# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0001104659-25-086425
**Filing Date:** 2025-9
**Character Count:** 296164
**Document Hash:** 43289cf6105c8645fcd91c01893b74c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-086425.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001104659-25-086425

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22865
- **FILM NUMBER:** 251286367

**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 American Funds Managed Risk Portfolio (Series ID: S000042088)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000130709 | Global Atlantic American Funds Managed Risk Portfolio Class II Shares |  |

### Global Atlantic BlackRock Selects Managed Risk Portfolio (Series ID: S000042089)

| Class ID   | Class Name                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000130710 | Global Atlantic BlackRock Selects Managed Risk Portfolio Class II Shares |  |

### Global Atlantic Wellington Research Managed Risk Portfolio (Series ID: S000042090)

| Class ID   | Class Name                                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000130711 | Global Atlantic Wellington Research Managed Risk Portfolio Class II Shares |  |

### Global Atlantic Balanced Managed Risk Portfolio (Series ID: S000042091)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000130712 | Global Atlantic Balanced Managed Risk Portfolio Class II Shares |  |

### Global Atlantic Select Advisor Managed Risk Portfolio (Series ID: S000042092)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000130713 | Global Atlantic Select Advisor Managed Risk Portfolio Class II Shares |  |

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

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

### Global Atlantic Moderate Managed Risk Portfolio (Series ID: S000045293)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000141028 | Global Atlantic Moderate Managed Risk Portfolio Class II Shares |  |

### Global Atlantic Moderately Aggressive Managed Risk Portfolio (Series ID: S000045294)

| Class ID   | Class Name                                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000141029 | Global Atlantic Moderately Aggressive Managed Risk Portfolio Class II Shares |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>811-22865&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Forethought Variable Insurance Trust

(Exact name of registrant as specified in charter)

<u>10 West Market Street, Suite 2300</u>

Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;<u>The Corporation Trust Company</u>

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>877-355-1820</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period:<u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N- CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio](#classname3ceca003-b271-47cc-a339-33e8c3059adc)<br> **[Class II](#classname3ceca003-b271-47cc-a339-33e8c3059adc)**  |
|  [Global Atlantic Balanced Managed Risk Portfolio](#classname70cc4907-2f77-40f2-80c4-b40813939507)<br> **[Class II](#classname70cc4907-2f77-40f2-80c4-b40813939507)**  |
|  [Global Atlantic BlackRock Selects Managed Risk Portfolio](#classname30c8b1db-4dbf-4a59-9bb6-6a226f077c0a)<br> **[Class II](#classname30c8b1db-4dbf-4a59-9bb6-6a226f077c0a)**  |
|  [Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio](#classname98dd034d-8758-4cfb-966d-5ba5cda08be3)<br> **[Class II](#classname98dd034d-8758-4cfb-966d-5ba5cda08be3)**  |
|  [Global Atlantic Moderately Aggressive Managed Risk Portfolio](#classnamed8b1747a-5f84-4f94-967e-2f9d1bc79c73)<br> **[Class II](#classnamed8b1747a-5f84-4f94-967e-2f9d1bc79c73)**  |
|  [Global Atlantic Moderate Managed Risk Portfolio](#classname96ea2d6e-8b25-4026-8ae4-c55cfc93eb64)<br> **[Class II](#classname96ea2d6e-8b25-4026-8ae4-c55cfc93eb64)**  |
|  [Global Atlantic Select Advisor Managed Risk Portfolio](#classnamee129e4cb-782e-450e-953f-245641938e5f)<br> **[Class II](#classnamee129e4cb-782e-450e-953f-245641938e5f)**  |
|  [Global Atlantic Wellington Research Managed Risk Portfolio](#classname5322b279-8f84-4d1e-9600-57a705ac0c48)<br> **[Class II](#classname5322b279-8f84-4d1e-9600-57a705ac0c48)**  |

---

![Image](tm2514011d1_tsrimg001.jpg)

# Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $44 | 0.87% |

---

## Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $140824784 |
| Total number of portfolio holdings | 11 |
| Period portfolio turnover rate | 13% |

---

## ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Variable Insurance Trusts - Equity Funds | 53.8% |
| Variable Insurance Trusts - Debt Funds | 32.8% |
| Mutual Funds | 8.6% |
| Short-Term Investments | 5.0% |
| Other Assets Less Liabilities - Net | (0.2)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](tm2514011d1_tsrimg001.jpg)

# Global Atlantic Balanced Managed Risk Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Global Atlantic Balanced Managed Risk Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $46 | 0.92% |

---

## Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $67064555 |
| Total number of portfolio holdings | 29 |
| Period portfolio turnover rate | 20% |

---

## ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Exchange Traded Funds - Equity Funds | 51.8% |
| Exchange Traded Funds - Debt Funds | 43.3% |
| Short-Term Investments | 5.0% |
| Other Assets Less Liabilities - Net | (0.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](tm2514011d1_tsrimg001.jpg)

# Global Atlantic BlackRock Selects Managed Risk Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Global Atlantic BlackRock Selects Managed Risk Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $47 | 0.94% |

---

## Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $137910231 |
| Total number of portfolio holdings | 22 |
| Period portfolio turnover rate | 41% |

---

## ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Exchange Traded Funds - Equity Funds | 45.5% |
| Exchange Traded Funds - Debt Funds | 27.8% |
| Variable Insurance Trusts - Asset Allocation Fund | 22.2% |
| Short-Term Investments | 4.7% |
| Other Assets Less Liabilities - Net | (0.2)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](tm2514011d1_tsrimg001.jpg)

# Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly, Global Atlantic Franklin Dividend and Income Managed Risk Portfolio) (the "Fund" or "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $59 | 1.19% |

---

## Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $161633432 |
| Total number of portfolio holdings | 318 |
| Period portfolio turnover rate | 10% |

---

## ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks | 71.3% |
| Corporate Bonds and Notes | 10.5% |
| Agency Mortgage Backed Securities | 8.4% |
| Short-Term Investments | 5.6% |
| Asset Backed and Commercial Backed Securities | 3.7% |
| U.S. Treasury Securities and Agency Bonds | 2.9% |
| Other Investments | 1.2% |
| Other Assets Less Liabilities - Net | (3.6)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](tm2514011d1_tsrimg001.jpg)

# Global Atlantic Moderately Aggressive Managed Risk Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Global Atlantic Moderately Aggressive Managed Risk Portfolio (formerly, Global Atlantic Growth Managed Risk Portfolio) (the "Fund" or "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $44 | 0.88% |

---

## Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $251660833 |
| Total number of portfolio holdings | 27 |
| Period portfolio turnover rate | 18% |

---

## ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Exchange Traded Funds - Equity Funds | 81.0% |
| Exchange Traded Funds - Debt Funds | 14.9% |
| Short-Term Investments | 4.2% |
| Other Assets Less Liabilities - Net | (0.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](tm2514011d1_tsrimg001.jpg)

# Global Atlantic Moderate Managed Risk Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Global Atlantic Moderate Managed Risk Portfolio (formerly, Global Atlantic Moderate Growth Managed Risk Portfolio) (the "Fund" or "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $46 | 0.92% |

---

## Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $82650530 |
| Total number of portfolio holdings | 28 |
| Period portfolio turnover rate | 19% |

---

## ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Exchange Traded Funds - Equity Funds | 63.8% |
| Exchange Traded Funds - Debt Funds | 31.7% |
| Short-Term Investments | 4.6% |
| Other Assets Less Liabilities - Net | (0.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](tm2514011d1_tsrimg001.jpg)

# Global Atlantic Select Advisor Managed Risk Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Global Atlantic Select Advisor Managed Risk Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $32 | 0.64% |

---

## Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $64850801 |
| Total number of portfolio holdings | 17 |
| Period portfolio turnover rate | 11% |

---

## ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Variable Insurance Trusts - Equity Funds | 59.3% |
| Variable Insurance Trusts - Debt Funds | 18.6% |
| Exchange Traded Funds - Equity Funds | 12.4% |
| Exchange Traded Funds - Debt Funds | 4.6% |
| Short-Term Investments | 5.2% |
| Other Assets Less Liabilities - Net | (0.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](tm2514011d1_tsrimg001.jpg)

# Global Atlantic Wellington Research Managed Risk Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about Global Atlantic Wellington Research Managed Risk Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $59 | 1.19% |

---

## Key Fund Statistics
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $282084154 |
| Total number of portfolio holdings | 546 |
| Period portfolio turnover rate | 50% |

---

## ASSET CLASS ALLOCATION
The table below shows the investment makeup of the Fund.

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks | 62.4% |
| U.S. Treasury Securities and Agency Bonds | 15.2% |
| Agency Mortgage Backed Securities | 7.7% |
| Corporate Bonds and Notes | 6.9% |
| Short-Term Investments | 4.7% |
| Asset Backed and Commercial Backed Securities | 2.6% |
| Other Investments | 1.6% |
| Other Assets Less Liabilities - Net | (1.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in securities of unaffiliated issuers is included in the Financial Statements
filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file its most recent
annual or semi-annual financial statements required, and for the periods specified, by Regulation S-X.

![](j25140113_aa001.jpg)

Semi-Annual Financial Statements and Other Information

June 30, 2025

**Global Atlantic Portfolios**

Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio

Global Atlantic Balanced Managed Risk Portfolio

Global Atlantic BlackRock Selects Managed Risk Portfolio

Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio

*(formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)*

Global Atlantic Moderately Aggressive Managed Risk Portfolio

*(formerly Global Atlantic Growth Managed Risk Portfolio)*

Global Atlantic Moderate Managed Risk Portfolio

*(formerly Global Atlantic Moderate Growth Managed Risk Portfolio)*

Global Atlantic Select Advisor Managed Risk Portfolio

Global Atlantic Wellington Research Managed Risk Portfolio

Class II shares

*Each a separate series of the Forethought Variable Insurance Trust*

Distributed by Global Atlantic Distributors, LLC

Member FINRA

------

**Table of Contents** 

---

| | | |
|:---|:---|:---|
| Financial Statements | Financial Statements | Financial Statements |
|  |  | Page |
| • | Global Atlantic Portfolio of Investments |  |
|  | [Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio](#Gblatlanticriskport-3) | 2 |
|  | [Global Atlantic Balanced Managed Risk Portfolio](#GblAtlanticBalancedport-3) | 3 |
|  | [Global Atlantic BlackRock Selects Managed Risk Portfolio](#GblAtlanticBlackRockPort-3) | 4 |
|  | [Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio<br>*(formerly Global Atlantic Franklin Dividend and Income Managed <br>Risk Portfolio)*](#GblAtlanticFrankport-3) | 5 |
|  | [Global Atlantic Moderately Aggressive Managed Risk Portfolio *(formerly <br>Global Atlantic Growth Managed Risk Portfolio)*](#GblAtlanticAggport-3) | 14 |
|  | [Global Atlantic Moderate Managed Risk Portfolio *(formerly Global <br>Atlantic Moderate Growth Managed Risk Portfolio)*](#GblAtalanticModManagedport-3) | 15 |
|  | [Global Atlantic Select Advisor Managed Risk Portfolio](#GlobalAtlanticSelectManagedPort-3) | 16 |
|  | [Global Atlantic Wellington Research Managed Risk Portfolio](#GlobalAtlanticManagedPort-3) | 17 |
| • | Financial Statements: |  |
|  | [Statements of Assets and Liabilities](#StatementsofAssetsandLiabilities-3) | 26 |
|  | [Statements of Operations](#StatementsofOperations-3) | 28 |
|  | [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-3) | 30 |
|  | [Financial Highlights](#FinancialHighlights-3) | 34 |
| • | [Notes to Financial Statements](#NotestoFinancialStatements-3) | 42 |
| • | [Proxy Voting Policy](#ProxyVotingPolicy-3) | Back Cover |
| • | [Portfolio Holdings](#PortfolioHoldings-3) | Back Cover |

---

------

**Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **VARIABLE INSURANCE TRUSTS - 86.6%** | **VARIABLE INSURANCE TRUSTS - 86.6%** | **VARIABLE INSURANCE TRUSTS - 86.6%** |
| **DEBT FUNDS - 32.8%** | **DEBT FUNDS - 32.8%** | **DEBT FUNDS - 32.8%** |
| American Funds Insurance Series - <br>American High-Income Trust, Class 1 | 137263 | $1298509 |
| American Funds Insurance Series - <br>The Bond Fund of America, Class 1 (a) | 3859597 | 36974942 |
| American Funds Insurance Series - <br>U.S. Government Securities Fund, Class 1 | 793973 | 7923854 |
| **TOTAL DEBT FUNDS** |  | 46197305 |
| **EQUITY FUNDS - 53.8%** | **EQUITY FUNDS - 53.8%** | **EQUITY FUNDS - 53.8%** |
| American Funds Insurance Series - Capital <br>World Growth and Income Fund, Class 1 | 479642 | 8091558 |
| American Funds Insurance Series - Global <br>Small Capitalization Fund, Class 1 | 426359 | 8186087 |
| American Funds Insurance Series - <br>Washington Mutual Investors Fund, Class 1 | 1187252 | 20302011 |
| American Funds Insurance Series Growth <br>Fund, Class 1 | 156690 | 20227120 |
| American Funds Insurance Series <br>Growth-Income Fund, Class 1 | 303241 | 18922218 |
| **TOTAL EQUITY FUNDS** |  | 75728994 |
| **TOTAL VARIABLE INSURANCE TRUSTS** <br> (Cost - $98,950,688) |  | 121926299 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MUTUAL FUNDS - 8.6%** | **MUTUAL FUNDS - 8.6%** | **MUTUAL FUNDS - 8.6%** |
| **EQUITY FUNDS - 8.6%** | **EQUITY FUNDS - 8.6%** | **EQUITY FUNDS - 8.6%** |
| American Funds International Growth <br>and Income Fund (Cost - $10,305,787) | 284076 | $12147103 |
| **SHORT-TERM INVESTMENTS - 5.0%** | **SHORT-TERM INVESTMENTS - 5.0%** | **SHORT-TERM INVESTMENTS - 5.0%** |
| **MONEY MARKET FUNDS - 5.0%** | **MONEY MARKET FUNDS - 5.0%** | **MONEY MARKET FUNDS - 5.0%** |
| Dreyfus Government Cash <br>Management, 4.21% (b) | 6792119 | 6792119 |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.23% (b) | 191825 | 191825 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $6,983,944) |  | 6983944 |
| **TOTAL INVESTMENTS - 100.2%** <br> (Cost - $116,240,419) |  | $141057346 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.2)%** |  | (232562) |
| **TOTAL NET ASSETS - 100.0%** |  | $140824784 |

---

(a) The fair value of this holding exceeds 25% of the Fund's net assets. Additional information for this holding, including financial statements, is available from the SEC's EDGAR database at www.sec.gov.

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

See accompanying notes to financial statements.

------

**Global Atlantic Balanced Managed Risk Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EXCHANGE TRADED FUNDS - 95.1%** | **EXCHANGE TRADED FUNDS - 95.1%** | **EXCHANGE TRADED FUNDS - 95.1%** |
| **DEBT FUNDS - 43.3%** | **DEBT FUNDS - 43.3%** | **DEBT FUNDS - 43.3%** |
| iShares 10+ Year Investment Grade <br>Corporate Bond ETF | 30221 | $1517396 |
| iShares 10-20 Year Treasury Bond ETF | 37332 | 3792931 |
| iShares 1-3 Year Treasury Bond ETF | 25254 | 2092546 |
| iShares 1-5 Year Investment Grade <br>Corporate Bond ETF | 36814 | 1942307 |
| iShares 20+ Year Treasury Bond ETF | 13943 | 1230470 |
| iShares 3-7 Year Treasury Bond ETF | 19574 | 2331068 |
| iShares 5-10 Year Investment Grade <br>Corporate Bond ETF | 27291 | 1454337 |
| iShares 7-10 Year Treasury Bond ETF | 6400 | 612928 |
| iShares Core Total USD Bond Market ETF | 91710 | 4239753 |
| iShares Core U.S. Aggregate Bond ETF | 48030 | 4764576 |
| iShares J.P. Morgan USD Emerging Markets <br>Bond ETF | 13777 | 1276026 |
| iShares MBS ETF | 40885 | 3838693 |
| **TOTAL DEBT FUNDS** |  | 29093031 |
| **EQUITY FUNDS - 51.8%** | **EQUITY FUNDS - 51.8%** | **EQUITY FUNDS - 51.8%** |
| iShares 0-5 Year TIPS Bond ETF, Class 5 | 14804 | 1523480 |
| iShares Core MSCI EAFE ETF | 47721 | 3983749 |
| iShares Core MSCI Emerging Markets ETF | 11361 | 682001 |
| iShares Core S&P 500 ETF | 19436 | 12067812 |
| iShares Core S&P Mid-Cap ETF | 39840 | 2470877 |
| iShares Core S&P Small-Cap ETF | 11150 | 1218584 |
| iShares MSCI EAFE Growth ETF | 6326 | 708512 |
| iShares MSCI EAFE Value ETF | 20760 | 1317845 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EQUITY FUNDS - 51.8% (Continued)** | **EQUITY FUNDS - 51.8% (Continued)** | **EQUITY FUNDS - 51.8% (Continued)** |
| iShares MSCI USA Momentum Factor ETF | 2451 | $589024 |
| iShares MSCI USA Quality Factor ETF | 11899 | 2175375 |
| iShares S&P 100 ETF | 2553 | 777006 |
| iShares S&P 500 Growth ETF | 17484 | 1924988 |
| iShares S&P 500 Value ETF | 7139 | 1395103 |
| iShares U.S. Equity Factor Rotation Active <br>Capitalize ETF | 35155 | 1914541 |
| iShares U.S. Technology ETF | 11450 | 1983941 |
| **TOTAL EQUITY FUNDS** |  | 34732838 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $49,459,673) |  | 63825869 |
| **SHORT-TERM INVESTMENTS - 5.0%** | **SHORT-TERM INVESTMENTS - 5.0%** | **SHORT-TERM INVESTMENTS - 5.0%** |
| **MONEY MARKET FUNDS - 5.0%** | **MONEY MARKET FUNDS - 5.0%** | **MONEY MARKET FUNDS - 5.0%** |
| Dreyfus Government Cash <br>Management, 4.21% (a) | 2675650 | 2675650 |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.23% (a) | 647460 | 647460 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $3,323,110) |  | 3323110 |
| **TOTAL INVESTMENTS - 100.1%** <br> (Cost - $52,782,783) |  | $67148979 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.1)%** |  | (84424) |
| **TOTAL NET ASSETS - 100.0%** |  | $67064555 |

---

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

TIPS - Treasury Inflation Protected Security

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Selects Managed Risk Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EXCHANGE TRADED FUNDS - 73.3%** | **EXCHANGE TRADED FUNDS - 73.3%** | **EXCHANGE TRADED FUNDS - 73.3%** |
| **DEBT FUNDS - 27.8%** | **DEBT FUNDS - 27.8%** | **DEBT FUNDS - 27.8%** |
| iShares 1-3 Year Treasury Bond ETF | 15852 | $1313497 |
| iShares 7-10 Year Treasury Bond ETF | 27777 | 2660203 |
| iShares Iboxx $ High Yield Corporate <br>Bond ETF | 66055 | 5327336 |
| iShares iBoxx $ Investment Grade <br>Corporate Bond ETF | 102483 | 11233161 |
| iShares MBS ETF | 189682 | 17809243 |
| **TOTAL DEBT FUNDS** |  | 38343440 |
| **EQUITY FUNDS - 45.5%** | **EQUITY FUNDS - 45.5%** | **EQUITY FUNDS - 45.5%** |
| iShares Core Dividend Growth ETF | 83274 | 5324540 |
| iShares Core MSCI EAFE ETF | 39409 | 3289863 |
| iShares Core S&P 500 ETF | 2211 | 1372810 |
| iShares Core S&P U.S. Growth ETF | 89753 | 13498851 |
| iShares Global Financials ETF | 42054 | 4660424 |
| iShares Global Healthcare ETF | 30625 | 2636506 |
| iShares Global Tech ETF | 37071 | 3423136 |
| iShares MSCI Eurozone ETF | 22123 | 1315212 |
| iShares MSCI Global Min Vol Factor ETF | 38698 | 4588422 |
| iShares MSCI Japan ETF | 26333 | 1974185 |
| iShares MSCI USA Min Vol Factor ETF | 21039 | 1974931 |
| iShares MSCI USA Quality Factor ETF | 58180 | 10636468 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EQUITY FUNDS - 45.5% (Continued)** | **EQUITY FUNDS - 45.5% (Continued)** | **EQUITY FUNDS - 45.5% (Continued)** |
| iShares U.S. Consumer Discretionary ETF | 27286 | $2718777 |
| iShares U.S. Industrials ETF | 37718 | 5367649 |
| **TOTAL EQUITY FUNDS** |  | 62781774 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $85,638,677) |  | 101125214 |
| **VARIABLE INSURANCE TRUSTS - 22.2%** | **VARIABLE INSURANCE TRUSTS - 22.2%** | **VARIABLE INSURANCE TRUSTS - 22.2%** |
| **ASSET ALLOCATION FUND - 22.2%** | **ASSET ALLOCATION FUND - 22.2%** | **ASSET ALLOCATION FUND - 22.2%** |
| BlackRock Global Allocation VI Fund, <br>Class I (Cost - $24,760,316)\* | 1672450 | 30589118 |
| **SHORT-TERM INVESTMENTS - 4.7%** | **SHORT-TERM INVESTMENTS - 4.7%** | **SHORT-TERM INVESTMENTS - 4.7%** |
| **MONEY MARKET FUNDS - 4.7%** | **MONEY MARKET FUNDS - 4.7%** | **MONEY MARKET FUNDS - 4.7%** |
| Dreyfus Government Cash <br>Management, 4.21% (a) | 4766831 | 4766831 |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.23% (a) | 1666957 | 1666957 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $6,433,788) |  | 6433788 |
| **TOTAL INVESTMENTS - 100.2%** <br> (Cost - $116,832,781) |  | $138148120 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.2)%** |  | (237889) |
| **TOTAL NET ASSETS - 100.0%** |  | $137910231 |

---

\* Non-income producing security.

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

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 71.3%** | **COMMON STOCKS - 71.3%** | **COMMON STOCKS - 71.3%** |
| **AEROSPACE & DEFENSE - 2.6%** | **AEROSPACE & DEFENSE - 2.6%** | **AEROSPACE & DEFENSE - 2.6%** |
| General Dynamics Corp. | 6120 | $1784959 |
| RTX Corp. | 16724 | 2442039 |
|  |  | 4226998 |
| **BANKS - 2.2%** | **BANKS - 2.2%** | **BANKS - 2.2%** |
| JPMorgan Chase & Co. | 12020 | 3484718 |
| **BEVERAGES - 0.8%** | **BEVERAGES - 0.8%** | **BEVERAGES - 0.8%** |
| PepsiCo, Inc. | 10358 | 1367670 |
| **BIOTECHNOLOGY - 1.0%** | **BIOTECHNOLOGY - 1.0%** | **BIOTECHNOLOGY - 1.0%** |
| AbbVie, Inc. | 9012 | 1672807 |
| **BUILDING PRODUCTS - 2.3%** | **BUILDING PRODUCTS - 2.3%** | **BUILDING PRODUCTS - 2.3%** |
| Carlisle Cos., Inc. | 3924 | 1465221 |
| Johnson Controls International PLC | 21319 | 2251713 |
|  |  | 3716934 |
| **CAPITAL MARKETS - 5.3%** | **CAPITAL MARKETS - 5.3%** | **CAPITAL MARKETS - 5.3%** |
| Ares Management Corp., Class A | 8851 | 1532993 |
| Charles Schwab Corp. (The) | 23769 | 2168684 |
| Morgan Stanley | 17265 | 2431948 |
| Nasdaq, Inc. | 27815 | 2487217 |
|  |  | 8620842 |
| **CHEMICALS - 4.5%** | **CHEMICALS - 4.5%** | **CHEMICALS - 4.5%** |
| Air Products and Chemicals, Inc. | 4863 | 1371658 |
| Ecolab, Inc. | 5613 | 1512367 |
| Linde PLC | 7237 | 3395455 |
| Sherwin-Williams Co. (The) | 2738 | 940120 |
|  |  | 7219600 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.2%** | **COMMERCIAL SERVICES & SUPPLIES - 1.2%** | **COMMERCIAL SERVICES & SUPPLIES - 1.2%** |
| Cintas Corp. | 8708 | 1940752 |
| **CONSUMER DISCRETIONARY SERVICES - 0.0%†** | **CONSUMER DISCRETIONARY SERVICES - 0.0%†** | **CONSUMER DISCRETIONARY SERVICES - 0.0%†** |
| 24 Hour Fitness Worldwide, Inc.\* | 671 | 5 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** |
| Casey's General Stores, Inc. | 2127 | 1085344 |
| Target Corp. | 4662 | 459906 |
| Walmart, Inc. | 32028 | 3131698 |
|  |  | 4676948 |
| **ELECTRIC UTILITIES - 0.8%** | **ELECTRIC UTILITIES - 0.8%** | **ELECTRIC UTILITIES - 0.8%** |
| NextEra Energy, Inc. | 19117 | 1327102 |
| **ELECTRICAL EQUIPMENT - 1.2%** | **ELECTRICAL EQUIPMENT - 1.2%** | **ELECTRICAL EQUIPMENT - 1.2%** |
| nVent Electric PLC | 25931 | 1899446 |
| **FINANCIAL SERVICES - 2.5%** | **FINANCIAL SERVICES - 2.5%** | **FINANCIAL SERVICES - 2.5%** |
| Visa, Inc., Class A | 11212 | 3980821 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FOOD PRODUCTS - 0.6%** | **FOOD PRODUCTS - 0.6%** | **FOOD PRODUCTS - 0.6%** |
| McCormick & Co., Inc. | 11732 | $889520 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 5.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 5.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 5.0%** |
| Abbott Laboratories | 19142 | 2603503 |
| Becton Dickinson & Co. | 6271 | 1080180 |
| STERIS PLC | 4536 | 1089638 |
| Stryker Corp. | 8372 | 3312214 |
|  |  | 8085535 |
| **HEALTH CARE PROVIDERS & SERVICES - 0.2%** | **HEALTH CARE PROVIDERS & SERVICES - 0.2%** | **HEALTH CARE PROVIDERS & SERVICES - 0.2%** |
| UnitedHealth Group, Inc. | 767 | 239281 |
| **HOTELS, RESTAURANTS & LEISURE - 1.4%** | **HOTELS, RESTAURANTS & LEISURE - 1.4%** | **HOTELS, RESTAURANTS & LEISURE - 1.4%** |
| McDonald's Corp. | 7766 | 2268992 |
| **HOUSEHOLD DURABLES - 0.4%** | **HOUSEHOLD DURABLES - 0.4%** | **HOUSEHOLD DURABLES - 0.4%** |
| DR Horton, Inc. | 4891 | 630548 |
| **HOUSEHOLD PRODUCTS - 1.9%** | **HOUSEHOLD PRODUCTS - 1.9%** | **HOUSEHOLD PRODUCTS - 1.9%** |
| Colgate-Palmolive Co. | 9898 | 899728 |
| Procter & Gamble Co. (The) | 13428 | 2139349 |
|  |  | 3039077 |
| **INDUSTRIAL CONGLOMERATES - 1.3%** | **INDUSTRIAL CONGLOMERATES - 1.3%** | **INDUSTRIAL CONGLOMERATES - 1.3%** |
| Honeywell International, Inc. | 8901 | 2072865 |
| **INSURANCE - 1.3%** | **INSURANCE - 1.3%** | **INSURANCE - 1.3%** |
| Erie Indemnity Co., Class A | 2577 | 893678 |
| Marsh & McLennan Cos., Inc. | 5166 | 1129494 |
|  |  | 2023172 |
| **IT SERVICES - 1.6%** | **IT SERVICES - 1.6%** | **IT SERVICES - 1.6%** |
| Accenture PLC, Class A | 8471 | 2531897 |
| **LIFE SCIENCES TOOLS & SERVICES - 1.3%** | **LIFE SCIENCES TOOLS & SERVICES - 1.3%** | **LIFE SCIENCES TOOLS & SERVICES - 1.3%** |
| Danaher Corp. | 6854 | 1353939 |
| West Pharmaceutical Services, Inc. | 3632 | 794682 |
|  |  | 2148621 |
| **MACHINERY - 0.8%** | **MACHINERY - 0.8%** | **MACHINERY - 0.8%** |
| Parker-Hannifin Corp. | 1921 | 1341761 |
| **OIL, GAS & CONSUMABLE FUELS - 1.9%** | **OIL, GAS & CONSUMABLE FUELS - 1.9%** | **OIL, GAS & CONSUMABLE FUELS - 1.9%** |
| Chevron Corp. | 9435 | 1350998 |
| EOG Resources, Inc. | 6271 | 750074 |
| Exxon Mobil Corp. | 9193 | 991005 |
|  |  | 3092077 |
| **PHARMACEUTICALS - 2.1%** | **PHARMACEUTICALS - 2.1%** | **PHARMACEUTICALS - 2.1%** |
| Eli Lilly & Co. | 1957 | 1525540 |
| Johnson & Johnson | 12007 | 1834069 |
|  |  | 3359609 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.2%** |
| Analog Devices, Inc. | 9561 | $2275709 |
| Applied Materials, Inc. | 4211 | 770908 |
| Broadcom, Inc. | 19377 | 5341270 |
| Texas Instruments, Inc. | 15751 | 3270223 |
|  |  | 11658110 |
| **SOFTWARE - 11.1%** | **SOFTWARE - 11.1%** | **SOFTWARE - 11.1%** |
| Microsoft Corp. | 23072 | 11476244 |
| Oracle Corp. | 15793 | 3452824 |
| Roper Technologies, Inc. | 5372 | 3045064 |
|  |  | 17974132 |
| **SPECIALTY RETAIL - 2.4%** | **SPECIALTY RETAIL - 2.4%** | **SPECIALTY RETAIL - 2.4%** |
| Lowe's Cos., Inc. | 8553 | 1897654 |
| Ross Stores, Inc. | 11375 | 1451223 |
| Tractor Supply Co. | 11155 | 588649 |
|  |  | 3937526 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 2.1%** |
| Apple, Inc. | 16768 | 3440291 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.3%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.3%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.3%** |
| NIKE, Inc., Class B | 7599 | 539833 |
| **TRADING COMPANIES & DISTRIBUTORS - 1.1%** | **TRADING COMPANIES & DISTRIBUTORS - 1.1%** | **TRADING COMPANIES & DISTRIBUTORS - 1.1%** |
| WW Grainger, Inc. | 1700 | 1768408 |
| **TOTAL COMMON STOCKS**<br> (Cost - $51,927,527) |  | 115175898 |
| **CORPORATE BONDS AND NOTES - 10.5%** | **CORPORATE BONDS AND NOTES - 10.5%** | **CORPORATE BONDS AND NOTES - 10.5%** |
| **ADVERTISING - 0.1%** | **ADVERTISING - 0.1%** | **ADVERTISING - 0.1%** |
| Clear Channel Outdoor Holdings, Inc., <br>7.88%, 4/1/30 (a) | $100000 | 103226 |
| **AEROSPACE & DEFENSE - 0.2%** | **AEROSPACE & DEFENSE - 0.2%** | **AEROSPACE & DEFENSE - 0.2%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 5.15%, 5/1/30 | 150000 | 152762 |
| 3.65%, 3/1/47 | 100000 | 70038 |
| Howmet Aerospace, Inc., 4.85%, 10/15/31 | 50000 | 50632 |
|  |  | 273432 |
| **AGRICULTURE - 0.1%** | **AGRICULTURE - 0.1%** | **AGRICULTURE - 0.1%** |
| Philip Morris International, Inc., <br>5.38%, 2/15/33 | 200000 | 206650 |
| **AIRLINES - 0.1%** | **AIRLINES - 0.1%** | **AIRLINES - 0.1%** |
| Delta Air Lines, Inc. / SkyMiles IP Ltd., <br>4.50%, 10/20/25 (a) | 50000 | 49878 |
| Mileage Plus Holdings LLC / Mileage Plus <br>Intellectual Property Assets Ltd., <br>6.50%, 6/20/27 (a) | 40000 | 40053 |
| United Airlines Class B Pass-Through Trust, <br>4.88%, 1/15/26 | 16619 | 16583 |
|  |  | 106514 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **APPAREL - 0.1%** | **APPAREL - 0.1%** | **APPAREL - 0.1%** |
| PVH Corp., 5.50%, 6/13/30 | $100000 | $100701 |
| Tapestry, Inc., 5.50%, 3/11/35 | 35000 | 35109 |
|  |  | 135810 |
| **AUTO MANUFACTURERS - 0.1%** | **AUTO MANUFACTURERS - 0.1%** | **AUTO MANUFACTURERS - 0.1%** |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 5.35%, 3/19/29 (a) | 50000 | 50902 |
| 5.40%, 6/23/32 (a) | 100000 | 101281 |
|  |  | 152183 |
| **BANKS - 2.2%** | **BANKS - 2.2%** | **BANKS - 2.2%** |
| ABN AMRO Bank NV, 6.34%, <br>(US 1 Year CMT T-Note + 1.65%), <br>9/18/27 (a),(b) | 200000 | 204343 |
| Banco Santander SA, 2.75%, 12/3/30 | 200000 | 178035 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 2.59%, (SOFR + 2.15%), 4/29/31 (b) | 100000 | 91401 |
| 1.92%, (SOFR + 1.37%), 10/24/31 (b) | 200000 | 174404 |
| 5.47%, (SOFR + 1.65%), 1/23/35 (b) | 150000 | 154127 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 2.57%, (SOFR + 2.11%), 6/3/31 (b) | 100000 | 90677 |
| 3.06%, (SOFR + 1.35%), 1/25/33 (b) | 200000 | 178752 |
| Danske Bank A/S, 5.71%, <br>(US 1 Year CMT T-Note + 1.40%), <br>3/1/30 (a),(b) | 200000 | 207471 |
| Deutsche Bank AG/New York NY, <br>5.37%, 9/9/27 | 150000 | 153849 |
| Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |
| 1.99%, (SOFR + 1.09%), 1/27/32 (b) | 300000 | 259730 |
| 2.38%, (SOFR + 1.25%), 7/21/32 (b) | 200000 | 174621 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 4.49%, (3 Month Term SOFR + 3.79%), <br>3/24/31 (b) | 400000 | 399438 |
| 5.34%, (SOFR + 1.62%), 1/23/35 (b) | 50000 | 51184 |
| Mizuho Financial Group, Inc., 5.78%, <br>(US 1 Year CMT T-Note + 1.65%), <br>7/6/29 (b) | 200000 | 207633 |
| Morgan Stanley, 2.24%, (SOFR + 1.18%), <br>7/21/32 (b) | 500000 | 432807 |
| Societe Generale SA, 1.79%, <br>(US 1 Year CMT T-Note + 1.00%), <br>6/9/27 (a),(b) | 200000 | 194703 |
| Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
| 7.16%, (SOFR + 2.45%), 10/30/29 (b) | 50000 | 54076 |
| 5.44%, (SOFR + 1.62%), 1/24/30 (b) | 100000 | 102930 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 5.20%, (SOFR + 1.50%), 1/23/30 (b) | 100000 | 102402 |
| 5.50%, (SOFR + 1.78%), 1/23/35 (b) | 100000 | 102568 |
|  |  | 3515151 |
| **BEVERAGES - 0.1%** | **BEVERAGES - 0.1%** | **BEVERAGES - 0.1%** |
| Anheuser-Busch Cos., LLC / <br>Anheuser-Busch InBev Worldwide, Inc., <br>4.70%, 2/1/36 | 100000 | 97602 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BIOTECHNOLOGY - 0.4%** | **BIOTECHNOLOGY - 0.4%** | **BIOTECHNOLOGY - 0.4%** |
| Amgen, Inc., 5.25%, 3/2/33 | $100000 | $102444 |
| Biogen, Inc., 2.25%, 5/1/30 | 100000 | 90071 |
| CSL Finance PLC, 4.25%, 4/27/32 (a) | 150000 | 146429 |
| Royalty Pharma PLC, 2.15%, 9/2/31 | 300000 | 257170 |
|  |  | 596114 |
| **BUILDING MATERIALS - 0.1%** | **BUILDING MATERIALS - 0.1%** | **BUILDING MATERIALS - 0.1%** |
| JH North America Holdings, Inc., <br>5.88%, 1/31/31 (a) | 25000 | 25209 |
| Miter Brands Acquisition Holdco, Inc. / <br>MIWD Borrower LLC, 6.75%, 4/1/32 (a) | 100000 | 102566 |
| Quikrete Holdings, Inc., 6.75%, 3/1/33 (a) | 50000 | 51592 |
|  |  | 179367 |
| **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** |
| Rain Carbon, Inc., 12.25%, 9/1/29 (a) | 100000 | 107226 |
| **COMMERCIAL SERVICES - 0.2%** | **COMMERCIAL SERVICES - 0.2%** | **COMMERCIAL SERVICES - 0.2%** |
| Ashtead Capital, Inc., 5.80%, 4/15/34 (a) | 200000 | 204878 |
| EquipmentShare.com, Inc., <br>9.00%, 5/15/28 (a) | 50000 | 52813 |
| Herc Holdings, Inc., 7.00%, 6/15/30 (a) | 50000 | 52197 |
|  |  | 309888 |
| **COMPUTERS - 0.1%** | **COMPUTERS - 0.1%** | **COMPUTERS - 0.1%** |
| CACI International, Inc., <br>6.38%, 6/15/33 (a) | 25000 | 25770 |
| Hewlett Packard Enterprise Co., <br>4.85%, 10/15/31 | 100000 | 99686 |
| McAfee Corp., 7.38%, 2/15/30 (a) | 75000 | 70860 |
|  |  | 196316 |
| **COSMETICS/PERSONAL CARE - 0.1%** | **COSMETICS/PERSONAL CARE - 0.1%** | **COSMETICS/PERSONAL CARE - 0.1%** |
| Kenvue, Inc., 4.85%, 5/22/32 | 100000 | 101199 |
| **DIVERSIFIED FINANCIAL SERVICES - 0.1%** | **DIVERSIFIED FINANCIAL SERVICES - 0.1%** | **DIVERSIFIED FINANCIAL SERVICES - 0.1%** |
| AerCap Ireland Capital DAC / <br>AerCap Global Aviation Trust, <br>3.40%, 10/29/33 | 150000 | 132313 |
| Freedom Mortgage Holdings LLC, <br>8.38%, 4/1/32 (a) | 25000 | 25127 |
| Jane Street Group / JSG Finance, Inc., <br>6.13%, 11/1/32 (a) | 50000 | 50469 |
|  |  | 207909 |
| **ELECTRIC - 1.6%** | **ELECTRIC - 1.6%** | **ELECTRIC - 1.6%** |
| California Buyer Ltd. / Atlantica <br>Sustainable Infrastructure PLC, <br>6.38%, 2/15/32 (a) | 150000 | 150218 |
| Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
| 5.80%, 3/1/33 | 200000 | 211531 |
| 6.13%, 1/15/34 | 50000 | 53864 |
| Dominion Energy, Inc., 3.38%, 4/1/30 | 100000 | 95018 |
| DTE Energy Co., 4.88%, 6/1/28 | 50000 | 50731 |
| Duke Energy Carolinas LLC, 6.10%, 6/1/37 | 100000 | 106413 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ELECTRIC - 1.6% (Continued)** | **ELECTRIC - 1.6% (Continued)** | **ELECTRIC - 1.6% (Continued)** |
| EDP Finance BV, 1.71%, 1/24/28 (a) | $200000 | $187040 |
| Electricite de France SA, <br>5.70%, 5/23/28 (a) | 200000 | 205971 |
| Enel Finance International NV, <br>3.50%, 4/6/28 (a) | 200000 | 195007 |
| Exelon Corp., 4.05%, 4/15/30 | 200000 | 196721 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 2.25%, 6/1/30 | 100000 | 90051 |
| 2.44%, 1/15/32 | 100000 | 86756 |
| 5.30%, 3/15/32 | 65000 | 66952 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 5.32%, (SOFR + 0.95%), 9/4/25 (b) | 200000 | 199999 |
| 3.25%, 6/1/31 | 150000 | 134581 |
| Southern Co. (The), 3.70%, 4/30/30 | 50000 | 48347 |
| Virginia Electric and Power Co., <br>5.00%, 4/1/33 | 100000 | 101028 |
| Vistra Operations Co. LLC, <br>4.30%, 7/15/29 (a) | 300000 | 295529 |
| Xcel Energy, Inc., 5.45%, 8/15/33 | 150000 | 153007 |
|  |  | 2628764 |
| **ELECTRICAL COMPONENTS & EQUIPMENTS - 0.0%†** | **ELECTRICAL COMPONENTS & EQUIPMENTS - 0.0%†** | **ELECTRICAL COMPONENTS & EQUIPMENTS - 0.0%†** |
| WESCO Distribution, Inc., <br>6.63%, 3/15/32 (a) | 50000 | 51748 |
| **ELECTRONICS - 0.1%** | **ELECTRONICS - 0.1%** | **ELECTRONICS - 0.1%** |
| Flex Ltd., 5.25%, 1/15/32 | 100000 | 101052 |
| **ENGINEERING & CONSTRUCTION - 0.0%†** | **ENGINEERING & CONSTRUCTION - 0.0%†** | **ENGINEERING & CONSTRUCTION - 0.0%†** |
| Weekley Homes LLC / Weekley Finance <br>Corp., 4.88%, 9/15/28 (a) | 50000 | 48358 |
| **ENTERTAINMENT - 0.0%†** | **ENTERTAINMENT - 0.0%†** | **ENTERTAINMENT - 0.0%†** |
| Caesars Entertainment, Inc., <br>4.63%, 10/15/29 (a) | 100000 | 95476 |
| **ENVIRONMENTAL CONTROL - 0.0%†** | **ENVIRONMENTAL CONTROL - 0.0%†** | **ENVIRONMENTAL CONTROL - 0.0%†** |
| Republic Services, Inc., 1.45%, 2/15/31 | 100000 | 85281 |
| **FOOD - 0.2%** | **FOOD - 0.2%** | **FOOD - 0.2%** |
| JBS USA Holding LUX Sarl / <br>JBS USA Food Co. / JBS LUX Co. Sarl, <br>3.63%, 1/15/32 | 200000 | 182829 |
| Mars, Inc., 5.20%, 3/1/35 (a) | 140000 | 141589 |
|  |  | 324418 |
| **GAS - 0.1%** | **GAS - 0.1%** | **GAS - 0.1%** |
| Southern Co. Gas Capital Corp., <br>5.15%, 9/15/32 | 100000 | 101429 |
| **HEALTHCARE-PRODUCTS - 0.1%** | **HEALTHCARE-PRODUCTS - 0.1%** | **HEALTHCARE-PRODUCTS - 0.1%** |
| Baxter International, Inc., 2.54%, 2/1/32 | 200000 | 174324 |
| **HEALTHCARE-SERVICES - 0.5%** | **HEALTHCARE-SERVICES - 0.5%** | **HEALTHCARE-SERVICES - 0.5%** |
| Centene Corp., 3.00%, 10/15/30 | 100000 | 89195 |
| DaVita, Inc., 4.63%, 6/1/30 (a) | 100000 | 95871 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTHCARE-SERVICES - 0.5% (Continued)** | **HEALTHCARE-SERVICES - 0.5% (Continued)** | **HEALTHCARE-SERVICES - 0.5% (Continued)** |
| Icon Investments Six DAC, 6.00%, 5/8/34 | $200000 | $204548 |
| IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
| 6.25%, 2/1/29 | 100000 | 104473 |
| 6.25%, 6/1/32 (a) | 100000 | 102666 |
| Kaiser Foundation Hospitals, <br>3.27%, 11/1/49 | 140000 | 96979 |
| UnitedHealth Group, Inc., 5.15%, 7/15/34 | 100000 | 101052 |
|  |  | 794784 |
| **HOUSEWARES - 0.0%†** | **HOUSEWARES - 0.0%†** | **HOUSEWARES - 0.0%†** |
| Newell Brands, Inc., 8.50%, 6/1/28 (a) | 50000 | 52509 |
| **INSURANCE - 0.4%** | **INSURANCE - 0.4%** | **INSURANCE - 0.4%** |
| Arthur J Gallagher & Co., 5.00%, 2/15/32 | 50000 | 50665 |
| Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
| 5.25%, 6/23/32 | 15000 | 15297 |
| 5.55%, 6/23/35 | 30000 | 30583 |
| Corebridge Financial, Inc., 6.05%, 9/15/33 | 150000 | 157897 |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | 50000 | 51542 |
| Metropolitan Life Global Funding I, <br>4.30%, 8/25/29 (a) | 150000 | 149358 |
| RGA Global Funding, 5.50%, 1/11/31 (a) | 100000 | 103104 |
| Sammons Financial Group, Inc., <br>6.88%, 4/15/34 (a) | 100000 | 107208 |
|  |  | 665654 |
| **INTERNET - 0.1%** | **INTERNET - 0.1%** | **INTERNET - 0.1%** |
| Cogent Communications Group LLC / <br>Cogent Finance, Inc., 6.50%, 7/1/32 (a) | 50000 | 49239 |
| Meta Platforms, Inc., 4.95%, 5/15/33 | 50000 | 51278 |
| Snap, Inc., 6.88%, 3/1/33 (a) | 50000 | 51284 |
|  |  | 151801 |
| **LEISURE TIME - 0.1%** | **LEISURE TIME - 0.1%** | **LEISURE TIME - 0.1%** |
| Carnival Corp., 5.75%, 3/15/30 (a) | 100000 | 101688 |
| **MACHINERY-DIVERSIFIED - 0.0%†** | **MACHINERY-DIVERSIFIED - 0.0%†** | **MACHINERY-DIVERSIFIED - 0.0%†** |
| Esab Corp., 6.25%, 4/15/29 (a) | 50000 | 51194 |
| **MEDIA - 0.4%** | **MEDIA - 0.4%** | **MEDIA - 0.4%** |
| Charter Communications Operating LLC / <br>Charter Communications Operating <br>Capital | Charter Communications Operating LLC / <br>Charter Communications Operating <br>Capital | Charter Communications Operating LLC / <br>Charter Communications Operating <br>Capital |
| 2.80%, 4/1/31 | 200000 | 178270 |
| 4.40%, 4/1/33 | 100000 | 94158 |
| Comcast Corp., 4.80%, 5/15/33 | 100000 | 99824 |
| Fox Corp., 3.50%, 4/8/30 | 125000 | 119462 |
| Paramount Global, 4.20%, 5/19/32 | 100000 | 91301 |
| Sinclair Television Group, Inc., <br>8.13%, 2/15/33 (a) | 50000 | 50605 |
| Time Warner Cable LLC, 6.75%, 6/15/39 | 100000 | 103678 |
|  |  | 737298 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MINING - 0.1%** | **MINING - 0.1%** | **MINING - 0.1%** |
| Rio Tinto Finance USA PLC, <br>5.00%, 3/14/32 | $150000 | $152598 |
| **MISCELLANEOUS MANUFACTURING - 0.1%** | **MISCELLANEOUS MANUFACTURING - 0.1%** | **MISCELLANEOUS MANUFACTURING - 0.1%** |
| Eaton Corp., 4.15%, 3/15/33 | 100000 | 96994 |
| **OIL & GAS - 0.4%** | **OIL & GAS - 0.4%** | **OIL & GAS - 0.4%** |
| Aker BP ASA, 4.00%, 1/15/31 (a) | 200000 | 189894 |
| Canadian Natural Resources Ltd., <br>2.95%, 7/15/30 | 100000 | 91684 |
| Hess Corp., 7.13%, 3/15/33 | 200000 | 226545 |
| TotalEnergies Capital SA, 4.72%, 9/10/34 | 100000 | 99357 |
|  |  | 607480 |
| **PACKAGING & CONTAINERS - 0.1%** | **PACKAGING & CONTAINERS - 0.1%** | **PACKAGING & CONTAINERS - 0.1%** |
| Amcor Flexibles North America, Inc., <br>2.63%, 6/19/30 | 50000 | 45357 |
| Toucan Finco Ltd./Toucan Finco Can, Inc./<br>Toucan Finco US LLC, 9.50%, 5/15/30 (a) | 150000 | 153434 |
|  |  | 198791 |
| **PHARMACEUTICALS - 0.2%** | **PHARMACEUTICALS - 0.2%** | **PHARMACEUTICALS - 0.2%** |
| Bayer US Finance II LLC, <br>4.38%, 12/15/28 (a) | 100000 | 99052 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 5.30%, 6/1/33 | 100000 | 100876 |
| 4.78%, 3/25/38 | 100000 | 91763 |
| Pfizer Investment Enterprises Pte Ltd., <br>4.75%, 5/19/33 | 100000 | 99818 |
|  |  | 391509 |
| **PIPELINES - 0.6%** | **PIPELINES - 0.6%** | **PIPELINES - 0.6%** |
| Cheniere Energy, Inc., 5.65%, 4/15/34 | 50000 | 51200 |
| Eastern Energy Gas Holdings LLC, <br>5.80%, 1/15/35 | 140000 | 145685 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 4.95%, 5/15/28 | 100000 | 101413 |
| 5.55%, 5/15/34 | 100000 | 101209 |
| Hess Midstream Operations LP, <br>6.50%, 6/1/29 (a) | 50000 | 51412 |
| Kinetik Holdings LP, 6.63%, 12/15/28 (a) | 100000 | 102270 |
| MPLX LP, 5.40%, 4/1/35 | 150000 | 148853 |
| TransCanada PipeLines Ltd., <br>4.25%, 5/15/28 | 100000 | 99658 |
| Transcontinental Gas Pipe Line Co. LLC, <br>3.25%, 5/15/30 | 100000 | 94289 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 7.50%, 5/1/33 (a) | 25000 | 26771 |
| 7.75%, 5/1/35 (a) | 25000 | 27062 |
| Williams Cos., Inc. (The), 3.50%, 11/15/30 | 50000 | 47254 |
|  |  | 997076 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **REITS - 0.5%** | **REITS - 0.5%** | **REITS - 0.5%** |
| Alexandria Real Estate Equities, Inc., <br>1.88%, 2/1/33 | $100000 | $79948 |
| American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 1.88%, 10/15/30 | 100000 | 86911 |
| 5.35%, 3/15/35 | 150000 | 152637 |
| Essex Portfolio LP, 5.38%, 4/1/35 | 50000 | 50756 |
| Iron Mountain, Inc., 7.00%, 2/15/29 (a) | 100000 | 103521 |
| MPT Operating Partnership LP / <br>MPT Finance Corp., 3.50%, 3/15/31 | 25000 | 17674 |
| Prologis Targeted US Logistics Fund LP, <br>5.25%, 4/1/29 (a) | 100000 | 102711 |
| RHP Hotel Properties LP / Rhp Finance <br>Corp., 6.50%, 6/15/33 (a) | 25000 | 25719 |
| RHP Hotel Properties LP / RHP Finance <br>Corp., 6.50%, 4/1/32 (a) | 50000 | 51375 |
| VICI Properties LP, 5.13%, 11/15/31 | 100000 | 100071 |
| XHR LP, 6.63%, 5/15/30 (a) | 50000 | 50942 |
|  |  | 822265 |
| **RETAIL - 0.1%** | **RETAIL - 0.1%** | **RETAIL - 0.1%** |
| FirstCash, Inc., 6.88%, 3/1/32 (a) | 100000 | 103485 |
| QXO Building Products, Inc., <br>6.75%, 4/30/32 (a) | 50000 | 51483 |
|  |  | 154968 |
| **SEMICONDUCTORS - 0.1%** | **SEMICONDUCTORS - 0.1%** | **SEMICONDUCTORS - 0.1%** |
| Foundry JV Holdco LLC, <br>6.25%, 1/25/35 (a) | 200000 | 210073 |
| **SOFTWARE - 0.2%** | **SOFTWARE - 0.2%** | **SOFTWARE - 0.2%** |
| Fiserv, Inc., 2.65%, 6/1/30 | 150000 | 137636 |
| Oracle Corp., 2.88%, 3/25/31 | 100000 | 91170 |
| Synopsys, Inc., 5.00%, 4/1/32 | 100000 | 101279 |
|  |  | 330085 |
| **TELECOMMUNICATIONS - 0.4%** | **TELECOMMUNICATIONS - 0.4%** | **TELECOMMUNICATIONS - 0.4%** |
| AT&T, Inc., 2.55%, 12/1/33 | 250000 | 209316 |
| Motorola Solutions, Inc., 2.75%, 5/24/31 | 100000 | 89604 |
| T-Mobile USA, Inc., 3.88%, 4/15/30 | 200000 | 194235 |
| Verizon Communications, Inc., <br>2.36%, 3/15/32 | 150000 | 129308 |
|  |  | 622463 |
| **TOTAL CORPORATE BONDS AND NOTES**<br> (Cost - $17,195,642) |  | 17038667 |
| **AGENCY MORTGAGE BACKED SECURITIES - 8.4%** | **AGENCY MORTGAGE BACKED SECURITIES - 8.4%** | **AGENCY MORTGAGE BACKED SECURITIES - 8.4%** |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.5%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.5%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.5%** |
| Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool |
| 2.00%, 3/1/51 | 537150 | 428297 |
| 2.50%, 10/1/51 | 483833 | 404185 |
| 3.00%, 2/1/52 | 641956 | 560329 |
| 2.00%, 3/1/52 | 602611 | 478133 |
| 2.00%, 4/1/52 | 713868 | 565676 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FEDERAL HOME LOAN MORTGAGE <br>CORPORATION - 3.5% (Continued)** | **FEDERAL HOME LOAN MORTGAGE <br>CORPORATION - 3.5% (Continued)** | **FEDERAL HOME LOAN MORTGAGE <br>CORPORATION - 3.5% (Continued)** |
| Freddie Mac Pool (continued) | Freddie Mac Pool (continued) | Freddie Mac Pool (continued) |
| 2.50%, 5/1/52 | $571208 | $475358 |
| 4.00%, 8/1/52 | 669222 | 623204 |
| 4.50%, 8/1/52 | 2126569 | 2036277 |
|  |  | 5571459 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.9%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.9%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.9%** |
| Fannie Mae or Freddie Mac | Fannie Mae or Freddie Mac | Fannie Mae or Freddie Mac |
| 0.02%, 7/1/54 (c) | 1160000 | 918031 |
| 0.04%, 7/1/54 (c) | 550000 | 495172 |
| 0.04%, 7/1/54 (c) | 530000 | 492817 |
| 0.06%, 7/1/54 (c) | 1000000 | 1016094 |
| 2.50%, 7/1/54 (c) | 1270000 | 1053505 |
| 5.50%, 7/1/54 (c) | 1020000 | 1019203 |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 3.00%, 11/1/48 | 200114 | 178065 |
| 3.00%, 1/1/52 | 455374 | 396043 |
| 2.50%, 4/1/52 | 197917 | 164717 |
| 3.50%, 12/1/52 | 469787 | 423987 |
| Freddie Mac Pool, 3.50%, 6/1/52 | 230608 | 207908 |
|  |  | 6365542 |
| **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.0%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.0%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.0%** |
| Ginnie Mae | Ginnie Mae | Ginnie Mae |
| 5.50%, 7/20/53 (c) | 640000 | 640700 |
| 6.00%, 7/20/54 (c) | 630000 | 638761 |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| 2.00%, 7/20/52 | 236530 | 193347 |
| 2.50%, 7/20/52 | 244359 | 208001 |
|  |  | 1680809 |
| **TOTAL AGENCY MORTGAGE BACKED SECURITIES**<br> (Cost - $13,865,140) |  | 13617810 |
| **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7%** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7%** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7%** |
| Barings CLO Ltd., 5.41%, <br>(3 Month Term SOFR + 1.15%), <br>10/15/30 (a),(b) | 193333 | 193414 |
| BRAVO Residential Funding Trust, <br>3.50%, 10/25/44 (a),(d) | 33457 | 31871 |
| BX Commercial Mortgage Trust, <br>5.39%, (1 Month Term SOFR + 1.06%), <br>9/15/36 (a),(b) | 125948 | 125446 |
| BX Mortgage Trust, 5.34%, (1 Month Term <br>SOFR + 1.01%), 10/15/36 (a),(b) | 130000 | 129429 |
| BX Trust, 5.82%, (1 Month Term <br>SOFR + 1.49%), 4/15/37 (a),(b) | 128144 | 128233 |
| Carlyle Global Market Strategies <br>CLO Ltd. | Carlyle Global Market Strategies <br>CLO Ltd. | Carlyle Global Market Strategies <br>CLO Ltd. |
| 5.49%, (3 Month Term SOFR + 1.22%), <br>7/20/32 (a),(b) | 160961 | 161007 |
| 5.36%, (3 Month Term SOFR + 1.09%), <br>4/20/34 (a),(b) | 250000 | 249583 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7% (Continued)** |
| CFCRE Commercial Mortgage Trust, <br>3.84%, 12/10/54 | $50000 | $49039 |
| Chase Home Lending Mortgage Trust, <br>5.70%, (SOFR + 1.40%), 5/25/56 (a),(b) | 35000 | 35000 |
| CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
| 5.24%, (3 Month Term SOFR + 0.97%), <br>4/19/35 (a),(b) | 310000 | 308684 |
| 5.79%, (3 Month Term SOFR + 1.52%), <br>4/22/37 (a),(b) | 300000 | 301192 |
| CIM Trust | CIM Trust | CIM Trust |
| 4.00%, 8/25/48 (a),(d) | 14370 | 13443 |
| 4.00%, 2/25/49 (a),(d) | 7053 | 6782 |
| Citigroup Commercial Mortgage Trust, <br>2.45%, 7/10/49 | 30896 | 30432 |
| COLT Mortgage Loan Trust, 4.30%, <br>3/25/67 (a),(d) | 68733 | 68035 |
| COMM Mortgage Trust, 4.67%, <br>10/10/48 (d) | 40000 | 39468 |
| Connecticut Avenue Securities, <br>5.42%, (SOFR + 1.10%), 1/25/45 (a),(b) | 27888 | 27905 |
| Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| 5.32%, (SOFR + 1.00%), 2/25/45 (a),(b) | 21643 | 21656 |
| 5.77%, (SOFR + 1.45%), 3/25/45 (a),(b) | 32849 | 33046 |
| 5.31%, (SOFR + 1.00%), 5/25/45 (a),(b) | 29173 | 29198 |
| CSAIL 2015-C3 Commercial Mortgage <br>Trust, 3.72%, 8/15/48 | 19426 | 19183 |
| Dryden 97 CLO Ltd., 5.57%, (3 Month <br>Term SOFR + 1.30%), 4/20/35 (a),(b) | 250000 | 250242 |
| Elevation CLO Ltd., 5.19%, (3 Month <br>Term SOFR + 0.92%), 10/20/31 (a),(b) | 163347 | 163065 |
| Eleven Madison Trust Mortgage Trust, <br>3.67%, 9/10/35 (a),(d) | 250000 | 246788 |
| Ellington CLO III Ltd., 6.18%, (3 Month <br>Term SOFR + 1.91%), 7/20/30 (a),(b) | 1754 | 1754 |
| Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities | Fannie Mae Connecticut Avenue Securities |
| 7.24%, (SOFR + 2.91%), 2/25/30 (b) | 23802 | 24503 |
| 6.99%, (SOFR + 2.66%), 12/25/30 (b) | 18648 | 19202 |
| Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| 5.27%, (SOFR + 0.95%), 11/25/54 (b) | 167980 | 164752 |
| 5.27%, (SOFR + 0.95%), 11/25/54 (b) | 136359 | 135675 |
| 5.42%, (SOFR + 1.10%), 12/25/54 (b) | 192992 | 191941 |
| 5.32%, (SOFR + 1.00%), 1/25/55 (b) | 197401 | 196083 |
| FirstKey Homes Trust, 1.27%, 10/19/37 (a) | 131245 | 129580 |
| Freddie Mac STACR REMIC Trust | Freddie Mac STACR REMIC Trust | Freddie Mac STACR REMIC Trust |
| 5.30%, (SOFR + 0.95%), 1/25/45 (a),(b) | 41075 | 41030 |
| 5.43%, (SOFR + 1.10%), 5/25/45 (a),(b) | 35613 | 35670 |
| Goldentree Loan Management US Clo 11 Ltd., <br>5.35%, (3 Month Term SOFR + 1.08%), <br>10/20/34 (a),(b) | 250000 | 249880 |
| GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
| 4.01%, 7/10/46 (a),(d) | 32344 | 31901 |
| 3.93%, 9/10/47 | 10974 | 10956 |
| 3.05%, 5/10/49 | 30000 | 29611 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 3.7% (Continued)** |
| Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
| 2.30%, 12/17/26 (a) | $201582 | $193847 |
| 2.65%, 1/17/41 (a) | 72113 | 66596 |
| HomesTrust, 5.92%, 7/25/69 (a),(e) | 90394 | 90377 |
| JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| 2.50%, 6/25/52 (a),(d) | 83192 | 74691 |
| 6.03%, (SOFR + 1.70%), 3/20/54 (a),(b) | 14925 | 14957 |
| JPMBB Commercial Mortgage Securities <br>Trust | JPMBB Commercial Mortgage Securities <br>Trust | JPMBB Commercial Mortgage Securities <br>Trust |
| 3.80%, 8/15/48 | 17591 | 17538 |
| 3.58%, 3/17/49 | 70000 | 69419 |
| Marble Point CLO XV Ltd., 5.32%, <br>(3 Month Term SOFR + 1.04%), <br>7/23/32 (a),(b) | 223323 | 222845 |
| Mill City Mortgage Loan Trust, 3.50%, <br>4/25/66 (a),(d) | 53275 | 52217 |
| Morgan Stanley Bank of America Merrill <br>Lynch Trust | Morgan Stanley Bank of America Merrill <br>Lynch Trust | Morgan Stanley Bank of America Merrill <br>Lynch Trust |
| 4.07%, 12/15/47 | 24000 | 23358 |
| 3.99%, 12/15/49 (d) | 24000 | 22916 |
| Morgan Stanley Capital I Trust, <br>4.15%, 5/15/48 (d) | 28798 | 28302 |
| New Economy Assets Phase 1 <br>Sponsor LLC, 1.91%, 10/20/61 (a) | 260000 | 245314 |
| OBX Trust, 6.13%, 12/25/63 (a),(e) | 67557 | 68079 |
| Octagon Investment Partners 35 Ltd., <br>5.63%, (3 Month Term SOFR + 1.36%), <br>1/20/31 (a),(b) | 500000 | 499346 |
| Provident Funding Mortgage Trust, 3.00%, <br>12/25/49 (a),(d) | 19547 | 16516 |
| PSMC Trust, 2.50%, 8/25/51 (a),(d) | 153559 | 137291 |
| Verus Securitization Trust, <br>6.22%, 6/25/69 (a),(e) | 77242 | 78676 |
| Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
| 3.70%, 11/15/48 | 30000 | 29824 |
| 4.26%, 12/15/48 | 115000 | 114114 |
| 4.86%, 1/15/59 (d) | 19000 | 18331 |
| WFRBS Commercial Mortgage Trust, <br>4.37%, 10/15/57 (d) | 33000 | 30504 |
| **TOTAL ASSET BACKED AND <br>COMMERCIAL BACKED SECURITIES** <br>(Cost - $6,109,111) |  | 6039737 |
| **U.S. TREASURY SECURITIES AND AGENCY BONDS - 2.9%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 2.9%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 2.9%** |
| Federal Farm Credit Banks Funding Corp., <br>2.10%, 2/25/36 | 140000 | 109389 |
| U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond |
| 1.13%, 5/15/40 | 50000 | 31121 |
| 1.13%, 8/15/40 | 204000 | 125659 |
| 1.75%, 8/15/41 | 120000 | 79753 |
| 2.50%, 5/15/46 (f) | 1025000 | 708972 |
| 2.25%, 8/15/46 | 390000 | 255877 |
| 3.13%, 5/15/48 | 100000 | 75988 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 2.9% (Continued)** | **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 2.9% (Continued)** | **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 2.9% (Continued)** |
| U.S. Treasury Bond (continued) | U.S. Treasury Bond (continued) | U.S. Treasury Bond (continued) |
| 3.00%, 8/15/48 | $335000 | $248162 |
| 2.88%, 5/15/49 | 573000 | 411911 |
| 2.25%, 8/15/49 | 35000 | 21991 |
| 1.25%, 5/15/50 | 790000 | 380157 |
| 2.38%, 5/15/51 | 534000 | 339194 |
| 1.88%, 11/15/51 | 866000 | 482795 |
| 3.63%, 5/15/53 | 390000 | 318566 |
| 4.25%, 8/15/54 | 110000 | 100607 |
| U.S. Treasury Inflation Indexed Note, <br>0.63%, 1/15/26 | 654789 | 651195 |
| U.S. Treasury Note, 2.88%, 5/15/28 | 310000 | 303037 |
| **TOTAL U.S. TREASURY SECURITIES AND <br>AGENCY BONDS** (Cost - $5,543,087) |  | 4644374 |
| **MUTUAL FUNDS - 0.9%** | **MUTUAL FUNDS - 0.9%** | **MUTUAL FUNDS - 0.9%** |
| **DEBT FUNDS - 0.9%** | **DEBT FUNDS - 0.9%** | **DEBT FUNDS - 0.9%** |
| Franklin Floating Rate Daily Access Fund <br>(Cost - $1,348,401) | 179309 | 1362746 |
| **MUNICIPAL BONDS - 0.3%** | **MUNICIPAL BONDS - 0.3%** | **MUNICIPAL BONDS - 0.3%** |
| Golden State Tobacco Securitization <br>Corp., 3.85%, 6/1/50 | 185000 | 168339 |
| Greenville City School District, <br>3.54%, 1/1/51 | 110000 | 82976 |
| San Bernardino Community College <br>District | San Bernardino Community College <br>District | San Bernardino Community College <br>District |
| 2.69%, 8/1/41 | 250000 | 183436 |
| 2.86%, 8/1/49 | 150000 | 97667 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost - $689,179) |  | 532418 |
| **PREFERRED STOCKS - 0.0%†** | **PREFERRED STOCKS - 0.0%†** | **PREFERRED STOCKS - 0.0%†** |
| **CONSUMER DISCRETIONARY SERVICES - 0.0%†** | **CONSUMER DISCRETIONARY SERVICES - 0.0%†** | **CONSUMER DISCRETIONARY SERVICES - 0.0%†** |
| 24 Hour Fitness Worldwide, Inc., 0.00% <br>(Cost - $2,145)\* | 1589 | 11 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SHORT-TERM INVESTMENTS - 5.6%** | **SHORT-TERM INVESTMENTS - 5.6%** | **SHORT-TERM INVESTMENTS - 5.6%** |
| **MONEY MARKET FUNDS - 5.6%** | **MONEY MARKET FUNDS - 5.6%** | **MONEY MARKET FUNDS - 5.6%** |
| Dreyfus Government Cash <br>Management, 4.21% (g) | 6108004 | $6108004 |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.23% (g) | 3009585 | 3009585 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $9,117,589) |  | 9117589 |
| **TOTAL INVESTMENTS - 103.6%**<br> (Cost - $105,797,821) |  | $167529250 |
| **OTHER ASSETS LESS LIABILITIES - NET (3.6)%** |  | (5895818) |
| **TOTAL NET ASSETS - 100.0%** |  | $161633432 |

---

\* Non-income producing security.

† Represents less than 0.05%.

(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2025, these securities amounted to $10,276,445 or 6.4% of net assets.

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

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

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

(e) Step coupon.

(f) A portion of this investment, valued at $208,427, is held as collateral for derivative investments.

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

CLO - Collateralized Loan Obligation

CMT - Treasury Constant Maturity Rate

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of<br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| U.S. 2 Year Note Future | J. P. Morgan Securities LLC | 28 | 9/30/2025 | $5824656 | $21672 |
| U.S. Long Bond Future | J. P. Morgan Securities LLC | 1 | 9/19/2025 | 115469 | 1125 |
|  |  |  |  |  | 22797 |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| U.S. 10 Year Note Future | J. P. Morgan Securities LLC | 3 | 9/19/2025 | 336375 | (4594) |
| U.S. 10 Year Ultra Future | J. P. Morgan Securities LLC | 6 | 9/19/2025 | 685594 | (11062) |
| U.S. 5 Year Note Future | J. P. Morgan Securities LLC | 12 | 9/30/2025 | 1308000 | (11891) |
|  |  |  |  |  | (27547) |
| **TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**(4750)** |

---

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** |
| **Counterparty** | **Description\*** | **Floating<br>Rate Index** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount** | **Fair <br>Value** | **Premiums<br>Paid** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| J. P. Morgan <br>Securities LLC | CDX.NA.HY.44<br>STRIKE 105.25<br>PAYER SWAPTION |  | Receives<br>105.25% | 09/17/25 | 700000 | $3747 | $8400 | $(4653) |
| Citibank NA | CDX.NA.HY.44 <br>STRIKE 105.5 <br>PAYER SWAPTION |  | Receives<br>105.5% | 09/17/25 | 1400000 | 8185 | 16548 | (8363) |
| J. P. Morgan <br>Securities LLC | CDX.NA.HY.44 <br>STRIKE 105 <br>PAYER SWAPTION |  | Receives<br>105% | 09/17/25 | 1500000 | 7384 | 17145 | (9761) |
| **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED <br>DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED** |  |  |  |  |  | $**19316** | $**42093** | $**(22777)** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** |
| **Counterparty** | **Description\*** | **Floating<br>Rate Index** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount** | **Fair <br>Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| J. P. Morgan <br>Securities LLC | CDX.NA.HY.44 <br>STRIKE 102 <br>PAYER SWAPTION |  | Receives<br>102% | 09/17/25 | 700000 | $(1649) | $(4025) | $2376 |
| Citibank NA | CDX.NA.HY.44 <br>STRIKE 102.5 <br>PAYER SWAPTION |  | Receives<br>102.5% | 09/17/25 | 1400000 | (3632) | (7700) | 4068 |
| J. P. Morgan <br>Securities LLC | CDX.NA.HY.44 <br>STRIKE 102 <br>PAYER SWAPTION |  | Receives<br>102% | 09/17/25 | 1500000 | (3534) | (7350) | 3816 |
| **TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** |  |  |  |  |  | $**(8815)** | $**(19075)** | $**10260** |

---

\* 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** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
| **Counterparty** | **Payment <br>Frequency** | **Fund<br>Receives** | **Fund Pays** | **Expiration<br>Date** | **Notional<br>Amount** | **Fair <br>Value** | **Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Citibank NA | Annually | SOFR | 1.924% | 08/12/27 | 500000 | $28011 | $41 | $27970 |
| **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** |  |  |  |  |  | $**28011** | $**41** | $**27970** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** |
| **Counterparty** | **Reference <br>Obligation/ <br>Index** | **Payment <br>Frequency** | **Buy/Sell<br>Protection** | **Fixed <br>Rate <br>Received** | **Fixed <br>Rate <br>Paid** | **Credit<br>Rating\*** | **Expiration <br>Date** | **Notional<br>Amount\*\*** | **Fair <br>Value** | **Premiums <br>Paid <br>(Received)** | **Unrealized <br>Appreciation<br>(Depreciation)** |
| Citibank NA | TRS On FI <br>Credit Bond | Quarterly | Sell | 4.50% |  | NR | 09/12/25 | $600000 | $(9975) | $– | $(9975) |
| Citibank NA | Carnival Corp. | Quarterly | Buy | 1.00% |  | BB+ | 06/21/27 | 75000 | 531 | (5358) | 5889 |
| Citibank NA | CDX.NA.HY.43 | Quarterly | Buy | 1.00% |  | NR | 06/20/30 | 580000 | (14200) | (18162) | 3962 |
| Citibank NA | CDX.NA.HY.44 | Quarterly | Buy | 5.00% |  | NR | 06/20/30 | 170000 | 13048 | 10530 | 2518 |
| Citibank NA | CDX.NA.HY.44 | Quarterly | Sell | 1.00% |  | NR | 06/20/30 | 700000 | (15717) | (8334) | (7383) |
| **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>DEPRECIATION ON CREDIT DEFAULT SWAPS** |  |  |  |  |  |  |  |  | $**(26313)** | $**(21324)** | $**(4989)** |

---

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

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

NR - Not Rated

See accompanying notes to financial statements.

------

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio (formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total Return Swaps** | **Expiration Date** | **Rate (%)** | **Notional<br>Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| TRS DEUTSCHE BANK AG TRS PAY <br>UNITED STATES T RCV +4.4279% 09/12/25_R | 09/12/25 | 4.43% | (616511) | $4322 |
| Total Net Unrealized Appreciation/(Depreciation) on <br>Total Return Swaps |  |  |  | $4322 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Moderately Aggressive Managed Risk Portfolio (formerly Global Atlantic Growth Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EXCHANGE TRADED FUNDS - 95.9%** | **EXCHANGE TRADED FUNDS - 95.9%** | **EXCHANGE TRADED FUNDS - 95.9%** |
| **DEBT FUNDS - 14.9%** | **DEBT FUNDS - 14.9%** | **DEBT FUNDS - 14.9%** |
| iShares 10+ Year Investment Grade <br>Corporate Bond ETF | 37544 | $1885084 |
| iShares 10-20 Year Treasury Bond ETF | 57743 | 5866689 |
| iShares 1-3 Year Treasury Bond ETF | 32232 | 2670743 |
| iShares 1-5 Year Investment Grade <br>Corporate Bond ETF | 51770 | 2731385 |
| iShares 20+ Year Treasury Bond ETF | 15656 | 1381642 |
| iShares 3-7 Year Treasury Bond ETF | 25699 | 3060494 |
| iShares 5-10 Year Investment Grade <br>Corporate Bond ETF | 35020 | 1866216 |
| iShares 7-10 Year Treasury Bond ETF | 8058 | 771715 |
| iShares Core Total USD Bond Market ETF | 188758 | 8726282 |
| iShares Core U.S. Aggregate Bond ETF | 66864 | 6632909 |
| iShares MBS ETF | 19390 | 1820527 |
| **TOTAL DEBT FUNDS** |  | 37413686 |
| **EQUITY FUNDS - 81.0%** | **EQUITY FUNDS - 81.0%** | **EQUITY FUNDS - 81.0%** |
| iShares Core MSCI EAFE ETF | 285166 | 23805658 |
| iShares Core MSCI Emerging Markets ETF | 61231 | 3675697 |
| iShares Core S&P 500 ETF (a) | 121261 | 75290955 |
| iShares Core S&P Mid-Cap ETF | 248521 | 15413272 |
| iShares Core S&P Small-Cap ETF | 70051 | 7655874 |
| iShares MSCI EAFE Growth ETF | 31850 | 3567200 |
| iShares MSCI EAFE Value ETF | 135479 | 8600207 |
| iShares MSCI USA Momentum Factor ETF | 16834 | 4045547 |
| iShares MSCI USA Quality Factor ETF | 74195 | 13564330 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EQUITY FUNDS - 81.0% (Continued)** | **EQUITY FUNDS - 81.0% (Continued)** | **EQUITY FUNDS - 81.0% (Continued)** |
| iShares S&P 100 ETF | 16070 | $4890905 |
| iShares S&P 500 Growth ETF | 108564 | 11952896 |
| iShares S&P 500 Value ETF | 52615 | 10282023 |
| iShares U.S. Equity Factor Rotation Active <br>Capitalize ETF | 194975 | 10618339 |
| iShares U.S. Technology ETF | 61294 | 10620411 |
| **TOTAL EQUITY FUNDS** |  | 203983314 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $149,981,757) |  | 241397000 |
| **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** |
| **MONEY MARKET FUNDS - 4.2%** | **MONEY MARKET FUNDS - 4.2%** | **MONEY MARKET FUNDS - 4.2%** |
| Dreyfus Government Cash <br>Management, 4.21% (b) | 8256271 | 8256271 |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.23% (b) | 2378589 | 2378589 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $10,634,860) |  | 10634860 |
| **TOTAL INVESTMENTS - 100.1%** <br> (Cost - $160,616,617) |  | $252031860 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.1)%** |  | (371027) |
| **TOTAL NET ASSETS - 100.0%** |  | $251660833 |

---

(a) The fair value of this holding exceeds 25% of the Fund's net assets. Additional information for this holding, including financial statements, is available from the SEC's EDGAR database at www.sec.gov.

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

See accompanying notes to financial statements.

------

**Global Atlantic Moderate Managed Risk Portfolio (formerly Global Atlantic Moderate Growth Managed Risk Portfolio)**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EXCHANGE TRADED FUNDS - 95.5%** | **EXCHANGE TRADED FUNDS - 95.5%** | **EXCHANGE TRADED FUNDS - 95.5%** |
| **DEBT FUNDS - 31.7%** | **DEBT FUNDS - 31.7%** | **DEBT FUNDS - 31.7%** |
| iShares 10+ Year Investment Grade <br>Corporate Bond ETF | 26018 | $1306364 |
| iShares 10-20 Year Treasury Bond ETF | 33984 | 3452774 |
| iShares 1-3 Year Treasury Bond ETF | 22599 | 1872553 |
| iShares 1-5 Year Investment Grade <br>Corporate Bond ETF | 31272 | 1649911 |
| iShares 20+ Year Treasury Bond ETF | 6581 | 580773 |
| iShares 3-7 Year Treasury Bond ETF | 17230 | 2051920 |
| iShares 5-10 Year Investment Grade <br>Corporate Bond ETF | 24366 | 1298464 |
| iShares 7-10 Year Treasury Bond ETF | 5625 | 538706 |
| iShares Core Total USD Bond Market ETF | 124012 | 5733075 |
| iShares Core U.S. Aggregate Bond ETF | 41804 | 4146957 |
| iShares J.P. Morgan USD Emerging <br>Markets Bond ETF | 6445 | 596936 |
| iShares MBS ETF | 31819 | 2987486 |
| **TOTAL DEBT FUNDS** |  | 26215919 |
| **EQUITY FUNDS - 63.8%** | **EQUITY FUNDS - 63.8%** | **EQUITY FUNDS - 63.8%** |
| iShares Core MSCI EAFE ETF | 75991 | 6343729 |
| iShares Core MSCI Emerging Markets ETF | 19674 | 1181030 |
| iShares Core S&P 500 ETF | 30290 | 18807061 |
| iShares Core S&P Mid-Cap ETF | 63486 | 3937402 |
| iShares Core S&P Small-Cap ETF | 17747 | 1939569 |
| iShares MSCI EAFE Growth ETF | 8529 | 955248 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EQUITY FUNDS - 63.8% (Continued)** | **EQUITY FUNDS - 63.8% (Continued)** | **EQUITY FUNDS - 63.8% (Continued)** |
| iShares MSCI EAFE Value ETF | 35184 | $2233480 |
| iShares MSCI USA Momentum Factor ETF | 4338 | 1042508 |
| iShares MSCI USA Quality Factor ETF | 19317 | 3531534 |
| iShares S&P 100 ETF | 4121 | 1254227 |
| iShares S&P 500 Growth ETF | 28843 | 3175614 |
| iShares S&P 500 Value ETF | 12671 | 2476167 |
| iShares U.S. Equity Factor Rotation <br>Active Capitalize ETF | 51570 | 2808502 |
| iShares U.S. Technology ETF | 17515 | 3034824 |
| **TOTAL EQUITY FUNDS** |  | 52720895 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $55,753,185) |  | 78936814 |
| **SHORT-TERM INVESTMENTS - 4.6%** | **SHORT-TERM INVESTMENTS - 4.6%** | **SHORT-TERM INVESTMENTS - 4.6%** |
| **MONEY MARKET FUNDS - 4.6%** | **MONEY MARKET FUNDS - 4.6%** | **MONEY MARKET FUNDS - 4.6%** |
| Dreyfus Government Cash <br>Management, 4.21% (a) | 3012176 | 3012176 |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, <br>Institutional Class, 4.23% (a) | 782209 | 782209 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $3,794,385) |  | 3794385 |
| **TOTAL INVESTMENTS - 100.1%** <br> (Cost - $59,547,569) |  | $82731199 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.1)%** |  | (80669) |
| **TOTAL NET ASSETS - 100.0%** |  | $82650530 |

---

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

See accompanying notes to financial statements.

------

**Global Atlantic Select Advisor Managed Risk Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **VARIABLE INSURANCE TRUSTS - 77.9%** | **VARIABLE INSURANCE TRUSTS - 77.9%** | **VARIABLE INSURANCE TRUSTS - 77.9%** |
| **DEBT FUNDS - 18.6%** | **DEBT FUNDS - 18.6%** | **DEBT FUNDS - 18.6%** |
| MFS Total Return Bond Series, Class I\* | 1006933 | $12052993 |
| **EQUITY FUNDS - 59.3%** | **EQUITY FUNDS - 59.3%** | **EQUITY FUNDS - 59.3%** |
| LVIP American Century Mid Cap Value <br>Fund, Class II | 60367 | 1217113 |
| LVIP American Century Value Fund, Class II | 430226 | 5521515 |
| MFS Growth Series\* | 111300 | 8741473 |
| MFS Variable Insurance Trust II - <br>MFS Research International Portfolio\* | 94331 | 1872461 |
| MFS VIT II - International Intrinsic Value <br>Portfolio, Class I\* | 104781 | 3736503 |
| MFS VIT II Blended Research Core Equity <br>Portfolio, Class I\* | 63918 | 4354111 |
| MFS VIT Mid Cap Growth Series\* | 124123 | 1239987 |
| Putnam VT Large Cap Growth Fund\* | 257654 | 4356933 |
| Putnam VT Large Cap Value Fund\* | 229422 | 7412638 |
| **TOTAL EQUITY FUNDS** |  | 38452734 |
| **TOTAL VARIABLE INSURANCE <br>TRUSTS** (Cost - $36,668,212) |  | 50505727 |
| **EXCHANGE TRADED FUNDS - 17.0%** | **EXCHANGE TRADED FUNDS - 17.0%** | **EXCHANGE TRADED FUNDS - 17.0%** |
| **DEBT FUNDS - 4.6%** | **DEBT FUNDS - 4.6%** | **DEBT FUNDS - 4.6%** |
| iShares 1-5 Year Investment Grade <br>Corporate Bond ETF | 33981 | 1792838 |
| iShares Core U.S. Aggregate Bond ETF | 12080 | 1198336 |
| **TOTAL DEBT FUNDS** |  | 2991174 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EQUITY FUNDS - 12.4%** | **EQUITY FUNDS - 12.4%** | **EQUITY FUNDS - 12.4%** |
| iShares Core MSCI EAFE ETF | 51731 | $4318504 |
| iShares Core MSCI Emerging Markets ETF | 10633 | 638299 |
| iShares Core S&P Small-Cap ETF | 28120 | 3073235 |
| **TOTAL EQUITY FUNDS** |  | 8030038 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $9,276,709) |  | 11021212 |
| **SHORT-TERM INVESTMENTS - 5.2%** | **SHORT-TERM INVESTMENTS - 5.2%** | **SHORT-TERM INVESTMENTS - 5.2%** |
| **MONEY MARKET FUNDS - 5.2%** | **MONEY MARKET FUNDS - 5.2%** | **MONEY MARKET FUNDS - 5.2%** |
| Dreyfus Government Cash <br>Management, 4.21% (a) | 3236168 | 3236168 |
| Fidelity Investments Money Market <br>Fund - Government Portfolio, Institutional <br>Class, 4.23% (a) | 149542 | 149542 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $3,385,710) |  | 3385710 |
| **TOTAL INVESTMENTS - 100.1%** <br> (Cost - $49,330,631) |  | $64912649 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.1)%** |  | (61848) |
| **TOTAL NET ASSETS - 100.0%** |  | $64850801 |

---

\* Non-income producing security.

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

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 62.4%** | **COMMON STOCKS - 62.4%** | **COMMON STOCKS - 62.4%** |
| **AEROSPACE & DEFENSE - 1.0%** | **AEROSPACE & DEFENSE - 1.0%** | **AEROSPACE & DEFENSE - 1.0%** |
| Boeing Co. (The)\* | 3256 | $682230 |
| General Dynamics Corp. | 832 | 242661 |
| Northrop Grumman Corp. | 1342 | 670973 |
| RTX Corp. | 3592 | 524504 |
| Standard Aero, Inc.\* | 18042 | 571029 |
|  |  | 2691397 |
| **AIR FREIGHT & LOGISTICS - 0.3%** | **AIR FREIGHT & LOGISTICS - 0.3%** | **AIR FREIGHT & LOGISTICS - 0.3%** |
| C.H. Robinson Worldwide, Inc. | 7483 | 717994 |
| **AUTOMOBILE COMPONENTS - 0.3%** | **AUTOMOBILE COMPONENTS - 0.3%** | **AUTOMOBILE COMPONENTS - 0.3%** |
| Goodyear Tire & Rubber Co. (The)\* | 22852 | 236975 |
| Modine Manufacturing Co.\* | 5150 | 507275 |
|  |  | 744250 |
| **AUTOMOBILES - 0.7%** | **AUTOMOBILES - 0.7%** | **AUTOMOBILES - 0.7%** |
| Tesla, Inc.\* | 5908 | 1876735 |
| **BANKS - 2.5%** | **BANKS - 2.5%** | **BANKS - 2.5%** |
| JPMorgan Chase & Co. | 3393 | 983665 |
| Wells Fargo & Co. | 75202 | 6025184 |
|  |  | 7008849 |
| **BEVERAGES - 0.6%** | **BEVERAGES - 0.6%** | **BEVERAGES - 0.6%** |
| Celsius Holdings, Inc.\* | 6633 | 307705 |
| Coca-Cola Co. (The) | 16373 | 1158390 |
| Monster Beverage Corp.\* | 2989 | 187231 |
|  |  | 1653326 |
| **BIOTECHNOLOGY - 1.2%** | **BIOTECHNOLOGY - 1.2%** | **BIOTECHNOLOGY - 1.2%** |
| AbbVie, Inc. | 3033 | 562985 |
| Akero Therapeutics, Inc.\* | 807 | 43062 |
| Alnylam Pharmaceuticals, Inc.\* | 386 | 125871 |
| Ascendis Pharma A/S, ADR\* | 591 | 102007 |
| Avidity Biosciences, Inc.\* | 2830 | 80372 |
| Cytokinetics, Inc.\* | 7409 | 244793 |
| Gilead Sciences, Inc. | 5029 | 557565 |
| Kymera Therapeutics, Inc.\* | 971 | 42374 |
| Merus NV\* | 1597 | 84002 |
| Metsera, Inc.\* | 2759 | 78494 |
| Newamsterdam Pharma Co. NV\* | 6700 | 121337 |
| PTC Therapeutics, Inc.\* | 1222 | 59683 |
| Regeneron Pharmaceuticals, Inc. | 191 | 100275 |
| REVOLUTION Medicines, Inc.\* | 2227 | 81931 |
| Scholar Rock Holding Corp.\* | 1578 | 55893 |
| Ultragenyx Pharmaceutical, Inc.\* | 1012 | 36796 |
| United Therapeutics Corp.\* | 869 | 249707 |
| Vertex Pharmaceuticals, Inc.\* | 1548 | 689170 |
|  |  | 3316317 |
| **BROADLINE RETAIL - 3.0%** | **BROADLINE RETAIL - 3.0%** | **BROADLINE RETAIL - 3.0%** |
| Amazon.com, Inc.\* | 39017 | 8559940 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BUILDING PRODUCTS - 0.2%** | **BUILDING PRODUCTS - 0.2%** | **BUILDING PRODUCTS - 0.2%** |
| AZEK Co., Inc. (The)\* | 9640 | $523934 |
| Builders FirstSource, Inc.\* | 1008 | 117623 |
| Fortune Brands Innovations, Inc. | 972 | 50039 |
|  |  | 691596 |
| **CAPITAL MARKETS - 2.2%** | **CAPITAL MARKETS - 2.2%** | **CAPITAL MARKETS - 2.2%** |
| Ares Management Corp., Class A | 23579 | 4083883 |
| Goldman Sachs Group, Inc. (The) | 567 | 401294 |
| Intercontinental Exchange, Inc. | 9094 | 1668476 |
|  |  | 6153653 |
| **CHEMICALS - 1.1%** | **CHEMICALS - 1.1%** | **CHEMICALS - 1.1%** |
| Cabot Corp. | 2859 | 214425 |
| Celanese Corp. | 4679 | 258889 |
| FMC Corp. | 7815 | 326276 |
| Ingevity Corp.\* | 3005 | 129485 |
| Linde PLC | 3001 | 1408009 |
| PPG Industries, Inc. | 6494 | 738693 |
|  |  | 3075777 |
| **COMMERCIAL SERVICES & SUPPLIES - 0.6%** | **COMMERCIAL SERVICES & SUPPLIES - 0.6%** | **COMMERCIAL SERVICES & SUPPLIES - 0.6%** |
| Clean Harbors, Inc.\* | 5898 | 1363499 |
| Waste Connections, Inc. | 1522 | 284188 |
|  |  | 1647687 |
| **COMMUNICATIONS EQUIPMENT - 0.4%** | **COMMUNICATIONS EQUIPMENT - 0.4%** | **COMMUNICATIONS EQUIPMENT - 0.4%** |
| Arista Networks, Inc.\* | 10240 | 1047654 |
| **CONSTRUCTION & ENGINEERING - 0.3%** | **CONSTRUCTION & ENGINEERING - 0.3%** | **CONSTRUCTION & ENGINEERING - 0.3%** |
| Fluor Corp.\* | 14505 | 743671 |
| **CONSTRUCTION MATERIALS - 0.2%** | **CONSTRUCTION MATERIALS - 0.2%** | **CONSTRUCTION MATERIALS - 0.2%** |
| James Hardie Industries PLC\* | 24207 | 650926 |
| **CONSUMER FINANCE - 0.2%** | **CONSUMER FINANCE - 0.2%** | **CONSUMER FINANCE - 0.2%** |
| American Express Co. | 1909 | 608933 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%** |
| Casey's General Stores, Inc. | 442 | 225540 |
| Costco Wholesale Corp. | 863 | 854318 |
| Performance Food Group Co.\* | 4182 | 365800 |
| US Foods Holding Corp.\* | 20821 | 1603425 |
| Walmart, Inc. | 17126 | 1674580 |
|  |  | 4723663 |
| **DISTRIBUTORS - 0.4%** | **DISTRIBUTORS - 0.4%** | **DISTRIBUTORS - 0.4%** |
| Pool Corp. | 3393 | 988992 |
| **ELECTRIC UTILITIES - 0.8%** | **ELECTRIC UTILITIES - 0.8%** | **ELECTRIC UTILITIES - 0.8%** |
| American Electric Power Co., Inc. | 9713 | 1007821 |
| NextEra Energy, Inc. | 5477 | 380213 |
| PG&E Corp. | 63492 | 885079 |
|  |  | 2273113 |
| **ELECTRICAL EQUIPMENT - 0.2%** | **ELECTRICAL EQUIPMENT - 0.2%** | **ELECTRICAL EQUIPMENT - 0.2%** |
| Vertiv Holdings Co., Class A | 3291 | 422597 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.7%** |
| Coherent Corp.\* | 10214 | $911191 |
| Flex Ltd.\* | 17208 | 859023 |
| Ralliant Corp.\* | 1309 | 63474 |
|  |  | 1833688 |
| **ENTERTAINMENT - 1.3%** | **ENTERTAINMENT - 1.3%** | **ENTERTAINMENT - 1.3%** |
| Netflix, Inc.\* | 1751 | 2344817 |
| Spotify Technology SA\* | 300 | 230202 |
| Walt Disney Co. (The) | 9808 | 1216290 |
|  |  | 3791309 |
| **FINANCIAL SERVICES - 2.6%** | **FINANCIAL SERVICES - 2.6%** | **FINANCIAL SERVICES - 2.6%** |
| Berkshire Hathaway, Inc., Class B\* | 6978 | 3389703 |
| Equitable Holdings, Inc. | 13913 | 780519 |
| Mastercard, Inc., Class A | 5601 | 3147426 |
|  |  | 7317648 |
| **FOOD PRODUCTS - 0.1%** | **FOOD PRODUCTS - 0.1%** | **FOOD PRODUCTS - 0.1%** |
| Freshpet, Inc.\* | 4472 | 303917 |
| **GAS UTILITIES - 0.3%** | **GAS UTILITIES - 0.3%** | **GAS UTILITIES - 0.3%** |
| Atmos Energy Corp. | 5307 | 817862 |
| **GROUND TRANSPORTATION - 0.3%** | **GROUND TRANSPORTATION - 0.3%** | **GROUND TRANSPORTATION - 0.3%** |
| Knight-Swift Transportation Holdings, Inc. | 19279 | 852710 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 1.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.3%** |
| Abbott Laboratories | 4604 | 626190 |
| Align Technology, Inc.\* | 817 | 154683 |
| Boston Scientific Corp.\* | 11484 | 1233496 |
| Edwards Lifesciences Corp.\* | 7937 | 620753 |
| Intuitive Surgical, Inc.\* | 1993 | 1083016 |
|  |  | 3718138 |
| **HEALTH CARE PROVIDERS & SERVICES - 1.3%** | **HEALTH CARE PROVIDERS & SERVICES - 1.3%** | **HEALTH CARE PROVIDERS & SERVICES - 1.3%** |
| Acadia Healthcare Co., Inc.\* | 6271 | 142289 |
| Cencora, Inc. | 1893 | 567616 |
| CVS Health Corp. | 5444 | 375527 |
| Elevance Health, Inc. | 881 | 342674 |
| HCA Healthcare, Inc. | 1026 | 393061 |
| Labcorp Holdings, Inc. | 1346 | 353338 |
| Molina Healthcare, Inc.\* | 514 | 153121 |
| UnitedHealth Group, Inc. | 4627 | 1443485 |
|  |  | 3771111 |
| **HEALTH CARE REITS - 0.5%** | **HEALTH CARE REITS - 0.5%** | **HEALTH CARE REITS - 0.5%** |
| Welltower, Inc. | 9333 | 1434762 |
| **HOTELS, RESTAURANTS & LEISURE - 1.9%** | **HOTELS, RESTAURANTS & LEISURE - 1.9%** | **HOTELS, RESTAURANTS & LEISURE - 1.9%** |
| Chipotle Mexican Grill, Inc.\* | 16887 | 948205 |
| Flutter Entertainment PLC\* | 2310 | 660106 |
| Hyatt Hotels Corp., Class A | 8872 | 1238975 |
| Marriott International, Inc., Class A | 2134 | 583030 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HOTELS, RESTAURANTS & LEISURE - 1.9% (Continued)** | **HOTELS, RESTAURANTS & LEISURE - 1.9% (Continued)** | **HOTELS, RESTAURANTS & LEISURE - 1.9% (Continued)** |
| Royal Caribbean Cruises Ltd. | 2208 | $691413 |
| Starbucks Corp. | 6779 | 621160 |
| Wingstop, Inc. | 1695 | 570774 |
|  |  | 5313663 |
| **HOUSEHOLD DURABLES - 0.2%** | **HOUSEHOLD DURABLES - 0.2%** | **HOUSEHOLD DURABLES - 0.2%** |
| Champion Homes, Inc.\* | 4641 | 290573 |
| DR Horton, Inc. | 1761 | 227028 |
| Lennar Corp., Class A | 1161 | 128418 |
|  |  | 646019 |
| **HOUSEHOLD PRODUCTS - 0.0%†** | **HOUSEHOLD PRODUCTS - 0.0%†** | **HOUSEHOLD PRODUCTS - 0.0%†** |
| Church & Dwight Co., Inc. | 983 | 94476 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.3%** |
| Vistra Corp. | 3718 | 720586 |
| **INSURANCE - 1.5%** | **INSURANCE - 1.5%** | **INSURANCE - 1.5%** |
| American International Group, Inc. | 10965 | 938494 |
| Chubb Ltd. | 2988 | 865683 |
| Everest Group Ltd. | 1385 | 470692 |
| Hamilton Insurance Group Ltd., Class B\* | 11738 | 253776 |
| Marsh & McLennan Cos., Inc. | 5802 | 1268549 |
| SiriusPoint Ltd.\* | 16560 | 337659 |
|  |  | 4134853 |
| **INTERACTIVE MEDIA & SERVICES - 3.8%** | **INTERACTIVE MEDIA & SERVICES - 3.8%** | **INTERACTIVE MEDIA & SERVICES - 3.8%** |
| Alphabet, Inc., Class A | 49424 | 8709991 |
| Meta Platforms, Inc., Class A | 2830 | 2088795 |
|  |  | 10798786 |
| **IT SERVICES - 0.3%** | **IT SERVICES - 0.3%** | **IT SERVICES - 0.3%** |
| Snowflake, Inc., Class A\* | 3752 | 839585 |
| **LIFE SCIENCES TOOLS & SERVICES - 0.5%** | **LIFE SCIENCES TOOLS & SERVICES - 0.5%** | **LIFE SCIENCES TOOLS & SERVICES - 0.5%** |
| Agilent Technologies, Inc. | 4582 | 540722 |
| Danaher Corp. | 4547 | 898214 |
| ICON PLC\* | 632 | 91925 |
|  |  | 1530861 |
| **MACHINERY - 0.6%** | **MACHINERY - 0.6%** | **MACHINERY - 0.6%** |
| Deere & Co. | 374 | 190175 |
| Fortive Corp. | 3928 | 204767 |
| IDEX Corp. | 3400 | 596938 |
| Ingersoll Rand, Inc. | 3612 | 300446 |
| Middleby Corp. (The)\* | 3649 | 525456 |
|  |  | 1817782 |
| **MEDIA - 0.1%** | **MEDIA - 0.1%** | **MEDIA - 0.1%** |
| MNTN, Inc., Class A\* | 700 | 15309 |
| New York Times Co. (The), Class A | 6555 | 366949 |
|  |  | 382258 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **METALS & MINING - 0.1%** | **METALS & MINING - 0.1%** | **METALS & MINING - 0.1%** |
| Nucor Corp. | 2842 | $368153 |
| **MULTI-UTILITIES - 0.4%** | **MULTI-UTILITIES - 0.4%** | **MULTI-UTILITIES - 0.4%** |
| Sempra | 13924 | 1055021 |
| **OIL, GAS & CONSUMABLE FUELS - 2.4%** | **OIL, GAS & CONSUMABLE FUELS - 2.4%** | **OIL, GAS & CONSUMABLE FUELS - 2.4%** |
| EQT Corp. | 10133 | 590956 |
| Exxon Mobil Corp. | 27537 | 2968489 |
| Marathon Petroleum Corp. | 4585 | 761614 |
| Shell PLC, ADR | 23249 | 1636962 |
| Targa Resources Corp. | 5283 | 919665 |
|  |  | 6877686 |
| **PERSONAL CARE PRODUCTS - 0.6%** | **PERSONAL CARE PRODUCTS - 0.6%** | **PERSONAL CARE PRODUCTS - 0.6%** |
| BellRing Brands, Inc.\* | 9726 | 563427 |
| elf Beauty, Inc.\* | 1130 | 140617 |
| Unilever PLC, ADR | 16320 | 998295 |
|  |  | 1702339 |
| **PHARMACEUTICALS - 2.5%** | **PHARMACEUTICALS - 2.5%** | **PHARMACEUTICALS - 2.5%** |
| AstraZeneca PLC, ADR | 7546 | 527314 |
| Eli Lilly & Co. | 3433 | 2676126 |
| GSK PLC, ADR | 10235 | 393024 |
| Haleon PLC, ADR | 84277 | 873953 |
| Johnson & Johnson | 5084 | 776581 |
| Merck & Co., Inc. | 15551 | 1231017 |
| Novo Nordisk A/S, ADR | 4227 | 291748 |
| Structure Therapeutics, Inc., ADR\* | 5188 | 107599 |
| Verona Pharma PLC, ADR\* | 1491 | 141019 |
|  |  | 7018381 |
| **RESIDENTIAL REITS - 0.2%** | **RESIDENTIAL REITS - 0.2%** | **RESIDENTIAL REITS - 0.2%** |
| Camden Property Trust | 4767 | 537193 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.8%** |
| Broadcom, Inc. | 20206 | 5569784 |
| First Solar, Inc.\* | 2352 | 389350 |
| MKS, Inc. | 5684 | 564762 |
| NVIDIA Corp. | 89401 | 14124464 |
| NXP Semiconductors NV | 6537 | 1428269 |
|  |  | 22076629 |
| **SOFTWARE - 7.6%** | **SOFTWARE - 7.6%** | **SOFTWARE - 7.6%** |
| HubSpot, Inc.\* | 1489 | 828822 |
| Intuit, Inc. | 2155 | 1697343 |
| Microsoft Corp. | 26680 | 13270899 |
| Palantir Technologies, Inc., Class A\* | 1830 | 249465 |
| SAP SE, ADR | 4117 | 1251980 |
| ServiceNow, Inc.\* | 1883 | 1935875 |
| Synopsys, Inc.\* | 2674 | 1370906 |
| Zscaler, Inc.\* | 2983 | 936483 |
|  |  | 21541773 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SPECIALTY RETAIL - 0.6%** | **SPECIALTY RETAIL - 0.6%** | **SPECIALTY RETAIL - 0.6%** |
| O'Reilly Automotive, Inc.\* | 7413 | $668134 |
| TJX Cos., Inc. (The) | 8194 | 1011877 |
|  |  | 1680011 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 3.4%** |
| Apple, Inc. | 44276 | 9084107 |
| NetApp, Inc. | 5780 | 615859 |
|  |  | 9699966 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** |
| Deckers Outdoor Corp.\* | 1797 | 185217 |
| **TOBACCO - 0.5%** | **TOBACCO - 0.5%** | **TOBACCO - 0.5%** |
| Philip Morris International, Inc. | 7274 | 1324814 |
| **TRADING COMPANIES & DISTRIBUTORS - 0.2%** | **TRADING COMPANIES & DISTRIBUTORS - 0.2%** | **TRADING COMPANIES & DISTRIBUTORS - 0.2%** |
| WESCO International, Inc. | 3751 | 694685 |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.5%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.5%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.5%** |
| T-Mobile US, Inc. | 6272 | 1494367 |
| **TOTAL COMMON STOCKS** <br> (Cost - $105,028,211) |  | 175973319 |
| **U.S. TREASURY SECURITIES AND AGENCY BONDS - 15.2%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 15.2%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 15.2%** |
| U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond |
| 3.25%, 5/15/42 | $45000 | 37266 |
| 3.38%, 8/15/42 | 441500 | 370981 |
| 4.00%, 11/15/42 | 762700 | 696619 |
| 3.88%, 5/15/43 | 672000 | 600784 |
| 4.38%, 8/15/43 | 383300 | 365782 |
| 4.75%, 11/15/43 | 425700 | 425733 |
| 4.50%, 2/15/44 | 297400 | 287700 |
| 4.63%, 5/15/44 | 200200 | 196563 |
| 4.13%, 8/15/44 | 400400 | 367289 |
| 4.63%, 11/15/44 | 337700 | 330999 |
| 2.50%, 2/15/45 | 854200 | 602111 |
| 4.75%, 2/15/45 | 494500 | 492414 |
| 5.00%, 5/15/45 | 678000 | 697387 |
| 2.88%, 8/15/45 | 545000 | 408026 |
| 2.50%, 5/15/46 | 805000 | 556802 |
| 3.00%, 5/15/47 | 355900 | 266869 |
| 2.75%, 8/15/47 | 320000 | 228400 |
| 2.38%, 5/15/51 | 251500 | 159752 |
| 2.88%, 5/15/52 | 701700 | 494671 |
| 4.00%, 11/15/52 | 555100 | 486233 |
| 3.63%, 2/15/53 | 478300 | 391048 |
| 3.63%, 5/15/53 | 589700 | 481688 |
| 4.13%, 8/15/53 | 471100 | 421487 |
| 4.75%, 11/15/53 | 514800 | 510939 |
| 4.63%, 5/15/54 | 289200 | 281326 |
| 4.25%, 8/15/54 | 28500 | 26066 |
| 4.50%, 11/15/54 | 469100 | 447771 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 15.2% (Continued)** | **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 15.2% (Continued)** | **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 15.2% (Continued)** |
| U.S. Treasury Bond (continued) | U.S. Treasury Bond (continued) | U.S. Treasury Bond (continued) |
| 4.63%, 2/15/55 | $397400 | $387465 |
| 4.75%, 5/15/55 | 511400 | 509242 |
| U.S. Treasury Note | U.S. Treasury Note | U.S. Treasury Note |
| 1.13%, 10/31/26 | 420000 | 404988 |
| 4.63%, 11/15/26 | 170000 | 171640 |
| 1.25%, 11/30/26 | 140000 | 134996 |
| 4.38%, 12/15/26 | 895000 | 901608 |
| 1.25%, 12/31/26 | 1164000 | 1120396 |
| 4.00%, 1/15/27 | 363000 | 363851 |
| 4.13%, 1/31/27 | 735200 | 738531 |
| 4.13%, 2/28/27 | 367700 | 369582 |
| 4.25%, 3/15/27 | 600000 | 604523 |
| 2.50%, 3/31/27 | 327000 | 320000 |
| 3.88%, 3/31/27 | 1895300 | 1898113 |
| 3.75%, 4/30/27 | 895800 | 895590 |
| 2.63%, 5/31/27 | 144000 | 141024 |
| 3.88%, 5/31/27 | 1183100 | 1185780 |
| 3.75%, 6/30/27 | 548500 | 548779 |
| 4.38%, 7/15/27 | 160300 | 162279 |
| 3.75%, 8/15/27 | 397200 | 397340 |
| 4.13%, 10/31/27 | 342700 | 345792 |
| 4.13%, 11/15/27 | 306000 | 308797 |
| 4.00%, 12/15/27 | 69500 | 69986 |
| 3.88%, 12/31/27 | 10000 | 10042 |
| 3.50%, 1/31/28 | 325200 | 323511 |
| 4.00%, 2/29/28 | 507500 | 511286 |
| 3.88%, 3/15/28 | 409300 | 411219 |
| 1.25%, 3/31/28 | 44000 | 41193 |
| 3.63%, 3/31/28 | 367000 | 366312 |
| 3.75%, 4/15/28 | 161600 | 161789 |
| 3.75%, 5/15/28 | 1166600 | 1168149 |
| 4.38%, 8/31/28 | 400000 | 407828 |
| 4.63%, 9/30/28 | 93100 | 95668 |
| 4.88%, 10/31/28 | 650000 | 673309 |
| 1.50%, 11/30/28 | 195000 | 181205 |
| 4.38%, 11/30/28 | 259300 | 264668 |
| 3.75%, 12/31/28 (a) | 1168500 | 1169230 |
| 4.00%, 1/31/29 | 680600 | 686635 |
| 4.25%, 2/28/29 | 13200 | 13431 |
| 2.38%, 3/31/29 | 53000 | 50493 |
| 4.13%, 3/31/29 | 348200 | 352865 |
| 4.50%, 5/31/29 | 586000 | 601909 |
| 2.63%, 7/31/29 | 125000 | 119717 |
| 4.00%, 7/31/29 | 463600 | 467874 |
| 3.63%, 8/31/29 | 580500 | 577530 |
| 3.50%, 9/30/29 | 479800 | 474852 |
| 4.00%, 10/31/29 | 86100 | 86911 |
| 4.13%, 10/31/29 | 688800 | 698540 |
| 4.13%, 11/30/29 | 590800 | 599362 |
| 3.88%, 12/31/29 | 196300 | 197105 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 15.2% (Continued)** | **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 15.2% (Continued)** | **U.S. TREASURY SECURITIES AND AGENCY <br>BONDS - 15.2% (Continued)** |
| U.S. Treasury Note (continued) | U.S. Treasury Note (continued) | U.S. Treasury Note (continued) |
| 4.25%, 1/31/30 | $1030300 | $1050463 |
| 4.00%, 3/31/30 | 811200 | 818583 |
| 3.88%, 4/30/30 | 925500 | 928971 |
| 4.00%, 5/31/30 | 944800 | 953805 |
| 3.88%, 6/30/30 | 809100 | 812071 |
| 3.75%, 12/31/30 | 521000 | 518354 |
| 4.63%, 4/30/31 | 214600 | 222790 |
| 4.63%, 5/31/31 | 170500 | 176980 |
| 3.75%, 8/31/31 | 87800 | 86973 |
| 3.63%, 9/30/31 | 62800 | 61740 |
| 4.50%, 12/31/31 | 166400 | 171568 |
| 4.38%, 1/31/32 | 40000 | 40948 |
| 4.13%, 3/31/32 | 235000 | 237084 |
| 4.13%, 5/31/32 | 277300 | 279640 |
| 4.25%, 11/15/34 | 816500 | 819307 |
| 4.63%, 2/15/35 | 1219400 | 1258459 |
| 4.25%, 5/15/35 | 1122300 | 1124404 |
| **TOTAL U.S. TREASURY SECURITIES AND <br>AGENCY BONDS** (Cost - $43,832,739) |  | 42887781 |
| **AGENCY MORTGAGE BACKED SECURITIES - 7.7%** | **AGENCY MORTGAGE BACKED SECURITIES - 7.7%** | **AGENCY MORTGAGE BACKED SECURITIES - 7.7%** |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.6%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.6%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.6%** |
| Freddie Mac Gold Pool | Freddie Mac Gold Pool | Freddie Mac Gold Pool |
| 3.00%, 9/1/28 | 991 | 973 |
| 2.50%, 10/1/28 | 2173 | 2126 |
| 2.50%, 12/1/31 | 19786 | 18962 |
| 3.50%, 11/1/34 | 21513 | 21301 |
| 3.00%, 2/1/43 | 14644 | 13188 |
| 3.50%, 10/1/43 | 7347 | 6788 |
| 4.00%, 8/1/44 | 4618 | 4397 |
| 3.00%, 11/1/46 | 441694 | 394869 |
| Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool |
| 4.50%, 1/1/38 | 123797 | 123494 |
| 4.50%, 5/1/38 | 26276 | 26227 |
| 2.00%, 11/1/41 | 223348 | 189497 |
| 2.50%, 2/1/42 | 417952 | 365053 |
| 4.00%, 4/1/47 | 7982 | 7750 |
| 4.00%, 11/1/48 | 142965 | 135713 |
| 4.50%, 11/1/48 | 7960 | 7731 |
| 4.00%, 5/1/49 | 22665 | 21755 |
| 4.00%, 7/1/49 | 26725 | 25635 |
| 4.50%, 8/1/49 | 16636 | 16204 |
| 2.00%, 2/1/51 | 122835 | 97786 |
| 2.00%, 3/1/51 | 169898 | 135238 |
| 2.00%, 5/1/51 | 1715940 | 1371535 |
| 2.00%, 5/1/51 | 114536 | 92443 |
| 2.50%, 7/1/51 | 610187 | 512062 |
| 2.00%, 4/1/52 | 585367 | 471107 |
| 4.50%, 8/1/52 | 409084 | 395052 |
| 5.00%, 8/1/52 | 196220 | 192684 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FEDERAL HOME LOAN MORTGAGE <br>CORPORATION - 2.6% (Continued)** | **FEDERAL HOME LOAN MORTGAGE <br>CORPORATION - 2.6% (Continued)** | **FEDERAL HOME LOAN MORTGAGE <br>CORPORATION - 2.6% (Continued)** |
| Freddie Mac Pool (continued) | Freddie Mac Pool (continued) | Freddie Mac Pool (continued) |
| 5.00%, 10/1/52 | $543786 | $533412 |
| 5.00%, 1/1/53 | 190514 | 187005 |
| 5.50%, 1/1/53 | 78635 | 78853 |
| 5.50%, 2/1/53 | 29592 | 29628 |
| 5.50%, 3/1/53 | 48586 | 48702 |
| 5.50%, 6/1/53 | 404612 | 405482 |
| 5.50%, 7/1/53 | 155810 | 155904 |
| 5.50%, 8/1/53 | 157277 | 157419 |
| 6.00%, 8/1/53 | 417631 | 425632 |
| 5.50%, 9/1/53 | 48411 | 48667 |
| 6.00%, 10/1/53 | 68477 | 69610 |
| 6.50%, 11/1/53 | 498223 | 514549 |
|  |  | 7304433 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.9%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.9%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.9%** |
| Fannie Mae or Freddie Mac | Fannie Mae or Freddie Mac | Fannie Mae or Freddie Mac |
| 5.50%, 7/1/40 (b) | 788000 | 802282 |
| 2.50%, 7/1/55 (b) | 165000 | 136873 |
| 3.00%, 7/1/55 (b) | 346000 | 299236 |
| 5.00%, 7/1/55 (b) | 222000 | 217595 |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 2.50%, 4/1/28 | 2796 | 2745 |
| 3.00%, 10/1/28 | 1817 | 1790 |
| 2.50%, 2/1/30 | 7127 | 6893 |
| 2.50%, 6/1/30 | 23745 | 23030 |
| 2.50%, 10/1/31 | 47624 | 45973 |
| 2.50%, 12/1/31 | 5043 | 4805 |
| 4.50%, 1/1/38 | 129438 | 129108 |
| 4.50%, 4/1/38 | 265533 | 265038 |
| 2.50%, 2/1/41 | 55499 | 49547 |
| 2.00%, 5/1/41 | 139360 | 118231 |
| 2.00%, 7/1/41 | 261253 | 222622 |
| 3.00%, 6/1/43 | 177016 | 155032 |
| 3.00%, 7/1/43 | 22992 | 20932 |
| 4.00%, 11/1/43 | 8169 | 7868 |
| 4.00%, 1/1/46 | 115684 | 109719 |
| 4.00%, 2/1/46 | 127665 | 121082 |
| 4.00%, 3/1/46 | 13119 | 12540 |
| 3.00%, 10/1/46 | 442286 | 396015 |
| 4.50%, 7/1/48 | 23572 | 23028 |
| 4.50%, 11/1/48 | 10375 | 10113 |
| 4.00%, 1/1/49 | 16552 | 15871 |
| 4.00%, 8/1/49 | 7020 | 6721 |
| 4.50%, 10/1/50 | 7805 | 7580 |
| 2.00%, 11/1/50 | 274766 | 218378 |
| 2.00%, 12/1/50 | 291327 | 232892 |
| 2.00%, 2/1/51 | 64112 | 51745 |
| 2.00%, 4/1/51 | 159649 | 128855 |
| 2.50%, 5/1/51 | 505450 | 423752 |
| 3.50%, 7/1/51 | 550169 | 499848 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FEDERAL NATIONAL MORTGAGE <br>ASSOCIATION - 2.9% (Continued)** | **FEDERAL NATIONAL MORTGAGE <br>ASSOCIATION - 2.9% (Continued)** | **FEDERAL NATIONAL MORTGAGE <br>ASSOCIATION - 2.9% (Continued)** |
| Fannie Mae Pool (continued) | Fannie Mae Pool (continued) | Fannie Mae Pool (continued) |
| 2.50%, 8/1/51 | $672558 | $569426 |
| 4.00%, 8/1/51 | 15953 | 15451 |
| 2.00%, 9/1/51 | 181325 | 146279 |
| 3.00%, 10/1/51 | 338281 | 297265 |
| 2.50%, 11/1/51 | 558259 | 471680 |
| 2.50%, 12/1/51 | 125044 | 105133 |
| 2.50%, 1/1/52 | 326109 | 274364 |
| 4.50%, 7/1/52 | 217443 | 208122 |
| 4.50%, 8/1/52 | 21944 | 21073 |
| 5.00%, 8/1/52 | 37553 | 37052 |
| 4.50%, 9/1/52 | 116687 | 112545 |
| 4.50%, 9/1/52 | 10846 | 10483 |
| 5.00%, 9/1/52 | 36901 | 36236 |
| 5.00%, 9/1/52 | 17584 | 17429 |
| 5.00%, 10/1/52 | 35117 | 34547 |
| 4.50%, 11/1/52 | 24384 | 23591 |
| 5.50%, 1/1/53 | 180505 | 181281 |
| 5.50%, 8/1/53 | 49182 | 49239 |
| 6.00%, 9/1/53 | 874282 | 889434 |
|  |  | 8268369 |
| **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 2.2%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 2.2%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 2.2%** |
| Ginnie Mae | Ginnie Mae | Ginnie Mae |
| 2.00%, 7/20/55 (b) | 70000 | 57050 |
| 3.00%, 7/20/55 (b) | 123000 | 108740 |
| 5.50%, 7/20/55 (b) | 630000 | 630689 |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| 3.00%, 12/20/42 | 11533 | 10571 |
| 3.50%, 7/1/43 | 12246 | 11287 |
| 4.00%, 12/20/44 | 3990 | 3833 |
| 4.00%, 8/20/48 | 10214 | 9722 |
| 4.00%, 9/1/48 | 22944 | 21657 |
| 4.00%, 10/20/48 | 9945 | 9403 |
| 2.00%, 12/1/50 | 657503 | 537108 |
| 2.00%, 1/1/51 | 170856 | 139388 |
| 2.00%, 2/1/51 | 150554 | 122799 |
| 2.50%, 3/1/51 | 166604 | 141717 |
| 3.00%, 7/1/51 | 559706 | 495680 |
| 2.50%, 8/1/51 | 640679 | 544987 |
| 2.50%, 10/1/51 | 265294 | 225668 |
| 3.50%, 1/1/52 | 664034 | 604157 |
| 3.50%, 3/1/52 | 346174 | 315186 |
| 4.00%, 4/1/52 | 141541 | 133315 |
| 4.00%, 5/1/52 | 407342 | 383653 |
| 4.00%, 8/1/52 | 384925 | 361242 |
| 4.50%, 8/1/52 | 1383206 | 1335803 |
|  |  | 6203655 |
| **TOTAL AGENCY MORTGAGE <br>BACKED SECURITIES** (Cost - $22,679,197) |  | 21776457 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CORPORATE BONDS AND NOTES - 6.9%** | **CORPORATE BONDS AND NOTES - 6.9%** | **CORPORATE BONDS AND NOTES - 6.9%** |
| **AEROSPACE & DEFENSE - 0.1%** | **AEROSPACE & DEFENSE - 0.1%** | **AEROSPACE & DEFENSE - 0.1%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 5.81%, 5/1/50 | $28000 | $26912 |
| 6.86%, 5/1/54 | 252000 | 276232 |
|  |  | 303144 |
| **BANKS - 1.0%** | **BANKS - 1.0%** | **BANKS - 1.0%** |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 5.16%, (SOFR + 1.00%), 1/24/31 (c) | 420000 | 430333 |
| 5.02%, (SOFR + 2.16%), 7/22/33 (c) | 76000 | 76890 |
| Barclays PLC, 5.09%, (SOFR + 0.96%), <br>2/25/29 (c) | 200000 | 202581 |
| BPCE SA | BPCE SA | BPCE SA |
| 5.88%, (SOFR + 1.68%), 1/14/31 (c),(d) | 270000 | 279994 |
| 5.39%, (SOFR + 1.58%), 5/28/31 (c),(d) | 250000 | 254491 |
| Citizens Financial Group, Inc., 5.84%, <br>(SOFR + 2.01%), 1/23/30 (c) | 90000 | 93142 |
| Commonwealth Bank of Australia, <br>5.07%, 9/14/28 (d) | 500000 | 515413 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 2.07%, (SOFR + 1.02%), 6/1/29 (c) | 10000 | 9378 |
| 5.14%, (SOFR + 0.90%), 1/24/31 (c) | 170000 | 174260 |
| 4.91%, (SOFR + 2.08%), 7/25/33 (c) | 153000 | 153923 |
| Morgan Stanley, 4.89%, (SOFR + 2.08%), <br>7/20/33 (c) | 45000 | 45056 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 6.30%, (SOFR + 1.79%), 10/23/29 (c) | 330000 | 348717 |
| 5.24%, (SOFR + 1.11%), 1/24/31 (c) | 225000 | 230767 |
| 5.56%, (SOFR + 1.99%), 7/25/34 (c) | 136000 | 140359 |
|  |  | 2955304 |
| **DIVERSIFIED FINANCIAL SERVICES - 0.3%** | **DIVERSIFIED FINANCIAL SERVICES - 0.3%** | **DIVERSIFIED FINANCIAL SERVICES - 0.3%** |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 6.31%, (SOFR + 2.64%), 6/8/29 (c) | 165000 | 173179 |
| 5.70%, (SOFR + 1.91%), 2/1/30 (c) | 75000 | 77569 |
| 7.62%, (SOFR + 3.07%), 10/30/31 (c) | 19000 | 21459 |
| 6.05%, (SOFR + 2.26%), 2/1/35 (c) | 30000 | 31292 |
| 5.88%, (SOFR + 1.99%), 7/26/35 (c) | 240000 | 247483 |
| Discover Financial Services, 7.96%, <br>(SOFR + 3.37%), 11/2/34 (c) | 210000 | 244133 |
|  |  | 795115 |
| **ELECTRIC - 0.5%** | **ELECTRIC - 0.5%** | **ELECTRIC - 0.5%** |
| Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
| 1.45%, 9/15/30 | 30000 | 25991 |
| 5.10%, 4/2/35 | 30000 | 30240 |
| FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
| 5.15%, 3/30/26 (d) | 10000 | 10022 |
| 5.20%, 4/1/28 (d) | 15000 | 15298 |
| Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
| 4.85%, 3/15/31 | 130000 | 132781 |
| 4.70%, 5/15/32 | 216000 | 215929 |
| 4.75%, 9/1/40 | 65000 | 60511 |
| Ohio Edison Co., 4.95%, 12/15/29 (d) | 25000 | 25336 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ELECTRIC - 0.5% (Continued)** | **ELECTRIC - 0.5% (Continued)** | **ELECTRIC - 0.5% (Continued)** |
| Public Service Co. of Oklahoma, <br>5.45%, 1/15/36 | $230000 | $231714 |
| SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
| 0.86%, 11/15/31 | 74763 | 66417 |
| 1.94%, 5/15/38 | 50000 | 37384 |
| 2.51%, 11/15/43 | 30000 | 19803 |
| Sempra, 4.13%, (US 5 Year CMT <br>T-Note + 2.87%), 4/1/52 (c) | 251000 | 241349 |
| Texas Electric Market Stabilization Funding <br>N LLC, 4.27%, 8/1/34 (d) | 308154 | 304965 |
| Trans-Allegheny Interstate Line Co., <br>5.00%, 1/15/31 (d) | 30000 | 30515 |
|  |  | 1448255 |
| **FOOD - 0.4%** | **FOOD - 0.4%** | **FOOD - 0.4%** |
| JBS USA Holding Lux Sarl / <br>JBS USA Food Co. / JBS Lux Co. Sarl | JBS USA Holding Lux Sarl / <br>JBS USA Food Co. / JBS Lux Co. Sarl | JBS USA Holding Lux Sarl / <br>JBS USA Food Co. / JBS Lux Co. Sarl |
| 5.75%, 4/1/33 | 301000 | 309379 |
| 6.75%, 3/15/34 | 413000 | 450970 |
| JBS USA Holding Lux Sarl / JBS USA Foods <br>Group Holdings, Inc. / JBS USA Food Co., <br>6.38%, 4/15/66 (d) | 100000 | 100460 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 5.65%, 5/1/45 (d) | 65000 | 65196 |
| 5.70%, 5/1/55 (d) | 196000 | 195786 |
|  |  | 1121791 |
| **HEALTHCARE-PRODUCTS - 0.2%** | **HEALTHCARE-PRODUCTS - 0.2%** | **HEALTHCARE-PRODUCTS - 0.2%** |
| GE Healthcare Technologies, Inc. | GE Healthcare Technologies, Inc. | GE Healthcare Technologies, Inc. |
| 4.80%, 1/15/31 | 305000 | 307443 |
| 5.50%, 6/15/35 | 322000 | 329885 |
|  |  | 637328 |
| **HEALTHCARE-SERVICES - 0.1%** | **HEALTHCARE-SERVICES - 0.1%** | **HEALTHCARE-SERVICES - 0.1%** |
| Memorial Sloan-Kettering Cancer Center, <br>2.96%, 1/1/50 | 20000 | 12965 |
| Providence St Joseph Health Obligated <br>Group, 5.40%, 10/1/33 | 180000 | 181734 |
| Toledo Hospital (The), 5.75%, 11/15/38 | 35000 | 34959 |
|  |  | 229658 |
| **INSURANCE - 1.3%** | **INSURANCE - 1.3%** | **INSURANCE - 1.3%** |
| American International Group, Inc., <br>4.85%, 5/7/30 | 65000 | 65982 |
| Athene Global Funding | Athene Global Funding | Athene Global Funding |
| 5.58%, 1/9/29 (d) | 445000 | 457318 |
| 5.38%, 1/7/30 (d) | 355000 | 362909 |
| Athene Holding Ltd., 6.63%, 5/19/55 | 65000 | 67014 |
| Beacon Funding Trust, 6.27%, 8/15/54 (d) | 140000 | 138746 |
| Belrose Funding Trust II, 6.79%, 5/15/55 (d) | 175000 | 178966 |
| Brighthouse Financial Global Funding, <br>5.65%, 6/10/29 (d) | 393000 | 402963 |
| Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
| 4.90%, 6/23/30 | 70000 | 70643 |
| 5.25%, 6/23/32 | 15000 | 15297 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INSURANCE - 1.3% (Continued)** | **INSURANCE - 1.3% (Continued)** | **INSURANCE - 1.3% (Continued)** |
| CNO Global Funding, 4.88%, 12/10/27 (d) | $65000 | $65497 |
| Henneman Trust, 6.58%, 5/15/55 (d) | 230000 | 231445 |
| Liberty Mutual Group, Inc., <br>4.57%, 2/1/29 (d) | 147000 | 147067 |
| Lincoln Financial Global Funding, <br>4.63%, 5/28/28 (d) | 70000 | 70423 |
| Mutual of Omaha Cos. Global Funding, <br>5.00%, 4/1/30 (d) | 135000 | 137539 |
| Pricoa Global Funding I, 5.35%, 5/28/35 (d) | 150000 | 152550 |
| Protective Life Global Funding<br>4.80%, 6/5/30 (d) | 150000 | 151859 |
| 5.43%, 1/14/32 (d) | 255000 | 263163 |
| RGA Global Funding, 5.25%, 1/9/30 (d) | 225000 | 230773 |
| Sammons Financial Group Global Funding, <br>4.95%, 6/12/30 (d) | 345000 | 348735 |
|  |  | 3558889 |
| **INVESTMENT COMPANIES - 0.1%** | **INVESTMENT COMPANIES - 0.1%** | **INVESTMENT COMPANIES - 0.1%** |
| Abu Dhabi Developmental Holding Co. <br>PJSC, 4.38%, 10/2/31 (d) | 365000 | 359407 |
| **MEDIA - 0.1%** | **MEDIA - 0.1%** | **MEDIA - 0.1%** |
| Charter Communications Operating LLC / <br>Charter Communications Operating Capital, <br>3.90%, 6/1/52 | 465000 | 319570 |
| **MINING - 0.3%** | **MINING - 0.3%** | **MINING - 0.3%** |
| Glencore Funding LLC<br>5.37%, 4/4/29 (d) | 160000 | 164054 |
| 6.38%, 10/6/30 (d) | 593000 | 636433 |
| 5.89%, 4/4/54 (d) | 54000 | 52975 |
| 6.14%, 4/1/55 (d) | 45000 | 45550 |
|  |  | 899012 |
| **OIL & GAS - 0.2%** | **OIL & GAS - 0.2%** | **OIL & GAS - 0.2%** |
| Saudi Arabian Oil Co.<br>5.38%, 6/2/35 (d) | 315000 | 316450 |
| 6.38%, 6/2/55 (d) | 200000 | 199922 |
|  |  | 516372 |
| **PASSENGER AIRLINES - 0.0%†** | **PASSENGER AIRLINES - 0.0%†** | **PASSENGER AIRLINES - 0.0%†** |
| United Airlines 2016-1 Class AA <br>Pass-Through Trust, 3.10%, 7/7/28 | 60426 | 57690 |
| United Airlines 2018-1 Class B <br>Pass Through Trust, 4.60%, 3/1/26 | 13803 | 13629 |
|  |  | 71319 |
| **PIPELINES - 0.8%** | **PIPELINES - 0.8%** | **PIPELINES - 0.8%** |
| Columbia Pipelines Holding Co. LLC<br>5.10%, 10/1/31 (d) | 115000 | 115448 |
| 5.68%, 1/15/34 (d) | 32000 | 32394 |
| Columbia Pipelines Operating Co. LLC, <br>6.50%, 8/15/43 (d) | 138000 | 142720 |
| Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
| 4.90%, 6/20/30 | 65000 | 65641 |
| 5.55%, 6/20/35 | 65000 | 66090 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PIPELINES - 0.8% (Continued)** | **PIPELINES - 0.8% (Continued)** | **PIPELINES - 0.8% (Continued)** |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 5.20%, 4/1/30 | $327000 | $334043 |
| 5.55%, 5/15/34 | 94000 | 95136 |
| 6.20%, 4/1/55 | 81000 | 79755 |
| Enterprise Products Operating LLC, <br>5.20%, 1/15/36 | 165000 | 166142 |
| Gray Oak Pipeline LLC | Gray Oak Pipeline LLC | Gray Oak Pipeline LLC |
| 2.60%, 10/15/25 (d) | 144000 | 143049 |
| 3.45%, 10/15/27 (d) | 25000 | 24451 |
| Greensaif Pipelines Bidco Sarl | Greensaif Pipelines Bidco Sarl | Greensaif Pipelines Bidco Sarl |
| 5.85%, 2/23/36 (d) | 200000 | 202002 |
| 6.10%, 8/23/42 (d) | 300000 | 299908 |
| Whistler Pipeline LLC | Whistler Pipeline LLC | Whistler Pipeline LLC |
| 5.40%, 9/30/29 (d) | 278000 | 281090 |
| 5.70%, 9/30/31 (d) | 139000 | 141684 |
|  |  | 2189553 |
| **REITS - 0.4%** | **REITS - 0.4%** | **REITS - 0.4%** |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 4.80%, 9/1/28 | 54000 | 54317 |
| 4.30%, 2/15/29 | 38000 | 37498 |
| 4.90%, 9/1/29 | 68000 | 68597 |
| 3.30%, 7/1/30 | 52000 | 48675 |
| 2.25%, 1/15/31 | 8000 | 6959 |
| 2.10%, 4/1/31 | 17000 | 14583 |
| 5.10%, 5/1/33 | 109000 | 108569 |
| 5.20%, 9/1/34 | 99000 | 98060 |
| Extra Space Storage LP, 5.40%, 6/15/35 | 412000 | 414225 |
| Kite Realty Group LP, 5.20%, 8/15/32 | 30000 | 30263 |
| SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
| 1.88%, 1/15/26 (d) | 95000 | 93462 |
| 1.63%, 11/15/26 (d) | 115000 | 110163 |
| WEA Finance LLC | WEA Finance LLC | WEA Finance LLC |
| 2.88%, 1/15/27 (d) | 30000 | 29183 |
| 3.50%, 6/15/29 (d) | 70000 | 66962 |
|  |  | 1181516 |
| **RETAIL - 0.0%†** | **RETAIL - 0.0%†** | **RETAIL - 0.0%†** |
| Starbucks Corp., 4.80%, 5/15/30 | 75000 | 75928 |
| **SEMICONDUCTORS - 0.5%** | **SEMICONDUCTORS - 0.5%** | **SEMICONDUCTORS - 0.5%** |
| Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| 6.15%, 1/25/32 (d) | 406000 | 427152 |
| 5.90%, 1/25/33 (d) | 200000 | 207230 |
| 6.20%, 1/25/37 (d) | 325000 | 338288 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| 4.60%, 3/25/40 | 172000 | 151239 |
| 5.60%, 2/21/54 | 296000 | 272175 |
|  |  | 1396084 |
| **SOFTWARE - 0.4%** | **SOFTWARE - 0.4%** | **SOFTWARE - 0.4%** |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| 5.16%, 2/16/29 (d) | 45000 | 45769 |
| 5.46%, 2/16/34 (d) | 303000 | 309167 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 0.4% (Continued)** | **SOFTWARE - 0.4% (Continued)** | **SOFTWARE - 0.4% (Continued)** |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 5.25%, 2/3/32 | $115000 | $117937 |
| 4.70%, 9/27/34 | 139000 | 134974 |
| 3.65%, 3/25/41 | 286000 | 225841 |
| Synopsys, Inc., 5.00%, 4/1/32 | 220000 | 222814 |
|  |  | 1056502 |
| **TELECOMMUNICATIONS - 0.2%** | **TELECOMMUNICATIONS - 0.2%** | **TELECOMMUNICATIONS - 0.2%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 3.50%, 6/1/41 | 74000 | 58133 |
| 4.30%, 12/15/42 | 374000 | 315445 |
| 3.50%, 9/15/53 | 89000 | 60365 |
| 3.85%, 6/1/60 | 33000 | 23100 |
|  |  | 457043 |
| **TOTAL CORPORATE BONDS AND NOTES** <br> (Cost - $19,319,335) |  | 19571790 |
| **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 2.6%** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 2.6%** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 2.6%** |
| Angel Oak Mortgage Trust 2019-6, <br>2.62%, 11/25/59 (d),(e) | 5762 | 5647 |
| Banc of America Commercial Mortgage <br>Trust 2015-UBS7, 3.71%, 9/15/48 | 155000 | 153613 |
| Castlelake Aircraft Structured Trust <br>2019-1A, 3.97%, 4/15/39 (d) | 92468 | 84935 |
| CF Hippolyta Issuer LLC | CF Hippolyta Issuer LLC | CF Hippolyta Issuer LLC |
| 1.53%, 3/15/61 (d) | 311008 | 299682 |
| 5.97%, 8/15/62 (d) | 97713 | 97628 |
| CFMT 2021-AL1 LLC, 1.39%, 9/22/31 (d) | 42765 | 42206 |
| Connecticut Avenue Security Trust, 5.86%,<br> (SOFR + 1.55%), 10/25/41 (c),(d) | 45619 | 45694 |
| Enterprise Fleet Financing 2023-3 LLC, <br>6.40%, 3/20/30 (d) | 228700 | 231932 |
| Fannie Mae REMICS | Fannie Mae REMICS | Fannie Mae REMICS |
| 3.50%, 6/25/44 | 34329 | 33598 |
| 3.00%, 1/1/45 | 130123 | 119376 |
| 3.00%, 12/25/45 | 164491 | 153936 |
| 1.50%, 10/1/49 | 184595 | 142779 |
| 3.00%, 12/25/54 | 245528 | 237984 |
| Flagstar Mortgage Trust 2018-3INV, <br>4.00%, 5/1/48 (d),(e) | 57220 | 53453 |
| Flagstar Mortgage Trust 2021-9INV, <br>2.00%, 9/1/41 (d),(e) | 122952 | 106979 |
| Freddie Mac Multifamily Structured Pass <br>Through Certificates | Freddie Mac Multifamily Structured Pass <br>Through Certificates | Freddie Mac Multifamily Structured Pass <br>Through Certificates |
| 4.68%, 10/1/31 | 125000 | 127382 |
| 2.40%, 3/1/32 | 280000 | 248599 |
| 3.99%, 5/1/33 | 150000 | 146293 |
| Freddie Mac REMICS | Freddie Mac REMICS | Freddie Mac REMICS |
| 4.00%, 9/1/41 | 165176 | 160636 |
| 1.75%, 9/1/42 | 155753 | 147128 |
| 3.00%, 6/15/45 | 176179 | 169853 |
| 4.00%, 7/1/48 | 121849 | 112622 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 2.6% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 2.6% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 2.6% (Continued)** |
| Freddie Mac Seasoned Credit Risk Transfer <br>Trust Series 2019-3, 3.50%, 10/25/58 | $70760 | $67975 |
| Freddie Mac Seasoned Credit Risk Transfer <br>Trust Series 2021-1, 2.50%, 9/1/60 | 487292 | 401669 |
| Government National Mortgage Association<br>2.50%, 10/1/49 | 371908 | 313701 |
| 5.05%, (1 Month US Libor + 0.71%), <br>5/20/65 (c) | 14759 | 14705 |
| 5.07%, (1 Month US Libor + 0.73%), <br>8/20/65 (c) | 23169 | 23130 |
| 5.15%, (1 Month US Libor + 0.81%), <br>10/20/65 (c) | 16 | 16 |
| 5.45%, (1 Month US Libor + 1.11%), <br>12/20/65 (c) | 23519 | 23572 |
| Home Partners of America Trust, 2.30%, <br>12/1/26 (d) | 326371 | 313847 |
| Horizon Aircraft Finance III Ltd., <br>2019-2, 3.43%, 11/15/39 (d) | 144587 | 132135 |
| Kubota Credit Owner Trust 2023-2, <br>5.28%, 1/18/28 (d) | 240000 | 241925 |
| Metlife Securitization Trust, 3.00%, <br>4/25/55 (d),(e) | 30519 | 29155 |
| Mill City Mortgage Loan Trust 2017-3, <br>2.75%, 1/25/61 (d),(e) | 106 | 105 |
| Navient Private Education Refi Loan <br>Trust 2023-A, 5.51%, 10/15/71 (d) | 230755 | 235645 |
| New Economy Assets Phase 1 <br>Sponsor LLC, 1.91%, 10/20/61 (d) | 275000 | 259467 |
| New Residential Mortgage Loan <br>Trust 2019-RPL3, 2.75%, 7/1/59 (d),(e) | 31082 | 29792 |
| PRET 2025-RPL2 Trust, 4.00%, 8/1/64 (d) | 355421 | 325444 |
| Retained Vantage Data Centers <br>Issuer LLC, 5.00%, 9/15/48 (d) | 507000 | 501805 |
| RFR Trust 2025-SGRM, 5.56%, <br>3/1/41 (d),(e) | 582617 | 593509 |
| Texas Natural Gas Securitization <br>Finance Corp. | Texas Natural Gas Securitization <br>Finance Corp. | Texas Natural Gas Securitization <br>Finance Corp. |
| 5.10%, 4/1/35 | 167707 | 171528 |
| 5.17%, 4/1/41 | 50000 | 50505 |
| Towd Point Mortgage Trust 2017-4, <br>2.75%, 6/25/57 (d),(e) | 25344 | 24510 |
| Towd Point Mortgage Trust 2018-1, <br>3.00%, 1/25/58 (d),(e) | 6413 | 6298 |
| Volkswagen Auto Lease Trust 2024-A, <br>5.21%, 6/21/27 | 190000 | 191472 |
| Wheels Fleet Lease Funding 1 LLC | Wheels Fleet Lease Funding 1 LLC | Wheels Fleet Lease Funding 1 LLC |
| 6.46%, 8/18/38 (d) | 150904 | 152832 |
| 4.87%, 6/21/39 (d) | 241641 | 242588 |
| **TOTAL ASSET BACKED AND <br>COMMERCIAL BACKED SECURITIES** <br> (Cost - $7,452,614) |  | 7269285 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Wellington Research Managed Risk Portfolio**

**Portfolio of Investments (Unaudited) (Continued)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EXCHANGE TRADED FUNDS - 1.0%** | **EXCHANGE TRADED FUNDS - 1.0%** | **EXCHANGE TRADED FUNDS - 1.0%** |
| **EQUITY FUNDS - 1.0%** | **EQUITY FUNDS - 1.0%** | **EQUITY FUNDS - 1.0%** |
| SPDR S&P 500 ETF Trust <br>(Cost - $2,577,086) | $4409 | $2724101 |
| **SOVEREIGN DEBTS - 0.4%** | **SOVEREIGN DEBTS - 0.4%** | **SOVEREIGN DEBTS - 0.4%** |
| Israel Government International Bond, <br>5.38%, 3/12/29 | 325000 | 331171 |
| Mexico Government International Bond, <br>6.75%, 9/27/34 | 277000 | 293620 |
| Saudi Government International Bond, <br>5.38%, 1/13/31 (d) | 375000 | 388491 |
| **TOTAL SOVEREIGN DEBTS** <br> (Cost - $999,230) |  | 1013282 |
| **MUNICIPAL BONDS - 0.2%** | **MUNICIPAL BONDS - 0.2%** | **MUNICIPAL BONDS - 0.2%** |
| Golden State Tobacco Securitization Corp., <br>3.00%, 6/1/46 | 30000 | 26344 |
| Illinois Municipal Electric Agency, <br>6.83%, 2/1/35 | 170000 | 184599 |
| Kansas Development Finance Authority, <br>5.37%, 5/1/26 | 20000 | 20201 |
| Metropolitan Transportation Authority | Metropolitan Transportation Authority | Metropolitan Transportation Authority |
| 6.20%, 11/15/26 | 5000 | 5054 |
| 6.81%, 11/15/40 | 110000 | 119313 |
| 5.18%, 11/15/49 | 5000 | 4479 |
| Philadelphia Authority for Industrial <br>Development, 6.55%, 10/15/28 | 270000 | 286818 |
| University of California, 1.61%, 5/15/30 | 20000 | 17859 |
| **TOTAL MUNICIPAL BONDS** <br> (Cost - $725,497) |  | 664667 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SHORT-TERM INVESTMENTS - 4.7%** | **SHORT-TERM INVESTMENTS - 4.7%** | **SHORT-TERM INVESTMENTS - 4.7%** |
| **MONEY MARKET FUNDS - 4.7%** | **MONEY MARKET FUNDS - 4.7%** | **MONEY MARKET FUNDS - 4.7%** |
| Dreyfus Government Cash <br>Management, 4.21% (f) | 11195511 | $11195511 |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.23% (f) | 1973898 | 1973898 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $13,169,409) |  | 13169409 |
| **TOTAL INVESTMENTS - 101.1%** <br> (Cost - $215,783,318) |  | $285050091 |
| **OTHER ASSETS LESS LIABILITIES - NET (1.1)%** |  | (2965937) |
| **TOTAL NET ASSETS - 100.0%** |  | $282084154 |

---

\* Non-income producing security.

† Represents less than 0.05%.

(a) A portion of this investment, valued at $112,097, is held as collateral for derivative investments.

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

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

(d) 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 June 30, 2025, these securities amounted to $14,368,046 or 5.1% of net assets.

(e) 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.

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

ADR - American Depositary Receipt

CMT - Treasury Constant Maturity Rate

Libor - London Interbank Offer Rate

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** |
| At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: |
| Description | Interest Rate | Maturity Date\* | Settlement Date | Principal Amount | Value |
| Fannie Mae or Freddie Mac | 4.50% | TBA - 30Yr | 7/1/2040 | $(411000) | $(408367) |
| Fannie Mae or Freddie Mac | 2.00% | TBA - 30Yr | 7/1/2055 | (900000) | (712266) |
| Fannie Mae or Freddie Mac | 3.50% | TBA - 30Yr | 7/1/2055 | (208000) | (187265) |
| Fannie Mae or Freddie Mac | 4.00% | TBA - 30Yr | 7/1/2055 | (143000) | (132968) |
| Fannie Mae or Freddie Mac | 6.00% | TBA - 30Yr | 7/1/2055 | (282000) | (286538) |
| Ginnie Mae | 4.00% | TBA - 30Yr | 7/20/2055 | (667000) | (619893) |
| Ginnie Mae | 4.50% | TBA - 30Yr | 7/20/2055 | (387000) | (370311) |
| **(PROCEEDS RECEIVABLE: $(2679451))** |  |  |  |  | $**(2717608)** |

---

\* 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** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized <br>Appreciation<br>(Depreciation) |
| U.S. 10 Year Note Future | J. P. Morgan Securities LLC | 1 | 9/19/2025 | $112125 | $1219 |
| U.S. 5 Year Note Future | J. P. Morgan Securities LLC | 9 | 9/30/2025 | 981000 | 12172 |
| **TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**13391** |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Assets and Liabilities**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Global Atlantic <br>American Funds<sup>®</sup> <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Balanced <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>BlackRock <br>Selects <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Franklin Tactical <br>Allocation <br>Managed Risk <br>Portfolio** |
| Investments in securities, at cost | $116240419 | $52782783 | $116832781 | $105797821 |
| Investments in securities, at fair value | $141057346 | $67148979 | $138148120 | $167529250 |
| Swaptions purchased, at fair value <br>(premiums paid $-, $-, $- and $42,093, respectively) | - | - | - | 19317 |
| Cash | - | - | - | 1025 |
| Deposit with broker for futures contracts | 26458 | 27339 | 26919 | 54530 |
| Segregated cash for swap contracts | - | - | - | 318 |
| Unrealized appreciation on swap contracts, net | - | - | - | 27303 |
| Receivable for securities sold | - | - | - | 268074 |
| Interest and dividends receivable | 26144 | 10764 | 21900 | 387074 |
| Prepaid expenses | 3338 | 1650 | 3357 | 4060 |
| **Total Assets** | 141113286 | 67188732 | 138200296 | 168290951 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Swaptions written, at fair value <br>(premiums received $-, $-, $- and $19,075, respectively) | - | - | - | 8815 |
| Premiums received on open swap contracts | - | - | - | 21283 |
| Unrealized depreciation on futures contracts, net | - | - | - | 4750 |
| Due to custodian | - | 141 | - | - |
| Due to foreign custodian (cost $-, $-, $- and $-, respectively) | - | - | - | 221 |
| Payable for securities purchased | - | - | - | 6193156 |
| Payable for portfolio shares redeemed | 177177 | 67053 | 172347 | 251797 |
| Accrued distribution (12b-1) fees | 28514 | 13624 | 28056 | 32874 |
| Accrued investment advisory fees | 52557 | 27629 | 59339 | 100098 |
| Regulatory and compliance fees payable | 810 | 442 | 815 | 1017 |
| Administrative service fees payable | 10603 | 5171 | 10583 | 12409 |
| Accrued expenses and other liabilities | 18841 | 10117 | 18925 | 31099 |
| **Total Liabilities** | 288502 | 124177 | 290065 | 6657519 |
| **Net Assets** | $140824784 | $67064555 | $137910231 | $161633432 |
| **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in capital | $111587232 | $50875692 | $106586211 | $68704180 |
| Total distributable earnings | 29237552 | 16188863 | 31324020 | 92929252 |
| **Net Assets** | $140824784 | $67064555 | $137910231 | $161633432 |
| **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** |
| Net Assets | $140824784 | $67064555 | $137910231 | $161633432 |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 11884180 | 5316257 | 11390171 | 11339471 |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $11.85 | $12.61 | $12.11 | $14.25 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Assets and Liabilities (Continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Global Atlantic<br>Moderately<br>Aggressive<br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Moderate <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Select Advisor <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Wellington <br>Research<br>Managed Risk <br>Portfolio** |
| Investments in securities, at cost | $160616617 | $59547569 | $49330631 | $215783318 |
| Investments in securities, at fair value | $252031860 | $82731199 | $64912649 | $285050091 |
| Cash | 12 | - | - | 8873 |
| Deposit with broker for futures contracts | 21756 | 20446 | 22429 | 10733 |
| Unrealized appreciation on futures contracts, net | - | - | - | 13391 |
| Receivable for securities sold | - | - | - | 5285638 |
| Interest and dividends receivable | 39697 | 12660 | 10668 | 848051 |
| Dividend tax reclaim receivable | - | - | - | 5236 |
| Prepaid expenses | 6344 | 4401 | 1571 | 6970 |
| **Total Assets** | 252099669 | 82768706 | 64947317 | 291228983 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward sale contracts, at fair value<br>(proceeds receivable $-,$-,$-, and $(2679451), <br>respectively) | - | - | - | 2717608 |
| Payable for securities purchased | - | - | - | 5833165 |
| Payable for portfolio shares redeemed | 236609 | 46675 | 57157 | 292906 |
| Accrued distribution (12b-1) fees | 51100 | 16761 | 13143 | 57250 |
| Accrued investment advisory fees | 95660 | 33904 | 12030 | 174298 |
| Regulatory and compliance fees payable | 1095 | 473 | 376 | 1662 |
| Administrative service fees payable | 19199 | 6302 | 4926 | 21518 |
| Accrued expenses and other liabilities | 35173 | 14061 | 8884 | 46422 |
| **Total Liabilities** | 438836 | 118176 | 96516 | 9144829 |
| **Net Assets** | $251660833 | $82650530 | $64850801 | $282084154 |
| **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in capital | $115406765 | $47817350 | $44947735 | $165579857 |
| Total distributable earnings | 136254068 | 34833180 | 19903066 | 116504297 |
| **Net Assets** | $251660833 | $82650530 | $64850801 | $282084154 |
| **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** |
| Net Assets | $251660833 | $82650530 | $64850801 | $282084154 |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 17438665 | 6220426 | 5191592 | 19241521 |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $14.43 | $13.29 | $12.49 | $14.66 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Operations**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic <br>American Funds<sup>®</sup> <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Balanced <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>BlackRock <br>Selects <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Franklin Tactical <br>Allocation<br>Managed Risk <br>Portfolio** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividend income | $1165089 | $804279 | $1206541 | $946485 |
| Interest income | 147587 | 74396 | 147055 | 1148301 |
| **Total Investment Income** | 1312676 | 878675 | 1353596 | 2094786 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 632761 | 187307 | 385232 | 700595 |
| Distribution fees (12b-1) - Class II Shares | 175767 | 85139 | 175105 | 206057 |
| Administrative service fees | 23337 | 11304 | 23249 | 27358 |
| Legal fees | 24874 | 12267 | 24898 | 28775 |
| Trustees fees | 11340 | 5585 | 11387 | 13515 |
| Custody fees | 947 | 1472 | 1227 | 14470 |
| Regulatory and compliance fees | 3604 | 1774 | 3606 | 4271 |
| Miscellaneous expenses | 38213 | 18866 | 40570 | 45495 |
| **Total Expenses** | 910843 | 323714 | 665274 | 1040536 |
| Expenses waived | (299174) | (10401) | (7416) | (59703) |
| Net Expenses | 611669 | 313313 | 657858 | 980833 |
| **Net Investment Income** | 701007 | 565362 | 695738 | 1113953 |
| **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 329832 | 2858540 | 3744998 | 8919713 |
| Options written | - | - | - | 2420 |
| Futures contracts | (4932854) | (2110491) | (4817064) | (6391508) |
| Swap contracts | - | - | - | (14421) |
| Capital gain distributions from underlying funds | 6056775 | - | - | - |
|  | 1453753 | 748049 | (1072066) | 2516204 |
| Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: |
| Investments | 3304353 | 902 | 4160719 | (2228511) |
| Futures contracts | - | - | - | (44794) |
| Swap contracts | - | - | - | (9926) |
| Swaptions | - | - | - | (12517) |
| Foreign currency translations | - | - | - | 1704 |
|  | 3304353 | 902 | 4160719 | (2294044) |
| **Net Realized and Change in Unrealized Gain** | 4758106 | 748951 | 3088653 | 222160 |
| **Net Increase in Net Assets <br>Resulting from Operations** | $5459113 | $1314313 | $3784391 | $1336113 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Operations (Continued)**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic <br>Moderately<br>Aggressive<br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Moderate <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Select Advisor <br>Managed Risk <br>Portfolio** | **Global Atlantic <br>Wellington <br>Research <br>Managed Risk <br>Portfolio** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividend income, inclusive of withholding tax \* | $2218002 | $871356 | $321555 | $936695 |
| Interest income, inclusive of withholding tax \*\* | 290002 | 90067 | 72342 | 2416019 |
| **Total Investment Income** | 2508004 | 961423 | 393897 | 3352714 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 702760 | 232091 | 294744 | 1222093 |
| Distribution fees (12b-1) - Class II Shares | 319436 | 105496 | 81873 | 359439 |
| Administrative service fees | 42409 | 14006 | 10870 | 47720 |
| Legal fees | 45713 | 15065 | 11638 | 51046 |
| Trustees fees | 21022 | 6922 | 5328 | 23372 |
| Custody fees | 2991 | 1455 | 556 | 24786 |
| Regulatory and compliance fees | 6206 | 2183 | 1687 | 7395 |
| Miscellaneous expenses | 70440 | 23216 | 17825 | 78588 |
| **Total Expenses** | 1210977 | 400434 | 424521 | 1814439 |
| Expenses waived | (86561) | (12210) | (214925) | (103508) |
| Net Expenses | 1124416 | 388224 | 209596 | 1710931 |
| **Net Investment Income** | 1383588 | 573199 | 184301 | 1641783 |
| **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** | **Net Realized and Change in Unrealized Gain (Loss)** |
| Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 21231056 | 4899520 | 776860 | 9442776 |
| Futures contracts | (10881926) | (3114193) | (2835949) | (8723315) |
| Capital gain distributions from underlying funds | - | - | 880731 | - |
|  | 10349130 | 1785327 | (1178358) | 719461 |
| Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: | Net change in unrealized appreciation/(depreciation) on: |
| Investments | (7335741) | (861913) | 2078009 | (469221) |
| Futures contracts | (19603) | - | - | (1742) |
|  | (7355344) | (861913) | 2078009 | (470963) |
| **Net Realized and Change in Unrealized Gain** | 2993786 | 923414 | 899651 | 248498 |
| **Net Increase in Net Assets <br>Resulting from Operations** | $4377374 | $1496613 | $1083952 | $1890281 |
| \* Foreign taxes withheld | $- | $- | $- | $4492 |
| \*\* Foreign taxes withheld | $- | $- | $- | $120 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic American Funds<sup>®</sup> <br>Managed Risk Portfolio** | **Global Atlantic American Funds<sup>®</sup> <br>Managed Risk Portfolio** | **Global Atlantic Balanced <br>Managed Risk Portfolio** | **Global Atlantic Balanced <br>Managed Risk Portfolio** |
| | For the<br>Six Months Ended<br>June 30, 2025 <br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 | For the<br>Six Months Ended<br>June 30, 2025 <br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $701007 | $2750672 | $565362 | $1483976 |
| Net realized gain | 1453753 | 8173579 | 748049 | 6158421 |
| Net change in unrealized appreciation (depreciation) | 3304353 | 5871710 | 902 | (981684) |
| Net increase in net assets resulting from operations | 5459113 | 16795961 | 1314313 | 6660713 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Total distributions paid | - | (2689473) | - | (1595811) |
| **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** |
| Proceeds from shares sold | 249266 | 241748 | 926279 | 802065 |
| Reinvestment of distributions | - | 2689473 | - | 1595811 |
| Cost of shares redeemed | (13068066) | (33758700) | (7453070) | (20679841) |
| Net decrease in net assets from share <br>transactions of beneficial interest | (12818800) | (30827479) | (6526791) | (18281965) |
| Total decrease in net assets | (7359687) | (16720991) | (5212478) | (13217063) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 148184471 | 164905462 | 72277033 | 85494096 |
| End of period | $140824784 | $148184471 | $67064555 | $72277033 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 21721 | 23056 | 76845 | 67448 |
| Shares reinvested | - | 235712 | - | 128178 |
| Shares redeemed | (1142348) | (3041441) | (605689) | (1686660) |
| Net decrease in shares of beneficial <br>interest outstanding | (1120627) | (2782673) | (528844) | (1491034) |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock <br>Selects Managed Risk Portfolio** | **Global Atlantic BlackRock <br>Selects Managed Risk Portfolio** | **Global Atlantic Franklin <br>Tactical Allocation <br>Managed Risk Portfolio** | **Global Atlantic Franklin <br>Tactical Allocation <br>Managed Risk Portfolio** |
| | For the<br>Six Months Ended<br>June 30, 2025 <br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 | For the<br>Six Months Ended<br>June 30, 2025 <br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $695738 | $4246280 | $1113953 | $2570579 |
| Net realized gain (loss) | (1072066) | 18126945 | 2516204 | 25385329 |
| Net change in unrealized appreciation (depreciation) | 4160719 | (6521553) | (2294044) | (14752124) |
| Net increase in net assets resulting from operations | 3784391 | 15851672 | 1336113 | 13203784 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Total distributions paid | - | (2789968) | - | (12308726) |
| **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** |
| Proceeds from shares sold | 45772 | 75665 | - | 515079 |
| Reinvestment of distributions | - | 2789968 | - | 12308726 |
| Cost of shares redeemed | (13957144) | (34575822) | (15015687) | (39813329) |
| Net decrease in net assets from share <br>transactions of beneficial interest | (13911372) | (31710189) | (15015687) | (26989524) |
| Total decrease in net assets | (10126981) | (18648485) | (13679574) | (26094466) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 148037212 | 166685697 | 175313006 | 201407472 |
| End of period | $137910231 | $148037212 | $161633432 | $175313006 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 3927 | 6653 | - | 35684 |
| Shares reinvested | - | 236639 | - | 855962 |
| Shares redeemed | (1184687) | (2998322) | (1072890) | (2703834) |
| Net decrease in shares of beneficial <br>interest outstanding | (1180760) | (2755030) | (1072890) | (1812188) |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic Moderately <br>Aggressive Managed Risk Portfolio** | **Global Atlantic Moderately <br>Aggressive Managed Risk Portfolio** | **Global Atlantic Moderate <br>Managed Risk Portfolio** | **Global Atlantic Moderate <br>Managed Risk Portfolio** |
| | For the<br>Six Months Ended<br>June 30, 2025 <br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 | For the<br>Six Months Ended<br>June 30, 2025 <br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $1383588 | $3460946 | $573199 | $1455603 |
| Net realized gain | 10349130 | 31976444 | 1785327 | 9008403 |
| Net change in unrealized appreciation (depreciation) | (7355344) | 349719 | (861913) | (807955) |
| Net increase in net assets resulting from operations | 4377374 | 35787109 | 1496613 | 9656051 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Total distributions paid | - | (9342837) | - | (2382899) |
| **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** |
| Proceeds from shares sold | - | 738195 | 377743 | 145711 |
| Reinvestment of distributions | - | 9342837 | - | 2382899 |
| Cost of shares redeemed | (25618687) | (67602546) | (10042805) | (17661782) |
| Net decrease in net assets from share <br>transactions of beneficial interest | (25618687) | (57521514) | (9665062) | (15133172) |
| Total decrease in net assets | (21241313) | (31077242) | (8168449) | (7860020) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 272902146 | 303979388 | 90818979 | 98678999 |
| End of period | $251660833 | $272902146 | $82650530 | $90818979 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | - | 51669 | 29606 | 10944 |
| Shares reinvested | - | 656098 | - | 181762 |
| Shares redeemed | (1825064) | (4805795) | (775547) | (1373407) |
| Net decrease in shares of beneficial <br>interest outstanding | (1825064) | (4098028) | (745941) | (1180701) |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic Select Advisor <br>Managed Risk Portfolio** | **Global Atlantic Select Advisor <br>Managed Risk Portfolio** | **Global Atlantic Wellington <br>Research Managed Risk Portfolio** | **Global Atlantic Wellington <br>Research Managed Risk Portfolio** |
| | For the<br>Six Months Ended<br>June 30, 2025 <br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 | For the<br>Six Months Ended<br>June 30, 2025 <br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $184301 | $1415077 | $1641783 | $3621866 |
| Net realized gain (loss) | (1178358) | 5467393 | 719461 | 43977462 |
| Net change in unrealized appreciation (depreciation) | 2078009 | 1768265 | (470963) | (8756672) |
| Net increase in net assets resulting from operations | 1083952 | 8650735 | 1890281 | 38842656 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Total distributions paid | - | (1170792) | - | (13092046) |
| **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** | **From Shares of Beneficial Interest:** |
| Proceeds from shares sold | 91205 | - | - | 115461 |
| Reinvestment of distributions | - | 1170792 | - | 13092046 |
| Cost of shares redeemed | (5423698) | (15573158) | (27808478) | (69592999) |
| Net decrease in net assets from share <br>transactions of beneficial interest | (5332493) | (14402366) | (27808478) | (56385492) |
| Total decrease in net assets | (4248541) | (6922423) | (25918197) | (30634882) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 69099342 | 76021765 | 308002351 | 338637233 |
| End of period | $64850801 | $69099342 | $282084154 | $308002351 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 7768 | - | - | 8135 |
| Shares reinvested | - | 94724 | - | 903523 |
| Shares redeemed | (444646) | (1298691) | (1943896) | (4811558) |
| Net decrease in shares of beneficial <br>interest outstanding | (436878) | (1203967) | (1943896) | (3899900) |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio**

Selected data for a Class II share outstanding throughout each period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $11.39 | $10.45 | $10.85 | $13.87 | $12.62 | $12.04 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.06 | 0.19 | 0.18 | 0.34 | 0.21 | 0.14 |
| Net realized and unrealized gain (loss) (c) | 0.40 | 0.95 | 1.06 | (2.56) | 1.19 | 1.06 |
| Total income (loss) from <br>investment operations | 0.46 | 1.14 | 1.24 | (2.22) | 1.40 | 1.20 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.20) | (0.39) | (0.24) | (0.15) | (0.18) |
| Net realized gains | - | - | (1.25) | (0.56) | - | (0.44) |
| Total distributions from net investment <br>income and net realized gains | - | (0.20) | (1.64) | (0.80) | (0.15) | (0.62) |
| Net asset value, end of period | $11.85 | $11.39 | $10.45 | $10.85 | $13.87 | $12.62 |
| Total return (d) | 4.04% | 10.95% | 13.27% | (15.94)% | 11.12% | 10.49% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $140825 | $148184 | $164905 | $172678 | $232531 | $231753 |
| Ratio of net expenses to <br>average net assets (e) | 0.87<br> % (f) | 0.87% | 0.87% | 0.86% | 0.85% | 0.86% |
| Ratio of gross expenses to <br>average net assets (e,g) | 1.30<br> % (f) | 1.27% | 1.27% | 1.26% | 1.25% | 1.26% |
| Ratio of net investment income to <br>average net assets (b,e) | 1.00<br> % (f) | 1.74% | 1.60% | 2.85% | 1.55% | 1.18% |
| Portfolio turnover rate | 13<br> % (h) | 11% | 12% | 41% | 18% | 35% |

---

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic Balanced Managed Risk Portfolio**

Selected data for a Class II share outstanding throughout each period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $12.37 | $11.65 | $10.68 | $13.88 | $13.10 | $12.51 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.10 | 0.23 | 0.20 | 0.15 | 0.12 | 0.13 |
| Net realized and unrealized gain (loss) (c) | 0.14 | 0.76 | 0.94 | (2.25) | 1.05 | 0.93 |
| Total income (loss) from <br>investment operations | 0.24 | 0.99 | 1.14 | (2.10) | 1.17 | 1.06 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.27) | (0.17) | (0.11) | (0.10) | (0.21) |
| Net realized gains | - | - | - | (0.99) | (0.29) | (0.26) |
| Total distributions from net investment <br>income and net realized gains | - | (0.27) | (0.17) | (1.10) | (0.39) | (0.47) |
| Net asset value, end of period | $12.61 | $12.37 | $11.65 | $10.68 | $13.88 | $13.10 |
| Total return (d) | 1.94% | 8.46% | 10.81% | (15.07)% | 8.99% | 8.78% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $67065 | $72277 | $85494 | $89499 | $119376 | $82774 |
| Ratio of net expenses to <br>average net assets (e) | 0.92<br> % (f) | 0.92% | 0.92% | 0.91% | 0.90% | 0.92<br> % (g) |
| Ratio of gross expenses to <br>average net assets (e,h) | 0.95<br> % (f) | 0.92% | 0.92% | 0.91% | 0.90% | 0.92% |
| Ratio of net investment income to <br>average net assets (b,e) | 1.66<br> % (f) | 1.85% | 1.83% | 1.24% | 0.90% | 1.06% |
| Portfolio turnover rate | 20<br> % (i) | 39% | 74% | 52% | 82<br> % (j) | 119% |

---

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets inclusive of the Adviser's recapture of waived/reimbursed fees from prior periods.

(h) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(i) Not annualized.

(j) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Dynamic Trends Allocation Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Selects Managed Risk Portfolio**

Selected data for a Class II share outstanding throughout each period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $11.78 | $10.88 | $9.86 | $12.46 | $11.44 | $10.49 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.06 | 0.31 | 0.17 | 0.08 | 0.33 | 0.15 |
| Net realized and unrealized gain (loss) (c) | 0.27 | 0.81 | 0.94 | (2.01) | 0.86 | 0.97 |
| Total income (loss) from <br>investment operations | 0.33 | 1.12 | 1.11 | (1.93) | 1.19 | 1.12 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.22) | (0.09) | (0.38) | (0.17) | (0.17) |
| Net realized gains | - | - | - | (0.29) | - | - |
| Total distributions from net investment <br>income and net realized gains | - | (0.22) | (0.09) | (0.67) | (0.17) | (0.17) |
| Net asset value, end of period | $12.11 | $11.78 | $10.88 | $9.86 | $12.46 | $11.44 |
| Total return (d) | 2.80% | 10.28% | 11.39% | (15.48)% | 10.41% | 10.82% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $137910 | $148037 | $166686 | $176979 | $235544 | $241835 |
| Ratio of net expenses to <br>average net assets (e) | 0.94<br> % (f) | 0.92% | 0.92% | 0.91% | 0.90% | 0.91% |
| Ratio of gross expenses to <br>average net assets (e,g) | 0.95<br> % (f) | 0.92% | 0.92% | 0.91% | 0.90% | 0.91% |
| Ratio of net investment income to <br>average net assets (b,e) | 0.99<br> % (f) | 2.66% | 1.64% | 0.73% | 2.73% | 1.39% |
| Portfolio turnover rate | 41<br> % (h) | 79% | 78% | 80% | 93% | 110% |

---

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio *(formerly Global Atlantic Franklin Dividend and Income Managed Risk Portfolio)***

Selected data for a Class II share outstanding throughout each period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $14.12 | $14.16 | $14.11 | $16.52 | $14.25 | $13.45 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.09 | 0.20 | 0.20 | 0.14 | 0.09 | 0.12 |
| Net realized and unrealized gain (loss) (c) | 0.04 | 0.78 | 0.79 | (2.18) | 2.31 | 0.87 |
| Total income (loss) from <br>investment operations | 0.13 | 0.98 | 0.99 | (2.04) | 2.40 | 0.99 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.25) | (0.17) | (0.11) | (0.13) | (0.19) |
| Net realized gains | - | (0.77) | (0.77) | (0.26) | - | - |
| Total distributions from net investment <br>income and net realized gains | - | (1.02) | (0.94) | (0.37) | (0.13) | (0.19) |
| Net asset value, end of period | $14.25 | $14.12 | $14.16 | $14.11 | $16.52 | $14.25 |
| Total return (d) | 0.92% | 6.85% | 7.77% | (12.33)% | 16.87% | 7.50% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $161633 | $175313 | $201407 | $216832 | $284598 | $275216 |
| Ratio of net expenses to <br>average net assets (e) | 1.19<br> % (f) | 1.19% | 1.19% | 1.19% | 1.18% | 1.16% |
| Ratio of gross expenses to <br>average net assets (e,g) | 1.26<br> % (f) | 1.23% | 1.23% | 1.22% | 1.20% | 1.22% |
| Ratio of net investment income to <br>average net assets (b,e) | 1.35<br> % (f) | 1.34% | 1.44% | 0.96% | 0.56% | 0.91% |
| Portfolio turnover rate | 10<br> % (h) | 28<br> % (i) | 10<br> % (i) | 21<br> % (i) | 18<br> % (i) | 24<br> % (i) |

---

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies or fees on swaps in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

(i) The portfolio turnover rate excludes mortgage dollar roll transactions for six months ended June 30, 2025 and the years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020. If these were included in the calculation, the turnover percentage would be 34%, 59%, 34%, 58%, 59% and 77%, respectively.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic Moderately Aggressive Managed Risk Portfolio *(formerly Global Atlantic Growth Managed Risk Portfolio)***

Selected data for a Class II share outstanding throughout each period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $14.17 | $13.01 | $12.18 | $14.77 | $12.98 | $12.32 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.08 | 0.16 | 0.16 | 0.13 | 0.10 | 0.10 |
| Net realized and unrealized gain (loss) (c) | 0.18 | 1.48 | 1.43 | (2.28) | 1.81 | 0.74 |
| Total income (loss) from <br>investment operations | 0.26 | 1.64 | 1.59 | (2.15) | 1.91 | 0.84 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.20) | (0.16) | (0.12) | (0.12) | (0.18) |
| Net realized gains | - | (0.28) | (0.60) | (0.32) | - | - |
| Total distributions from net investment <br>income and net realized gains | - | (0.48) | (0.76) | (0.44) | (0.12) | (0.18) |
| Net asset value, end of period | $14.43 | $14.17 | $13.01 | $12.18 | $14.77 | $12.98 |
| Total return (d) | 1.84% | 12.56% | 13.83% | (14.56)% | 14.69% | 7.00% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $251661 | $272902 | $303979 | $312877 | $414260 | $412126 |
| Ratio of net expenses to <br>average net assets (e) | 0.88<br> % (f) | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
| Ratio of gross expenses to <br>average net assets (e) | 0.95<br> % (f) | 0.92% | 0.92<br> % (g) | 0.91<br> % (g) | 0.90% | 0.91<br> % (g) |
| Ratio of net investment income to <br>average net assets (b,e) | 1.08<br> % (f) | 1.16% | 1.30% | 1.02% | 0.73% | 0.82% |
| Portfolio turnover rate | 18<br> % (h) | 34% | 54% | 44% | 32% | 102% |

---

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic Moderate Managed Risk Portfolio *(formerly Global Atlantic Moderate Growth Managed Risk Portfolio)***

Selected data for a Class II share outstanding throughout each period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $13.04 | $12.11 | $11.14 | $14.51 | $13.18 | $12.57 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.09 | 0.20 | 0.18 | 0.14 | 0.11 | 0.12 |
| Net realized and unrealized gain (loss) (c) | 0.16 | 1.07 | 1.20 | (2.38) | 1.46 | 0.86 |
| Total income (loss) from <br>investment operations | 0.25 | 1.27 | 1.38 | (2.24) | 1.57 | 0.98 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.22) | (0.16) | (0.13) | (0.13) | (0.19) |
| Net realized gains | - | (0.12) | (0.25) | (1.00) | (0.11) | (0.18) |
| Total distributions from net investment <br>income and net realized gains | - | (0.34) | (0.41) | (1.13) | (0.24) | (0.37) |
| Net asset value, end of period | $13.29 | $13.04 | $12.11 | $11.14 | $14.51 | $13.18 |
| Total return (d) | 1.92% | 10.50% | 12.82% | (15.38)% | 11.91% | 8.08% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $82651 | $90819 | $98679 | $104086 | $141182 | $141186 |
| Ratio of net expenses to <br>average net assets (e) | 0.92<br> % (f) | 0.92% | 0.92% | 0.91% | 0.90% | 0.91% |
| Ratio of gross expenses to <br>average net assets (e) | 0.95<br> % (f) | 0.92% | 0.92% | 0.91% | 0.90% | 0.91<br> % (g) |
| Ratio of net investment income to <br>average net assets (b,e) | 1.36<br> % (f) | 1.51% | 1.55% | 1.11% | 0.78% | 0.94% |
| Portfolio turnover rate | 19<br> % (h) | 35% | 64% | 48% | 44% | 110% |

---

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic Select Advisor Managed Risk Portfolio**

Selected data for a Class II share outstanding throughout each period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $12.28 | $11.13 | $10.95 | $14.48 | $13.38 | $13.23 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.03 | 0.23 | 0.17 | 0.22 | 0.13 | 0.16 |
| Net realized and unrealized gain (loss) (c) | 0.18 | 1.13 | 1.10 | (2.53) | 1.64 | 0.65 |
| Total income (loss) from <br>investment operations | 0.21 | 1.36 | 1.27 | (2.31) | 1.77 | 0.81 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.21) | (0.24) | (0.15) | (0.18) | (0.24) |
| Net realized gains | - | - | (0.85) | (1.07) | (0.49) | (0.42) |
| Total distributions from net investment <br>income and net realized gains | - | (0.21) | (1.09) | (1.22) | (0.67) | (0.66) |
| Net asset value, end of period | $12.49 | $12.28 | $11.13 | $10.95 | $14.48 | $13.38 |
| Total return (d) | 1.71% | 12.17% | 12.82% | (15.94)% | 13.31% | 6.61% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $64851 | $69099 | $76022 | $78921 | $105532 | $108112 |
| Ratio of net expenses to <br>average net assets (e) | 0.64<br> % (f) | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| Ratio of gross expenses to <br>average net assets (e,g) | 1.30<br> % (f) | 1.27% | 1.27% | 1.26% | 1.25% | 1.26% |
| Ratio of net investment income to <br>average net assets (b,e) | 0.56<br> % (f) | 1.91% | 1.54% | 1.75% | 0.90% | 1.24% |
| Portfolio turnover rate | 11<br> % (h) | 23% | 19% | 33% | 17% | 54% |

---

(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic Wellington Research Managed Risk Portfolio**

Selected data for a Class II share outstanding throughout each period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $14.54 | $13.50 | $11.90 | $16.45 | $15.23 | $14.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.08 | 0.16 | 0.13 | 0.08 | 0.01 | 0.08 |
| Net realized and unrealized gain (loss) (c) | 0.04 | 1.50 | 1.56 | (2.91) | 1.86 | 1.46 |
| Total income (loss) from <br>investment operations | 0.12 | 1.66 | 1.69 | (2.83) | 1.87 | 1.54 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.18) | (0.09) | (0.02) | (0.09 | (0.14) |
| Net realized gains | - | (0.44) | - | (1.70) | (0.56 | (0.17) |
| Total distributions from net investment <br>income and net realized gains | - | (0.62) | (0.09) | (1.72) | (0.65 | (0.31) |
| Net asset value, end of period | $14.66 | $14.54 | $13.50 | $11.90 | $16.45 | $15.23 |
| Total return (d) | 0.83% | 12.33% | 14.27% | (17.13)% | 12.38 | 11.16% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $282084 | $308002 | $338637 | $354491 | $485474 | $455842 |
| Ratio of net expenses to <br>average net assets (e) | 1.19<br> % (f) | 1.19% | 1.19% | 1.19% | 1.20 | 1.21% |
| Ratio of gross expenses to <br>average net assets (e) | 1.26<br> % (f) | 1.23% | 1.23% | 1.22% | 1.20 | 1.22<br> % (g) |
| Ratio of net investment income to <br>average net assets (b,e) | 1.14<br> % (f) | 1.10% | 1.07% | 0.54% | 0.09 | 0.54% |
| Portfolio turnover rate | 50<br> % (h) | 85<br> % (i) | 90<br> % (i) | 80<br> % (i) | 91 | 85<br> % (i) |

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(a) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.

(b) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Realized and unrealized gain (loss) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with aggregate gains and losses in the statement of operations due to timing of share transactions.

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(e) Does not include the expenses of the investment companies in which the Portfolio invests.

(f) Annualized.

(g) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(h) Not annualized.

(i) The portfolio turnover rates excludes mortgage dollar roll transactions for the six months ended June 30, 2025 and the years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020. If these were included in the calculation the turnover percentage would be 62%, 102%, 114%, 165%, 162% and 116% respectively.

(j) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic PIMCO Tactical Allocation Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

See accompanying notes to financial statements.

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited)**

**June 30, 2025**

**1. ORGANIZATION**

As of June 30, 2025, the Global Atlantic Portfolios were comprised of sixteen different actively managed portfolios, eight of which are discussed in this report (each, a "Portfolio" and collectively, the "Portfolios"). Each Portfolio is a series of shares of beneficial interest of Forethought Variable Insurance Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

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| | | |
|:---|:---|:---|
| Portfolio | Commencement Date | Investment Objective |
| Global Atlantic American Funds<sup>®</sup> Managed Risk <br>Portfolio | October 31, 2013 | Capital appreciation and income while <br>seeking to manage volatility. |
| Global Atlantic Balanced Managed Risk Portfolio | October 31, 2013 | Capital appreciation and income while <br>seeking to manage volatility. |
| Global Atlantic BlackRock Selects Managed Risk <br>Portfolio | October 31, 2013 | Capital appreciation and income while <br>seeking to manage volatility. |
| Global Atlantic Franklin Tactical Allocation <br>Managed Risk Portfolio (formerly Global Atlantic <br>Franklin Dividend and Income Managed Risk <br>Portfolio) | April 30, 2014 | Capital appreciation and income while <br>seeking to manage volatility. |
| Global Atlantic Moderately Aggressive Managed <br>Risk Portfolio (formerly Global Atlantic Growth <br>Managed Risk Portfolio) | April 30, 2014 | Capital appreciation and income while <br>seeking to manage volatility. |
| Global Atlantic Moderate Managed Risk Portfolio <br>(formerly Global Atlantic Moderate Growth <br>Managed Risk Portfolio) | April 30, 2014 | Capital appreciation and income while <br>seeking to manage volatility. |
| Global Atlantic Select Advisor Managed Risk <br>Portfolio | October 31, 2013 | Capital appreciation and income while <br>seeking to manage volatility. |
| Global Atlantic Wellington Research Managed Risk <br>Portfolio | October 31, 2013 | Capital appreciation and income while <br>seeking to manage volatility. |

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Each Portfolio is diversified. Certain of the Portfolios operate as "fund of funds." A "fund of funds" typically invests in multiple underlying funds and its level of interest in any particular underlying fund may fluctuate. The Portfolios are intended to be funding vehicles for variable annuity contracts offered by separate accounts of Forethought Life Insurance Company ("FLIC"). The assets of each Portfolio are segregated and a shareholder's interest is limited to the Portfolio in which shares are held. Each Portfolio pays its own expenses.

As of June 30, 2025, the Portfolios offered Class II shares at net asset value.

References herein to a Portfolio's investment in a particular instrument include direct and indirect investments through investment companies such as open-end funds (mutual funds, exchange traded funds and variable insurance trusts) and closed-end funds, as applicable.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Portfolios in preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles ("US GAAP"). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. Each Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies".

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ, at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settle price or, in the absence of a settle price, at the last sale price on the day of valuation. Debt securities are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity, readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost to the extent it is determined that amortized cost approximates fair value. Forward currency contracts are valued at the forward currency contract rates, determined at 11:00 am Eastern Time or the nearest time prior to the close of the New York Stock Exchange. Exchange listed swaps are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Other swaps are valued by a pricing service provider covering the specific type of swap.

**Valuation of Investment Companies –** The Portfolios may invest in one or more portfolios of open-end investment companies (the "Underlying Fund" or "Underlying Funds"). Each Underlying Fund is valued at its respective net asset value as reported by such investment company (except exchange-traded funds ("ETFs")). ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Each Underlying Fund values securities in its portfolio for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based on the methods approved by each Underlying Fund's board of trustees.

**Illiquid Investments –** Pursuant to Rule 22e-4 under the 1940 Act ("Rule 22e-4"), a Portfolio may not acquire any "illiquid investment" if, immediately after the acquisition, the Portfolio would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that a Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board of Trustees ("Board") has approved the designation of Global Atlantic Investment Advisors, LLC (the "Adviser"), investment adviser to the Portfolios, to administer the Trust's liquidity risk management program and related procedures. Illiquid investments include securities subject to contractual or legal restrictions on resale (e.g., they have not been registered under the Securities Act of 1933) and securities that are otherwise not readily marketable (e.g., trading in the security is suspended or market makers do not exist or will not entertain bids or offers). These investments will be valued at their fair value, as outlined below.

**Valuation Designee and Valuation Process –** Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Portfolios' Valuation Designee (the "Designee"). The Designee is responsible for establishing fair value when the price of a security is not readily available or deemed unreliable. Such investments will be valued at their fair market value as determined using the valuation procedures established by the Designee and approved by the Board. The Adviser carries out its designated activities through the Adviser's Fair Value Committee.

In accordance with the valuation procedures, fair value determinations are required for, among others, the following securities: (i) securities for which market quotations are not readily available on a particular business day (including without limitation securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the opinion of the Adviser or relevant Sub-Adviser, the prices or values available do not represent the fair value of the instrument (factors which may cause the Adviser or Sub-Adviser to make such a judgment include, but are not limited to, the following: the availability of only a bid price or an ask price; the spread between bid and ask prices; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets or regulators, such as the suspension or limitation of trading); (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") subsequent to the determination of the closing price reported on the principal exchange on which the securities are traded, but prior to the relevant Portfolio's calculation of its net asset value ("NAV"); and (v) mutual funds that do not provide timely NAV information. Restricted or illiquid securities, such as private placements or non-traded securities, are valued via inputs from the Adviser's or Sub-Adviser's valuation based on the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser or Sub-Adviser is unable to obtain a current bid from such independent dealers or other

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

independent parties, the Designee shall determine the fair value of restricted or illiquid securities using certain factors, such as, but not limited to: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Portfolio's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights, as well as any estimation of the cost of registration or otherwise qualifying the security for public sale, including commissions; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; (xi) the market value of any securities into which the security is convertible or exchangeable; (xii) the security's embedded option values; and (xiii) information about the financial condition of the issuer and its prospects.

Each Portfolio utilizes various methods to measure the fair value of all its investments on a recurring basis. US GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Portfolio has the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Portfolio's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2025 for each Portfolio's investments measured at fair value:

**Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Variable Insurance Trusts | $121926299 | $- | $- | $121926299 |
| Mutual Funds | 12147103 | - | - | 12147103 |
| Short-Term Investments | 6983944 | - | - | 6983944 |
| Total | $141057346 | $- | $- | $141057346 |

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**Global Atlantic Balanced Managed Risk Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $63825869 | $- | $- | $63825869 |
| Short-Term Investments | 3323110 | - | - | 3323110 |
| Total | $67148979 | $- | $- | $67148979 |

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

**Global Atlantic BlackRock Selects Managed Risk Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $101125214 | $- | $- | $101125214 |
| Variable Insurance Trusts | 30589118 | - | - | 30589118 |
| Short-Term Investments | 6433788 | - | - | 6433788 |
| Total | $138148120 | $- | $- | $138148120 |

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**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $115175898 | $5 | $- | $115175903 |
| Corporate Bonds and Notes | - | 17038667 | - | 17038667 |
| Agency Mortgage Backed Securities | - | 13617810 | - | 13617810 |
| Asset Backed and Commercial Backed Securities | - | 6039737 | - | 6039737 |
| U.S. Treasury Securities and Agency Bonds | - | 4644374 | - | 4644374 |
| Mutual Funds | 1362746 | - | - | 1362746 |
| Municipal Bonds | - | 532418 | - | 532418 |
| Preferred Stocks | - | 11 | - | 11 |
| Short-Term Investments | 9117589 | - | - | 9117589 |
| Futures Contracts\* | 22797 | - | - | 22797 |
| Swap Contracts | - | 44661 | - | 44661 |
| Swaptions Written\* | - | 10260 | - | 10260 |
| Total | $125679030 | $41927943 | $- | $167606973 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $27547 | $- | $- | $27547 |
| Swap Contracts | - | 17358 | - | 17358 |
| Forward Foreign Currency Contracts | - | - | - | - |
| Swaptions Purchased\* | - | 22777 | - | 22777 |
| Total | $27547 | $40135 | $- | $67682 |

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**Global Atlantic Moderately Aggressive Managed Risk Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $241397000 | $- | $- | $241397000 |
| Short-Term Investments | 10634860 | - | - | 10634860 |
| Total | $252031860 | $- | $- | $252031860 |

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**Global Atlantic Moderate Managed Risk Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $78936814 | $- | $- | $78936814 |
| Short-Term Investments | 3794385 |  | - | 3794385 |
| Total | $82731199 | $- | $- | $82731199 |

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**Global Atlantic Select Advisor Managed Risk Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Variable Insurance Trusts | $50505727 | $- | $- | $50505727 |
| Exchange-Traded Funds | 11021212 | - | - | 11021212 |
| Short-Term Investments | 3385710 | - | - | 3385710 |
| Total | $64912649 | $- | $- | $64912649 |

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

**Global Atlantic Wellington Research Managed Risk Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $175973319 | $- | $- | $175973319 |
| U.S. Treasury Securities | - | 42887781 | - | 42887781 |
| Agency and Mortgage Backed Securities | - | 21776457 | - | 21776457 |
| Corporate Bonds & Notes | - | 19571790 | - | 19571790 |
| Asset Backed and Commercial Backed Securities | - | 7269285 | - | 7269285 |
| Exchange-Traded Funds | 2724101 | - | - | 2724101 |
| Sovereign Debts | - | 1013282 | - | 1013282 |
| Municipal Bonds | - | 664667 | - | 664667 |
| Short-Term Investments | 13169409 | - | - | 13169409 |
| Futures Contracts\* | 13391 | - | - | 13391 |
| Total | $191880220 | $93183262 | $- | $285063482 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Forward Sales Contracts | $- | $2717608 | $- | $2717608 |
| Total | $- | $2717608 | $- | $2717608 |

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\* Net unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

The Portfolios did not hold any Level 3 securities during the six-month period ended June 30, 2025.

**Security Transactions and Related Income –** Security transactions are accounted for on a trade date basis. Interest income is recognized on the accrual basis and includes, where applicable, the pro-rata amortization of premium or accretion of discount calculated using constant yield to maturity or effective yield. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders –** Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on ex-date and are determined in accordance with Federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their Federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Portfolios.

**Cash and Cash Equivalents –** Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Portfolios may maintain deposits with a financial institution which could be an amount that is in excess of federally insured limits. The Portfolios have not experienced any losses on their accounts.

**Federal Income Tax –** It is each Portfolio's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of their taxable income and net realized gains to shareholders. Therefore, no Federal income tax provision is required.

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in each Portfolio's 2022 and 2023 tax returns, or is expected to be taken in each Portfolio's 2024 tax return. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

**Foreign Currency Translation –** The accounting records of the Portfolios are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the Adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and change in unrealized gain or loss on foreign currency translations.

**Forward Foreign Currency Contracts –** As foreign securities are purchased, a Portfolio may enter into forward currency contracts in order to hedge against foreign currency exchange rate risks. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Portfolio as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and a Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Statements of Operations.

**Options Transactions –** Certain Portfolios are subject to equity price risk, interest rate risk and foreign currency risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

A Portfolio may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or securities indices, including ETFs, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A call option for a particular security gives the purchaser of the option, in return for a premium, the right, but not the obligation, to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option for American options or only at expiration for European options, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right, but not the obligation, to sell the security at the stated exercise price at any time prior to the expiration date of the option for American options or only at expiration for European options, regardless of the market price of the security.

Securities index options are put options and call options on various securities indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the securities index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the securities index and the exercise price of the option expressed in dollars times a specified multiple. A securities index fluctuates with changes in the market value of the securities included in the index.

The Portfolios may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, but not the obligation, to buy in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

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**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

**Futures Contracts –** The Portfolios are subject to equity price risk in the normal course of pursuing their investment objectives. The Portfolios may sell futures contracts to hedge against market risk, foreign currency exchange rate risks, and to reduce return volatility. Futures are standardized, exchange-traded contracts that provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a securities index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold, and initial and variation margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. The Portfolios may also buy or sell hedge instruments based on one or more market indices in an attempt to maintain the Portfolios' volatility at a targeted level. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Portfolio's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Portfolio recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Portfolio's basis in the contract. If a Portfolio were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Portfolio would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. These amounts are disclosed on the Statements of Assets and Liabilities as Deposits with Brokers when applicable. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

For the six-month period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts by risk type, as disclosed in the Statements of Operations, is as follows:

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| | | | |
|:---|:---|:---|:---|
| | Risk Type | Realized Gain/(Loss) | Change in Unrealized <br>Appreciation/(Depreciation) |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | Equity | $(4932854) | $- |
| Global Atlantic Balanced Managed Risk Portfolio | Equity | (2110491) | - |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | Equity | (4817064) | - |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | Equity | (6368340) | - |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | Interest Rate | (23167) | (44794) |
| Global Atlantic Moderately Aggressive Managed Risk Portfolio | Equity | (10881926) | (19603) |
| Global Atlantic Moderate Managed Risk Portfolio | Equity | (3114193) | - |
| Global Atlantic Select Advisor Managed Risk Portfolio | Equity | (2835949) | - |
| Global Atlantic Wellington Research Managed Risk Portfolio | Equity | (8749265) | - |
| Global Atlantic Wellington Research Managed Risk Portfolio | Interest Rate | 25950 | (1742) |

---

**Swap Agreements –** Certain Portfolios are subject to equity price risk and/or interest rate risk in the normal course of pursuing their investment objectives. These Portfolios may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency) or credit risk. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments. In a standard over-the-counter ("OTC") swap, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" (i.e., the return or increase in value of a particular dollar amount invested in a "basket" of securities, representing a particular index or industry sectors) of predetermined investments or instruments.

Certain Portfolios may enter into credit default swaps ("CDS"). CDS are two-party contracts that transfer credit exposure between the parties. One party (the "buyer") receives credit protection and the other party (the "seller") takes on credit risk. The buyer typically makes predetermined periodic payments to the seller in exchange for the seller's commitment to purchase the underlying reference obligation if a defined credit event occurs, such as a default, bankruptcy or failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. If the defined credit event occurs, the seller must pay the agreed-upon value of a reference obligation to the

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

counterparty or perform pursuant to the agreement. The buyer must then surrender the reference obligation to the seller. As a seller of credit protection in a CDS, a Portfolio would be liable for the notional amount of the swap.

The swaps in which a Portfolio may invest may be centrally cleared or bi-laterally traded. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of a swap agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A Portfolio amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. Realized gains and losses from the decrease in notional value of the swap are recognized on the trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. Swap agreements involve, to varying degrees, lack of liquidity and elements of credit, market and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Each Portfolio's maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flow to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

Swaps may involve greater risks than direct investments in securities because swaps may be leveraged and, when traded in the OTC markets, are subject to counterparty risk, credit risk and pricing risk, each of which individually and collectively, may have a considerable impact on the performance of a Portfolio. CDS in particular may involve greater risks than investing in a referenced instrument directly. Swaps, especially those that are not exchange-traded, may also be considered illiquid. It may not be possible for a Portfolio to liquidate a swap position at an advantageous time or price, which may result in significant losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing do not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.

The Portfolios use cash and certain securities as collateral to swap agreements as indicated on the Portfolio of Investments and Statements of Assets and Liabilities. Such collateral is held for the benefit of the counterparty in a segregated account to prevent non-payment by the Portfolios. If the counterparty defaults, a Portfolio may seek return of this collateral and incur certain costs exercising their rights to the collateral.

For the six-month period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap agreements by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Risk Type | Realized Gain/(Loss) | Change in Unrealized<br>Appreciation/(Depreciation) |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | Interest Rate | $2420 | $(9) |
|  | Credit | (16841) | (9917) |

---

**Swaption Transactions –** Certain Portfolios may enter into swaption transactions. A swaption, also known as a swap option, refers to an option to enter into an interest rate swap or other type of swap. In exchange for an options premium, the buyer gains the right but not the obligation to enter into a specified swap agreement with the issuer on a specified future date.

For the six-month period ended June 30, 2025, ealized gains/(losses) and the change in unrealized appreciation/(depreciation) on swaptions, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Risk Type | Realized Gain/(Loss) | Change in Unrealized<br>Appreciation/(Depreciation) |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | Interest Rate | $- | $(12516) |

---

**Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities –** The following tables present certain of the Portfolios' asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of June 30, 2025.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Gross<br>Amounts of<br>Recognized<br>Assets <sup>(1)</sup> | Financial<br>Instruments<br>and<br>Derivatives<br>Available for<br>Offset | Net Amount<br>of Assets<br>Presented<br>in the<br>Statements of<br>Assets &<br>Liabilities | Collateral<br>Received <sup>(2)</sup> | Net<br>Amount of<br>Recognized<br>Assets | Gross<br>Amounts of<br>Recognized<br>Liabilities <sup>(1)</sup> | Financial<br>Instruments<br>and<br>Derivatives<br>Available for<br>Offset | Net<br>Amount of<br>Liabilities<br>Presented<br>in the<br>Statements<br>of Assets &<br>Liabilities | Collateral<br>Pledged <sup>(2)</sup> | Net<br>Amount of<br>Recognized<br>Liabilities |
| Citibank NA | $44407 | $(25721) | $18686 | $- | $18686 | $25721 | $(25721) | $- | $- | $- |
| Deutsche Bank | 4322 | - | 4322 | - | 4322 | - | - | - | - | - |
| JP Morgan <br>Securities LLC | 28989 | (28989) | - | - | - | 41961 | (28989) | 12972 | (12972) | - |
| Total | $77718 | $(54710) | $23008 | $- | $23008 | $67682 | $(54710) | $12972 | $(12972) | $- |

---

**Global Atlantic Wellington Research Managed Risk Portfolio**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Gross<br>Amounts of<br>Recognized<br>Assets <sup>(1)</sup> | Financial<br>Instruments<br>and<br>Derivatives<br>Available for<br>Offset | Net Amount<br>of Assets<br>Presented<br>in the<br>Statements of<br>Assets &<br>Liabilities | Collateral<br>Received <sup>(2)</sup> | Net<br>Amount of<br>Recognized<br>Assets | Gross<br>Amounts of<br>Recognized<br>Liabilities <sup>(1)</sup> | Financial<br>Instruments<br>and<br>Derivatives<br>Available for<br>Offset | Net<br>Amount of<br>Liabilities<br>Presented<br>in the<br>Statements<br>of Assets &<br>Liabilities | Collateral<br>Pledged <sup>(2)</sup> | Net<br>Amount of<br>Recognized<br>Liabilities |
| JP Morgan <br>Chase Bank | $13391 | $- | $13391 | $- | $13391 | $- | $- | $- | $- | $- |
| Total | $13391 | $- | $13391 | $- | $13391 | $- | $- | $- | $- | $- |

---

(1) Gross unrealized appreciation/(depreciation) as presented in the Portfolio of Investments.

(2) The amount is limited to the net derivative balance and, accordingly, may not include collateral or excess collateral received or pledged.

**Impact of Derivatives on the Statements of Assets and Liabilities –** The following table presents a summary of the location of derivative investments categorized by primary risk exposure on the Portfolios' Statements of Assets and Liabilities as of June 30, 2025:

**Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | <br>Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts |  | $22797 | $- | $- | $22797 |
| Unrealized appreciation on Swap <br>Contracts | $- | 32292 | 12369 | - | 44661 |
| Unrealized appreciation on Swaptions | - | 10260 | 10260 | - | 20520 |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | - | (27547) | - | - | (27547) |
| Unrealized depreciation on Swap <br>Contracts | - | - | (17358) | - | (17358) |
| Unrealized depreciation on <br>Swaptions | - | - | (22776) | - | (22776) |
| Total | $- | $37802 | $(17505) | $- | $20297 |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

**Global Atlantic Wellington Research Managed Risk Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>Equity | Interest Rate <br>Contracts | Credit <br>Contracts | Currency <br>Contracts | <br>Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts | $- | $13391 | $- | $- | $13391 |

---

The notional value of the derivative instruments outstanding as of June 30, 2025, as disclosed in the Portfolios of Investments, and the amounts of realized and unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios. In addition, for the six-month period ended June 30, 2025, the relevant values of each derivative type were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Average Number of Contracts or Notional Amounts\* | Average Number of Contracts or Notional Amounts\* | Average Number of Contracts or Notional Amounts\* | Average Number of Contracts or Notional Amounts\* | Average Number of Contracts or Notional Amounts\* | Average Number of Contracts or Notional Amounts\* | Average Number of Contracts or Notional Amounts\* |
| Fund | Long <br>Futures<br>Contracts | Long <br>Futures<br>Notional <br>Value | Short <br>Futures<br>Contracts | Short <br>Futures<br>Notional <br>Value | Forward <br>Contracts<br>Notional <br>Value\*\* | Swap <br>Agreements<br>Notional <br>Value\*\* | Swaptions<br>Notional <br>Value\*\* |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | - | $- | 28 | $4611393 | $- | $- | $- |
| Global Atlantic Balanced Managed Risk Portfolio | - | - | 14 | 2703789 | - | - | - |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | - | - | 36 | 7025402 | - | - | - |
| Global Atlantic Franklin Tactical Allocation Managed <br>Risk Portfolio | 22 | 4557460 | 73 | 13485477 | - | 1597500 | 1433333 |
| Global Atlantic Moderately Aggressive Managed Risk <br>Portfolio | - | - | 133 | 27875930 | - | - | - |
| Global Atlantic Moderate Managed Risk Portfolio | - | - | 26 | 5384747 | - | - | - |
| Global Atlantic Select Advisor Managed Risk Portfolio | - | - | 22 | 3855628 | - | - | - |
| Global Atlantic Wellington Research Managed Risk Portfolio | 62 | 8365898 | 75 | 19049184 | - | - | - |

---

\* Amounts disclosed represent average month-end number of contracts or notional amounts held for the six-month period ended June 30, 2025, which is indicative volume for these derivative types.

\*\* Based on absolute values.

**Short Sales –** A Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities; (ii) to increase the flexibility of the Portfolio; (iii) for investment return; (iv) as part of a risk arbitrage strategy; and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which a Portfolio sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When a Portfolio makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Portfolio is required to make a margin deposit in connection with such short sales; the Portfolio may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time a Portfolio covers its short position, the Portfolio will incur a loss; conversely, if the price declines, the Portfolio will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent a Portfolio sells securities short, it will provide collateral to the broker-dealer. A Portfolio does not intend to enter into short sales (other than short sales "against the box") if immediately after such sales the aggregate value of all collateral exceeds 10% of the value of the Portfolio's net assets. This percentage may be varied by action of the Board. A short sale is "against the box" to the extent the Portfolio contemporaneously owns or has the right to obtain at no added cost, securities identical to those sold short.

As of June 30, 2025, the Portfolios did not hold any short sales of securities.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

**When-Issued and Delayed-Delivery Transactions –** The Portfolios may engage in when-issued or delayed-delivery transactions. The Portfolios record when-issued securities on the trade date. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Real Estate Investment Trusts –** Certain Portfolios may invest in real estate investment trusts ("REITs"). REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so a Portfolio that invests in REITs will bear its proportionate share of the costs of the REITs' operations. Along with the risks common to different types of real estate-related securities, such as loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value and possible environmental liabilities, REITs involve additional risk factors. These include poor performance by the REIT's manager, changes to tax laws, and failure by the REIT to qualify for tax free distribution of income or exemption under the 1940 Act. In addition, REITs are not diversified and are heavily dependent on cash flow.

Distributions from a Portfolio's investments in REITs may be characterized as ordinary income, a net capital gain or a return of capital. The Portfolios record distributions that represent a net capital gain as a realized gain and distributions that represent a return of capital as a reduction of the cost of investment. REITs report information on the source of their distributions annually in the following calendar year. As a result, a Portfolio may estimate the source of REIT distributions for accounting purposes and make adjustments when the actual source information is reported by the REIT. These estimates are based on the most recent REIT distribution information available.

**Mortgage Dollar Roll Transactions –** A mortgage dollar roll transaction involves a sale by a Portfolio of mortgage related securities that it holds with an agreement by the Portfolio to repurchase similar securities at an agreed upon price and date. The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The Portfolios account for mortgage dollar rolls as purchases and sales transactions.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific Portfolio are charged to that Portfolio. Expenses, which are not readily identifiable to a specific Portfolio, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Portfolios in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties and which provide general indemnities. Each Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios expect the risk of loss due to these warranties and indemnities to be remote.

**3. INVESTMENT TRANSACTIONS**

For the six-month period ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short- term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Purchases <br>(Excluding U.S. <br>Government <br>Securities) | Purchases U.S. <br>Government <br>Securities | Sales <br>(Excluding U.S. <br>Government <br>Securities) | Sales U.S. <br>Government <br>Securities |
| Global Atlantic American Funds<sup>®</sup> Managed Risk <br>Portfolio | $17720121 | $- | $28382018 | $- |
| Global Atlantic Balanced Managed Risk Portfolio | 13190392 | - | 21301968 | - |
| Global Atlantic BlackRock Selects Managed Risk <br>Portfolio | 54731816 | - | 70151195 | - |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Purchases <br>(Excluding U.S. <br>Government <br>Securities) | Purchases U.S. <br>Government <br>Securities | Sales <br>(Excluding U.S. <br>Government <br>Securities) | Sales U.S. <br>Government <br>Securities |
| Global Atlantic Franklin Tactical Allocation <br>Managed Risk Portfolio | $14857239 | $39801019 | $30859815 | $43632636 |
| Global Atlantic Moderately Aggressive <br>Managed Risk Portfolio | 45453828 | - | 79886181 | - |
| Global Atlantic Moderate Managed Risk Portfolio | 15173141 | - | 26687729 | - |
| Global Atlantic Select Advisor Managed Risk <br>Portfolio | 6978282 | - | 13924866 | - |
| Global Atlantic Wellington Research Managed <br>Risk Portfolio | 100311870 | 58863966 | 124561477 | 73861805 |

---

During the six-month period ended June 30, 2025, the Global Atlantic Wellington Research Managed Risk Portfolio sold securities that were executed with an affiliated broker. The commissions paid to the broker to execute these transactions were usual and customary and these transactions complied with Rule 17e-1 under the 1940 Act. The details of these transactions were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Trade <br>Date | Settle <br>Date | Transaction | Quantity | Price | Commission | Proceeds |
| Standardaero, Inc. | 2/5/2025 | 2/6/2025 | Sell | 1211 | $27.58 | $24.22 | $33375.32 |
| Standardaero, Inc. | 2/7/2025 | 2/10/2025 | Sell | 648 | $27.40 | $12.96 | $17740.97 |

---

**4. AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES**

The Adviser serves as the Portfolios' investment adviser. The Adviser has engaged the following sub-advisers for the Portfolios:

---

| | |
|:---|:---|
| Portfolio | Sub-Adviser |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | Wilshire Advisors LLC<br>Milliman Financial Risk Management, LLC |
| Global Atlantic Balanced Managed Risk Portfolio | BlackRock Investment Management, LLC <br>Milliman Financial Risk Management, LLC |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | BlackRock Investment Management, LLC <br>Milliman Financial Risk Management, LLC |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio  | Franklin Advisers, Inc.<br>Milliman Financial Risk Management, LLC |
| Global Atlantic Moderately Aggressive Managed Risk Portfolio | BlackRock Investment Management, LLC <br>Milliman Financial Risk Management, LLC |
| Global Atlantic Moderate Managed Risk Portfolio  | BlackRock Investment Management, LLC <br>Milliman Financial Risk Management, LLC |
| Global Atlantic Select Advisor Managed Risk Portfolio  | Wilshire Advisors LLC<br>Milliman Financial Risk Management, LLC |
| Global Atlantic Wellington Research Managed Risk Portfolio | Wellington Management Company LLP <br>Milliman Financial Risk Management, LLC |

---

The Bank of New York Mellon serves as the Administrator, Fund Accountant and Custodian for the Portfolios and BNY Mellon Investment Servicing (US) Inc. (together with The Bank of New York Mellon, "BNYM") serves as the Transfer Agent for the Portfolios.

Pursuant to an investment advisory agreement between the Trust, on behalf of the Portfolios and the Adviser (the "Advisory Agreement"), the Adviser, under the oversight of the Board, directs the daily investment operations of the Portfolios and

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Portfolios pay the Adviser an advisory fee, computed on average daily net assets and accrued daily and paid monthly.

The following chart details the annual advisory fee for each Portfolio for the six-month period ended June 30, 2025.

---

| | |
|:---|:---|
| Portfolio | Advisory Fee\* |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | 0.900% on first $500 million |
|  | 0.875% on next $500 million  |
|  | 0.850% over $1 billion |
| Global Atlantic Balanced Managed Risk Portfolio | 0.550% on first $500 million |
|  | 0.525% on next $500 million |
|  | 0.500% over $1 billion |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | 0.550% on first $500 million |
|  | 0.525% on next $500 million |
|  | 0.500% over $1 billion |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | 0.850% on first $500 million |
|  | 0.825% on next $500 million |
|  | 0.800% over $1 billion |
| Global Atlantic Moderately Aggressive Managed Risk Portfolio | 0.550% on first $500 million |
|  | 0.525% on next $500 million |
|  | 0.500% over $1 billion |
| Global Atlantic Moderate Managed Risk Portfolio | 0.550% on first $500 million |
|  | 0.525% on next $500 million |
|  | 0.500% over $1 billion |
| Global Atlantic Select Advisor Managed Risk Portfolio | 0.900% on first $500 million |
|  | 0.875% on next $500 million |
|  | 0.850% over $1 billion |
| Global Atlantic Wellington Research Managed Risk Portfolio | 0.850% on first $500 million |
|  | 0.825% on next $500 million |
|  | 0.800% over $1 billion |

---

\* Calculated daily based on the average daily net assets.

During the six-month period ended June 30, 2025, with respect to each Portfolio, the Adviser contractually agreed to waive its fees and to reimburse expenses, at least until the expiration dates listed below, to ensure that total annual portfolio operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation) will not exceed the average daily net asset percentages attributable to the Portfolio's shares listed below ("Waiver Agreements"). The expense reimbursement is subject to possible recoupment from the Portfolio in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment, after giving effect to the recoupment amount, can be achieved within the lesser of the expense limits listed below and any expense limits applicable at the time of recoupment. The agreements may be terminated only by the Board, on 60 days' written notice to the Adviser.

---

| | | |
|:---|:---|:---|
| Portfolio | Operating Expense Limitation | Expiration Date |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | 0.87% | May 1, 2026 |
| Global Atlantic Balanced Managed Risk Portfolio | 0.92% | May 1, 2026 |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | 0.94% | May 1, 2026 |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | 1.19% | May 1, 2026 |
| Global Atlantic Moderately Aggressive Managed Risk Portfolio | 0.88% | May 1, 2026 |
| Global Atlantic Moderate Managed Risk Portfolio | 0.92% | May 1, 2026 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 0.64% | May 1, 2026 |
| Global Atlantic Wellington Research Managed Risk Portfolio | 1.19% | May 1, 2026 |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

In addition, the Adviser has agreed to waive 0.40% of its fees for Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio and Global Atlantic Select Advisor Managed Risk Portfolio for as long as each Portfolio relies primarily on investments in underlying funds to achieve its principal investment strategy. These waivers are not subject to recoupment.

The Adviser or its affiliates may receive compensation from managers of underlying funds in which the Global Atlantic Select Advisor Managed Risk Portfolio invests. This compensation may create a conflict of interest for the Adviser in the selection of underlying funds for investment by the Portfolio. However, the Adviser will voluntarily reduce the amount of its compensation under its Advisory Agreement with the Portfolio by the amount of the compensation received from managers of underlying funds. The minimum amount of this waiver, until at least May 1, 2026, for the Portfolio is 0.14% and is based on estimated amounts expected to be received during the current fiscal year. The actual amount of each waiver may be higher to the extent the payments exceed the Adviser's estimates, but it will not be lower. These waivers are not subject to recoupment by the Adviser. The waivers may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the Adviser.

For the six-month period ended June 30, 2025, the Adviser waived, reimbursed, or recaptured fees as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Investment <br>Advisory Fee <br>Waiver | Investment <br>Advisory Fee <br>Reimbursed | Investment <br>Advisory Fee <br>Recaptured | Total |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | $299174 | $- | $- | $299174 |
| Global Atlantic Balanced Managed Risk Portfolio | 10401 | - | - | 10401 |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | 7416 | - | - | 7416 |
| Global Atlantic Franklin Tactical Allocation Managed Risk <br>Portfolio | 59703 | - | - | 59703 |
| Global Atlantic Moderately Aggressive Managed Risk <br>Portfolio | 86561 | - | - | 86561 |
| Global Atlantic Moderate Managed Risk Portfolio | 12210 | - | - | 12210 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 214925 | - | - | 214925 |
| Global Atlantic Wellington Research Managed Risk Portfolio | 103508 | - | - | 103508 |

---

If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreements, and the Portfolio's operating expenses are subsequently less than the expense limitation, the Adviser shall be entitled to reimbursement by the Portfolio for such waived fees or reimbursed expenses provided that such reimbursement does not cause the Portfolio's expenses to exceed the amount of the expense limitation. If Portfolio operating expenses subsequently exceed the expense limitation, the reimbursements shall be suspended.

The Adviser may recapture the following amounts by the following dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | December 31, <br>2025 | December 31, <br>2026 | December 31, <br>2027 | December 31, <br>2028 |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | $- | $- | $1577 | $17947 |
| Global Atlantic Balanced Managed Risk Portfolio | - | 385 | 3167 | 10401 |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | - | - | - | 7416 |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | 66940 | 82060 | 73812 | 59703 |
| Global Atlantic Moderately Aggressive Managed Risk Portfolio | 112196 | 116741 | 120900 | 86561 |
| Global Atlantic Moderate Managed Risk Portfolio | - | - | 2903 | 12210 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 27211 | 25457 | 26086 | 19775 |
| Global Atlantic Wellington Research Managed Risk Portfolio | 135879 | 142076 | 136871 | 103508 |

---

The Trust, on behalf of the Portfolios, has adopted a distribution and shareholder servicing plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act for Class II shares. The fee charged under the Plan is calculated at an annual rate of 0.25% of the average daily net assets attributable to each Portfolio's Class II shares and, for the six-month period ended June 30, 2025, was paid to Global Atlantic Distributors, LLC ("GAD") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Portfolios' shareholder accounts, not otherwise required to be provided by the Adviser. GAD is an affiliate of the Adviser.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

For the six-month period ended June 30, 2025, the Portfolios expensed the following distribution fees:

---

| | |
|:---|:---|
| | Fees Paid |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | $175767 |
| Global Atlantic Balanced Managed Risk Portfolio | 85139 |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | 175105 |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | 206057 |
| Global Atlantic Moderately Aggressive Managed Risk Portfolio | 319436 |
| Global Atlantic Moderate Managed Risk Portfolio | 105496 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 81873 |
| Global Atlantic Wellington Research Managed Risk Portfolio | 359439 |

---

For the six-month period ended June 30, 2025, the Trustees received fees in the amounts as follows:

---

| | |
|:---|:---|
| | Fees Received |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | $11340 |
| Global Atlantic Balanced Managed Risk Portfolio | 5585 |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | 11387 |
| Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio | 13515 |
| Global Atlantic Moderately Aggressive Managed Risk Portfolio | 21022 |
| Global Atlantic Moderate Managed Risk Portfolio | 6922 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 5328 |
| Global Atlantic Wellington Research Managed Risk Portfolio | 23372 |

---

Foreside Fund Officer Services, LLC ("Foreside", d/b/a ACA Group) provides compliance and financial control services for the Portfolios pursuant to a written agreement with the Trust, on behalf of the Portfolios, including providing the Principal Financial Officer / Principal Accounting Officer to the Portfolios. The Portfolios pay Foreside an annual basis-point fee based on the Portfolio's daily net assets, subject to a fee minimum, and reimburses for certain expenses incurred on behalf of the Portfolios. Total fees paid to Foreside pursuant to these agreements are reflected as "Regulatory and Compliance" fees on the Statement of Operations.

**5. CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of June 30, 2025, Forethought Life Insurance Company Separate Account A owned 100% of the voting securities of each Portfolio. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

**Shareholder Concentration Risk –** FLIC, certain accounts or the Adviser's affiliates may from time to time own (beneficially or of record) or control a significant percentage of a Portfolio's shares. Redemptions by these entities of their holdings in a Portfolio may impact the Portfolio's liquidity and NAV. These redemptions may also force a Portfolio to sell securities.

**6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS**

As of December 31, 2024, the aggregate cost of investments for federal income tax purposes, the gross unrealized appreciation and depreciation and the aggregated net unrealized appreciation (depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Tax<br>Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net Unrealized <br>Appreciation/ <br>(Depreciation) |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | $133104251 | $26700542 | $(11573152) | $15127390 |
| Global Atlantic Balanced Managed Risk Portfolio | 59095369 | 16258006 | (3063088) | 13194918 |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | 133591472 | 17710964 | (3121846) | 14589118 |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Tax<br>Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net Unrealized <br>Appreciation/ <br>(Depreciation) |
| Global Atlantic Franklin Tactical Allocation Managed <br>Risk Portfolio | $117591715 | $67653913 | $(3902786) | $63751127 |
| Global Atlantic Moderately Aggressive Managed <br>Risk Portfolio | 176325626 | 100869052 | (4546814) | 96322238 |
| Global Atlantic Moderate Managed Risk Portfolio | 68176268 | 25830119 | (3058239) | 22771880 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 56757108 | 14665432 | (2321487) | 12343945 |
| Global Atlantic Wellington Research Managed<br>Risk Portfolio | 244039605 | 77470877 | (9403096) | 68067781 |

---

**7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL**

The tax character of fund distributions paid for the years ended December 31, 2024 and 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| For fiscal year ended<br>12/31/2024 | Ordinary<br>Income | Long-Term<br>Capital Gains | Return of<br>Capital | Total |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | $2689473 | $- | $- | $2689473 |
| Global Atlantic Balanced Managed Risk Portfolio | 1595811 | - | - | 1595811 |
| Global Atlantic BlackRock Selects Managed Risk<br>Portfolio | 2789968 | - | - | 2789968 |
| Global Atlantic Franklin Tactical Allocation Managed <br>Risk Portfolio | 3042428 | 9266298 | - | 12308726 |
| Global Atlantic Moderately Aggressive Managed Risk <br>Portfolio | 3961817 | 5381020 | - | 9342837 |
| Global Atlantic Moderate Managed Risk Portfolio | 1558717 | 824182 | - | 2382899 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 1170792 | - | - | 1170792 |
| Global Atlantic Wellington Research Managed Risk<br>Portfolio | 3815420 | 9276626 | - | 13092046 |
| For fiscal year ended<br>12/31/2023 | Ordinary<br>Income | Long-Term<br>Capital Gains | Return of<br>Capital | Total |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | $5500719 | $17502209 | $- | $23002928 |
| Global Atlantic Balanced Managed Risk Portfolio | 1253987 | - | - | 1253987 |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | 1444840 | - | - | 1444840 |
| Global Atlantic Franklin Tactical Allocation Managed<br>Risk Portfolio | 2371539 | 10535004 | - | 12906543 |
| Global Atlantic Moderately Aggressive Managed Risk <br>Portfolio | 3553450 | 13595358 | - | 17148808 |
| Global Atlantic Moderate Managed Risk Portfolio | 1298429 | 2019905 | - | 3318334 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 1543184 | 5386321 | - | 6929505 |
| Global Atlantic Wellington Research Managed Risk<br>Portfolio | 2239646 | - | - | 2239646 |

---

As of December 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Post October<br>Loss and Late<br>Year Loss | Capital Loss<br>Carryforward | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br>Accumulated<br>Earnings/<br>(Defecits) |
| Global Atlantic American Funds<sup>®</sup> Managed<br>Risk Portfolio | $2750663 | $5900386 | $- | $- | $15127390 | $23778439 |
| Global Atlantic Balanced Managed Risk Portfolio | 1483973 | 195659 | - | - | 13194918 | 14874550 |
| Global Atlantic BlackRock Selects Managed<br>Risk Portfolio | 4246268 | 8704243 | - | - | 14589118 | 27539629 |
| Global Atlantic Franklin Tactical Allocation<br>Managed Risk Portfolio | 2650183 | 25164279 | - | - | 63778677 | 91593139 |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Post October<br>Loss and Late<br>Year Loss | Capital Loss<br>Carryforward | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br>Accumulated<br>Earnings/<br>(Defecits) |
| Global Atlantic Moderately Aggressive Managed <br>Risk Portfolio | $8518984 | $27035472 | $- | $- | $96322238 | $131876694 |
| Global Atlantic Moderate Managed Risk Portfolio | 3341384 | 7223304 | - | - | 22771880 | 33336568 |
| Global Atlantic Select Advisor Managed Risk<br>Portfolio | 1511591 | 4963578 | - | - | 12343945 | 18819114 |
| Global Atlantic Wellington Research Managed<br>Risk Portfolio | 10320000 | 36188842 | - | - | 68105174 | 114614016 |

---

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on passive foreign investment companies, open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) and unrealized derivative gains (losses) in the amount of $27,550 and $37,393 for Global Atlantic Franklin Tactical Allocation Managed Risk Portfolio and Global Atlantic Wellington Research Managed Risk Portfolio, respectively.

During the year ended December 31, 2024, the following Portfolios utilized capital loss carryforwards:

---

| | |
|:---|:---|
| | Utilized |
| Global Atlantic American Funds<sup>®</sup> Managed Risk Portfolio | $1913403 |
| Global Atlantic Balanced Managed Risk Portfolio | 6181163 |
| Global Atlantic BlackRock Selects Managed Risk Portfolio | 8322655 |
| Global Atlantic Select Advisor Managed Risk Portfolio | 355032 |

---

**8. NEW ACCOUNTING PRONOUNCEMENTS**

During the 2024 fiscal year, the Portfolios adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Portfolios' financial position or their results of operations. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The Adviser acts as the Portfolios' chief operating decision maker ("CODM") assessing performance and making decisions about resource allocation. The CODM has determined that each Portfolio has a single operating segment based on the fact that the CODM monitors the operating results of each Portfolio as a whole and the Portfolios' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Portfolios' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in each Portfolio's Portfolio of Investments, Statements of Changes in Net Assets and Financial Highlights.

**9. OTHER RISKS**

The Portfolios' risks include, but are not limited to, the following:

**Credit Risk –** There is a risk that security issuers will not make interest and/or principal payments on their securities. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality will lead to greater volatility in the price of a security and in shares of a Portfolio. Lower credit quality also will affect liquidity and make it difficult to sell the security. This means that, compared to issuers of higher rated securities, issuers of lower rated securities are less likely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions and/or may be in default or not current in the payment of interest or principal. Default, or the perception (whether by market participants, rating agencies, pricing services or otherwise) that an issuer is likely to default, tends to reduce the value and liquidity of fixed income securities, thereby reducing the value of your investment in Portfolio shares. In addition, default may cause a Portfolio to directly or indirectly incur expenses in seeking recovery of principal or interest.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

A Portfolio could lose money on a debt security if an issuer or borrower is unable or fails to meet its obligations, including failing to make interest payments and/or to repay principal when due. Changes in an issuer's financial strength, the market's perception of the issuer's financial strength or in a security's credit rating, which reflects a third party's assessment of the credit risk presented by a particular issuer, may affect debt securities' value. A Portfolio may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk by the market, the Sub-Adviser and/or Underlying Fund manager, as applicable, or the rating agencies than such securities actually do. These risks are heightened in market environments where interest rates are rising.

**Derivatives Risk –** The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives may increase costs, reduce a Portfolio's returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Many types of derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of a Portfolio's use of derivatives is that the fluctuations in their values may not correlate perfectly with, and may be more sensitive to market events than, the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability to sell or otherwise close-out a derivatives position at an advantageous time or price could expose a Portfolio to losses and could make derivatives more difficult to value accurately. Derivatives typically give rise to a form of leverage and may expose a Portfolio to greater risk and increase its costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments require the clearing and exchange-trading of many standardized OTC derivative instruments deemed to be "swaps." The Commodity Futures Trading Commission ("CFTC") has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Uncleared swaps are subject to margin requirements that are being implemented on a phase-in basis.

**Exchange-Traded Funds Risk –** The Portfolios may invest in ETFs. Investments in underlying ETFs typically present the same risks as investments in conventional Underlying Funds. In addition, disruptions to the creations and redemptions process through which market makers directly purchase and sell ETF shares, the existence of extreme market volatility or potential lack of an active trading market, or changes in the liquidity of the market for an ETF's underlying portfolio holdings, may result in the ETF's shares trading at significantly above (at a premium to) or below (at a discount to) net asset value, which may result in a Portfolio paying significantly more or receiving significantly less for ETF shares than the value of the relevant ETF's underlying holdings. An ETF's shares could also trade at a premium or discount to net asset value when an ETF's underlying securities trade on a foreign exchange that is closed when the securities exchange on which the ETF trades is open. The current price of the ETF's underlying securities and the last quoted price for the underlying security are likely to deviate in such circumstances. There can be no assurance that an active trading market for an ETF's shares will develop or be maintained. Trading may be halted, for example, due to market conditions. Because the value of ETF shares depends on the demand in the market, a Portfolio's holdings may not be able to be liquidated at the most optimal time, adversely affecting performance.

There can be no assurance that an ETF's investment objectives will be achieved. Each ETF is subject to specific risks, depending on the nature of the ETF. These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with real estate investments and natural resources. ETFs in which a Portfolio invests will not be able to replicate exactly the performance of the indices they track, if any, because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, ETFs in which a Portfolio invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. An investment in an ETF presents the risk that the ETF may no longer meet the listing requirements of any applicable exchanges on which the ETF is listed.

**Market Risk –** The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, limited dealer capacity, lack of liquidity in the markets or adverse investor sentiment. Each Portfolio has exposure to instruments that may be more volatile and carry more risk than some other forms of investment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. Local, regional or global events such as war, military conflict, geopolitical disputes,

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited) (Continued)**

**June 30, 2025**

acts of terrorism, the spread of infectious illness or other public health issues, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions, increased government spending, social or political unrest or other events, or the threat or potential threat of one or more such events and developments, could also have a significant impact on a Portfolio and its investments. The market prices of securities may also be negatively impacted by trading activity and investor interest, including interest driven by factors unrelated to market conditions or financial performance. In these circumstances, the value of a Portfolio's investments, particularly any short positions or exposures, may fluctuate dramatically.

A Portfolio may experience a substantial or complete loss on any individual security.

Policy and legislative changes in the U.S. and abroad affect many aspects of financial regulation and may, in some cases, contribute to decreased liquidity and increased volatility in the financial markets. Economies and financial markets around the world are becoming increasingly interconnected. As a result, whether or not a Portfolio has exposure to securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio's investments may be negatively affected.

In addition, market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. For example, adverse developments in the banking or financial services sector could impact companies operating in various sectors or industries and adversely impact Portfolio investments. An increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Portfolio investments, adversely affect values of portfolio holdings and increase a Portfolio's costs. If dealer capacity in fixed income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed income markets.

**10. SUBSEQUENT EVENTS**

The Portfolios evaluated subsequent events from June 30, 2025 through the date these financial statements were issued. There were no significant events that would have a material impact on the Portfolios' financial statements.

------

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on or through the Portfolios' website at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/ and (2) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

Each Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Each Portfolio's Form N-PORT is available: (i) on the SEC's website at http://www.sec.gov; and (ii) on the Portfolios' website at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. Each Portfolio will post to https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/ a complete list of its portfolio holdings as of the last calendar day of each month approximately 30 days following the end of the month. Each Portfolio's portfolio holdings will remain available on the website noted above at least until the next monthly update.

**INVESTMENT ADVISER**

Global Atlantic Investment Advisors, LLC

10 West Market Street, Suite 2300

Indianapolis, IN 46204

**ADMINISTRATOR**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**INVESTMENT SUB-ADVISERS**

BlackRock Investment Management, LLC

1 University Square Drive

Princeton, NJ 08540-6455

Franklin Advisers, Inc.

One Franklin Parkway

San Mateo, CA 94403

Wilshire Advisors LLC

1299 Ocean Avenue, Suite700

New York, NY 10282

Milliman Financial Risk Management, LLC

71 S. Wacker Drive, 31st Floor

Chicago, IL 60606

Wellington Management Company LLP

280 Congress Street

Boston, MA 02210

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must file the information
required by Item 13 of Form N-1A.

This information is disclosed as part of the financial statements included in Item 7 (a).

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

This information is disclosed as part of the financial statements included in Item 7 (a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the registrant's disclosure controls and procedures as of a date within
90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the registrant have
concluded that the disclosure controls and procedures of the registrant are reasonably designed to ensure that the information required
in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required
to be disclosed is accumulated and communicated to the registrant's management, including the registrant's principal executive
officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially
affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3)](tm2514011d1_ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](tm2514011d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm2514011d1_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](tm2514011d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Forethought Variable Insurance Trust

---

| | |
|:---|:---|
| By (Signature and Title)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent Statczar |

---

Trent Statczar, Treasurer

(Principal Financial Officer and Principal Accounting Officer)

Date &nbsp;&nbsp;&nbsp;&nbsp; <u>September 2, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Deborah Schunder |

---

Deborah Schunder, President

(Principal Executive Officer)

Date &nbsp;&nbsp;&nbsp;&nbsp; <u>September 2, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

---

| | |
|:---|:---|
| By (Signature and Title)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent Statczar |

---

Trent Statczar, Treasurer

(Principal Financial Officer and Principal Accounting Officer)

Date &nbsp;&nbsp;&nbsp;&nbsp; <u>September 2, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Deborah Schunder, certify that:

1. I have reviewed this report on Form N-CSR of the Forethought Variable Insurance Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any changes in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>September 2, 2025</u> | /s/ Deborah Schunder |
|  | Deborah Schunder |
|  | President (Principal Executive Officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Trent Statczar, certify that:

1. I have reviewed this report on Form N-CSR of the Forethought Variable Insurance Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any changes in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: <u>September 2, 2025</u> | /s/ Trent Statczar |
|  | Trent Statczar |
|  | Treasurer (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 of the Forethought Variable Insurance Trust (the "Registrant").

Deborah Schunder, President, and Trent Statczar, Treasurer, of the Registrant, each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the
 "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as
amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President (Principal Executive Officer) | &nbsp;&nbsp;Treasurer (Principal Financial Officer and Principal Accounting Officer) |
| Forethought Variable Insurance Trust | &nbsp;&nbsp;Forethought Variable Insurance Trust |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Deborah Schunder | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent Statczar |
| Deborah Schunder | Trent Statczar |
| Date: <u>September 2, 2025</u> | Date: <u>September 2, 2025</u> |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.