# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0000940400-25-011536
**Filing Date:** 2025-11
**Character Count:** 240095
**Document Hash:** 3bb7c053f770d9a4a981f062d1465ce9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011536.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011536

**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:** 251534557

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Corporate Bonds and Notes - 33.2%** |  |  |
| **Aerospace & Defense - 1.1%** |  |  |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 10/30/25 | $150000 | $149765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 11/1/28 | 100000 | 97786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 5/1/30 | 66000 | 67781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 5/1/34 | 63000 | 69733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86%, 5/1/54 | 94000 | 107051 |
| Howmet Aerospace, Inc., 4.85%, 10/15/31 | 46000 | 47212 |
| Northrop Grumman Corp., 4.75%, 6/1/43 | 50000 | 46237 |
| RTX Corp., 4.05%, 5/4/47 | 50000 | 40681 |
|  |  | 626246 |
| **Agriculture - 0.4%** |  |  |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%, 3/25/28 | 75000 | 71667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 2/20/34 | 157000 | 167707 |
|  |  | 239374 |
| **Auto Manufacturers - 0.5%** |  |  |
| General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 6/10/26 | 125000 | 122647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 1/8/31 | 125000 | 110779 |
| Hyundai Capital America, 5.40%, 6/24/31<sup>(a)</sup> | 50000 | 51522 |
|  |  | 284948 |
| **Banks - 9.5%** |  |  |
| Banco Santander SA, 5.57%, 1/17/30 | 200000 | 208791 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08%, (SOFR + 1.29%), 1/20/27<sup>(b)</sup> | 210000 | 210392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, (3 Month Term SOFR + 1.30%), 12/20/28<sup>(b)</sup> | 108000 | 106368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27%, (3 Month Term SOFR + 1.57%), 7/23/29<sup>(b)</sup> | 125000 | 125442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, (SOFR + 2.15%), 4/29/31<sup>(b)</sup> | 75000 | 69517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, (SOFR + 1.53%), 7/23/31<sup>(b)</sup> | 100000 | 89343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, (SOFR + 1.22%), 3/11/32<sup>(b)</sup> | 100000 | 91156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, (SOFR + 1.33%), 2/4/33<sup>(b)</sup> | 50000 | 45525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, (SOFR + 1.83%), 4/27/33<sup>(b)</sup> | 50000 | 50007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51%, (SOFR + 1.31%), 1/24/36<sup>(b)</sup> | 25000 | 26130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, (US 5 Year CMT T-Note + 1.20%), 9/21/36<sup>(b)</sup> | 75000 | 65128 |
| Barclays PLC, 5.79%, (SOFR + 1.59%), 2/25/36<sup>(b)</sup> | 200000 | 208693 |
| BNP Paribas SA, 1.32%, (SOFR + 1.00%), 1/13/27<sup>(a),(b)</sup> | 225000 | 222952 |
| Canadian Imperial Bank of Commerce, 5.25%, (SOFR + 1.11%), 1/13/31<sup>(b)</sup> | 100000 | 103281 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 3/9/26 | 75000 | 75118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 5/1/26 | 200000 | 199227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 9/29/27 | 125000 | 125538 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67%, (3 Month Term SOFR + 1.65%), 7/24/28<sup>(b)</sup> | $50000 | $49563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%, (SOFR + 1.42%), 11/5/30<sup>(b)</sup> | 100000 | 94681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06%, (SOFR + 1.35%), 1/25/33<sup>(b)</sup> | 50000 | 45565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02%, (SOFR + 1.83%), 1/24/36<sup>(b)</sup> | 60000 | 62860 |
| First Horizon Corp., 5.51%, (SOFR + 1.77%), 3/7/31<sup>(b)</sup> | 55000 | 56622 |
| ING Groep NV, 4.63%, 1/6/26<sup>(a)</sup> | 225000 | 225153 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 4/1/26 | 225000 | 224169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96%, (3 Month Term SOFR + 1.51%), 1/29/27<sup>(b)</sup> | 175000 | 174797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%, (3 Month Term SOFR + 1.21%), 1/23/29<sup>(b)</sup> | 125000 | 123368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, (3 Month Term SOFR + 2.52%), 5/13/31<sup>(b)</sup> | 25000 | 23455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, (SOFR + 1.26%), 1/25/33<sup>(b)</sup> | 50000 | 45747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, (SOFR + 1.68%), 4/22/36<sup>(b)</sup> | 145000 | 152875 |
| M&T Bank Corp., 5.05%, (SOFR + 1.85%), 1/27/34<sup>(b)</sup> | 90000 | 90225 |
| Macquarie Group Ltd., 1.34%, (SOFR + 1.07%), 1/12/27<sup>(a),(b)</sup> | 75000 | 74357 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 1/20/27 | 50000 | 49830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, (SOFR + 1.30%), 1/28/27<sup>(b)</sup> | 263000 | 263570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 4/23/27 | 30000 | 29944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, (SOFR + 1.59%), 4/20/29<sup>(b)</sup> | 155000 | 158683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43%, (3 Month Term SOFR + 1.89%), 1/23/30<sup>(b)</sup> | 50000 | 50249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, (SOFR + 1.14%), 1/22/31<sup>(b)</sup> | 75000 | 70080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, (SOFR + 1.03%), 2/13/32<sup>(b)</sup> | 125000 | 109056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, (SOFR + 1.73%), 1/18/35<sup>(b)</sup> | 30000 | 31236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, (SOFR + 1.76%), 4/17/36<sup>(b)</sup> | 50000 | 52750 |
| Toronto-Dominion Bank (The), 4.46%, 6/8/32 | 25000 | 24982 |
| Truist Financial Corp., 6.05%, (SOFR + 2.05%), 6/8/27<sup>(b)</sup> | 25000 | 25292 |
| UBS Group AG, 4.55%, 4/17/26 | 255000 | 255685 |
| US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, (SOFR + 2.02%), 6/12/29<sup>(b)</sup> | 70000 | 72864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, (SOFR + 2.11%), 7/22/33<sup>(b)</sup> | 140000 | 140573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, (SOFR + 2.09%), 10/21/33<sup>(b)</sup> | 50000 | 53333 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/23/26 | 325000 | 321749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 7/22/27 | 100000 | 100367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 1/24/29 | 25000 | 24992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, (SOFR + 2.10%), 7/25/33<sup>(b)</sup> | 11000 | 11176 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Banks (continued)** |  |  |
| Westpac Banking Corp., 4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34<sup>(b)</sup> | $75000 | $73467 |
|  |  | 5385923 |
| **Beverages - 1.0%** |  |  |
| Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20%, 1/15/39 | 25000 | 32271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 1/23/39 | 35000 | 36169 |
| Coca-Cola Consolidated, Inc., 5.45%, 6/1/34 | 40000 | 41812 |
| Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 2/15/28 | 100000 | 98677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 8/1/29 | 125000 | 120194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 8/1/31 | 50000 | 44040 |
| Keurig Dr Pepper, Inc., 3.80%, 5/1/50 | 19000 | 13762 |
| Pernod Ricard International Finance LLC, 1.63%, 4/1/31<sup>(a)</sup> | 180000 | 155045 |
|  |  | 541970 |
| **Biotechnology - 0.7%** |  |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/2/30 | 130000 | 134794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/2/33 | 108000 | 111902 |
| Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 9/2/30 | 70000 | 62862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 9/2/34 | 79000 | 80685 |
|  |  | 390243 |
| **Building Materials - 0.3%** |  |  |
| Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 2/15/31 | 75000 | 68865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 3/15/34 | 101000 | 108384 |
|  |  | 177249 |
| **Chemicals - 0.0%<sup>†</sup>** |  |  |
| International Flavors & Fragrances, Inc., 1.83%, 10/15/27<sup>(a)</sup> | 27000 | 25691 |
| **Commercial Services - 0.6%** |  |  |
| DP World Crescent Ltd., 5.50%, 5/8/35<sup>(a)</sup> | 200000 | 208067 |
| Quanta Services, Inc., 5.25%, 8/9/34 | 68000 | 69737 |
| S&P Global, Inc., 2.95%, 1/22/27 | 50000 | 49313 |
|  |  | 327117 |
| **Computers - 0.2%** |  |  |
| Dell International LLC / EMC Corp., 5.30%, 10/1/29 | 25000 | 25824 |
| Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | 57000 | 56559 |
|  |  | 82383 |
| **Diversified Financial Services - 2.0%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 10/29/26 | 225000 | 221081 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/31 | $150000 | $155176 |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 1/15/26 | 75000 | 74669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/1/26 | 175000 | 174081 |
| Ally Financial, Inc., 2.20%, 11/2/28 | 100000 | 93452 |
| Aviation Capital Group LLC, 1.95%, 1/30/26<sup>(a)</sup> | 75000 | 74335 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 5/4/28<sup>(a)</sup> | 40000 | 41734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 1/15/30<sup>(a)</sup> | 26000 | 26378 |
| Capital One Financial Corp., 6.18%, (SOFR + 2.04%), 1/30/36<sup>(b)</sup> | 120000 | 124507 |
| Charles Schwab Corp. (The), 3.45%, 2/13/26 | 128000 | 127630 |
| Nasdaq, Inc., 3.25%, 4/28/50 | 25000 | 17403 |
|  |  | 1130446 |
| **Electric - 1.3%** |  |  |
| Ameren Corp., 3.50%, 1/15/31 | 25000 | 23868 |
| American Electric Power Co., Inc., 2.30%, 3/1/30 | 50000 | 45768 |
| Dominion Energy, Inc., 3.38%, 4/1/30 | 50000 | 48036 |
| Duke Energy Carolinas LLC, 3.95%, 3/15/48 | 25000 | 20022 |
| Duquesne Light Holdings, Inc., 2.53%, 10/1/30<sup>(a)</sup> | 100000 | 89899 |
| Entergy Corp., 2.95%, 9/1/26 | 175000 | 173142 |
| Exelon Corp., 4.05%, 4/15/30 | 50000 | 49469 |
| FirstEnergy Corp., 2.25%, 9/1/30 | 50000 | 44946 |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | 80000 | 75635 |
| Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 8/1/27 | 25000 | 24036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/1/31 | 50000 | 44559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 8/1/40 | 25000 | 18943 |
| Southern California Edison Co., 4.20%, 3/1/29 | 100000 | 98830 |
|  |  | 757153 |
| **Electronics - 0.1%** |  |  |
| Allegion US Holding Co., Inc., 5.60%, 5/29/34 | 45000 | 46963 |
| **Engineering & Construction - 0.3%** |  |  |
| Mexico City Airport Trust, 3.88%, 4/30/28<sup>(a)</sup> | 200000 | 195082 |
| **Environmental Control - 0.1%** |  |  |
| Republic Services, Inc., 4.88%, 4/1/29 | 50000 | 51261 |
| **Food - 1.4%** |  |  |
| J M Smucker Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 11/15/28 | 83000 | 87205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 11/15/33 | 82000 | 89144 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Food (continued)** |  |  |
| Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 3/1/30<sup>(a)</sup> | $150000 | $152870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/1/32<sup>(a)</sup> | 125000 | 127919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 3/1/35<sup>(a)</sup> | 200000 | 204432 |
| Sysco Corp., 4.45%, 3/15/48 | 25000 | 21292 |
| The Campbell's Co., 5.40%, 3/21/34 | 117000 | 119862 |
|  |  | 802724 |
| **Gas - 0.0%<sup>†</sup>** |  |  |
| NiSource, Inc., 3.60%, 5/1/30 | 25000 | 24213 |
| **Healthcare-Products - 0.3%** |  |  |
| Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 3/1/29 | 47000 | 48511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 3/23/34 | 60000 | 62524 |
| STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31 | 75000 | 68361 |
|  |  | 179396 |
| **Healthcare-Services - 2.3%** |  |  |
| Adventist Health System/West |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 3/1/29 | 25000 | 23598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74%, 12/1/30 | 155000 | 155096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76%, 12/1/34 | 35000 | 35988 |
| Banner Health, 2.34%, 1/1/30 | 145000 | 134505 |
| Baylor Scott & White Holdings, 1.78%, 11/15/30 | 50000 | 44329 |
| Cigna Group (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 5/15/31 | 85000 | 87972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 8/15/38 | 75000 | 71581 |
| CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91%, 10/1/50 | 110000 | 82468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46%, 11/1/52 | 105000 | 114395 |
| HCA, Inc., 5.45%, 4/1/31 | 125000 | 129987 |
| Humana, Inc., 5.95%, 3/15/34 | 20000 | 21036 |
| Laboratory Corp. of America Holdings, 4.80%, 10/1/34 | 35000 | 34734 |
| Rush Obligated Group, 3.92%, 11/15/29 | 60000 | 59152 |
| Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29%, 8/15/30 | 25000 | 22875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 8/15/48 | 225000 | 183976 |
| UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 2/15/53 | 50000 | 51380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 4/15/53 | 50000 | 45812 |
|  |  | 1298884 |
| **Home Builders - 0.1%** |  |  |
| Lennar Corp., 4.75%, 11/29/27 | 45000 | 45432 |
| **Insurance - 0.5%** |  |  |
| Chubb Corp. (The), 6.80%, 11/15/31 | 49000 | 55049 |
| Principal Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 11/15/26 | 75000 | 74151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 6/15/30 | 100000 | 90568 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Insurance (continued)** |  |  |
| Willis North America, Inc., 2.95%, 9/15/29 | $50000 | $47480 |
|  |  | 267248 |
| **Internet - 0.3%** |  |  |
| Expedia Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 2/15/30 | 28000 | 26758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 3/15/31 | 14000 | 12979 |
| Netflix, Inc., 5.88%, 11/15/28 | 95000 | 100194 |
| Uber Technologies, Inc., 4.50%, 8/15/29<sup>(a)</sup> | 50000 | 49873 |
|  |  | 189804 |
| **Investment Companies - 0.1%** |  |  |
| Blackstone Private Credit Fund, 6.00%, 1/29/32 | 25000 | 25806 |
| Blackstone Secured Lending Fund, 5.88%, 11/15/27 | 25000 | 25622 |
|  |  | 51428 |
| **Lodging - 1.0%** |  |  |
| Choice Hotels International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 1/15/31 | 94000 | 88020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 8/1/34 | 45000 | 46023 |
| Hyatt Hotels Corp., 5.50%, 6/30/34 | 147000 | 150465 |
| Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 4/15/29 | 50000 | 51047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 5/15/29 | 39000 | 39762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 4/15/31 | 175000 | 161086 |
|  |  | 536403 |
| **Machinery-Diversified - 0.1%** |  |  |
| IDEX Corp., 2.63%, 6/15/31 | 25000 | 22641 |
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | 45000 | 47810 |
|  |  | 70451 |
| **Media - 0.2%** |  |  |
| Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/1/34 | 98000 | 101696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 4/1/40 | 25000 | 21021 |
|  |  | 122717 |
| **Oil & Gas - 0.4%** |  |  |
| BP Capital Markets America, Inc., 3.41%, 2/11/26 | 50000 | 49883 |
| Marathon Petroleum Corp., 3.80%, 4/1/28 | 25000 | 24759 |
| Phillips 66, 3.90%, 3/15/28 | 150000 | 149201 |
|  |  | 223843 |
| **Pharmaceuticals - 0.3%** |  |  |
| CVS Health Corp., 4.78%, 3/25/38 | 160000 | 149986 |
| **Pipelines - 1.2%** |  |  |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 4/15/29 | 100000 | 102903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 4/15/47 | 25000 | 22557 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Pipelines (continued)** |  |  |
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40 | $173276 | $147128 |
| MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 2/15/29 | 50000 | 50704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 8/15/30 | 125000 | 114800 |
| Sabine Pass Liquefaction LLC, 5.00%, 3/15/27 | 100000 | 100617 |
| Targa Resources Corp., 4.20%, 2/1/33 | 40000 | 38004 |
| Williams Cos., Inc. (The), 5.65%, 3/15/33 | 75000 | 78766 |
|  |  | 655479 |
| **REITS - 1.8%** |  |  |
| Agree LP, 4.80%, 10/1/32 | 35000 | 35241 |
| American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 2/15/29 | 50000 | 50870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 7/15/31 | 30000 | 26603 |
| Camden Property Trust, 2.80%, 5/15/30 | 75000 | 70360 |
| Crown Castle, Inc., 3.65%, 9/1/27 | 75000 | 74234 |
| CubeSmart LP, 2.50%, 2/15/32 | 15000 | 13237 |
| Essex Portfolio LP, 3.00%, 1/15/30 | 75000 | 71063 |
| Host Hotels & Resorts LP, 2.90%, 12/15/31 | 42000 | 37357 |
| Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | 50000 | 47217 |
| Kilroy Realty LP, 4.75%, 12/15/28 | 79000 | 79475 |
| Prologis LP, 4.63%, 1/15/33 | 75000 | 75429 |
| Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 6/1/26 | 75000 | 75242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 1/15/30 | 100000 | 96834 |
| Regency Centers LP, 2.95%, 9/15/29 | 125000 | 119381 |
| UDR, Inc., 2.10%, 8/1/32 | 25000 | 21318 |
| WP Carey, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 7/15/29 | 75000 | 73832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 2/1/31 | 25000 | 22422 |
|  |  | 990115 |
| **Retail - 0.6%** |  |  |
| 7-Eleven, Inc., 1.30%, 2/10/28<sup>(a)</sup> | 100000 | 93516 |
| Alimentation Couche-Tard, Inc., 3.55%, 7/26/27<sup>(a)</sup> | 50000 | 49538 |
| AutoNation, Inc., 1.95%, 8/1/28 | 25000 | 23453 |
| Lowe's Cos., Inc., 1.70%, 9/15/28 | 75000 | 70113 |
| Starbucks Corp., 4.00%, 11/15/28 | 75000 | 74885 |
|  |  | 311505 |
| **Semiconductors - 0.9%** |  |  |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 4/15/33<sup>(a)</sup> | 150000 | 138822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47%, 4/15/34<sup>(a)</sup> | 40000 | 36488 |
| Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 2/10/33 | 100000 | 102277 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 2/21/34 | $28000 | $28390 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 5/1/30 | 50000 | 47954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 5/11/31 | 125000 | 112258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 2/15/32 | 75000 | 66722 |
|  |  | 532911 |
| **Software - 1.9%** |  |  |
| Constellation Software, Inc., 5.46%, 2/16/34<sup>(a)</sup> | 41000 | 41878 |
| Fiserv, Inc., 4.20%, 10/1/28 | 100000 | 99976 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/6/28 | 75000 | 75552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 4/1/30 | 25000 | 23560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 5/6/30 | 100000 | 101424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 3/25/31 | 225000 | 206635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 2/3/32 | 90000 | 92810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 9/26/32 | 90000 | 90073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 2/6/33 | 91000 | 91763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 9/26/35 | 105000 | 105550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 4/1/40 | 25000 | 20075 |
| Synopsys, Inc., 5.00%, 4/1/32 | 55000 | 56209 |
| VMware LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 8/15/28 | 25000 | 23460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 8/15/31 | 75000 | 66172 |
|  |  | 1095137 |
| **Telecommunications - 1.3%** |  |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 8/15/37 | 50000 | 48754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 3/1/39 | 85000 | 81552 |
| Rogers Communications, Inc., 3.20%, 3/15/27 | 215000 | 211965 |
| T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 4/15/27 | 111000 | 110370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 1/15/33 | 150000 | 154772 |
| Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02%, 12/3/29 | 25000 | 24831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 3/21/31 | 100000 | 90943 |
|  |  | 723187 |
| **Transportation - 0.3%** |  |  |
| Burlington Northern Santa Fe LLC, 3.25%, 6/15/27 | 75000 | 74203 |
| FedEx Corp., 3.40%, 2/15/28<sup>(a)</sup> | 25000 | 24478 |
| Union Pacific Corp., 2.80%, 2/14/32 | 100000 | 91674 |
|  |  | 190355 |
| **Trucking & Leasing - 0.1%** |  |  |
| Penske Truck Leasing Co. LP / PTL Finance Corp., 5.25%, 7/1/29<sup>(a)</sup> | 48000 | 49366 |
| **Total Corporate Bonds and Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $19,033,884)** |  | **18772633** |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Agency Mortgage Backed Securities - 27.9%** |  |  |
| **Federal Home Loan Mortgage Corporation - 5.7%** |  |  |
| Freddie Mac Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 3/1/50 | $346501 | $333038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 12/1/50 | 524247 | 471567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 9/1/51 | 705005 | 604272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 1/1/52 | 1664282 | 1349516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/1/52 | 458268 | 449432 |
|  |  | 3207825 |
| **Federal National Mortgage Association - 12.8%** |  |  |
| Fannie Mae or Freddie Mac, 5.50%, 10/1/53<sup>(c)</sup> | 2000000 | 2017188 |
| Fannie Mae Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 6/1/31 | 143734 | 147216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 7/1/48 | 265552 | 261944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/48 | 181825 | 184381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/1/50 | 847940 | 686130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/1/50 | 835876 | 717980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 3/1/51 | 65029 | 55962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 9/1/51 | 80568 | 69341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 10/1/51 | 318693 | 274284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/1/51 | 186831 | 160785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/1/51 | 146820 | 126337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 2/1/52 | 191895 | 161799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/1/52 | 816799 | 816519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/1/52 | 788758 | 807191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 12/1/52 | 721209 | 746346 |
|  |  | 7233403 |
| **Government National Mortgage Association - 9.4%** |  |  |
| Ginnie Mae II Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 2/20/48 | 93484 | 93013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 5/20/48 | 95602 | 94737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 8/20/48 | 120190 | 119103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 8/20/48 | 24247 | 24494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 9/20/48 | 423225 | 419392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/20/48 | 144212 | 145966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/20/48 | 86704 | 87759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/20/48 | 45800 | 46357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/20/49 | 136916 | 138226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/20/49 | 124070 | 118353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 3/20/49 | 4036 | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 3/20/49 | 64819 | 64741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 5/20/49 | 111498 | 106187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/49 | 96885 | 96009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 3/20/50 | 345262 | 309562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/51 | 687641 | 615229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/20/51 | 886026 | 733551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 6/20/52 | 871511 | 802533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/20/52 | 794021 | 776692 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Government National Mortgage Association (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 5/20/54 | $487492 | $492058 |
|  |  | 5287961 |
| **Total Agency Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $16,169,017)** |  | **15729189** |
| **Asset Backed and Commercial Backed Securities - 19.0%** |  |  |
| 3650R 2021-PF1 Commercial Mortgage Trust, 2.78%, 11/15/54 <sup>(d)</sup> | 150000 | 124597 |
| Apidos CLO LIII, 5.65%, (3 Month Term SOFR + 1.32%), 7/20/38 <sup>(a),(b)</sup> | 350000 | 351077 |
| ASSURANT CLO LTD., 5.63%, (3 Month Term SOFR + 1.30%), 4/20/31 <sup>(a),(b)</sup> | 129267 | 129263 |
| BANK 2025-BNK49, 5.62%, 3/15/58 <sup>(d)</sup> | 150000 | 158505 |
| BANK5 2024-5YR11, 5.89%, 11/15/57 | 100000 | 105599 |
| BANK5 2024-5YR8, 5.88%, 8/15/57 | 75000 | 78456 |
| BANK5 2024-5YR9, 6.18%, 8/15/57 <sup>(d)</sup> | 150000 | 156950 |
| Barclays Dryrock Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27%, (SOFR + 0.90%), 8/15/28<sup>(b)</sup> | $100000 | 100026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 2/15/29 | 300000 | 301008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97%, 7/15/31 | 125000 | 124665 |
| BBCMS Mortgage Trust 2024-5C25, 6.36%, 3/15/57 <sup>(d)</sup> | 100000 | 104523 |
| Benchmark 2024-V8 Mortgage Trust, 6.19%, 7/15/57 <sup>(d)</sup> | 75000 | 79206 |
| BMO 2023-C7 Mortgage Trust, 6.16%, 12/15/56 | 100000 | 107756 |
| BMO 2024-5C4 Mortgage Trust, 6.53%, 5/15/57 <sup>(d)</sup> | 125000 | 133202 |
| BMO 2024-5C6 Mortgage Trust, 5.32%, 9/15/57 | 100000 | 102943 |
| BMO 2024-C9 Mortgage Trust, 5.76%, 7/15/57 | 125000 | 132946 |
| BX Commercial Mortgage Trust 2024-XL4, 5.47%, (1 Month Term SOFR + 1.44%), 2/15/39 <sup>(a),(b)</sup> | 92804 | 92897 |
| BX Commercial Mortgage Trust 2024-XL5, 5.42%, (1 Month Term SOFR + 1.39%), 3/15/41 <sup>(a),(b)</sup> | 70451 | 70500 |
| BX Trust 2024-BIO, 5.67%, (1 Month Term SOFR + 1.64%), 2/15/41 <sup>(a),(b)</sup> | 150000 | 149773 |
| Capital One Multi-Asset Execution Trust, 4.95%, 10/15/27 | 200000 | 200051 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Carlyle US CLO 2024-2 Ltd., 6.37%, (3 Month Term SOFR + 2.05%), 4/25/37 <sup>(a),(b)</sup> | $250000 | $250970 |
| CarVal CLO IX-C Ltd., 6.43%, (3 Month Term SOFR + 2.10%), 4/20/37 <sup>(a),(b)</sup> | 250000 | 250864 |
| Cathedral Lake VIII Ltd., 7.21%, (3 Month Term SOFR + 2.88%), 1/20/35 <sup>(a),(b)</sup> | 150000 | 150273 |
| CBAMR 2017-4 Ltd., 5.70%, (3 Month Term SOFR + 1.42%), 3/31/38 <sup>(a),(b)</sup> | 250000 | 250698 |
| Cifc Funding 2023-III Ltd., 5.93%, (3 Month Term SOFR + 1.60%), 1/20/37 <sup>(a),(b)</sup> | 300000 | 300964 |
| COLT 2021-2 Mortgage Loan Trust, 0.92%, 8/25/66 <sup>(a),(d)</sup> | 57706 | 48651 |
| Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01%, (SOFR + 1.65%), 12/25/41<sup>(a),(b)</sup> | 34000 | 34160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16%, (SOFR + 1.80%), 1/25/44<sup>(a),(b)</sup> | 50000 | 50414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31%, (SOFR + 1.95%), 3/25/44<sup>(a),(b)</sup> | 50000 | 50408 |
| Csmc 2021-Nqm6 Trust, 1.17%, 7/25/66 <sup>(a),(d)</sup> | 78979 | 64731 |
| DOLP Trust 2021-NYC, 2.96%, 5/10/41 <sup>(a)</sup> | 100000 | 89407 |
| Durst Commercial Mortgage Trust 2025-151, 5.15%, 8/10/42 <sup>(a),(d)</sup> | 150000 | 152738 |
| Exeter Automobile Receivables Trust 2025-1, 4.70%, 9/15/27 | 69690 | 69730 |
| Fannie Mae Remics, 5.36%, (SOFR + 1.00%), 3/25/55 <sup>(b)</sup> | 142084 | 140138 |
| Fidelity Grand Harbour Clo 2023-1 DAC, 3.89%, 2/15/38 <sup>(a)</sup> | 250000 | 293557 |
| Ford Credit Auto Owner Trust 2024-REV1, 4.87%, 8/15/36 <sup>(a),(e)</sup> | 150000 | 153530 |
| Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%, 10/25/28<sup>(d)</sup> | 50000 | 51406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, (SOFR + 0.68%), 2/25/33<sup>(b)</sup> | 76575 | 76670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/25/33<sup>(d)</sup> | 150000 | 155503 |
| Freddie Mac STACR REMIC Trust 2021-DNA5, 6.01%, (SOFR + 1.65%), 1/25/34 <sup>(a),(b)</sup> | 8449 | 8497 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Freddie Mac STACR REMIC Trust 2024-DNA2, 5.56%, (SOFR + 1.20%), 5/25/44 <sup>(a),(b)</sup> | $114836 | $114911 |
| Freddie Mac STACR REMIC Trust 2024-DNA3, 5.32%, (SOFR + 0.95%), 9/25/45 <sup>(a),(b)</sup> | 190000 | 190063 |
| Ginnie Mae, 2.00%, 8/20/51 | 353463 | 294423 |
| GM Financial Consumer Automobile Receivables Trust 2024-1, 5.12%, 2/16/27 | 841 | 842 |
| GoldenTree Loan Management US CLO 19 Ltd., 5.83%, (3 Month Term SOFR + 1.50%), 4/20/37 <sup>(a),(b)</sup> | 250000 | 250849 |
| Honda Auto Receivables 2023-4 Owner Trust, 5.67%, 6/21/28 | 218820 | 220895 |
| IRV Trust 2025-200P |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, 3/14/47<sup>(a),(d)</sup> | 200000 | 204770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62%, 3/14/47<sup>(a),(d)</sup> | 150000 | 151362 |
| J.P. Morgan Mortgage Trust 2024-1, 6.00%, 6/25/54 <sup>(a),(d)</sup> | 85053 | 85242 |
| JP Morgan Mortgage Trust 2021-6, 2.50%, 10/25/51 <sup>(a),(d)</sup> | 88022 | 72632 |
| JP Morgan Mortgage Trust Series 2024-VIS2, 5.85%, 11/25/64 <sup>(a),(e)</sup> | 262103 | 264745 |
| LEX 2024-BBG Mortgage Trust, 5.04%, 10/13/33 <sup>(a),(d)</sup> | 150000 | 150144 |
| Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/15/53 | 250000 | 224259 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM4, 5.59%, 6/25/70 <sup>(a),(e)</sup> | 193186 | 194713 |
| Nissan Auto Lease Trust 2024-A, 5.11%, 10/15/26 | 52156 | 52190 |
| Nissan Auto Receivables 2023-B Owner Trust, 5.93%, 3/15/28 | 39482 | 39830 |
| OBX 2025-NQM11 Trust, 5.42%, 5/25/65 <sup>(a),(e)</sup> | 145672 | 146308 |
| OCP CLO 2017-14 Ltd., 5.70%, (3 Month Term SOFR + 1.37%), 7/20/37 <sup>(a),(b)</sup> | 350000 | 351051 |
| OCP CLO 2019-16 Ltd., 5.19%, (3 Month Term SOFR + 1.26%), 4/10/33 <sup>(a),(b)</sup> | 205066 | 205186 |
| OCP CLO 2025-45 Ltd., 0.00%, (3 Month Term SOFR + 1.23%), 10/15/38 <sup>(a),(b)</sup> | 325000 | 325142 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Asset Backed and Commercial Backed Securities (continued)** |  |  |
| Palmer Square Loan Funding 2022-2 Ltd., 5.17%, (3 Month Term SOFR + 1.27%), 10/15/30 <sup>(a),(b)</sup> | $30390 | $30397 |
| PRKCM 2021-AFC2 Trust, 2.07%, 11/25/56 <sup>(a),(d)</sup> | 179233 | 158615 |
| Regatta VI Funding Ltd., 5.21%, (3 Month Term SOFR + 1.25%), 10/20/38 <sup>(a),(b)</sup> | 275000 | 275945 |
| ROCK TRUST 2024-CNTR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 11/13/41<sup>(a)</sup> | 150000 | 153998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 11/13/41<sup>(a)</sup> | 100000 | 103441 |
| Santander Drive Auto Receivables Trust 2025-1, 4.74%, 1/16/29 | 150000 | 150639 |
| Sound Point Euro Clo 14 funding DAC, 3.89%, 4/20/39 <sup>(a)</sup> | 250000 | 293110 |
| Starwood Mortgage Residential Trust 2020-2, 3.00%, 4/25/60 <sup>(a),(d)</sup> | 150000 | 142033 |
| Verus Securitization Trust 2022-1, 3.29%, 1/25/67 <sup>(a),(d)</sup> | 103795 | 94614 |
| Warwick Capital CLO 1 Ltd., 5.25%, (3 Month Term SOFR + 1.28%), 10/20/38 <sup>(a),(b)</sup> | 250000 | 250109 |
| Wells Fargo Commercial Mortgage Trust 2024-MGP, 5.72%, (1 Month Term SOFR + 1.69%), 8/15/41 <sup>(a),(b)</sup> | 100000 | 99648 |
| Wells Fargo Mortgage Backed Securities Trust 2019-3, 3.50%, 7/25/49 <sup>(a),(d)</sup> | 4914 | 4516 |
| **Total Asset Backed and Commercial Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $10,711,518)** |  | **10743874** |
| **U.S. Treasury Securities and Agency Bonds - 15.5%** |  |  |
| Federal Farm Credit Banks Funding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 4/12/32 | 290000 | 271056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 9/1/32 | 40000 | 38283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 3/28/34 | 370000 | 332723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70%, 4/23/35 | 540000 | 424650 |
| Federal Home Loan Banks, 4.75%, 12/10/32 | 80000 | 83597 |
| U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 2/15/41 | 1560000 | 1600036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 5/15/44 | 1440000 | 1428525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 5/15/48 | 260000 | 200302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/48 | 250000 | 200635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 5/15/49 | 260000 | 189495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 5/15/55 | 170000 | 170398 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **U.S. Treasury Securities and Agency Bonds (continued)** | |  |
| U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 4/15/27 | $1090000 | $1103582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 6/30/27 | 390000 | 369510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 5/31/30 | 290000 | 290272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 6/30/30 | 370000 | 370260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 9/30/30 | 480000 | 477675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 3/31/32 | 520000 | 527008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 9/30/32 | 490000 | 488469 |
| U.S. Treasury Strip Coupon |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/29<sup>(f)</sup> | 68600 | 58748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/30<sup>(f)</sup> | 30000 | 24896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/30<sup>(f)</sup> | 30000 | 24630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 11/15/31<sup>(f)</sup> | 30000 | 23561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 5/15/32<sup>(f)</sup> | 64500 | 49518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 8/15/33<sup>(f)</sup> | 30000 | 21714 |
| **Total U.S. Treasury Securities and Agency Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $8,867,757)** |  | **8769543** |
| **Sovereign Debts - 1.1%** |  |  |
| Chile Government International Bond, 4.95%, 1/5/36 | 200000 | 200780 |
| Eagle Funding Luxco Sarl, 5.50%, 8/17/30 <sup>(a)</sup> | 250000 | 253797 |
| Peruvian Government International Bond, 3.23%, 7/28/21 | 20000 | 11164 |
| Republic of Poland Government International Bond, 5.50%, 3/18/54 | 30000 | 28999 |
| Romanian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 2/27/27<sup>(a)</sup> | 30000 | 29285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12%, 7/16/31 | 30000 | 30116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 1/30/34 | 80000 | 80983 |
| **Total Sovereign Debts** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $645,841)** |  | **635124** |
| **Municipal Bonds - 1.0%** |  |  |
| Maryland Economic Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83%, 11/30/30<sup>(g)</sup> | 25000 | 25711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 11/30/32<sup>(g)</sup> | 60000 | 61918 |
| Metropolitan Transportation Authority, 5.18%, 11/15/49 <sup>(g)</sup> | 15000 | 13842 |
| New Jersey Turnpike Authority, 7.10%, 1/1/41 <sup>(g)</sup> | 25000 | 28962 |
| State of California, 7.60%, 11/1/40 <sup>(g)</sup> | 175000 | 215222 |
| State of Illinois, 5.10%, 6/1/33 <sup>(g)</sup> | 231225 | 235222 |
| **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $605,287)** |  | **580877** |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares/<br> Principal** | **Fair Value** |
| **Short-Term Investments - 5.1%** |  |  |
| **U.S. Treasury Securities - 3.0%** |  |  |
| U.S. Treasury Bill, 0.00%, 11/25/25 (Cost - $1,689,611)<sup>(f)</sup> | 1700000 | $1689624 |
| **Money Market Funds - 1.6%** |  |  |
| Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.04%<sup>(h)</sup> (Cost - $890,900) | 890900 | 890900 |
| **Commercial Paper - 0.5%** |  |  |
| National Bank of Kuwait, 4.48%, 12/2/25 (Cost - $280,005) | 280000 | 280125 |
| **Total Investments - 102.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Cost - $58,893,820)** |  | **$58091889** |
| **Other Assets Less Liabilities - Net (2.8)%** |  | **(1570047)** |
| **Total Net Assets - 100.0%** |  | **$56521842** |

---

† 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 $9,899,393 or 17.5% of net assets.

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

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

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

(e) Step coupon.

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

(g) Sinking bond security.

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

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** |
| **At September 30, 2025, the Fund had the following forward sales contracts:** | **At September 30, 2025, the Fund had the following forward sales contracts:** | **At September 30, 2025, the Fund had the following forward sales contracts:** | **At September 30, 2025, the Fund had the following forward sales contracts:** | **At September 30, 2025, the Fund had the following forward sales contracts:** | **At September 30, 2025, the Fund had the following forward sales contracts:** |
| **Description** | **Interest Rate** | **Maturity Date<sup>\*</sup>** | **Settlement Date** | **Principal Amount** | **Value** |
| Ginnie Mae | 4.50% | TBA - 30yr | 10/20/2055 | $(1000000) | $(969844) |
| (Proceeds Receivable: $(979727)) | (Proceeds Receivable: $(979727)) | (Proceeds Receivable: $(979727)) | (Proceeds Receivable: $(979727)) |  | $(969844) |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | | | |
|  | **Counterparty** | **Number of<br> Contracts** | <br>**Expiration Date** | <br>**Notional Value** | <br>**Fair<br> Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long Futures Contracts** |  |  |  |  |  |
| ICE 3 Month SONIA Future | Morgan Stanley | 6 | 3/17/2026 | $1941023 | $(2524) |
| ICE 3 Month SONIA Future | Morgan Stanley | 4 | 3/16/2027 | 1297718 | (1801) |
| U.S. 10 Year Note Future | Morgan Stanley | 16 | 12/19/2025 | 1800000 | (3558) |
| U.S. 2 Year Note Future | Morgan Stanley | 37 | 12/31/2025 | 7710742 | (3558) |
| U.S. 5 Year Note Future | Morgan Stanley | 32 | 12/31/2025 | 3494250 | (11370) |
| U.S. Long Bond Future | Morgan Stanley | 9 | 12/19/2025 | 1049344 | 5587 |
| U.S. Ultra Bond Future |  | 28 | 12/19/2025 | 3361750 | 71732 |
|  |  |  |  |  | 54508 |
| **Short Futures Contracts** |  |  |  |  |  |
| Euro BOBL Future | Morgan Stanley | 2 | 12/8/2025 | 276853 | 94 |
| Euro Bund Future | Morgan Stanley | 4 | 12/8/2025 | 604279 | (3924) |
| U.S. 10 Year Ultra Future | Morgan Stanley | 24 | 12/19/2025 | 2761875 | (17399) |
|  |  |  |  |  | (21229) |
| TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS | TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS |  | $33279 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions Purchased** | **Interest Rate Swaptions Purchased** | **Interest Rate Swaptions Purchased** | **Interest Rate Swaptions Purchased** | | | | | |
| **Counterparty** | **Description<sup>\*</sup>** | **Floating<br> Rate Index** | **Exercise Rate** | <br>**Expiration<br> Date** | <br>**Notional Amount** | <br>**Fair Value** | <br>**Premiums Paid** | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.25% | 03/08/27 | 540000 | $2242 | $3502 | $(1260) |
| Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.45% | 03/24/26 | 100000 | 504 | 1580 | (1076) |
| Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.25% | 04/29/26 | 130000 | 531 | 866 | (335) |
| Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2% | 09/04/26 | 260000 | 227 | 795 | (568) |
| TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED | $3504 | $6743 | $(3239) |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaptions Written** | **Interest Rate Swaptions Written** | **Interest Rate Swaptions Written** | **Interest Rate Swaptions Written** | | | | | |
| **Counterparty** | **Description<sup>\*</sup>** | **Floating<br> Rate Index** | **Exercise Rate** | <br>**Expiration<br> Date** | <br>**Notional Amount** | <br>**Fair Value** | <br>**Premiums<br> Received** | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.347% | 03/08/27 | 50000 | $(1309) | $(3445) | $2136 |
| Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.498% | 03/24/26 | 40000 | (488) | (1521) | 1033 |
| Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.586% | 04/29/26 | 30000 | (600) | (869) | 269 |
| Bank of America | Call - IRS SWAPTION | 6 Month Euribor | Receives 2.551% | 09/04/26 | 30000 | (788) | (933) | 145 |
| TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | $(3185) | $(6768) | $3583 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | | |
| **Counterparty** | **Payment<br> Frequency** | **Fund Receives** | **Fund Pays** | **Expiration <br> Date** | **Notional <br> Amount** | **Fair Value** | <br>**Premiums Paid<br> (Received)** | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| Morgan Stanley | Annually | SOFR-COMPOUND | 3.294% | 09/15/27 | 1900000 | $843 | $(5015) | $5858 |
| Morgan Stanley | Semi-Annually | 2.500% | Canadian Overnight Index | 12/17/27 | 890000 | (993) | (3166) | 2173 |
| Morgan Stanley | Quarterly | 3 Month Australian Bill | 3.750% | 12/17/27 | 4230000 | (13835) | (25947) | 12112 |
| Morgan Stanley | Annually | SOFR-COMPOUND | 3.500% | 12/17/27 | 2030000 | (8083) | (9621) | 1538 |
| Morgan Stanley | Annually | Tokyo Overnight Average Rate | 1.000% | 12/17/27 | 72000000 | 234 | (589) | 823 |
| Morgan Stanley | Annually | Swiss Average Rate Overnight | -0.250% | 12/17/27 | 620000 | 2980 | 2731 | 249 |
| Morgan Stanley | Quarterly | 2.000% | 3 Month Stockholm Interbank Offered Rate | 12/17/27 | 14680000 | (2948) | (352) | (2596) |
| Morgan Stanley | Annually | 4.000% | Sterling Overnight Index Average | 12/17/27 | 2440000 | 16562 | 19707 | (3145) |
| Morgan Stanley | Semi-Annually | 3.750% | 6 Month Norway Ibor | 12/17/27 | 21750000 | (15232) | (3941) | (11291) |
| Morgan Stanley | Semi-Annually | 2.500% | Canadian Overnight Index | 12/17/27 | 270000 | 637 | 555 | 82 |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Morgan Stanley | Quarterly | 4.000% | 3 Month Australian Bill | 12/17/27 | 130000 |  | 837 | 1212 | (375) |
| Morgan Stanley | Annually | 3.750% | SOFR-COMPOUND | 12/17/27 | 130000 |  | 1139 | 1562 | (423) |
| Morgan Stanley | Annually | 1.750% | Euro Short-Term Rate | 12/17/27 | 170000 |  | (735) | (641) | (94) |
| Morgan Stanley | Annually | 3.368% | SOFR-COMPOUND | 06/23/28 | 3480000 |  | 5813 | 1028 | 4785 |
| Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.500% | 09/11/28 | 6180000 |  | (7219) | (10494) | 3275 |
| Morgan Stanley | Annually | 2.000% | Euro Short-Term Rate | 09/11/28 | 6180000 |  | (11356) | (8159) | (3197) |
| Morgan Stanley | Annually | 3.750% | Sterling Overnight Index Average | 12/18/28 | 20000 |  | (2) | 34 | (36) |
| Morgan Stanley | Semi-Annually | 2.400% | 6 Month Euribor | 08/13/29 | 1080000 |  | (1316) | (340) | (976) |
| Morgan Stanley | Annually | SOFR-COMPOUND | 3.253% | 02/28/30 | 960000 |  | 2583 | 191 | 2392 |
| Morgan Stanley | Annually | SOFR-COMPOUND | 3.600% | 06/24/30 | 3680000 |  | (12703) | (1764) | (10939) |
| Morgan Stanley | Annually | 2.200% | Euro Short-Term Rate | 10/10/30 | 230000 |  | 309 | 378 | (69) |
| Morgan Stanley | Annually | 3.373% | SOFR-COMPOUND | 11/06/30 | 880000 |  | 295 | 2916 | (2621) |
| Morgan Stanley | Annually | 4.000% | Sterling Overnight Index Average | 12/17/30 | 430000 |  | (2389) | (487) | (1902) |
| Morgan Stanley | Quarterly | 3.500% | 3 Month New Zealand Dollar Bank Bill Rate | 12/17/30 | 570000 |  | 5301 | 2371 | 2930 |
| Morgan Stanley | Semi-Annually | 2.250% | 6 Month Euribor | 12/17/30 | 660000 |  | (5723) | (5271) | (452) |
| Morgan Stanley | Semi-Annually | 2.500% | Canadian Overnight Index | 12/17/30 | 230000 |  | (282) | (1704) | 1422 |
| Morgan Stanley | Annually | Tokyo Overnight Average Rate | 1.000% | 12/17/30 | 159000000 |  | 12128 | 6799 | 5329 |
| Morgan Stanley | Annually | Tokyo Overnight Average Rate | 1.295% | 08/02/34 | 68953489 | JPY | 7925 | 71 | 7854 |
| Morgan Stanley | Annually | 2.500% | Euro Short-Term Rate | 08/15/34 | 510000 |  | 2836 | 264 | 2572 |
| Morgan Stanley | Annually | 4.098% | SOFR-COMPOUND | 06/25/35 | 890000 |  | 5178 | (293) | 5471 |
| Morgan Stanley | Semi-Annually | 3 Month Australian Bill | 4.250% | 12/17/35 | 30000 |  | 96 | (129) | 225 |
| Morgan Stanley | Quarterly | 4.000% | 3 Month New Zealand Dollar Bank Bill Rate | 12/17/35 | 220000 |  | 2872 | 1261 | 1611 |
| Morgan Stanley | Annually | 2.250% | Sterling Overnight Index Average | 12/17/35 | 70000 |  | (1302) | (721) | (581) |
| Morgan Stanley | Annually | SOFR-COMPOUND | 3.750% | 12/17/35 | 300000 |  | (2368) | (1849) | (519) |

---

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Morgan Stanley | Quarterly | 2.750% | 3 Month Stockholm Interbank Offered Rate | 12/17/35 | 1830000 |  | 6 | 544 | (538) |
| Morgan Stanley | Semi-Annually | 6 Month Norway Ibor | 4.000% | 12/17/35 | 410000 |  | 285 | (210) | 495 |
| Morgan Stanley | Annually | Swiss Average Rate Overnight | 0.500% | 12/17/35 | 50000 |  | (145) | (204) | 59 |
| Morgan Stanley | Annually | Tokyo Overnight Average Rate | 1.250% | 12/17/35 | 127000000 |  | 22721 | 16590 | 6131 |
| Morgan Stanley | Semi-Annually | 2.750% | Canadian Overnight Index | 12/17/35 | 80000 |  | (730) | (1846) | 1116 |
| Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.500% | 12/17/35 | 100000 |  | 2071 | 2009 | 62 |
| Morgan Stanley | Semi-Annually | 3.300% | 6 Month Euribor | 07/30/40 | 970000 |  | (979) | (863) | (116) |
| Morgan Stanley | Annually | 2.160% | Tokyo Overnight Average Rate | 08/02/44 | 80527571 | JPY | (20624) | (7062) | (13562) |
| Morgan Stanley | Semi-Annually | 6 Month Euribor | 3.000% | 07/31/45 | 2340000 |  | 13146 | 10253 | 2893 |
| Morgan Stanley | Semi-Annually | 2.600% | 6 Month Euribor | 07/29/55 | 1570000 |  | (7638) | (4922) | (2716) |
| Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.800% | 08/13/55 | 380000 |  | 5758 | 2223 | 3535 |
| Morgan Stanley | Annually | SOFR-COMPOUND | 3.977% | 11/08/55 | 230000 |  | (1875) | (1732) | (143) |
| Morgan Stanley | Annually | 2.000% | Tokyo Overnight Average Rate | 12/17/55 | 24000000 |  | (17071) | (17753) | 682 |
| Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.250% | 12/17/55 | 170000 |  | 26384 | 26556 | (172) |
| Morgan Stanley | Annually | 2.530% | Euro Short-Term Rate | 03/20/56 | 360000 | EUR | (23449) | (17051) | (6398) |
| Morgan Stanley | Semi-Annually | 6 Month Euribor | 2.610% | 03/20/56 | 360000 | EUR | 25831 | 19387 | 6444 |
| TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS |  | $5773 | $(13484) | $19257 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | | |
| **Counterparty** | **Reference<br> Obligation/<br> Index** | **Payment<br> Frequency** | **Buy/Sell<br> Protection** | **Fixed<br> Rate <br> Received** | **Fixed<br> Rate <br> Paid** | **Expiration<br> Date** | **Notional<br> Amount\*\*** | **Fair Value** | <br>**Premiums <br> Paid <br> (Received)** | <br>**Unrealized<br> Appreciation(Depreciation)** |
| Morgan Stanley | CDX.NA.IG.42 | Quarterly | Buy | 1.00% | – BBB | 06/20/29 | $1517314 | $1558966 | $1549276 | $9690 |
| Morgan Stanley | CDX.NA.IG.43 | Quarterly | Buy | 1.00% | – BBB | 12/20/29 | 250000 | 256592 | 255578 | 1014 |
| Morgan Stanley | CDX.NA.IG.44 | Quarterly | Buy | 1.00% | – BBB | 06/20/30 | 325000 | 333124 | 331551 | 1573 |
| Morgan Stanley | CDX.NA.IG.45 | Quarterly | Buy | 1.00% | – BBB | 12/20/30 | 1200000 | 1227681 | 1227658 | 23 |
| TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS |  |  | $3376363 | $3364063 | $12300 |

---

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

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

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | |  | |
| **Settlement Date** | **Counterparty** | **Currency Units to Receive** |  | <br>**In Exchange For** |  | <br>**Unrealized<br> Appreciation<br> (Depreciation)** |
| 10/23/25 | Morgan Stanley | 67691 | NZD | 40133 | USD | $(791) |
| 12/08/25 | Morgan Stanley | 579810 | EUR | 491820 | USD | (381) |
| TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS |  | $(1172) |

---

---

| | |
|:---|:---|
| EUR | Euro |
| JPY | Japanese Yen |
| NZD | New Zealand Dollar |
| USD | United States Dollar |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Indianapolis

  - **State:** IN

  - **Foreign country:** US

  - **Zip / Postal Code:** 46204

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $60812047.88

**Total Liabilities:** $4238653.59

**Net Assets:** $56573394.29

**Delayed Delivery Securities:** $325000.00

**Stand-by Commitments:** $3859140.64

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 192.13247000 | **1-Year:** 1993.32998000 | **5-Year:** 14942.21860000 | **10-Year:** 5125.14326000 | **30-Year:** 185.21366000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165351 | -0.23%               | 1.25%                | 1.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19929.47                | $-265757.63                                |
| Month 2  | $-7293.20                | $476115.48                                 |
| Month 3  | $49234.15                | $302255.31                                 |

**Designated Index Information**

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

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| COMCAST CORP                                | Comcast Corp                                                 | CUSIP: 20030NEJ6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     98000 | PA      | $101695.82    | 0.18%             | 2034-06-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| STRIPS                                      | United States Treasury Strip Coupon                          | CUSIP: 9128337N4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $24629.72     | 0.04%             | 2030-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STRIPS                                      | United States Treasury Strip Coupon                          | CUSIP: 9128334W7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $21714.29     | 0.04%             | 2033-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140QPCC9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    191895 | PA      | $161799.00    | 0.29%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                          | CUSIP: 46647PEX0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    145000 | PA      | $152875.10    | 0.27%             | 2036-04-22      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                     | Principal Financial Group Inc                                | CUSIP: 74251VAM4<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74150.59     | 0.13%             | 2026-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Residential Mor              | Morgan Stanley Residential Mortgage Loan Trust 2025-NQM4     | CUSIP: 617945AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    193186 | PA      | $194713.12    | 0.34%             | 2070-06-25      | Variable      | 5.59%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS GBP                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-2.70        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS LP                                 | Prologis LP                                                  | CUSIP: 74340XBT7<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75428.38     | 0.13%             | 2033-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| UNION PACIFIC CORP                          | Union Pacific Corp                                           | CUSIP: 907818FX1<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91674.68     | 0.16%             | 2032-02-14      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| LENNAR CORP                                 | Lennar Corp                                                  | CUSIP: 526057CD4<br>LEI: 529900G61XVRLX5TJX09 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45431.70     | 0.08%             | 2027-11-29      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TRUIST FINANCIAL CORP                       | Truist Financial Corp                                        | CUSIP: 89788MAN2<br>LEI: 549300DRQQI75D2JP341 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25291.57     | 0.04%             | 2027-06-08      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                          | Royalty Pharma PLC                                           | CUSIP: 78081BAK9<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     70000 | PA      | $62862.42     | 0.11%             | 2030-09-02      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.                  | USD/EUR FORWARD                                              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-380.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23560.31     | 0.04%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust/F              | Ford Credit Auto Owner Trust 2024-REV1                       | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $153530.46    | 0.27%             | 2036-08-15      | Variable      | 4.87%                 | No            |                  2 | On Loan: No      |
| ADVENT HEALTH SYSTEM                        | Adventist Health System/West                                 | CUSIP: 007944AF8<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23597.58     | 0.04%             | 2029-03-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | Csmc 2021-Nqm6 Trust                                         | CUSIP: 12662KAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     78979 | PA      | $64731.11     | 0.11%             | 2066-07-25      | Variable      | 1.17%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                            | Cifc Funding 2023-III Ltd                                    | CUSIP: 12598YAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $300963.90    | 0.53%             | 2037-01-20      | Floating      | 5.93%                 | No            |                  2 | On Loan: No      |
| Warwick Capital CLO Ltd                     | Warwick Capital CLO 1 Ltd                                    | CUSIP: 936919AN9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250109.25    | 0.44%             | 2038-10-20      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                    | Constellation Brands Inc                                     | CUSIP: 21036PBH0<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44040.09     | 0.08%             | 2031-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                      | Marriott International Inc/MD                                | CUSIP: 571903BG7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |    175000 | PA      | $161085.68    | 0.28%             | 2031-04-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US               | GoldenTree Loan Management US CLO 19 Ltd                     | CUSIP: 38138WAC8<br>LEI: 9845000ND1D1M408P483 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250849.25    | 0.44%             | 2037-04-20      | Floating      | 5.83%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.IG.45.V1                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $27579.61     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION                    | Sabine Pass Liquefaction LLC                                 | CUSIP: 785592AS5<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100616.95    | 0.18%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOMINION ENERGY INC                         | Dominion Energy Inc                                          | CUSIP: 25746UDG1<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48035.81     | 0.08%             | 2030-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 912810UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1440000 | PA      | $1428525.00   | 2.53%             | 2044-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                            | FirstEnergy Corp                                             | CUSIP: 337932AP2<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44945.83     | 0.08%             | 2030-09-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust              | Morgan Stanley Capital I Trust 2020-HR8                      | CUSIP: 61692BBP4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $224258.83    | 0.40%             | 2053-07-15      | Fixed         | 2.04%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31417Y2J5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    143734 | PA      | $147215.66    | 0.26%             | 2031-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133ENJ92<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |     40000 | PA      | $38283.29     | 0.07%             | 2032-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $272.10       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                           | CUSIP: 29273RBL2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22557.14     | 0.04%             | 2047-04-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| FEDEX CORP                                  | FedEx Corp                                                   | CUSIP: 31428XCF1<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24477.87     | 0.04%             | 2028-02-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GKQ1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50007.55     | 0.09%             | 2033-04-27      | Fixed         | 4.57%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                          | CUSIP: 46647PBP0<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23455.20     | 0.04%             | 2031-05-13      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| AUTONATION INC                              | AutoNation Inc                                               | CUSIP: 05329WAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $23453.05     | 0.04%             | 2028-08-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140QQUM5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    788758 | PA      | $807191.01    | 1.43%             | 2052-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $25830.97     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                          | Realty Income Corp                                           | CUSIP: 756109CC6<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96833.91     | 0.17%             | 2030-01-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| WILLIS NORTH AMERICA INC                    | Willis North America Inc                                     | CUSIP: 970648AJ0<br>LEI: 5493004KVU1HWZCP0C66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47480.28     | 0.08%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                            | Crown Castle Inc                                             | CUSIP: 22822VAH4<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74234.11     | 0.13%             | 2027-09-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                | CUSIP: 17308CC53<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94680.51     | 0.17%             | 2030-11-05      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                            | Hewlett Packard Enterprise Co                                | CUSIP: 42824CBV0<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |     57000 | PA      | $56558.98     | 0.10%             | 2034-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTN NORTH SANTA FE                    | Burlington Northern Santa Fe LLC                             | CUSIP: 12189LBA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $74202.80     | 0.13%             | 2027-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REALTY INCOME CORP                          | Realty Income Corp                                           | CUSIP: 756109BF0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75241.77     | 0.13%             | 2026-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                              | CUSIP: 37045XDK9<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    125000 | PA      | $122647.44    | 0.22%             | 2026-06-10      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Fidelity Government Portfolio               | Fidelity Government Portfolio                                | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |    890900 | NS      | $890900.41    | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2024-BIO                                            | CUSIP: 05612AAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $149772.99    | 0.26%             | 2041-02-15      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS JPY                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $234.29       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION       | SWOP IRS EUR                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    -30000 | NC      | $-787.94      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| QUANTA SERVICES INC                         | Quanta Services Inc                                          | CUSIP: 74762EAL6<br>LEI: SHVRXXEACT60MMH07S24 | Long             | DBT              | CORP              | US        |     68000 | PA      | $69736.76     | 0.12%             | 2034-08-09      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK                      | Federal Home Loan Banks                                      | CUSIP: 3130ATVX2<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |     80000 | PA      | $83597.23     | 0.15%             | 2032-12-10      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179VHS2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    345262 | PA      | $309561.80    | 0.55%             | 2050-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2021-R03                 | CUSIP: 20754AAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     34000 | PA      | $34159.39     | 0.06%             | 2041-12-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS CHF                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-144.36      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                 | BNP Paribas SA                                               | CUSIP: 09659W2N3<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |    225000 | PA      | $222952.09    | 0.39%             | 2027-01-13      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| BAYLOR SCOTT & WHITE HOL                    | Baylor Scott & White Holdings                                | CUSIP: 072863AH6<br>LEI: 549300JQDKSBWYRGGV95 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44328.72     | 0.08%             | 2030-11-15      | Fixed         | 1.78%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418CYN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    265552 | PA      | $261944.34    | 0.46%             | 2048-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHOICE HOTELS INTL INC                      | Choice Hotels International Inc                              | CUSIP: 169905AH9<br>LEI: 5493003CYRY5RFGTIR97 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46023.09     | 0.08%             | 2034-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                             | CUSIP: 94974BGL8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100367.35    | 0.18%             | 2027-07-22      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179U4E9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     96885 | PA      | $96009.44     | 0.17%             | 2049-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2024-MGP               | CUSIP: 95003TAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $99648.34     | 0.18%             | 2041-08-15      | Floating      | 5.84%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                      | Pacific Gas and Electric Co                                  | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24036.07     | 0.04%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-7638.40     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MARATHON PETROLEUM CORP                     | Marathon Petroleum Corp                                      | CUSIP: 56585ABD3<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24758.67     | 0.04%             | 2028-04-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $200301.56    | 0.35%             | 2048-05-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        18 | NC      | $-1605.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BP CAP MARKETS AMERICA                      | BP Capital Markets America Inc                               | CUSIP: 10373QBE9<br>LEI: 5493009NTB34VXE1T760 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49883.51     | 0.09%             | 2026-02-11      | Fixed         | 3.41%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-XL4                        | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     92804 | PA      | $92896.82     | 0.16%             | 2039-02-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                       | Republic Services Inc                                        | CUSIP: 760759BB5<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51261.39     | 0.09%             | 2029-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MARS INC                                    | Mars Inc                                                     | CUSIP: 571676AZ8<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127918.69    | 0.23%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PERNOD RIC INTL FIN LLC                     | Pernod Ricard International Finance LLC                      | CUSIP: 71427QAB4<br>LEI: 5493009254WI1A8WXT48 | Long             | DBT              | CORP              | US        |    180000 | PA      | $155044.64    | 0.27%             | 2031-04-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                              | Starbucks Corp                                               | CUSIP: 855244AR0<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74884.89     | 0.13%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae                                                   | CUSIP: 21H0426A2<br>LEI: 549300M8ZYFG0OCMTT87 | Short            | ABS-MBS          | USGA              | US        |  -1000000 | PA      | $-969843.80   | -1.71%            | 2055-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi              | GM Financial Consumer Automobile Receivables Trust 2024-1    | CUSIP: 36268GAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |       841 | PA      | $841.52       | 0.00%             | 2027-02-16      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MARS INC                                    | Mars Inc                                                     | CUSIP: 571676AY1<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    150000 | PA      | $152870.21    | 0.27%             | 2030-03-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae REMICS                                            | CUSIP: 3136BUZ45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    142084 | PA      | $140137.94    | 0.25%             | 2055-03-25      | Floating      | 5.36%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMAN CORP                       | Northrop Grumman Corp                                        | CUSIP: 666807BH4<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     50000 | PA      | $46236.95     | 0.08%             | 2043-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEALTH SYS/W                      | Adventist Health System/West                                 | CUSIP: 007944AN1<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |    155000 | PA      | $155096.49    | 0.27%             | 2030-12-01      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                     | CUSIP: 00206RFW7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48753.34     | 0.09%             | 2037-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                 | State of Illinois                                            | CUSIP: 452151LF8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    231225 | PA      | $235222.01    | 0.42%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $5177.64      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                                      | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    125000 | PA      | $114800.35    | 0.20%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| BANK5 2024-5YR9                             | BANK5 2024-5YR9                                              | CUSIP: 06644VBM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $156949.86    | 0.28%             | 2057-08-15      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                      | NXP BV / NXP Funding LLC / NXP USA Inc                       | CUSIP: 62954HBA5<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    125000 | PA      | $112258.38    | 0.20%             | 2031-05-11      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $200634.77    | 0.35%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                | Barclays PLC                                                 | CUSIP: 06738ECZ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $208692.70    | 0.37%             | 2036-02-25      | Fixed         | 5.79%                 | No            |                  2 | On Loan: No      |
| ADVENTIST HEALTH SYS/W                      | Adventist Health System/West                                 | CUSIP: 007944AK7<br>LEI: 5493008YM33UCY5QPW83 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35988.39     | 0.06%             | 2034-12-01      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                    | Anheuser-Busch InBev Worldwide Inc                           | CUSIP: 03523TBU1<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     35000 | PA      | $36168.31     | 0.06%             | 2039-01-23      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| DOLP Trust                                  | DOLP Trust 2021-NYC                                          | CUSIP: 23345LAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $89407.16     | 0.16%             | 2041-05-10      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                    | Eagle Funding Luxco Sarl                                     | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    250000 | PA      | $253797.50    | 0.45%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST                       | Camden Property Trust                                        | CUSIP: 133131AZ5<br>LEI: 5493002MYX22OHYJBD89 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70360.18     | 0.12%             | 2030-05-15      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179TXW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     95602 | PA      | $94736.58     | 0.17%             | 2048-05-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $2835.70      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140QMHX5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    186831 | PA      | $160784.84    | 0.28%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T              | Honda Auto Receivables 2023-4 Owner Trust                    | CUSIP: 438123AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    218820 | PA      | $220895.24    | 0.39%             | 2028-06-21      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| UDR INC                                     | UDR Inc                                                      | CUSIP: 90265EAT7<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21318.17     | 0.04%             | 2032-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                            | Peruvian Government International Bond                       | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     20000 | PA      | $11164.00     | 0.02%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| Starwood Mortgage Residential               | Starwood Mortgage Residential Trust 2020-2                   | CUSIP: 85573DAU3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $142033.13    | 0.25%             | 2060-04-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE               | Metropolitan Transportation Authority                        | CUSIP: 59261A2P1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |     15000 | PA      | $13842.45     | 0.02%             | 2049-11-15      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179UCC4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    423225 | PA      | $419392.30    | 0.74%             | 2048-09-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CBAMR Ltd                                   | CBAMR 2017-4 Ltd                                             | CUSIP: 12516EAC5<br>LEI: 635400U9D8ZDLM1G7T76 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250698.25    | 0.44%             | 2038-03-31      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS SEK                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $5.90         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                      | Williams Cos Inc/The                                         | CUSIP: 969457CJ7<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |     75000 | PA      | $78765.86     | 0.14%             | 2033-03-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $13146.66     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| RUSH OBLIGATED GROUP                        | Rush Obligated Group                                         | CUSIP: 78200JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $59152.40     | 0.10%             | 2029-11-15      | Fixed         | 3.92%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140QMAF1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    318693 | PA      | $274283.59    | 0.48%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-1711.69     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-1316.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INVITATION HOMES OP                         | Invitation Homes Operating Partnership LP                    | CUSIP: 46188BAB8<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47217.02     | 0.08%             | 2028-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust 2021-6                              | CUSIP: 46653PAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     88022 | PA      | $72632.01     | 0.13%             | 2051-10-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG                                | UBS Group AG                                                 | CUSIP: 902613BB3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    255000 | PA      | $255684.57    | 0.45%             | 2026-04-17      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CNZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    490000 | PA      | $488468.75    | 0.86%             | 2032-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                                    | CUSIP: 89115A2E1<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |     25000 | PA      | $24982.47     | 0.04%             | 2032-06-08      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Regatta VI Funding Ltd.                     | Regatta VI Funding Ltd                                       | CUSIP: 75887NBL2<br>LEI: 2549001NU08X5ZRD6A39 | Long             | ABS-CBDO         | CORP              | KY        |    275000 | PA      | $275945.18    | 0.49%             | 2038-10-20      | Floating      | 5.21%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN                    | Rogers Communications Inc                                    | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    215000 | PA      | $211965.05    | 0.37%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-XL5                        | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70451 | PA      | $70499.83     | 0.12%             | 2041-03-15      | Floating      | 5.54%                 | No            |                  2 | On Loan: No      |
| STERIS PLC                                  | STERIS Irish FinCo UnLtd Co                                  | CUSIP: 85917PAA5<br>LEI: 549300BRDKZ1HFI2J358 | Long             | DBT              | CORP              | IE        |     75000 | PA      | $68360.45     | 0.12%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                | Comcast Corp                                                 | CUSIP: 20030NDH1<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21021.72     | 0.04%             | 2040-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Carval CLO LTD                              | CarVal CLO IX-C Ltd                                          | CUSIP: 14688HAE2<br>LEI: 2549009HBUYMF23IOB57 | Long             | ABS-CBDO         | CORP              | JE        |    250000 | PA      | $250863.75    | 0.44%             | 2037-04-20      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                      | Blackstone Private Credit Fund                               | CUSIP: 09261HBX4<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25806.22     | 0.05%             | 2032-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XDK8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90073.15     | 0.16%             | 2032-09-26      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                   | CUSIP: 91159HJM3<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     70000 | PA      | $72863.84     | 0.13%             | 2029-06-12      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                                   | Amgen Inc                                                    | CUSIP: 031162DR8<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    108000 | PA      | $111901.81    | 0.20%             | 2033-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.IG.44.V1                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $7473.69      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HCA INC                                     | HCA Inc                                                      | CUSIP: 404119CT4<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    125000 | PA      | $129986.77    | 0.23%             | 2031-04-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| FIRST HORIZON CORP                          | First Horizon Corp                                           | CUSIP: 320517AE5<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56622.16     | 0.10%             | 2031-03-07      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac Stacr Remic Trust 2025-Dna3                      | CUSIP: 35564UAQ0<br>LEI: 5299009HC4IGFM6RXF30 | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $190062.51    | 0.34%             | 2045-09-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                   | IRV Trust 2025-200P                                          | CUSIP: 45006HAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $151361.45    | 0.27%             | 2047-03-14      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| DUQUESNE LIGHT HOLDINGS                     | Duquesne Light Holdings Inc                                  | CUSIP: 266233AH8<br>LEI: 4CUJ1D8WDXK9X7QI6B93 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89899.08     | 0.16%             | 2030-10-01      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS CHF                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $2980.52      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                                | 7-Eleven Inc                                                 | CUSIP: 817826AD2<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93515.80     | 0.17%             | 2028-02-10      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS CAD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $636.79       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                 | OCP CLO 2017-14 Ltd                                          | CUSIP: 67097QAN5<br>LEI: 25490025Q5WQX513IQ05 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $351050.70    | 0.62%             | 2037-07-20      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    170000 | PA      | $170398.44    | 0.30%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                          | Energy Transfer LP                                           | CUSIP: 29278NAG8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102902.99    | 0.18%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179W7L6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    871511 | PA      | $802533.04    | 1.42%             | 2052-06-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                               | J M Smucker Co/The                                           | CUSIP: 832696AW8<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     83000 | PA      | $87204.83     | 0.15%             | 2028-11-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| Cathedral Lake LTD                          | Cathedral Lake VIII Ltd                                      | CUSIP: 14919GAG0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    150000 | PA      | $150273.00    | 0.27%             | 2035-01-20      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION SOFTWARE                      | Constellation Software Inc/Canada                            | CUSIP: 21037XAD2<br>LEI: 549300B6PYHMCTDWQV29 | Long             | DBT              | CORP              | CA        |     41000 | PA      | $41878.01     | 0.07%             | 2034-02-16      | Fixed         | 5.46%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS NOK                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-18712.72    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                      | General Motors Financial Co Inc                              | CUSIP: 37045XDE3<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    125000 | PA      | $110778.67    | 0.20%             | 2031-01-08      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XCM5<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75551.99     | 0.13%             | 2028-05-06      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS GBP                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $16561.64     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                       | American Homes 4 Rent LP                                     | CUSIP: 02666TAB3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50869.54     | 0.09%             | 2029-02-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NASDAQ INC                                  | Nasdaq Inc                                                   | CUSIP: 63111XAB7<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |     25000 | PA      | $17403.53     | 0.03%             | 2050-04-28      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                          | BMO 2024-C9 Mortgage Trust                                   | CUSIP: 05593MAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $132945.55    | 0.23%             | 2057-07-15      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Benchmark 2024-V8 Mortgage Tru              | Benchmark 2024-V8 Mortgage Trust                             | CUSIP: 08190AAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $79206.32     | 0.14%             | 2057-07-15      | Variable      | 6.19%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                | CUSIP: 172967KA8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125538.15    | 0.22%             | 2027-09-29      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-8082.59     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| HUMANA INC                                  | Humana Inc                                                   | CUSIP: 444859BY7<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     20000 | PA      | $21035.52     | 0.04%             | 2034-03-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER SA                          | Banco Santander SA                                           | CUSIP: 05964HBJ3<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    200000 | PA      | $208791.22    | 0.37%             | 2030-01-17      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | Broadcom Inc                                                 | CUSIP: 11135FBK6<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    150000 | PA      | $138822.42    | 0.25%             | 2033-04-15      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                          | Republic of Poland Government International Bond             | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     30000 | PA      | $28998.52     | 0.05%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GJP5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $91156.46     | 0.16%             | 2032-03-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140XK6T2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    835876 | PA      | $717980.10    | 1.27%             | 2050-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140XCXH6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     80568 | PA      | $69340.85     | 0.12%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MARS INC                                    | Mars Inc                                                     | CUSIP: 571676BA2<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204432.09    | 0.36%             | 2035-03-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| AVIATION CAPITAL GROUP                      | Aviation Capital Group LLC                                   | CUSIP: 05369AAK7<br>LEI: 549300ODEK8HY3445C77 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74334.80     | 0.13%             | 2026-01-30      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| PRKCM Trust                                 | PRKCM 2021-AFC2 Trust                                        | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    179233 | PA      | $158615.21    | 0.28%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS CAD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-730.86      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.IG.42.V1                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $33928.70     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 6174468G7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50248.63     | 0.09%             | 2030-01-23      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| CHARLES SCHWAB CORP                         | Charles Schwab Corp/The                                      | CUSIP: 808513AM7<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    128000 | PA      | $127629.77    | 0.23%             | 2026-02-13      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                           | Expedia Group Inc                                            | CUSIP: 30212PBH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     14000 | PA      | $12978.72     | 0.02%             | 2031-03-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 61747YGA7<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $52749.94     | 0.09%             | 2036-04-17      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                         | CommonSpirit Health                                          | CUSIP: 20268JAM5<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    105000 | PA      | $114394.69    | 0.20%             | 2052-11-01      | Fixed         | 6.46%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                   | CUSIP: 92343VEU4<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24830.72     | 0.04%             | 2029-12-03      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140XDRN8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    146820 | PA      | $126337.35    | 0.22%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GJB6<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $69516.63     | 0.12%             | 2031-04-29      | Fixed         | 2.59%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS SEK                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-2948.58     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Lex Commercial Loan Master Tru              | LEX 2024-BBG Mortgage Trust                                  | CUSIP: 52885AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $150143.78    | 0.27%             | 2033-10-13      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| STRIPS                                      | United States Treasury Strip Coupon                          | CUSIP: 912833XT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     68600 | PA      | $58747.74     | 0.10%             | 2029-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CUBESMART LP                                | CubeSmart LP                                                 | CUSIP: 22966RAJ5<br>LEI: 549300MPHKO3I3FJRA97 | Long             | DBT              | CORP              | US        |     15000 | PA      | $13237.29     | 0.02%             | 2032-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| 3650R Commercial Mortgage Trus              | 3650R 2021-PF1 Commercial Mortgage Trust                     | CUSIP: 88581EAH4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $124596.83    | 0.22%             | 2054-11-15      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| MACQUARIE GROUP LTD                         | Macquarie Group Ltd                                          | CUSIP: 55608JAR9<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | DBT              | CORP              | AU        |     75000 | PA      | $74356.88     | 0.13%             | 2027-01-12      | Fixed         | 1.34%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418EKU3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    816799 | PA      | $816518.57    | 1.44%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                     | MPLX LP                                                      | CUSIP: 55336VAS9<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |     50000 | PA      | $50703.78     | 0.09%             | 2029-02-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179TSJ5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     93484 | PA      | $93013.36     | 0.16%             | 2048-02-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                  | Intel Corp                                                   | CUSIP: 458140CG3<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102277.51    | 0.18%             | 2033-02-10      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP                             | CVS Health Corp                                              | CUSIP: 126650CY4<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    160000 | PA      | $149985.63    | 0.27%             | 2038-03-25      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | JP Morgan Mortgage Trust Series 2024-VIS2                    | CUSIP: 46658DAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    262103 | PA      | $264745.40    | 0.47%             | 2064-11-25      | Variable      | 5.85%                 | No            |                  2 | On Loan: No      |
| REGENCY CENTERS LP                          | Regency Centers LP                                           | CUSIP: 75884RAZ6<br>LEI: 5493008PTR2GAOYBXW28 | Long             | DBT              | CORP              | US        |    125000 | PA      | $119381.38    | 0.21%             | 2029-09-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                              | Solventum Corp                                               | CUSIP: 83444MAR2<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62524.21     | 0.11%             | 2034-03-23      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| PENSKE TRUCK LEASING/PTL                    | Penske Truck Leasing Co Lp / PTL Finance Corp                | CUSIP: 709599CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $49366.51     | 0.09%             | 2029-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                              | Apidos CLO LIII                                              | CUSIP: 03771EAA8<br>LEI: 254900V9JISXCX9V0G97 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $351077.30    | 0.62%             | 2038-07-20      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3133KMQE8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    705005 | PA      | $604272.32    | 1.07%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                 | OCP CLO 2019-16 Ltd                                          | CUSIP: 67570QAK7<br>LEI: 254900XAI48J82ID5O83 | Long             | ABS-CBDO         | CORP              | KY        |    205066 | PA      | $205186.40    | 0.36%             | 2033-04-10      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-12703.29    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION       | SWOP IRS EUR                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    -30000 | NC      | $-599.75      | -0.00%            |  |  |  | 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        |        37 | NC      | $-10993.72    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| AMGEN INC                                   | Amgen Inc                                                    | CUSIP: 031162DQ0<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    130000 | PA      | $134793.85    | 0.24%             | 2030-03-02      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179WTX6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    886026 | PA      | $733550.91    | 1.30%             | 2051-12-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS JPY                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $22720.62     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    105000 | PA      | $105549.57    | 0.19%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables               | Exeter Automobile Receivables Trust 2025-1                   | CUSIP: 30167MAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     69690 | PA      | $69730.41     | 0.12%             | 2027-09-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                     | Romanian Government International Bond                       | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     80000 | PA      | $80982.44     | 0.14%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BUND                                                    | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -4 | NC      | $-3924.50     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STRIPS                                      | United States Treasury Strip Coupon                          | CUSIP: 912833XY1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $24895.68     | 0.04%             | 2030-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Receivables Owner               | Nissan Auto Receivables 2023-B Owner Trust                   | CUSIP: 65480MAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     39482 | PA      | $39829.79     | 0.07%             | 2028-03-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDISON                         | Southern California Edison Co                                | CUSIP: 842400GQ0<br>LEI: 9R1Z5I36FERIBVKW4P77 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98830.07     | 0.17%             | 2029-03-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-5722.98     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                             | Cigna Group/The                                              | CUSIP: 125523CU2<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     85000 | PA      | $87971.58     | 0.16%             | 2031-05-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER INC                        | Keurig Dr Pepper Inc                                         | CUSIP: 49271VAK6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     19000 | PA      | $13762.32     | 0.02%             | 2050-05-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US LONG BOND(CBT)                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |         9 | NC      | $8401.84      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                             | CUSIP: 95000U3B7<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     11000 | PA      | $11175.43     | 0.02%             | 2033-07-25      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Fidelity Grand Harbour CLO                  | Fidelity Grand Harbour Clo 2023-1 DAC                        | CUSIP: 000000000<br>LEI: 635400GMXFDXRDDHLG52 | Long             | ABS-CBDO         | CORP              | IE        |    250000 | PA      | $293556.71    | 0.52%             | 2038-02-15      | Floating      | 3.79%                 | No            |                  2 | On Loan: No      |
| Bank5                                       | BANK5 2024-5YR11                                             | CUSIP: 06644WBD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $105599.46    | 0.19%             | 2057-11-15      | Fixed         | 5.89%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                                | Entergy Corp                                                 | CUSIP: 29364GAJ2<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    175000 | PA      | $173141.77    | 0.31%             | 2026-09-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORPORATION                        | M&T Bank Corp                                                | CUSIP: 55261FAR5<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90224.47     | 0.16%             | 2034-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92810.18     | 0.16%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE SECURED LEND                     | Blackstone Secured Lending Fund                              | CUSIP: 09261XAH5<br>LEI: 549300KM7KWQHVBNH962 | Long             | DBT              | CORP              | US        |     25000 | PA      | $25622.13     | 0.05%             | 2027-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                      | Marriott International Inc/MD                                | CUSIP: 571903BL6<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51047.16     | 0.09%             | 2029-04-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179XHY5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    794021 | PA      | $776691.81    | 1.37%             | 2052-10-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                   | Maryland Economic Development Corp                           | CUSIP: 574205HY9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25711.12     | 0.05%             | 2030-11-30      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $2070.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133ELXH2<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    540000 | PA      | $424650.12    | 0.75%             | 2035-04-23      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                               | Boeing Co/The                                                | CUSIP: 097023DT9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     94000 | PA      | $107051.37    | 0.19%             | 2054-05-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-23448.76    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                     | American Electric Power Co Inc                               | CUSIP: 025537AN1<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45767.94     | 0.08%             | 2030-03-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| BANNER HEALTH                               | Banner Health                                                | CUSIP: 06654DAB3<br>LEI: PLD0E0WJKFN8IZJ2WD85 | Long             | DBT              | CORP              | US        |    145000 | PA      | $134505.21    | 0.24%             | 2030-01-01      | Fixed         | 2.34%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CONSOLIDATED                      | Coca-Cola Consolidated Inc                                   | CUSIP: 191098AP7<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41812.08     | 0.07%             | 2034-06-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                             | CUSIP: 95000U2D4<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24992.01     | 0.04%             | 2029-01-24      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CIGNA GROUP/THE                             | Cigna Group/The                                              | CUSIP: 125523AJ9<br>LEI: 549300VIWYMSIGT1U456 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71581.06     | 0.13%             | 2038-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                             | CUSIP: 05526DBZ7<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |    157000 | PA      | $167706.72    | 0.30%             | 2034-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS GBP                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-1301.88     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $5812.44      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Verus Securitization Trust                  | Verus Securitization Trust 2022-1                            | CUSIP: 92538WAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    103795 | PA      | $94614.06     | 0.17%             | 2067-01-25      | Variable      | 3.29%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                     | Romanian Government International Bond                       | CUSIP: 77586RAK6<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     30000 | PA      | $29284.93     | 0.05%             | 2027-02-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTERNATIONAL                      | Marriott International Inc/MD                                | CUSIP: 571903BP7<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | DBT              | CORP              | US        |     39000 | PA      | $39761.96     | 0.07%             | 2029-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GMM8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     25000 | PA      | $26129.82     | 0.05%             | 2036-01-24      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XCP8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     91000 | PA      | $91763.16     | 0.16%             | 2033-02-06      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                          | CUSIP: 46647PCU8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45747.41     | 0.08%             | 2033-01-25      | Fixed         | 2.96%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Government National Mortgage Association                     | CUSIP: 38382XAA3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    353463 | PA      | $294422.99    | 0.52%             | 2051-08-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL AMERICA                     | Hyundai Capital America                                      | CUSIP: 44891ADD6<br>LEI: 549300RIPPWJB5Z0FK07 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51522.38     | 0.09%             | 2031-06-24      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS GBP                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-2388.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PHILLIPS 66                                 | Phillips 66                                                  | CUSIP: 718546AR5<br>LEI: 5493005JBO5YSIGK1814 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149200.59    | 0.26%             | 2028-03-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179UH62<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     45800 | PA      | $46357.37     | 0.08%             | 2048-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GJF7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89342.57     | 0.16%             | 2031-07-23      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                          | CUSIP: 46625HQW3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    225000 | PA      | $224169.17    | 0.40%             | 2026-04-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| JM SMUCKER CO                               | J M Smucker Co/The                                           | CUSIP: 832696AX6<br>LEI: 5493000WDH6A0LHDJD55 | Long             | DBT              | CORP              | US        |     82000 | PA      | $89143.65     | 0.16%             | 2033-11-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                      | Pacific Gas and Electric Co                                  | CUSIP: 694308JH1<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     25000 | PA      | $18942.35     | 0.03%             | 2040-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179T7M1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     24247 | PA      | $24494.15     | 0.04%             | 2048-08-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140XJZE6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    721209 | PA      | $746346.56    | 1.32%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HB2X1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    150000 | PA      | $155502.62    | 0.27%             | 2033-10-25      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                | CUSIP: 172967KN0<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199227.51    | 0.35%             | 2026-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                | CUSIP: 097023CY9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     66000 | PA      | $67781.21     | 0.12%             | 2030-05-01      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140JAEL8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    181825 | PA      | $184380.97    | 0.33%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUTTER HEALTH                               | Sutter Health                                                | CUSIP: 86944BAG8<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22874.90     | 0.04%             | 2030-08-15      | Fixed         | 2.29%                 | 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        |        37 | NC      | $-3557.71     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trus              | Barclays Dryrock Issuance Trust                              | CUSIP: 06742LAX1<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $301007.82    | 0.53%             | 2029-02-15      | Fixed         | 4.72%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 6174468U6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    125000 | PA      | $109055.83    | 0.19%             | 2032-02-13      | Fixed         | 1.79%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $2583.11      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3133KPLW6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    458268 | PA      | $449432.05    | 0.79%             | 2052-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GLE7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    210000 | PA      | $210391.61    | 0.37%             | 2027-01-20      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| LABORATORY CORP OF AMER                     | Laboratory Corp of America Holdings                          | CUSIP: 50540RBB7<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34733.57     | 0.06%             | 2034-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                                | Broadcom Inc                                                 | CUSIP: 11135FBL4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     40000 | PA      | $36487.60     | 0.06%             | 2034-04-15      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                        | Howmet Aerospace Inc                                         | CUSIP: 443201AC2<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |     46000 | PA      | $47211.76     | 0.08%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                    | OBX 2025-NQM11 Trust                                         | CUSIP: 67449BAL7<br>LEI: 254900KNWDG7C03UTA13 | Long             | ABS-MBS          | CORP              | US        |    145672 | PA      | $146307.54    | 0.26%             | 2065-05-25      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179T7L3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    120190 | PA      | $119102.60    | 0.21%             | 2048-08-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                      | NXP BV / NXP Funding LLC / NXP USA Inc                       | CUSIP: 62954HAY4<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     50000 | PA      | $47953.39     | 0.08%             | 2030-05-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| AMEREN CORP                                 | Ameren Corp                                                  | CUSIP: 023608AJ1<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23868.42     | 0.04%             | 2031-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                          | BMO 2023-C7 Mortgage Trust                                   | CUSIP: 05593FAD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $107755.98    | 0.19%             | 2056-12-15      | Fixed         | 6.16%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Se              | Wells Fargo Mortgage Backed Securities 2019-3 Trust          | CUSIP: 949831AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      4914 | PA      | $4516.12      | 0.01%             | 2049-07-25      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi              | Carlyle US CLO 2024-2 Ltd                                    | CUSIP: 14318VAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $250970.00    | 0.44%             | 2037-04-25      | Floating      | 6.37%                 | No            |                  2 | On Loan: No      |
| MEXICO CITY ARPT TRUST                      | Mexico City Airport Trust                                    | CUSIP: 59284MAC8<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |    200000 | PA      | $195082.00    | 0.34%             | 2028-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| 522 Funding CLO LTD                         | ASSURANT CLO II LTD                                          | CUSIP: 04623TAA3<br>LEI: 6354003JXBM4LA5YCP98 | Long             | ABS-CBDO         | CORP              | KY        |    129267 | PA      | $129262.66    | 0.23%             | 2031-04-20      | Floating      | 5.63%                 | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                       | CUSIP: 91324PEW8<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45812.58     | 0.08%             | 2053-04-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP                            | BAT Capital Corp                                             | CUSIP: 05526DBR5<br>LEI: 2138005GYEXN7XRHFA84 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71667.01     | 0.13%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                | WP Carey Inc                                                 | CUSIP: 92936UAF6<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |     75000 | PA      | $73831.75     | 0.13%             | 2029-07-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 31418DUG5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    847940 | PA      | $686130.44    | 1.21%             | 2050-11-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179UPB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      4036 | PA      | $3998.97      | 0.01%             | 2049-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Sound Point EURO CLO Funding D              | Sound Point Euro CLO 14 Funding DAC                          | CUSIP: 000000000<br>LEI: 635400MRPPDDKPZD8B91 | Long             | ABS-CBDO         | CORP              | IE        |    250000 | PA      | $293109.92    | 0.52%             | 2039-04-20      | Floating      | 3.89%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS NOK                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $285.14       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179USU7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    111498 | PA      | $106186.96    | 0.19%             | 2049-05-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HYATT HOTELS CORP                           | Hyatt Hotels Corp                                            | CUSIP: 448579AS1<br>LEI: T27JQIMTYSH41TCD5186 | Long             | DBT              | CORP              | US        |    147000 | PA      | $150465.23    | 0.27%             | 2034-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-979.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                         | Carrier Global Corp                                          | CUSIP: 14448CAL8<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |     75000 | PA      | $68865.27     | 0.12%             | 2031-02-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION       | SWOP IRS EUR                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    -50000 | NC      | $-1309.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 61747YEZ4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    263000 | PA      | $263570.40    | 0.47%             | 2027-01-28      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                     | Romanian Government International Bond                       | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     30000 | PA      | $30116.34     | 0.05%             | 2031-07-16      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                  | Intel Corp                                                   | CUSIP: 458140CL2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28389.80     | 0.05%             | 2034-02-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| WP CAREY INC                                | WP Carey Inc                                                 | CUSIP: 92936UAG4<br>LEI: 54930042CRNE713E3Q67 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22421.74     | 0.04%             | 2031-02-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                | CUSIP: 172967PU9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     60000 | PA      | $62860.39     | 0.11%             | 2036-01-24      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                               | Boeing Co/The                                                | CUSIP: 097023DS1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     63000 | PA      | $69732.77     | 0.12%             | 2034-05-01      | Fixed         | 6.53%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                          | Ally Financial Inc                                           | CUSIP: 02005NBP4<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93451.98     | 0.17%             | 2028-11-02      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| AT&T INC                                    | AT&T Inc                                                     | CUSIP: 00206RHK1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |     85000 | PA      | $81552.33     | 0.14%             | 2039-03-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| INTL FLAVOR & FRAGRANCES                    | International Flavors & Fragrances Inc                       | CUSIP: 459506AP6<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | DBT              | CORP              | US        |     27000 | PA      | $25691.14     | 0.05%             | 2027-10-15      | Fixed         | 1.83%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                      | Pacific Gas and Electric Co                                  | CUSIP: 694308JG3<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |     50000 | PA      | $44559.13     | 0.08%             | 2031-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $843.37       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS NZD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $4960.52      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                           | Expedia Group Inc                                            | CUSIP: 30212PAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     28000 | PA      | $26758.05     | 0.05%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| RTX CORP                                    | RTX Corp                                                     | CUSIP: 913017CP2<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |     50000 | PA      | $40680.79     | 0.07%             | 2047-05-04      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 912810QN1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1560000 | PA      | $1600035.93   | 2.83%             | 2041-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                  | ROCK Trust 2024-CNTR                                         | CUSIP: 74970WAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $153997.53    | 0.27%             | 2041-11-13      | Fixed         | 5.39%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                               | United States Treasury Bill                                  | CUSIP: 912797RQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1689624.10   | 2.99%             | 2025-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GKK4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45525.48     | 0.08%             | 2033-02-04      | Fixed         | 2.97%                 | No            |                  2 | On Loan: No      |
| NATL BANK OF KUWAIT NY                      | National Bank of Kuwait/New York NY                          | CUSIP: 63376F2N9<br>LEI: 549300NB7FE83IH6BW96 | Long             | DBT              | CORP              | KW        |    280000 | PA      | $280124.15    | 0.50%             | 2025-12-02      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                          | 3MTH SONIA                                                   | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |         4 | NC      | $-1800.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                  | CUSIP: 05401AAS0<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     40000 | PA      | $41734.23     | 0.07%             | 2028-05-04      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WESTPAC BANKING CORP                        | Westpac Banking Corp                                         | CUSIP: 961214EF6<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | DBT              | CORP              | AU        |     75000 | PA      | $73466.67     | 0.13%             | 2034-07-24      | Fixed         | 4.11%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    480000 | PA      | $477675.00    | 0.84%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                   | CUSIP: 91159HJG6<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    140000 | PA      | $140573.63    | 0.25%             | 2033-07-22      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU              | New Jersey Turnpike Authority                                | CUSIP: 646139X83<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |     25000 | PA      | $28961.97     | 0.05%             | 2041-01-01      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                 | Netflix Inc                                                  | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     95000 | PA      | $100194.53    | 0.18%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                               | CUSIP: 00914AAJ1<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74669.18     | 0.13%             | 2026-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| S&P GLOBAL INC                              | S&P Global Inc                                               | CUSIP: 78409VAM6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49312.72     | 0.09%             | 2027-01-22      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Bank                                        | BANK 2025-BNK49                                              | CUSIP: 05494FBT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $158504.51    | 0.28%             | 2058-03-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                          | CUSIP: 65339KBW9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     80000 | PA      | $75634.78     | 0.13%             | 2028-06-15      | Fixed         | 1.90%                 | No            |                  2 | On Loan: No      |
| IDEX CORP                                   | IDEX Corp                                                    | CUSIP: 45167RAH7<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |     25000 | PA      | $22640.39     | 0.04%             | 2031-06-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust                     | Nissan Auto Lease Trust 2024-A                               | CUSIP: 65481CAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     52156 | PA      | $52189.93     | 0.09%             | 2026-10-15      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $1139.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179UPC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     64819 | PA      | $64741.24     | 0.11%             | 2049-03-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GHM4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125442.09    | 0.22%             | 2029-07-23      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS JPY                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-17071.17    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| THE CAMPBELLS COMPANY                       | Campbell's Company/The                                       | CUSIP: 134429BP3<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |    117000 | PA      | $119862.45    | 0.21%             | 2034-03-21      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                          | BMO 2024-5C6 Mortgage Trust                                  | CUSIP: 05593QAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102943.39    | 0.18%             | 2057-09-15      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H9Y94<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     76575 | PA      | $76670.17     | 0.14%             | 2033-02-25      | Floating      | 5.03%                 | No            |                  2 | On Loan: No      |
| STRIPS                                      | United States Treasury Strip Coupon                          | CUSIP: 9128337Q7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $23561.42     | 0.04%             | 2031-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1090000 | PA      | $1103582.42   | 1.95%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS JPY                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $12128.06     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                      | Verizon Communications Inc                                   | CUSIP: 92343VGJ7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90943.69     | 0.16%             | 2031-03-21      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| INGERSOLL RAND INC                          | Ingersoll Rand Inc                                           | CUSIP: 45687VAB2<br>LEI: 5299004C02FMZCUOIR50 | Long             | DBT              | CORP              | US        |     45000 | PA      | $47810.23     | 0.08%             | 2033-08-14      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                    | Constellation Brands Inc                                     | CUSIP: 21036PBE7<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    125000 | PA      | $120193.87    | 0.21%             | 2029-08-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Bank5                                       | BANK5 2024-5YR8                                              | CUSIP: 065923AY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75000 | PA      | $78455.99     | 0.14%             | 2057-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SUTTER HEALTH                               | Sutter Health                                                | CUSIP: 86944BAE3<br>LEI: 549300MJCC12LU768G81 | Long             | DBT              | CORP              | US        |    225000 | PA      | $183976.11    | 0.33%             | 2048-08-15      | Fixed         | 4.09%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION       | SWOP IRS EUR                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    260000 | NC      | $227.68       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                          | CUSIP: 46647PBA3<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174796.68    | 0.31%             | 2027-01-29      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| Palmer Square Loan Funding Ltd              | Palmer Square Loan Funding 2022-2 Ltd                        | CUSIP: 69701NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     30390 | PA      | $30396.53     | 0.05%             | 2030-10-15      | Floating      | 5.59%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XBW4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20074.83     | 0.04%             | 2040-04-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| US BANCORP                                  | US Bancorp                                                   | CUSIP: 91159HJJ0<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |     50000 | PA      | $53332.89     | 0.09%             | 2033-10-21      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| FISERV INC                                  | Fiserv Inc                                                   | CUSIP: 337738AR9<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99976.33     | 0.18%             | 2028-10-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-11355.78    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| LOWE'S COS INC                              | Lowe's Cos Inc                                               | CUSIP: 548661ED5<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70112.89     | 0.12%             | 2028-09-15      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                  | VMware LLC                                                   | CUSIP: 928563AL9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     75000 | PA      | $66172.14     | 0.12%             | 2031-08-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                            | COLT 2021-2 Mortgage Loan Trust                              | CUSIP: 19685WAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     57706 | PA      | $48651.24     | 0.09%             | 2066-08-25      | Variable      | 0.92%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS NZD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $5300.76      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                | CUSIP: 172967KJ9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75117.69     | 0.13%             | 2026-03-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2021-DNA5                      | CUSIP: 35564KHE2<br>LEI: 5493000ISU5NYXNHD479 | Long             | ABS-MBS          | CORP              | US        |      8449 | PA      | $8497.27      | 0.02%             | 2034-01-25      | Floating      | 6.01%                 | No            |                  2 | On Loan: No      |
| Fannie Mae or Freddie Mac                   | Fannie Mae or Freddie Mac                                    | CUSIP: 01F0526A5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $2017187.60   | 3.57%             | 2055-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION BRANDS INC                    | Constellation Brands Inc                                     | CUSIP: 21036PAY4<br>LEI: 5493005GKEG8QCVY7037 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98677.15     | 0.17%             | 2028-02-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R01                 | CUSIP: 20753UAB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $50414.05     | 0.09%             | 2044-01-25      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION       | SWOP IRS EUR                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    540000 | NC      | $2242.05      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR                    | Anheuser-Busch InBev Worldwide Inc                           | CUSIP: 03523TBF4<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |     25000 | PA      | $32271.09     | 0.06%             | 2039-01-15      | Fixed         | 8.20%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 912828ZV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    390000 | PA      | $369509.77    | 0.65%             | 2027-06-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                            | Connecticut Avenue Securities Trust 2024-R03                 | CUSIP: 207941AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $50408.20     | 0.09%             | 2044-03-25      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust    | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    225000 | PA      | $221080.58    | 0.39%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XCN3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101423.37    | 0.18%             | 2030-05-06      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                           | Chile Government International Bond                          | CUSIP: 168863DZ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    200000 | PA      | $200780.00    | 0.35%             | 2036-01-05      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                             | CUSIP: 949746SH5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    325000 | PA      | $321749.03    | 0.57%             | 2026-10-23      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DURST Commercial Mortgage Trus              | Durst Commercial Mortgage Trust 2025-151                     | CUSIP: 266895AA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    150000 | PA      | $152738.01    | 0.27%             | 2042-08-10      | Variable      | 5.32%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                             | CUSIP: 87264ACV5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154771.62    | 0.27%             | 2033-01-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| NXP BV/NXP FDG/NXP USA                      | NXP BV / NXP Funding LLC / NXP USA Inc                       | CUSIP: 62954HAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     75000 | PA      | $66722.03     | 0.12%             | 2032-02-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ROCC Trust                                  | ROCK Trust 2024-CNTR                                         | CUSIP: 74970WAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $103441.12    | 0.18%             | 2041-11-13      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| COMMONSPIRIT HEALTH                         | CommonSpirit Health                                          | CUSIP: 20268JAG8<br>LEI: 4SXHN5XW08IBO0UG2V58 | Long             | DBT              | CORP              | US        |    110000 | PA      | $82468.47     | 0.15%             | 2050-10-01      | Fixed         | 3.91%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION                           | Sysco Corp                                                   | CUSIP: 871829BH9<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |     25000 | PA      | $21291.87     | 0.04%             | 2048-03-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                               | State of California                                          | CUSIP: 13063BJC7<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |    175000 | PA      | $215221.76    | 0.38%             | 2040-11-01      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                              | Air Lease Corp                                               | CUSIP: 00914AAB8<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174080.63    | 0.31%             | 2026-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION       | SWOP IRS EUR                                                 | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DIR              | CORP              | US        |    130000 | NC      | $531.15       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Fannie Mae                                  | Fannie Mae Pool                                              | CUSIP: 3140L5BW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     65029 | PA      | $55962.05     | 0.10%             | 2051-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS AUD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $96.25        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 61747YFD2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    155000 | PA      | $158683.25    | 0.28%             | 2029-04-20      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| DP WORLD CRESCENT LTD                       | DP World Crescent Ltd                                        | CUSIP: 260979AA7<br>LEI: 21380096JRTWB8TL9236 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $208067.20    | 0.37%             | 2035-05-08      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                | CUSIP: 097023BP9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    150000 | PA      | $149765.22    | 0.26%             | 2025-10-30      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                                  | VMware LLC                                                   | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |     25000 | PA      | $23459.92     | 0.04%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS JPY                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $7925.26      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3133KNMZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1664282 | PA      | $1349515.90   | 2.39%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CHJ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    370000 | PA      | $370260.15    | 0.65%             | 2030-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       -24 | NC      | $-17398.68    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 61746BEF9<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49829.49     | 0.09%             | 2027-01-20      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 61761JZN2<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29944.21     | 0.05%             | 2027-04-23      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trus              | Barclays Dryrock Issuance Trust                              | CUSIP: 06742LBF9<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |    125000 | PA      | $124664.89    | 0.22%             | 2031-07-15      | Fixed         | 3.97%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179YW59<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    487492 | PA      | $492057.75    | 0.87%             | 2054-05-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US ULTRA BOND CBT                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        28 | NC      | $75665.41     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ING GROEP NV                                | ING Groep NV                                                 | CUSIP: 45685NAA4<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |    225000 | PA      | $225153.43    | 0.40%             | 2026-01-06      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AGREE LP                                    | Agree LP                                                     | CUSIP: 008513AD5<br>LEI: 549300DXY3G299V1BO77 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35240.74     | 0.06%             | 2032-10-01      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Mortgage Trust 2024-5C25                               | CUSIP: 05554VAE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $104523.30    | 0.18%             | 2057-03-15      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| CHUBB CORP                                  | Chubb Corp/The                                               | CUSIP: 171232AE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     49000 | PA      | $55049.41     | 0.10%             | 2031-11-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $189495.31    | 0.33%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO                         | JPMorgan Chase & Co                                          | CUSIP: 46647PAM8<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    125000 | PA      | $123367.58    | 0.22%             | 2029-01-23      | Fixed         | 3.51%                 | No            |                  2 | On Loan: No      |
| ROYALTY PHARMA PLC                          | Royalty Pharma PLC                                           | CUSIP: 78081BAR4<br>LEI: 549300FGFN7VOK8BZR03 | Long             | DBT              | CORP              | GB        |     79000 | PA      | $80684.89     | 0.14%             | 2034-09-02      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                | CUSIP: 17327CAQ6<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $45564.92     | 0.08%             | 2033-01-25      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                          | 3MTH SONIA                                                   | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |         6 | NC      | $-2524.22     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL BANK                      | Canadian Imperial Bank of Commerce                           | CUSIP: 13607PVQ4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $103281.44    | 0.18%             | 2031-01-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ESSEX PORTFOLIO LP                          | Essex Portfolio LP                                           | CUSIP: 29717PAU1<br>LEI: 5493003GN3O58H286O74 | Long             | DBT              | CORP              | US        |     75000 | PA      | $71063.17     | 0.13%             | 2030-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS AUD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $837.07       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Dryrock Issuance Trus              | Barclays Dryrock Issuance Trust                              | CUSIP: 06742LBB8<br>LEI: 213800R4G3N2G68CHU37 | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100026.24    | 0.18%             | 2028-08-15      | Floating      | 5.27%                 | No            |                  2 | On Loan: No      |
| BOEING CO                                   | Boeing Co/The                                                | CUSIP: 097023CA1<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97786.13     | 0.17%             | 2028-11-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132DMKH7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    346501 | PA      | $333038.16    | 0.59%             | 2050-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                 | Freddie Mac Pool                                             | CUSIP: 3132DVLL7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    524247 | PA      | $471566.77    | 0.83%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST ECON DEV CORP                   | Maryland Economic Development Corp                           | CUSIP: 574205JA9<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |     60000 | PA      | $61917.65     | 0.11%             | 2032-11-30      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133ENSY7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    370000 | PA      | $332722.55    | 0.59%             | 2034-03-28      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl              | Santander Drive Auto Receivables Trust 2025-1                | CUSIP: 80288DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    150000 | PA      | $150639.09    | 0.27%             | 2029-01-16      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK                    | Federal Farm Credit Banks Funding Corp                       | CUSIP: 3133ENUJ7<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    290000 | PA      | $271056.18    | 0.48%             | 2032-04-12      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CMT5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    520000 | PA      | $527007.81    | 0.93%             | 2032-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179UEB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    144212 | PA      | $145965.68    | 0.26%             | 2048-10-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | SWOP IRS EUR                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |    -40000 | NC      | $-488.10      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TARGA RESOURCES CORP                        | Targa Resources Corp                                         | CUSIP: 87612GAA9<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |     40000 | PA      | $38004.03     | 0.07%             | 2033-02-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS CAD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-992.85      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOLVENTUM CORP                              | Solventum Corp                                               | CUSIP: 83444MAP6<br>LEI: 254900I70403OSGY4M28 | Long             | DBT              | CORP              | US        |     47000 | PA      | $48511.20     | 0.09%             | 2029-03-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                         | Freddie Mac STACR REMIC Trust 2024-DNA2                      | CUSIP: 35564NCX9<br>LEI: 529900GRKKKHILZX4347 | Long             | ABS-MBS          | CORP              | US        |    114836 | PA      | $114910.56    | 0.20%             | 2044-05-25      | Floating      | 5.56%                 | No            |                  2 | On Loan: No      |
| HOST HOTELS & RESORTS LP                    | Host Hotels & Resorts LP                                     | CUSIP: 44107TBA3<br>LEI: FXB7X4WXVA8QPMNOGS12 | Long             | DBT              | CORP              | US        |     42000 | PA      | $37357.01     | 0.07%             | 2031-12-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-734.34      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                             | United States Treasury Note/Bond                             | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    290000 | PA      | $290271.88    | 0.51%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                      | Galaxy Pipeline Assets Bidco Ltd                             | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |    173276 | PA      | $147128.24    | 0.26%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CAROLINAS                       | Duke Energy Carolinas LLC                                    | CUSIP: 26442CAU8<br>LEI: MWIUSDMN17TCR56VW396 | Long             | DBT              | CORP              | US        |     25000 | PA      | $20022.43     | 0.04%             | 2048-03-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                    | NZD/USD FORWARD                                              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-791.23      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINANCIAL CO                    | Capital One Financial Corp                                   | CUSIP: 14040HDJ1<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124507.27    | 0.22%             | 2036-01-30      | Fixed         | 6.18%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $26384.49     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179WR34<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    687641 | PA      | $615228.87    | 1.09%             | 2051-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OCP CLO Ltd                                 | OCP CLO 2025-45 Ltd                                          | CUSIP: 67126BAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    325000 | PA      | $325142.03    | 0.57%             | 2038-10-15      | Floating      | 0.01%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP                     | Dell International LLC / EMC Corp                            | CUSIP: 24703TAG1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25824.20     | 0.05%             | 2029-10-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| SYNOPSYS INC                                | Synopsys Inc                                                 | CUSIP: 871607AD9<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |     55000 | PA      | $56208.62     | 0.10%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRINCIPAL FINANCIAL GRP                     | Principal Financial Group Inc                                | CUSIP: 74251VAS1<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | DBT              | CORP              | US        |    100000 | PA      | $90567.90     | 0.16%             | 2030-06-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS AUD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-13835.61    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITEDHEALTH GROUP INC                      | UnitedHealth Group Inc                                       | CUSIP: 91324PES7<br>LEI: 549300GHBMY8T5GXDE41 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51379.72     | 0.09%             | 2053-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD                    | Avolon Holdings Funding Ltd                                  | CUSIP: 05401AAX9<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |     26000 | PA      | $26377.71     | 0.05%             | 2030-01-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179UML3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    124070 | PA      | $118353.05    | 0.21%             | 2049-02-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALIMENTATION COUCHE-TARD                    | Alimentation Couche-Tard Inc                                 | CUSIP: 01626PAH9<br>LEI: 549300OSW32RVX8CCZ87 | Long             | DBT              | CORP              | CA        |     50000 | PA      | $49537.97     | 0.09%             | 2027-07-26      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.             | CDS CDX.NA.IG.43.V1                                          | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              | CORP              | US        |         1 | NC      | $5771.22      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust                          | BMO 2024-5C4 Mortgage Trust                                  | CUSIP: 09660SAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125000 | PA      | $133201.90    | 0.24%             | 2057-05-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| ALLEGION US HOLDING CO                      | Allegion US Holding Co Inc                                   | CUSIP: 01748NAF1<br>LEI: 5493002B66JX7J7SXI33 | Long             | DBT              | CORP              | US        |     45000 | PA      | $46963.25     | 0.08%             | 2034-05-29      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA                    | AerCap Ireland Capital DAC / AerCap Global Aviation Trust    | CUSIP: 00774MBP9<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    150000 | PA      | $155176.28    | 0.27%             | 2031-12-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                                 | Oracle Corp                                                  | CUSIP: 68389XCE3<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    225000 | PA      | $206635.14    | 0.37%             | 2031-03-25      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| IRV Trust                                   | IRV Trust 2025-200P                                          | CUSIP: 45006HAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204770.14    | 0.36%             | 2047-03-14      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                            | T-Mobile USA Inc                                             | CUSIP: 87264ABD6<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    111000 | PA      | $110370.06    | 0.20%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P              | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HB3D4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     50000 | PA      | $51405.70     | 0.09%             | 2028-10-25      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS CAD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-282.69      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP INC                               | Citigroup Inc                                                | CUSIP: 172967LP4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49563.03     | 0.09%             | 2028-07-24      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179UGE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |     86704 | PA      | $87758.96     | 0.16%             | 2048-11-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STRIPS                                      | United States Treasury Strip Coupon                          | CUSIP: 9128337R5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     64500 | PA      | $49518.16     | 0.09%             | 2032-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                    | J.P. Morgan Mortgage Trust 2024-1                            | CUSIP: 46657PAD5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     85053 | PA      | $85242.48     | 0.15%             | 2054-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 6174468L6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     75000 | PA      | $70079.86     | 0.12%             | 2031-01-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execut              | Capital One Multi-Asset Execution Trust                      | CUSIP: 14041NGB1<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200051.46    | 0.35%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CARRIER GLOBAL CORP                         | Carrier Global Corp                                          | CUSIP: 14448CBC7<br>LEI: 549300JE3W6CWY2NAN77 | Long             | DBT              | CORP              | US        |    101000 | PA      | $108383.94    | 0.19%             | 2034-03-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-7219.11     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS USD                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-2368.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                       | American Homes 4 Rent LP                                     | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |     30000 | PA      | $26603.17     | 0.05%             | 2031-07-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION   | SWOP IRS EUR                                                 | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DIR              | CORP              | US        |    100000 | NC      | $503.78       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GKC2<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     75000 | PA      | $65127.97     | 0.12%             | 2036-09-21      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                       | Uber Technologies Inc                                        | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49872.68     | 0.09%             | 2029-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                         | CUSIP: 06051GHD4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    108000 | PA      | $106367.98    | 0.19%             | 2028-12-20      | Fixed         | 3.42%                 | No            |                  2 | On Loan: No      |
| EXELON CORP                                 | Exelon Corp                                                  | CUSIP: 30161NAX9<br>LEI: 3SOUA6IRML7435B56G12 | Long             | DBT              | CORP              | US        |     50000 | PA      | $49469.23     | 0.09%             | 2030-04-15      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                                | NiSource Inc                                                 | CUSIP: 65473PAJ4<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |     25000 | PA      | $24212.59     | 0.04%             | 2030-05-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                              | Morgan Stanley                                               | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     30000 | PA      | $31236.27     | 0.06%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS JPY                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $-20624.77    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| UK CLEARING HOUSE LIMITED                   | IRS EUR                                                      | CUSIP: 000000000<br>LEI: 213800O8SCO4XJGBU385 | N/A              | DIR              | CORP              | GB        |         1 | NC      | $5758.19      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KILROY REALTY LP                            | Kilroy Realty LP                                             | CUSIP: 49427RAN2<br>LEI: 5493008CT3N3JR7P1552 | Long             | DBT              | CORP              | US        |     79000 | PA      | $79475.23     | 0.14%             | 2028-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A              | Ginnie Mae II Pool                                           | CUSIP: 36179UKZ4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    136916 | PA      | $138226.46    | 0.24%             | 2049-01-20      | Fixed         | 5.00%                 | 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