# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0000940400-26-020874
**Filing Date:** 2026-5
**Character Count:** 205356
**Document Hash:** 9f80feb011b79a76384ee775f26eff42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-020874.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0000940400-26-020874

**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:** 261018004

**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 BlackRock High Yield Portfolio (Series ID: S000052678)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000165384 | Global Atlantic BlackRock High Yield Portfolio Class I Shares  |  |
| C000165385 | Global Atlantic BlackRock High Yield Portfolio Class II Shares |  |

## Nport-Ex

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Corporate Bonds and Notes - 98.7%** |  |  |
| **Advertising - 0.4%** |  |  |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 4/1/30<sup>(a)</sup> | $41000 | $42897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 2/15/31<sup>(a)</sup> | 41000 | 42946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 3/15/33<sup>(a)</sup> | 40000 | 42357 |
| Lamar Media Corp., 5.38%, 11/1/33<sup>(a)</sup> | 32000 | 31306 |
|  |  | 159506 |
| **Aerospace & Defense - 3.0%** |  |  |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 7/1/31<sup>(a)</sup> | 141000 | 147730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 6/15/33<sup>(a)</sup> | 207000 | 213782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 5/1/34<sup>(a)</sup> | 40000 | 43209 |
| Moog, Inc., 5.50%, 10/15/34<sup>(a)</sup> | 45000 | 45111 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 8/15/28<sup>(a)</sup> | 141000 | 142718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/29<sup>(a)</sup> | 64000 | 64979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/30<sup>(a)</sup> | 202000 | 206854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/1/31<sup>(a)</sup> | 210000 | 216716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 3/1/32<sup>(a)</sup> | 46000 | 46891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 5/31/33<sup>(a)</sup> | 115000 | 114343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/31/34<sup>(a)</sup> | 5000 | 5053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/31/34<sup>(a)</sup> | 15000 | 15195 |
|  |  | 1262581 |
| **Agriculture - 0.3%** |  |  |
| Turning Point Brands, Inc., 7.63%, 3/15/32<sup>(a)</sup> | 123000 | 125802 |
| **Apparel - 0.0%<sup>†</sup>** |  |  |
| VF Corp., 6.45%, 11/1/37 | 3000 | 2846 |
| **Auto Manufacturers - 2.4%** |  |  |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(a)</sup> | 229000 | 244684 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 9/15/26<sup>(a)</sup> | 60000 | 60296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 9/15/28<sup>(a)</sup> | 68000 | 69060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 9/29/28<sup>(a)</sup> | 30000 | 29457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 9/30/30<sup>(a)</sup> | 105000 | 100660 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/17/30<sup>(a)</sup> | 100000 | 100780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 7/17/32<sup>(a)</sup> | 150000 | 151938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 7/17/35<sup>(a)</sup> | 172000 | 177208 |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 1/15/31<sup>(a)</sup> | 88000 | 85458 |
|  |  | 1019541 |
| **Auto Parts & Equipment - 1.5%** |  |  |
| Adient Global Holdings Ltd., 8.25%, 4/15/31<sup>(a)</sup> | 21000 | 21774 |
| Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T-Note + 3.39%), 12/15/54<sup>(b)</sup> | 40000 | 40319 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Auto Parts & Equipment (continued)** |  |  |
| Cyprium Corp. / Cyprium Holdings Luxembourg Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 4/15/31<sup>(a)</sup> | $35000 | $34624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 4/15/34<sup>(a)</sup> | 45000 | 43800 |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 5/31/32<sup>(a)</sup> | 324000 | 335252 |
| Phinia, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 4/15/29<sup>(a)</sup> | 88000 | 89586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 10/15/32<sup>(a)</sup> | 64000 | 64995 |
|  |  | 630350 |
| **Banks - 1.7%** |  |  |
| Canadian Imperial Bank of Commerce, 6.95%, (US 5 Year CMT T-Note + 2.83%), 1/28/85<sup>(b)</sup> | 301000 | 300360 |
| Intesa Sanpaolo SpA, 8.25%, (US 1 Year CMT T-Note + 4.40%), 11/21/33<sup>(a),(b)</sup> | 200000 | 230831 |
| Popular, Inc., 7.25%, 3/13/28 | 166000 | 171961 |
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 5/6/31<sup>(b)</sup> | 23000 | 22962 |
|  |  | 726114 |
| **Biotechnology - 1.0%** |  |  |
| Genmab A/S/Genmab Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/15/32<sup>(a)</sup> | 85000 | 86903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 12/15/33<sup>(a)</sup> | 315000 | 329595 |
|  |  | 416498 |
| **Building Materials - 0.2%** |  |  |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(a)</sup> | 66000 | 68019 |
| **Chemicals - 2.9%** |  |  |
| Chemours Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 1/15/33<sup>(a)</sup> | 138000 | 138713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 3/15/34<sup>(a)</sup> | 156000 | 155947 |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 6/15/28<sup>(a)</sup> | 219000 | 218207 |
| NOVA Chemicals Corp., 9.00%, 2/15/30<sup>(a)</sup> | 75000 | 79173 |
| Perimeter Holdings LLC, 6.25%, 1/15/34<sup>(a)</sup> | 86000 | 84337 |
| Rain Carbon, Inc., 12.25%, 9/1/29<sup>(a)</sup> | 169000 | 173858 |
| SK Invictus Intermediate II Sarl, 5.00%, 10/30/29<sup>(a)</sup> | 279000 | 272014 |
| Tronox, Inc., 9.13%, 9/30/30<sup>(a)</sup> | 86000 | 85886 |
|  |  | 1208135 |
| **Coal - 0.1%** |  |  |
| Warrior Met Coal, Inc., 7.88%, 12/1/28<sup>(a)</sup> | 36000 | 36270 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Commercial Services - 2.0%** |  |  |
| Adt Security Corp. (The), 5.88%, 10/15/33<sup>(a)</sup> | $105000 | $101668 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.38%, 6/15/32<sup>(a)</sup> | 23000 | 22875 |
| Belron UK Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | 157000 | 157942 |
| Composecure Holdings LLC, 5.63%, 2/1/33<sup>(a)</sup> | 35000 | 34193 |
| CoreCivic, Inc., 8.25%, 4/15/29 | 100000 | 104384 |
| Deluxe Corp., 8.13%, 9/15/29<sup>(a)</sup> | 60000 | 62243 |
| GEO Group, Inc. (The), 8.63%, 4/15/29 | 63000 | 65236 |
| Graham Holdings Co., 5.63%, 12/1/33<sup>(a)</sup> | 105000 | 102552 |
| United Rentals North America, Inc., 5.38%, 11/15/33<sup>(a)</sup> | 180000 | 174998 |
| VT Topco, Inc., 8.50%, 8/15/30<sup>(a)</sup> | 27000 | 27485 |
|  |  | 853576 |
| **Computers - 2.5%** |  |  |
| CACI International, Inc., 6.38%, 6/15/33<sup>(a)</sup> | 236000 | 240157 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(a)</sup> | 83000 | 86289 |
| NCR Atleos Corp., 9.50%, 4/1/29<sup>(a)</sup> | 251000 | 268684 |
| Pitney Bowes, Inc., 7.25%, 3/15/29<sup>(a)</sup> | 137000 | 136843 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 12/15/29<sup>(a)</sup> | 29000 | 30458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/15/30<sup>(a)</sup> | 70000 | 71049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 12/1/32<sup>(a)</sup> | 215000 | 238976 |
|  |  | 1072456 |
| **Distribution & Wholesale - 0.1%** |  |  |
| Windsor Holdings III LLC, 8.50%, 6/15/30<sup>(a)</sup> | 45000 | 46597 |
| **Diversified Financial Services - 10.0%** |  |  |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/15/31<sup>(a)</sup> | 60000 | 59523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, (US 5 Year CMT T-Note + 4.30%), 6/15/35<sup>(a),(b)</sup> | 71000 | 71778 |
| Burford Capital Global Finance LLC, 9.25%, 7/1/31<sup>(a)</sup> | 225000 | 203063 |
| Coinbase Global, Inc., 3.38%, 10/1/28<sup>(a)</sup> | 362000 | 338672 |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/28<sup>(a)</sup> | 248000 | 256962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 3/15/30<sup>(a)</sup> | 67000 | 65082 |
| Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/15/30<sup>(a)</sup> | 160000 | 169127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 4/15/31<sup>(a)</sup> | 170000 | 169150 |
| Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/15/28<sup>(a)</sup> | 157000 | 166083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 8/1/29<sup>(a)</sup> | 147000 | 150241 |
| EZCORP, Inc., 7.38%, 4/1/32<sup>(a)</sup> | 87000 | 90852 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Diversified Financial Services (continued)** |  |  |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 2/1/29<sup>(a)</sup> | $96000 | $97648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 5/15/31<sup>(a)</sup> | 50000 | 50793 |
| GGAM Finance Ltd., 8.00%, 6/15/28<sup>(a)</sup> | 28000 | 29058 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 4/30/31<sup>(a)</sup> | 42000 | 43160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/1/33<sup>(a)</sup> | 90000 | 91364 |
| Onemain Finance Corp., 6.75%, 9/15/33 | 40000 | 38352 |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 5/15/29 | 130000 | 130126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 3/15/30 | 129000 | 132911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/15/31 | 187000 | 187978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/31 | 64000 | 63382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 9/15/32 | 64000 | 63015 |
| Osaic Holdings, Inc., 6.75%, 8/1/32<sup>(a)</sup> | 55000 | 54814 |
| Pennymac Financial Services, Inc., 6.88%, 5/15/32<sup>(a)</sup> | 214000 | 205548 |
| PennyMac Financial Services, Inc., 7.88%, 12/15/29<sup>(a)</sup> | 61000 | 62373 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 8/1/29<sup>(a)</sup> | 70000 | 70780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 8/1/30<sup>(a)</sup> | 109000 | 109994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 2/1/32<sup>(a)</sup> | 37000 | 38129 |
| SLM Corp., 6.50%, 1/31/30 | 76000 | 74578 |
| Stonex Escrow Issuer LLC, 6.88%, 7/15/32<sup>(a)</sup> | 45000 | 45448 |
| StoneX Group, Inc., 7.88%, 3/1/31<sup>(a)</sup> | 233000 | 241786 |
| Synchrony Financial, 7.25%, 2/2/33 | 310000 | 316660 |
| UWM Holdings LLC, 6.63%, 2/1/30<sup>(a)</sup> | 75000 | 70589 |
| Velocity Commercial Capital LLC, 9.38%, 2/15/31<sup>(a)</sup> | 45000 | 44964 |
| VFH Parent LLC / Valor Co.-Issuer, Inc., 7.50%, 6/15/31<sup>(a)</sup> | 209000 | 214748 |
|  |  | 4218731 |
| **Electric - 3.9%** |  |  |
| AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60%, (US 5 Year CMT T-Note + 3.20%), 1/15/55<sup>(b)</sup> | 43000 | 42644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, (US 5 Year CMT T-Note + 2.89%), 7/15/55<sup>(b)</sup> | 45000 | 41977 |
| Alpha Generation LLC, 6.25%, 1/15/34<sup>(a)</sup> | 31000 | 30424 |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, (US 5 Year CMT T-Note + 3.86%), 6/15/53<sup>(b)</sup> | 66000 | 67177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, (US 5 Year CMT T-Note + 3.66%), 6/15/54<sup>(b)</sup> | 64000 | 65490 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Electric (continued)** |  |  |
| Electricite de France SA, 9.13%, (US 5 Year CMT T-Note + 5.41%), 12/15/74<sup>(a),(b)</sup> | $21000 | $24305 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | 125000 | 124008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/1/30 | 51000 | 50311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, (US 5 Year CMT T-Note + 3.88%), 3/15/55<sup>(b)</sup> | 105000 | 105500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, (US 5 Year CMT T-Note + 3.23%), 9/15/56<sup>(b)</sup> | 165000 | 162974 |
| Southern Co. (The), 6.00%, (US 5 Year CMT T-Note + 1.99%), 4/1/58<sup>(b)</sup> | 180000 | 180913 |
| Talen Energy Supply LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 6/1/30<sup>(a)</sup> | 90000 | 94413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 2/1/34<sup>(a)</sup> | 135000 | 133470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 2/1/36<sup>(a)</sup> | 186000 | 186193 |
| Vistra Operations Co. LLC, 7.75%, 10/15/31<sup>(a)</sup> | 313000 | 327826 |
|  |  | 1637625 |
| **Electrical Components & Equipment - 0.1%** |  |  |
| WESCO Distribution, Inc., 6.38%, 3/15/33<sup>(a)</sup> | 25000 | 25413 |
| **Engineering & Construction - 1.1%** |  |  |
| AECOM, 6.00%, 8/1/33<sup>(a)</sup> | 105000 | 104545 |
| HTA Group Ltd., 7.50%, 6/4/29<sup>(a)</sup> | 343000 | 348530 |
|  |  | 453075 |
| **Entertainment - 2.5%** |  |  |
| Churchill Downs, Inc., 6.75%, 5/1/31<sup>(a)</sup> | 48000 | 48889 |
| Flutter Treasury Dac, 5.88%, 6/4/31<sup>(a)</sup> | 31000 | 30639 |
| Light & Wonder International, Inc., 7.50%, 9/1/31<sup>(a)</sup> | 219000 | 224789 |
| Resorts World Las Vegas LLC / RWLV Capital, Inc., 8.45%, 7/27/30<sup>(a)</sup> | 65000 | 61925 |
| Starz Capital Holdings 1, Inc., 6.00%, 4/15/30<sup>(a)</sup> | 98000 | 89915 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 3/15/29 | 120000 | 115926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 3/15/32 | 267000 | 235208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 3/15/42 | 302000 | 199912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 3/15/52 | 77000 | 46647 |
|  |  | 1053850 |
| **Food - 2.0%** |  |  |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 3/31/34<sup>(a)</sup> | 100000 | 97843 |
| Performance Food Group, Inc., 6.13%, 9/15/32<sup>(a)</sup> | 105000 | 105166 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/33<sup>(a)</sup> | 268000 | 263850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 3/15/36<sup>(a)</sup> | 44000 | 43073 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Food (continued)** |  |  |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 9/15/28<sup>(a)</sup> | $129000 | $131845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/32<sup>(a)</sup> | 130000 | 134856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 4/15/33<sup>(a)</sup> | 58000 | 57826 |
|  |  | 834459 |
| **Gas - 0.9%** |  |  |
| AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 5/20/27 | 113000 | 113457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 6/1/28<sup>(a)</sup> | 192000 | 197091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/1/30<sup>(a)</sup> | 65000 | 68606 |
|  |  | 379154 |
| **Healthcare-Products - 0.2%** |  |  |
| DENTSPLY Sirona, Inc., 8.38%, (US 5 Year CMT T-Note + 4.38%), 9/12/55<sup>(b)</sup> | 5000 | 4879 |
| Insulet Corp., 6.50%, 4/1/33<sup>(a)</sup> | 83000 | 84516 |
|  |  | 89395 |
| **Healthcare-Services - 0.9%** |  |  |
| DaVita, Inc., 6.88%, 9/1/32<sup>(a)</sup> | 91000 | 92846 |
| Fortrea Holdings, Inc., 7.50%, 7/1/30<sup>(a)</sup> | 48000 | 45490 |
| Sotera Health Holdings LLC, 7.38%, 6/1/31<sup>(a)</sup> | 100000 | 103179 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 6/15/30 | 95000 | 95615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/15/32<sup>(a)</sup> | 55000 | 54472 |
|  |  | 391602 |
| **Home Builders - 0.1%** |  |  |
| Installed Building Products, Inc., 5.63%, 2/1/34<sup>(a)</sup> | 30000 | 29266 |
| Thor Industries, Inc., 4.00%, 10/15/29<sup>(a)</sup> | 29000 | 27387 |
|  |  | 56653 |
| **Home Furnishings - 0.8%** |  |  |
| Somnigroup International, Inc., 4.00%, 4/15/29<sup>(a)</sup> | 160000 | 153838 |
| Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 6/15/30 | 53000 | 51686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/1/33 | 16000 | 14332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 6/15/33 | 78000 | 73825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 3/1/43 | 16000 | 11965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/1/46 | 31000 | 20421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 5/15/50 | 33000 | 21678 |
|  |  | 347745 |
| **Insurance - 1.1%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/6/30<sup>(a)</sup> | 36000 | 36074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 7/1/32<sup>(a)</sup> | 17000 | 16386 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Insurance (continued)** |  |  |
| American National Group, Inc., 7.00%, (US 5 Year CMT T-Note + 3.18%), 12/1/55<sup>(b)</sup> | $43000 | $40777 |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 5/15/31<sup>(a)</sup> | 153000 | 153350 |
| Hub International Ltd., 7.25%, 6/15/30<sup>(a)</sup> | 108000 | 110694 |
| Panther Escrow Issuer LLC, 7.13%, 6/1/31<sup>(a)</sup> | 99000 | 99318 |
|  |  | 456599 |
| **Internet - 3.5%** |  |  |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 9/30/30<sup>(a)</sup> | 56000 | 56532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/1/33<sup>(a)</sup> | 23000 | 22346 |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc., 5.25%, 12/1/27<sup>(a)</sup> | 21000 | 20914 |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 2/15/29<sup>(a)</sup> | 142000 | 140256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 9/15/33<sup>(a)</sup> | 165000 | 160249 |
| Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 2/15/27<sup>(a)</sup> | 200000 | 206992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 4/15/29<sup>(a)</sup> | 222000 | 236696 |
| Snap, Inc., 6.88%, 3/1/33<sup>(a)</sup> | 260000 | 245454 |
| Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/29<sup>(a)</sup> | 253000 | 258220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/15/30<sup>(a)</sup> | 115000 | 119661 |
|  |  | 1467320 |
| **Investment Companies - 1.5%** |  |  |
| HA Sustainable Infrastructure Capital, Inc., 7.13%, (US 5 Year CMT T-Note + 3.48%), 11/15/56<sup>(b)</sup> | 150000 | 149281 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 1/15/29 | 208000 | 204549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/15/29<sup>(a)</sup> | 201000 | 198014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 6/15/30 | 66000 | 61636 |
|  |  | 613480 |
| **Iron & Steel - 1.2%** |  |  |
| Champion Iron Canada, Inc., 7.88%, 7/15/32<sup>(a)</sup> | 50000 | 51796 |
| Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/33<sup>(a)</sup> | 30000 | 29680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/15/35<sup>(a)</sup> | 192000 | 189217 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/1/30<sup>(a)</sup> | 84000 | 86349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 4/1/31<sup>(a)</sup> | 133000 | 135895 |
|  |  | 492937 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Leisure Time - 1.3%** |  |  |
| Acushnet Co., 5.63%, 12/1/33<sup>(a)</sup> | $38000 | $37707 |
| Life Time, Inc., 6.00%, 11/15/31<sup>(a)</sup> | 120000 | 120880 |
| Lindblad Expeditions LLC, 7.00%, 9/15/30<sup>(a)</sup> | 20000 | 20408 |
| Patrick Industries, Inc., 6.38%, 11/1/32<sup>(a)</sup> | 235000 | 234829 |
| Viking Cruises Ltd., 5.88%, 10/15/33<sup>(a)</sup> | 120000 | 118459 |
|  |  | 532283 |
| **Lodging - 1.0%** |  |  |
| Genting New York LLC / GENNY Capital, Inc., 7.25%, 10/1/29<sup>(a)</sup> | 177000 | 177729 |
| Hilton Domestic Operating Co., Inc., 6.13%, 4/1/32<sup>(a)</sup> | 169000 | 171332 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.63%, 1/15/32<sup>(a)</sup> | 35000 | 34562 |
| MGM Resorts International, 6.13%, 9/15/29 | 31000 | 31178 |
|  |  | 414801 |
| **Machinery-Construction & Mining - 0.1%** |  |  |
| Manitowoc Co., Inc. (The), 9.25%, 10/1/31<sup>(a)</sup> | 49000 | 51152 |
| **Machinery-Diversified - 0.1%** |  |  |
| Esab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/15/29<sup>(a)</sup> | 11000 | 11162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 4/1/31<sup>(a)</sup> | 25000 | 25178 |
|  |  | 36340 |
| **Media - 5.4%** |  |  |
| AMC Networks, Inc., 10.50%, 7/15/32<sup>(a)</sup> | 152000 | 150028 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/1/29<sup>(a)</sup> | 50000 | 49312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/1/30<sup>(a)</sup> | 100000 | 94724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/1/31<sup>(a)</sup> | 94000 | 85607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 3/1/31<sup>(a)</sup> | 339000 | 344315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/1/32 | 56000 | 49906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 2/1/33<sup>(a)</sup> | 55000 | 54960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 2/1/36<sup>(a)</sup> | 70000 | 69245 |
| Directv Financing LLC, 8.88%, 2/1/30<sup>(a)</sup> | 45000 | 44865 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/15/27<sup>(a)</sup> | 65000 | 64834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 2/15/31<sup>(a)</sup> | 89000 | 90823 |
| Discovery Communications LLC, 5.00%, 9/20/37 | 95000 | 68683 |
| Gray Media, Inc., 10.50%, 7/15/29<sup>(a)</sup> | 19000 | 20184 |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/1/28<sup>(a)</sup> | 200000 | 196513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 9/15/33<sup>(a)</sup> | 195000 | 196579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/15/34<sup>(a)</sup> | 95000 | 95365 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Media (continued)** |  |  |
| Sinclair Television Group, Inc., 8.13%, 2/15/33<sup>(a)</sup> | $100000 | $101657 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/29<sup>(a)</sup> | 45000 | 44810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 7/1/30<sup>(a)</sup> | 103000 | 96326 |
| Univision Communications, Inc., 8.00%, 8/15/28<sup>(a)</sup> | 52000 | 52725 |
| Versant Media Group, Inc., 7.25%, 1/30/31<sup>(a)</sup> | 174000 | 177992 |
| Virgin Media Secured Finance PLC, 5.50%, 5/15/29<sup>(a)</sup> | 118000 | 113291 |
|  |  | 2262744 |
| **Metal Fabricate & Hardware - 0.8%** |  |  |
| Advanced Drainage Systems, Inc., 5.38%, 3/1/34<sup>(a)</sup> | 25000 | 24325 |
| Vallourec SACA, 7.50%, 4/15/32<sup>(a)</sup> | 290000 | 303948 |
|  |  | 328273 |
| **Mining - 3.3%** |  |  |
| Century Aluminum Co., 6.88%, 8/1/32<sup>(a)</sup> | 183000 | 188675 |
| Eldorado Gold Corp., 6.25%, 9/1/29<sup>(a)</sup> | 206000 | 204589 |
| FMG Resources August 2006 Pty Ltd., 6.13%, 4/15/32<sup>(a)</sup> | 246000 | 251445 |
| Ivanhoe Mines Ltd., 7.88%, 1/23/30<sup>(a)</sup> | 32000 | 32340 |
| Kaiser Aluminum Corp., 5.88%, 3/1/34<sup>(a)</sup> | 65000 | 63813 |
| New Gold, Inc., 6.88%, 4/1/32<sup>(a)</sup> | 153000 | 158126 |
| Novelis Corp., 6.88%, 1/30/30<sup>(a)</sup> | 165000 | 166421 |
| Perenti Finance Pty Ltd., 7.50%, 4/26/29<sup>(a)</sup> | 120000 | 123126 |
| Taseko Mines Ltd., 8.25%, 5/1/30<sup>(a)</sup> | 186000 | 193725 |
|  |  | 1382260 |
| **Miscellaneous Manufacturing - 0.4%** |  |  |
| EnPro, Inc., 6.13%, 6/1/33<sup>(a)</sup> | 174000 | 176028 |
| **Oil & Gas - 8.1%** |  |  |
| Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/1/29<sup>(a)</sup> | 125000 | 130349 |
| BKV Upstream Midstream LLC, 7.50%, 10/15/30<sup>(a)</sup> | 192000 | 193726 |
| California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 6/15/29<sup>(a)</sup> | 142000 | 148545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 1/15/34<sup>(a)</sup> | 84000 | 84680 |
| Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/1/30<sup>(a)</sup> | 40000 | 40538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/15/33<sup>(a)</sup> | 256000 | 264210 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 1/15/31<sup>(a)</sup> | 43000 | 44193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/1/32<sup>(a)</sup> | 68000 | 70067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/1/34<sup>(a)</sup> | 20000 | 19478 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Oil & Gas (continued)** |  |  |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 2/15/31<sup>(a)</sup> | $35000 | $35261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 2/15/34<sup>(a)</sup> | 50000 | 50163 |
| Diamond Foreign Asset Co. / Diamond Finance LLC, 8.50%, 10/1/30<sup>(a)</sup> | 45000 | 47543 |
| Gulfport Energy Operating Corp., 6.75%, 9/1/29<sup>(a)</sup> | 273000 | 279152 |
| Infinity Natural Resources LLC, 7.63%, 4/1/31<sup>(a)</sup> | 30000 | 30159 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(a)</sup> | 200000 | 205020 |
| Karoon USA Finance, Inc., 10.50%, 5/14/29<sup>(a)</sup> | 76000 | 78580 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/1/32<sup>(a)</sup> | 225000 | 231498 |
| Murphy Oil Corp., 6.50%, 2/15/34 | 65000 | 64269 |
| Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 1/31/30<sup>(a)</sup> | 41000 | 43037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 11/15/32<sup>(a)</sup> | 45000 | 45912 |
| Noble Finance II LLC, 8.00%, 4/15/30<sup>(a)</sup> | 270000 | 278664 |
| PBF Holding Co. LLC / PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 3/15/30<sup>(a)</sup> | 37000 | 39652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 9/15/30<sup>(a)</sup> | 36000 | 36964 |
| Seadrill Finance Ltd., 8.38%, 8/1/30<sup>(a)</sup> | 65000 | 67186 |
| Sunoco LP, 7.00%, 5/1/29<sup>(a)</sup> | 25000 | 25647 |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 2/1/29<sup>(a)</sup> | 155000 | 161388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 2/1/31<sup>(a)</sup> | 182000 | 192824 |
| Valaris Ltd., 8.38%, 4/30/30<sup>(a)</sup> | 341000 | 353337 |
| Vermilion Energy, Inc., 7.25%, 2/15/33<sup>(a)</sup> | 156000 | 157297 |
|  |  | 3419339 |
| **Oil & Gas Services - 1.9%** |  |  |
| Archrock Services LP / Archrock Partners Finance Corp., 6.00%, 2/1/34<sup>(a)</sup> | 40000 | 39649 |
| Bristow Group, Inc., 6.75%, 2/1/33<sup>(a)</sup> | 130000 | 131340 |
| Enerflex, Inc., 6.88%, 1/15/31<sup>(a)</sup> | 35000 | 35713 |
| Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 4/1/31<sup>(a)</sup> | 30000 | 30151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/1/33<sup>(a)</sup> | 15000 | 15160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/1/35<sup>(a)</sup> | 15000 | 15239 |
| Tidewater, Inc., 9.13%, 7/15/30<sup>(a)</sup> | 203000 | 216044 |
| USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 3/15/29<sup>(a)</sup> | 62000 | 63369 |
| Viridien, 10.00%, 10/15/30<sup>(a)</sup> | 170000 | 180837 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Oil & Gas Services (continued)** |  |  |
| Weatherford International Ltd., 6.75%, 10/15/33<sup>(a)</sup> | $65000 | $66369 |
|  |  | 793871 |
| **Packaging & Containers - 0.3%** |  |  |
| Sealed Air Corp./Sealed Air Corp. US, 7.25%, 2/15/31<sup>(a)</sup> | 126000 | 132127 |
| **Pharmaceuticals - 2.0%** |  |  |
| Amneal Pharmaceuticals LLC, 6.88%, 8/1/32<sup>(a)</sup> | 237000 | 244086 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, (US 5 Year CMT T-Note + 2.52%), 12/10/54<sup>(b)</sup> | 142000 | 143762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, (US 5 Year CMT T-Note + 2.89%), 3/10/55<sup>(b)</sup> | 150000 | 154557 |
| Harrow, Inc., 8.63%, 9/15/30<sup>(a)</sup> | 94000 | 95065 |
| HLF Financing Sarl LLC / Herbalife International, Inc., 12.25%, 4/15/29<sup>(a)</sup> | 197000 | 210072 |
|  |  | 847542 |
| **Pipelines - 4.2%** |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/33<sup>(a)</sup> | 65000 | 64241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 7/1/34<sup>(a)</sup> | 45000 | 44366 |
| CNX Midstream Partners LP, 4.75%, 4/15/30<sup>(a)</sup> | 144000 | 136864 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 6/1/28<sup>(a)</sup> | 14000 | 13973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 3/15/29<sup>(a)</sup> | 229000 | 236838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 6/30/33<sup>(a)</sup> | 50000 | 50338 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, (US 5 Year CMT T-Note + 4.02%), 5/15/54<sup>(b)</sup> | 48000 | 50288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, (US 5 Year CMT T-Note + 2.83%), 10/1/54<sup>(b)</sup> | 82000 | 83253 |
| Genesis Energy LP / Genesis Energy Finance Corp., 6.75%, 3/15/34 | 30000 | 29859 |
| Global Partners LP / GLP Finance Corp., 8.25%, 1/15/32<sup>(a)</sup> | 87000 | 89937 |
| Golar LNG Ltd., 7.50%, 10/2/30<sup>(a)</sup> | 172000 | 173961 |
| NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 2/15/29<sup>(a)</sup> | 134000 | 138017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 2/15/32<sup>(a)</sup> | 213000 | 219389 |
| Prairie Acquiror LP, 9.00%, 8/1/29<sup>(a)</sup> | 35000 | 36135 |
| South Bow Canadian Infrastructure Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, (US 5 Year CMT T-Note + 3.67%), 3/1/55<sup>(b)</sup> | 46000 | 47914 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, (US 5 Year CMT T-Note + 3.95%), 3/1/55<sup>(b)</sup> | $47000 | $48360 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 6/1/28<sup>(a)</sup> | 25000 | 25567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 2/1/29<sup>(a)</sup> | 112000 | 120844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 2/1/32<sup>(a)</sup> | 127000 | 136389 |
|  |  | 1746533 |
| **Real Estate - 1.4%** |  |  |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., 7.00%, 4/15/30<sup>(a)</sup> | 106000 | 106113 |
| Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 9.75%, 4/15/30<sup>(a)</sup> | 144000 | 152833 |
| Cushman & Wakefield US Borrower LLC, 8.88%, 9/1/31<sup>(a)</sup> | 99000 | 104687 |
| Five Point Operating Co. LP, 8.00%, 10/1/30<sup>(a)</sup> | 168000 | 167653 |
| Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 2/1/29<sup>(a)</sup> | 9000 | 8512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 3/1/34<sup>(a)</sup> | 55000 | 52864 |
|  |  | 592662 |
| **REITS - 4.3%** |  |  |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 6/15/29<sup>(a)</sup> | 25000 | 24788 |
| Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 12/15/28<sup>(a)</sup> | 44000 | 43261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 7/15/30<sup>(a)</sup> | 46000 | 42529 |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/1/29<sup>(a)</sup> | 220000 | 231017 |
| Diversified Healthcare Trust, 7.25%, 10/15/30<sup>(a)</sup> | 15000 | 15126 |
| EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman NON-MTM, 7.38%, 9/30/30<sup>(a)</sup> | 63000 | 60668 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/15/28<sup>(a)</sup> | 35000 | 34809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 2/15/29<sup>(a)</sup> | 75000 | 76460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 7/15/32<sup>(a)</sup> | 45000 | 43663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/15/33<sup>(a)</sup> | 167000 | 166484 |
| Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 8/1/30<sup>(a)</sup> | 128000 | 127751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/15/32<sup>(a)</sup> | 169000 | 165541 |
| RHP Hotel Properties LP / RHP Finance Corp., 5.75%, 3/15/34<sup>(a)</sup> | 20000 | 19737 |
| Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 4/1/29<sup>(a)</sup> | 296000 | 290601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 7/15/30<sup>(a)</sup> | 43000 | 41469 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **REITS (continued)** |  |  |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/1/29<sup>(a)</sup> | $132000 | $135929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/15/30<sup>(a)</sup> | 49000 | 48883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 7/1/30<sup>(a)</sup> | 134000 | 136781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/30<sup>(a)</sup> | 89000 | 90211 |
|  |  | 1795708 |
| **Retail - 4.3%** |  |  |
| Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 8/1/30<sup>(a)</sup> | 21000 | 21192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 8/1/33<sup>(a)</sup> | 21000 | 21256 |
| Brinker International, Inc., 8.25%, 7/15/30<sup>(a)</sup> | 131000 | 137398 |
| Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% Cash, 6/1/30<sup>(a),(c)</sup> | 163000 | 169563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% Cash, 6/1/31<sup>(a),(c)</sup> | 114490 | 123804 |
| FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 1/1/30<sup>(a)</sup> | 120000 | 119359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/1/32<sup>(a)</sup> | 226000 | 230276 |
| Gap, Inc. (The), 3.63%, 10/1/29<sup>(a)</sup> | 130000 | 121423 |
| Kohl's Corp., 10.00%, 6/1/30<sup>(a)</sup> | 43000 | 45430 |
| Macy's Retail Holdings LLC, 7.38%, 8/1/33<sup>(a)</sup> | 182000 | 186399 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/27 | 21000 | 20474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 4/1/30 | 130000 | 120361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/1/31 | 24000 | 21420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/44 | 127000 | 84634 |
| Petco Health & Wellness Co., Inc., 8.25%, 2/1/31<sup>(a)</sup> | 15000 | 14937 |
| QXO Building Products, Inc., 6.75%, 4/30/32<sup>(a)</sup> | 376000 | 382276 |
|  |  | 1820202 |
| **Semiconductors - 1.3%** |  |  |
| Amkor Technology, Inc., 5.88%, 10/1/33<sup>(a)</sup> | 85000 | 84673 |
| Ams-Osram AG, 12.25%, 3/30/29<sup>(a)</sup> | 140000 | 148661 |
| Kioxia Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 7/24/30<sup>(a)</sup> | 128000 | 130188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 7/24/33<sup>(a)</sup> | 190000 | 194735 |
|  |  | 558257 |
| **Software - 2.1%** |  |  |
| Cloud Software Group, Inc., 8.25%, 6/30/32<sup>(a)</sup> | 23000 | 21754 |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 6/1/30<sup>(a)</sup> | 277000 | 270299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 2/1/31<sup>(a)</sup> | 53000 | 50878 |
| Elastic NV, 4.13%, 7/15/29<sup>(a)</sup> | 54000 | 50640 |
| Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/15/33<sup>(a)</sup> | 143000 | 140318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/15/34<sup>(a)</sup> | 210000 | 206565 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Software (continued)** |  |  |
| UKG, Inc., 6.88%, 2/1/31<sup>(a)</sup> | $83000 | $80541 |
| ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 2/1/29<sup>(a)</sup> | 75000 | 62081 |
|  |  | 883076 |
| **Telecommunications - 7.3%** |  |  |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | 375000 | 386641 |
| Bell Telephone Co. of Canada Or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, (US 5 Year CMT T-Note + 2.39%), 9/15/55<sup>(b)</sup> | 50000 | 50556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, (US 5 Year CMT T-Note + 2.36%), 9/15/55<sup>(b)</sup> | 49000 | 50110 |
| Connect Finco Sarl / Connect US Finco LLC, 9.00%, 9/15/29<sup>(a)</sup> | 360000 | 378175 |
| Echostar Corp., 10.75%, 11/30/29 | 200000 | 216050 |
| Flash Compute LLC, 7.25%, 12/31/30<sup>(a)</sup> | 55000 | 55366 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | 250000 | 240550 |
| Level 3 Financing, Inc., 6.88%, 6/30/33<sup>(a)</sup> | 323728 | 329594 |
| Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/25/29<sup>(a)</sup> | 135000 | 134460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 4/2/32<sup>(a)</sup> | 188000 | 190268 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, (US 5 Year CMT T-Note + 2.65%), 4/15/55<sup>(b)</sup> | 82000 | 82313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, (US 5 Year CMT T-Note + 2.62%), 4/15/55<sup>(b)</sup> | 78000 | 79709 |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/33 | 34000 | 35386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 9/30/34 | 22000 | 22353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 7/18/36 | 82000 | 88550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 6/4/38 | 186000 | 207139 |
| TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, (US 5 Year CMT T-Note + 2.71%), 10/15/55<sup>(b)</sup> | 41000 | 41856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, (US 5 Year CMT T-Note + 2.52%), 6/9/56<sup>(b)</sup> | 43000 | 41920 |
| Viasat, Inc., 5.63%, 4/15/27<sup>(a)</sup> | 22000 | 21850 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(a)</sup> | 151000 | 159576 |
| Zegona Finance PLC, 8.63%, 7/15/29<sup>(a)</sup> | 228000 | 238841 |
|  |  | 3051263 |
| **Transportation - 0.4%** |  |  |
| Danaos Corp., 6.88%, 10/15/32<sup>(a)</sup> | 175000 | 177790 |
| **Trucking & Leasing - 0.8%** |  |  |
| Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/1/30<sup>(a)</sup> | 125000 | 130459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 6/15/32<sup>(a)</sup> | 105000 | 107621 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Trucking & Leasing (continued)** |  |  |
| FTAI Aviation Investors LLC, 7.00%, 5/1/31<sup>(a)</sup> | $85000 | $87119 |
|  |  | 325199 |
| **Total Corporate Bonds and Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $41,051,514)** |  | **41473779** |
| **Total Investments - 98.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $41,051,514)** |  | **$41473779** |
| **Other Assets Less Liabilities - Net 1.3%** |  | **525924** |
| **Total Net Assets - 100.0%** |  | **$41999703** |

---

† 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 $35,521,061 or 84.6% of net assets.

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

(c) PIK - Pay-in-kind security.

CMT - Treasury Constant Maturity Rate <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | | | |
|  | **Counterparty** | **Number of Contracts** | <br>**Expiration Date** | <br>**Notional Value** | <br>**Fair Value/Unrealized Appreciation<br> (Depreciation)** |
| **Long Futures Contracts** |  |  |  |  |  |
| U.S. 5 Year Note Future | J. P. Morgan Securities LLC | 5 | 6/30/2026 | $540899 | $(7665) |

---

## 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 BlackRock High Yield Portfolio

- **b. EDGAR series identifier (if any):** S000052678

- **c. LEI of Series:** 549300R5K42RYBV8GI96

**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:** $42216795.75

**Total Liabilities:** $208526.94

**Net Assets:** $42008268.81

**Delayed Delivery Securities:** $95000.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1.16406000 | **1-Year:** 433.08189000 | **5-Year:** 941.79230000 | **10-Year:** 67.43693000 | **30-Year:** 0.00000000

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

- **3-Month:** 60.65010000 | **1-Year:** 3926.34703000 | **5-Year:** 6495.98108000 | **10-Year:** 772.59031000 | **30-Year:** 7.21151000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165384 | 0.67%                | 0.33%                | -1.33%               |
| Class ID C000165385 | 0.56%                | 0.33%                | -1.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $60077.12                | $-39035.58                                 |
| Month 2  | $-1969.74                | $-70389.84                                 |
| Month 3  | $-20848.75               | $-768937.05                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADT Security Corp.                                                                               | ADT 5.875 10/15/33 144A             | CUSIP: 00109LAB9<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    105000 | PA      | $101668.50    | 0.24%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Moog Inc.                                                                                        | MOGA 5.5 10/15/34 144A              | CUSIP: 615394AP8<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45110.65     | 0.11%             | 2034-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOGY PTE LTD                                                          | STX 8.25 12/15/29 144a              | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     29000 | PA      | $30457.98     | 0.07%             | 2029-12-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Century Aluminum Company                                                                         | CENX 6.875 08/01/32 144A            | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    183000 | PA      | $188674.83    | 0.45%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                          | VENLNG 8.125 06/01/28 144A          | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25566.63     | 0.06%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Vallourec SA                                                                                     | VKFP 7.5 04/15/32 144A              | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |    290000 | PA      | $303948.42    | 0.72%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Advanced Drainage System Inc                                                                     | WMS 5.375 03/01/34 144A             | CUSIP: 00790RAC8<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24324.91     | 0.06%             | 2034-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd.                                                  | SOBOCN V7.625 03/01/55              | CUSIP: 836720AG7<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     47000 | PA      | $48360.65     | 0.12%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Carvana Co                                                                                       | CVNA 9 06/01/30 144A                | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    163000 | PA      | $169563.52    | 0.40%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET V7.125 10/01/54                  | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     82000 | PA      | $83252.63     | 0.20%             | 2054-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc                                                        | HASI V7.125 11/15/56                | CUSIP: 41068XAH3<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149280.80    | 0.36%             | 2056-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Popular, Inc.                                                                                    | BPOP 7.25 03/13/28                  | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | US        |    166000 | PA      | $171961.56    | 0.41%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Performance Food Group Inc                                                                       | PFGC 6.125 09/15/32 144A            | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105166.43    | 0.25%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                                                | LNW 7.5 09/01/31 144A               | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    219000 | PA      | $224788.83    | 0.54%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bread Financial Holdings Inc                                                                     | BFH V8.375 06/15/35 144A            | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     71000 | PA      | $71777.95     | 0.17%             | 2035-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC                                           | FTAI 7 05/01/31 144A                | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87118.54     | 0.21%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd.                                                  | SOBOCN V7.5 03/01/55                | CUSIP: 836720AJ1<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |     46000 | PA      | $47913.65     | 0.11%             | 2055-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                                                         | NGL 8.125 02/15/29 144A             | CUSIP: 62922LAC2<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |    134000 | PA      | $138017.05    | 0.33%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Millicom International Cellular SA                                                               | TIGO 6.25 03/25/29 144A             | CUSIP: 600814AQ0<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    135000 | PA      | $134459.41    | 0.32%             | 2029-03-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ggam Finance Ltd.                                                                                | GGAMFI 8 06/15/28 144A              | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     28000 | PA      | $29058.40     | 0.07%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KAISER ALUMINUM CORP                                                                             | KALU 5.875 03/01/34 144A            | CUSIP: 483007AM2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $63812.73     | 0.15%             | 2034-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                                      | BCECN V7 09/15/55                   | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     49000 | PA      | $50109.65     | 0.12%             | 2055-09-15      | Fixed         | 7.00%                 | 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        |     41000 | PA      | $42897.36     | 0.10%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                                   | CRWV 9.25 06/01/30 144A             | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    277000 | PA      | $270299.20    | 0.64%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                                                                          | MRP 6.25 09/15/32 144A              | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    169000 | PA      | $165540.59    | 0.39%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RIVIAN HOLDINGS LLC                                                                              | RIVHOL 10 01/15/31 144A             | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     88000 | PA      | $85457.44     | 0.20%             | 2031-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                                       | ESAB 5.625 04/01/31 144A            | CUSIP: 29605JAB2<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25177.81     | 0.06%             | 2031-04-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UKG Inc.                                                                                         | ULTI 6.875 02/01/31 144A            | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |     83000 | PA      | $80540.60     | 0.19%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Deluxe Corporation                                                                               | DLX 8.125 09/15/29 144A             | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62242.68     | 0.15%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                                         | JANEST 7.125 04/30/31 144A          | CUSIP: 47077WAC2<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     42000 | PA      | $43159.75     | 0.10%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VT Topco Inc.                                                                                    | VERCOR 8.5 08/15/30 144A            | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27484.52     | 0.07%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Sotera Health Holdings LLC                                                                       | STENOR 7.375 06/01/31 144A          | CUSIP: 83600WAE9<br>LEI: 549300OVT7MBXFLOFU20 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103178.90    | 0.25%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                                  | IEP 10 11/15/29 144A                | CUSIP: 451102CK1<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    201000 | PA      | $198013.81    | 0.47%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Edison International                                                                             | EIX V7.875 06/15/54                 | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65490.56     | 0.16%             | 2054-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP (THE)                                                                         | HHH 6.125 03/01/34 144A             | CUSIP: 44267DAH0<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     55000 | PA      | $52863.79     | 0.13%             | 2034-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP (THE)                                                                         | HHH 4.125 02/01/29 144A             | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8512.54      | 0.02%             | 2029-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| The Chemours Company LLC                                                                         | CC 8 01/15/33 144A                  | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    138000 | PA      | $138713.05    | 0.33%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Match Group Holdings II LLC                                                                      | MTCHII 5.625 02/15/29 144A          | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    142000 | PA      | $140255.94    | 0.33%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| RHP Hotel Properties LP / RHP Finance Corporation                                                | RHP 5.75 03/15/34 144A              | CUSIP: 74984CAA6<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19737.20     | 0.05%             | 2034-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                                                           | FAIRIC 6.25 09/15/34 144A           | CUSIP: 303250AJ3<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    210000 | PA      | $206565.08    | 0.49%             | 2034-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Snap Inc                                                                                         | SNAP 6.875 03/01/33 144A            | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    260000 | PA      | $245453.47    | 0.58%             | 2033-03-01      | Fixed         | 6.88%                 | 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        |    128000 | PA      | $127751.21    | 0.30%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Seadrill Finance Ltd.                                                                            | SDRLNO 8.375 08/01/30 144A          | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |     65000 | PA      | $67186.02     | 0.16%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| The Manitowoc Company, Inc.                                                                      | MTW 9.25 10/01/31 144A              | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |     49000 | PA      | $51152.37     | 0.12%             | 2031-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                    | OMF 7.5 05/15/31                    | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    187000 | PA      | $187977.45    | 0.45%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                               | CHRD 6 10/01/30 144A                | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40538.25     | 0.10%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Resources Corporation                                                                 | CRC 7 01/15/34 144A                 | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     84000 | PA      | $84680.24     | 0.20%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fair Isaac Corporation                                                                           | FAIRIC 6 05/15/33 144A              | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    143000 | PA      | $140317.94    | 0.33%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Acushnet Co                                                                                      | GOLF 5.625 12/01/33 144A            | CUSIP: 005095AB0<br>LEI: 549300H805O14KEFES79 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37706.74     | 0.09%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                  | WHR 5.15 03/01/43 MTN               | CUSIP: 96332HCG2<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     16000 | PA      | $11964.51     | 0.03%             | 2043-03-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                                            | DTV 5.875 08/15/27 144A             | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64834.02     | 0.15%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                                  | BBDBCN 7.45 05/01/34 144A           | CUSIP: 097751AL5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     40000 | PA      | $43208.40     | 0.10%             | 2034-05-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| Commercial Metals Company                                                                        | CMC 6 12/15/35 144A                 | CUSIP: 201723AV5<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |    192000 | PA      | $189216.61    | 0.45%             | 2035-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dentsply Sirona Inc                                                                              | XRAY V8.375 09/12/55                | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |      5000 | PA      | $4879.31      | 0.01%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| EZCORP Inc.                                                                                      | EZPW 7.375 04/01/32 144A            | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     87000 | PA      | $90851.93     | 0.22%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                                   | WBD 4.054 03/15/29 *                | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115926.00    | 0.28%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                                                                  | GEN 6.25 04/01/33 144A              | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22346.23     | 0.05%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                                                                             | NEFINA 8 04/15/30 144A              | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    270000 | PA      | $278663.49    | 0.66%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                                  | BBDBCN 7.25 07/01/31 144A           | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    141000 | PA      | $147730.35    | 0.35%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Flutter Treasury Designated Activity Co.                                                         | FLTR 5.875 06/04/31 144A            | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |     31000 | PA      | $30639.16     | 0.07%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance Inc.             | BWIN 7.125 05/15/31 144A            | CUSIP: 05825XAA7<br>LEI: 5493004GCDREAQPPYG20 | Long             | DBT              | CORP              | US        |    153000 | PA      | $153350.37    | 0.37%             | 2031-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                                       | RCICN V7 04/15/55                   | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     82000 | PA      | $82313.24     | 0.20%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CNX Resources Corporation                                                                        | CNX 7.375 01/15/31 144A             | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44192.99     | 0.11%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Smyrna Ready Mix Concrete LLC                                                                    | SMYREA 8.875 11/15/31 144A          | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     66000 | PA      | $68019.14     | 0.16%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.25 01/31/34 144A              | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5053.36      | 0.01%             | 2034-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                  | WHR 6.125 06/15/30                  | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     53000 | PA      | $51686.34     | 0.12%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| United Rentals (North America), Inc.                                                             | URI 5.375 11/15/33 144A             | CUSIP: 911365BS2<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |    180000 | PA      | $174998.02    | 0.42%             | 2033-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                              | CCO 7.5 03/15/33 144A               | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     40000 | PA      | $42357.32     | 0.10%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Somnigroup International Inc.                                                                    | SGI 4 04/15/29 144A                 | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    160000 | PA      | $153838.05    | 0.37%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CVR Partners, LP and CVR Nitrogen Finance Corporation                                            | UAN 6.125 06/15/28 144A             | CUSIP: 12663QAC9<br>LEI: 529900LE0OS06MYQRP11 | Long             | DBT              | CORP              | US        |    219000 | PA      | $218207.11    | 0.52%             | 2028-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AECOM                                                                                            | ACM 6 08/01/33 144A                 | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104544.97    | 0.25%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                                      | TITIM 6.375 11/15/33                | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     34000 | PA      | $35385.84     | 0.08%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Jane Street Group LLC / JSG Finance Inc.                                                         | JANEST 6.75 05/01/33 144A           | CUSIP: 47077WAE8<br>LEI: 5493002N1IVX6KHGYO08 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91364.22     | 0.22%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Edison International                                                                             | EIX V8.125 06/15/53                 | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67176.71     | 0.16%             | 2053-06-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Danaos Corp.                                                                                     | DAC 6.875 10/15/32 144A             | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |    175000 | PA      | $177790.20    | 0.42%             | 2032-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| StoneX Escrow Issuer LLC                                                                         | SNEX 6.875 07/15/32 144A            | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45447.57     | 0.11%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                                                   | NSANY 7.05 09/15/28 144A            | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     68000 | PA      | $69060.10     | 0.16%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp. / Sealed Air Corp. US                                                           | SEE 7.25 02/15/31 144A              | CUSIP: 812127AB4<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    126000 | PA      | $132127.40    | 0.31%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a r.l.                                               | VGNT 6.125 04/15/31 144A            | CUSIP: 23292NAA6<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34623.73     | 0.08%             | 2031-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio LLC                                                                              | SIRI 4.125 07/01/30 144A            | CUSIP: 82967NBG2<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    103000 | PA      | $96326.49     | 0.23%             | 2030-07-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Talos Prodtn Inc                                                                                 | TALO 9.375 02/01/31 144A            | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    182000 | PA      | $192824.27    | 0.46%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Patrick Industries Inc.                                                                          | PATK 6.375 11/01/32 144A            | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    235000 | PA      | $234828.71    | 0.56%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                                  | IEP 9.75 01/15/29                   | CUSIP: 451102CF2<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |    208000 | PA      | $204549.65    | 0.49%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Versant Media Group Inc.                                                                         | VSNT 7.25 01/30/31 144A             | CUSIP: 925283AA1<br>LEI: 254900D2Q5F5F229PU30 | Long             | DBT              | CORP              | US        |    174000 | PA      | $177991.91    | 0.42%             | 2031-01-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ViaSat, Inc.                                                                                     | VSAT 5.625 04/15/27 144A            | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21850.17     | 0.05%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Davita Inc                                                                                       | DVA 6.875 09/01/32 144A             | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     91000 | PA      | $92845.75     | 0.22%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| HLF FINANCING SARL LLC / HERBALIFE INTERNATIONAL INC                                             | HLF 12.25 04/15/29 144A             | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    197000 | PA      | $210071.74    | 0.50%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Flash Compute LLC                                                                                | FLASHC 7.25 12/31/30 144A           | CUSIP: 33853QAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $55366.03     | 0.13%             | 2030-12-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                               | BURLN 6.875 04/15/30 144A           | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |     35000 | PA      | $30893.45     | 0.07%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Enova International Inc.                                                                         | ENVA 9.125 08/01/29 144A            | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    147000 | PA      | $150240.76    | 0.36%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                                                           | MINAU 7 04/01/31 144A               | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    133000 | PA      | $135894.75    | 0.32%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Viking Cruises, Ltd.                                                                             | VIKCRU 5.875 10/15/33 144A          | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    120000 | PA      | $118458.86    | 0.28%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                                                   | NSANY 6.125 09/30/30 144A           | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    105000 | PA      | $100659.90    | 0.24%             | 2030-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Tronox Incorporated                                                                              | TROX 9.125 09/30/30 144A            | CUSIP: 897051AD0<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |     86000 | PA      | $85886.33     | 0.20%             | 2030-09-30      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                                                          | NBR 9.125 01/31/30 144A             | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     41000 | PA      | $43037.04     | 0.10%             | 2030-01-31      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| GENTING NEW YORK LLC                                                                             | RWNYNY 7.25 10/01/29 144A           | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    177000 | PA      | $177729.62    | 0.42%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Adient Global Holdings Ltd                                                                       | ADNT 8.25 04/15/31 144A             | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |     21000 | PA      | $21773.75     | 0.05%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AES Corp.                                                                                        | AES V6.95 07/15/55                  | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     45000 | PA      | $41976.76     | 0.10%             | 2055-07-15      | Fixed         | 6.95%                 | 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        |         5 | NC      | $-7665.10     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Financial Corporation                                                                    | OMF 7.875 03/15/30                  | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    129000 | PA      | $132911.41    | 0.32%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Enpro Inc                                                                                        | NPO 6.125 06/01/33 144A             | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    174000 | PA      | $176028.32    | 0.42%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Gulfport Energy Operating Corp.                                                                  | GPOR 6.75 09/01/29 144A             | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    273000 | PA      | $279151.78    | 0.66%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VFH Parent LLC & Valor Co-Issuer Inc.                                                            | VIRT 7.5 06/15/31 144A              | CUSIP: 91824YAA6<br>LEI: 549300FRO9M476YHHY64 | Long             | DBT              | CORP              | US        |    209000 | PA      | $214748.34    | 0.51%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing, Inc.                                                                          | LVLT 6.875 06/30/33 144A            | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    323728 | PA      | $329594.28    | 0.78%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                                                              | COIN 3.375 10/01/28 144A            | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    362000 | PA      | $338672.08    | 0.81%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CACI International Inc.                                                                          | CACI 6.375 06/15/33 144A            | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    236000 | PA      | $240156.49    | 0.57%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Installed Building Products Inc                                                                  | IBP 5.625 02/01/34 144A             | CUSIP: 45780RAB7<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29265.99     | 0.07%             | 2034-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC / (Albertsons Safeway LLC) | ACI 5.75 03/31/34 144A              | CUSIP: 01309QAD0<br>LEI: 549300YKWOC0AOR16R51 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97842.49     | 0.23%             | 2034-03-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                                               | RAKUTN 9.75 04/15/29 144A           | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    222000 | PA      | $236695.68    | 0.56%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Advance Auto Parts Inc.                                                                          | AAP 7 08/01/30 144A                 | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21191.35     | 0.05%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                                      | TITIM 6 09/30/34                    | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     22000 | PA      | $22353.14     | 0.05%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                                                  | JWN 5 01/15/44                      | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    127000 | PA      | $84633.85     | 0.20%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cnx Midstream Partners Lp                                                                        | CNXMPF 4.75 04/15/30 144A           | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $136863.55    | 0.33%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Texas Capital Bancshares, Inc.                                                                   | TCBI V4 05/06/31                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22961.94     | 0.05%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Amerigas Partners, L.P./Amerigas Finance Corp.                                                   | APU 5.75 05/20/27                   | CUSIP: 030981AL8<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |    113000 | PA      | $113456.63    | 0.27%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.                                          | HOUS 7 04/15/30 144A                | CUSIP: 75606DAS0<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |    106000 | PA      | $106112.78    | 0.25%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                                                   | NSANY 6.95 09/15/26 144A            | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60295.63     | 0.14%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Amkor Technology, Inc.                                                                           | AMKR 5.875 10/01/33 144A            | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     85000 | PA      | $84672.76     | 0.20%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Amerigas Partners, L.P./Amerigas Finance Corp.                                                   | APU 9.375 06/01/28 144A             | CUSIP: 030981AM6<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |    192000 | PA      | $197091.07    | 0.47%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                                                                           | MINAU 8.5 05/01/30 144A             | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     84000 | PA      | $86349.14     | 0.21%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC/Avis Budget Finance Inc.                                              | CAR 8.375 06/15/32 144A             | CUSIP: 053773BK2<br>LEI: 529900E95812SYWMCE44 | Long             | DBT              | CORP              | US        |     23000 | PA      | $22875.26     | 0.05%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc.                                                                                  | GTN 10.5 07/15/29 144A              | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     19000 | PA      | $20184.31     | 0.05%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Amerigas Partners, L.P./Amerigas Finance Corp.                                                   | APU 9.5 06/01/30 144A               | CUSIP: 030981AP9<br>LEI: H36E1IF6YS0OBMHM6168 | Long             | DBT              | CORP              | US        |     65000 | PA      | $68606.53     | 0.16%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Garrett Motion Holdings Inc. / Garrett LX I S.a.r.l.                                             | GTX 7.75 05/31/32 144A              | CUSIP: 366504AA6<br>LEI: 5493001N1N6Z0SR83G07 | Long             | DBT              | CORP              | US        |    324000 | PA      | $335251.87    | 0.80%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                                                      | W 7.75 09/15/30 144A                | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    115000 | PA      | $119661.53    | 0.28%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Acrisure Llc / Acrisure Fin Inc                                                                  | ACRISU 6.75 07/01/32 144A           | CUSIP: 004961AA6<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |     17000 | PA      | $16386.46     | 0.04%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Taseko Mines Limited                                                                             | TKOCN 8.25 05/01/30 144A            | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    186000 | PA      | $193724.77    | 0.46%             | 2030-05-01      | Fixed         | 8.25%                 | 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        |     95000 | PA      | $95365.47     | 0.23%             | 2034-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 4.5 05/01/32                   | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     56000 | PA      | $49906.00     | 0.12%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp                                     | AM 5.75 10/15/33 144A               | CUSIP: 03690AAM8<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64241.65     | 0.15%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                               | BURLN 9.25 07/01/31 144A            | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    225000 | PA      | $203062.50    | 0.48%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Macys Retail Holdings LLC                                                                        | M 7.375 08/01/33 144A               | CUSIP: 55617LAS1<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |    182000 | PA      | $186399.12    | 0.44%             | 2033-08-01      | Fixed         | 7.38%                 | 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     | 0.04%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Acceptance Co LLC                                                                   | NSANY 5.625 09/29/28 144A           | CUSIP: 65480CAK1<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29457.53     | 0.07%             | 2028-09-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                  | WHR 6.5 06/15/33                    | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     78000 | PA      | $73824.88     | 0.18%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                                                                         | EDF V9.125 PERP 144A                | CUSIP: 28504KAA5<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     21000 | PA      | $24305.19     | 0.06%             | N/A             | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                  | CVS V7 03/10/55                     | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154556.40    | 0.37%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC                                                                         | CIACN 7.875 07/15/32 144A           | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $51796.40     | 0.12%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                                                                     | USFOOD 5.75 04/15/33 144A           | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     58000 | PA      | $57826.08     | 0.14%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Diversified Healthcare Trust                                                                     | DHC 7.25 10/15/30 144A              | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15126.09     | 0.04%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Osaic Holdings Inc.                                                                              | ADVGRO 6.75 08/01/32 144A           | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54814.25     | 0.13%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOGY PTE LTD                                                          | STX 5.875 07/15/30 144A             | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     70000 | PA      | $71048.67     | 0.17%             | 2030-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                                 | ABR 7.875 07/15/30 144A             | CUSIP: 03881NAJ6<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |     46000 | PA      | $42529.45     | 0.10%             | 2030-07-15      | Fixed         | 7.88%                 | 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        |    375000 | PA      | $386640.78    | 0.92%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Golar LNG Limited                                                                                | GLNG 7.5 10/02/30 144A              | CUSIP: 38046YAE1<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |    172000 | PA      | $173961.49    | 0.41%             | 2030-10-02      | Fixed         | 7.50%                 | 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        |    100000 | PA      | $101656.50    | 0.24%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH HOLDINGS INC                                                                           | FCFS 5.625 01/01/30 144A            | CUSIP: 31944TAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $119359.10    | 0.28%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Telus Corp.                                                                                      | TCN V6.625 06/09/56 ...             | CUSIP: 87971MCR2<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |     43000 | PA      | $41920.22     | 0.10%             | 2056-06-09      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                                               | POST 6.375 03/01/33 144A            | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    268000 | PA      | $263850.10    | 0.63%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| LIONS GATE TELEVISION INC                                                                        | LGF 6 04/15/30 144a                 | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98000 | PA      | $89915.00     | 0.21%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virgin Media Secured Finance PLC                                                                 | VMED 5.5 05/15/29 144A              | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    118000 | PA      | $113291.09    | 0.27%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STORAGE TECHNOLOGY PTE LTD                                                          | STX 9.625 12/01/32 144a             | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    215000 | PA      | $238976.37    | 0.57%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Genmab AS And Genmab Finance LLC                                                                 | GMABDC 7.25 12/15/33 144A           | CUSIP: 37230JAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | DBT              | CORP              | DK        |    315000 | PA      | $329595.21    | 0.78%             | 2033-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Alpha Generation LLC                                                                             | ALPGEN 6.25 01/15/34 144A           | CUSIP: 02073LAC5<br>LEI: 254900K5V62L4YGVKF49 | Long             | DBT              | CORP              | US        |     31000 | PA      | $30424.41     | 0.07%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| New Gold, Inc.                                                                                   | NGDCN 6.875 04/01/32 144A           | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |    153000 | PA      | $158125.96    | 0.38%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.75 01/31/34 144a              | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15194.78     | 0.04%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NGL ENERGY OPERATING LLC                                                                         | NGL 8.375 02/15/32 144A             | CUSIP: 62922LAD0<br>LEI: 5493008CQD36WWZJ3O79 | Long             | DBT              | CORP              | US        |    213000 | PA      | $219388.72    | 0.52%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                    | STWD 6.5 07/01/30 144A              | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    134000 | PA      | $136781.17    | 0.33%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Hilton Domestic Operating Co Inc.                                                                | HLT 6.125 04/01/32 144A             | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    169000 | PA      | $171331.69    | 0.41%             | 2032-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Vistra Operations Co LLC                                                                         | VST 7.75 10/15/31 144A              | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    313000 | PA      | $327826.48    | 0.78%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                    | OMF 7.125 11/15/31                  | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63382.30     | 0.15%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Phinia Inc.                                                                                      | PHIN 6.75 04/15/29 144A             | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     88000 | PA      | $89585.76     | 0.21%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Windsor Holdings III LLC                                                                         | UNVR 8.5 06/15/30 144A              | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46597.14     | 0.11%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U S Borrower LLC                                                             | CWK 8.875 09/01/31 144A             | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     99000 | PA      | $104687.25    | 0.25%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                                                  | JWN 4 03/15/27                      | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20473.45     | 0.05%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wayfair LLC                                                                                      | W 7.25 10/31/29 144A                | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    253000 | PA      | $258219.64    | 0.61%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| StoneX Group Inc                                                                                 | SNEX 7.875 03/01/31 144A            | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    233000 | PA      | $241785.96    | 0.58%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| QXO INC                                                                                          | BECN 6.75 04/30/32 144A             | CUSIP: 74825NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    376000 | PA      | $382275.82    | 0.91%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| California Resources Corporation                                                                 | CRC 8.25 06/15/29 144A              | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    142000 | PA      | $148544.64    | 0.35%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                                                            | KIOXIA 6.25 07/24/30 144A           | CUSIP: 49726JAA6<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    128000 | PA      | $130187.72    | 0.31%             | 2030-07-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                               | IRM 7 02/15/29 144A                 | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     75000 | PA      | $76460.33     | 0.18%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                               | IRM 5.25 03/15/28 144A              | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34809.38     | 0.08%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd.                                                                           | HBGCN 7.25 06/15/30 144A            | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    108000 | PA      | $110693.41    | 0.26%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                                                             | NSANY 8.125 07/17/35 144A           | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    172000 | PA      | $177208.43    | 0.42%             | 2035-07-17      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Connect Finco SARL/Connect US Finco LLC                                                          | ISATLN 9 09/15/29 144A              | CUSIP: 20752TAB0<br>LEI: 2594001KNYIQ456J2792 | Long             | DBT              | CORP              | LU        |    360000 | PA      | $378174.60    | 0.90%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                    | OMF 6.75 09/15/33                   | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38351.83     | 0.09%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a r.l.                                               | VGNT 6.375 04/15/34 144A            | CUSIP: 23292NAB4<br>LEI: 254900V7LN9S9W17X250 | Long             | DBT              | CORP              | US        |     45000 | PA      | $43800.19     | 0.10%             | 2034-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GEO Group Inc                                                                                    | GEO 8.625 04/15/29                  | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     63000 | PA      | $65235.93     | 0.16%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Delek Logistics Partners LP/ Delek Logistics Finance Corp.                                       | DKL 7.375 06/30/33 144A             | CUSIP: 24665FAE2<br>LEI: 549300UVYITDIU51P724 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50338.40     | 0.12%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                          | VENLNG 9.875 02/01/32 144A          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    127000 | PA      | $136389.49    | 0.32%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                                            | DTV 8.875 02/01/30 144a             | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44864.80     | 0.11%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Acrisure Llc / Acrisure Fin Inc                                                                  | ACRISU 7.5 11/06/30 144A            | CUSIP: 00489LAL7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36073.55     | 0.09%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                                   | WBD 5.05 03/15/42 *                 | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    302000 | PA      | $199911.92    | 0.48%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ESAB Corp.                                                                                       | ESAB 6.25 04/15/29 144A             | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11162.37     | 0.03%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Kioxia Holdings Corp.                                                                            | KIOXIA 6.625 07/24/33 144A          | CUSIP: 49726JAB4<br>LEI: 35380080RTKRARNH4R73 | Long             | DBT              | CORP              | JP        |    190000 | PA      | $194735.52    | 0.46%             | 2033-07-24      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                    | STWD 6.5 10/15/30 144A              | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     89000 | PA      | $90211.29     | 0.21%             | 2030-10-15      | Fixed         | 6.50%                 | 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        |     15000 | PA      | $15238.85     | 0.04%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp.                                                                               | CHRD 6.75 03/15/33 144A             | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    256000 | PA      | $264209.92    | 0.63%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Zegona Finance PLC                                                                               | ZEGLN 8.625 07/15/29 144A           | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    228000 | PA      | $238840.94    | 0.57%             | 2029-07-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.75 08/15/28 144A              | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    141000 | PA      | $142717.80    | 0.34%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FMG Resources (August 2006) Pty Ltd.                                                             | FMGAU 6.125 04/15/32 144A           | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    246000 | PA      | $251445.14    | 0.60%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 7.375 02/01/36 144A            | CUSIP: 1248EPCV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69245.07     | 0.16%             | 2036-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                                          | TLN 6.5 02/01/36 144A               | CUSIP: 87422VAN8<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |    186000 | PA      | $186193.25    | 0.44%             | 2036-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Carvana Co                                                                                       | CVNA 9 06/01/31 144A                | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    114490 | PA      | $123803.88    | 0.29%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Kohl's Corp.                                                                                     | KSS 10 06/01/30 144A                | CUSIP: 500255AY0<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |     43000 | PA      | $45429.50     | 0.11%             | 2030-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Nabors Industries, Inc.                                                                          | NBR 7.625 11/15/32 144A             | CUSIP: 62957HAR6<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45911.84     | 0.11%             | 2032-11-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Getty Images Inc.                                                                                | ABEGET 10.5 11/15/30 144A           | CUSIP: 374276AR4<br>LEI: 5493005NV20IG4VEKZ40 | Long             | DBT              | CORP              | US        |     70000 | PA      | $62777.58     | 0.15%             | 2030-11-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                                                 | PCG 5 07/01/28                      | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124008.34    | 0.30%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Thor Industries Inc.                                                                             | THO 4 10/15/29 144A                 | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |     29000 | PA      | $27386.81     | 0.07%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                                   | WBD 5.141 03/15/52 *                | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     77000 | PA      | $46647.37     | 0.11%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| CNX Resources Corporation                                                                        | CNX 5.875 03/01/34 144A             | CUSIP: 12653CAM0<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19477.54     | 0.05%             | 2034-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Viridien SA                                                                                      | VIRIFP 10 10/15/30 144a             | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |    170000 | PA      | $180836.99    | 0.43%             | 2030-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                                                 | PCG V7.375 03/15/55                 | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105500.12    | 0.25%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Corecivic Inc                                                                                    | CXW 8.25 04/15/29                   | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104383.60    | 0.25%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC                                           | FTAI 7.875 12/01/30 144A            | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    125000 | PA      | $130459.38    | 0.31%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                                                  | JWN 4.375 04/01/30                  | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    130000 | PA      | $120361.36    | 0.29%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Tidewater Inc New                                                                                | TDW 9.125 07/15/30 144A             | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    203000 | PA      | $216043.77    | 0.51%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| Rain Carbon Inc                                                                                  | RCOLIN 12.25 09/01/29 144A          | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |    169000 | PA      | $173857.80    | 0.41%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Discovery Global Holdings Inc.                                                                   | WBD 4.279 03/15/32 *                | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    267000 | PA      | $235208.31    | 0.56%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Bread Financial Holdings Inc                                                                     | BFH 6.75 05/15/31 144A              | CUSIP: 018581AR9<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |     60000 | PA      | $59523.16     | 0.14%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Resorts World Las Vegas LLC / RWLV Capital Inc.                                                  | RWLVCA 8.45 07/27/30 144A           | CUSIP: 76120HAD9<br>LEI: 254900LHVH9D3APT8R82 | Long             | DBT              | CORP              | US        |     65000 | PA      | $61924.64     | 0.15%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                                                                            | DTV 10 02/15/31 144A                | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     89000 | PA      | $90822.56     | 0.22%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.375 03/01/29 144A             | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64978.82     | 0.15%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AES Corp.                                                                                        | AES V7.6 01/15/55                   | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42643.79     | 0.10%             | 2055-01-15      | Fixed         | 7.60%                 | 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        |     65000 | PA      | $66369.49     | 0.16%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 4.25 02/01/31 144A             | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     94000 | PA      | $85606.74     | 0.20%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Life Time Fitness                                                                                | LTH 6 11/15/31 144A                 | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120880.44    | 0.29%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Enova International Inc.                                                                         | ENVA 11.25 12/15/28 144A            | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    157000 | PA      | $166083.24    | 0.40%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                                                             | RKT 7.125 02/01/32 144A             | CUSIP: 77311WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $38129.09     | 0.09%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| American National Group Inc.                                                                     | ANGINC V7 12/01/55                  | CUSIP: 025676AR8<br>LEI: 549300RK5RZQ740FPL83 | Long             | DBT              | CORP              | US        |     43000 | PA      | $40776.50     | 0.10%             | 2055-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Rakuten Group Inc.                                                                               | RAKUTN 11.25 02/15/27 144A          | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $206992.06    | 0.49%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                                   | CRWV 9 02/01/31 144A                | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     53000 | PA      | $50878.15     | 0.12%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Prairie Acquiror LP                                                                              | TGE 9 08/01/29 144A                 | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36134.77     | 0.09%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                                      | TITIM 7.2 07/18/36                  | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     82000 | PA      | $88550.31     | 0.21%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                  | WHR 4.6 05/15/50                    | CUSIP: 963320AX4<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     33000 | PA      | $21677.82     | 0.05%             | 2050-05-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Synchrony Financial                                                                              | SYF 7.25 02/02/33                   | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    310000 | PA      | $316660.33    | 0.75%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                                                                                 | UWMC 6.625 02/01/30 144A            | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $70588.63     | 0.17%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                                    | FREMOR 9.25 02/01/29 144A           | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     96000 | PA      | $97648.32     | 0.23%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                                      | TITIM 7.721 06/04/38                | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    186000 | PA      | $207138.81    | 0.49%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| Genesis Energy LP & Genesis Energy Finance Corp.                                                 | GEL 6.75 03/15/34                   | CUSIP: 37185LAS1<br>LEI: 549300VJ5D6MDK138782 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29859.37     | 0.07%             | 2034-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                                                               | CM V6.95 01/28/85                   | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    301000 | PA      | $300359.77    | 0.72%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Eldorado Gold Corp                                                                               | ELDCN 6.25 09/01/29 144A            | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    206000 | PA      | $204589.15    | 0.49%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| USA Compression Partners LP / USA Compression Finance Corp                                       | USAC 7.125 03/15/29 144A            | CUSIP: 91740PAG3<br>LEI: 5493000B1PEOKXRZEO65 | Long             | DBT              | CORP              | US        |     62000 | PA      | $63369.46     | 0.15%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                                                             | RKT 6.125 08/01/30 144A             | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    109000 | PA      | $109994.08    | 0.26%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust, Inc                                                                   | BXMT 7.75 12/01/29 144A             | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    220000 | PA      | $231016.72    | 0.55%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 4.75 03/01/30 144A             | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94724.01     | 0.23%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Univision Communications Inc.                                                                    | UVN 8 08/15/28 144A                 | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     52000 | PA      | $52724.58     | 0.13%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Velocity Commercial Capital LLC                                                                  | VEL 9.375 02/15/31 144A             | CUSIP: 92259RAE5<br>LEI: 549300TA4MQM8WN2XG31 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44964.24     | 0.11%             | 2031-02-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Kodiak Gas Services LLC                                                                          | KGS 5.875 04/01/31 144A             | CUSIP: 50012LAF1<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30150.80     | 0.07%             | 2031-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                    | STWD 6 04/15/30 144A                | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     49000 | PA      | $48883.08     | 0.12%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ARCHROCK SERVICES LP                                                                             | AROC 6 02/01/34 144A                | CUSIP: 03958CAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $39648.89     | 0.09%             | 2034-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PERIMETER HOLDINGS LLC                                                                           | PRM 5 10/30/29 144A                 | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    279000 | PA      | $272014.43    | 0.65%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                                                 | PCG V6.85 09/15/56                  | CUSIP: 69331CAN8<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    165000 | PA      | $162973.55    | 0.39%             | 2056-09-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| Global Partners LP / GLP Finance Corp.                                                           | GLP 8.25 01/15/32 144A              | CUSIP: 37954FAK0<br>LEI: 549300PCHWTW9P4DU444 | Long             | DBT              | CORP              | US        |     87000 | PA      | $89937.21     | 0.21%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Encore Capital Group Inc.                                                                        | ECPG 8.5 05/15/30 144A              | CUSIP: 292554AR3<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    160000 | PA      | $169126.72    | 0.40%             | 2030-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                                                                  | GEN 7.125 09/30/30 144A             | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     56000 | PA      | $56532.11     | 0.13%             | 2030-09-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING COMPANY LP                                                                  | FPH 8 10/01/30 144A                 | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    168000 | PA      | $167652.61    | 0.40%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 7.125 12/01/31 144A             | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    210000 | PA      | $216715.96    | 0.52%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Rocket Companies Inc                                                                             | RKT 6.5 08/01/29 144A               | CUSIP: 77311WAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $70779.52     | 0.17%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Vermilion Energy Inc.                                                                            | VETCN 7.25 02/15/33 144A            | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | RF                | CA        |    156000 | PA      | $157296.67    | 0.37%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                              | RITM 8 07/15/30 144A                | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41468.94     | 0.10%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Composecure Holdings LLC                                                                         | COMPOS 5.625 02/01/33 144A          | CUSIP: 20459XAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34193.25     | 0.08%             | 2033-02-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc.                                                                        | TIBX 8.25 06/30/32 144A             | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |     23000 | PA      | $21753.93     | 0.05%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORP                                                                           | CACC 9.25 12/15/28                  | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    248000 | PA      | $256962.47    | 0.61%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Pitney Bowes Inc.                                                                                | PBI 7.25 03/15/29 144A              | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    137000 | PA      | $136843.40    | 0.33%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Gci Llc                                                                                          | GCILLC 4.75 10/15/28 144A           | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    250000 | PA      | $240550.38    | 0.57%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AETHON UNITED BR LP / AETHON UNITED FINANCE CORP                                                 | AETUNI 7.5 10/01/29 144A            | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $130349.00    | 0.31%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                              | RITM 8 04/01/29 144A                | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    296000 | PA      | $290600.87    | 0.69%             | 2029-04-01      | Fixed         | 8.00%                 | 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        |    151000 | PA      | $159576.28    | 0.38%             | 2030-10-15      | Fixed         | 7.75%                 | 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        |    135000 | PA      | $133469.45    | 0.32%             | 2034-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Delek Logistics Partners LP/ Delek Logistics Finance Corp.                                       | DKL 8.625 03/15/29 144A             | CUSIP: 24665FAD4<br>LEI: 549300UVYITDIU51P724 | Long             | DBT              | CORP              | US        |    229000 | PA      | $236837.57    | 0.56%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Southern Co.                                                                                     | SO V6 04/01/58                      | CUSIP: 842587EJ2<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    180000 | PA      | $180912.96    | 0.43%             | 2058-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                                                                     | USFOOD 7.25 01/15/32 144A           | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134855.89    | 0.32%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                                                         | WCC 6.375 03/15/33 144A             | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25413.25     | 0.06%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                                                    | PBFENE 9.875 03/15/30 144A          | CUSIP: 69318FAM0<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |     37000 | PA      | $39651.72     | 0.09%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.                                          | HOUS 9.75 04/15/30 144A             | CUSIP: 75606DAV3<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |    144000 | PA      | $152833.10    | 0.36%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PG&E Corporation                                                                                 | PCG 5.25 07/01/30                   | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     51000 | PA      | $50310.52     | 0.12%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation                                  | IEP 9 06/15/30                      | CUSIP: 451102CJ4<br>LEI: 549300T0G4GS0SINS786 | Long             | DBT              | CORP              | US        |     66000 | PA      | $61635.71     | 0.15%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Perimeter Holdings LLC                                                                           | PRM 6.25 01/15/34 144A              | CUSIP: 71384AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     86000 | PA      | $84336.89     | 0.20%             | 2034-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                                        | SUN 7 05/01/29 144A                 | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25646.83     | 0.06%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Petco Health and Wellness Company Inc                                                            | WOOF 8.25 02/01/31 144A             | CUSIP: 71601VAA3<br>LEI: 2549007TYGV6RVSE9M61 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14937.15     | 0.04%             | 2031-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Graham Holdings Co                                                                               | GHC 5.625 12/01/33 144A             | CUSIP: 384637AC8<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | DBT              | CORP              | US        |    105000 | PA      | $102551.62    | 0.24%             | 2033-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Senior Incorporated                                                                 | ABR 8.5 12/15/28 144A               | CUSIP: 03881NAL1<br>LEI: 549300TW7RTL2CI3CN08 | Long             | DBT              | CORP              | US        |     44000 | PA      | $43260.59     | 0.10%             | 2028-12-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Rogers Communications Inc.                                                                       | RCICN V7.125 04/15/55               | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     78000 | PA      | $79709.04     | 0.19%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Lindblad Expeditions LLC                                                                         | LIND 7 09/15/30 144A                | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20407.76     | 0.05%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                                                             | NSANY 7.75 07/17/32 144A            | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    150000 | PA      | $151937.86    | 0.36%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Valaris Ltd.                                                                                     | VAL 8.375 04/30/30 144A             | CUSIP: 91889FAC5<br>LEI: 5299008BQ9IREYWBTS30 | Long             | DBT              | CORP              | BM        |    341000 | PA      | $353337.02    | 0.84%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Belron U.K Finance PLC                                                                           | BELRON 5.75 10/15/29 144a           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    157000 | PA      | $157942.31    | 0.38%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Encore Capital Group Inc.                                                                        | ECPG 6.625 04/15/31 144A            | CUSIP: 292554AS1<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |    170000 | PA      | $169150.00    | 0.40%             | 2031-04-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CVR Energy Inc.                                                                                  | CVI 7.5 02/15/31 144A               | CUSIP: 12662PAH1<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35261.49     | 0.08%             | 2031-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Match Group Holdings II LLC                                                                      | MTCHII 6.125 09/15/33 144A          | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    165000 | PA      | $160248.71    | 0.38%             | 2033-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                  | WHR 4.5 06/01/46                    | CUSIP: 963320AV8<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     31000 | PA      | $20421.32     | 0.05%             | 2046-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BKV Upstream Midstream LLC                                                                       | BKVCOR 7.5 10/15/30 144A            | CUSIP: 05619CAA3<br>LEI: 254900LG75NBYHBBAU18 | Long             | DBT              | CORP              | US        |    192000 | PA      | $193726.27    | 0.46%             | 2030-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Insulet Corporation                                                                              | PODD 6.5 04/01/33 144A              | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |     83000 | PA      | $84516.00     | 0.20%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP (DELAWARE)                                                                      | LAMR 5.375 11/01/33 144A            | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $31305.84     | 0.07%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Murphy Oil Corporation                                                                           | MUR 6.5 02/15/34                    | CUSIP: 626717AQ5<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64269.10     | 0.15%             | 2034-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Karoon USA Finance Inc.                                                                          | KARAU 10.5 05/14/29 144A            | CUSIP: 48575AAA9<br>LEI: 254900I4IZ164TOMZH46 | Long             | DBT              | CORP              | US        |     76000 | PA      | $78580.09     | 0.19%             | 2029-05-14      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                                  | PFSI 7.875 12/15/29 144A            | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     61000 | PA      | $62372.50     | 0.15%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC                                           | FTAI 7 06/15/32 144A                | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107620.80    | 0.26%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Firstcash Inc                                                                                    | FCFS 6.875 03/01/32 144A            | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    226000 | PA      | $230275.47    | 0.55%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Discovery Communications, LLC                                                                    | WBD 5 09/20/37 *                    | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     95000 | PA      | $68683.10     | 0.16%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NOVA Chemicals Corp.                                                                             | NCX 9 02/15/30 144A                 | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $79173.00     | 0.19%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bell Canada                                                                                      | BCECN V6.875 09/15/55               | CUSIP: 0778FPAP4<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $50555.80     | 0.12%             | 2055-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp                               | MGY 6.875 12/01/32 144A             | CUSIP: 559665AB0<br>LEI: 984500CG376B0B99F016 | Long             | DBT              | CORP              | US        |    225000 | PA      | $231497.78    | 0.55%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CRC INSURANCE GROUP LLC                                                                          | TIHLLC 7.125 06/01/31 144A          | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99000 | PA      | $99318.27     | 0.24%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                                                    | PBFENE 7.875 09/15/30 144A          | CUSIP: 69318FAL2<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36964.68     | 0.09%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Turning Point Brands Inc                                                                         | TPB 7.625 03/15/32 144A             | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    123000 | PA      | $125801.57    | 0.30%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Warrior Met Coal Inc                                                                             | HCC 7.875 12/01/28 144A             | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36270.00     | 0.09%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MGM Resorts International                                                                        | MGM 6.125 09/15/29                  | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31177.63     | 0.07%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| The Chemours Company LLC                                                                         | CC 7.875 03/15/34 144A              | CUSIP: 163851AL2<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    156000 | PA      | $155946.70    | 0.37%             | 2034-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA GROUP INC                                                                          | NXST 6.5 09/15/33 144A              | CUSIP: 65346UAB5<br>LEI: 52990083ZRR5UT591988 | Long             | DBT              | CORP              | US        |    195000 | PA      | $196578.88    | 0.47%             | 2033-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Genmab AS And Genmab Finance LLC                                                                 | GMABDC 6.25 12/15/32 144A           | CUSIP: 37230JAA0<br>LEI: 529900MTJPDPE4MHJ122 | Long             | DBT              | CORP              | DK        |     85000 | PA      | $86903.23     | 0.21%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DIAMOND FOREIGN ASSET CO                                                                         | DO 8.5 10/01/30 144A                | CUSIP: 25260WAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     45000 | PA      | $47543.27     | 0.11%             | 2030-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 7.375 03/01/31 144A            | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    339000 | PA      | $344315.47    | 0.82%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                               | IRM 6.25 01/15/33 144A              | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88724.84     | 0.21%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CNX Resources Corporation                                                                        | CNX 7.25 03/01/32 144A              | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     68000 | PA      | $70067.47     | 0.17%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                                          | TLN 8.625 06/01/30 144A             | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     90000 | PA      | $94413.06     | 0.22%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Holdings LLC                                                                    | FREMOR 9.125 05/15/31 144A          | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50792.55     | 0.12%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VACATIONS BORROWER ESCROW LLC                                                       | HGVLLC 6.625 01/15/32 144A          | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34562.11     | 0.08%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Commercial Metals Company                                                                        | CMC 5.75 11/15/33 144A              | CUSIP: 201723AS2<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29679.99     | 0.07%             | 2033-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                                  | PFSI 6.875 02/15/33 144A            | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      4000 | PA      | $3823.58      | 0.01%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.375 05/31/33 144A             | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    115000 | PA      | $114343.76    | 0.27%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo S.p.A.                                                                           | ISPIM V8.248 11/21/33 144A          | CUSIP: 46115HBV8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $230830.96    | 0.55%             | 2033-11-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| The Gap Inc.                                                                                     | GAP 3.625 10/01/29 144A             | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    130000 | PA      | $121423.26    | 0.29%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bristow Group Inc                                                                                | VTOL 6.75 02/01/33 144A             | CUSIP: 11040GAB9<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131340.04    | 0.31%             | 2033-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD                                                                         | APTV V6.875 12/15/54                | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |     40000 | PA      | $40319.44     | 0.10%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Inc                                                                              | CHDN 6.75 05/01/31 144A             | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |     48000 | PA      | $48888.72     | 0.12%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                    | OMF 6.625 05/15/29                  | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130125.98    | 0.31%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Antero Midstream Partners LP / Antero Midstream Finance Corp                                     | AM 5.75 07/01/34 144A               | CUSIP: 03690AAN6<br>LEI: 529900HFO1BDEIT4QU11 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44365.73     | 0.11%             | 2034-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ams OSRAM AG                                                                                     | AMSSW 12.25 03/30/29 144A           | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    140000 | PA      | $148660.68    | 0.35%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| NCR Atleos Corp.                                                                                 | NCRATL 9.5 04/01/29 144A            | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    251000 | PA      | $268683.95    | 0.64%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Brinker International, Inc.                                                                      | EAT 8.25 07/15/30 144A              | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    131000 | PA      | $137398.17    | 0.33%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Starwood Property Trust, Inc.                                                                    | STWD 7.25 04/01/29 144A             | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    132000 | PA      | $135928.98    | 0.32%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ELLINGTON FINANCIAL OPERATING PARTNERSHIP LLC                                                    | EFC 7.375 09/30/30 144A             | CUSIP: 31574BAA4<br>LEI: 5493001B24G0P4YVJ571 | Long             | DBT              | CORP              | US        |    159000 | PA      | $153114.33    | 0.36%             | 2030-09-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 7 02/01/33 144A                | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $54960.51     | 0.13%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC                                                                                 | CHTR 5.375 06/01/29 144A            | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49311.62     | 0.12%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.625 03/01/32 144A             | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46891.16     | 0.11%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Perenti Finance Pty Ltd.                                                                         | ASLAU 7.5 04/26/29 144A             | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |    120000 | PA      | $123126.60    | 0.29%             | 2029-04-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Telus Corp.                                                                                      | TCN V7 10/15/55                     | CUSIP: 87971MCM3<br>LEI: 894500TX134IMF6NW757 | Long             | DBT              | CORP              | CA        |     41000 | PA      | $41855.38     | 0.10%             | 2055-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Apollo Commercial Real Estate Finance, Inc.                                                      | ARI 4.625 06/15/29 144A             | CUSIP: 03762UAD7<br>LEI: 549300E0AN7M2AQHSY29 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24787.91     | 0.06%             | 2029-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                                  | TDG 6.875 12/15/30 144A             | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    202000 | PA      | $206853.86    | 0.49%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                                                 | AMCX 10.5 07/15/32 144A             | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    152000 | PA      | $150028.21    | 0.36%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| V.F. Corp                                                                                        | VFC 6.45 11/01/37                   | CUSIP: 918204AT5<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |      3000 | PA      | $2845.75      | 0.01%             | 2037-11-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Delek Logistics Partners LP/ Delek Logistics Finance Corp.                                       | DKL 7.125 06/01/28 144A             | CUSIP: 24665FAC6<br>LEI: 549300UVYITDIU51P724 | Long             | DBT              | CORP              | US        |     14000 | PA      | $13972.76     | 0.03%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd.                                                                               | IVN 7.875 01/23/30 144A             | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |     32000 | PA      | $32340.35     | 0.08%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Harrow Inc                                                                                       | HROW 8.625 09/15/30 144A            | CUSIP: 415858AC3<br>LEI: 529900AP4LIRLNV8A089 | Long             | DBT              | CORP              | US        |     94000 | PA      | $95065.02     | 0.23%             | 2030-09-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Diebold Nixdorf Incorporated                                                                     | DBD 7.75 03/31/30 144A              | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     83000 | PA      | $86288.71     | 0.21%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                                     | THC 5.5 11/15/32 144A               | CUSIP: 88033GDW7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     55000 | PA      | $54472.02     | 0.13%             | 2032-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc.                                                                          | VENLNG 9.5 02/01/29 144A            | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    112000 | PA      | $120843.97    | 0.29%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS INC                                                                           | NFICN 9.25 07/01/30 144A            | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    229000 | PA      | $244683.98    | 0.58%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SLM CORP (SALLIE MAE)                                                                            | SLM 6.5 01/31/30                    | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     76000 | PA      | $74578.28     | 0.18%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Pennymac Financial Services Inc                                                                  | PFSI 6.875 05/15/32 144A            | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    214000 | PA      | $205548.41    | 0.49%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Phinia Inc.                                                                                      | PHIN 6.625 10/15/32 144A            | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     64000 | PA      | $64995.33     | 0.15%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANCE CORP                                                                           | CACC 6.625 03/15/30                 | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $65081.62     | 0.15%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                               | NXST 4.75 11/01/28 144A             | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196513.08    | 0.47%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HTA Group Limited (Mauritius)                                                                    | HLSTWR 7.5 06/04/29 144A            | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    343000 | PA      | $348529.81    | 0.83%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Enerflex Inc.                                                                                    | EFXINC 6.875 01/15/31 144A          | CUSIP: 29281WAA6<br>LEI: 549300SQCOV1LC1GBK07 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35712.81     | 0.09%             | 2031-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Novelis Corporation                                                                              | HNDLIN 6.875 01/30/30 144A          | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    165000 | PA      | $166420.68    | 0.40%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| OneMain Financial Corporation                                                                    | OMF 7.125 09/15/32                  | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     64000 | PA      | $63014.84     | 0.15%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                                               | ET V8 05/15/54                      | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     48000 | PA      | $50288.11     | 0.12%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Infinity Natural Resources LLC                                                                   | INFNAR 7.625 04/01/31 144A          | CUSIP: 45690BAA3<br>LEI: 54930021094IFVB5ND43 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30158.53     | 0.07%             | 2031-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc.                                                              | CCO 7.125 02/15/31 144A             | CUSIP: 18453HAG1<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     41000 | PA      | $42945.61     | 0.10%             | 2031-02-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Nordstrom, Inc.                                                                                  | JWN 4.25 08/01/31                   | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     24000 | PA      | $21420.26     | 0.05%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Sirius Xm Radio LLC                                                                              | SIRI 5.5 07/01/29 144A              | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44809.58     | 0.11%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC                                                                       | AMNPHA 6.875 08/01/32 144A          | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    237000 | PA      | $244086.06    | 0.58%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| US Foods Inc                                                                                     | USFOOD 6.875 09/15/28 144A          | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    129000 | PA      | $131845.52    | 0.31%             | 2028-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp                                                                                  | CVS V6.75 12/10/54                  | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    142000 | PA      | $143762.36    | 0.34%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Post Holdings Inc.                                                                               | POST 6.5 03/15/36 144A              | CUSIP: 737446AY0<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |     44000 | PA      | $43072.55     | 0.10%             | 2036-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd.                                                                             | NSANY 7.5 07/17/30 144A             | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    100000 | PA      | $100780.08    | 0.24%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fortrea Holdings Inc.                                                                            | FTRE 7.5 07/01/30 144A              | CUSIP: 34965KAA5<br>LEI: 5493000FIVFABOVCDU97 | Long             | DBT              | CORP              | US        |     48000 | PA      | $45489.60     | 0.11%             | 2030-07-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                                     | THC 6.125 06/15/30                  | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95615.32     | 0.23%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Talos Prodtn Inc                                                                                 | TALO 9 02/01/29 144A                | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    155000 | PA      | $161387.86    | 0.38%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc.                                                                                  | BBDBCN 6.75 06/15/33 144A           | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    207000 | PA      | $213782.15    | 0.51%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CVR Energy Inc.                                                                                  | CVI 7.875 02/15/34 144A             | CUSIP: 12662PAJ7<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50162.87     | 0.12%             | 2034-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Ithaca Energy (North Sea) plc                                                                    | IAECN 8.125 10/15/29 144A           | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $205019.80    | 0.49%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Millicom International Cellular SA                                                               | TIGO 7.375 04/02/32 144A            | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    188000 | PA      | $190268.41    | 0.45%             | 2032-04-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Whirlpool Corp.                                                                                  | WHR 5.5 03/01/33                    | CUSIP: 963320BA3<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     16000 | PA      | $14332.06     | 0.03%             | 2033-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EchoStar Corp.                                                                                   | SATS 10.75 11/30/29 .               | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $216050.15    | 0.51%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Advance Auto Parts Inc.                                                                          | AAP 7.375 08/01/33 144A             | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21256.20     | 0.05%             | 2033-08-01      | Fixed         | 7.38%                 | 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