# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0000940400-25-011521
**Filing Date:** 2025-11
**Character Count:** 191539
**Document Hash:** 8ca412decc2497f65bbcc242855847d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011521.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011521

**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:** 251534541

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

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

## Series and Classes Contracts Data

### Global Atlantic BlackRock High Yield Portfolio (Series ID: S000052678)

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

## Nport-Ex

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Corporate Bonds and Notes - 99.1%** |  |  |
| **Advertising - 0.2%** |  |  |
| Lamar Media Corp., 5.38%, 11/1/33<sup>(a)</sup> | $70000 | $69514 |
| **Aerospace & Defense - 2.5%** |  |  |
| Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 7/1/31<sup>(a)</sup> | $104000 | 110045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 6/15/33<sup>(a)</sup> | 101000 | 105394 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 8/15/28<sup>(a)</sup> | 159000 | 162035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/29<sup>(a)</sup> | 64000 | 65430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/30<sup>(a)</sup> | 232000 | 240387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/1/31<sup>(a)</sup> | 250000 | 260563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 3/1/32<sup>(a)</sup> | 46000 | 47353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 5/31/33<sup>(a)</sup> | 115000 | 116174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/31/34<sup>(a)</sup> | 5000 | 5137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/31/34<sup>(a)</sup> | 15000 | 15509 |
|  |  | 1128027 |
| **Agriculture - 0.3%** |  |  |
| Turning Point Brands, Inc., 7.63%, 3/15/32<sup>(a)</sup> | 123000 | 130121 |
| **Apparel - 0.1%** |  |  |
| VF Corp., 6.45%, 11/1/37 | 56000 | 52540 |
| **Auto Manufacturers - 3.0%** |  |  |
| Aston Martin Capital Holdings Ltd., 10.00%, 3/31/29<sup>(a)</sup> | 242000 | 236918 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30<sup>(a)</sup> | 229000 | 245039 |
| Nissan Motor Acceptance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 9/15/26<sup>(a)</sup> | 135000 | 136750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 9/15/28<sup>(a)</sup> | 43000 | 44716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 9/29/28<sup>(a)</sup> | 30000 | 30011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 9/30/30<sup>(a)</sup> | 105000 | 104972 |
| Nissan Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 7/17/30<sup>(a)</sup> | 110000 | 115436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 7/17/32<sup>(a)</sup> | 135000 | 142794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 7/17/35<sup>(a)</sup> | 152000 | 163176 |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 1/15/31<sup>(a)</sup> | 125000 | 116327 |
|  |  | 1336139 |
| **Auto Parts & Equipment - 1.2%** |  |  |
| Adient Global Holdings Ltd., 8.25%, 4/15/31<sup>(a)</sup> | 21000 | 22022 |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 5/31/32<sup>(a)</sup> | 330000 | 345893 |
| Phinia, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 4/15/29<sup>(a)</sup> | 88000 | 90766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 10/15/32<sup>(a)</sup> | 64000 | 65955 |
|  |  | 524636 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Banks - 1.7%** |  |  |
| Canadian Imperial Bank of Commerce, 6.95%, (US 5 Year CMT T-Note + 2.83%), 1/28/85<sup>(b)</sup> | $301000 | $305239 |
| Intesa Sanpaolo SpA, 8.25%, (US 1 Year CMT T-Note + 4.40%), 11/21/33<sup>(a),(b)</sup> | 200000 | 236022 |
| Popular, Inc., 7.25%, 3/13/28 | 166000 | 173463 |
| Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 5/6/31<sup>(b)</sup> | 52000 | 51250 |
|  |  | 765974 |
| **Building Materials - 0.5%** |  |  |
| Jeld-Wen, Inc., 7.00%, 9/1/32<sup>(a)</sup> | 45000 | 38028 |
| Knife River Corp., 7.75%, 5/1/31<sup>(a)</sup> | 131000 | 137456 |
| Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31<sup>(a)</sup> | 66000 | 69640 |
|  |  | 245124 |
| **Chemicals - 1.8%** |  |  |
| Celanese US Holdings LLC, 6.67%, 7/15/27 | 10000 | 10255 |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 6/15/28<sup>(a)</sup> | 219000 | 218704 |
| NOVA Chemicals Corp., 9.00%, 2/15/30<sup>(a)</sup> | 75000 | 80409 |
| Rain Carbon, Inc., 12.25%, 9/1/29<sup>(a)</sup> | 187000 | 200252 |
| SK Invictus Intermediate II Sarl, 5.00%, 10/30/29<sup>(a)</sup> | 297000 | 290721 |
|  |  | 800341 |
| **Coal - 0.1%** |  |  |
| Warrior Met Coal, Inc., 7.88%, 12/1/28<sup>(a)</sup> | 36000 | 36538 |
| **Commercial Services - 1.8%** |  |  |
| Adt Security Corp. (The), 5.88%, 10/15/33<sup>(a)</sup> | 105000 | 105000 |
| Adtalem Global Education, Inc., 5.50%, 3/1/28<sup>(a)</sup> | 148000 | 147480 |
| Alta Equipment Group, Inc., 9.00%, 6/1/29<sup>(a)</sup> | 69000 | 64373 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.38%, 6/15/32<sup>(a)</sup> | 23000 | 24055 |
| Belron UK Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | 157000 | 159046 |
| CoreCivic, Inc., 8.25%, 4/15/29 | 122000 | 128886 |
| Deluxe Corp., 8.13%, 9/15/29<sup>(a)</sup> | 60000 | 62682 |
| GEO Group, Inc. (The), 8.63%, 4/15/29 | 63000 | 66698 |
| Hertz Corp. (The), 12.63%, 7/15/29<sup>(a)</sup> | 34000 | 36046 |
| VT Topco, Inc., 8.50%, 8/15/30<sup>(a)</sup> | 27000 | 27474 |
|  |  | 821740 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Computers - 2.1%** |  |  |
| CACI International, Inc., 6.38%, 6/15/33<sup>(a)</sup> | $167000 | $172346 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30<sup>(a)</sup> | 83000 | 87633 |
| KBR, Inc., 4.75%, 9/30/28<sup>(a)</sup> | 38000 | 37581 |
| NCR Atleos Corp., 9.50%, 4/1/29<sup>(a)</sup> | 251000 | 271774 |
| Seagate Data Storage Technology Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 12/15/29<sup>(a)</sup> | 29000 | 30699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 7/15/30<sup>(a)</sup> | 70000 | 71212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 12/1/32<sup>(a)</sup> | 215000 | 243511 |
|  |  | 914756 |
| **Distribution & Wholesale - 0.2%** |  |  |
| RB Global Holdings, Inc., 7.75%, 3/15/31<sup>(a)</sup> | 33000 | 34515 |
| Windsor Holdings III LLC, 8.50%, 6/15/30<sup>(a)</sup> | 45000 | 47637 |
|  |  | 82152 |
| **Diversified Financial Services - 12.7%** |  |  |
| Ally Financial, Inc., 6.65%, (US 5 Year CMT T-Note + 2.45%), 1/17/40<sup>(b)</sup> | 149000 | 148974 |
| Atlanticus Holdings Corp., 9.75%, 9/1/30<sup>(a)</sup> | 165000 | 162792 |
| Bread Financial Holdings, Inc., 9.75%, 3/15/29<sup>(a)</sup> | 160000 | 170783 |
| Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 4/15/30<sup>(a)</sup> | 105000 | 105502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 7/1/31<sup>(a)</sup> | 262000 | 278386 |
| Coinbase Global, Inc., 3.38%, 10/1/28<sup>(a)</sup> | 404000 | 383438 |
| Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/28<sup>(a)</sup> | 284000 | 298382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 3/15/30<sup>(a)</sup> | 67000 | 67173 |
| Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 12/15/28<sup>(a)</sup> | 175000 | 186283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 8/1/29<sup>(a)</sup> | 147000 | 154735 |
| EZCORP, Inc., 7.38%, 4/1/32<sup>(a)</sup> | 87000 | 92697 |
| Freedom Mortgage Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 2/1/29<sup>(a)</sup> | 96000 | 101310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 5/15/31<sup>(a)</sup> | 50000 | 53173 |
| GGAM Finance Ltd., 8.00%, 6/15/28<sup>(a)</sup> | 28000 | 29638 |
| Goeasy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/1/28<sup>(a)</sup> | 165000 | 172246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 7/1/29<sup>(a)</sup> | 114000 | 115448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/1/30<sup>(a)</sup> | 118000 | 118578 |
| Jane Street Group / JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 4/30/31<sup>(a)</sup> | 42000 | 44074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/1/33<sup>(a)</sup> | 90000 | 93342 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 8/1/29<sup>(a)</sup> | 70000 | 71839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/31<sup>(a)</sup> | 241000 | 243531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 2/1/32<sup>(a)</sup> | 37000 | 38702 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Diversified Financial Services (continued)** |  |  |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 5/15/29 | $130000 | $133632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 3/15/30 | 129000 | 136513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 5/15/31 | 187000 | 195403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/31 | 64000 | 66374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 9/15/32 | 64000 | 66119 |
| Osaic Holdings, Inc., 6.75%, 8/1/32<sup>(a)</sup> | 15000 | 15490 |
| Pennymac Financial Services, Inc., 6.88%, 5/15/32<sup>(a)</sup> | 169000 | 175117 |
| PennyMac Financial Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/15/29<sup>(a)</sup> | 78000 | 82781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 2/15/33<sup>(a)</sup> | 70000 | 72319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 2/15/34<sup>(a)</sup> | 20000 | 20405 |
| Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 8/1/30<sup>(a)</sup> | 130000 | 133738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 8/1/33<sup>(a)</sup> | 21000 | 21692 |
| SLM Corp., 6.50%, 1/31/30 | 106000 | 110494 |
| Stonex Escrow Issuer LLC, 6.88%, 7/15/32<sup>(a)</sup> | 45000 | 46324 |
| StoneX Group, Inc., 7.88%, 3/1/31<sup>(a)</sup> | 245000 | 257467 |
| Synchrony Financial, 7.25%, 2/2/33 | 322000 | 343405 |
| United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 6/15/27<sup>(a)</sup> | 68000 | 67943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 4/15/29<sup>(a)</sup> | 43000 | 42418 |
| UWM Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 2/1/30<sup>(a)</sup> | 174000 | 177187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/15/31<sup>(a)</sup> | 134000 | 133370 |
| VFH Parent LLC / Valor Co.-Issuer, Inc., 7.50%, 6/15/31<sup>(a)</sup> | 209000 | 216141 |
|  |  | 5645358 |
| **Electric - 2.1%** |  |  |
| Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, (US 5 Year CMT T-Note + 3.86%), 6/15/53<sup>(b)</sup> | 66000 | 67452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, (US 5 Year CMT T-Note + 3.66%), 6/15/54<sup>(b)</sup> | 64000 | 65290 |
| Electricite de France SA, 9.13%, (US 5 Year CMT T-Note + 5.41%), 12/15/73<sup>(a),(b)</sup> | 21000 | 24338 |
| Hawaiian Electric Co., Inc., 6.00%, 10/1/33<sup>(a)</sup> | 45000 | 45372 |
| PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/28 | 125000 | 123843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/1/30 | 51000 | 50302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, (US 5 Year CMT T-Note + 3.88%), 3/15/55<sup>(b)</sup> | 105000 | 107849 |
| Talen Energy Supply LLC, 8.63%, 6/1/30<sup>(a)</sup> | 90000 | 95537 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Electric (continued)** |  |  |
| Vistra Operations Co. LLC, 7.75%, 10/15/31<sup>(a)</sup> | $325000 | $343925 |
|  |  | 923908 |
| **Electrical Components & Equipment - 0.1%** |  |  |
| WESCO Distribution, Inc., 6.38%, 3/15/33<sup>(a)</sup> | 25000 | 25916 |
| **Engineering & Construction - 1.2%** |  |  |
| AECOM, 6.00%, 8/1/33<sup>(a)</sup> | 105000 | 107371 |
| Brand Industrial Services, Inc., 10.38%, 8/1/30<sup>(a)</sup> | 50000 | 49803 |
| HTA Group Ltd., 7.50%, 6/4/29<sup>(a)</sup> | 355000 | 368214 |
|  |  | 525388 |
| **Entertainment - 3.2%** |  |  |
| Churchill Downs, Inc., 6.75%, 5/1/31<sup>(a)</sup> | 100000 | 102503 |
| Flutter Treasury Dac, 5.88%, 6/4/31<sup>(a)</sup> | 31000 | 31470 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/15/29<sup>(a)</sup> | 168000 | 172408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 9/1/31<sup>(a)</sup> | 219000 | 227900 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 5/1/29<sup>(a)</sup> | 40000 | 38880 |
| Resorts World Las Vegas LLC / RWLV Capital, Inc., 8.45%, 7/27/30<sup>(a)</sup> | 65000 | 66033 |
| Starz Capital Holdings 1, Inc., 6.00%, 4/15/30<sup>(a)</sup> | 98000 | 92937 |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 3/15/29 | 120000 | 115650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 3/15/32 | 277000 | 253801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 3/15/42 | 312000 | 248820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 3/15/52 | 77000 | 57317 |
|  |  | 1407719 |
| **Food - 2.5%** |  |  |
| Albertsons Cos, Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 2/15/28<sup>(a)</sup> | 64000 | 65032 |
| Performance Food Group, Inc., 6.13%, 9/15/32<sup>(a)</sup> | 139000 | 142378 |
| Pilgrim's Pride Corp., 6.88%, 5/15/34 | 140000 | 154570 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/29<sup>(a)</sup> | 133000 | 132420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 3/1/33<sup>(a)</sup> | 278000 | 280595 |
| US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 9/15/28<sup>(a)</sup> | 129000 | 132957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 1/15/32<sup>(a)</sup> | 130000 | 136070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 4/15/33<sup>(a)</sup> | 58000 | 58318 |
|  |  | 1102340 |
| **Forest Products & Paper - 0.2%** |  |  |
| Domtar Corp., 6.75%, 10/1/28<sup>(a)</sup> | 98000 | 84448 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Gas - 0.8%** |  |  |
| AmeriGas Partners LP / AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 5/20/27 | $113000 | $112979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 6/1/28<sup>(a)</sup> | 192000 | 197154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 6/1/30<sup>(a)</sup> | 65000 | 68047 |
|  |  | 378180 |
| **Healthcare-Products - 0.5%** |  |  |
| Insulet Corp., 6.50%, 4/1/33<sup>(a)</sup> | 209000 | 217298 |
| **Healthcare-Services - 1.1%** |  |  |
| DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 6/1/30<sup>(a)</sup> | 46000 | 44061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 9/1/32<sup>(a)</sup> | 188000 | 194197 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/1/28 | 133000 | 133112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 6/15/30 | 95000 | 96239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/15/31 | 13000 | 13459 |
|  |  | 481068 |
| **Holding Companies-Divers - 0.2%** |  |  |
| Stena International SA, 7.25%, 1/15/31<sup>(a)</sup> | 75000 | 76444 |
| **Home Builders - 0.8%** |  |  |
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 6.25%, 9/15/27<sup>(a)</sup> | 84000 | 83784 |
| Century Communities, Inc., 6.63%, 9/15/33<sup>(a)</sup> | 93000 | 93829 |
| Thor Industries, Inc., 4.00%, 10/15/29<sup>(a)</sup> | 198000 | 187608 |
|  |  | 365221 |
| **Home Furnishings - 0.4%** |  |  |
| Somnigroup International, Inc., 4.00%, 4/15/29<sup>(a)</sup> | 160000 | 153572 |
| Whirlpool Corp., 6.13%, 6/15/30 | 40000 | 40298 |
|  |  | 193870 |
| **Insurance - 0.9%** |  |  |
| Acrisure LLC / Acrisure Finance, Inc., 6.75%, 7/1/32<sup>(a)</sup> | 30000 | 30891 |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 5/15/31<sup>(a)</sup> | 275000 | 285503 |
| Ryan Specialty LLC, 5.88%, 8/1/32<sup>(a)</sup> | 85000 | 85985 |
|  |  | 402379 |
| **Internet - 3.8%** |  |  |
| Cogent Communications Group LLC, 7.00%, 6/15/27<sup>(a)</sup> | 147000 | 146846 |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 9/30/30<sup>(a)</sup> | 56000 | 57657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 4/1/33<sup>(a)</sup> | 23000 | 23480 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Internet (continued)** |  |  |
| Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 2/15/29<sup>(a)</sup> | $142000 | $141609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 9/15/33<sup>(a)</sup> | 165000 | 166449 |
| Rakuten Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25%, 2/15/27<sup>(a)</sup> | 265000 | 287326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 4/15/29<sup>(a)</sup> | 165000 | 185579 |
| Snap, Inc., 6.88%, 3/1/33<sup>(a)</sup> | 300000 | 306629 |
| Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/29<sup>(a)</sup> | 253000 | 261007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 9/15/30<sup>(a)</sup> | 115000 | 120749 |
|  |  | 1697331 |
| **Investment Companies - 1.1%** |  |  |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 1/15/29 | 208000 | 209924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 11/15/29<sup>(a)</sup> | 201000 | 202422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 6/15/30 | 82000 | 79102 |
|  |  | 491448 |
| **Iron & Steel - 1.1%** |  |  |
| Algoma Steel, Inc., 9.13%, 4/15/29<sup>(a)</sup> | 137000 | 116739 |
| Champion Iron Canada, Inc., 7.88%, 7/15/32<sup>(a)</sup> | 50000 | 52274 |
| Cleveland-Cliffs, Inc., 7.63%, 1/15/34<sup>(a)</sup> | 80000 | 82482 |
| Infrabuild Australia Pty Ltd., 14.50%, 11/15/28<sup>(a)</sup> | 70000 | 75273 |
| Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 5/1/30<sup>(a)</sup> | 84000 | 87370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 4/1/31<sup>(a)</sup> | 68000 | 68815 |
|  |  | 482953 |
| **Leisure Time - 1.9%** |  |  |
| Amer Sports Co., 6.75%, 2/16/31<sup>(a)</sup> | 330000 | 343661 |
| Life Time, Inc., 6.00%, 11/15/31<sup>(a)</sup> | 191000 | 193894 |
| Lindblad Expeditions LLC, 7.00%, 9/15/30<sup>(a)</sup> | 20000 | 20386 |
| Royal Caribbean Cruises Ltd., 5.50%, 8/31/26<sup>(a)</sup> | 61000 | 61256 |
| Sabre GLBL, Inc., 11.25%, 12/15/27<sup>(a)</sup> | 86000 | 89682 |
| Viking Cruises Ltd., 5.88%, 10/15/33<sup>(a)</sup> | 120000 | 120118 |
|  |  | 828997 |
| **Lodging - 1.3%** |  |  |
| Genting New York LLC / GENNY Capital, Inc., 7.25%, 10/1/29<sup>(a)</sup> | 177000 | 182831 |
| Hilton Domestic Operating Co., Inc., 6.13%, 4/1/32<sup>(a)</sup> | 169000 | 173725 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.63%, 1/15/32<sup>(a)</sup> | 80000 | 81256 |
| MGM Resorts International, 6.13%, 9/15/29 | 31000 | 31556 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Lodging (continued)** |  |  |
| Station Casinos LLC, 6.63%, 3/15/32<sup>(a)</sup> | $89000 | $91427 |
|  |  | 560795 |
| **Machinery-Diversified - 0.0%<sup>†</sup>** |  |  |
| Esab Corp., 6.25%, 4/15/29<sup>(a)</sup> | 11000 | 11303 |
| **Media - 4.9%** |  |  |
| AMC Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 1/15/29<sup>(a)</sup> | 147000 | 154901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 7/15/32<sup>(a)</sup> | 105000 | 111031 |
| CCO Holdings LLC / CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/1/28<sup>(a)</sup> | 46000 | 45488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 6/1/29<sup>(a)</sup> | 75000 | 74499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 3/1/30<sup>(a)</sup> | 100000 | 95977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/15/30<sup>(a)</sup> | 26000 | 24557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 2/1/31<sup>(a)</sup> | 94000 | 86594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 3/1/31<sup>(a)</sup> | 351000 | 362664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/1/32 | 146000 | 132865 |
| Directv Financing LLC, 8.88%, 2/1/30<sup>(a)</sup> | 45000 | 44446 |
| Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 8/15/27<sup>(a)</sup> | 139000 | 138851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 2/15/31<sup>(a)</sup> | 89000 | 88858 |
| Discovery Communications LLC, 5.00%, 9/20/37 | 95000 | 81721 |
| Gray Media, Inc., 10.50%, 7/15/29<sup>(a)</sup> | 21000 | 22689 |
| Nexstar Media, Inc., 4.75%, 11/1/28<sup>(a)</sup> | 200000 | 195210 |
| Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/31/32<sup>(a)</sup> | 182000 | 127575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 2/15/33<sup>(a)</sup> | 66000 | 67880 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 7/1/29<sup>(a)</sup> | 45000 | 45007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 7/1/30<sup>(a)</sup> | 21000 | 19693 |
| TEGNA, Inc., 5.00%, 9/15/29 | 22000 | 21879 |
| Univision Communications, Inc., 8.00%, 8/15/28<sup>(a)</sup> | 125000 | 129511 |
| Virgin Media Secured Finance PLC, 5.50%, 5/15/29<sup>(a)</sup> | 118000 | 116707 |
|  |  | 2188603 |
| **Metal Fabricate & Hardware - 0.7%** |  |  |
| Vallourec SACA, 7.50%, 4/15/32<sup>(a)</sup> | 300000 | 319634 |
| **Mining - 3.0%** |  |  |
| Century Aluminum Co., 6.88%, 8/1/32<sup>(a)</sup> | 183000 | 189632 |
| Eldorado Gold Corp., 6.25%, 9/1/29<sup>(a)</sup> | 221000 | 221448 |
| FMG Resources August 2006 Pty Ltd., 6.13%, 4/15/32<sup>(a)</sup> | 207000 | 213909 |
| Hecla Mining Co., 7.25%, 2/15/28 | 2000 | 2018 |
| Ivanhoe Mines Ltd., 7.88%, 1/23/30<sup>(a)</sup> | 32000 | 32999 |
| New Gold, Inc., 6.88%, 4/1/32<sup>(a)</sup> | 153000 | 160246 |
| Novelis Corp., 6.88%, 1/30/30<sup>(a)</sup> | 165000 | 171096 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Mining (continued)** |  |  |
| Perenti Finance Pty Ltd., 7.50%, 4/26/29<sup>(a)</sup> | $140000 | $146383 |
| Taseko Mines Ltd., 8.25%, 5/1/30<sup>(a)</sup> | 186000 | 196975 |
|  |  | 1334706 |
| **Miscellaneous Manufacturing - 0.4%** |  |  |
| EnPro, Inc., 6.13%, 6/1/33<sup>(a)</sup> | 174000 | 177836 |
| **Office & Business Equipment - 0.3%** |  |  |
| Pitney Bowes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/15/27<sup>(a)</sup> | 15000 | 14981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/15/29<sup>(a)</sup> | 137000 | 138617 |
|  |  | 153598 |
| **Office Furnishings - 0.5%** |  |  |
| Steelcase, Inc., 5.13%, 1/18/29 | 202000 | 201505 |
| **Oil & Gas - 9.2%** |  |  |
| Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/1/29<sup>(a)</sup> | 125000 | 130344 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.88%, 6/30/29<sup>(a)</sup> | 50000 | 49900 |
| BKV Upstream Midstream LLC, 7.50%, 10/15/30<sup>(a)</sup> | 134000 | 133956 |
| California Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 6/15/29<sup>(a)</sup> | 347000 | 361867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 1/15/34<sup>(a)</sup> | 54000 | 53629 |
| Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/1/30<sup>(a)</sup> | 40000 | 39707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 3/15/33<sup>(a)</sup> | 256000 | 259376 |
| CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/15/29<sup>(a)</sup> | 89000 | 89024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 1/15/31<sup>(a)</sup> | 149000 | 153660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 3/1/32<sup>(a)</sup> | 148000 | 153545 |
| CVR Energy, Inc., 8.50%, 1/15/29<sup>(a)</sup> | 165000 | 168651 |
| Diamond Foreign Asset Co. / Diamond Finance LLC, 8.50%, 10/1/30<sup>(a)</sup> | 26000 | 27553 |
| Energean PLC, 6.50%, 4/30/27<sup>(a)</sup> | 200000 | 198750 |
| Greenfire Resources Ltd., 12.00%, 10/1/28<sup>(a)</sup> | 109000 | 115859 |
| Gulfport Energy Operating Corp., 6.75%, 9/1/29<sup>(a)</sup> | 283000 | 290581 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(a)</sup> | 200000 | 208942 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/1/32<sup>(a)</sup> | 225000 | 230895 |
| Noble Finance II LLC, 8.00%, 4/15/30<sup>(a)</sup> | 280000 | 289818 |
| Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 3/1/28<sup>(a)</sup> | 46000 | 46649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 6/15/31<sup>(a)</sup> | 60000 | 61998 |
| Seadrill Finance Ltd., 8.38%, 8/1/30<sup>(a)</sup> | 65000 | 67481 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Oil & Gas (continued)** |  |  |
| Strathcona Resources Ltd., 6.88%, 8/1/26<sup>(a)</sup> | $179000 | $179114 |
| Sunoco LP, 7.00%, 5/1/29<sup>(a)</sup> | 50000 | 51770 |
| Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 2/1/29<sup>(a)</sup> | 192000 | 198537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 2/1/31<sup>(a)</sup> | 182000 | 189549 |
| Valaris Ltd., 8.38%, 4/30/30<sup>(a)</sup> | 355000 | 367790 |
|  |  | 4118945 |
| **Oil & Gas Services - 1.5%** |  |  |
| Bristow Group, Inc., 6.88%, 3/1/28<sup>(a)</sup> | 122000 | 122678 |
| 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> | 15000 | 15407 |
| Tidewater, Inc., 9.13%, 7/15/30<sup>(a)</sup> | 164000 | 176092 |
| USA Compression Partners LP / USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 3/15/29<sup>(a)</sup> | 62000 | 63952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/1/33<sup>(a)</sup> | 45000 | 45210 |
| Viridien, 10.00%, 10/15/30<sup>(a)</sup> | 127000 | 130233 |
| Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 4/30/30<sup>(a)</sup> | 13000 | 13291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/33<sup>(a)</sup> | 65000 | 65050 |
|  |  | 647184 |
| **Packaging & Containers - 0.4%** |  |  |
| Crown Americas LLC, 5.88%, 6/1/33<sup>(a)</sup> | 75000 | 75761 |
| Mauser Packaging Solutions Holding Co., 7.88%, 4/15/27<sup>(a)</sup> | 97000 | 97955 |
|  |  | 173716 |
| **Pharmaceuticals - 2.1%** |  |  |
| Amneal Pharmaceuticals LLC, 6.88%, 8/1/32<sup>(a)</sup> | 237000 | 245249 |
| BellRing Brands, Inc., 7.00%, 3/15/30<sup>(a)</sup> | 177000 | 182865 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, (US 5 Year CMT T-Note + 2.52%), 12/10/54<sup>(b)</sup> | 142000 | 146562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, (US 5 Year CMT T-Note + 2.89%), 3/10/55<sup>(b)</sup> | 150000 | 157543 |
| HLF Financing Sarl LLC / Herbalife International, Inc., 12.25%, 4/15/29<sup>(a)</sup> | 197000 | 213688 |
|  |  | 945907 |
| **Pipelines - 4.3%** |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 10/15/33<sup>(a)</sup> | 65000 | 64714 |
| CNX Midstream Partners LP, 4.75%, 4/15/30<sup>(a)</sup> | 144000 | 138085 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31<sup>(a)</sup> | 50000 | 49536 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Pipelines (continued)** |  |  |
| Delek Logistics Partners LP / Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 6/1/28<sup>(a)</sup> | $14000 | $14041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 3/15/29<sup>(a)</sup> | 265000 | 276569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 6/30/33<sup>(a)</sup> | 50000 | 50838 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, (US 5 Year CMT T-Note + 4.02%), 5/15/54<sup>(b)</sup> | 48000 | 51297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, (US 5 Year CMT T-Note + 2.83%), 10/1/54<sup>(b)</sup> | 82000 | 84874 |
| Global Partners LP / GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 1/15/29 | 147000 | 148283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 1/15/32<sup>(a)</sup> | 212000 | 223595 |
| NGL Energy Operating LLC / NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 2/15/29<sup>(a)</sup> | 134000 | 137410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 2/15/32<sup>(a)</sup> | 117000 | 119882 |
| Prairie Acquiror LP, 9.00%, 8/1/29<sup>(a)</sup> | 35000 | 36348 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 6/1/28<sup>(a)</sup> | 60000 | 62103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 2/1/29<sup>(a)</sup> | 123000 | 135508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 2/1/32<sup>(a)</sup> | 166000 | 180733 |
| Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 1/15/34<sup>(a)</sup> | 60000 | 63139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 1/15/36<sup>(a)</sup> | 95000 | 100907 |
|  |  | 1937862 |
| **Real Estate - 0.9%** |  |  |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., 7.00%, 4/15/30<sup>(a)</sup> | 69000 | 69815 |
| Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 9.75%, 4/15/30<sup>(a)</sup> | 107000 | 116830 |
| Cushman & Wakefield US Borrower LLC, 8.88%, 9/1/31<sup>(a)</sup> | 99000 | 105777 |
| Five Point Operating Co. LP, 8.00%, 10/1/30<sup>(a)</sup> | 25000 | 25368 |
| Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 8/1/28<sup>(a)</sup> | 78000 | 77691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 2/1/29<sup>(a)</sup> | 9000 | 8631 |
|  |  | 404112 |
| **REITS - 4.6%** |  |  |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 6/15/29<sup>(a)</sup> | 25000 | 24021 |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/1/29<sup>(a)</sup> | 220000 | 232098 |
| Brandywine Operating Partnership LP, 8.88%, 4/12/29 | 84000 | 91168 |
| Diversified Healthcare Trust, 7.25%, 10/15/30<sup>(a)</sup> | 15000 | 15255 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **REITS (continued)** |  |  |
| EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman NON-MTM, 7.38%, 9/30/30<sup>(a)</sup> | $40000 | $40000 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/15/28<sup>(a)</sup> | 89000 | 88844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 2/15/29<sup>(a)</sup> | 75000 | 77279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 1/15/33<sup>(a)</sup> | 89000 | 90795 |
| Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 8/1/30<sup>(a)</sup> | 128000 | 130175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 9/15/32<sup>(a)</sup> | 267000 | 267616 |
| Rithm Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 4/1/29<sup>(a)</sup> | 313000 | 320398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 7/15/30<sup>(a)</sup> | 55000 | 56281 |
| Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 4/1/29<sup>(a)</sup> | 132000 | 138729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 4/15/30<sup>(a)</sup> | 49000 | 49742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 7/1/30<sup>(a)</sup> | 134000 | 138611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/30<sup>(a)</sup> | 89000 | 91883 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 2/15/28<sup>(a)</sup> | 182000 | 191682 |
|  |  | 2044577 |
| **Retail - 5.4%** |  |  |
| Advance Auto Parts, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 8/1/30<sup>(a)</sup> | 86000 | 88534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 8/1/33<sup>(a)</sup> | 86000 | 88736 |
| Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 3/1/33 | 53000 | 55319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/1/35 | 43000 | 44721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.60%, 7/15/37 | 21000 | 21693 |
| Brinker International, Inc., 8.25%, 7/15/30<sup>(a)</sup> | 153000 | 161846 |
| Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% Cash, 6/1/30<sup>(a),(c)</sup> | 163000 | 170546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00% Cash, 6/1/31<sup>(a),(c)</sup> | 114490 | 129618 |
| Dick's Sporting Goods, Inc., 4.00%, 10/1/29<sup>(a)</sup> | 41000 | 40188 |
| FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 1/1/30<sup>(a)</sup> | 120000 | 119779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 3/1/32<sup>(a)</sup> | 226000 | 233589 |
| Gap, Inc. (The), 3.63%, 10/1/29<sup>(a)</sup> | 130000 | 121622 |
| Kohl's Corp., 10.00%, 6/1/30<sup>(a)</sup> | 120000 | 130386 |
| Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/15/30<sup>(a)</sup> | 35000 | 34972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 8/1/33<sup>(a)</sup> | 55000 | 57346 |
| Nordstrom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/15/27 | 21000 | 20652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 4/1/30 | 130000 | 122361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 8/1/31 | 24000 | 21810 |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/15/44 | $127000 | $93295 |
| Patrick Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 5/1/29<sup>(a)</sup> | 68000 | 66617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/1/32<sup>(a)</sup> | 242000 | 245484 |
| QXO Building Products, Inc., 6.75%, 4/30/32<sup>(a)</sup> | 338000 | 349423 |
|  |  | 2418537 |
| **Semiconductors - 0.5%** |  |  |
| Amkor Technology, Inc., 5.88%, 10/1/33<sup>(a)</sup> | 85000 | 85864 |
| Ams-Osram AG, 12.25%, 3/30/29<sup>(a)</sup> | 140000 | 150091 |
|  |  | 235955 |
| **Software - 1.8%** |  |  |
| Cloud Software Group, Inc., 8.25%, 6/30/32<sup>(a)</sup> | 23000 | 24407 |
| CoreWeave, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 6/1/30<sup>(a)</sup> | 390000 | 402843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 2/1/31<sup>(a)</sup> | 68000 | 69647 |
| Fair Isaac Corp., 6.00%, 5/15/33<sup>(a)</sup> | 70000 | 70873 |
| Pagaya US Holdings Co. LLC, 8.88%, 8/1/30<sup>(a)</sup> | 226000 | 210921 |
| ROBLOX Corp., 3.88%, 5/1/30<sup>(a)</sup> | 11000 | 10494 |
|  |  | 789185 |
| **Telecommunications - 6.4%** |  |  |
| CommScope LLC, 9.50%, 12/15/31<sup>(a)</sup> | 249000 | 257740 |
| Connect Finco Sarl / Connect US Finco LLC, 9.00%, 9/15/29<sup>(a)</sup> | 237000 | 248847 |
| Echostar Corp., 10.75%, 11/30/29 | 200000 | 220250 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | 258000 | 250711 |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 6/30/33<sup>(a)</sup> | 237000 | 241553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 3/31/34<sup>(a)</sup> | 151000 | 153942 |
| Lumen Technologies, Inc., 10.00%, 10/15/32<sup>(a)</sup> | 150000 | 151701 |
| Millicom International Cellular SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 3/25/29<sup>(a)</sup> | 135000 | 136228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 4/2/32<sup>(a)</sup> | 195000 | 203776 |
| Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, (US 5 Year CMT T-Note + 2.65%), 4/15/55<sup>(b)</sup> | 82000 | 85537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, (US 5 Year CMT T-Note + 2.62%), 4/15/55<sup>(b)</sup> | 78000 | 82692 |
| Sunrise HoldCo IV BV, 5.50%, 1/15/28<sup>(a)</sup> | 25000 | 24918 |
| Telecom Italia Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/15/33 | 34000 | 35709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 9/30/34 | 22000 | 22333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 7/18/36 | 82000 | 88491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72%, 6/4/38 | 186000 | 205533 |
| Viasat, Inc., 5.63%, 4/15/27<sup>(a)</sup> | 94000 | 93624 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Telecommunications (continued)** |  |  |
| Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/1/31<sup>(a)</sup> | $119000 | $123267 |
| Zegona Finance PLC, 8.63%, 7/15/29<sup>(a)</sup> | 228000 | 242706 |
|  |  | 2869558 |
| **Transportation - 0.1%** |  |  |
| Danaos Corp., 8.50%, 3/1/28<sup>(a)</sup> | 44000 | 44865 |
| **Trucking & Leasing - 0.7%** |  |  |
| Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/1/30<sup>(a)</sup> | 125000 | 132823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 6/15/32<sup>(a)</sup> | 105000 | 109881 |
| FTAI Aviation Investors LLC, 7.00%, 5/1/31<sup>(a)</sup> | 85000 | 88959 |
|  |  | 331663 |
| **Total Corporate Bonds and Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $42,798,680)** |  | **44147914** |
| **Short-Term Investments - 1.0%** |  |  |
| **Money Market Funds - 1.0%** |  |  |
| Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.04%<sup>(d)</sup> (Cost - $463,092) | 463092 | 463092 |
| **Total Short-Term Investments<br> (Cost - $463,092)** |  | **463092** |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $43,261,772)** |  | **$44611006** |
| **Other Assets Less Liabilities - Net (0.1)%** |  | **(37430)** |
| **Total Net Assets - 100.0%** |  | **$44573576** |

---

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

† 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 $37,956,995 or 85.2% of net
 assets.

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

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

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

---

| | |
|:---|:---|
| CMT | Treasury Constant Maturity Rate |
| PLC | Public Limited Company |
| RB | Revenue Bond |
| REIT | Real Estate Investment Trust |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | | | | | |
|  | <br>**Counterparty** | <br>**Number of<br> Contracts** | <br>**Expiration Date** | <br>**Notional Value** | <br>**Fair<br> Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Futures Contracts** |  |  |  |  |  |
| U.S. 2 Year Note Future | Morgan Stanley | 1 | 12/31/2025 | $208398 | $118 |
| U.S. 5 Year Note Future | Morgan Stanley | 9 | 12/31/2025 | 982758 | (749) |
| 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 |  | $(631) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Indianapolis

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 46204

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

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

- **a. Name of Series:** Global Atlantic BlackRock High Yield Portfolio

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

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

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

- **a. Date of fiscal year-end:** 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:** $44875959.39

**Total Liabilities:** $291237.71

**Net Assets:** $44584721.68

**Delayed Delivery Securities:** $118952.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1.98285000 | **1-Year:** 410.81410000 | **5-Year:** 906.76736000 | **10-Year:** 106.02079000 | **30-Year:** 0.00000000

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

- **3-Month:** 66.32923000 | **1-Year:** 4353.35023000 | **5-Year:** 5821.33763000 | **10-Year:** 883.59338000 | **30-Year:** 18.20417000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165384 | 0.21%                | 1.07%                | 0.95%                |
| Class ID C000165385 | 0.32%                | 0.96%                | 0.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $77897.10                | $-177830.98                                |
| Month 2  | $111750.74               | $89303.75                                  |
| Month 3  | $107364.21               | $58151.71                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITI GROUP/CSL CAPITAL                     | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                 | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182000 | PA      | $191682.40    | 0.43%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                          | Rithm Capital Corp                                                              | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56280.95     | 0.13%             | 2030-07-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                                  | EZCORP Inc                                                                      | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     87000 | PA      | $92697.46     | 0.21%             | 2032-04-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                                 | Danaos Corp                                                                     | CUSIP: 23585WAA2<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |     44000 | PA      | $44865.44     | 0.10%             | 2028-03-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                            | MGM Resorts International                                                       | CUSIP: 552953CK5<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31555.80     | 0.07%             | 2029-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CVR PARTNERS/CVR NITROGE                    | CVR Partners LP / CVR Nitrogen Finance Corp                                     | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    219000 | PA      | $218704.13    | 0.49%             | 2028-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY                              | Ryan Specialty LLC                                                              | CUSIP: 78351GAA3<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85985.15     | 0.19%             | 2032-08-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                      | Resorts World Las Vegas LLC / RWLV Capital Inc                                  | CUSIP: 76120HAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $66033.24     | 0.15%             | 2030-07-27      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                              | CVR Energy Inc                                                                  | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    165000 | PA      | $168651.03    | 0.38%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                             | Gen Digital Inc                                                                 | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     23000 | PA      | $23480.22     | 0.05%             | 2033-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260562.46    | 0.58%             | 2031-12-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| POPULAR INC                                 | Popular Inc                                                                     | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | US        |    166000 | PA      | $173462.86    | 0.39%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                   | TEGNA Inc                                                                       | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     22000 | PA      | $21878.72     | 0.05%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                           | Chord Energy Corp                                                               | CUSIP: 674215AQ1<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39707.01     | 0.09%             | 2030-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC                        | Noble Finance II LLC                                                            | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $289817.85    | 0.65%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALTA EQUIPMENT GROUP                        | Alta Equipment Group Inc                                                        | CUSIP: 02128LAC0<br>LEI: 549300DGOB28CLGS1X27 | Long             | DBT              | CORP              | US        |    154000 | PA      | $143673.96    | 0.32%             | 2029-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                      | AmeriGas Partners LP / AmeriGas Finance Corp                                    | CUSIP: 030981AP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $68047.09     | 0.15%             | 2030-06-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                       | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    117000 | PA      | $119882.53    | 0.27%             | 2032-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| INFRABUILD AUSTRALIA PTY                    | Infrabuild Australia Pty Ltd                                                    | CUSIP: 45682RAC4<br>LEI: 549300W2CPB5W6GFH859 | Long             | DBT              | CORP              | AU        |     70000 | PA      | $75272.63     | 0.17%             | 2028-11-15      | Fixed         | 14.50%                | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                    | Burford Capital Global Finance LLC                                              | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105501.69    | 0.24%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    208000 | PA      | $209924.00    | 0.47%             | 2029-01-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                           | Iron Mountain Inc                                                               | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     75000 | PA      | $77278.95     | 0.17%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                        | OneMain Finance Corp                                                            | CUSIP: 682691AH3<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133632.33    | 0.30%             | 2029-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA SECURED FIN                    | Virgin Media Secured Finance PLC                                                | CUSIP: 92769XAP0<br>LEI: 213800X3RLP4NOTPY579 | Long             | DBT              | CORP              | GB        |    118000 | PA      | $116707.38    | 0.26%             | 2029-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VF CORP                                     | VF Corp                                                                         | CUSIP: 918204AT5<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | DBT              | CORP              | US        |     56000 | PA      | $52539.68     | 0.12%             | 2037-11-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBY8<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115650.00    | 0.26%             | 2029-03-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                          | CNX Resources Corp                                                              | CUSIP: 12653CAL2<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    148000 | PA      | $153545.12    | 0.34%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ROBLOX CORP                                 | ROBLOX Corp                                                                     | CUSIP: 771049AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     11000 | PA      | $10494.22     | 0.02%             | 2030-05-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                      | Nationstar Mortgage Holdings Inc                                                | CUSIP: 63861CAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     37000 | PA      | $38702.11     | 0.09%             | 2032-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                              | Gray Media Inc                                                                  | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     21000 | PA      | $22689.39     | 0.05%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    201000 | PA      | $202421.47    | 0.45%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47353.17     | 0.11%             | 2032-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                     | Light & Wonder International Inc                                                | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    168000 | PA      | $172407.31    | 0.39%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SNAP INC                                    | Snap Inc                                                                        | CUSIP: 83304AAL0<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306629.59    | 0.69%             | 2033-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     82000 | PA      | $84874.43     | 0.19%             | 2054-10-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC                           | Bristow Group Inc                                                               | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |    122000 | PA      | $122678.20    | 0.28%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                         | Churchill Downs Inc                                                             | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102503.00    | 0.23%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                           | Seagate Data Storage Technology Pte Ltd                                         | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    215000 | PA      | $243511.15    | 0.55%             | 2032-12-01      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                     | Starwood Property Trust Inc                                                     | CUSIP: 85571BBB0<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    132000 | PA      | $138728.70    | 0.31%             | 2029-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                           | Iron Mountain Inc                                                               | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     89000 | PA      | $90794.95     | 0.20%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                      | WESCO Distribution Inc                                                          | CUSIP: 95081QAS3<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25915.70     | 0.06%             | 2033-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| BKV UPSTREAM MIDSTREAM L                    | BKV Upstream Midstream LLC                                                      | CUSIP: 05619CAA3<br>LEI: 254900LG75NBYHBBAU18 | Long             | DBT              | CORP              | US        |    134000 | PA      | $133956.08    | 0.30%             | 2030-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $133737.50    | 0.30%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                                 | Deluxe Corp                                                                     | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62682.24     | 0.14%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                     | Starwood Property Trust Inc                                                     | CUSIP: 85571BBE4<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     89000 | PA      | $91883.50     | 0.21%             | 2030-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                 | Gap Inc/The                                                                     | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    130000 | PA      | $121621.81    | 0.27%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                      | Delek Logistics Partners LP / Delek Logistics Finance Corp                      | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $276568.84    | 0.62%             | 2029-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                   | Sunoco LP                                                                       | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51770.35     | 0.12%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                               | Nordstrom Inc                                                                   | CUSIP: 655664AS9<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     21000 | PA      | $20652.34     | 0.05%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KBR INC                                     | KBR Inc                                                                         | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |     38000 | PA      | $37580.86     | 0.08%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| JELD-WEN INC                                | JELD-WEN Inc                                                                    | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38028.05     | 0.09%             | 2032-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                         | Station Casinos LLC                                                             | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     89000 | PA      | $91427.52     | 0.21%             | 2032-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ANYWHERE REAL EST/CO-ISS                    | Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                        | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     69000 | PA      | $69815.31     | 0.16%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                         | Century Communities Inc                                                         | CUSIP: 156504AN2<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |     93000 | PA      | $93829.36     | 0.21%             | 2033-09-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ZEGONA FINANCE PLC                          | Zegona Finance PLC                                                              | CUSIP: 98927UAA5<br>LEI: 254900B3KC1SS7T2TE92 | Long             | DBT              | CORP              | GB        |    201000 | PA      | $213964.50    | 0.48%             | 2029-07-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                  | Carvana Co                                                                      | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    163000 | PA      | $170546.25    | 0.38%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ACQUIROR LP                         | Prairie Acquiror LP                                                             | CUSIP: 73943NAA4<br>LEI: 254900Q6KU2LVSIISH22 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36348.03     | 0.08%             | 2029-08-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN                    | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                       | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38879.84     | 0.09%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                        | Cleveland-Cliffs Inc                                                            | CUSIP: 18589GAA3<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82482.22     | 0.19%             | 2034-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC                               | Tidewater Inc                                                                   | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |    164000 | PA      | $176092.01    | 0.39%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                     | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAL9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    105000 | PA      | $104971.74    | 0.24%             | 2030-09-30      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                       | Mineral Resources Ltd                                                           | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     84000 | PA      | $87370.08     | 0.20%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| VALARIS LTD                                 | Valaris Ltd                                                                     | CUSIP: 91889FAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    355000 | PA      | $367790.06    | 0.82%             | 2030-04-30      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| HAWAIIAN ELEC CO                            | Hawaiian Electric Co Inc                                                        | CUSIP: 419866AV0<br>LEI: 549300PQE8D806LWQV52 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45372.52     | 0.10%             | 2033-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP                     | Gulfport Energy Operating Corp                                                  | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |    283000 | PA      | $290581.29    | 0.65%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                   | PG&E Corp                                                                       | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123843.00    | 0.28%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SK INVICTUS INTERMEDIATE                    | SK Invictus Intermediate II Sarl                                                | CUSIP: 29977LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    297000 | PA      | $290720.71    | 0.65%             | 2029-10-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                     | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15406.71     | 0.03%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                     | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $93342.06     | 0.21%             | 2033-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                         | Intesa Sanpaolo SpA                                                             | CUSIP: 46115HBV8<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $236021.62    | 0.53%             | 2033-11-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC                    | Stonex Escrow Issuer LLC                                                        | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $46324.22     | 0.10%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                    | Weatherford International Ltd                                                   | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     13000 | PA      | $13290.76     | 0.03%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                     | Global Partners LP / GLP Finance Corp                                           | CUSIP: 37954FAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    147000 | PA      | $148282.72    | 0.33%             | 2029-01-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                       | PennyMac Financial Services Inc                                                 | CUSIP: 70932MAF4<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72318.68     | 0.16%             | 2033-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                                              | CUSIP: 13607PNF7<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    280000 | PA      | $283943.59    | 0.64%             | 2085-01-28      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| STENA INTERNATIONAL SA                      | Stena International SA                                                          | CUSIP: 85858EAD5<br>LEI: 213800A4LTGG4W55QP46 | Long             | DBT              | CORP              | LU        |     75000 | PA      | $76444.20     | 0.17%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                      | Patrick Industries Inc                                                          | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    242000 | PA      | $245484.07    | 0.55%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                    | Antero Midstream Partners LP / Antero Midstream Finance Corp                    | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $64714.38     | 0.15%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                         | Sirius XM Radio LLC                                                             | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45006.89     | 0.10%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                  | Phinia Inc                                                                      | CUSIP: 71880KAB7<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65954.55     | 0.15%             | 2032-10-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                            | StoneX Group Inc                                                                | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    245000 | PA      | $257467.32    | 0.58%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                    | Sinclair Television Group Inc                                                   | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67880.34     | 0.15%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC                      | Patrick Industries Inc                                                          | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     68000 | PA      | $66617.32     | 0.15%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RIVIAN HLD/AUTO LLC                         | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC                            | CUSIP: 76954LAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $116326.59    | 0.26%             | 2031-01-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95977.10     | 0.22%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD                            | Taseko Mines Ltd                                                                | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    186000 | PA      | $196975.49    | 0.44%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SLM CORP                                    | SLM Corp                                                                        | CUSIP: 78442PGF7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106000 | PA      | $110493.55    | 0.25%             | 2030-01-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ESAB CORP                                   | Esab Corp                                                                       | CUSIP: 29605JAA4<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11302.86     | 0.03%             | 2029-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                    | United Wholesale Mortgage LLC                                                   | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     43000 | PA      | $42418.09     | 0.10%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                            | Credit Acceptance Corp                                                          | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     67000 | PA      | $67172.86     | 0.15%             | 2030-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FORTESCUE TREASURY PTY L                    | Fortescue Treasury Pty Ltd                                                      | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |    207000 | PA      | $213909.41    | 0.48%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                      | Delek Logistics Partners LP / Delek Logistics Finance Corp                      | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $14041.12     | 0.03%             | 2028-06-01      | Fixed         | 7.12%                 | 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        |         9 | NC      | $-748.80      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GCI LLC                                     | GCI LLC                                                                         | CUSIP: 36166TAB6<br>LEI: 549300N3IE9H88Q20221 | Long             | DBT              | CORP              | US        |    258000 | PA      | $250711.14    | 0.56%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN                    | Brinker International Inc                                                       | CUSIP: 109641AK6<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |    153000 | PA      | $161846.15    | 0.36%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                  | goeasy Ltd                                                                      | CUSIP: 380355AN7<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    118000 | PA      | $118577.51    | 0.27%             | 2030-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                       | VFH Parent LLC / Valor Co-Issuer Inc                                            | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    209000 | PA      | $216140.90    | 0.48%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                            | Lamar Media Corp                                                                | CUSIP: 513075CA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $69514.08     | 0.16%             | 2033-11-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VALLOUREC SACA                              | Vallourec SACA                                                                  | CUSIP: 92023RAA8<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | DBT              | CORP              | FR        |    300000 | PA      | $319633.50    | 0.72%             | 2032-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                     | Global Partners LP / GLP Finance Corp                                           | CUSIP: 37954FAK0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    193000 | PA      | $203556.23    | 0.46%             | 2032-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                      | Venture Global LNG Inc                                                          | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62103.00     | 0.14%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    351000 | PA      | $362663.73    | 0.81%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL                    | Aston Martin Capital Holdings Ltd                                               | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |    242000 | PA      | $236918.46    | 0.53%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                          | Advance Auto Parts Inc                                                          | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61767.71     | 0.14%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMKOR TECHNOLOGY INC                        | Amkor Technology Inc                                                            | CUSIP: 031652BL3<br>LEI: 529900VHLRTKPWZJBM84 | Long             | DBT              | CORP              | US        |     85000 | PA      | $85863.67     | 0.19%             | 2033-10-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FIVE POINT OPERATING CO                     | Five Point Operating Co LP                                                      | CUSIP: 33834YAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25367.53     | 0.06%             | 2030-10-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                             | Gen Digital Inc                                                                 | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     56000 | PA      | $57656.65     | 0.13%             | 2030-09-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                      | AmeriGas Partners LP / AmeriGas Finance Corp                                    | CUSIP: 030981AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    113000 | PA      | $112979.43    | 0.25%             | 2027-05-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                       | Level 3 Financing Inc                                                           | CUSIP: 527298CM3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    237000 | PA      | $241553.01    | 0.54%             | 2033-06-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                      | Match Group Holdings II LLC                                                     | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    142000 | PA      | $141608.39    | 0.32%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC                       | Directv Financing LLC                                                           | CUSIP: 254945AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $44445.99     | 0.10%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                      | AmeriGas Partners LP / AmeriGas Finance Corp                                    | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192000 | PA      | $197153.66    | 0.44%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                         | Coinbase Global Inc                                                             | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    404000 | PA      | $383438.42    | 0.86%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY                    | Century Aluminum Co                                                             | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |    183000 | PA      | $189632.47    | 0.43%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GENTING NY LLC/GENNY CAP                    | Genting New York LLC / GENNY Capital Inc                                        | CUSIP: 37255JAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    177000 | PA      | $182830.91    | 0.41%             | 2029-10-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC                              | NCR Atleos Corp                                                                 | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    251000 | PA      | $271773.76    | 0.61%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ALGOMA STEEL INC                            | Algoma Steel Inc                                                                | CUSIP: 01566MAD7<br>LEI: 5493006RXIB5GVHWJS53 | Long             | DBT              | CORP              | CA        |    137000 | PA      | $116739.03    | 0.26%             | 2029-04-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| CHAMPION IRON CANADA INC                    | Champion Iron Canada Inc                                                        | CUSIP: 15853BAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     50000 | PA      | $52273.80     | 0.12%             | 2032-07-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                      | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 004961AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30890.52     | 0.07%             | 2032-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GREENFIRE RESOURCES LTD                     | Greenfire Resources Ltd                                                         | CUSIP: 39525UAA5<br>LEI: 254900MTS0G2VGMJW059 | Long             | DBT              | CORP              | CA        |    109000 | PA      | $115858.61    | 0.26%             | 2028-10-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                       | PennyMac Financial Services Inc                                                 | CUSIP: 70932MAH0<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20405.04     | 0.05%             | 2034-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                     | Millrose Properties Inc                                                         | CUSIP: 601137AB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    267000 | PA      | $267616.21    | 0.60%             | 2032-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                                | Energean PLC                                                                    | CUSIP: 29280EAA7<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198750.00    | 0.45%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                              | Whirlpool Corp                                                                  | CUSIP: 963320BD7<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40298.18     | 0.09%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                    | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129511.50    | 0.29%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                          | Kohl's Corp                                                                     | CUSIP: 500255AY0<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    120000 | PA      | $130386.12    | 0.29%             | 2030-06-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                          | Howard Hughes Corp/The                                                          | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |      9000 | PA      | $8630.77      | 0.02%             | 2029-02-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio               | Fidelity Government Portfolio                                                   | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    463092 | NS      | $463091.90    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AETHON UN/AETHIN UN FIN                     | Aethon United BR LP / Aethon United Finance Corp                                | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $130343.75    | 0.29%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                               | HTA Group Ltd/Mauritius                                                         | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |    355000 | PA      | $368213.82    | 0.83%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                              | Rocket Cos Inc                                                                  | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     21000 | PA      | $21692.49     | 0.05%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                     | Starwood Property Trust Inc                                                     | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    134000 | PA      | $138611.07    | 0.31%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                           | Seagate Data Storage Technology Pte Ltd                                         | CUSIP: 81180LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |     70000 | PA      | $71211.61     | 0.16%             | 2030-07-15      | Fixed         | 5.88%                 | 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        |         1 | NC      | $117.39       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                    | Weatherford International Ltd                                                   | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     65000 | PA      | $65050.13     | 0.15%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC                        | Warrior Met Coal Inc                                                            | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |     36000 | PA      | $36537.82     | 0.08%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                           | Nexstar Media Inc                                                               | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195209.95    | 0.44%             | 2028-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                      | Northern Oil & Gas Inc                                                          | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     46000 | PA      | $46649.11     | 0.10%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                     | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAD6<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15271.26     | 0.03%             | 2033-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                            | Credit Acceptance Corp                                                          | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    284000 | PA      | $298382.33    | 0.67%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                              | Bombardier Inc                                                                  | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    101000 | PA      | $105394.01    | 0.24%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                   | PG&E Corp                                                                       | CUSIP: 69331CAM0<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107848.76    | 0.24%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                          | Howard Hughes Corp/The                                                          | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |     78000 | PA      | $77691.29     | 0.17%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC                         | BellRing Brands Inc                                                             | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |    177000 | PA      | $182864.90    | 0.41%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RB GLOBAL HOLDINGS INC                      | RB Global Holdings Inc                                                          | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |     33000 | PA      | $34515.29     | 0.08%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                        | OneMain Finance Corp                                                            | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    129000 | PA      | $136512.77    | 0.31%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                    | Rogers Communications Inc                                                       | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     82000 | PA      | $85536.99     | 0.19%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                       | Bread Financial Holdings Inc                                                    | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    160000 | PA      | $170783.04    | 0.38%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TALEN ENERGY SUPPLY LLC                     | Talen Energy Supply LLC                                                         | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |     90000 | PA      | $95536.71     | 0.21%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647CA3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15509.06     | 0.03%             | 2034-01-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                             | Fair Isaac Corp                                                                 | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |     70000 | PA      | $70872.84     | 0.16%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GEO GROUP INC/THE                           | GEO Group Inc/The                                                               | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |     63000 | PA      | $66698.04     | 0.15%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                      | Nationstar Mortgage Holdings Inc                                                | CUSIP: 63861CAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $71838.83     | 0.16%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                     | Macy's Retail Holdings LLC                                                      | CUSIP: 55617LAQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $34971.34     | 0.08%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                               | Nordstrom Inc                                                                   | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    127000 | PA      | $93295.15     | 0.21%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                              | Hertz Corp/The                                                                  | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     34000 | PA      | $36045.78     | 0.08%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                    | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49900.43     | 0.11%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                            | Knife River Corp                                                                | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131000 | PA      | $137455.81    | 0.31%             | 2031-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                    | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     62000 | PA      | $63951.64     | 0.14%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                 | Wayfair LLC                                                                     | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    253000 | PA      | $261006.44    | 0.59%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL                         | Synchrony Financial                                                             | CUSIP: 87165BAU7<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    322000 | PA      | $343404.62    | 0.77%             | 2033-02-02      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                       | Bath & Body Works Inc                                                           | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44720.56     | 0.10%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                 | CUSIP: 126650EG1<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    142000 | PA      | $146562.03    | 0.33%             | 2054-12-10      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                       | NGL Energy Operating LLC / NGL Energy Finance Corp                              | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    134000 | PA      | $137409.63    | 0.31%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                      | Millicom International Cellular SA                                              | CUSIP: 600814AS6<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    195000 | PA      | $203775.98    | 0.46%             | 2032-04-02      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    232000 | PA      | $240387.13    | 0.54%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                     | Enova International Inc                                                         | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    147000 | PA      | $154734.77    | 0.35%             | 2029-08-01      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES                    | Texas Capital Bancshares Inc                                                    | CUSIP: 88224QAA5<br>LEI: 549300466Q2SXRX0YM48 | Long             | DBT              | CORP              | US        |     52000 | PA      | $51250.59     | 0.11%             | 2031-05-06      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                       | Bath & Body Works Inc                                                           | CUSIP: 532716AK3<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     53000 | PA      | $55319.44     | 0.12%             | 2033-03-01      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE                    | Connect Finco SARL / Connect US Finco LLC                                       | CUSIP: 20752TAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    205000 | PA      | $215247.21    | 0.48%             | 2029-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                            | UWM Holdings LLC                                                                | CUSIP: 903522AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    134000 | PA      | $133369.62    | 0.30%             | 2031-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                      | Delek Logistics Partners LP / Delek Logistics Finance Corp                      | CUSIP: 24665FAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50837.55     | 0.11%             | 2033-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                       | PennyMac Financial Services Inc                                                 | CUSIP: 70932MAG2<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155429.55    | 0.35%             | 2032-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                               | CoreWeave Inc                                                                   | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    390000 | PA      | $402842.70    | 0.90%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                      | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC           | CUSIP: 01309QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     64000 | PA      | $65031.62     | 0.15%             | 2028-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    115000 | PA      | $116174.38    | 0.26%             | 2033-05-31      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                             | Nissan Motor Co Ltd                                                             | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    135000 | PA      | $142793.69    | 0.32%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BRAND INDUSTRIAL SERVICE                    | Brand Industrial Services Inc                                                   | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49802.89     | 0.11%             | 2030-08-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC                    | Celanese US Holdings LLC                                                        | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     10000 | PA      | $10255.37     | 0.02%             | 2027-07-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                    | Sinclair Television Group Inc                                                   | CUSIP: 829259BF6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    182000 | PA      | $127574.58    | 0.29%             | 2032-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                        | Talos Production Inc                                                            | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    182000 | PA      | $189548.81    | 0.43%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                                  | goeasy Ltd                                                                      | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    114000 | PA      | $115447.57    | 0.26%             | 2029-07-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                               | Life Time Inc                                                                   | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    191000 | PA      | $193893.84    | 0.43%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                     | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAK1<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30011.48     | 0.07%             | 2028-09-29      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UWM HOLDINGS LLC                            | UWM Holdings LLC                                                                | CUSIP: 903522AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    174000 | PA      | $177187.33    | 0.40%             | 2030-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                                | Novelis Corp                                                                    | CUSIP: 670001AL0<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    165000 | PA      | $171095.60    | 0.38%             | 2030-01-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                        | OneMain Finance Corp                                                            | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    187000 | PA      | $195402.74    | 0.44%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                     | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    105000 | PA      | $109881.35    | 0.25%             | 2032-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC                    | Windsor Holdings III LLC                                                        | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47637.08     | 0.11%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                     | Macy's Retail Holdings LLC                                                      | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $57346.19     | 0.13%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBW2<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    312000 | PA      | $248820.00    | 0.56%             | 2042-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                     | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAE5<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136749.94    | 0.31%             | 2026-09-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                    | Diversified Healthcare Trust                                                    | CUSIP: 25525PAE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     15000 | PA      | $15254.90     | 0.03%             | 2030-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PHINIA INC                                  | Phinia Inc                                                                      | CUSIP: 71880KAA9<br>LEI: 254900HG6MORZE1FFM18 | Long             | DBT              | CORP              | US        |     88000 | PA      | $90766.46     | 0.20%             | 2029-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                             | Nissan Motor Co Ltd                                                             | CUSIP: 654922AD5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    152000 | PA      | $163175.80    | 0.37%             | 2035-07-17      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                      | Telecom Italia Capital SA                                                       | CUSIP: 87927VAR9<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     82000 | PA      | $88491.34     | 0.20%             | 2036-07-18      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                                | New Gold Inc                                                                    | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |    153000 | PA      | $160246.08    | 0.36%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                               | Nordstrom Inc                                                                   | CUSIP: 655664AY6<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |     24000 | PA      | $21810.34     | 0.05%             | 2031-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HECLA MINING CO                             | Hecla Mining Co                                                                 | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |      2000 | PA      | $2018.08      | 0.00%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                       | Level 3 Financing Inc                                                           | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    151000 | PA      | $153942.09    | 0.35%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                      | Venture Global LNG Inc                                                          | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    123000 | PA      | $135508.21    | 0.30%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC                             | Rain Carbon Inc                                                                 | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |    187000 | PA      | $200252.13    | 0.45%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| GOEASY LTD                                  | goeasy Ltd                                                                      | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $172246.47    | 0.39%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI                    | HLF Financing Sarl LLC / Herbalife International Inc                            | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    197000 | PA      | $213688.46    | 0.48%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                    | Performance Food Group Inc                                                      | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    139000 | PA      | $142378.12    | 0.32%             | 2032-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                          | CNX Resources Corp                                                              | CUSIP: 12653CAK4<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    149000 | PA      | $153660.57    | 0.34%             | 2031-01-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                    | Smyrna Ready Mix Concrete LLC                                                   | CUSIP: 83283WAE3<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     66000 | PA      | $69640.49     | 0.16%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                          | Eldorado Gold Corp                                                              | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    221000 | PA      | $221447.53    | 0.50%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                    | California Resources Corp                                                       | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    347000 | PA      | $361867.22    | 0.81%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                                              | CUSIP: 02005NBY5<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    149000 | PA      | $148973.81    | 0.33%             | 2040-01-17      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                | US Foods Inc                                                                    | CUSIP: 90290MAH4<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    130000 | PA      | $136069.96    | 0.31%             | 2032-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                          | Rithm Capital Corp                                                              | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    313000 | PA      | $320398.38    | 0.72%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHORD ENERGY CORP                           | Chord Energy Corp                                                               | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |    256000 | PA      | $259376.31    | 0.58%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                       | Bath & Body Works Inc                                                           | CUSIP: 532716AN7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     21000 | PA      | $21693.19     | 0.05%             | 2037-07-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN                    | Burford Capital Global Finance LLC                                              | CUSIP: 12116LAE9<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    262000 | PA      | $278386.27    | 0.62%             | 2031-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NATIONSTAR MTG HLD INC                      | Nationstar Mortgage Holdings Inc                                                | CUSIP: 63861CAE9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    241000 | PA      | $243531.22    | 0.55%             | 2031-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DOMTAR CORP                                 | Domtar Corp                                                                     | CUSIP: 70478JAA2<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |     98000 | PA      | $84448.38     | 0.19%             | 2028-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                            | AMC Networks Inc                                                                | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    147000 | PA      | $154901.25    | 0.35%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                       | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    338000 | PA      | $349423.47    | 0.78%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                               | FirstCash Inc                                                                   | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119779.27    | 0.27%             | 2030-01-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| COGENT COMMS GRP / FIN                      | Cogent Communications Group LLC / Cogent Finance Inc                            | CUSIP: 19240CAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    147000 | PA      | $146845.83    | 0.33%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46000 | PA      | $45488.50     | 0.10%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                       | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    139000 | PA      | $138851.09    | 0.31%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                          | CNX Resources Corp                                                              | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |     89000 | PA      | $89023.59     | 0.20%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DISCOVERY COMMUNICATIONS                    | Discovery Communications LLC                                                    | CUSIP: 25470DBY4<br>LEI: L2Z2MO2EQURH3BREWI15 | Long             | DBT              | CORP              | US        |     95000 | PA      | $81720.90     | 0.18%             | 2037-09-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                        | Talos Production Inc                                                            | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    192000 | PA      | $198537.22    | 0.45%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE LLC                               | CommScope LLC                                                                   | CUSIP: 20338MAA0<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    249000 | PA      | $257740.15    | 0.58%             | 2031-12-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                               | FirstCash Inc                                                                   | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    208000 | PA      | $214984.02    | 0.48%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                       | Tenet Healthcare Corp                                                           | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    133000 | PA      | $133111.90    | 0.30%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                              | Sabre GLBL Inc                                                                  | CUSIP: 78573NAH5<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     86000 | PA      | $89682.19     | 0.20%             | 2027-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                                              | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     48000 | PA      | $51296.93     | 0.12%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP/JSG FIN                     | Jane Street Group / JSG Finance Inc                                             | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     42000 | PA      | $44073.58     | 0.10%             | 2031-04-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65429.59     | 0.15%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                      | Cushman & Wakefield US Borrower LLC                                             | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |     99000 | PA      | $105777.34    | 0.24%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                               | CoreWeave Inc                                                                   | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     68000 | PA      | $69647.44     | 0.16%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VIKING CRUISES LTD                          | Viking Cruises Ltd                                                              | CUSIP: 92676XAH0<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120117.81    | 0.27%             | 2033-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                    | USA Compression Partners LP / USA Compression Finance Corp                      | CUSIP: 91740PAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $45209.68     | 0.10%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                              | Bombardier Inc                                                                  | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    104000 | PA      | $110045.31    | 0.25%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL                    | United Wholesale Mortgage LLC                                                   | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |     68000 | PA      | $67943.32     | 0.15%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                     | Enova International Inc                                                         | CUSIP: 29357KAH6<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    175000 | PA      | $186283.48    | 0.42%             | 2028-12-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| DAVITA INC                                  | DaVita Inc                                                                      | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     46000 | PA      | $44061.09     | 0.10%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MILLICOM INTL CELLULAR                      | Millicom International Cellular SA                                              | CUSIP: 600814AQ0<br>LEI: 549300CTHC1CP86P2G96 | Long             | DBT              | CORP              | LU        |    135000 | PA      | $136228.37    | 0.31%             | 2029-03-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR/FINANCE                     | Avis Budget Car Rental LLC / Avis Budget Finance Inc                            | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     23000 | PA      | $24055.22     | 0.05%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                    | Rogers Communications Inc                                                       | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |     78000 | PA      | $82692.00     | 0.19%             | 2055-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                                 | Wayfair LLC                                                                     | CUSIP: 94419NAB3<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    115000 | PA      | $120749.41    | 0.27%             | 2030-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                    | Vistra Operations Co LLC                                                        | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    325000 | PA      | $343924.75    | 0.77%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| OSAIC HOLDINGS INC                          | Osaic Holdings Inc                                                              | CUSIP: 00791GAB3<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |     15000 | PA      | $15490.19     | 0.03%             | 2032-08-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $74498.90     | 0.17%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC                               | CoreCivic Inc                                                                   | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    122000 | PA      | $128886.18    | 0.29%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                          | Advance Auto Parts Inc                                                          | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |     65000 | PA      | $67068.30     | 0.15%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647BZ9<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |      5000 | PA      | $5137.16      | 0.01%             | 2034-01-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                             | Nissan Motor Co Ltd                                                             | CUSIP: 654922AB9<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    110000 | PA      | $115436.09    | 0.26%             | 2030-07-17      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                                   | PG&E Corp                                                                       | CUSIP: 69331CAJ7<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     51000 | PA      | $50302.34     | 0.11%             | 2030-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                            | GGAM Finance Ltd                                                                | CUSIP: 36170JAA4<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |     28000 | PA      | $29638.08     | 0.07%             | 2028-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L                    | Amneal Pharmaceuticals LLC                                                      | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |    237000 | PA      | $245249.02    | 0.55%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LIONS GATE CAPITAL HOL 1                    | Starz Capital Holdings 1 Inc                                                    | CUSIP: 535939AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98000 | PA      | $92937.32     | 0.21%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                    | California Resources Corp                                                       | CUSIP: 13057QAL1<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     54000 | PA      | $53628.27     | 0.12%             | 2034-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AECOM                                       | AECOM                                                                           | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    105000 | PA      | $107370.90    | 0.24%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                               | TransDigm Inc                                                                   | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    159000 | PA      | $162034.71    | 0.36%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP                    | Atlanticus Holdings Corp                                                        | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $187457.89    | 0.42%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                          | New Flyer Holdings Inc                                                          | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    229000 | PA      | $245039.16    | 0.55%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                        | OneMain Finance Corp                                                            | CUSIP: 682691AK6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     64000 | PA      | $66118.49     | 0.15%             | 2032-09-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                    | CQP Holdco LP / BIP-V Chinook Holdco LLC                                        | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $49535.48     | 0.11%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUNRISE HOLDCO IV BV                        | Sunrise HoldCo IV BV                                                            | CUSIP: 90320LAG2<br>LEI: 213800G1DU7LKI6ZCD69 | Long             | DBT              | CORP              | NL        |     25000 | PA      | $24918.00     | 0.06%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES                             | Thor Industries Inc                                                             | CUSIP: 885160AA9<br>LEI: 254900XZO1228PDSG060 | Long             | DBT              | CORP              | US        |    198000 | PA      | $187607.61    | 0.42%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                       | Directv Financing LLC / Directv Financing Co-Obligor Inc                        | CUSIP: 25461LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     89000 | PA      | $88857.45     | 0.20%             | 2031-02-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                     | Light & Wonder International Inc                                                | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    219000 | PA      | $227900.16    | 0.51%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                    | Adtalem Global Education Inc                                                    | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |    148000 | PA      | $147479.56    | 0.33%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                  | Viasat Inc                                                                      | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |     94000 | PA      | $93624.02     | 0.21%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBU6<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |     77000 | PA      | $57316.88     | 0.13%             | 2052-03-15      | Fixed         | 5.14%                 | No            |                  2 | On Loan: No      |
| SEADRILL FINANCE LTD                        | Seadrill Finance Ltd                                                            | CUSIP: 81172QAA2<br>LEI: 213800WMN3OHFUDHD642 | Long             | DBT              | CORP              | BM        |     65000 | PA      | $67480.60     | 0.15%             | 2030-08-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                       | PennyMac Financial Services Inc                                                 | CUSIP: 70932MAD9<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |     78000 | PA      | $82780.93     | 0.19%             | 2029-12-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC                      | Match Group Holdings II LLC                                                     | CUSIP: 57667JAC6<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    165000 | PA      | $166449.28    | 0.37%             | 2033-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                         | Insulet Corp                                                                    | CUSIP: 45784PAL5<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |    209000 | PA      | $217298.14    | 0.49%             | 2033-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                           | Rakuten Group Inc                                                               | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    265000 | PA      | $287326.24    | 0.64%             | 2027-02-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| RAKUTEN GROUP INC                           | Rakuten Group Inc                                                               | CUSIP: 75102WAK4<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    165000 | PA      | $185578.91    | 0.42%             | 2029-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PAGAYA US HOLDINGS CO                       | Pagaya US Holdings Co LLC                                                       | CUSIP: 69549FAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    226000 | PA      | $210920.90    | 0.47%             | 2030-08-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                            | Pitney Bowes Inc                                                                | CUSIP: 724479AP5<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |     15000 | PA      | $14981.31     | 0.03%             | 2027-03-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NORDSTROM INC                               | Nordstrom Inc                                                                   | CUSIP: 655664AT7<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    130000 | PA      | $122360.50    | 0.27%             | 2030-04-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR                      | Blackstone Mortgage Trust Inc                                                   | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |    220000 | PA      | $232097.80    | 0.52%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                    | Turning Point Brands Inc                                                        | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    123000 | PA      | $130120.59    | 0.29%             | 2032-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC                    | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc       | CUSIP: 43283QAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $81255.92     | 0.18%             | 2032-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     26000 | PA      | $24556.81     | 0.06%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                         | NOVA Chemicals Corp                                                             | CUSIP: 66977WAU3<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     75000 | PA      | $80408.38     | 0.18%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                       | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $285503.12    | 0.64%             | 2031-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                | US Foods Inc                                                                    | CUSIP: 90290MAJ0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25137.35     | 0.06%             | 2033-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                      | Lumen Technologies Inc                                                          | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151700.79    | 0.34%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| VIRIDIEN                                    | Viridien                                                                        | CUSIP: 12531QAA3<br>LEI: 969500FCVQ5SLAAUJV59 | Long             | DBT              | CORP              | FR        |    110000 | PA      | $112800.38    | 0.25%             | 2030-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                        | Edison International                                                            | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67452.66     | 0.15%             | 2053-06-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST                     | Starwood Property Trust Inc                                                     | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     49000 | PA      | $49741.81     | 0.11%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                       | Freedom Mortgage Holdings LLC                                                   | CUSIP: 35641AAB4<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53172.80     | 0.12%             | 2031-05-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100907.01    | 0.23%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                                                 | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157542.45    | 0.35%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                | US Foods Inc                                                                    | CUSIP: 90290MAG6<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |    129000 | PA      | $132956.69    | 0.30%             | 2028-09-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC                    | Lindblad Expeditions LLC                                                        | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     20000 | PA      | $20385.67     | 0.05%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                      | Telecom Italia Capital SA                                                       | CUSIP: 87927VAV0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |    186000 | PA      | $205532.98    | 0.46%             | 2038-06-04      | Fixed         | 7.72%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                           | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     82000 | PA      | $79102.45     | 0.18%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CNX MIDSTREAM PART LP                       | CNX Midstream Partners LP                                                       | CUSIP: 12654AAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    144000 | PA      | $138085.00    | 0.31%             | 2030-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                       | Mineral Resources Ltd                                                           | CUSIP: 603051AF0<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     20000 | PA      | $20239.75     | 0.05%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                                  | DaVita Inc                                                                      | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    188000 | PA      | $194196.86    | 0.44%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                        | Edison International                                                            | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |     64000 | PA      | $65289.92     | 0.15%             | 2054-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC                         | Diebold Nixdorf Inc                                                             | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     83000 | PA      | $87633.56     | 0.20%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE HOLD                       | Freedom Mortgage Holdings LLC                                                   | CUSIP: 35641AAA6<br>LEI: 254900ROJ91RGM43S156 | Long             | DBT              | CORP              | US        |     96000 | PA      | $101309.76    | 0.23%             | 2029-02-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                        | OneMain Finance Corp                                                            | CUSIP: 682691AG5<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     64000 | PA      | $66374.21     | 0.15%             | 2031-11-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                           | Iron Mountain Inc                                                               | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88843.72     | 0.20%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                            | Pitney Bowes Inc                                                                | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    137000 | PA      | $138616.46    | 0.31%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SOMNIGROUP INTL INC                         | Somnigroup International Inc                                                    | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    160000 | PA      | $153571.92    | 0.34%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES/ESCR                    | Windstream Services LLC / Windstream Escrow Finance Corp                        | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    119000 | PA      | $123266.98    | 0.28%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VT TOPCO INC                                | VT Topco Inc                                                                    | CUSIP: 91838PAA9<br>LEI: 5493007T812R37X02Y38 | Long             | DBT              | CORP              | US        |     27000 | PA      | $27474.09     | 0.06%             | 2030-08-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| STEELCASE INC                               | Steelcase Inc                                                                   | CUSIP: 858155AE4<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | DBT              | CORP              | US        |    202000 | PA      | $201505.10    | 0.45%             | 2029-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                    | Brandywine Operating Partnership LP                                             | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              | CORP              | US        |     84000 | PA      | $91168.06     | 0.20%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| ITHACA ENERGY NORTH                         | Ithaca Energy North Sea PLC                                                     | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208941.60    | 0.47%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ENPRO INC                                   | Enpro Inc                                                                       | CUSIP: 29355XAH0<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | DBT              | CORP              | US        |    174000 | PA      | $177835.54    | 0.40%             | 2033-06-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                  | Carvana Co                                                                      | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    114490 | PA      | $129617.33    | 0.29%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE GRP/REALOGY                     | Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp                         | CUSIP: 75606DAV3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    107000 | PA      | $116829.77    | 0.26%             | 2030-04-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS LLC                          | Crown Americas LLC                                                              | CUSIP: 228180AC9<br>LEI: RPPGGRL1J75WGF2DFO04 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75760.83     | 0.17%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                       | Tenet Healthcare Corp                                                           | CUSIP: 88033GDU1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     13000 | PA      | $13459.08     | 0.03%             | 2031-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                     | Nissan Motor Acceptance Co LLC                                                  | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     43000 | PA      | $44716.10     | 0.10%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                               | EchoStar Corp                                                                   | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $220250.00    | 0.49%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT                    | Brookfield Residential Properties Inc / Brookfield Residential US LLC           | CUSIP: 11283YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     84000 | PA      | $83784.18     | 0.19%             | 2027-09-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                      | Telecom Italia Capital SA                                                       | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     34000 | PA      | $35708.40     | 0.08%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                           | Post Holdings Inc                                                               | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    133000 | PA      | $132419.97    | 0.30%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GARRETT MOTION HLD/SARL                     | Garrett Motion Holdings Inc / Garrett LX I Sarl                                 | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    330000 | PA      | $345893.46    | 0.78%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                     | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     85000 | PA      | $88959.56     | 0.20%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                                | ams-OSRAM AG                                                                    | CUSIP: 03217CAB2<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |    140000 | PA      | $150091.48    | 0.34%             | 2029-03-30      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                    | Hilton Domestic Operating Co Inc                                                | CUSIP: 432833AQ4<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    169000 | PA      | $173724.90    | 0.39%             | 2032-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FTAI AVIATION INVESTORS                     | FTAI Aviation Investors LLC                                                     | CUSIP: 34960PAE1<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    125000 | PA      | $132822.38    | 0.30%             | 2030-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BELRON UK FINANCE PLC                       | Belron UK Finance PLC                                                           | CUSIP: 080782AA3<br>LEI: 9845006BC9D1A77B8178 | Long             | DBT              | CORP              | GB        |    157000 | PA      | $159045.71    | 0.36%             | 2029-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                           | Post Holdings Inc                                                               | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    278000 | PA      | $280595.13    | 0.63%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC                            | AMC Networks Inc                                                                | CUSIP: 00164VAK9<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    105000 | PA      | $111030.68    | 0.25%             | 2032-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                       | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |     60000 | PA      | $63139.08     | 0.14%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN                    | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp              | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $230894.78    | 0.52%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                      | Mauser Packaging Solutions Holding Co                                           | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |     97000 | PA      | $97954.67     | 0.22%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PERENTI FINANCE PTY LTD                     | Perenti Finance Pty Ltd                                                         | CUSIP: 71367VAB5<br>LEI: 894500ZDIIAOXSQHE612 | Long             | DBT              | CORP              | AU        |    140000 | PA      | $146382.67    | 0.33%             | 2029-04-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WARNERMEDIA HOLDINGS INC                    | Warnermedia Holdings Inc                                                        | CUSIP: 55903VBQ5<br>LEI: 549300DXR29GD4N0A520 | Long             | DBT              | CORP              | US        |    277000 | PA      | $253801.25    | 0.57%             | 2032-03-15      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     94000 | PA      | $86593.66     | 0.19%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC                      | Northern Oil & Gas Inc                                                          | CUSIP: 665530AB7<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |     60000 | PA      | $61998.18     | 0.14%             | 2031-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC                      | Venture Global LNG Inc                                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    166000 | PA      | $180732.33    | 0.41%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC                      | CACI International Inc                                                          | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    167000 | PA      | $172345.58    | 0.39%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                       | Tenet Healthcare Corp                                                           | CUSIP: 88033GDQ0<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96238.71     | 0.22%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                     | Royal Caribbean Cruises Ltd                                                     | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |     61000 | PA      | $61255.93     | 0.14%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS                       | Dick's Sporting Goods Inc                                                       | CUSIP: 253393AH5<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40187.81     | 0.09%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA CAPITAL                      | Telecom Italia Capital SA                                                       | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |     22000 | PA      | $22333.34     | 0.05%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| STRATHCONA RESOURCES                        | Strathcona Resources Ltd/Alberta                                                | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |    179000 | PA      | $179114.20    | 0.40%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                      | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    146000 | PA      | $132865.53    | 0.30%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                        | Pilgrim's Pride Corp                                                            | CUSIP: 72147KAL2<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    140000 | PA      | $154570.08    | 0.35%             | 2034-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMER SPORTS COMPANY                         | Amer Sports Co                                                                  | CUSIP: 02352NAA7<br>LEI: 549300NRKH9WF70VFC95 | Long             | DBT              | CORP              | US        |    330000 | PA      | $343661.34    | 0.77%             | 2031-02-16      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MILLROSE PROPERTIES INC                     | Millrose Properties Inc                                                         | CUSIP: 601137AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    128000 | PA      | $130174.72    | 0.29%             | 2030-08-01      | Fixed         | 6.38%                 | 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