22%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS CDX.NA.HY.45.V1                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $9143.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                                                | BAC V2.592 04/29/31                                    | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92362.39     | 0.06%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.125 08/15/44                                       | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    150000 | PA      | $136341.80    | 0.09%             | 2044-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | Morgan Stanley COM NEW                                 | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     16144 | NS      | $2656818.08   | 1.83%             |  |  |  | No            |                  1 | 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        |        -3 | NC      | $-2176.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Sammons Financial Group Inc                                                          | SAMMON 6.875 04/15/34 144A                             | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105935.86    | 0.07%             | 2034-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LCM 34 Ltd.                                                                          | LCM 34A A1R                                            | CUSIP: 50203CAL7<br>LEI: 54930038DJKYPKSVRB29 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249707.00    | 0.17%             | 2034-10-20      | Floating      | 4.85%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 1.875 10/15/30                                     | CUSIP: 03027XBG4<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88236.12     | 0.06%             | 2030-10-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc.                                                                          | AbbVie Inc. COM                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      8406 | NS      | $1828220.94   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Electric Co.                                                                     | DTE 5.25 05/15/35                                      | CUSIP: 23338VAY2<br>LEI: 9N0FWODEJVKHC2DYLO03 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15215.28     | 0.01%             | 2035-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                                                                     | Merck & Co., Inc COM                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      8599 | NS      | $1034373.71   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2025-25 FB                                         | CUSIP: 3136BVJR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     25346 | PA      | $25630.01     | 0.02%             | 2055-04-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                          | CUSIP: 21H032647<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    230000 | PA      | $210593.75    | 0.15%             | 2056-04-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Hess Corporation                                                                     | HES 7.125 03/15/33                                     | CUSIP: 023551AM6<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    200000 | PA      | $227966.29    | 0.16%             | 2033-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| The Sherwin-Williams Company                                                         | The Sherwin-Williams Company COM                       | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      2571 | NS      | $824134.05    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                                                                    | Erie Indemnity Co CL A                                 | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |       600 | NS      | $150786.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune BidCo US Inc.                                                                | NLSN 9.29 04/15/29 144A                                | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5008.63      | 0.00%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS LP                                                          | LNG 5.2 07/30/36 144A                                  | CUSIP: 16411RAP4<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4951.49      | 0.00%             | 2036-07-30      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                             | G2-30YR-Multi                                          | CUSIP: 21H020642<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120000 | PA      | $98887.50     | 0.07%             | 2056-04-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AT&T Inc                                                                             | T 5.125 04/30/36                                       | CUSIP: 00206RNH1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19766.14     | 0.01%             | 2036-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V5.9 03/13/47                                       | CUSIP: 61747YGC3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19921.86     | 0.01%             | 2047-03-13      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | AVGO 4.95 01/15/36                                     | CUSIP: 11135FDB4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19750.99     | 0.01%             | 2036-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2024-105 KF                                        | CUSIP: 3136BUCB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    153220 | PA      | $154085.46    | 0.11%             | 2055-01-25      | Floating      | 4.66%                 | No            |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                                                              | KGS 6.75 10/01/35 144A                                 | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10159.23     | 0.01%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Royalty Pharma PLC                                                                   | RPRX 2.15 09/02/31                                     | CUSIP: 78081BAN3<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $261500.49    | 0.18%             | 2031-09-02      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                                                      | DANBNK V5.705 03/01/30 144A                            | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $205672.54    | 0.14%             | 2030-03-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| OCTAGON INVESTMENT PARTNERS 45 LTD                                                   | OCT45 2019-1A A1RR                                     | CUSIP: 67577MBA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249803.00    | 0.17%             | 2035-04-16      | Floating      | 4.82%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                   | ET 5.55 05/15/34                                       | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101896.99    | 0.07%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                               | FHR 5444 FC                                            | CUSIP: 3137HFD77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |     99209 | PA      | $99971.31     | 0.07%             | 2054-08-25      | Floating      | 4.78%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2024-82 FE                                         | CUSIP: 3136BTGC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    128157 | PA      | $129292.57    | 0.09%             | 2054-11-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.                                                     | E-mini S&P 500 Futures, Jun-2026,ETH                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       -42 | NC      | $98857.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                                                         | ORCL 5.7 02/04/36                                      | CUSIP: 68389XDZ5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38489.39     | 0.03%             | 2036-02-04      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc.                                                                   | EOG Resources Inc. COM                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      8756 | NS      | $1265854.92   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CLO 2021-2 Ltd.                                                              | INVCO 2021-2A AR                                       | CUSIP: 46149MAL0<br>LEI: 54930008KRIBK4JIR608 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249763.00    | 0.17%             | 2034-07-15      | Floating      | 4.77%                 | No            |                  2 | On Loan: No      |
| Kraft Heinz Foods Company                                                            | KHC 5 06/04/42                                         | CUSIP: 50076QAE6<br>LEI: 5493003STKEZ2S0RNU91 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44061.51     | 0.03%             | 2042-06-04      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANKS                                                              | FR SD8237                                              | CUSIP: 3132DWEJ8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGSE             | US        |    431359 | PA      | $407127.81    | 0.28%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Basswood Park Clo Ltd / Llc                                                          | BARK 2021-1A AR                                        | CUSIP: 070252AJ0<br>LEI: 5493005HSAGIQZIVAS94 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249562.25    | 0.17%             | 2034-04-20      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| BBCMS MORTGAGE TRUST 2023-C21                                                        | BBCMS 2023-C21 A3                                      | CUSIP: 05553WAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     33000 | PA      | $34985.08     | 0.02%             | 2056-09-15      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| Duke Energy Carolinas LLC                                                            | DUK 6.1 06/01/37                                       | CUSIP: 26442CAA2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105561.86    | 0.07%             | 2037-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| McAfee Corp                                                                          | MCFE 7.375 02/15/30 144A                               | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |     30000 | PA      | $24784.07     | 0.02%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Virginia Electric and Power Company                                                  | D 4.95 03/15/36                                        | CUSIP: 927804GX6<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38992.79     | 0.03%             | 2036-03-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CIFC FUNDING 2024-II LTD                                                             | CIFC 2024-2A A1                                        | CUSIP: 17181UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300251.40    | 0.21%             | 2037-04-22      | Floating      | 5.19%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                                      | CDS ITRAXX.EU.45.V1                                    | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-15059.44    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BENCHMARK 2025-V17 MORTGAGE TRUST                                                    | BMARK 2025-V17 XA                                      | CUSIP: 081934AS0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    418000 | PA      | $24549.68     | 0.02%             | 2058-09-17      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| Benchmark 2026-V20 Mortgage Trust                                                    | BMARK 2026-V20 B                                       | CUSIP: 08164KBA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49000 | PA      | $50125.31     | 0.03%             | 2059-02-18      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| Avolon Holdings Funding Ltd.                                                         | AVOL 4.95 10/15/32 144A                                | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $97391.28     | 0.07%             | 2032-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Amphenol Corporation                                                                 | APH 4.4 02/15/33                                       | CUSIP: 032095AZ4<br>LEI: 549300D3L3G0R4U4VT04 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43929.89     | 0.03%             | 2033-02-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Firstcash Inc                                                                        | FCFS 6.875 03/01/32 144A                               | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50945.90     | 0.04%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Apld Computeco LLC                                                                   | APLD 9.25 12/15/30 144A                                | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $10310.42     | 0.01%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| CARLYLE GLOBAL MARKET STRATEGIES CLO 2016-1 LTD                                      | CGMS 2016-1A A1R3                                      | CUSIP: 14312HBE5<br>LEI: 549300N3CJKPCWZ7KX23 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249776.25    | 0.17%             | 2034-04-20      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| BMO 2024-5C8 MORTGAGE TRUST                                                          | BMO 2024-5C8 AS                                        | CUSIP: 09661XAF5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     40000 | PA      | $41248.78     | 0.03%             | 2057-12-17      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| Venture 41 CLO Ltd. / Venture 41 CLO LLC                                             | VENTR 2021-41A A1RR                                    | CUSIP: 92326JAW2<br>LEI: 549300Q6VG2813TG2830 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250014.00    | 0.17%             | 2034-01-20      | Floating      | 4.80%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 6.05 03/13/76                                     | CUSIP: 023135DK9<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29897.98     | 0.02%             | 2076-03-13      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ICON Investments Six DAC                                                             | ICLR 6 05/08/34                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $202923.16    | 0.14%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | The Charles Schwab Corporation COM                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     20612 | NS      | $1937115.76   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSCONTINENTAL GAS PIPELINE COMPANY LLC                                            | WMB 3.25 05/15/30                                      | CUSIP: 893574AP8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95053.53     | 0.07%             | 2030-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                                       | HPE 4.85 10/15/31                                      | CUSIP: 42824CBU2<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99316.66     | 0.07%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2024-77 FM                                         | CUSIP: 3136BTRF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |     82722 | PA      | $82585.31     | 0.06%             | 2054-11-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Truist Financial Corp.                                                               | TFC V5.435 01/24/30 MTN                                | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102333.83    | 0.07%             | 2030-01-24      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Applied Materials Inc.                                                               | Applied Materials Inc. COM                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      4972 | NS      | $1699379.88   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Northern Santa Fe LLC                                                     | BNSF 5.55 03/15/56                                     | CUSIP: 12189LBN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     20000 | PA      | $19429.71     | 0.01%             | 2056-03-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2025-DNA1                                              | STACR 2025-DNA1 A1                                     | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-O            | USGSE             | US        |     26765 | PA      | $26715.97     | 0.02%             | 2045-01-25      | Floating      | 4.61%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                                                                       | MS V4.493 01/16/32                                     | CUSIP: 61748UAS1<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24591.47     | 0.02%             | 2032-01-16      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY (NY)                                 | USRE 2021-1 A1                                         | CUSIP: 643821AA9<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $218207.42    | 0.15%             | 2061-10-20      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| The Procter & Gamble Co.                                                             | The Procter & Gamble Co. COM                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     14275 | NS      | $2061881.00   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                                                          | Ecolab Inc. COM                                        | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      4923 | NS      | $1309616.46   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                                                           | Nasdaq Inc COM                                         | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     23317 | NS      | $1979380.13   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2025-V18 MORTGAGE TRUST                                                    | BMARK 2025-V18 XA                                      | CUSIP: 08164EAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    999695 | PA      | $49592.46     | 0.03%             | 2058-10-18      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 5.8 03/01/33                                       | CUSIP: 210385AC4<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209556.75    | 0.14%             | 2033-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                                                     | AMZN 5.8 03/13/56                                      | CUSIP: 023135DH6<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10025.16     | 0.01%             | 2056-03-13      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Constellation Energy Generation LLC                                                  | CEG 4.4 01/15/31                                       | CUSIP: 210385AQ3<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14808.94     | 0.01%             | 2031-01-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 2.25 08/15/46                                        | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    525000 | PA      | $343034.18    | 0.24%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                                          | AKERBP 4 01/15/31 144A                                 | CUSIP: 00973RAJ2<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    200000 | PA      | $191875.06    | 0.13%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                                                         | Broadcom Inc COM                                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     15591 | NS      | $4825570.41   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Marble Point Clo Xv Ltd                                                              | MP15 2019-1A A1R2                                      | CUSIP: 56606YAW5<br>LEI: 549300CO8XB55W8SS394 | Long             | ABS-CBDO         | CORP              | KY        |    170287 | PA      | $170197.71    | 0.12%             | 2032-07-23      | Floating      | 4.71%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                                                 | JPMorgan Chase & Co. COM                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     12975 | NS      | $3816726.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods, Inc.                                                                | THS 7.75 02/11/33 144A                                 | CUSIP: 456142AA6<br>LEI: 5493007M7EVHE470Q576 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10045.40     | 0.01%             | 2033-02-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CIM TRUST 2018-INV1                                                                  | CIM 2018-INV1 A4                                       | CUSIP: 12553XAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     12972 | PA      | $12384.82     | 0.01%             | 2048-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                        | FREMOR 8.375 04/01/32 144A                             | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24588.89     | 0.02%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FNR 2024-87 FB                                         | CUSIP: 3136BTE66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |    152168 | PA      | $152218.16    | 0.11%             | 2054-12-25      | Floating      | 4.76%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.4 04/01/33                                      | CUSIP: 161175CJ1<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93578.83     | 0.06%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                         | SO 3.7 04/30/30 A                                      | CUSIP: 842587DE4<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48357.44     | 0.03%             | 2030-04-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Honeywell Aerospace Inc.                                                             | HONA 4.6 03/16/33 144A                                 | CUSIP: 43849RAF2<br>LEI: 213800ZUAQRBYL67JS90 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14832.22     | 0.01%             | 2033-03-16      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Bayer US Finance II LLC                                                              | BAYNGR 4.375 12/15/28 144A                             | CUSIP: 07274NAL7<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99012.14     | 0.07%             | 2028-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SV RNO Property Owner 1 LLC                                                          | TRACTC 5.875 03/01/31 144A                             | CUSIP: 78488XAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     10000 | PA      | $9911.44      | 0.01%             | 2031-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                                                                | Lowes Companies, Inc. COM                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      6932 | NS      | $1637892.96   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Commercial Mortgage Trust 2020-Gc46                                        | CGCMT 2020-GC46 A2                                     | CUSIP: 17328RAX7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     24486 | PA      | $23261.38     | 0.02%             | 2053-02-18      | Fixed         | 2.71%                 | No            |                  2 | On Loan: No      |
| CIM TRUST 2019-INV1                                                                  | CIM 2019-INV1 A1                                       | CUSIP: 12555DAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5291 | PA      | $5144.84      | 0.00%             | 2049-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE BORROWER LLC                                                       | RIVENT 6.25 10/15/30 144A                              | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4986.51      | 0.00%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.75 08/15/55                                        | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    235000 | PA      | $229602.34    | 0.16%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                      | CVS 1.875 02/28/31                                     | CUSIP: 126650DQ0<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13095.15     | 0.01%             | 2031-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| S&P Global Inc                                                                       | S&P Global Inc COM                                     | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      1985 | NS      | $844299.90    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN BERNARDINO CALIF CMNTY COLLEGE DIST                                              | CA SBDHGR 2.86 08/01/2049                              | CUSIP: 796720PQ7<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |    150000 | PA      | $98833.83     | 0.07%             | 2049-08-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| ARCHROCK SERVICES LP                                                                 | AROC 6 02/01/34 144A                                   | CUSIP: 03958CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $4956.11      | 0.00%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                                                              | UNH 5.15 07/15/34                                      | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100950.82    | 0.07%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                                                                  | CMCSA 4.8 05/15/33                                     | CUSIP: 20030NEE7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99476.92     | 0.07%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                            | SUN 5.625 07/15/34 144A                                | CUSIP: 86765KAN9<br>LEI: 5493006LL0CKP8WQW329 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4915.43      | 0.00%             | 2034-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Pepsico Inc                                                                          | Pepsico Inc COM                                        | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      6430 | NS      | $998514.70    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEL Finance International N.V.                                                      | ENELIM 3.5 04/06/28 144A                               | CUSIP: 29278GAF5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $196146.72    | 0.14%             | 2028-04-06      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp.                                                                | Parker-Hannifin Corp. COM                              | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      1958 | NS      | $1752879.92   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesco Distribution, Inc.                                                             | WCC 6.625 03/15/32 144A                                | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51149.00     | 0.04%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRANSCONTINENTAL GAS PIPELINE COMPANY LLC                                            | WMB 5.1 03/15/36 144A                                  | CUSIP: 893574AS2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $24793.09     | 0.02%             | 2036-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| American Tower Corporation                                                           | AMT 5.35 03/15/35                                      | CUSIP: 03027XCP3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151058.61    | 0.10%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| OBX 2024-NQM3 TRUST                                                                  | OBX 2024-NQM3 A1                                       | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-O            | CORP              | US        |     53100 | PA      | $53485.64     | 0.04%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST 2019-2                                               | BRAVO 2019-2 A3                                        | CUSIP: 10568LAL0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     27367 | PA      | $26331.05     | 0.02%             | 2044-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 1.875 11/15/51                                       | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1001000 | PA      | $551449.34    | 0.38%             | 2051-11-15      | Fixed         | 1.88%                 | 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