# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0000940400-25-011551
**Filing Date:** 2025-11
**Character Count:** 197820
**Document Hash:** 3e8ba8c34ac5e9618ad540fc68816896
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011551.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011551

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**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:** 251534571

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

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

## Series and Classes Contracts Data

### Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (Series ID: S000045288)

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

## Nport-Ex

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

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Common Stocks - 71.2%** |  |  |
| **Aerospace & Defense - 2.9%** |  |  |
| General Dynamics Corp. | 5908 | $2014628 |
| RTX Corp. | 16063 | 2687822 |
|  |  | 4702450 |
| **Banks - 2.3%** |  |  |
| JPMorgan Chase & Co. | 11584 | 3653941 |
| **Beverages - 0.9%** |  |  |
| PepsiCo, Inc. | 9973 | 1400608 |
| **Biotechnology - 1.2%** |  |  |
| AbbVie, Inc. | 8615 | 1994717 |
| **Building Products - 2.1%** |  |  |
| Carlisle Cos., Inc. | 3775 | 1241824 |
| Johnson Controls International PLC | 19007 | 2089820 |
|  |  | 3331644 |
| **Capital Markets - 5.3%** |  |  |
| Ares Management Corp., Class A | 8511 | 1360824 |
| Charles Schwab Corp. (The) | 22939 | 2189986 |
| Morgan Stanley | 16664 | 2648909 |
| Nasdaq, Inc. | 26722 | 2363561 |
|  |  | 8563280 |
| **Chemicals - 4.3%** |  |  |
| Air Products and Chemicals, Inc. | 4679 | 1276057 |
| Ecolab, Inc. | 5424 | 1485416 |
| Linde PLC | 6972 | 3311700 |
| Sherwin-Williams Co. (The) | 2623 | 908240 |
|  |  | 6981413 |
| **Commercial Services & Supplies - 1.1%** |  |  |
| Cintas Corp. | 8368 | 1717616 |
| **Consumer Discretionary Services - 0.0%<sup>†</sup>** |  |  |
| 24 Hour Fitness Worldwide, Inc. <sup>\*</sup> | 4301 | 43 |
| **Consumer Staples Distribution & Retail - 2.7%** |  |  |
| Casey's General Stores, Inc. | 2045 | 1156080 |
| Walmart, Inc. | 30719 | 3165900 |
|  |  | 4321980 |
| **Electric Utilities - 0.7%** |  |  |
| NextEra Energy, Inc. | 14926 | 1126764 |
| **Electrical Equipment - 1.4%** |  |  |
| nVent Electric PLC | 22057 | 2175702 |
| **Financial Services - 2.3%** |  |  |
| Visa, Inc., Class A | 10773 | 3677687 |
| **Food Products - 0.5%** |  |  |
| McCormick & Co., Inc. | 11273 | 754276 |
| **Health Care Equipment & Supplies - 4.8%** |  |  |
| Abbott Laboratories | 18467 | 2473470 |
| Becton Dickinson & Co. | 5855 | 1095880 |
| STERIS PLC | 4392 | 1086756 |
| Stryker Corp. | 8053 | 2976953 |
|  |  | 7633059 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Hotels, Restaurants & Leisure - 1.4%** |  |  |
| McDonald's Corp. | 7471 | $2270362 |
| **Household Durables - 0.5%** |  |  |
| DR Horton, Inc. | 4674 | 792103 |
| **Household Products - 1.6%** |  |  |
| Colgate-Palmolive Co. | 9113 | 728493 |
| Procter & Gamble Co. (The) | 12117 | 1861777 |
|  |  | 2590270 |
| **Industrial Conglomerates - 1.1%** |  |  |
| Honeywell International, Inc. | 8583 | 1806722 |
| **Insurance - 1.1%** |  |  |
| Erie Indemnity Co., Class A | 2494 | 793491 |
| Marsh & McLennan Cos., Inc. | 4939 | 995357 |
|  |  | 1788848 |
| **IT Services - 1.2%** |  |  |
| Accenture PLC, Class A | 8128 | 2004365 |
| **Life Sciences Tools & Services - 1.2%** |  |  |
| Danaher Corp. | 5115 | 1014100 |
| West Pharmaceutical Services, Inc. | 3505 | 919467 |
|  |  | 1933567 |
| **Machinery - 0.9%** |  |  |
| Parker-Hannifin Corp. | 1828 | 1385898 |
| **Oil, Gas & Consumable Fuels - 1.9%** |  |  |
| Chevron Corp. | 9070 | 1408480 |
| EOG Resources, Inc. | 6004 | 673168 |
| Exxon Mobil Corp. | 8826 | 995132 |
|  |  | 3076780 |
| **Pharmaceuticals - 2.5%** |  |  |
| Eli Lilly & Co. | 2519 | 1921997 |
| Johnson & Johnson | 11584 | 2147905 |
|  |  | 4069902 |
| **Semiconductors & Semiconductor Equipment - 7.7%** |  |  |
| Analog Devices, Inc. | 9210 | 2262897 |
| Applied Materials, Inc. | 5546 | 1135488 |
| Broadcom, Inc. | 18701 | 6169647 |
| Texas Instruments, Inc. | 15174 | 2787919 |
|  |  | 12355951 |
| **Software - 11.0%** |  |  |
| Microsoft Corp. | 21051 | 10903365 |
| Oracle Corp. | 15195 | 4273442 |
| Roper Technologies, Inc. | 5174 | 2580222 |
|  |  | 17757029 |
| **Specialty Retail - 2.7%** |  |  |
| Lowe's Cos., Inc. | 8232 | 2068784 |
| Ross Stores, Inc. | 10969 | 1671566 |
| Tractor Supply Co. | 10963 | 623466 |
|  |  | 4363816 |

---

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

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Technology Hardware, Storage & Peripherals - 2.6%** |  |  |
| Apple, Inc. | 16119 | $4104381 |
| **Textiles, Apparel & Luxury Goods - 0.3%** |  |  |
| NIKE, Inc., Class B | 7385 | 514956 |
| **Trading Companies & Distributors - 1.0%** |  |  |
| WW Grainger, Inc. | 1625 | 1548560 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $48,986,394)** |  | **114398690** |
| **Corporate Bonds and Notes - 10.6%** |  |  |
| **Advertising - 0.0%<sup>†</sup>** |  |  |
| Clear Channel Outdoor Holdings, Inc., 7.88%, 4/1/30<sup>(a)</sup> | 50000 | 52500 |
| **Aerospace & Defense - 0.2%** |  |  |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 5/1/30 | $150000 | 154048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/15/39 | 50000 | 56623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 3/1/47 | 100000 | 73091 |
| Howmet Aerospace, Inc., 4.85%, 10/15/31 | 50000 | 51317 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/15/33<sup>(a)</sup> | 5000 | 5055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/31/34<sup>(a)</sup> | 25000 | 25848 |
|  |  | 365982 |
| **Agriculture - 0.2%** |  |  |
| BAT Capital Corp., 4.63%, 3/22/33 | 35000 | 34640 |
| Philip Morris International, Inc., 5.38%, 2/15/33 | 200000 | 208782 |
|  |  | 243422 |
| **Airlines - 0.0%<sup>†</sup>** |  |  |
| Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25<sup>(a)</sup> | 25000 | 24991 |
| United Airlines Class B Pass-Through Trust, 4.88%, 1/15/26 | 14038 | 14035 |
|  |  | 39026 |
| **Apparel - 0.0%<sup>†</sup>** |  |  |
| PVH Corp., 5.50%, 6/13/30 | 10000 | 10189 |
| Tapestry, Inc., 5.50%, 3/11/35 | 35000 | 35730 |
|  |  | 45919 |
| **Auto Manufacturers - 0.1%** |  |  |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 3/19/29<sup>(a)</sup> | 50000 | 51362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 6/23/32<sup>(a)</sup> | 100000 | 102955 |
|  |  | 154317 |
| **Banks - 2.3%** |  |  |
| ABN AMRO Bank NV, 6.34%, (US 1 Year CMT T-Note + 1.65%), 9/18/27<sup>(a),(b)</sup> | 200000 | 203905 |
| Banco Santander SA, 2.75%, 12/3/30 | 200000 | 181552 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Banks (continued)** |  |  |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, (SOFR + 2.15%), 4/29/31<sup>(b)</sup> | $100000 | $92689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, (SOFR + 1.37%), 10/24/31<sup>(b)</sup> | 200000 | 177698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, (SOFR + 1.65%), 1/23/35<sup>(b)</sup> | 150000 | 156592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, (US 5 Year CMT T-Note + 2.00%), 3/8/37<sup>(b)</sup> | 28000 | 26156 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, (SOFR + 2.11%), 6/3/31<sup>(b)</sup> | 100000 | 92024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, (SOFR + 1.35%), 1/25/33<sup>(b)</sup> | 200000 | 182260 |
| Danske Bank A/S, 5.71%, (US 1 Year CMT T-Note + 1.40%), 3/1/30<sup>(a),(b)</sup> | 200000 | 208123 |
| Deutsche Bank AG/New York NY, 5.37%, 9/9/27 | 150000 | 153759 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%, (SOFR + 1.09%), 1/27/32<sup>(b)</sup> | 300000 | 264763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, (SOFR + 1.25%), 7/21/32<sup>(b)</sup> | 200000 | 178536 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49%, (3 Month Term SOFR + 3.79%), 3/24/31<sup>(b)</sup> | 400000 | 403859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, (SOFR + 1.62%), 1/23/35<sup>(b)</sup> | 50000 | 51895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, (SOFR + 1.64%), 7/23/36<sup>(b)</sup> | 30000 | 31076 |
| Mizuho Financial Group, Inc., 5.78%, (US 1 Year CMT T-Note + 1.65%), 7/6/29<sup>(b)</sup> | 200000 | 208450 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, (SOFR + 1.18%), 7/21/32<sup>(b)</sup> | 500000 | 441795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, (US 5 Year CMT T-Note + 2.43%), 1/19/38<sup>(b)</sup> | 10000 | 10480 |
| Societe Generale SA, 1.79%, (US 1 Year CMT T-Note + 1.00%), 6/9/27<sup>(a),(b)</sup> | 200000 | 196397 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16%, (SOFR + 2.45%), 10/30/29<sup>(b)</sup> | 50000 | 54167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44%, (SOFR + 1.62%), 1/24/30<sup>(b)</sup> | 100000 | 103500 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, (SOFR + 1.50%), 1/23/30<sup>(b)</sup> | 100000 | 103037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, (SOFR + 1.78%), 1/23/35<sup>(b)</sup> | 100000 | 104285 |
|  |  | 3626998 |
| **Biotechnology - 0.4%** |  |  |
| Amgen, Inc., 5.25%, 3/2/33 | 100000 | 103613 |
| Biogen, Inc., 2.25%, 5/1/30 | 100000 | 91225 |
| CSL Finance PLC, 4.25%, 4/27/32<sup>(a)</sup> | 150000 | 147845 |
| Royalty Pharma PLC, 2.15%, 9/2/31 | 300000 | 261343 |
|  |  | 604026 |
| **Building Materials - 0.1%** |  |  |
| JH North America Holdings, Inc., 5.88%, 1/31/31<sup>(a)</sup> | 25000 | 25356 |

---

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

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Building Materials (continued)** |  |  |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 4/1/32<sup>(a)</sup> | $100000 | $102708 |
| Quikrete Holdings, Inc., 6.75%, 3/1/33<sup>(a)</sup> | 50000 | 51959 |
|  |  | 180023 |
| **Chemicals - 0.1%** |  |  |
| Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 8/15/32<sup>(a)</sup> | 10000 | 10078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 8/15/33<sup>(a)</sup> | 5000 | 5106 |
| Rain Carbon, Inc., 12.25%, 9/1/29<sup>(a)</sup> | 50000 | 53543 |
|  |  | 68727 |
| **Commercial Services - 0.2%** |  |  |
| Ashtead Capital, Inc., 5.80%, 4/15/34<sup>(a)</sup> | 200000 | 209565 |
| EquipmentShare.com, Inc., 9.00%, 5/15/28<sup>(a)</sup> | 50000 | 52910 |
|  |  | 262475 |
| **Computers - 0.1%** |  |  |
| CACI International, Inc., 6.38%, 6/15/33<sup>(a)</sup> | 25000 | 25800 |
| Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 100000 | 101066 |
| McAfee Corp., 7.38%, 2/15/30<sup>(a)</sup> | 75000 | 69569 |
|  |  | 196435 |
| **Cosmetics/Personal Care - 0.1%** |  |  |
| Kenvue, Inc., 4.85%, 5/22/32 | 100000 | 101450 |
| **Diversified Financial Services - 0.2%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33 | 150000 | 134799 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/10/30<sup>(a)</sup> | 65000 | 65375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/15/32<sup>(a)</sup> | 100000 | 98804 |
| Freedom Mortgage Holdings LLC, 8.38%, 4/1/32<sup>(a)</sup> | 25000 | 26204 |
| Jane Street Group / JSG Finance, Inc., 6.13%, 11/1/32<sup>(a)</sup> | 50000 | 50678 |
|  |  | 375860 |
| **Electric - 1.5%** |  |  |
| American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, (US 5 Year CMT T-Note + 2.13%), 3/15/56<sup>(b)</sup> | 35000 | 34913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, (US 5 Year CMT T-Note + 1.94%), 3/15/56<sup>(b)</sup> | 10000 | 10010 |
| California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 2/15/32<sup>(a)</sup> | 150000 | 153735 |
| Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 3/1/33 | 200000 | 213682 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 1/15/34 | $50000 | $54422 |
| Dominion Energy, Inc., 3.38%, 4/1/30 | 100000 | 96072 |
| Duke Energy Carolinas LLC, 6.10%, 6/1/37 | 100000 | 107455 |
| EDP Finance BV, 1.71%, 1/24/28<sup>(a)</sup> | 200000 | 188724 |
| Electricite de France SA, 5.70%, 5/23/28<sup>(a)</sup> | 200000 | 206935 |
| Enel Finance International NV, 3.50%, 4/6/28<sup>(a)</sup> | 200000 | 196380 |
| Exelon Corp., 4.05%, 4/15/30 | 200000 | 197877 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 6/1/30 | 100000 | 91296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44%, 1/15/32 | 100000 | 88356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 3/15/32 | 65000 | 67517 |
| Pacific Gas and Electric Co., 3.25%, 6/1/31 | 150000 | 137993 |
| Southern Co. (The), 3.70%, 4/30/30 | 50000 | 48743 |
| Virginia Electric and Power Co., 5.00%, 4/1/33 | 100000 | 101815 |
| Vistra Operations Co. LLC, 4.30%, 7/15/29<sup>(a)</sup> | 300000 | 297766 |
| Xcel Energy, Inc., 5.45%, 8/15/33 | 150000 | 155157 |
|  |  | 2448848 |
| **Electrical Components & Equipments - 0.0%<sup>†</sup>** |  |  |
| WESCO Distribution, Inc., 6.63%, 3/15/32<sup>(a)</sup> | 50000 | 51961 |
| **Electronics - 0.1%** |  |  |
| Flex Ltd., 5.25%, 1/15/32 | 100000 | 102544 |
| **Engineering & Construction - 0.0%<sup>†</sup>** |  |  |
| Weekley Homes LLC / Weekley Finance Corp., 4.88%, 9/15/28<sup>(a)</sup> | 50000 | 48953 |
| **Entertainment - 0.1%** |  |  |
| Caesars Entertainment, Inc., 4.63%, 10/15/29<sup>(a)</sup> | 65000 | 62166 |
| Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp., 6.25%, 10/15/30<sup>(a)</sup> | 5000 | 5041 |
|  |  | 67207 |
| **Food - 0.2%** |  |  |
| JBS USA Holding LUX Sarl / JBS USA Food Co. / JBS LUX Co. Sarl, 3.63%, 1/15/32 | 200000 | 186532 |
| Mars, Inc., 5.20%, 3/1/35<sup>(a)</sup> | 140000 | 143102 |
|  |  | 329634 |
| **Gas - 0.1%** |  |  |
| Southern Co. Gas Capital Corp., 5.15%, 9/15/32 | 100000 | 102637 |

---

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

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Healthcare-Products - 0.1%** |  |  |
| Baxter International, Inc., 2.54%, 2/1/32 | $200000 | $175358 |
| **Healthcare-Services - 0.5%** |  |  |
| Centene Corp., 3.00%, 10/15/30 | 100000 | 89379 |
| DaVita, Inc., 4.63%, 6/1/30<sup>(a)</sup> | 100000 | 95785 |
| Icon Investments Six DAC, 6.00%, 5/8/34 | 200000 | 209946 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 2/1/29 | 100000 | 105274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 6/1/32<sup>(a)</sup> | 100000 | 102853 |
| Kaiser Foundation Hospitals, 3.27%, 11/1/49 | 140000 | 99095 |
| UnitedHealth Group, Inc., 5.15%, 7/15/34 | 100000 | 102625 |
|  |  | 804957 |
| **Housewares - 0.0%<sup>†</sup>** |  |  |
| Newell Brands, Inc., 8.50%, 6/1/28<sup>(a)</sup> | 50000 | 52877 |
| **Insurance - 0.5%** |  |  |
| Arthur J Gallagher & Co., 5.00%, 2/15/32 | 50000 | 51026 |
| Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 7/17/30<sup>(a)</sup> | 50000 | 50810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 8/22/35<sup>(a)</sup> | 50000 | 50677 |
| Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 3/15/31 | 100000 | 88997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 6/23/32 | 15000 | 15382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/23/35 | 30000 | 30864 |
| Corebridge Financial, Inc., 6.05%, 9/15/33 | 150000 | 160070 |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | 50000 | 52141 |
| Metropolitan Life Global Funding I, 4.30%, 8/25/29<sup>(a)</sup> | 150000 | 150562 |
| RGA Global Funding, 5.50%, 1/11/31<sup>(a)</sup> | 100000 | 104351 |
| Sammons Financial Group, Inc., 6.88%, 4/15/34<sup>(a)</sup> | 100000 | 110153 |
|  |  | 865033 |
| **Internet - 0.1%** |  |  |
| Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 7/1/32<sup>(a)</sup> | 50000 | 48575 |
| Meta Platforms, Inc., 4.95%, 5/15/33 | 50000 | 51742 |
| Snap, Inc., 6.88%, 3/1/33<sup>(a)</sup> | 10000 | 10221 |
|  |  | 110538 |
| **Leisure Time - 0.1%** |  |  |
| Carnival Corp., 5.75%, 3/15/30<sup>(a)</sup> | 100000 | 102108 |
| NCL Corp. Ltd., 6.25%, 9/15/33<sup>(a)</sup> | 10000 | 10056 |
| Royal Caribbean Cruises Ltd., 5.38%, 1/15/36 | 15000 | 15092 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Leisure Time (continued)** |  |  |
| Viking Cruises Ltd., 5.88%, 10/15/33<sup>(a)</sup> | $15000 | $15015 |
|  |  | 142271 |
| **Machinery-Diversified - 0.0%<sup>†</sup>** |  |  |
| Esab Corp., 6.25%, 4/15/29<sup>(a)</sup> | 50000 | 51377 |
| **Media - 0.5%** |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 4/1/31 | 200000 | 180662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 4/1/33 | 100000 | 94886 |
| Comcast Corp., 4.80%, 5/15/33 | 100000 | 101034 |
| Fox Corp., 3.50%, 4/8/30 | 125000 | 121113 |
| Gray Media, Inc., 7.25%, 8/15/33<sup>(a)</sup> | 20000 | 19811 |
| Paramount Global, 4.20%, 5/19/32 | 100000 | 93158 |
| Sinclair Television Group, Inc., 8.13%, 2/15/33<sup>(a)</sup> | 50000 | 51424 |
| Time Warner Cable LLC, 6.75%, 6/15/39 | 100000 | 104599 |
|  |  | 766687 |
| **Mining - 0.1%** |  |  |
| Novelis Corp., 6.38%, 8/15/33<sup>(a)</sup> | 30000 | 30349 |
| Rio Tinto Finance USA PLC, 5.00%, 3/14/32 | 150000 | 154218 |
|  |  | 184567 |
| **Miscellaneous Manufacturing - 0.0%<sup>†</sup>** |  |  |
| Carlisle Cos., Inc., 5.25%, 9/15/35 | 15000 | 15189 |
| **Oil & Gas - 0.4%** |  |  |
| Aker BP ASA, 4.00%, 1/15/31<sup>(a)</sup> | 200000 | 192749 |
| Canadian Natural Resources Ltd., 2.95%, 7/15/30 | 100000 | 93714 |
| Hess Corp., 7.13%, 3/15/33 | 200000 | 232114 |
| TotalEnergies Capital SA, 4.72%, 9/10/34 | 100000 | 100676 |
| Viper Energy Partners LLC, 5.70%, 8/1/35 | 34000 | 34685 |
|  |  | 653938 |
| **Oil & Gas Services - 0.0%<sup>†</sup>** |  |  |
| Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/1/33<sup>(a)</sup> | 15000 | 15271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/1/35<sup>(a)</sup> | 10000 | 10271 |
| Weatherford International Ltd., 6.75%, 10/15/33<sup>(a)</sup> | 15000 | 15012 |
|  |  | 40554 |
| **Packaging & Containers - 0.1%** |  |  |
| Amcor Flexibles North America, Inc., 2.63%, 6/19/30 | 50000 | 46139 |
| Toucan Finco Ltd./Toucan Finco Can, Inc./Toucan Finco US LLC, 9.50%, 5/15/30<sup>(a)</sup> | 150000 | 147459 |
|  |  | 193598 |

---

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

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Pharmaceuticals - 0.3%** |  |  |
| Bayer US Finance II LLC, 4.38%, 12/15/28<sup>(a)</sup> | $100000 | $99660 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/1/33 | 100000 | 102377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 3/25/38 | 100000 | 93741 |
| Pfizer Investment Enterprises Pte Ltd., 4.75%, 5/19/33 | 100000 | 101018 |
|  |  | 396796 |
| **Pipelines - 0.6%** |  |  |
| Cheniere Energy, Inc., 5.65%, 4/15/34 | 50000 | 51515 |
| Eastern Energy Gas Holdings LLC, 5.80%, 1/15/35 | 140000 | 147310 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 5/15/28 | 100000 | 101668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 5/15/34 | 100000 | 102608 |
| Hess Midstream Operations LP, 6.50%, 6/1/29<sup>(a)</sup> | 50000 | 51569 |
| Kinetik Holdings LP, 6.63%, 12/15/28<sup>(a)</sup> | 100000 | 102646 |
| MPLX LP, 5.40%, 4/1/35 | 150000 | 151228 |
| TransCanada PipeLines Ltd., 4.25%, 5/15/28 | 100000 | 100050 |
| Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30 | 100000 | 95372 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/1/33<sup>(a)</sup> | 25000 | 27625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 5/1/35<sup>(a)</sup> | 25000 | 28218 |
| Williams Cos., Inc. (The), 3.50%, 11/15/30 | 50000 | 47793 |
|  |  | 1007602 |
| **REITS - 0.5%** |  |  |
| Alexandria Real Estate Equities, Inc., 1.88%, 2/1/33 | 100000 | 82144 |
| American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 10/15/30 | 100000 | 88441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 3/15/35 | 150000 | 154099 |
| Essex Portfolio LP, 5.38%, 4/1/35 | 50000 | 51615 |
| Iron Mountain, Inc., 7.00%, 2/15/29<sup>(a)</sup> | 100000 | 103039 |
| Millrose Properties, Inc., 6.38%, 8/1/30<sup>(a)</sup> | 75000 | 76274 |
| MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31 | 25000 | 18381 |
| Prologis Targeted US Logistics Fund LP, 5.25%, 4/1/29<sup>(a)</sup> | 100000 | 103227 |
| RHP Hotel Properties LP / Rhp Finance Corp., 6.50%, 6/15/33<sup>(a)</sup> | 25000 | 25748 |
| RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 4/1/32<sup>(a)</sup> | 50000 | 51408 |
| VICI Properties LP, 5.13%, 11/15/31 | 100000 | 101498 |
|  |  | 855874 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Retail - 0.1%** |  |  |
| FirstCash, Inc., 6.88%, 3/1/32<sup>(a)</sup> | $100000 | $103358 |
| **Semiconductors - 0.1%** |  |  |
| Foundry JV Holdco LLC, 6.25%, 1/25/35<sup>(a)</sup> | 200000 | 214083 |
| **Software - 0.2%** |  |  |
| Fiserv, Inc., 2.65%, 6/1/30 | 150000 | 138910 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 3/25/31 | 100000 | 91838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 9/26/32 | 25000 | 25020 |
| Synopsys, Inc., 5.00%, 4/1/32 | 100000 | 102197 |
|  |  | 357965 |
| **Telecommunications - 0.4%** |  |  |
| AT&T, Inc., 2.55%, 12/1/33 | 250000 | 212883 |
| Motorola Solutions, Inc., 2.75%, 5/24/31 | 100000 | 91317 |
| T-Mobile USA, Inc., 3.88%, 4/15/30 | 200000 | 196127 |
| Verizon Communications, Inc., 2.36%, 3/15/32 | 150000 | 131562 |
|  |  | 631889 |
| **Total Corporate Bonds and Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $17,071,269)** |  | **17093455** |
| **Agency Mortgage Backed Securities - 7.8%** |  |  |
| **Federal Home Loan Mortgage Corporation - 2.4%** |  |  |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 3/1/51 | 524586 | 426794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/51 | 474595 | 402255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/1/52 | 625819 | 553385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 3/1/52 | 591625 | 477982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 4/1/52 | 701720 | 566275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 5/1/52 | 560769 | 473246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/1/52 | 652797 | 616204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/1/52 | 348904 | 338690 |
|  |  | 3854831 |
| **Federal National Mortgage Association - 3.3%** |  |  |
| Fannie Mae or Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/1/54<sup>(c)</sup> | 630000 | 643585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/1/55<sup>(c)</sup> | 280000 | 225684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/1/55<sup>(c)</sup> | 120000 | 109669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/1/55<sup>(c)</sup> | 320000 | 301650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/55<sup>(c)</sup> | 1260000 | 1249959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/1/55<sup>(c)</sup> | 1580000 | 1593578 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/1/48 | 194692 | 175644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 1/1/52 | 443666 | 391752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 4/1/52 | 193646 | 163639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 12/1/52 | 459261 | 421382 |
|  |  | 5276542 |

---

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

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Government National Mortgage Association - 2.1%** |  |  |
| Ginnie Mae |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05%, 10/20/55<sup>(c)</sup> | $360000 | $349144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/20/55<sup>(c)</sup> | 120000 | 99281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/20/55<sup>(c)</sup> | 290000 | 249627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/20/55<sup>(c)</sup> | 540000 | 492581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/20/55<sup>(c)</sup> | 640000 | 644700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/20/55<sup>(c)</sup> | 1070000 | 1088223 |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 7/20/52 | 226312 | 187410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 7/20/52 | 237497 | 204718 |
|  |  | 3315684 |
| **Total Agency Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $12,676,666)** |  | **12447057** |
| **Asset Backed and Commercial Backed Securities - 4.4%** |  |  |
| Ares LXV CLO Ltd., 5.28%, (3 Month Term SOFR + 1.12%), 7/25/34 <sup>(a),(b)</sup> | 250000 | 250574 |
| Bank5, 5.63%, 11/15/58 <sup>(d)</sup> | 24000 | 24794 |
| Basswood Park CLO Ltd., 5.05%, (3 Month Term SOFR + 1.03%), 4/20/34 <sup>(a),(b)</sup> | 250000 | 250177 |
| Benchmark Mortgage Trust, 1.51%, 9/15/58 <sup>(d)</sup> | 418000 | 27120 |
| BMO Mortgage Trust, 5.94%, 12/15/57 <sup>(d)</sup> | 40000 | 41627 |
| BRAVO Residential Funding Trust, 3.50%, 10/25/44 <sup>(a),(d)</sup> | 31276 | 30005 |
| BX Commercial Mortgage Trust, 5.21%, (1 Month Term SOFR + 1.06%), 9/15/36 <sup>(a),(b)</sup> | 125948 | 125559 |
| BX Mortgage Trust, 5.16%, (1 Month Term SOFR + 1.01%), 10/15/36 <sup>(a),(b)</sup> | 130000 | 129591 |
| BX Trust, 5.64%, (1 Month Term SOFR + 1.49%), 4/15/37 <sup>(a),(b)</sup> | 111397 | 111432 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%, (3 Month Term SOFR + 0.92%), 7/20/32<sup>(a),(b)</sup> | $250000 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, (3 Month Term SOFR + 1.22%), 7/20/32<sup>(a),(b)</sup> | 138223 | 138223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42%, (3 Month Term SOFR + 1.09%), 4/20/34<sup>(a),(b)</sup> | 250000 | 250247 |
| CFCRE Commercial Mortgage Trust, 3.84%, 12/10/54 | 50000 | 49103 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Chase Home Lending Mortgage Trust, 5.76%, (SOFR + 1.40%), 5/25/56 <sup>(a),(b)</sup> | $33526 | $33608 |
| CIFC Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, (3 Month Term SOFR + 0.97%), 4/19/35<sup>(a),(b)</sup> | 310000 | 308759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, (3 Month Term SOFR + 1.52%), 4/22/37<sup>(a),(b)</sup> | 300000 | 300912 |
| CIM Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 8/25/48<sup>(a),(d)</sup> | 13989 | 13386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/25/49<sup>(a),(d)</sup> | 6177 | 6032 |
| Citigroup Commercial Mortgage Trust, 2.45%, 7/10/49 | 30896 | 30643 |
| COLT Mortgage Loan Trust, 4.30%, 3/25/67 <sup>(a),(d)</sup> | 67014 | 66766 |
| COMM Mortgage Trust, 4.65%, 10/10/48 <sup>(d)</sup> | 40000 | 39345 |
| Connecticut Avenue Securities, 5.46%, (SOFR + 1.10%), 1/25/45 <sup>(a),(b)</sup> | 25075 | 25098 |
| Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36%, (SOFR + 1.00%), 2/25/45<sup>(a),(b)</sup> | 21375 | 21386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, (SOFR + 1.45%), 3/25/45<sup>(a),(b)</sup> | 29697 | 29865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36%, (SOFR + 1.00%), 5/25/45<sup>(a),(b)</sup> | 26693 | 26731 |
| CSAIL 2015-C3 Commercial Mortgage Trust, 3.72%, 8/15/48 | 593 | 588 |
| Elevation CLO Ltd., 5.25%, (3 Month Term SOFR + 0.92%), 10/20/31 <sup>(a),(b)</sup> | 117296 | 117233 |
| Eleven Madison Trust Mortgage Trust, 3.67%, 9/10/35 <sup>(a),(d)</sup> | 250000 | 247772 |
| Fannie Mae Connecticut Avenue Secuirties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27%, (SOFR + 2.91%), 2/25/30<sup>(b)</sup> | 22403 | 23035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02%, (SOFR + 2.66%), 12/25/30<sup>(b)</sup> | 17666 | 18173 |
| Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, (SOFR + 0.95%), 11/25/54<sup>(b)</sup> | 155068 | 153807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, (SOFR + 0.95%), 11/25/54<sup>(b)</sup> | 124432 | 123543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46%, (SOFR + 1.10%), 12/25/54<sup>(b)</sup> | 185185 | 184071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36%, (SOFR + 1.00%), 1/25/55<sup>(b)</sup> | 190812 | 189036 |
| FirstKey Homes Trust, 1.27%, 10/19/37 <sup>(a)</sup> | 125666 | 125080 |

---

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

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Freddie Mac REMICS, 5.48%, (SOFR + 1.12%), 8/25/54 <sup>(b)</sup> | $116571 | $115921 |
| Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31%, (SOFR + 0.95%), 1/25/45<sup>(a),(b)</sup> | 35113 | 35141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46%, (SOFR + 1.10%), 5/25/45<sup>(a),(b)</sup> | 31450 | 31498 |
| Goldentree Loan Management US Clo 11 Ltd., 5.41%, (3 Month Term SOFR + 1.08%), 10/20/34 <sup>(a),(b)</sup> | 250000 | 249886 |
| GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 7/10/46<sup>(a),(d)</sup> | 28202 | 27905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 5/10/49 | 30000 | 29796 |
| Home Partners of America Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 12/17/26<sup>(a)</sup> | 201494 | 195910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 1/17/41<sup>(a)</sup> | 71915 | 66979 |
| HomesTrust, 5.92%, 7/25/69 <sup>(a),(e)</sup> | 84803 | 85425 |
| Invesco CLO Ltd., 5.25%, (3 Month Term SOFR + 1.10%), 7/15/34 <sup>(a),(b)</sup> | 250000 | 250251 |
| JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 6/25/52<sup>(a),(d)</sup> | 81257 | 73614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09%, (SOFR + 1.70%), 3/20/54<sup>(a),(b)</sup> | 13475 | 13524 |
| JPMBB Commercial Mortgage Securities Trust, 3.58%, 3/17/49 | 70000 | 69737 |
| Marble Point CLO XV Ltd., 5.36%, (3 Month Term SOFR + 1.04%), 7/23/32 <sup>(a),(b)</sup> | 218629 | 218216 |
| Mill City Mortgage Loan Trust, 3.50%, 4/25/66 <sup>(a),(d)</sup> | 48161 | 47424 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07%, 12/15/47 | 24000 | 23867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99%, 12/15/49<sup>(d)</sup> | 24000 | 23056 |
| Neuberger Berman Loan Advisers CLO Ltd., 5.41%, (3 Month Term SOFR + 1.09%), 4/25/36 <sup>(a),(b)</sup> | 250000 | 250111 |
| New Economy Assets Phase 1 Sponsor LLC, 1.91%, 10/20/61 <sup>(a)</sup> | 260000 | 216545 |
| Northwoods Capital 25 Ltd., 4.86%, (3 Month Term SOFR + 1.12%), 7/20/34 <sup>(a),(b)</sup> | 250000 | 250054 |
| OBX Trust, 6.13%, 12/25/63 <sup>(a),(e)</sup> | 63979 | 64512 |
| Provident Funding Mortgage Trust, 3.00%, 12/25/49 <sup>(a),(d)</sup> | 19253 | 16752 |
| PSMC Trust, 2.50%, 8/25/51 <sup>(a),(d)</sup> | 147777 | 133323 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Venture 41 CLO Ltd., 5.55%, (3 Month Term SOFR + 1.13%), 1/20/34 <sup>(a),(b)</sup> | $250000 | $250141 |
| Verus Securitization Trust, 6.22%, 6/25/69 <sup>(a),(e)</sup> | 72101 | 73766 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 11/15/48 | 9608 | 9589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26%, 12/15/48 | 115000 | 113853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 1/15/59<sup>(d)</sup> | 19000 | 18633 |
| WFRBS Commercial Mortgage Trust, 4.44%, 10/15/57 <sup>(d)</sup> | 33000 | 31942 |
| Zais CLO Ltd., 5.54%, (3 Month Term SOFR + 1.32%), 10/25/37 <sup>(a),(b)</sup> | 250000 | 250025 |
| **Total Asset Backed and Commercial Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $7,083,083)** |  | **7000717** |
| **U.S. Treasury Securities and Agency Bonds - 2.7%** |  |  |
| Federal Farm Credit Banks Funding Corp., 2.10%, 2/25/36 | 140000 | 111435 |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 5/15/40 | 115000 | 73187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 8/15/40 | 120000 | 75619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 8/15/41 | 200000 | 135601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 5/15/46<sup>(f)</sup> | 885000 | 621678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 8/15/46 | 390000 | 259944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 5/15/48 | 100000 | 77039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 8/15/48 | 225000 | 169014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 5/15/49 | 573000 | 417618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 8/15/49 | 425000 | 271004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 5/15/50 | 880000 | 431166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 5/15/51 | 534000 | 343408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 11/15/51 | 866000 | 489493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 5/15/53 | 390000 | 321811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/15/54 | 110000 | 101462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 8/15/55 | 175000 | 175465 |
| U.S. Treasury Note, 2.88%, 5/15/28 | 310000 | 304248 |
| **Total U.S. Treasury Securities and Agency Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $5,050,351)** |  | **4379192** |
| **Mutual Funds - 0.8%** |  |  |
| **Debt Funds - 0.8%** |  |  |
| Franklin Floating Rate Daily Access Fund (Cost - $1,348,401) | 179309 | 1351987 |
| **Municipal Bonds - 0.3%** |  |  |
| Golden State Tobacco Securitization Corp., 3.85%, 6/1/50 | 185000 | 168559 |

---

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

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/ <br> Principal** | **Fair Value** |
| **Municipal Bonds (continued)** |  |  |
| Greenville City School District, 3.54%, 1/1/51 | $110000 | $84782 |
| San Bernardino Community College District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 8/1/41 | 250000 | 190309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86%, 8/1/49 | 150000 | 101023 |
| **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $689,211)** |  | **544673** |
| **Short-Term Investments - 6.8%** |  |  |
| **Money Market Funds - 6.8%** |  |  |
| Dreyfus Government Cash Management, 4.04%<sup>(g)</sup> | 5391546 | 5391546 |
| Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.04%<sup>(g)</sup> | 5551108 | 5551108 |

---

---

| | |
|:---|:---|
|  | **Fair Value** |
| **Total Short-Term Investments<br> (Cost - $10,942,654)** | **$10942654** |
| **Total Investments - 104.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $103,848,029)** | **168158425** |
| **Other Assets Less Liabilities - Net (4.6)%** | **(7391803)** |
| **Total Net Assets - 100.0%** | **$160766622** |

---

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| † | Represents less than 0.05%. |
| (a) | 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of September 30, 2025, these securities amounted to $11,305,458 or 7.0% of net assets. |
| (b) | Variable rate or fixed to variable rate security. The rate shown is the rate in effect at period end. |
| (c) | When-issued, or delayed delivery. All or a portion may be subject to dollar-roll transactions. |
| (d) | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. The coupon rate shown represents the rate at period end. |
| (e) | Step coupon. |
| (f) | A portion of this investment, valued at $213,433, is held as collateral for derivative investments. |
| (g) | The rate shown is the annualized seven-day yield at period end. |

---

---

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

---

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

September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | | | |
|  | **Counterparty** | **Number of<br> Contracts** | <br>**Expiration Date** | <br>**Notional Value** | <br>**Fair<br> Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Futures Contracts** |  |  |  |  |  |
| U.S. 10 Year Ultra Future | J. P. Morgan Securities LLC | 4 | 12/19/2025 | $460312 | $(1571) |
| U.S. 2 Year Note Future | J. P. Morgan Securities LLC | 25 | 12/31/2025 | 5209961 | (3683) |
|  |  |  |  |  | (5254) |
| **Short Futures Contracts** |  |  |  |  |  |
| U.S. 5 Year Note Future | J. P. Morgan Securities LLC | 13 | 12/31/2025 | 1419539 | 3555 |
| TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS |  | $(1699) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions Purchased** | **Interest Rate Swaptions Purchased** | **Interest Rate Swaptions Purchased** | **Interest Rate Swaptions Purchased** | | | | | |
| **Counterparty** | **Description<sup>\*</sup>** | **Floating<br> Rate Index** | **Exercise Rate** | <br>**Expiration<br> Date** | <br>**Notional Amount** | <br>**Fair Value** | <br>**Premiums Paid** | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| J. P. Morgan Securities LLC | CDX.NA.HY.44 STRIKE 106.5 PAYER SWAPTION |  | Receives 106.5% | 11/19/25 | 2100000 | $7372 | $24570 | $(17198) |
| J. P. Morgan Securities LLC | CDX.NA.HY.44 STRIKE 106.5 PAYER SWAPTION |  | Receives 106.5% | 11/19/25 | 1500000 | 5265 | 16807 | (11542) |
| TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | $12637 | $41377 | $(28740) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions Written** | **Interest Rate Swaptions Written** | **Interest Rate Swaptions Written** | **Interest Rate Swaptions Written** | | | | | |
| **Counterparty** | **Description<sup>\*</sup>** | **Floating<br> Rate Index** | **Exercise Rate** | <br>**Expiration<br> Date** | <br>**Notional Amount** | <br>**Fair Value** | <br>**Premiums<br> Received** | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| J. P. Morgan Securities LLC | CDX.NA.HY.44 STRIKE 104.5 PAYER SWAPTION |  | Receives 104.5% | 11/19/25 | 2100000 | $(3080) | $(13650) | $10570 |
| J. P. Morgan Securities LLC | CDX.NA.HY.44 STRIKE 104.5 PAYER SWAPTION |  | Receives 104.5% | 11/19/25 | 1500000 | (2200) | (8955) | 6755 |
| TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | $(5280) | $(22605) | $17325 |

---

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

September 30, 2025

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | | |
| **Counterparty** | **Payment<br> Frequency** | **Fund Receives** | **Fund Pays** | **Expiration<br> Date** | **Notional<br> Amount** | **Fair Value** | <br>**Premiums Paid<br> (Received)** | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| Citibank NA | Annually | SOFR | 1.924% | 08/12/27 | 500000 | $15043 | $41 | $15002 |
| TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | $15043 | $41 | $15002 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Swaps** | **Expiration Date** | **Rate (%)** | **Notional Amount** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| TRSWAP: TBOND DEUTSCHE BANK AG TRS PAY UNITED STATES T RCV +4.1732% 12/12/25_R | 12/12/25 | 4.17% | (604086) | $10726 |
| Total Net Unrealized Appreciation/(Depreciation) on Total Return Swaps | Total Net Unrealized Appreciation/(Depreciation) on Total Return Swaps | Total Net Unrealized Appreciation/(Depreciation) on Total Return Swaps |  | 10726 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | | |
| **Counterparty** | **Reference<br> Obligation/<br> Index** | **Payment<br> Frequency** | **Buy/Sell<br> Protection** | **Fixed<br> Rate<br> Received** | **Fixed<br> Rate<br> Paid** | **Credit<br> Rating<sup>\*</sup>** | **Expiration<br> Date** | **Notional<br> Amount\*\*** | **Fair Value** | <br>**Premiums<br> Paid<br> (Received)** | <br>**Unrealized<br> Appreciation(Depreciation)** |
| Citibank NA | TRS On FI Credit Bond | Quarterly | Sell | 4.50% |  | NR | 12/12/25 | $600000 | $(3525) | $– | $(3525) |
| Citibank NA | Carnival Corp. | Quarterly | Buy | 1.00% |  | BB+ | 06/21/27 | 75000 | 726 | (4673) | 5399 |
| Citibank NA | CDX.NA.HY.44 | Quarterly | Buy | 5.00% |  | NR | 06/20/30 | 170000 | 13790 | 9996 | 3794 |
| Citibank NA | CDX.NA.HY.43 | Quarterly | Buy | 1.00% |  | NR | 12/20/30 | 580000 | (12533) | (12768) | 235 |
| Citibank NA | CDX.NA.HY.44 | Quarterly | Sell | 1.00% |  | NR | 12/20/30 | 700000 | (16127) | (16014) | (113) |
| TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS |  |  | $(17669) | $(23459) | $5790 |

---

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

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

NR - Not Rated

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Indianapolis

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 46204

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

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

- **a. Name of Series:** Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $168175378.58

**Total Liabilities:** $7362019.77

**Net Assets:** $160813358.81

**Delayed Delivery Securities:** $44779.89

**Stand-by Commitments:** $7093327.47

**Cash Not Reported:** $23514.02

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 15.83470000 | **1-Year:** 1520.87799000 | **5-Year:** 11747.12840000 | **10-Year:** 4533.31184000 | **30-Year:** 98.14044000

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

- **3-Month:** 1.00451000 | **1-Year:** 227.02310000 | **5-Year:** 456.92538000 | **10-Year:** 9.92638000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000141021 | 1.05%                | 1.74%                | 1.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $568148.34               | $875755.67                                 |
| Month 2  | $1841175.33              | $855419.86                                 |
| Month 3  | $855211.82               | $781288.82                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| General Dynamics Corp                       | General Dynamics Corp                                                           | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      5908 | NS      | $2014628.00   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $27624.78     | 0.02%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| RIO TINTO FIN USA PLC                       | Rio Tinto Finance USA PLC                                                       | CUSIP: 76720AAT3<br>LEI: 2138006TSNBEUA761G16 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $154218.34    | 0.10%             | 2032-03-14      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                 | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93741.02     | 0.06%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    880000 | PA      | $431165.63    | 0.27%             | 2050-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus              | BRAVO Residential Funding Trust 2019-NQM2                                       | CUSIP: 10568LAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     31276 | PA      | $30005.19     | 0.02%             | 2044-10-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Provident Funding Mortgage Tru              | Provident Funding Mortgage Trust 2019-1                                         | CUSIP: 74387LAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     19253 | PA      | $16751.93     | 0.01%             | 2049-12-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                     | American Electric Power Co Inc                                                  | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34912.62     | 0.02%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| 24 Hour Fitness Worldwide Inc Common Stock  | 24 Hour Fitness Worldwide Inc Common Stock                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4301 | NS      | $43.01        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| nVent Electric PLC                          | nVent Electric PLC                                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     22057 | NS      | $2175702.48   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 9128284N7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    310000 | PA      | $304248.05    | 0.19%             | 2028-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| AMCOR FLEXIBLES NORTH AM                    | Amcor Flexibles North America Inc                                               | CUSIP: 081437AT2<br>LEI: PTVU09TE3QPJPL7K4E13 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46138.72     | 0.03%             | 2030-06-19      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Madison Avenue Trust                        | Eleven Madison Trust 2015-11MD Mortgage Trust                                   | CUSIP: 556227AA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $247772.25    | 0.15%             | 2035-09-10      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    534000 | PA      | $343407.89    | 0.21%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWEK5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    348904 | PA      | $338690.03    | 0.21%             | 2052-08-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd                    | Neuberger Berman Loan Advisers CLO 48 Ltd                                       | CUSIP: 64135GAL2<br>LEI: 549300FC7JRIZ6YLHK36 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250111.00    | 0.16%             | 2036-04-25      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US               | Goldentree Loan Management US Clo 11 Ltd                                        | CUSIP: 38138KAL4<br>LEI: 549300TMEEKUOKVHYV65 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249886.00    | 0.16%             | 2034-10-20      | Floating      | 5.41%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810RT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    390000 | PA      | $259944.14    | 0.16%             | 2046-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Marble Point CLO Ltd.                       | Marble Point CLO XV Ltd                                                         | CUSIP: 56606YAW5<br>LEI: 549300CO8XB55W8SS394 | Long             | ABS-CBDO         | CORP              | KY        |    218629 | PA      | $218215.94    | 0.14%             | 2032-07-23      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Ross Stores Inc                             | Ross Stores Inc                                                                 | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     10969 | NS      | $1671565.91   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KBZ2<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88355.54     | 0.05%             | 2032-01-15      | Fixed         | 2.44%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                   | IQVIA Inc                                                                       | CUSIP: 46266TAF5<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105274.20    | 0.07%             | 2029-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REAL ESTATE E                    | Alexandria Real Estate Equities Inc                                             | CUSIP: 015271AV1<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82144.06     | 0.05%             | 2033-02-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                 | McAfee Corp                                                                     | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69569.00     | 0.04%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MIZUHO FINANCIAL GROUP                      | Mizuho Financial Group Inc                                                      | CUSIP: 60687YCZ0<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $208450.41    | 0.13%             | 2029-07-06      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| MARS INC                                    | Mars Inc                                                                        | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    140000 | PA      | $143102.46    | 0.09%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                    | Constellation Energy Generation LLC                                             | CUSIP: 210385AD2<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54422.12     | 0.03%             | 2034-01-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CSL FINANCE PLC                             | CSL Finance PLC                                                                 | CUSIP: 12661PAC3<br>LEI: 2549007CCNBNAF4HBC02 | Long             | DBT              | CORP              | GB        |    150000 | PA      | $147845.31    | 0.09%             | 2032-04-27      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                    | Weatherford International Ltd                                                   | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     15000 | PA      | $15011.57     | 0.01%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94886.23     | 0.06%             | 2033-04-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                    | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10220.99     | 0.01%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2016-GS2                                           | CUSIP: 36252TAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30000 | PA      | $29795.26     | 0.02%             | 2049-05-10      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2021-15                                              | CUSIP: 46654TAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     81257 | PA      | $73614.04     | 0.05%             | 2052-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Air Products and Chemicals Inc              | Air Products and Chemicals Inc                                                  | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      4679 | NS      | $1276056.88   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25848.43     | 0.02%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION              | SWOP CDS CDX.NA.HY.44.V1                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |  -2100000 | NC      | $-3079.94     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Danaher Corp                                | Danaher Corp                                                                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      5115 | NS      | $1014099.90   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| KINETIK HOLDINGS LP                         | Kinetik Holdings LP                                                             | CUSIP: 49461MAB6<br>LEI: 549300RD6AJIMYC0HY12 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102646.40    | 0.06%             | 2028-12-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810UM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     65000 | PA      | $65172.66     | 0.04%             | 2055-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWDC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    591625 | PA      | $477982.49    | 0.30%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                   | CIM Trust 2018-INV1                                                             | CUSIP: 12553XAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13989 | PA      | $13385.89     | 0.01%             | 2048-08-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CIM Trust                                   | CIM Trust 2019-INV1                                                             | CUSIP: 12555DAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6177 | PA      | $6032.55      | 0.00%             | 2049-02-25      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                            | CIFC Funding 2024-II Ltd                                                        | CUSIP: 17181UAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300912.60    | 0.19%             | 2037-04-22      | Floating      | 5.85%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                       | Freedom Mortgage Holdings LLC                                                   | CUSIP: 35641AAC2<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26203.75     | 0.02%             | 2032-04-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                           | Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp                    | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      5000 | PA      | $5041.12      | 0.00%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XKG20<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    459261 | PA      | $421381.80    | 0.26%             | 2052-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                          | NextEra Energy Inc                                                              | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     14926 | NS      | $1126763.74   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GJL4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    200000 | PA      | $177698.54    | 0.11%             | 2031-10-24      | Fixed         | 1.92%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     25000 | PA      | $28217.71     | 0.02%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER                     | Pfizer Investment Enterprises Pte Ltd                                           | CUSIP: 716973AE2<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $101017.71    | 0.06%             | 2033-05-19      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| XCEL ENERGY INC                             | Xcel Energy Inc                                                                 | CUSIP: 98389BBA7<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155156.80    | 0.10%             | 2033-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BIOGEN INC                                  | Biogen Inc                                                                      | CUSIP: 09062XAH6<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91225.23     | 0.06%             | 2030-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CFCRE Commercial Mortgage Trus              | CFCRE Commercial Mortgage Trust 2016-C7                                         | CUSIP: 12532BAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $49103.15     | 0.03%             | 2054-12-10      | Fixed         | 3.84%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GXR0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    300000 | PA      | $264763.05    | 0.16%             | 2032-01-27      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd                           | Elevation CLO 2018-10 Ltd                                                       | CUSIP: 28623CAL5<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |    117296 | PA      | $117233.14    | 0.07%             | 2031-10-20      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                            | CIFC Funding 2022-II Ltd                                                        | CUSIP: 12567MAN1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    310000 | PA      | $308758.76    | 0.19%             | 2035-04-19      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3133AUE53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    474595 | PA      | $402254.82    | 0.25%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PepsiCo Inc                                 | PepsiCo Inc                                                                     | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      9973 | NS      | $1400608.12   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DEUTSCHE BANK NY                            | Deutsche Bank AG/New York NY                                                    | CUSIP: 25160PAM9<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |    150000 | PA      | $153758.56    | 0.10%             | 2027-09-09      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| BAYER US FINANCE II LLC                     | Bayer US Finance II LLC                                                         | CUSIP: 07274NAL7<br>LEI: 529900XWNEXYNJ3X6T40 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99659.89     | 0.06%             | 2028-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| QNITY ELECTRONICS INC                       | Qnity Electronics Inc                                                           | CUSIP: 74743LAA8<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10077.51     | 0.01%             | 2032-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Instruments Inc                       | Texas Instruments Inc                                                           | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     15174 | NS      | $2787919.02   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023BV6<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $73090.82     | 0.05%             | 2047-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2024-NQM3 Trust                                                             | CUSIP: 67118KAA1<br>LEI: 2549001QDCO9VU0HH514 | Long             | ABS-MBS          | CORP              | US        |     63979 | PA      | $64512.25     | 0.04%             | 2063-12-25      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| BAXTER INTERNATIONAL INC                    | Baxter International Inc                                                        | CUSIP: 071813CS6<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | DBT              | CORP              | US        |    200000 | PA      | $175357.72    | 0.11%             | 2032-02-01      | Fixed         | 2.54%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                      | CUSIP: 21H0606A4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1070000 | PA      | $1088223.38   | 0.68%             | 2055-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                    | Marsh & McLennan Cos Inc                                                        | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      4939 | NS      | $995356.67    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWEJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    652797 | PA      | $616203.52    | 0.38%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R03                                    | CUSIP: 20754VAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     29697 | PA      | $29864.59     | 0.02%             | 2045-03-25      | Floating      | 5.81%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                   | Morgan Stanley Bank of America Merrill Lynch Trust 2016-C32                     | CUSIP: 61691GAV2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24000 | PA      | $23056.32     | 0.01%             | 2049-12-15      | Variable      | 3.99%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.HY.44.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $13790.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Honeywell International Inc                 | Honeywell International Inc                                                     | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      8583 | NS      | $1806721.50   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Venture CDO Ltd                             | Venture 41 Clo Ltd                                                              | CUSIP: 92326JAW2<br>LEI: 549300Q6VG2813TG2830 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250140.50    | 0.16%             | 2034-01-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                   | Esab Corp                                                                       | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51376.65     | 0.03%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140XGJR1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    443666 | PA      | $391752.17    | 0.24%             | 2052-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                    | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51424.50     | 0.03%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Carlisle Cos Inc                            | Carlisle Cos Inc                                                                | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      3775 | NS      | $1241824.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC                        | Howmet Aerospace Inc                                                            | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51317.13     | 0.03%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156591.69    | 0.10%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWDH3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    701720 | PA      | $566275.37    | 0.35%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                               | FirstCash Inc                                                                   | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103357.70    | 0.06%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                      | CACI International Inc                                                          | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25800.24     | 0.02%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TOTALENERGIES CAPITAL SA                    | TotalEnergies Capital SA                                                        | CUSIP: 89157XAD3<br>LEI: 529900QI55ZLJVCMPA71 | Long             | DBT              | CORP              | FR        |    100000 | PA      | $100676.37    | 0.06%             | 2034-09-10      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                          | BMO 2024-5C8 Mortgage Trust                                                     | CUSIP: 09661XAF5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $41627.11     | 0.03%             | 2057-12-15      | Variable      | 5.94%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KDK3<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67517.20     | 0.04%             | 2032-03-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810UC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    110000 | PA      | $101462.11    | 0.06%             | 2054-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Basswood Park CLO Ltd                       | Basswood Park CLO Ltd                                                           | CUSIP: 070252AJ0<br>LEI: 5493005HSAGIQZIVAS94 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250177.00    | 0.16%             | 2034-04-20      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2016-C32                                  | CUSIP: 94989YBE2<br>LEI: 549300VOKB4Z9J8DIM89 | Long             | ABS-MBS          | CORP              | US        |     19000 | PA      | $18633.45     | 0.01%             | 2059-01-15      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp                        | Parker-Hannifin Corp                                                            | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      1828 | NS      | $1385898.20   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDEN ST TOBACCO SECURITIZATI              | Golden State Tobacco Securitization Corp                                        | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $168558.87    | 0.10%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0406A0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    320000 | PA      | $301649.98    | 0.19%             | 2055-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AbbVie Inc                                  | AbbVie Inc                                                                      | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      8615 | NS      | $1994717.10   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The                     | Sherwin-Williams Co/The                                                         | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      2623 | NS      | $908239.98    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO                                 | Southern Co/The                                                                 | CUSIP: 842587DE4<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48743.27     | 0.03%             | 2030-04-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| KAISER FOUNDATION HOSPIT                    | Kaiser Foundation Hospitals                                                     | CUSIP: 48305QAE3<br>LEI: DW4Z57L3G4IRMHYZYK62 | Long             | DBT              | CORP              | US        |    140000 | PA      | $99094.67     | 0.06%             | 2049-11-01      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management          | Dreyfus Government Cash Management                                              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   5391546 | NS      | $5391545.79   | 3.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson                           | Johnson & Johnson                                                               | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11584 | NS      | $2147905.28   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                                           | CUSIP: 89788MAR3<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103499.88    | 0.06%             | 2030-01-24      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    225000 | PA      | $169013.67    | 0.11%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| McCormick & Co Inc/MD                       | McCormick & Co Inc/MD                                                           | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |     11273 | NS      | $754276.43    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMBB Commercial Mortgage Secu              | JPMBB Commercial Mortgage Securities Trust 2016-C1                              | CUSIP: 46645LAY3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $69737.41     | 0.04%             | 2049-03-17      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| Colgate-Palmolive Co                        | Colgate-Palmolive Co                                                            | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |      9113 | NS      | $728493.22    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION              | SWOP CDS CDX.NA.HY.44.V1                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |   1500000 | NC      | $5265.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                     | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50677.96     | 0.03%             | 2032-11-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023AX3<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     50000 | PA      | $56622.53     | 0.04%             | 2039-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                                    | CUSIP: 20030NEE7<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101033.78    | 0.06%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| EOG Resources Inc                           | EOG Resources Inc                                                               | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      6004 | NS      | $673168.48    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                      | Roper Technologies Inc                                                          | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      5174 | NS      | $2580222.06   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CAROLINAS                       | Duke Energy Carolinas LLC                                                       | CUSIP: 26442CAA2<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107455.22    | 0.07%             | 2037-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| HOMES Trust                                 | HOMES 2024-NQM1 Trust                                                           | CUSIP: 40390TAA8<br>LEI: 2549001JI3VOZZFMYK81 | Long             | ABS-MBS          | CORP              | US        |     84803 | PA      | $85424.97     | 0.05%             | 2069-07-25      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                               | CUSIP: 3136BUCB4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    190812 | PA      | $189035.54    | 0.12%             | 2055-01-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 29273VAY6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102607.89    | 0.06%             | 2034-05-15      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                | Novelis Corp                                                                    | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30348.75     | 0.02%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EASTERN ENERGY GAS                          | Eastern Energy Gas Holdings LLC                                                 | CUSIP: 27636AAB8<br>LEI: 549300BFOD6TDMVV4O24 | Long             | DBT              | CORP              | US        |    140000 | PA      | $147309.57    | 0.09%             | 2035-01-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182259.68    | 0.11%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 5YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -13 | NC      | $3554.72      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                           | Brown & Brown Inc                                                               | CUSIP: 115236AC5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88997.03     | 0.06%             | 2031-03-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                                                | CUSIP: 054989AF5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34639.67     | 0.02%             | 2033-03-22      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Invesco CLO LTD                             | Invesco CLO 2021-2 Ltd                                                          | CUSIP: 46149MAL0<br>LEI: 54930008KRIBK4JIR608 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250251.00    | 0.16%             | 2034-07-15      | Floating      | 5.25%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.IG.45.V1                                                             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-16127.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PVH CORP                                    | PVH Corp                                                                        | CUSIP: 693656AE0<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35661.91     | 0.02%             | 2030-06-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                            | Hewlett Packard Enterprise Co                                                   | CUSIP: 42824CBU2<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101066.09    | 0.06%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                 | CUSIP: 126650DY3<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102377.33    | 0.06%             | 2033-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Zais Matrix CDO I                           | Zais Clo 18 Ltd                                                                 | CUSIP: 98885NAS2<br>LEI: 549300PRQCSTFU7VEI08 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250024.50    | 0.16%             | 2037-10-25      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| EDP FINANCE BV                              | EDP Finance BV                                                                  | CUSIP: 26835PAH3<br>LEI: 5299007L43AQDFOW5739 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $188724.35    | 0.12%             | 2028-01-24      | Fixed         | 1.71%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 B PTT                     | United Airlines 2020-1 Class B Pass Through Trust                               | CUSIP: 90932VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14038 | PA      | $14035.16     | 0.01%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                     | Millrose Properties Inc                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76274.25     | 0.05%             | 2030-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                                     | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25020.32     | 0.02%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| New Economy Assets Phase 1 Iss              | New Economy Assets - Phase 1 Sponsor LLC                                        | CUSIP: 643821AA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $216545.39    | 0.13%             | 2061-10-20      | Fixed         | 1.91%                 | No            |                  2 | On Loan: No      |
| Charles Schwab Corp/The                     | Charles Schwab Corp/The                                                         | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     22939 | NS      | $2189986.33   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647BW6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5054.93      | 0.00%             | 2033-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TOUCAN FINCO LTD/CAN/US                     | Toucan FinCo Ltd/Toucan FinCo Can Inc/Toucan FinCo US LLC                       | CUSIP: 89157UAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    150000 | PA      | $147459.00    | 0.09%             | 2030-05-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 3140JAF37<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    194692 | PA      | $175643.48    | 0.11%             | 2048-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLEX LTD                                    | Flex Ltd                                                                        | CUSIP: 33938XAF2<br>LEI: 549300EAQH74YHD07T53 | Long             | DBT              | CORP              | SG        |    100000 | PA      | $102543.96    | 0.06%             | 2032-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oracle Corp                                 | Oracle Corp                                                                     | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     15195 | NS      | $4273441.80   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC                    | Corebridge Financial Inc                                                        | CUSIP: 21871XAR0<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |    150000 | PA      | $160069.80    | 0.10%             | 2033-09-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley                              | Morgan Stanley                                                                  | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     16664 | NS      | $2648909.44   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                             | McDonald's Corp                                                                 | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      7471 | NS      | $2270362.19   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                     | Royal Caribbean Cruises Ltd                                                     | CUSIP: 78017TAB9<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     15000 | PA      | $15091.60     | 0.01%             | 2036-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLD/FOOD/LUX CO                    | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                      | CUSIP: 46590XAU0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    200000 | PA      | $186532.12    | 0.12%             | 2032-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                     | Procter & Gamble Co/The                                                         | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     12117 | NS      | $1861777.05   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                         | American Tower Corp                                                             | CUSIP: 03027XBG4<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88440.66     | 0.05%             | 2030-10-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132DWDR1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    560769 | PA      | $473245.94    | 0.29%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC                     | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GYJ7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178535.78    | 0.11%             | 2032-07-21      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    115000 | PA      | $73186.72     | 0.05%             | 2040-05-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                           | Iron Mountain Inc                                                               | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103038.60    | 0.06%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International              | Johnson Controls International plc                                              | CUSIP: 000000000<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | US        |     19007 | NS      | $2089819.65   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac REMICS                                                              | CUSIP: 3137HFD77<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    116571 | PA      | $115920.60    | 0.07%             | 2054-08-25      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Stryker Corp                                | Stryker Corp                                                                    | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      8053 | NS      | $2976952.51   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 292480AL4<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101668.52    | 0.06%             | 2028-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Series 2025-R01                                   | CUSIP: 20755JAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     25075 | PA      | $25097.96     | 0.02%             | 2045-01-25      | Floating      | 5.45%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810TA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $20340.23     | 0.01%             | 2041-08-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92688.85     | 0.06%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL RESOURCES                     | Canadian Natural Resources Ltd                                                  | CUSIP: 136385BA8<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $93714.17     | 0.06%             | 2030-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION                    | Hess Midstream Operations LP                                                    | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51568.70     | 0.03%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN                    | Weekley Homes LLC / Weekley Finance Corp                                        | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48953.18     | 0.03%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                      | CUSIP: 21H0226A4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    290000 | PA      | $249626.55    | 0.16%             | 2055-10-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                      | Cogent Communications Group LLC / Cogent Finance Inc                            | CUSIP: 19240WAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $48574.59     | 0.03%             | 2032-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U3J0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103036.72    | 0.06%             | 2030-01-23      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                               | CUSIP: 3136BTE66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    185185 | PA      | $184070.71    | 0.11%             | 2054-12-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                                   | CUSIP: 172967MS7<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92024.36     | 0.06%             | 2031-06-03      | Fixed         | 2.57%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                                            | CUSIP: 06051GKL2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     28000 | PA      | $26155.63     | 0.02%             | 2037-03-08      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PBJ4<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    400000 | PA      | $403858.96    | 0.25%             | 2031-03-24      | Fixed         | 4.49%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                                                | CUSIP: 95000U3K7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104284.98    | 0.06%             | 2035-01-23      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Accenture PLC                               | Accenture PLC                                                                   | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      8128 | NS      | $2004364.80   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Floating Rate Daily Access Fund    | Franklin Floating Rate Daily Access Fund                                        | CUSIP: 353612559<br>LEI: NDVQZJLQKYEB9K3LB498 | Long             | EC               | RF                | US        |    179309 | NS      | $1351986.96   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SAN BERNARDINO CA CMNTY CLG DI              | San Bernardino Community College District                                       | CUSIP: 796720PQ7<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |    150000 | PA      | $101023.53    | 0.06%             | 2049-08-01      | Fixed         | 2.86%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                                | Broadcom Inc                                                                    | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     18701 | NS      | $6169646.91   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                  | Casey's General Stores Inc                                                      | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      2045 | NS      | $1156079.40   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio               | Fidelity Government Portfolio                                                   | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   5551108 | NS      | $5551107.80   | 3.45%             |  |  |  | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                    | Benchmark 2025-V17 Mortgage Trust                                               | CUSIP: 081934AS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    418000 | PA      | $27119.63     | 0.02%             | 2058-09-15      | Variable      | 1.51%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                | Centene Corp                                                                    | CUSIP: 15135BAW1<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89378.91     | 0.06%             | 2030-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $77039.06     | 0.05%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                           | Newell Brands Inc                                                               | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52877.10     | 0.03%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Erie Indemnity Co                           | Erie Indemnity Co                                                               | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |      2494 | NS      | $793491.04    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                          | Analog Devices Inc                                                              | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      9210 | NS      | $2262897.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                      | CUSIP: 21H0206A8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120000 | PA      | $99281.26     | 0.06%             | 2055-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ELEC & POWER CO                    | Virginia Electric and Power Co                                                  | CUSIP: 927804GK4<br>LEI: CQKUMNNZVDJLRYV2PT43 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101815.30    | 0.06%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC                      | EquipmentShare.com Inc                                                          | CUSIP: 29450YAA7<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52910.55     | 0.03%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                               | CUSIP: 3136BTRF2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    124432 | PA      | $123543.35    | 0.08%             | 2054-11-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| Mill City Mortgage Trust                    | Mill City Mortgage Loan Trust 2018-4                                            | CUSIP: 59980YAB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     48161 | PA      | $47424.09     | 0.03%             | 2066-04-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                    | Visa Inc                                                                        | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     10773 | NS      | $3677686.74   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                           | CUSIP: 04685A4R9<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50810.30     | 0.03%             | 2030-07-17      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                                   | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154048.20    | 0.10%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                               | Carnival Corp                                                                   | CUSIP: 143658BY7<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    100000 | PA      | $102108.60    | 0.06%             | 2030-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                          | Viking Cruises Ltd                                                              | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15014.73     | 0.01%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                              | Gray Media Inc                                                                  | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     20000 | PA      | $19810.59     | 0.01%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO                    | Clear Channel Outdoor Holdings Inc                                              | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52499.82     | 0.03%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                       | Quikrete Holdings Inc                                                           | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51958.95     | 0.03%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                      | Motorola Solutions Inc                                                          | CUSIP: 620076BU2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91317.05     | 0.06%             | 2031-05-24      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PFC5<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31076.31     | 0.02%             | 2036-07-23      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| West Pharmaceutical Services I              | West Pharmaceutical Services Inc                                                | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      3505 | NS      | $919466.65    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TIME WARNER CABLE LLC                       | Time Warner Cable LLC                                                           | CUSIP: 88732JAU2<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104599.00    | 0.07%             | 2039-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Home Partners of America Trust              | Home Partners of America 2021-3 Trust                                           | CUSIP: 43730XAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71915 | PA      | $66979.60     | 0.04%             | 2041-01-17      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABA8<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     65000 | PA      | $65375.09     | 0.04%             | 2030-10-10      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ICON INVESTMENTS SIX DAC                    | Icon Investments Six DAC                                                        | CUSIP: 45115AAC8<br>LEI: 635400FQ1M7J2CHLAS59 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $209946.09    | 0.13%             | 2034-05-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Ares Management Corp                        | Ares Management Corp                                                            | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      8511 | NS      | $1360823.79   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO DISTRIBUTION INC                      | WESCO Distribution Inc                                                          | CUSIP: 95081QAR5<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51961.02     | 0.03%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP                          | VICI Properties LP                                                              | CUSIP: 925650AH6<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101497.84    | 0.06%             | 2031-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R04                                    | CUSIP: 20755TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     26693 | PA      | $26731.49     | 0.02%             | 2045-05-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| Northwoods Capital Ltd                      | Northwoods Capital 25 Ltd                                                       | CUSIP: 668468AL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250053.75    | 0.16%             | 2034-07-20      | Floating      | 4.86%                 | No            |                  2 | On Loan: No      |
| KENVUE INC                                  | Kenvue Inc                                                                      | CUSIP: 49177JAS1<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101449.81    | 0.06%             | 2032-05-22      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Cintas Corp                                 | Cintas Corp                                                                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8368 | NS      | $1717615.68   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.EM.44.V1                                                                | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $-12532.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 2YR NOTE (CBT)                                                               | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        25 | NC      | $-3683.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KBR0<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91295.78     | 0.06%             | 2030-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                      | CUSIP: 21H0526A1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    640000 | PA      | $644700.03    | 0.40%             | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0506A9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1260000 | PA      | $1249959.31   | 0.78%             | 2055-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PSMC Trust                                  | PSMC 2021-3 Trust                                                               | CUSIP: 69376DAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    147777 | PA      | $133322.81    | 0.08%             | 2051-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                     | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10271.14     | 0.01%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297766.14    | 0.19%             | 2029-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AKTIENGESELLSCHAFT            | TRS TREASURY BOND                                                               | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | N/A              | DIR              | CORP              | DE        |         1 | NC      | $7201.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                         | CUSIP: 44891ACY1<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51362.11     | 0.03%             | 2029-03-19      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| DR Horton Inc                               | DR Horton Inc                                                                   | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |      4674 | NS      | $792102.78    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                                      | CUSIP: 92343VGN8<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    150000 | PA      | $131561.81    | 0.08%             | 2032-03-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                   | Apple Inc                                                                       | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     16119 | NS      | $4104380.97   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                            | Exxon Mobil Corp                                                                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      8826 | NS      | $995131.50    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENVILLE OH CITY SCH DIST                 | Greenville City School District                                                 | CUSIP: 396352GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $84782.04     | 0.05%             | 2051-01-01      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC                          | Meta Platforms Inc                                                              | CUSIP: 30303M8N5<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51742.25     | 0.03%             | 2033-05-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| MET LIFE GLOB FUNDING I                     | Metropolitan Life Global Funding I                                              | CUSIP: 59217GFD6<br>LEI: 635400MMSOCXNNNZDZ82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150561.96    | 0.09%             | 2029-08-25      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Bank5                                       | BANK5 2025-5YR17                                                                | CUSIP: 06211GAP1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24000 | PA      | $24793.56     | 0.02%             | 2058-11-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                    | Electricite de France SA                                                        | CUSIP: 28504DAB9<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $206934.96    | 0.13%             | 2028-05-23      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Tractor Supply Co                           | Tractor Supply Co                                                               | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     10963 | NS      | $623465.81    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CALIFORNIA BUYER/ATLANTI                    | California Buyer Ltd / Atlantica Sustainable Infrastructure PLC                 | CUSIP: 13005HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    150000 | PA      | $153734.70    | 0.10%             | 2032-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                                          | CUSIP: 91324PFJ6<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102625.24    | 0.06%             | 2034-07-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                     | American Electric Power Co Inc                                                  | CUSIP: 02557TAF6<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10010.29     | 0.01%             | 2056-03-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                                | Tapestry Inc                                                                    | CUSIP: 876030AL1<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35729.71     | 0.02%             | 2035-03-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0326A7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    120000 | PA      | $109668.74    | 0.07%             | 2055-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi              | Carlyle Global Market Strategies CLO 2015-4 Ltd                                 | CUSIP: 14311NAU8<br>LEI: 549300Q4PPEXLDSOKL32 | Long             | ABS-CBDO         | CORP              | KY        |    138223 | PA      | $138222.85    | 0.09%             | 2032-07-20      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| STERIS PLC                                  | STERIS PLC                                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4392 | NS      | $1086756.48   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                                                 | CUSIP: 31418ECQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    193646 | PA      | $163639.39    | 0.10%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179XBP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    226312 | PA      | $187409.63    | 0.12%             | 2052-07-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0606A8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    630000 | PA      | $643584.38    | 0.40%             | 2055-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2023-HE2                                               | CUSIP: 46657FAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     13475 | PA      | $13524.14     | 0.01%             | 2054-03-20      | Floating      | 6.09%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL GROUP                     | Sammons Financial Group Inc                                                     | CUSIP: 79588TAF7<br>LEI: 254900SHCOQLVJ21CT59 | Long             | DBT              | CORP              | US        |    100000 | PA      | $110153.50    | 0.07%             | 2034-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132DQQD1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    625819 | PA      | $553385.52    | 0.34%             | 2052-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                           | Brown & Brown Inc                                                               | CUSIP: 115236AL5<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15382.18     | 0.01%             | 2032-06-23      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN GEN LLC                    | Constellation Energy Generation LLC                                             | CUSIP: 210385AC4<br>LEI: S2PEWKCZFFECR4533P43 | Long             | DBT              | CORP              | US        |    200000 | PA      | $213681.63    | 0.13%             | 2033-03-01      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| VIPER ENERGY PARTNERS LL                    | Viper Energy Partners LLC                                                       | CUSIP: 92764MAB0<br>LEI: 54930010ZZ02MRGRI973 | Long             | DBT              | CORP              | US        |     34000 | PA      | $34684.76     | 0.02%             | 2035-08-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| ARES CLO Ltd                                | Ares LXV CLO Ltd                                                                | CUSIP: 04019FAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250574.00    | 0.16%             | 2034-07-25      | Floating      | 5.28%                 | No            |                  2 | On Loan: No      |
| Eli Lilly & Co                              | Eli Lilly & Co                                                                  | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2519 | NS      | $1921997.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                  | CUSIP: 61747YFB6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10479.76     | 0.01%             | 2038-01-19      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                     | MPT Operating Partnership LP / MPT Finance Corp                                 | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $18381.30     | 0.01%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENEL FINANCE INTL NV                        | Enel Finance International NV                                                   | CUSIP: 29278GAF5<br>LEI: 0YQH6LCEF474UTUV4B96 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $196380.50    | 0.12%             | 2028-04-06      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                                                | CUSIP: 3132DQGL4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    524586 | PA      | $426793.86    | 0.27%             | 2051-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PROLOGIS TARGETED US                        | Prologis Targeted US Logistics Fund LP                                          | CUSIP: 74350LAA2<br>LEI: 5493004DTBWUQ9F2VJ87 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103226.71    | 0.06%             | 2029-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA2                                         | CUSIP: 35564NHY2<br>LEI: 529900XX8WXEM4FBIH80 | Long             | ABS-MBS          | CORP              | US        |     31450 | PA      | $31498.15     | 0.02%             | 2045-05-25      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES                       | TransCanada PipeLines Ltd                                                       | CUSIP: 89352HAW9<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $100050.24    | 0.06%             | 2028-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Applied Materials Inc                       | Applied Materials Inc                                                           | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      5546 | NS      | $1135488.04   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $75618.75     | 0.05%             | 2040-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC                             | Rain Carbon Inc                                                                 | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53543.35     | 0.03%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| EXELON CORP                                 | Exelon Corp                                                                     | CUSIP: 30161NAX9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197876.94    | 0.12%             | 2030-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| Chevron Corp                                | Chevron Corp                                                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9070 | NS      | $1408480.30   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Trust 2013-GC13                                          | CUSIP: 36198EAP0<br>LEI: 549300WF5YRKNHB1FX69 | Long             | ABS-MBS          | CORP              | US        |     28202 | PA      | $27905.25     | 0.02%             | 2046-07-10      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2022-4 Mortgage Loan Trust                                                 | CUSIP: 19685GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67014 | PA      | $66766.10     | 0.04%             | 2067-03-25      | Variable      | 4.30%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                                              | CUSIP: 05971KAG4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $181552.30    | 0.11%             | 2030-12-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                      | Philip Morris International Inc                                                 | CUSIP: 718172DB2<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208782.04    | 0.13%             | 2033-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AKER BP ASA                                 | Aker BP ASA                                                                     | CUSIP: 00973RAJ2<br>LEI: 549300NFTY73920OYK69 | Long             | DBT              | CORP              | NO        |    200000 | PA      | $192748.82    | 0.12%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                                                         | CUSIP: 55336VBY5<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151227.79    | 0.09%             | 2035-04-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                                                | CUSIP: 87264ABF1<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196127.03    | 0.12%             | 2030-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810RS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    885000 | PA      | $621677.93    | 0.39%             | 2046-05-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp                              | Microsoft Corp                                                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     21051 | NS      | $10903365.45  | 6.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                              | Lowe's Cos Inc                                                                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      8232 | NS      | $2068783.92   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTHUR J GALLAGHER & CO                     | Arthur J Gallagher & Co                                                         | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51026.30     | 0.03%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                                               | CUSIP: 3136BTGC1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    155068 | PA      | $153807.51    | 0.10%             | 2054-11-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                  | Fiserv Inc                                                                      | CUSIP: 337738BC1<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138909.81    | 0.09%             | 2030-06-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                            | Paramount Global                                                                | CUSIP: 92556HAD9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93157.67     | 0.06%             | 2032-05-19      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                          | Royalty Pharma PLC                                                              | CUSIP: 78081BAN3<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |    300000 | PA      | $261342.68    | 0.16%             | 2031-09-02      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley BAML Trust                   | Morgan Stanley Bank of America Merrill Lynch Trust 2015-C27                     | CUSIP: 61690AAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     24000 | PA      | $23866.45     | 0.01%             | 2047-12-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                                        | CUSIP: 00206RMM1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    250000 | PA      | $212883.33    | 0.13%             | 2033-12-01      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| DANSKE BANK A/S                             | Danske Bank A/S                                                                 | CUSIP: 23636ABH3<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | DBT              | CORP              | DK        |    200000 | PA      | $208123.44    | 0.13%             | 2030-03-01      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    390000 | PA      | $321810.94    | 0.20%             | 2053-05-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION              | CDS CARNIVAL CORP                                                               | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |         1 | NC      | $725.50       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CSAIL Commercial Mortgage Trus              | CSAIL 2015-C3 Commercial Mortgage Trust                                         | CUSIP: 12635FAT1<br>LEI: 549300ZAGI6FKGY8O078 | Long             | ABS-MBS          | CORP              | US        |       593 | PA      | $588.07       | 0.00%             | 2048-08-15      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-VOLT                                          | CUSIP: 05609VAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125948 | PA      | $125558.95    | 0.08%             | 2036-09-15      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC                    | F&G Annuities & Life Inc                                                        | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $52140.68     | 0.03%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION              | SWOP CDS CDX.NA.HY.44.V1                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |  -1500000 | NC      | $-2199.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                         | JPMorgan Chase & Co                                                             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     11584 | NS      | $3653941.12   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2025-DNA1                                         | CUSIP: 35564NFY4<br>LEI: 529900WZAMS87JCAOC53 | Long             | ABS-MBS          | CORP              | US        |     35112 | PA      | $35140.55     | 0.02%             | 2045-01-25      | Floating      | 5.31%                 | No            |                  2 | On Loan: No      |
| MITER BRAND / MIWD BORR                     | Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC                         | CUSIP: 60672JAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $102707.80    | 0.06%             | 2032-04-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                                         | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $15041.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                                   | Linde PLC                                                                       | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | US        |      6972 | NS      | $3311700.00   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                 | Walmart Inc                                                                     | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     30719 | NS      | $3165900.14   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS INC                                | Synopsys Inc                                                                    | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102197.49    | 0.06%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Firstkey Homes Trust                        | FirstKey Homes 2020-SFR2 Trust                                                  | CUSIP: 33767JAA0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    125666 | PA      | $125080.13    | 0.08%             | 2037-10-19      | Fixed         | 1.27%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                         | Dominion Energy Inc                                                             | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96071.63     | 0.06%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WW Grainger Inc                             | WW Grainger Inc                                                                 | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1625 | NS      | $1548560.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KODIAK GAS SERVICES LLC                     | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15271.26     | 0.01%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                       | CUSIP: 00774MAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $134798.97    | 0.08%             | 2033-10-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                   | Amgen Inc                                                                       | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103612.79    | 0.06%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                         | NCL Corp Ltd                                                                    | CUSIP: 62886HBZ3<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     10000 | PA      | $10055.87     | 0.01%             | 2033-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                                           | CUSIP: 89788MAQ5<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     50000 | PA      | $54167.01     | 0.03%             | 2029-10-30      | Fixed         | 7.16%                 | No            |                  2 | On Loan: No      |
| Chase Mortgage Finance Corpora              | Chase Home Lending Mortgage Trust 2025-7                                        | CUSIP: 16160AAZ2<br>LEI: 529900D1PFVOAYCPMB10 | Long             | ABS-MBS          | CORP              | US        |     33526 | PA      | $33608.24     | 0.02%             | 2056-05-25      | Floating      | 5.76%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2025-R02                                    | CUSIP: 20754TAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     21375 | PA      | $21386.34     | 0.01%             | 2045-02-25      | Floating      | 5.35%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0526A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1580000 | PA      | $1593578.20   | 0.99%             | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRANSCONT GAS PIPE LINE                     | Transcontinental Gas Pipe Line Co LLC                                           | CUSIP: 893574AP8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95372.05     | 0.06%             | 2030-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                    | Fox Corp                                                                        | CUSIP: 35137LAL9<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121113.33    | 0.08%             | 2030-04-08      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                                                  | CUSIP: 61747YED3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    500000 | PA      | $441795.76    | 0.27%             | 2032-07-21      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         4 | NC      | $-1570.30     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Home Partners of America Trust              | Home Partners of America 2021-2 Trust                                           | CUSIP: 43732VAA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201494 | PA      | $195909.73    | 0.12%             | 2026-12-17      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2015-P2                                   | CUSIP: 95000AAZ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    115000 | PA      | $113852.92    | 0.07%             | 2048-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 30711XSX3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     22403 | PA      | $23035.27     | 0.01%             | 2030-02-25      | Floating      | 7.27%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUNDING                       | Athene Global Funding                                                           | CUSIP: 04685A4S7<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50677.09     | 0.03%             | 2035-08-22      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2024-4                                               | CUSIP: 92540GAA6<br>LEI: 213800WNY873LW1L3M73 | Long             | ABS-MBS          | CORP              | US        |     72101 | PA      | $73766.31     | 0.05%             | 2069-06-25      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2015-CCRE26 Mortgage Trust                                                 | CUSIP: 12593QBH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $39344.52     | 0.02%             | 2048-10-10      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| NIKE Inc                                    | NIKE Inc                                                                        | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      7385 | NS      | $514956.05    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Global Market Strategi              | Carlyle Global Market Strategies CLO 2016-1 Ltd                                 | CUSIP: 14312HBE5<br>LEI: 549300N3CJKPCWZ7KX23 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250247.25    | 0.16%             | 2034-04-20      | Floating      | 5.42%                 | No            |                  2 | On Loan: No      |
| CITIBANK, NATIONAL ASSOCIATION              | SWOP CDS CDX.NA.HY.44.V1                                                        | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DCR              | CORP              | US        |   2100000 | NC      | $7371.89      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FOUNDRY JV HOLDCO LLC                       | Foundry JV Holdco LLC                                                           | CUSIP: 350930AD5<br>LEI: 21380048QROAMGM6EP30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $214083.22    | 0.13%             | 2035-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                      | CUSIP: 21H0426A2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    360000 | PA      | $349143.77    | 0.22%             | 2055-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                    | RHP Hotel Properties LP / RHP Finance Corp                                      | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51408.13     | 0.03%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                      | Pacific Gas and Electric Co                                                     | CUSIP: 694308JT5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    150000 | PA      | $137992.74    | 0.09%             | 2031-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                    | RHP Hotel Properties LP / RHP Finance Corp                                      | CUSIP: 749571AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25747.63     | 0.02%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                    | Federal Farm Credit Banks Funding Corp                                          | CUSIP: 3133EMRX2<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    140000 | PA      | $111435.49    | 0.07%             | 2036-02-25      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                                             | CUSIP: 46647PEC6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51894.86     | 0.03%             | 2035-01-23      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                                              | CUSIP: 36179XBQ8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    237497 | PA      | $204718.06    | 0.13%             | 2052-07-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| RTX Corp                                    | RTX Corp                                                                        | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     16063 | NS      | $2687821.79   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHTEAD CAPITAL INC                         | Ashtead Capital Inc                                                             | CUSIP: 045054AS2<br>LEI: 213800J1134IW58IC398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $209564.80    | 0.13%             | 2034-04-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    425000 | PA      | $271003.91    | 0.17%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| BROWN & BROWN INC                           | Brown & Brown Inc                                                               | CUSIP: 115236AM3<br>LEI: 549300PC8KTJ71XKFY89 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30863.67     | 0.02%             | 2035-06-23      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2016-P4                                     | CUSIP: 29429EAB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     30896 | PA      | $30643.13     | 0.02%             | 2049-07-10      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2022-IND                                                               | CUSIP: 05609WAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    111397 | PA      | $111431.46    | 0.07%             | 2037-04-15      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Ecolab Inc                                  | Ecolab Inc                                                                      | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      5424 | NS      | $1485416.64   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| HESS CORP                                   | Hess Corp                                                                       | CUSIP: 023551AM6<br>LEI: UASVRYNXNK17ULIGK870 | Long             | DBT              | CORP              | US        |    200000 | PA      | $232113.95    | 0.14%             | 2033-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Nasdaq Inc                                  | Nasdaq Inc                                                                      | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |     26722 | NS      | $2363560.90   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| QNITY ELECTRONICS INC                       | Qnity Electronics Inc                                                           | CUSIP: 74743LAB6<br>LEI: 254900RSUG4J9TFFZX53 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5105.86      | 0.00%             | 2033-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                    | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     25000 | PA      | $24990.79     | 0.02%             | 2025-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2015-C31                                  | CUSIP: 94989WAS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9608 | PA      | $9588.46      | 0.01%             | 2048-11-15      | Fixed         | 3.69%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                                            | CUSIP: 969457BX7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47792.80     | 0.03%             | 2030-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Abbott Laboratories                         | Abbott Laboratories                                                             | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     18467 | NS      | $2473469.98   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae - CAS                            | Fannie Mae Connecticut Avenue Securities                                        | CUSIP: 30711XR63<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | CORP              | US        |     17666 | PA      | $18172.77     | 0.01%             | 2030-12-25      | Floating      | 7.02%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                   | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102853.30    | 0.06%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO GAS CAPITAL                     | Southern Co Gas Capital Corp                                                    | CUSIP: 8426EPAF5<br>LEI: E8CD46SWUD2TSN8PA636 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102636.58    | 0.06%             | 2032-09-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WF-RBS COMMERCIAL MORTGAGE TRU              | WFRBS Commercial Mortgage Trust 2014-C23                                        | CUSIP: 92939HBB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     33000 | PA      | $31942.17     | 0.02%             | 2057-10-15      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING                    | JH North America Holdings Inc                                                   | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25356.13     | 0.02%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX 2021-LBA3 Mortgage Trust                                                     | CUSIP: 05609PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    130000 | PA      | $129590.49    | 0.08%             | 2036-10-15      | Floating      | 5.16%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    573000 | PA      | $417618.51    | 0.26%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                                         | CUSIP: 44891ADX2<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102954.84    | 0.06%             | 2032-06-23      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| ABN AMRO BANK NV                            | ABN AMRO Bank NV                                                                | CUSIP: 00084DBA7<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $203904.90    | 0.13%             | 2027-09-18      | Fixed         | 6.34%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                                                | CUSIP: 912810TB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    866000 | PA      | $489492.97    | 0.30%             | 2051-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| CARLISLE COS INC                            | Carlisle Cos Inc                                                                | CUSIP: 142339AN0<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15189.01     | 0.01%             | 2035-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                                       | CUSIP: 01F0206A2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    280000 | PA      | $225684.37    | 0.14%             | 2055-10-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401ABC4<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $98804.46     | 0.06%             | 2032-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                          | Essex Portfolio LP                                                              | CUSIP: 29717PBB2<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51615.29     | 0.03%             | 2035-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                         | American Tower Corp                                                             | CUSIP: 03027XCP3<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154099.46    | 0.10%             | 2035-03-15      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| SAN BERNARDINO CA CMNTY CLG DI              | San Bernardino Community College District                                       | CUSIP: 796720PN4<br>LEI: 549300Y4FPTEP3EQZ007 | Long             | DBT              | MUN               | US        |    250000 | PA      | $190308.83    | 0.12%             | 2041-08-01      | Fixed         | 2.69%                 | No            |                  2 | On Loan: No      |
| RGA GLOBAL FUNDING                          | RGA Global Funding                                                              | CUSIP: 76209PAD5<br>LEI: 549300Y22K5FOEBMSK42 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104350.56    | 0.06%             | 2031-01-11      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                                      | CUSIP: 21H0326A3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    540000 | PA      | $492581.25    | 0.31%             | 2055-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                            | Societe Generale SA                                                             | CUSIP: 83368RBC5<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |    200000 | PA      | $196396.73    | 0.12%             | 2027-06-09      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| Becton Dickinson & Co                       | Becton Dickinson & Co                                                           | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      5855 | NS      | $1095880.35   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                                     | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91837.84     | 0.06%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                       | Caesars Entertainment Inc                                                       | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |     65000 | PA      | $62166.36     | 0.04%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                    | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175BU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $180662.08    | 0.11%             | 2031-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                  | DaVita Inc                                                                      | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95784.98     | 0.06%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC                         | Cheniere Energy Inc                                                             | CUSIP: 16411RAN9<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51515.20     | 0.03%             | 2034-04-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

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

**Signature:** Cameron Jeffreys, CFA

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

**Title:** Senior Vice President