# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0001104659-26-022638
**Filing Date:** 2026-3
**Character Count:** 514950
**Document Hash:** 3d6bdd6f1b7ccb78b2bd1e861997fbaa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-022638.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001104659-26-022638

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22865
- **FILM NUMBER:** 26711640

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

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

## Series and Classes Contracts Data

### Global Atlantic BlackRock Allocation Portfolio (Series ID: S000052666)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000165348 | Global Atlantic BlackRock Allocation Portfolio Class I Shares  |  |
| C000165349 | Global Atlantic BlackRock Allocation Portfolio Class II Shares |  |

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

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

### Global Atlantic BlackRock Disciplined Core Portfolio (Series ID: S000052671)

| Class ID   | Class Name                                                           | Ticker Symbol   |
|:---|:---|:---|
| C000165363 | Global Atlantic BlackRock Disciplined Core Portfolio Class I Shares  |  |
| C000165364 | Global Atlantic BlackRock Disciplined Core Portfolio Class II Shares |  |

### Global Atlantic BlackRock Disciplined Growth Portfolio (Series ID: S000052672)

| Class ID   | Class Name                                                             | Ticker Symbol   |
|:---|:---|:---|
| C000165366 | Global Atlantic BlackRock Disciplined Growth Portfolio Class I Shares  |  |
| C000165367 | Global Atlantic BlackRock Disciplined Growth Portfolio Class II Shares |  |

### Global Atlantic BlackRock Disciplined International Core Portfolio (Series ID: S000052673)

| Class ID   | Class Name                                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000165369 | Global Atlantic BlackRock Disciplined International Core Portfolio Class I Shares  |  |
| C000165370 | Global Atlantic BlackRock Disciplined International Core Portfolio Class II Shares |  |

### Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio (Series ID: S000052674)

| Class ID   | Class Name                                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000165372 | Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio Class I Shares  |  |
| C000165373 | Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio Class II Shares |  |

### Global Atlantic BlackRock Disciplined Value Portfolio (Series ID: S000052677)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000165381 | Global Atlantic BlackRock Disciplined Value Portfolio Class I Shares  |  |
| C000165382 | Global Atlantic BlackRock Disciplined Value Portfolio Class II Shares |  |

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

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

?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 <u>811-22865</u> 

Forethought Variable Insurance Trust

(Exact name of registrant as specified in charter)

10 West Market Street, Suite 2300

Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

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>December 31, 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 BlackRock Allocation Portfolio](#classname7a1024da-4b96-4932-9891-612236dac547) |
|  [Global Atlantic BlackRock Allocation Portfolio](#classnamea4f0f946-446e-4246-bfa0-ca56a51ba212) |
|  [Global Atlantic BlackRock Disciplined Core Portfolio](#classname3123af0b-3980-49ca-93a0-b726097fb57e) |
|  [Global Atlantic BlackRock Disciplined Core Portfolio](#classnamee8b4f8dd-13cc-4e37-9e7f-2063f2528496) |
|  [Global Atlantic BlackRock Disciplined Growth Portfolio](#classname23136d07-6653-4a83-9af9-f370bb49083d) |
|  [Global Atlantic BlackRock Disciplined Growth Portfolio](#classname92b92cf9-ce37-482b-a6b2-1a7a6368057f) |
|  [Global Atlantic BlackRock Disciplined International Core Portfolio](#classname45af03f2-cdcc-4dde-ac64-1df05c51e854) |
|  [Global Atlantic BlackRock Disciplined International Core Portfolio](#classname14ac2360-60f3-4178-beb9-002279705966) |
|  [Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio](#classname5e7c6afc-1a92-4fa3-ae71-0844eeed9ba8) |
|  [Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio](#classname05acc189-72fa-4506-ac5a-8ff75d1ca23e) |
|  [Global Atlantic BlackRock Disciplined Value Portfolio](#classname1bb1ad69-70f3-4698-a7d9-d121664b014c) |
|  [Global Atlantic BlackRock Disciplined Value Portfolio](#classname6651d195-7886-40d6-972b-e9c25598f856) |
|  [Global Atlantic BlackRock High Yield Portfolio](#classname8e926c92-598d-4f85-8d73-cc0c61ef6b85) |
|  [Global Atlantic BlackRock High Yield Portfolio](#classname615773af-b64a-4c1b-8437-0aefd6c0cea8) |
|  [Global Atlantic Goldman Sachs Core Fixed Income Portfolio](#classname5215191e-9940-43a2-aa67-8987d5ea3a30) |

---

![Image](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Allocation Portfolio - Class I
This annual shareholder report contains important information about Global Atlantic BlackRock Allocation Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $40 | 0.37% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 15.77% for the year ended December 31, 2025, compared to a 16.59% gain for the S&P Target Risk<sup>®</sup> Growth Index.

**Top Contributors to Performance:**

* Value signals focused on operating income yield and research and development expenditures relative to price

* Fundamental signals that captured industry wage trends and momentum timing 

* Market sentiment signals focused on analyzing short volume and company network relationships 

**Top Detractors from Performance:**

* Macro Theme signals focused on short interest

* Reliance on policy-driven tactical models as assumptions did not align with actual market developments

* Retail signals related to online retail trends and alternative data related to labor mobility 

* Quality signals focusing on sales growth and long-term incentive intensity lagged

5172963

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg013.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock Allocation Portfolio ($19207)** | **S&P Target Risk<sup>®</sup> Growth Index ($18041)** | **MSCI ACWI Index ($23403)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10190 | $10210 | $10328 |
| **12/31/18** | $9666 | $9629 | $9355 |
| **12/31/19** | $11705 | $11478 | $11844 |
| **12/31/20** | $13397 | $12835 | $13769 |
| **12/31/21** | $14915 | $14295 | $16321 |
| **12/31/22** | $12914 | $12112 | $13324 |
| **12/31/23** | $14885 | $13974 | $16282 |
| **12/31/24** | $16591 | $15474 | $19130 |
| **12/31/25** | $19207 | $18041 | $23403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class I | 15.77% | 7.47% | 8.32% |
| S&P Target Risk<sup>®</sup> Growth Index | 16.59% | 7.05% | 7.50% |
| MSCI ACWI Index | 22.34% | 11.19% | 10.98% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $54979854 |
| Total advisory fees paid | $118430 |
| Total number of portfolio holdings | 15 |
| Period portfolio turnover rate | 44% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Exchange Traded Funds - Equity Funds | 63.2% |
| Exchange Traded Funds - Debt Funds | 35.2% |
| Short-Term Investments | 0.9% |
| Other Assets Less Liabilities - Net | 0.7% |
| 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Allocation Portfolio - Class II
This annual shareholder report contains important information about Global Atlantic BlackRock Allocation Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class II | $67 | 0.62% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 15.42% for the year ended December 31, 2025, compared to a 16.59% gain for the S&P Target Risk<sup>®</sup> Growth Index.

**Top Contributors to Performance:**

* Value signals focused on operating income yield and research and development expenditures relative to price

* Fundamental signals that captured industry wage trends and momentum timing 

* Market sentiment signals focused on analyzing short volume and company network relationships 

**Top Detractors from Performance:**

* Macro Theme signals focused on short interest

* Reliance on policy-driven tactical models as assumptions did not align with actual market developments

* Retail signals related to online retail trends and alternative data related to labor mobility 

* Quality signals focusing on sales growth and long-term incentive intensity lagged

5172975

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock Allocation Portfolio ($18813)** | **S&P Target Risk<sup>®</sup> Growth Index ($18041)** | **MSCI ACWI Index ($23403)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10180 | $10210 | $10328 |
| **12/31/18** | $9638 | $9629 | $9355 |
| **12/31/19** | $11645 | $11478 | $11844 |
| **12/31/20** | $13290 | $12835 | $13769 |
| **12/31/21** | $14756 | $14295 | $16321 |
| **12/31/22** | $12753 | $12112 | $13324 |
| **12/31/23** | $14657 | $13974 | $16282 |
| **12/31/24** | $16299 | $15474 | $19130 |
| **12/31/25** | $18813 | $18041 | $23403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class II | 15.42% | 7.20% | 8.05% |
| S&P Target Risk<sup>®</sup> Growth Index | 16.59% | 7.05% | 7.50% |
| MSCI ACWI Index | 22.34% | 11.19% | 10.98% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $54979854 |
| Total advisory fees paid | $118430 |
| Total number of portfolio holdings | 15 |
| Period portfolio turnover rate | 44% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Exchange Traded Funds - Equity Funds | 63.2% |
| Exchange Traded Funds - Debt Funds | 35.2% |
| Short-Term Investments | 0.9% |
| Other Assets Less Liabilities - Net | 0.7% |
| 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined Core Portfolio - Class I
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Core Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $58 | 0.53% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 20.22% for the year ended December 31, 2025, compared to a 17.88% gain for the S&P 500<sup>®</sup> Index.

**Top Contributors to Performance:**

* Value signals focused on operating income yield and research and development expenditures relative to price

* Fundamental signals that captured industry wage trends and momentum timing 

* Market sentiment signals focused on analyzing short volume and company network relationships 

**Top Detractors from Performance:**

* Macro Theme signals focused on short interest

* Reliance on policy-driven tactical models as assumptions did not align with actual market developments

* Retail signals related to online retail trends and alternative data related to labor mobility 

* Quality signals focusing on sales growth and long-term incentive intensity lagged

5172986

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg017.jpg)

---

| | | |
|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined Core Portfolio ($30617)** | **S&P 500<sup>®</sup> Index ($30380)** |
| **11/01/17** | $10000 | $10000 |
| **12/31/17** | $10380 | $10405 |
| **12/31/18** | $9887 | $9949 |
| **12/31/19** | $12775 | $13081 |
| **12/31/20** | $15290 | $15488 |
| **12/31/21** | $19674 | $19934 |
| **12/31/22** | $15958 | $16323 |
| **12/31/23** | $20165 | $20614 |
| **12/31/24** | $25468 | $25772 |
| **12/31/25** | $30617 | $30380 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class I | 20.22% | 14.90% | 14.69% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.58% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $671889511 |
| Total advisory fees paid | $2480137 |
| Total number of portfolio holdings | 228 |
| Period portfolio turnover rate | 100% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 33.7% |
| Common Stocks - Communications | 17.2% |
| Common Stocks - Financial | 14.3% |
| Common Stocks - Consumer, Non-cyclical | 12.3% |
| Common Stocks - Industrial | 9.5% |
| Common Stocks - Other | 11.6% |
| Short-Term Investments | 1.4% |
| Other Assets Less Liabilities - Net | 0.0%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Represents less than 0.05%. |

---

## 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined Core Portfolio - Class II
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Core Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class II | $86 | 0.78% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 19.83% for the year ended December 31, 2025, compared to a 17.88% gain for the S&P 500<sup>®</sup> Index.

**Top Contributors to Performance:**

* Value signals focused on operating income yield and research and development expenditures relative to price

* Fundamental signals that captured industry wage trends and momentum timing 

* Market sentiment signals focused on analyzing short volume and company network relationships 

**Top Detractors from Performance:**

* Macro Theme signals focused on short interest

* Reliance on policy-driven tactical models as assumptions did not align with actual market developments

* Retail signals related to online retail trends and alternative data related to labor mobility 

* Quality signals focusing on sales growth and long-term incentive intensity lagged

5172989

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg016.jpg)

---

| | | |
|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined Core Portfolio ($29968)** | **S&P 500<sup>®</sup> Index ($30380)** |
| **11/01/17** | $10000 | $10000 |
| **12/31/17** | $10370 | $10405 |
| **12/31/18** | $9845 | $9949 |
| **12/31/19** | $12694 | $13081 |
| **12/31/20** | $15160 | $15488 |
| **12/31/21** | $19457 | $19934 |
| **12/31/22** | $15737 | $16323 |
| **12/31/23** | $19855 | $20614 |
| **12/31/24** | $25008 | $25772 |
| **12/31/25** | $29968 | $30380 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class II | 19.83% | 14.60% | 14.39% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.58% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $671889511 |
| Total advisory fees paid | $2480137 |
| Total number of portfolio holdings | 228 |
| Period portfolio turnover rate | 100% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 33.7% |
| Common Stocks - Communications | 17.2% |
| Common Stocks - Financial | 14.3% |
| Common Stocks - Consumer, Non-cyclical | 12.3% |
| Common Stocks - Industrial | 9.5% |
| Common Stocks - Other | 11.6% |
| Short-Term Investments | 1.4% |
| Other Assets Less Liabilities - Net | 0.0%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Represents less than 0.05%. |

---

## 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined Growth Portfolio - Class I
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Growth Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $58 | 0.52% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 22.55% for the year ended December 31, 2025, compared to an 18.56% gain for the Russell 1000<sup>®</sup> Growth Index.

**Top Contributors to Performance:**

* Market sentiment signals derived from social media and machine learning analysis of management commentary 

* Macro signals identifying favorable industry and style rotations

* Signals emphasizing high research and development investment and robust operating income relative to price 

* Retail signals related to online retail trends and alternative data related to labor mobility 

**Top Detractors from Performance:**

* Signals penalizing companies with rising labor costs and those flagged for environmental, societal and governance controversies

* Quality signals focusing on sales growth and long-term incentive intensity lagged

* Macro theme signals tied to specific policy regimes and dynamic trends

5172993

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined Growth Portfolio ($17372)** | **Russell 1000<sup>®</sup> Growth Index ($17324)** | **Russell 1000<sup>®</sup> Index ($15984)** |
| **08/20/21** | $10000 | $10000 | $10000 |
| **12/31/21** | $10912 | $10837 | $10689 |
| **12/31/22** | $7665 | $7680 | $8644 |
| **12/31/23** | $10814 | $10957 | $10938 |
| **12/31/24** | $14175 | $14612 | $13619 |
| **12/31/25** | $17372 | $17324 | $15984 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **Since Inception (8/20/2021)** |
| Class I | 22.55% | 13.49% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 13.42% |
| Russell 1000<sup>®</sup> Index | 17.37% | 11.34% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $102755049 |
| Total advisory fees paid | $365917 |
| Total number of portfolio holdings | 142 |
| Period portfolio turnover rate | 106% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 46.7% |
| Common Stocks - Communications | 21.0% |
| Common Stocks - Consumer, Non-cyclical | 8.4% |
| Common Stocks - Consumer, Cyclical | 7.9% |
| Common Stocks - Industrial | 7.9% |
| Common Stocks - Other | 6.1% |
| Short-Term Investments | 2.0% |
| Other Assets Less Liabilities - Net | (0.0)%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Represents less than 0.05%. |

---

## 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined Growth Portfolio - Class II
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Growth Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class II | $86 | 0.77% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 22.27% for the year ended December 31, 2025, compared to an 18.56% gain for the Russell 1000<sup>®</sup> Growth Index.

**Top Contributors to Performance:**

* Market sentiment signals derived from social media and machine learning analysis of management commentary 

* Macro signals identifying favorable industry and style rotations

* Signals emphasizing high research and development investment and robust operating income relative to price 

* Retail signals related to online retail trends and alternative data related to labor mobility 

**Top Detractors from Performance:**

* Signals penalizing companies with rising labor costs and those flagged for environmental, societal and governance controversies

* Quality signals focusing on sales growth and long-term incentive intensity lagged

* Macro theme signals tied to specific policy regimes and dynamic trends

5173002

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined Growth Portfolio ($36096)** | **Russell 1000<sup>®</sup> Growth Index ($39419)** | **Russell 1000<sup>®</sup> Index ($29787)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10320 | $10388 | $10407 |
| **12/31/18** | $10013 | $10231 | $9909 |
| **12/31/19** | $13355 | $13954 | $13023 |
| **12/31/20** | $17987 | $19326 | $15753 |
| **12/31/21** | $22895 | $24659 | $19920 |
| **12/31/22** | $16049 | $17474 | $16110 |
| **12/31/23** | $22583 | $24932 | $20384 |
| **12/31/24** | $29522 | $33248 | $25380 |
| **12/31/25** | $36096 | $39419 | $29787 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class II | 22.27% | 14.95% | 17.03% |
| Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.29% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.30% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $102755049 |
| Total advisory fees paid | $365917 |
| Total number of portfolio holdings | 142 |
| Period portfolio turnover rate | 106% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 46.7% |
| Common Stocks - Communications | 21.0% |
| Common Stocks - Consumer, Non-cyclical | 8.4% |
| Common Stocks - Consumer, Cyclical | 7.9% |
| Common Stocks - Industrial | 7.9% |
| Common Stocks - Other | 6.1% |
| Short-Term Investments | 2.0% |
| Other Assets Less Liabilities - Net | (0.0)%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Represents less than 0.05%. |

---

## 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined International Core Portfolio - Class I
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined International Core Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $92 | 0.79% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 32.60% for the year ended December 31, 2025, compared to a 32.39% gain for the MSCI ACWI ex USA Index.

**Top Contributors to Performance:**

* Thematic models identifying and capturing sector rotations

* Market sentiment signals leveraging machine learning and trending methodologies

* Value signals focusing on book-to-price and cash flow generation

* Quality signals rewarding high disclosure standards and penalizing equity dilution 

**Top Detractors from Performance**:

* Select thematic signals designed for downside protection 

* Certain machine-learned earnings and broker sentiment models

* Non-financial quality signals focusing on those related to human capital and cybersecurity

* Value signals focused on skewness, book-to-price, and anti-momentum

5173005

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg010.jpg)

---

| | | |
|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined International Core Portfolio ($17280)** | **MSCI ACWI ex USA Index ($17317)** |
| **11/01/17** | $10000 | $10000 |
| **12/31/17** | $10200 | $10260 |
| **12/31/18** | $8691 | $8803 |
| **12/31/19** | $10473 | $10697 |
| **12/31/20** | $11564 | $11837 |
| **12/31/21** | $12567 | $12763 |
| **12/31/22** | $10653 | $10720 |
| **12/31/23** | $12318 | $12394 |
| **12/31/24** | $13032 | $13080 |
| **12/31/25** | $17280 | $17317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class I | 32.60% | 8.36% | 6.93% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 6.96% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $146331334 |
| Total advisory fees paid | $700940 |
| Total number of portfolio holdings | 580 |
| Period portfolio turnover rate | 56% |

---

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

---

| | |
|:---|:---|
| Country | % of Net Assets |
| United States | 17.5% |
| Japan | 13.7% |
| China | 8.6% |
| Canada | 8.2% |
| United Kingdom | 7.7% |
| France | 6.3% |
| Germany | 5.8% |
| Australia | 4.3% |
| Other Country | 26.8% |
| 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.

![Image](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined International Core Portfolio - Class II
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined International Core Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class II | $121 | 1.04% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 32.33% for the year ended December 31, 2025, compared to a 32.39% gain for the MSCI ACWI ex USA Index.

**Top Contributors to Performance:**

* Thematic models identifying and capturing sector rotations

* Market sentiment signals leveraging machine learning and trending methodologies

* Value signals focusing on book-to-price and cash flow generation

* Quality signals rewarding high disclosure standards and penalizing equity dilution 

**Top Detractors from Performance**:

* Select thematic signals designed for downside protection 

* Certain machine-learned earnings and broker sentiment models

* Non-financial quality signals focusing on those related to human capital and cybersecurity

* Value signals focused on skewness, book-to-price, and anti-momentum

5173008

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg012.jpg)

---

| | | |
|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined International Core Portfolio ($16939)** | **MSCI ACWI ex USA Index ($17317)** |
| **11/01/17** | $10000 | $10000 |
| **12/31/17** | $10190 | $10260 |
| **12/31/18** | $8666 | $8803 |
| **12/31/19** | $10418 | $10697 |
| **12/31/20** | $11465 | $11837 |
| **12/31/21** | $12436 | $12763 |
| **12/31/22** | $10516 | $10720 |
| **12/31/23** | $12128 | $12394 |
| **12/31/24** | $12800 | $13080 |
| **12/31/25** | $16939 | $17317 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class II | 32.33% | 8.12% | 6.67% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 6.96% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $146331334 |
| Total advisory fees paid | $700940 |
| Total number of portfolio holdings | 580 |
| Period portfolio turnover rate | 56% |

---

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

---

| | |
|:---|:---|
| Country | % of Net Assets |
| United States | 17.5% |
| Japan | 13.7% |
| China | 8.6% |
| Canada | 8.2% |
| United Kingdom | 7.7% |
| France | 6.3% |
| Germany | 5.8% |
| Australia | 4.3% |
| Other Country | 26.8% |
| 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.

![Image](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio - Class I
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $72 | 0.69% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 10.12% for the year ended December 31, 2025, compared to an 8.66% gain for the Russell Midcap<sup>®</sup> Growth Index.

**Top Contributors to Performance:**

* Market sentiment signals focused on analyzing hedge fund positioning, short volume dynamics, and machine-learning

* Value signals focused on operating income yield and research and development expenditures relative to price

* Signals related to alternative data surrounding credit card transactions and software

**Top Detractors from Performance:**

* Market sentiment signals focusing industry momentum

* Growth quality signals focusing on founder involvement, long-term incentives, and employee benefits

* Macro themes focusing on deregulation and retail investor activity

* Environmental, societal, and governance signals and management disclosure quality

* Signals related to alternative data related to brand sentiment and labor cost indicators

5173012

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio ($25440)** | **Russell Midcap<sup>®</sup> Growth Index ($25155)** | **Russell 1000<sup>®</sup> Index ($29787)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10350 | $10423 | $10407 |
| **12/31/18** | $10032 | $9928 | $9909 |
| **12/31/19** | $13311 | $13449 | $13023 |
| **12/31/20** | $18172 | $18235 | $15753 |
| **12/31/21** | $20768 | $20556 | $19920 |
| **12/31/22** | $15277 | $15063 | $16110 |
| **12/31/23** | $19007 | $18960 | $20384 |
| **12/31/24** | $23103 | $23151 | $25380 |
| **12/31/25** | $25440 | $25155 | $29787 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class I | 10.12% | 6.96% | 12.12% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 11.96% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.30% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $257712512 |
| Total advisory fees paid | $1437748 |
| Total number of portfolio holdings | 318 |
| Period portfolio turnover rate | 115% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Consumer, Non-cyclical | 21.0% |
| Common Stocks - Technology | 20.7% |
| Common Stocks - Consumer, Cyclical | 20.2% |
| Common Stocks - Industrial | 15.8% |
| Common Stocks - Communications | 8.0% |
| Common Stocks - Other | 12.8% |
| Short-Term Investments | 1.5% |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Other Assets Less Liabilities - Net | (0.0)%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Represents less than 0.05%. |

---

## 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio - Class II
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class II | $99 | 0.94% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 9.90% for the year ended December 31, 2025, compared to an 8.66% gain for the Russell Midcap<sup>®</sup> Growth Index.

**Top Contributors to Performance:**

* Market sentiment signals focused on analyzing hedge fund positioning, short volume dynamics, and machine-learning

* Value signals focused on operating income yield and research and development expenditures relative to price

* Signals related to alternative data surrounding credit card transactions and software

**Top Detractors from Performance:**

* Market sentiment signals focusing industry momentum

* Growth quality signals focusing on founder involvement, long-term incentives, and employee benefits

* Macro themes focusing on deregulation and retail investor activity

* Environmental, societal, and governance signals and management disclosure quality

* Signals related to alternative data related to brand sentiment and labor cost indicators

5173020

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio ($24942)** | **Russell Midcap<sup>®</sup> Growth Index ($25155)** | **Russell 1000<sup>®</sup> Index ($29787)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10350 | $10423 | $10407 |
| **12/31/18** | $10003 | $9928 | $9909 |
| **12/31/19** | $13253 | $13449 | $13023 |
| **12/31/20** | $18041 | $18235 | $15753 |
| **12/31/21** | $20559 | $20556 | $19920 |
| **12/31/22** | $15095 | $15063 | $16110 |
| **12/31/23** | $18720 | $18960 | $20384 |
| **12/31/24** | $22695 | $23151 | $25380 |
| **12/31/25** | $24942 | $25155 | $29787 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class II | 9.90% | 6.69% | 11.85% |
| Russell Midcap<sup>®</sup> Growth Index | 8.66% | 6.65% | 11.96% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.30% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $257712512 |
| Total advisory fees paid | $1437748 |
| Total number of portfolio holdings | 318 |
| Period portfolio turnover rate | 115% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Consumer, Non-cyclical | 21.0% |
| Common Stocks - Technology | 20.7% |
| Common Stocks - Consumer, Cyclical | 20.2% |
| Common Stocks - Industrial | 15.8% |
| Common Stocks - Communications | 8.0% |
| Common Stocks - Other | 12.8% |
| Short-Term Investments | 1.5% |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Other Assets Less Liabilities - Net | (0.0)%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Represents less than 0.05%. |

---

## 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined Value Portfolio - Class I
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Value Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $65 | 0.60% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 17.17% for the year ended December 31, 2025, compared to a 15.91% gain for the Russell 1000<sup>®</sup> Value Index.

**Top Contributors to Performance:**

* Value signals focusing on earnings resilience and attractive valuations 

* Fundamental signals emphasizing companies with balance sheet strength, particularly manageable leverage and cost structures 

* Market sentiment signals focused on analyzing short volume and unemployment searches (labor trends) 

* Environmental, societal and governance signals focusing on companies with strong human capital management, notably those measuring employee satisfaction

**Top Detractors from Performance:**

* Quality signals focusing on sales growth and traditional disclosure metrics

* Market sentiment signals focusing on broker scenario analysis and job postings

* Retail signals and alternative data related to online retail rankings and initial jobless claims

5173027

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg006.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined Value Portfolio ($22510)** | **Russell 1000<sup>®</sup> Value Index ($21271)** | **Russell 1000<sup>®</sup> Index ($29787)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10440 | $10425 | $10407 |
| **12/31/18** | $9608 | $9563 | $9909 |
| **12/31/19** | $12037 | $12102 | $13023 |
| **12/31/20** | $12536 | $12440 | $15753 |
| **12/31/21** | $15867 | $15570 | $19920 |
| **12/31/22** | $14539 | $14396 | $16110 |
| **12/31/23** | $16567 | $16046 | $20384 |
| **12/31/24** | $19211 | $18352 | $25380 |
| **12/31/25** | $22510 | $21271 | $29787 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class I | 17.17% | 12.42% | 10.45% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 9.69% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.30% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $229203035 |
| Total advisory fees paid | $1004643 |
| Total number of portfolio holdings | 361 |
| Period portfolio turnover rate | 112% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Financial | 24.5% |
| Common Stocks - Consumer, Non-cyclical | 17.8% |
| Common Stocks - Industrial | 14.5% |
| Common Stocks - Communications | 13.5% |
| Common Stocks - Technology | 10.5% |
| Common Stocks - Other | 17.8% |
| Short-Term Investments | 1.4% |
| Other Assets Less Liabilities - Net | 0.0%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Represents less than 0.05%. |

---

## 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock Disciplined Value Portfolio - Class II
This annual shareholder report contains important information about Global Atlantic BlackRock Disciplined Value Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class II | $92 | 0.85% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 16.90% for the year ended December 31, 2025, compared to a 15.91% gain for the Russell 1000<sup>®</sup> Value Index.

**Top Contributors to Performance:**

* Value signals focusing on earnings resilience and attractive valuations 

* Fundamental signals emphasizing companies with balance sheet strength, particularly manageable leverage and cost structures 

* Market sentiment signals focused on analyzing short volume and unemployment searches (labor trends) 

* Environmental, societal and governance signals focusing on companies with strong human capital management, notably those measuring employee satisfaction

**Top Detractors from Performance:**

* Quality signals focusing on sales growth and traditional disclosure metrics

* Market sentiment signals focusing on broker scenario analysis and job postings

* Retail signals and alternative data related to online retail rankings and initial jobless claims

5173031

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock Disciplined Value Portfolio ($22076)** | **Russell 1000<sup>®</sup> Value Index ($21271)** | **Russell 1000<sup>®</sup> Index ($29787)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10450 | $10425 | $10407 |
| **12/31/18** | $9597 | $9563 | $9909 |
| **12/31/19** | $11989 | $12102 | $13023 |
| **12/31/20** | $12461 | $12440 | $15753 |
| **12/31/21** | $15730 | $15570 | $19920 |
| **12/31/22** | $14375 | $14396 | $16110 |
| **12/31/23** | $16345 | $16046 | $20384 |
| **12/31/24** | $18885 | $18352 | $25380 |
| **12/31/25** | $22076 | $21271 | $29787 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class II | 16.90% | 12.12% | 10.19% |
| Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 9.69% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.30% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $229203035 |
| Total advisory fees paid | $1004643 |
| Total number of portfolio holdings | 361 |
| Period portfolio turnover rate | 112% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Financial | 24.5% |
| Common Stocks - Consumer, Non-cyclical | 17.8% |
| Common Stocks - Industrial | 14.5% |
| Common Stocks - Communications | 13.5% |
| Common Stocks - Technology | 10.5% |
| Common Stocks - Other | 17.8% |
| Short-Term Investments | 1.4% |
| Other Assets Less Liabilities - Net | 0.0%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Represents less than 0.05%. |

---

## 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock High Yield Portfolio - Class I
This annual shareholder report contains important information about Global Atlantic BlackRock High Yield Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $68 | 0.66% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 6.87% for the year ended December 31, 2025, compared to a 8.73% gain for the ICE BofA BB-B U.S. High Yield Constrained Index.

**Top Contributors to Performance:**

* Security selection in financial services, particularly within the consumer, communication, and lease financing subsectors

* Overweight allocation to the banking sector 

* Security selection in telecommunications, particularly within the wireline integrated & services subsector 

**Top Detractors from Performance:**

* Security selection within energy, particularly within the gas-distribution subsector

* Underweight allocation in healthcare, particularly the pharmaceuticals subsector

* Security selection in Leisure, specifically the recreation & travel subsector

5173035

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock High Yield Portfolio ($14159)** | **ICE BofA BB-B US High Yield Constrained Index ($14641)** | **Bloomberg US Universal Bond Index ($11795)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $9920 | $9988 | $10029 |
| **12/31/18** | $9491 | $9784 | $10003 |
| **12/31/19** | $10921 | $11262 | $10933 |
| **12/31/20** | $11553 | $11969 | $11761 |
| **12/31/21** | $12015 | $12519 | $11631 |
| **12/31/22** | $10857 | $11195 | $10120 |
| **12/31/23** | $12200 | $12603 | $10745 |
| **12/31/24** | $13248 | $13466 | $10964 |
| **12/31/25** | $14159 | $14641 | $11795 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class I | 6.87% | 4.15% | 4.35% |
| ICE BofA BB-B US High Yield Constrained Index | 8.73% | 4.11% | 4.78% |
| Bloomberg US Universal Bond Index | 7.58% | 0.06% | 2.04% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $44100468 |
| Total advisory fees paid | $224127 |
| Total number of portfolio holdings | 366 |
| Period portfolio turnover rate | 76% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Corporate Bonds and Notes - Financial | 19.6% |
| Corporate Bonds and Notes - Consumer, Cyclical | 16.5% |
| Corporate Bonds and Notes - Communications | 16.5% |
| Corporate Bonds and Notes - Energy | 13.4% |
| Corporate Bonds and Notes - Consumer, Non-cyclical | 8.8% |
| Corporate Bonds and Notes - Other | 23.0% |
| Short-Term Investments | 0.6% |
| Other Assets Less Liabilities - Net | 1.6% |
| 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic BlackRock High Yield Portfolio - Class II
This annual shareholder report contains important information about Global Atlantic BlackRock High Yield Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class II | $94 | 0.91% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

The Portfolio posted a return of 6.64% for the year ended December 31, 2025, compared to a 8.73% gain for the ICE BofA BB-B U.S. High Yield Constrained Index.

**Top Contributors to Performance:**

* Security selection in financial services, particularly within the consumer, communication, and lease financing subsectors

* Overweight allocation to the banking sector 

* Security selection in telecommunications, particularly within the wireline integrated & services subsector 

**Top Detractors from Performance:**

* Security selection within energy, particularly within the gas-distribution subsector

* Underweight allocation in healthcare, particularly the pharmaceuticals subsector

* Security selection in Leisure, specifically the recreation & travel subsector

5173042

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg008.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Global Atlantic BlackRock High Yield Portfolio ($13882)** | **ICE BofA BB-B US High Yield Constrained Index ($14641)** | **Bloomberg US Universal Bond Index ($11795)** |
| **11/01/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $9920 | $9988 | $10029 |
| **12/31/18** | $9468 | $9784 | $10003 |
| **12/31/19** | $10859 | $11262 | $10933 |
| **12/31/20** | $11464 | $11969 | $11761 |
| **12/31/21** | $11893 | $12519 | $11631 |
| **12/31/22** | $10723 | $11195 | $10120 |
| **12/31/23** | $12021 | $12603 | $10745 |
| **12/31/24** | $13017 | $13466 | $10964 |
| **12/31/25** | $13882 | $14641 | $11795 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class II | 6.64% | 3.90% | 4.10% |
| ICE BofA BB-B US High Yield Constrained Index | 8.73% | 4.11% | 4.78% |
| Bloomberg US Universal Bond Index | 7.58% | 0.06% | 2.04% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $44100468 |
| Total advisory fees paid | $224127 |
| Total number of portfolio holdings | 366 |
| Period portfolio turnover rate | 76% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Corporate Bonds and Notes - Financial | 19.6% |
| Corporate Bonds and Notes - Consumer, Cyclical | 16.5% |
| Corporate Bonds and Notes - Communications | 16.5% |
| Corporate Bonds and Notes - Energy | 13.4% |
| Corporate Bonds and Notes - Consumer, Non-cyclical | 8.8% |
| Corporate Bonds and Notes - Other | 23.0% |
| Short-Term Investments | 0.6% |
| Other Assets Less Liabilities - Net | 1.6% |
| 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](tm261866d2_tsrimg011.jpg)

![Image](tm261866d2_tsrimg003.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Global Atlantic Goldman Sachs Core Fixed Income Portfolio - Class I
This annual shareholder report contains important information about Global Atlantic Goldman Sachs Core Fixed Income Portfolio (the "Fund" or "Portfolio") for the period of January 1, 2025 to December 31, 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?

---

| | | |
|:---|:---|:---|
| **Share Class** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Class I | $54 | 0.52% |

---

## MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The Portfolio is sub-advised by Goldman Sachs Asset Management, L.P. ("GSAM").

The Portfolio posted a return of 7.80% for the year ended December 31, 2025, compared to a 7.30% gain for the Bloomberg U.S. Aggregate Bond Index.

**Top Contributors to Performance:**

* Month-end Treasury auction strategy related to duration management

* Overweight allocations to mortgaged-backed securities, commercial mortgaged-backed securities, and collateralized loan obligations, as well as pairing overweight allocation to corporate bonds with overweight to U.S. interest rates

* Preference for the short and intermediate term segments of the credit curve within corporate bonds and lower coupon agency mortgage-backed securities at the beginning of the year within the securitized sector 

* European steepeners and long end basis trade within government / swaps strategy 

**Top Detractors from Performance:**

* Overweight allocation to non-agency mortgage-backed securities

* Preference for futures vs. cash Treasuries as an element of duration management within the government / swaps strategy 

* Japanese flattener within the duration strategy

5173047

#### GROWTH OF AN ASSUMED $10,000 INVESTMENT
![A line chart as described in the following paragraph](tm261866d2_tsrimg014.jpg)

---

| | | |
|:---|:---|:---|
| | **Global Atlantic Goldman Sachs Core Fixed Income Portfolio ($11586)** | **Bloomberg US Aggregate Bond Index ($11517)** |
| **11/01/17** | $10000 | $10000 |
| **12/31/17** | $9980 | $10034 |
| **12/31/18** | $9925 | $10035 |
| **12/31/19** | $10867 | $10909 |
| **12/31/20** | $11898 | $11728 |
| **12/31/21** | $11663 | $11548 |
| **12/31/22** | $10048 | $10045 |
| **12/31/23** | $10625 | $10601 |
| **12/31/24** | $10748 | $10733 |
| **12/31/25** | $11586 | $11517 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | ##__COLSPAN__## | ##__COLSPAN__## | ##__COLSPAN__## |
| | **1 Year** | **5 Years** | **Since Inception (11/1/2017)** |
| Class I | 7.80% | -0.53% | 1.82% |
| Bloomberg US Aggregate Bond Index | 7.30% | -0.36% | 1.74% |

---

**The performance data quoted is historical. Past performance is no guarantee of future results.** Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Portfolio's investment adviser, Global Atlantic Investment Advisors, LLC. Performance figures for periods greater than one year are annualized. The returns shown do 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.

## KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $57495031 |
| Total advisory fees paid | $194850 |
| Total number of portfolio holdings | 377 |
| Period portfolio turnover rate | 60% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Corporate Bonds and Notes | 34.3% |
| Agency Mortgage Backed Securities | 32.1% |
| Asset Backed and Commercial Backed Securities | 16.0% |
| U.S. Treasury Securities and Agency Bonds | 14.2% |
| Short-Term Investments | 7.3% |
| Sovereign Debts | 1.1% |
| Municipal Bonds | 1.0% |
| Other Assets Less Liabilities - Net | (6.0)% |
| 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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered
by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal
financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals
are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amendments: During the period
covered by the report, there have not been any amendments to the provisions of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Waivers: During the period covered
by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Code of Ethics is not posted
on the registrant's website.

&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is
filed herewith.

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

The board of Trustees of the registrant has determined that the registrant has at least one "audit committee financial expert" as defined by Item 3 of Form N-CSR serving on its audit committee. Joseph E. Breslin is the "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally
provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;$310000 | &nbsp;&nbsp;$317000 |

---

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance
and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial
statements and are not reported under paragraph (a) of this Item are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional
services rendered by the principal accountant for tax compliance, tax advice, and tax planning are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;$64000 | &nbsp;&nbsp;$64000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income and capital gain distributions.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products
and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 |
| &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

---

<u>Audit Committee's Pre-Approval Policies</u>

---

| | |
|:---|:---|
| (e)(1) | The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee. |

---

<u>Percentages of Services Approved by the Audit Committee</u>

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

All services described in paragraphs (b) through (d) of Item 4 were pre-approved by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;(f) During the audit of registrant's financial statements for the most recent
fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services
rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by,
or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years were $64,000
for the fiscal year 2024 and $64,000 for the fiscal year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The audit committee considered the non-audit services rendered to the registrant's
investment adviser and any entity controlling, controlled by, or under common control with the investment adviser, and believes the services
are compatible with the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The registrant has not been identified by the U.S. Securities and Exchange
Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign

jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

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

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

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.**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

![](j2618664_aa001.jpg)

Annual Financial Statements and Other Information

December 31, 2025

**Global Atlantic Portfolios**

Global Atlantic BlackRock Allocation Portfolio

Global Atlantic BlackRock Disciplined Core Portfolio

Global Atlantic BlackRock Disciplined Growth Portfolio

Global Atlantic BlackRock Disciplined International Core Portfolio

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Global Atlantic BlackRock Disciplined Value Portfolio

Global Atlantic BlackRock High Yield Portfolio

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Class I and Class II shares\*

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

Distributed by Global Atlantic Distributors, LLC

Member FINRA

\* As of December 31, 2025, each Portfolio offered Class I and Class II, except the Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offered Class I shares).

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| • | Global Atlantic Portfolio of Investments |  |
|  | [Global Atlantic BlackRock Allocation Portfolio](#GlobalAtlanticBlackRockAllocationPortfolio-4) | 2 |
|  | [Global Atlantic BlackRock Disciplined Core Portfolio](#GlobalAtlanticBlackRockDisciplinedCorePortfolio-4) | 3 – 6 |
|  | [Global Atlantic BlackRock Disciplined Growth Portfolio](#GlobalAtlanticBlackRockDisciplinedGrowthPortfolio-4) | 7 – 9 |
|  | [Global Atlantic BlackRock Disciplined International Core Portfolio](#GlobalAtlanticBlackRockDisciplinedInternationalCorePortfolio-4) | 10 – 17 |
|  | [Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio](#GlobalAtlanticBlackRockDisciplinedMidCapGrowthPortfolio-4) | 18 – 22 |
|  | [Global Atlantic BlackRock Disciplined Value Portfolio](#GlobalAtlanticBlackRockDisciplinedValuePortfolio-4) | 23 – 28 |
|  | [Global Atlantic BlackRock High Yield Portfolio](#GlobalAtlanticBlackRockHighYieldPortfolio-4) | 29 – 35 |
|  | [Global Atlantic Goldman Sachs Core Fixed Income Portfolio](#GlobalAtlanticGoldmanSachsCoreFixedIncomePortfolio-4) | 36 – 45 |
| • | Financial Statements: |  |
|  | [Statements of Assets and Liabilities](#StatementsofAssetsandLiabilities-4) | 46 – 47 |
|  | [Statements of Operations](#StatementsofOperations-4) | 48 – 49 |
|  | [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-4) | 50 – 53 |
|  | [Financial Highlights](#FinancialHighlights-4) | 54 – 68 |
| • | [Notes to Financial Statements](#NotestoFinancialStatements-4) | 69 – 89 |
| • | [Report of Independent Registered Accounting Firm](#ReportofIndependentRegisteredPublicAccountingFirm-4) | 90 |
| • | [Supplemental Information](#SupplementalInformation-4) | 91 – 92 |
| • | [Proxy Voting Policy](#ProxyVotingPolicy-4) | Back Cover |
| • | [Portfolio Holdings](#PortfolioHoldings-4) | Back Cover |

---

------

**Global Atlantic BlackRock Allocation Portfolio**

**Portfolio of Investments**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EXCHANGE TRADED FUNDS - 98.4%** | **EXCHANGE TRADED FUNDS - 98.4%** | **EXCHANGE TRADED FUNDS - 98.4%** |
| **DEBT FUNDS - 35.2%** | **DEBT FUNDS - 35.2%** | **DEBT FUNDS - 35.2%** |
| iShares 10-20 Year Treasury Bond ETF | 26232 | $2667008 |
| iShares Core Total USD Bond Market ETF | 283819 | 13208936 |
| iShares J.P. Morgan USD Emerging Markets <br>Bond ETF | 8447 | 813277 |
| iShares MBS ETF | 28418 | 2705962 |
| **TOTAL DEBT FUNDS** |  | 19395183 |
| **EQUITY FUNDS - 63.2%** | **EQUITY FUNDS - 63.2%** | **EQUITY FUNDS - 63.2%** |
| iShares Core MSCI Emerging Markets ETF | 52336 | 3518026 |
| iShares Core S&P 500 ETF | 9202 | 6302818 |
| iShares MSCI EAFE Value ETF | 39893 | 2848759 |
| iShares MSCI USA Momentum Factor ETF | 7598 | 1901855 |
| iShares MSCI USA Quality Factor ETF | 10024 | 1990967 |
| iShares S&P 100 ETF | 9503 | 3259244 |
| iShares S&P 500 Growth ETF | 31483 | 3880595 |
| iShares S&P 500 Value ETF | 21922 | 4648998 |
| iShares U.S. Equity Factor Rotation Active <br>Capitalize ETF | 71690 | 4359469 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EQUITY FUNDS - 63.2% (Continued)** | **EQUITY FUNDS - 63.2% (Continued)** | **EQUITY FUNDS - 63.2% (Continued)** |
| iShares U.S. Technology ETF | 10156 | $2027950 |
| **TOTAL EQUITY FUNDS** |  | 34738681 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $43,807,416) |  | 54133864 |
| **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** |
| **MONEY MARKET FUNDS - 0.9%** | **MONEY MARKET FUNDS - 0.9%** | **MONEY MARKET FUNDS - 0.9%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 3.67% (a) <br>(Cost - $483,448) | 483448 | 483448 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $483,448) |  | 483448 |
| **TOTAL INVESTMENTS - 99.3%** <br> (Cost - $44,290,864) |  | $54617312 |
| **OTHER ASSETS LESS LIABILITIES - NET 0.7%** |  | 362542 |
| **TOTAL NET ASSETS - 100.0%** |  | $54979854 |

---

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

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** |
| **AEROSPACE & DEFENSE - 2.4%** | **AEROSPACE & DEFENSE - 2.4%** | **AEROSPACE & DEFENSE - 2.4%** |
| Boeing Co. (The)\* | 1704 | $369973 |
| General Dynamics Corp. | 5904 | 1987641 |
| General Electric Co. | 13957 | 4299175 |
| HEICO Corp., Class A | 4898 | 1236402 |
| Howmet Aerospace, Inc. | 1172 | 240283 |
| Lockheed Martin Corp. | 4184 | 2023675 |
| Northrop Grumman Corp. | 940 | 535997 |
| RTX Corp. | 28381 | 5205075 |
|  |  | 15898221 |
| **AUTOMOBILE COMPONENTS - 0.3%** | **AUTOMOBILE COMPONENTS - 0.3%** | **AUTOMOBILE COMPONENTS - 0.3%** |
| BorgWarner, Inc. | 46893 | 2112999 |
| Mobileye Global, Inc., Class A\* | 9275 | 96831 |
|  |  | 2209830 |
| **AUTOMOBILES - 2.1%** | **AUTOMOBILES - 2.1%** | **AUTOMOBILES - 2.1%** |
| General Motors Co. | 3848 | 312919 |
| NIO, Inc., ADR\* | 25629 | 130708 |
| Tesla, Inc.\* | 30296 | 13624717 |
|  |  | 14068344 |
| **BANKS - 3.7%** | **BANKS - 3.7%** | **BANKS - 3.7%** |
| Bank of America Corp. | 115919 | 6375545 |
| Citigroup, Inc. | 54257 | 6331249 |
| Huntington Bancshares, Inc. | 152816 | 2651358 |
| JPMorgan Chase & Co. | 23408 | 7542526 |
| KeyCorp | 41177 | 849893 |
| US Bancorp | 6308 | 336595 |
| Wells Fargo & Co. | 5224 | 486877 |
|  |  | 24574043 |
| **BEVERAGES - 0.6%** | **BEVERAGES - 0.6%** | **BEVERAGES - 0.6%** |
| Coca-Cola Co. (The) | 40883 | 2858131 |
| Monster Beverage Corp.\* | 17172 | 1316577 |
|  |  | 4174708 |
| **BIOTECHNOLOGY - 2.2%** | **BIOTECHNOLOGY - 2.2%** | **BIOTECHNOLOGY - 2.2%** |
| AbbVie, Inc. | 22449 | 5129372 |
| Amgen, Inc. | 8825 | 2888511 |
| Exelixis, Inc.\* | 9010 | 394908 |
| Gilead Sciences, Inc. | 15332 | 1881850 |
| Ionis Pharmaceuticals, Inc.\* | 1206 | 95407 |
| Moderna, Inc.\* | 18909 | 557626 |
| Natera, Inc.\* | 5502 | 1260453 |
| Regeneron Pharmaceuticals, Inc. | 1841 | 1421013 |
| TG Therapeutics, Inc.\* | 2510 | 74823 |
| United Therapeutics Corp.\* | 1426 | 694818 |
| Vertex Pharmaceuticals, Inc.\* | 1132 | 513204 |
| Viking Therapeutics, Inc.\* | 3501 | 123165 |
|  |  | 15035150 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BROADLINE RETAIL - 4.6%** | **BROADLINE RETAIL - 4.6%** | **BROADLINE RETAIL - 4.6%** |
| Amazon.com, Inc.\* | 130600 | $30145092 |
| JD.com, Inc., ADR | 18548 | 532327 |
| MercadoLibre, Inc.\* | 260 | 523708 |
|  |  | 31201127 |
| **BUILDING PRODUCTS - 0.4%** | **BUILDING PRODUCTS - 0.4%** | **BUILDING PRODUCTS - 0.4%** |
| Owens Corning | 2276 | 254707 |
| Trane Technologies PLC | 6376 | 2481539 |
|  |  | 2736246 |
| **CAPITAL MARKETS - 2.9%** | **CAPITAL MARKETS - 2.9%** | **CAPITAL MARKETS - 2.9%** |
| Ameriprise Financial, Inc. | 1067 | 523193 |
| Ares Management Corp., Class A | 794 | 128334 |
| Blackstone, Inc. | 2567 | 395677 |
| Charles Schwab Corp. (The) | 65301 | 6524223 |
| CME Group, Inc. | 3015 | 823336 |
| Futu Holdings Ltd., ADR\* | 907 | 148939 |
| Interactive Brokers Group, Inc., Class A | 12358 | 794743 |
| Intercontinental Exchange, Inc. | 21303 | 3450234 |
| Jefferies Financial Group, Inc. | 995 | 61660 |
| Moody's Corp. | 1252 | 639584 |
| Morgan Stanley | 21783 | 3867136 |
| Nasdaq, Inc. | 1359 | 132000 |
| S&P Global, Inc. | 3173 | 1658178 |
| XP, Inc., Class A | 5013 | 82063 |
|  |  | 19229300 |
| **CHEMICALS - 0.7%** | **CHEMICALS - 0.7%** | **CHEMICALS - 0.7%** |
| Corteva, Inc. | 63932 | 4285362 |
| Dow, Inc. | 2823 | 66002 |
| Lyondellbasell Industries NV, Class A | 7484 | 324057 |
| Mosaic Co. (The) | 6839 | 164751 |
|  |  | 4840172 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.0%** | **COMMERCIAL SERVICES & SUPPLIES - 1.0%** | **COMMERCIAL SERVICES & SUPPLIES - 1.0%** |
| Cintas Corp. | 14224 | 2675107 |
| Copart, Inc.\* | 25612 | 1002710 |
| Republic Services, Inc. | 1474 | 312385 |
| Veralto Corp. | 25532 | 2547583 |
|  |  | 6537785 |
| **COMMUNICATIONS EQUIPMENT - 0.9%** | **COMMUNICATIONS EQUIPMENT - 0.9%** | **COMMUNICATIONS EQUIPMENT - 0.9%** |
| Arista Networks, Inc.\* | 14157 | 1854992 |
| Ciena Corp.\* | 714 | 166983 |
| Motorola Solutions, Inc. | 9830 | 3768035 |
|  |  | 5790010 |
| **CONSTRUCTION & ENGINEERING - 0.4%** | **CONSTRUCTION & ENGINEERING - 0.4%** | **CONSTRUCTION & ENGINEERING - 0.4%** |
| Comfort Systems USA, Inc. | 2064 | 1926310 |
| MasTec, Inc.\* | 3537 | 768838 |
|  |  | 2695148 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONSUMER FINANCE - 1.1%** | **CONSUMER FINANCE - 1.1%** | **CONSUMER FINANCE - 1.1%** |
| Ally Financial, Inc. | 25826 | $1169660 |
| American Express Co. | 6283 | 2324396 |
| Capital One Financial Corp. | 16178 | 3920900 |
| Qifu Technology, Inc., ADR | 6723 | 129552 |
|  |  | 7544508 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.7%** |
| Casey's General Stores, Inc. | 193 | 106673 |
| Costco Wholesale Corp. | 10091 | 8701873 |
| Walmart, Inc. | 83315 | 9282124 |
|  |  | 18090670 |
| **CONTAINERS & PACKAGING - 0.1%** | **CONTAINERS & PACKAGING - 0.1%** | **CONTAINERS & PACKAGING - 0.1%** |
| Crown Holdings, Inc. | 1198 | 123358 |
| Smurfit Westrock PLC | 23167 | 895868 |
|  |  | 1019226 |
| **DIVERSIFIED CONSUMER SERVICES - 0.0%†** | **DIVERSIFIED CONSUMER SERVICES - 0.0%†** | **DIVERSIFIED CONSUMER SERVICES - 0.0%†** |
| Bright Horizons Family Solutions, Inc.\* | 2377 | 241028 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.7%** |
| AT&T, Inc. | 183666 | 4562263 |
| **ELECTRIC UTILITIES - 0.7%** | **ELECTRIC UTILITIES - 0.7%** | **ELECTRIC UTILITIES - 0.7%** |
| Edison International | 14328 | 859967 |
| Eversource Energy | 7291 | 490903 |
| NextEra Energy, Inc. | 10862 | 872001 |
| NRG Energy, Inc. | 1315 | 209401 |
| PG&E Corp. | 68565 | 1101839 |
| Pinnacle West Capital Corp. | 17480 | 1550476 |
|  |  | 5084587 |
| **ELECTRICAL EQUIPMENT - 1.2%** | **ELECTRICAL EQUIPMENT - 1.2%** | **ELECTRICAL EQUIPMENT - 1.2%** |
| AMETEK, Inc. | 16230 | 3332181 |
| Eaton Corp. PLC | 4573 | 1456546 |
| GE Vernova, Inc. | 2873 | 1877707 |
| Rockwell Automation, Inc. | 2842 | 1105737 |
| Vertiv Holdings Co., Class A | 2321 | 376025 |
|  |  | 8148196 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 0.8%** |
| Amphenol Corp., Class A | 39449 | 5331138 |
| Flex Ltd.\* | 2142 | 129420 |
| Jabil, Inc. | 968 | 220723 |
|  |  | 5681281 |
| **ENERGY EQUIPMENT & SERVICES - 0.0%†** | **ENERGY EQUIPMENT & SERVICES - 0.0%†** | **ENERGY EQUIPMENT & SERVICES - 0.0%†** |
| Schlumberger NV | 2868 | 110074 |
| **ENTERTAINMENT - 1.0%** | **ENTERTAINMENT - 1.0%** | **ENTERTAINMENT - 1.0%** |
| Netflix, Inc.\* | 53796 | 5043913 |
| ROBLOX Corp., Class A\* | 3497 | 283362 |
| Roku, Inc.\* | 3764 | 408356 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ENTERTAINMENT - 1.0% (Continued)** | **ENTERTAINMENT - 1.0% (Continued)** | **ENTERTAINMENT - 1.0% (Continued)** |
| Take-Two Interactive Software, Inc.\* | 2698 | $690769 |
| Walt Disney Co. (The) | 5721 | 650878 |
|  |  | 7077278 |
| **FINANCIAL SERVICES - 3.9%** | **FINANCIAL SERVICES - 3.9%** | **FINANCIAL SERVICES - 3.9%** |
| Berkshire Hathaway, Inc., Class B\* | 13649 | 6860670 |
| Block, Inc.\* | 13234 | 861401 |
| Fidelity National Information Services, Inc. | 20956 | 1392736 |
| Fiserv, Inc.\* | 9417 | 632540 |
| Mastercard, Inc., Class A | 10058 | 5741911 |
| Visa, Inc., Class A | 30282 | 10620200 |
|  |  | 26109458 |
| **GROUND TRANSPORTATION - 0.8%** | **GROUND TRANSPORTATION - 0.8%** | **GROUND TRANSPORTATION - 0.8%** |
| Uber Technologies, Inc.\* | 30569 | 2497793 |
| Union Pacific Corp. | 12856 | 2973850 |
|  |  | 5471643 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 1.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.7%** |
| Boston Scientific Corp.\* | 51488 | 4909381 |
| Intuitive Surgical, Inc.\* | 2805 | 1588640 |
| Medtronic PLC | 6462 | 620740 |
| Stryker Corp. | 11539 | 4055612 |
|  |  | 11174373 |
| **HEALTH CARE PROVIDERS & SERVICES - 2.0%** | **HEALTH CARE PROVIDERS & SERVICES - 2.0%** | **HEALTH CARE PROVIDERS & SERVICES - 2.0%** |
| Cardinal Health, Inc. | 12297 | 2527033 |
| Centene Corp.\* | 27081 | 1114383 |
| Cigna Group (The) | 1565 | 430735 |
| HCA Healthcare, Inc. | 4271 | 1993959 |
| McKesson Corp. | 3322 | 2725003 |
| Quest Diagnostics, Inc. | 5856 | 1016192 |
| UnitedHealth Group, Inc. | 10596 | 3497846 |
|  |  | 13305151 |
| **HEALTH CARE REITS - 0.3%** | **HEALTH CARE REITS - 0.3%** | **HEALTH CARE REITS - 0.3%** |
| Ventas, Inc. | 29348 | 2270948 |
| **HEALTH CARE TECHNOLOGY - 0.1%** | **HEALTH CARE TECHNOLOGY - 0.1%** | **HEALTH CARE TECHNOLOGY - 0.1%** |
| Veeva Systems, Inc., Class A\* | 2096 | 467890 |
| **HOTEL & RESORT REITS - 0.1%** | **HOTEL & RESORT REITS - 0.1%** | **HOTEL & RESORT REITS - 0.1%** |
| Host Hotels & Resorts, Inc. | 46761 | 829073 |
| **HOTELS, RESTAURANTS & LEISURE - 0.9%** | **HOTELS, RESTAURANTS & LEISURE - 0.9%** | **HOTELS, RESTAURANTS & LEISURE - 0.9%** |
| Booking Holdings, Inc. | 272 | 1456650 |
| Boyd Gaming Corp. | 2 | 170 |
| Carnival Corp.\* | 23845 | 728226 |
| Chipotle Mexican Grill, Inc.\* | 11736 | 434232 |
| Darden Restaurants, Inc. | 1113 | 204814 |
| Expedia Group, Inc. | 855 | 242230 |
| Las Vegas Sands Corp. | 4396 | 286136 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HOTELS, RESTAURANTS & LEISURE - 0.9% (Continued)** | **HOTELS, RESTAURANTS & LEISURE - 0.9% (Continued)** | **HOTELS, RESTAURANTS & LEISURE - 0.9% (Continued)** |
| McDonald's Corp. | 6793 | $2076145 |
| Norwegian Cruise Line Holdings Ltd.\* | 5485 | 122425 |
| Viking Holdings Ltd.\* | 5420 | 387042 |
|  |  | 5938070 |
| **HOUSEHOLD DURABLES - 0.6%** | **HOUSEHOLD DURABLES - 0.6%** | **HOUSEHOLD DURABLES - 0.6%** |
| DR Horton, Inc. | 7995 | 1151520 |
| Garmin Ltd. | 4882 | 990314 |
| NVR, Inc.\* | 220 | 1604409 |
|  |  | 3746243 |
| **HOUSEHOLD PRODUCTS - 0.6%** | **HOUSEHOLD PRODUCTS - 0.6%** | **HOUSEHOLD PRODUCTS - 0.6%** |
| Kimberly-Clark Corp. | 1979 | 199661 |
| Procter & Gamble Co. (The) | 28341 | 4061549 |
|  |  | 4261210 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%†** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%†** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%†** |
| Vistra Corp. | 608 | 98089 |
| **INDUSTRIAL CONGLOMERATES - 1.1%** | **INDUSTRIAL CONGLOMERATES - 1.1%** | **INDUSTRIAL CONGLOMERATES - 1.1%** |
| 3M Co. | 12924 | 2069133 |
| Honeywell International, Inc. | 27159 | 5298449 |
|  |  | 7367582 |
| **INSURANCE - 2.3%** | **INSURANCE - 2.3%** | **INSURANCE - 2.3%** |
| Allstate Corp. (The) | 4633 | 964359 |
| Chubb Ltd. | 3071 | 958520 |
| Hanover Insurance Group, Inc. (The) | 389 | 71098 |
| Hartford Financial Services Group, Inc. (The) | 5832 | 803650 |
| Marsh & McLennan Cos., Inc. | 23291 | 4320946 |
| MetLife, Inc. | 42023 | 3317296 |
| Progressive Corp. (The) | 7999 | 1821532 |
| Travelers Cos., Inc. (The) | 10088 | 2926125 |
|  |  | 15183526 |
| **INTERACTIVE MEDIA & SERVICES - 8.5%** | **INTERACTIVE MEDIA & SERVICES - 8.5%** | **INTERACTIVE MEDIA & SERVICES - 8.5%** |
| Alphabet, Inc., Class A | 68051 | 21299963 |
| Alphabet, Inc., Class C | 53492 | 16785790 |
| Meta Platforms, Inc., Class A | 27240 | 17980852 |
| Pinterest, Inc., Class A\* | 21974 | 568907 |
| Snap, Inc., Class A\* | 24037 | 193978 |
|  |  | 56829490 |
| **IT SERVICES - 0.3%** | **IT SERVICES - 0.3%** | **IT SERVICES - 0.3%** |
| Accenture PLC, Class A | 4239 | 1137324 |
| GoDaddy, Inc., Class A\* | 2449 | 303872 |
| International Business Machines Corp. | 1083 | 320795 |
| VeriSign, Inc. | 439 | 106655 |
|  |  | 1868646 |
| **MACHINERY - 1.8%** | **MACHINERY - 1.8%** | **MACHINERY - 1.8%** |
| Caterpillar, Inc. | 4275 | 2449019 |
| Crane Co. | 589 | 108630 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MACHINERY - 1.8% (Continued)** | **MACHINERY - 1.8% (Continued)** | **MACHINERY - 1.8% (Continued)** |
| Dover Corp. | 508 | $99182 |
| Illinois Tool Works, Inc. | 15194 | 3742282 |
| Otis Worldwide Corp. | 22335 | 1950962 |
| Parker-Hannifin Corp. | 4100 | 3603736 |
|  |  | 11953811 |
| **MARINE TRANSPORTATION - 0.1%** | **MARINE TRANSPORTATION - 0.1%** | **MARINE TRANSPORTATION - 0.1%** |
| Kirby Corp.\* | 7175 | 790541 |
| **MEDIA - 0.6%** | **MEDIA - 0.6%** | **MEDIA - 0.6%** |
| Comcast Corp., Class A | 119503 | 3571945 |
| Fox Corp., Class B | 1623 | 105381 |
| Trade Desk, Inc. (The), Class A\* | 3821 | 145045 |
|  |  | 3822371 |
| **METALS & MINING - 0.5%** | **METALS & MINING - 0.5%** | **METALS & MINING - 0.5%** |
| Freeport-McMoRan, Inc. | 38763 | 1968773 |
| Newmont Corp. | 13646 | 1362553 |
|  |  | 3331326 |
| **MULTI-UTILITIES - 0.3%** | **MULTI-UTILITIES - 0.3%** | **MULTI-UTILITIES - 0.3%** |
| WEC Energy Group, Inc. | 20041 | 2113524 |
| **OIL, GAS & CONSUMABLE FUELS - 2.2%** | **OIL, GAS & CONSUMABLE FUELS - 2.2%** | **OIL, GAS & CONSUMABLE FUELS - 2.2%** |
| Cheniere Energy, Inc. | 4973 | 966701 |
| Chevron Corp. | 25519 | 3889351 |
| Devon Energy Corp. | 77747 | 2847873 |
| EOG Resources, Inc. | 32967 | 3461865 |
| Kinder Morgan, Inc. | 81287 | 2234580 |
| Ovintiv, Inc. | 11455 | 448921 |
| Valero Energy Corp. | 4062 | 661253 |
|  |  | 14510544 |
| **PHARMACEUTICALS - 3.1%** | **PHARMACEUTICALS - 3.1%** | **PHARMACEUTICALS - 3.1%** |
| Bristol-Myers Squibb Co. | 124977 | 6741260 |
| Eli Lilly & Co. | 8260 | 8876857 |
| Johnson & Johnson | 16736 | 3463515 |
| Pfizer, Inc. | 72038 | 1793746 |
|  |  | 20875378 |
| **PROFESSIONAL SERVICES - 0.2%** | **PROFESSIONAL SERVICES - 0.2%** | **PROFESSIONAL SERVICES - 0.2%** |
| Equifax, Inc. | 4962 | 1076655 |
| **RETAIL REITS - 0.2%** | **RETAIL REITS - 0.2%** | **RETAIL REITS - 0.2%** |
| Kimco Realty Corp. | 73366 | 1487129 |
| **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 14.4%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 14.4%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 14.4%** |
| Advanced Micro Devices, Inc.\* | 18864 | 4039914 |
| Analog Devices, Inc. | 595 | 161364 |
| Applied Materials, Inc. | 3634 | 933902 |
| Broadcom, Inc. | 53648 | 18567573 |
| Intel Corp.\* | 52160 | 1924704 |
| Lam Research Corp. | 29273 | 5010952 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 14.4% (Continued)** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 14.4% (Continued)** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 14.4% (Continued)** |
| Micron Technology, Inc. | 18135 | $5175910 |
| NVIDIA Corp. | 298527 | 55675286 |
| QUALCOMM, Inc. | 14020 | 2398121 |
| Skyworks Solutions, Inc. | 7671 | 486418 |
| Texas Instruments, Inc. | 12558 | 2178687 |
|  |  | 96552831 |
| **SOFTWARE - 10.3%** | **SOFTWARE - 10.3%** | **SOFTWARE - 10.3%** |
| Adobe, Inc.\* | 9468 | 3313705 |
| Atlassian Corp., Class A\* | 4692 | 760761 |
| Autodesk, Inc.\* | 1562 | 462368 |
| Cadence Design Systems, Inc.\* | 1404 | 438862 |
| Crowdstrike Holdings, Inc., Class A\* | 185 | 86721 |
| HubSpot, Inc.\* | 1538 | 617199 |
| Intuit, Inc. | 2762 | 1829604 |
| Microsoft Corp. | 93836 | 45380966 |
| Oracle Corp. | 18052 | 3518515 |
| Palantir Technologies, Inc., Class A\* | 24733 | 4396291 |
| Salesforce, Inc. | 19926 | 5278597 |
| ServiceNow, Inc.\* | 13305 | 2038193 |
| Synopsys, Inc.\* | 3103 | 1457541 |
|  |  | 69579323 |
| **SPECIALIZED REITS - 0.6%** | **SPECIALIZED REITS - 0.6%** | **SPECIALIZED REITS - 0.6%** |
| American Tower Corp. | 9711 | 1704960 |
| CubeSmart | 49290 | 1776905 |
| VICI Properties, Inc. | 13924 | 391543 |
|  |  | 3873408 |
| **SPECIALTY RETAIL - 1.3%** | **SPECIALTY RETAIL - 1.3%** | **SPECIALTY RETAIL - 1.3%** |
| AutoZone, Inc.\* | 372 | 1261638 |
| Best Buy Co., Inc. | 9627 | 644335 |
| Home Depot, Inc. (The) | 2796 | 962104 |
| O'Reilly Automotive, Inc.\* | 8082 | 737159 |
| TJX Cos., Inc. (The) | 33219 | 5102770 |
|  |  | 8708006 |
| **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 8.2%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 8.2%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 8.2%** |
| Apple, Inc. | 184008 | 50024415 |
| Dell Technologies, Inc., Class C | 6299 | 792918 |
| Hewlett Packard Enterprise Co. | 42084 | 1010858 |
| HP, Inc. | 14587 | 324998 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 8.2% (Continued)** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 8.2% (Continued)** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 8.2% (Continued)** |
| Pure Storage, Inc., Class A\* | 2906 | $194731 |
| SanDisk Corp./de\* | 2105 | 499685 |
| Seagate Technology Holdings PLC | 2644 | 728131 |
| Western Digital Corp. | 8332 | 1435354 |
|  |  | 55011090 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** |
| Deckers Outdoor Corp.\* | 1192 | 123575 |
| Levi Strauss & Co., Class A | 21111 | 437842 |
|  |  | 561417 |
| **TOBACCO - 0.4%** | **TOBACCO - 0.4%** | **TOBACCO - 0.4%** |
| Altria Group, Inc. | 38374 | 2212645 |
| Philip Morris International, Inc. | 5367 | 860867 |
|  |  | 3073512 |
| **TRADING COMPANIES & DISTRIBUTORS - 0.2%** | **TRADING COMPANIES & DISTRIBUTORS - 0.2%** | **TRADING COMPANIES & DISTRIBUTORS - 0.2%** |
| Applied Industrial Technologies, Inc. | 3841 | 986254 |
| Ferguson Enterprises, Inc. | 918 | 204374 |
|  |  | 1190628 |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.4%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.4%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.4%** |
| T-Mobile US, Inc. | 12581 | 2554446 |
| **TOTAL COMMON STOCKS** <br> (Cost - $379,693,542) |  | 662536527 |
| **SHORT-TERM INVESTMENTS - 1.4%** | **SHORT-TERM INVESTMENTS - 1.4%** | **SHORT-TERM INVESTMENTS - 1.4%** |
| **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 3.67% (a) <br>(Cost - $9,256,116) | 9256116 | 9256116 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $9,256,116) |  | 9256116 |
| **TOTAL INVESTMENTS - 100.0%** <br>(Cost - $388,949,658) |  | $671792643 |
| **OTHER ASSETS LESS LIABILITIES - NET 0.0%†** |  | 96868 |
| **TOTAL NET ASSETS - 100.0%** |  | $671889511 |

---

\* Non-income producing security.

† Represents less than 0.05%.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) |
| S&P 500 E-Mini Future | Goldman Sachs & Co. | 29 | 3/20/2026 | $9994125 | $(9477) |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio of Investments**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.0%** | **COMMON STOCKS - 98.0%** | **COMMON STOCKS - 98.0%** |
| **AEROSPACE & DEFENSE - 2.0%** | **AEROSPACE & DEFENSE - 2.0%** | **AEROSPACE & DEFENSE - 2.0%** |
| General Dynamics Corp. | 400 | $134664 |
| General Electric Co. | 4032 | 1241977 |
| HEICO Corp. | 39 | 12620 |
| HEICO Corp., Class A | 818 | 206488 |
| Howmet Aerospace, Inc. | 1118 | 229212 |
| RTX Corp. | 998 | 183033 |
|  |  | 2007994 |
| **AUTOMOBILE COMPONENTS - 0.0%†** | **AUTOMOBILE COMPONENTS - 0.0%†** | **AUTOMOBILE COMPONENTS - 0.0%†** |
| BorgWarner, Inc. | 932 | 41996 |
| **AUTOMOBILES - 3.5%** | **AUTOMOBILES - 3.5%** | **AUTOMOBILES - 3.5%** |
| Tesla, Inc.\* | 8047 | 3618897 |
| **BANKS - 0.2%** | **BANKS - 0.2%** | **BANKS - 0.2%** |
| Bank of America Corp. | 2089 | 114895 |
| NU Holdings Ltd., Class A\* | 6013 | 100658 |
|  |  | 215553 |
| **BIOTECHNOLOGY - 2.1%** | **BIOTECHNOLOGY - 2.1%** | **BIOTECHNOLOGY - 2.1%** |
| AbbVie, Inc. | 5355 | 1223564 |
| Alnylam Pharmaceuticals, Inc.\* | 252 | 100208 |
| Amgen, Inc. | 979 | 320436 |
| Exelixis, Inc.\* | 1072 | 46986 |
| Gilead Sciences, Inc. | 688 | 84445 |
| Natera, Inc.\* | 1096 | 251083 |
| Vertex Pharmaceuticals, Inc.\* | 182 | 82511 |
|  |  | 2109233 |
| **BROADLINE RETAIL - 5.2%** | **BROADLINE RETAIL - 5.2%** | **BROADLINE RETAIL - 5.2%** |
| Amazon.com, Inc.\* | 21304 | 4917389 |
| Coupang, Inc.\* | 4662 | 109977 |
| MercadoLibre, Inc.\* | 135 | 271925 |
|  |  | 5299291 |
| **BUILDING PRODUCTS - 0.4%** | **BUILDING PRODUCTS - 0.4%** | **BUILDING PRODUCTS - 0.4%** |
| Trane Technologies PLC | 1131 | 440185 |
| **CAPITAL MARKETS - 1.3%** | **CAPITAL MARKETS - 1.3%** | **CAPITAL MARKETS - 1.3%** |
| Ameriprise Financial, Inc. | 76 | 37266 |
| Blackstone, Inc. | 357 | 55028 |
| Charles Schwab Corp. (The) | 10899 | 1088919 |
| Intercontinental Exchange, Inc. | 468 | 75797 |
| Moody's Corp. | 189 | 96551 |
| Morgan Stanley | 155 | 27517 |
|  |  | 1381078 |
| **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** |
| Corteva, Inc. | 1098 | 73599 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.1%** | **COMMERCIAL SERVICES & SUPPLIES - 1.1%** | **COMMERCIAL SERVICES & SUPPLIES - 1.1%** |
| Cintas Corp. | 3281 | 617058 |
| Copart, Inc.\* | 3471 | 135890 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMERCIAL SERVICES & SUPPLIES - 1.1% (Continued)** | **COMMERCIAL SERVICES & SUPPLIES - 1.1% (Continued)** | **COMMERCIAL SERVICES & SUPPLIES - 1.1% (Continued)** |
| Veralto Corp. | 3858 | $384951 |
|  |  | 1137899 |
| **COMMUNICATIONS EQUIPMENT - 1.2%** | **COMMUNICATIONS EQUIPMENT - 1.2%** | **COMMUNICATIONS EQUIPMENT - 1.2%** |
| Arista Networks, Inc.\* | 4976 | 652005 |
| Ciena Corp.\* | 294 | 68758 |
| Motorola Solutions, Inc. | 1287 | 493333 |
|  |  | 1214096 |
| **CONSTRUCTION & ENGINEERING - 0.3%** | **CONSTRUCTION & ENGINEERING - 0.3%** | **CONSTRUCTION & ENGINEERING - 0.3%** |
| Comfort Systems USA, Inc. | 356 | 332251 |
| MasTec, Inc.\* | 97 | 21085 |
|  |  | 353336 |
| **CONSUMER FINANCE - 0.5%** | **CONSUMER FINANCE - 0.5%** | **CONSUMER FINANCE - 0.5%** |
| American Express Co. | 992 | 366990 |
| Capital One Financial Corp. | 794 | 192434 |
|  |  | 559424 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.4%** |
| Costco Wholesale Corp. | 2078 | 1791943 |
| Walmart, Inc. | 5906 | 657987 |
|  |  | 2449930 |
| **ELECTRICAL EQUIPMENT - 1.1%** | **ELECTRICAL EQUIPMENT - 1.1%** | **ELECTRICAL EQUIPMENT - 1.1%** |
| AMETEK, Inc. | 1038 | 213112 |
| Eaton Corp. PLC | 141 | 44910 |
| GE Vernova, Inc. | 869 | 567952 |
| Rockwell Automation, Inc. | 322 | 125280 |
| Vertiv Holdings Co., Class A | 973 | 157636 |
|  |  | 1108890 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 2.3%** |
| Amphenol Corp., Class A | 11623 | 1570732 |
| Coherent Corp.\* | 144 | 26578 |
| Flex Ltd.\* | 3522 | 212799 |
| Jabil, Inc. | 727 | 165771 |
| Keysight Technologies, Inc.\* | 1110 | 225541 |
| TE Connectivity PLC | 676 | 153797 |
|  |  | 2355218 |
| **ENTERTAINMENT - 2.1%** | **ENTERTAINMENT - 2.1%** | **ENTERTAINMENT - 2.1%** |
| Netflix, Inc.\* | 16900 | 1584544 |
| ROBLOX Corp., Class A\* | 2328 | 188638 |
| Spotify Technology SA\* | 732 | 425080 |
|  |  | 2198262 |
| **FINANCIAL SERVICES - 4.1%** | **FINANCIAL SERVICES - 4.1%** | **FINANCIAL SERVICES - 4.1%** |
| Block, Inc.\* | 720 | 46865 |
| Mastercard, Inc., Class A | 2960 | 1689805 |
| Visa, Inc., Class A | 7143 | 2505121 |
|  |  | 4241791 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **GROUND TRANSPORTATION - 0.6%** | **GROUND TRANSPORTATION - 0.6%** | **GROUND TRANSPORTATION - 0.6%** |
| Uber Technologies, Inc.\* | 7103 | $580386 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.5%** |
| Boston Scientific Corp.\* | 7196 | 686139 |
| Intuitive Surgical, Inc.\* | 917 | 519352 |
| Stryker Corp. | 865 | 304021 |
|  |  | 1509512 |
| **HEALTH CARE PROVIDERS & SERVICES - 0.8%** | **HEALTH CARE PROVIDERS & SERVICES - 0.8%** | **HEALTH CARE PROVIDERS & SERVICES - 0.8%** |
| Cardinal Health, Inc. | 1061 | 218036 |
| HCA Healthcare, Inc. | 241 | 112513 |
| McKesson Corp. | 637 | 522525 |
|  |  | 853074 |
| **HEALTH CARE TECHNOLOGY - 0.0%†** | **HEALTH CARE TECHNOLOGY - 0.0%†** | **HEALTH CARE TECHNOLOGY - 0.0%†** |
| Veeva Systems, Inc., Class A\* | 156 | 34824 |
| **HOTELS, RESTAURANTS & LEISURE - 1.4%** | **HOTELS, RESTAURANTS & LEISURE - 1.4%** | **HOTELS, RESTAURANTS & LEISURE - 1.4%** |
| Airbnb, Inc., Class A\* | 1557 | 211316 |
| Booking Holdings, Inc. | 134 | 717614 |
| Carnival Corp.\* | 1414 | 43184 |
| DoorDash, Inc., Class A\* | 257 | 58205 |
| Expedia Group, Inc. | 233 | 66011 |
| Viking Holdings Ltd.\* | 3995 | 285283 |
|  |  | 1381613 |
| **HOUSEHOLD DURABLES - 0.2%** | **HOUSEHOLD DURABLES - 0.2%** | **HOUSEHOLD DURABLES - 0.2%** |
| Garmin Ltd. | 238 | 48278 |
| NVR, Inc.\* | 23 | 167734 |
|  |  | 216012 |
| **INDUSTRIAL CONGLOMERATES - 1.1%** | **INDUSTRIAL CONGLOMERATES - 1.1%** | **INDUSTRIAL CONGLOMERATES - 1.1%** |
| 3M Co. | 1161 | 185876 |
| Honeywell International, Inc. | 4900 | 955941 |
|  |  | 1141817 |
| **INSURANCE - 0.1%** | **INSURANCE - 0.1%** | **INSURANCE - 0.1%** |
| Marsh & McLennan Cos., Inc. | 498 | 92389 |
| Travelers Cos., Inc. (The) | 107 | 31036 |
|  |  | 123425 |
| **INTERACTIVE MEDIA & SERVICES - 10.4%** | **INTERACTIVE MEDIA & SERVICES - 10.4%** | **INTERACTIVE MEDIA & SERVICES - 10.4%** |
| Alphabet, Inc., Class A | 11627 | 3639251 |
| Alphabet, Inc., Class C | 9793 | 3073043 |
| Meta Platforms, Inc., Class A | 5913 | 3903112 |
| Pinterest, Inc., Class A\* | 3558 | 92117 |
|  |  | 10707523 |
| **IT SERVICES - 0.2%** | **IT SERVICES - 0.2%** | **IT SERVICES - 0.2%** |
| Cloudflare, Inc., Class A\* | 824 | 162452 |
| GoDaddy, Inc., Class A\* | 463 | 57449 |
|  |  | 219901 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MACHINERY - 0.5%** | **MACHINERY - 0.5%** | **MACHINERY - 0.5%** |
| Illinois Tool Works, Inc. | 930 | $229059 |
| Parker-Hannifin Corp. | 345 | 303241 |
|  |  | 532300 |
| **MEDIA - 0.0%†** | **MEDIA - 0.0%†** | **MEDIA - 0.0%†** |
| Trade Desk, Inc. (The), Class A\* | 775 | 29419 |
| **METALS & MINING - 0.1%** | **METALS & MINING - 0.1%** | **METALS & MINING - 0.1%** |
| Freeport-McMoRan, Inc. | 1746 | 88679 |
| **PHARMACEUTICALS - 3.1%** | **PHARMACEUTICALS - 3.1%** | **PHARMACEUTICALS - 3.1%** |
| Bristol-Myers Squibb Co. | 9111 | 491448 |
| Eli Lilly & Co. | 2462 | 2645862 |
|  |  | 3137310 |
| **PROFESSIONAL SERVICES - 0.0%†** | **PROFESSIONAL SERVICES - 0.0%†** | **PROFESSIONAL SERVICES - 0.0%†** |
| Equifax, Inc. | 206 | 44698 |
| **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 19.8%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 19.8%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 19.8%** |
| Advanced Micro Devices, Inc.\* | 5362 | 1148326 |
| Analog Devices, Inc. | 1519 | 411953 |
| Applied Materials, Inc. | 751 | 193000 |
| Astera Labs, Inc.\* | 543 | 90333 |
| Broadcom, Inc. | 15551 | 5382201 |
| Credo Technology Group Holding Ltd.\* | 451 | 64894 |
| Intel Corp.\* | 465 | 17159 |
| KLA Corp. | 313 | 380320 |
| Lam Research Corp. | 7558 | 1293778 |
| Marvell Technology, Inc. | 1450 | 123221 |
| Microchip Technology, Inc. | 971 | 61872 |
| Micron Technology, Inc. | 881 | 251446 |
| Monolithic Power Systems, Inc. | 180 | 163145 |
| NVIDIA Corp. | 52166 | 9728959 |
| QUALCOMM, Inc. | 3081 | 527005 |
| Skyworks Solutions, Inc. | 1483 | 94037 |
| Texas Instruments, Inc. | 2569 | 445696 |
|  |  | 20377345 |
| **SOFTWARE - 17.0%** | **SOFTWARE - 17.0%** | **SOFTWARE - 17.0%** |
| Adobe, Inc.\* | 2112 | 739179 |
| AppLovin Corp., Class A\* | 434 | 292438 |
| Atlassian Corp., Class A\* | 1357 | 220024 |
| Autodesk, Inc.\* | 1829 | 541402 |
| Cadence Design Systems, Inc.\* | 1081 | 337899 |
| Confluent, Inc., Class A\* | 692 | 20926 |
| Crowdstrike Holdings, Inc., Class A\* | 720 | 337507 |
| Datadog, Inc., Class A\* | 476 | 64731 |
| Dynatrace, Inc.\* | 1739 | 75368 |
| Elastic NV\* | 174 | 13127 |
| HubSpot, Inc.\* | 530 | 212689 |
| Intuit, Inc. | 1119 | 741248 |
| Manhattan Associates, Inc.\* | 703 | 121837 |
| Microsoft Corp. | 18782 | 9083351 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 17.0% (Continued)** | **SOFTWARE - 17.0% (Continued)** | **SOFTWARE - 17.0% (Continued)** |
| Oracle Corp. | 6503 | $1267500 |
| Palantir Technologies, Inc., Class A\* | 7614 | 1353389 |
| Palo Alto Networks, Inc.\* | 1857 | 342059 |
| Salesforce, Inc. | 1643 | 435247 |
| ServiceNow, Inc.\* | 5739 | 879157 |
| Synopsys, Inc.\* | 728 | 341956 |
|  |  | 17421034 |
| **SPECIALTY RETAIL - 1.4%** | **SPECIALTY RETAIL - 1.4%** | **SPECIALTY RETAIL - 1.4%** |
| AutoZone, Inc.\* | 31 | 105137 |
| Home Depot, Inc. (The) | 561 | 193040 |
| O'Reilly Automotive, Inc.\* | 3635 | 331548 |
| TJX Cos., Inc. (The) | 5026 | 772044 |
|  |  | 1401769 |
| **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 9.8%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 9.8%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 9.8%** |
| Apple, Inc. | 33663 | 9151623 |
| Dell Technologies, Inc., Class C | 2394 | 301357 |
| Hewlett Packard Enterprise Co. | 1217 | 29232 |
| HP, Inc. | 7018 | 156361 |
| NetApp, Inc. | 423 | 45299 |
| Pure Storage, Inc., Class A\* | 2603 | 174427 |
| SanDisk Corp./de\* | 85 | 20177 |
| Seagate Technology Holdings PLC | 163 | 44889 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 9.8% (Continued)** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 9.8% (Continued)** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 9.8% (Continued)** |
| Western Digital Corp. | 735 | $126619 |
|  |  | 10049984 |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** |
| T-Mobile US, Inc. | 474 | 96241 |
| **TOTAL COMMON STOCKS** <br> (Cost - $51,306,321) |  | 100753538 |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| **MONEY MARKET FUNDS - 2.0%** | **MONEY MARKET FUNDS - 2.0%** | **MONEY MARKET FUNDS - 2.0%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 3.67% (a) <br>(Cost - $2,009,456) | 2009456 | 2009456 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $2,009,456) |  | 2009456 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost - $53,315,777) |  | $102762994 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.0)%†** |  | (7945) |
| **TOTAL NET ASSETS - 100.0%** |  | $102755049 |

---

\* Non-income producing security.

† Represents less than 0.05%.

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

PLC - Public Limited Company

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) |
| NASDAQ 100 E-Mini Future | Goldman Sachs & Co. | 4 | 3/20/2026 | $2036540 | $9564 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 85.3%** | **COMMON STOCKS - 85.3%** | **COMMON STOCKS - 85.3%** |
| **AUSTRALIA - 4.4%** | **AUSTRALIA - 4.4%** | **AUSTRALIA - 4.4%** |
| Anglogold Ashanti PLC | 4373 | $378224 |
| Aristocrat Leisure Ltd. | 11734 | 455248 |
| BHP Group Ltd., ADR | 18745 | 568630 |
| BHP Group Ltd. | 2965 | 90091 |
| Coles Group Ltd. | 1066 | 15241 |
| Commonwealth Bank of Australia | 8026 | 859393 |
| Computershare Ltd. | 2798 | 63700 |
| CSL Ltd. | 1982 | 228191 |
| Evolution Mining Ltd. | 8932 | 75526 |
| Fortescue Ltd. | 16874 | 247666 |
| Glencore PLC\* | 120011 | 656256 |
| Insurance Australia Group Ltd. | 3494 | 18593 |
| JB Hi-Fi Ltd. | 305 | 19570 |
| Macquarie Group Ltd. | 5216 | 706788 |
| National Australia Bank Ltd. | 976 | 27537 |
| Orica Ltd. | 6137 | 99365 |
| Pro Medicus Ltd. | 642 | 94558 |
| Qantas Airways Ltd. | 16734 | 115831 |
| QBE Insurance Group Ltd. | 9422 | 124970 |
| REA Group Ltd. | 1449 | 177204 |
| Rio Tinto Ltd. | 290 | 28393 |
| Rio Tinto PLC | 1614 | 130124 |
| Santos Ltd. | 36063 | 148380 |
| Sonic Healthcare Ltd. | 10013 | 150971 |
| South32 Ltd. | 6279 | 14906 |
| Telstra Group Ltd. | 7238 | 23506 |
| Transurban Group | 17376 | 164654 |
| Wesfarmers Ltd. | 9111 | 492676 |
| Worley Ltd. | 9196 | 77084 |
|  |  | 6253275 |
| **AUSTRIA - 0.1%** | **AUSTRIA - 0.1%** | **AUSTRIA - 0.1%** |
| BAWAG Group AG\*,(a) | 1250 | 189380 |
| Erste Group Bank AG | 1 | 121 |
|  |  | 189501 |
| **BELGIUM - 0.3%** | **BELGIUM - 0.3%** | **BELGIUM - 0.3%** |
| Ageas SA | 4355 | 305861 |
| UCB SA | 348 | 97518 |
|  |  | 403379 |
| **BRAZIL - 1.2%** | **BRAZIL - 1.2%** | **BRAZIL - 1.2%** |
| Ambev SA | 25083 | 63443 |
| B3 SA - Brasil Bolsa Balcao | 79380 | 201211 |
| Banco Bradesco SA | 14933 | 42512 |
| Banco Santander Brasil SA | 9764 | 60689 |
| BB Seguridade Participacoes SA | 10028 | 66155 |
| CPFL Energia SA | 9598 | 93340 |
| Embraer SA | 4637 | 74974 |
| Energisa SA | 5905 | 50818 |
| Lojas Renner SA | 78664 | 193080 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BRAZIL - 1.2% (Continued)** | **BRAZIL - 1.2% (Continued)** | **BRAZIL - 1.2% (Continued)** |
| Petroleo Brasileiro SA | 10493 | $62367 |
| Porto Seguro SA | 3608 | 31841 |
| Telefonica Brasil SA | 2880 | 17397 |
| TOTVS SA | 4800 | 36860 |
| Ultrapar Participacoes SA | 27650 | 105458 |
| Vale SA | 5430 | 71307 |
| Wheaton Precious Metals Corp. | 4723 | 555975 |
|  |  | 1727427 |
| **CANADA - 8.2%** | **CANADA - 8.2%** | **CANADA - 8.2%** |
| Agnico Eagle Mines Ltd. | 2500 | 424512 |
| Alimentation Couche-Tard, Inc. | 2255 | 123316 |
| Aritzia, Inc.\* | 1443 | 123535 |
| Bank of Montreal | 3013 | 391805 |
| Bank of Nova Scotia (The) | 2799 | 206706 |
| Barrick Mining Corp. | 14664 | 639621 |
| BCE, Inc. | 3181 | 75977 |
| Brookfield Corp. | 4372 | 201002 |
| Brookfield Infrastructure Corp., Class A | 6288 | 285833 |
| Brookfield Renewable Corp. | 3541 | 136009 |
| Cameco Corp. | 3562 | 326589 |
| Canadian Imperial Bank of Commerce | 3894 | 353478 |
| Canadian National Railway Co. | 4268 | 422674 |
| Canadian Natural Resources Ltd. | 5819 | 197356 |
| Canadian Pacific Kansas City Ltd. | 2914 | 214816 |
| Celestica, Inc.\* | 717 | 212372 |
| CGI, Inc. | 678 | 62708 |
| Constellation Software, Inc. | 142 | 342002 |
| Descartes Systems Group, Inc. (The)\* | 1692 | 148629 |
| Dollarama, Inc. | 2056 | 307691 |
| Empire Co. Ltd., Class A | 3811 | 132673 |
| Enbridge, Inc. | 2629 | 125970 |
| Fairfax Financial Holdings Ltd. | 229 | 437015 |
| Finning International, Inc. | 542 | 29406 |
| FirstService Corp. | 510 | 79416 |
| Fortis, Inc. | 1589 | 82722 |
| Franco-Nevada Corp. | 274 | 56871 |
| George Weston Ltd. | 5560 | 384079 |
| Hudbay Minerals, Inc. | 3022 | 60076 |
| Intact Financial Corp. | 410 | 85464 |
| Kinross Gold Corp. | 9390 | 264831 |
| Loblaw Cos., Ltd. | 12873 | 582725 |
| Magna International, Inc. | 1086 | 57970 |
| Manulife Financial Corp. | 5579 | 202851 |
| Metro, Inc. | 1114 | 80286 |
| RioCan Real Estate Investment Trust | 11199 | 152779 |
| Royal Bank of Canada | 6219 | 1061597 |
| Shopify, Inc., Class A\* | 4554 | 734221 |
| Stantec, Inc. | 3822 | 361135 |
| Sun Life Financial, Inc. | 1060 | 66256 |
| Suncor Energy, Inc. | 10997 | 488738 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CANADA - 8.2% (Continued)** | **CANADA - 8.2% (Continued)** | **CANADA - 8.2% (Continued)** |
| Teck Resources Ltd., Class B | 554 | $26557 |
| TELUS Corp. | 5417 | 71489 |
| TFI International, Inc. | 508 | 52577 |
| Thomson Reuters Corp. | 2917 | 385450 |
| TMX Group Ltd. | 1332 | 50754 |
| Toronto-Dominion Bank (The) | 6133 | 578782 |
| WSP Global, Inc. | 282 | 51127 |
|  |  | 11940449 |
| **CHILE - 0.1%** | **CHILE - 0.1%** | **CHILE - 0.1%** |
| Lundin Mining Corp., Class Common <br>Subscription Receipt | 7829 | 210182 |
| **CHINA - 8.6%** | **CHINA - 8.6%** | **CHINA - 8.6%** |
| 3SBio, Inc.\*,(a) | 12500 | 38832 |
| Alibaba Group Holding Ltd. | 73000 | 1339295 |
| Aluminum Corp. of China Ltd., Class H | 54000 | 84432 |
| ANTA Sports Products Ltd. | 3400 | 35186 |
| Autohome, Inc., ADR | 681 | 15159 |
| Baidu, Inc., Class A\* | 7988 | 134955 |
| Bank of China Ltd., Class H | 367000 | 210294 |
| Baoshan Iron & Steel Co. Ltd., Class A | 95470 | 101780 |
| Beijing Enterprises Holdings Ltd. | 10000 | 40881 |
| Bilibili, Inc., Class Z\* | 660 | 16357 |
| BOC Hong Kong Holdings Ltd. | 26000 | 131679 |
| BOE Technology Group Co. Ltd., Class A | 231100 | 139226 |
| BYD Co. Ltd., Class H | 19000 | 232755 |
| China CITIC Bank Corp. Ltd., Class H | 36000 | 32099 |
| China Construction Bank Corp., Class H | 487000 | 481150 |
| China International Capital Corp Ltd., <br>Class A | 53500 | 267954 |
| China Life Insurance Co. Ltd., Class H | 64000 | 225133 |
| China Mengniu Dairy Co. Ltd. | 10000 | 19156 |
| China Merchants Bank Co. Ltd., Class A | 19200 | 115670 |
| China Merchants Bank Co. Ltd., Class H | 14500 | 98362 |
| China Petroleum & Chemical Corp., Class H | 44000 | 26399 |
| China Resources Land Ltd. | 18000 | 62902 |
| China Tower Corp. Ltd., Class H (a) | 11200 | 16634 |
| CMOC Group Ltd., Class H | 27000 | 66741 |
| Contemporary Amperex Technology Co. <br>Ltd., Class A | 5300 | 278540 |
| CSPC Pharmaceutical Group Ltd. | 39040 | 42283 |
| ENN Energy Holdings Ltd. | 6200 | 55122 |
| Foxconn Industrial Internet Co. Ltd. | 700 | 6215 |
| Fuyao Glass Industry Group Co. Ltd. | 7700 | 71368 |
| Geely Automobile Holdings Ltd. | 63000 | 144883 |
| GigaDevice Semiconductor, Inc., Class A | 1500 | 45989 |
| GoerTek, Inc., Class A | 5600 | 23023 |
| Great Wall Motor Co. Ltd., Class H | 45500 | 89439 |
| Guangdong Investment Ltd. | 28000 | 24426 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CHINA - 8.6% (Continued)** | **CHINA - 8.6% (Continued)** | **CHINA - 8.6% (Continued)** |
| Haier Smart Home Co. Ltd., Class A | 10200 | $31818 |
| Industrial & Commercial Bank of China Ltd., <br>Class H | 355000 | 286882 |
| Innovent Biologics, Inc.\*,(a) | 8500 | 83269 |
| JD.com, Inc., Class A | 15950 | 228691 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., <br>Class A | 14700 | 125309 |
| Kuaishou Technology (a) | 3700 | 30400 |
| Kunlun Energy Co. Ltd. | 22000 | 21001 |
| Lenovo Group Ltd. | 76000 | 90417 |
| Li Auto, Inc., Class A\* | 2800 | 23329 |
| Luxshare Precision Industry Co. Ltd., <br>Class A | 6700 | 54372 |
| Meituan, Class B\*,(a) | 29610 | 392974 |
| Midea Group Co. Ltd. | 14300 | 159920 |
| Montage Technology Co., Ltd. | 2314 | 39007 |
| NetEase, Inc. | 9760 | 269094 |
| New Oriental Education & Technology <br>Group, Inc. | 3200 | 17366 |
| OmniVision Integrated Circuits Group, Inc., <br>Class A | 3800 | 68462 |
| PDD Holdings, Inc., ADR\* | 803 | 91052 |
| PetroChina Co. Ltd., Class H | 152000 | 163649 |
| Ping An Insurance Group Co. of China Ltd., <br>Class A | 26700 | 261340 |
| Ping An Insurance Group Co. of China Ltd., <br>Class H | 57000 | 477105 |
| Pop Mart International Group Ltd. (a) | 4600 | 110929 |
| Postal Savings Bank of China Co. Ltd., <br>Class H (a) | 40000 | 27340 |
| Prosus NV\* | 7205 | 447212 |
| Samsung Episholdings Co. Ltd. | 2300 | 56294 |
| Sany Heavy Industry Co. Ltd., Class A | 10800 | 32656 |
| Shenzhen Inovance Technology Co. Ltd., <br>Class A | 3000 | 32339 |
| Sino Biopharmaceutical Ltd. | 84000 | 66695 |
| Sunny Optical Technology Group Co. Ltd. | 2500 | 21054 |
| Tencent Holdings Ltd. | 38500 | 2962870 |
| Tingyi Cayman Islands Holding Corp. | 10000 | 15147 |
| Trip.com Group Ltd. | 2645 | 188261 |
| WuXi AppTec Co. Ltd., Class A | 1200 | 15565 |
| Wuxi Biologics Cayman, Inc.\*,(a) | 3500 | 14138 |
| Xiaomi Corp., Class B\*,(a) | 96000 | 484718 |
| XPeng, Inc., Class A\* | 3500 | 35681 |
| Xtep International Holdings Ltd. | 22000 | 15009 |
| Yangzijiang Shipbuilding Holdings Ltd. | 17500 | 47356 |
| Zai Lab Ltd.\* | 4030 | 7067 |
| Zhejiang NHU Co Ltd. | 16100 | 58035 |
| Zhongji Innolight Co. Ltd., Class A | 600 | 52374 |
| Zijin Mining Group Co. Ltd., Class H | 66000 | 302378 |
| Zoomlion Heavy Industry Science and <br>Technology Co. Ltd., Class H | 15200 | 15135 |
|  |  | 12638029 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DENMARK - 0.9%** | **DENMARK - 0.9%** | **DENMARK - 0.9%** |
| Danske Bank A/S | 1504 | $75347 |
| Genmab A/S\* | 507 | 161596 |
| Novo Nordisk A/S, Class B | 11637 | 595153 |
| Pandora A/S | 1120 | 124617 |
| Tryg A/S | 5621 | 147163 |
| Vestas Wind Systems A/S | 4481 | 122178 |
| Zealand Pharma A/S\* | 309 | 22661 |
|  |  | 1248715 |
| **FINLAND - 0.7%** | **FINLAND - 0.7%** | **FINLAND - 0.7%** |
| Elisa Oyj | 590 | 26151 |
| Kone Oyj, Class B | 983 | 69916 |
| Nokia Oyj | 46952 | 307255 |
| Nordea Bank Abp | 11783 | 222593 |
| Sampo Oyj, Class A | 16649 | 201987 |
| Wartsila OYJ Abp | 4018 | 143456 |
|  |  | 971358 |
| **FRANCE - 6.3%** | **FRANCE - 6.3%** | **FRANCE - 6.3%** |
| Air Liquide SA | 2628 | 494635 |
| Airbus SE | 185 | 43107 |
| Amundi SA (a) | 1057 | 87642 |
| AXA SA | 13596 | 654042 |
| BNP Paribas SA | 9575 | 908512 |
| Bouygues SA | 1123 | 58493 |
| Bureau Veritas SA | 7910 | 252499 |
| Capgemini SE | 230 | 38425 |
| Carrefour SA | 2643 | 44171 |
| Credit Agricole SA | 16833 | 346955 |
| Danone SA | 1800 | 162314 |
| Dassault Systemes SE | 7819 | 218923 |
| Eiffage SA | 1148 | 165028 |
| Engie SA | 23723 | 624376 |
| EssilorLuxottica SA | 265 | 84001 |
| Hermes International SCA | 110 | 274140 |
| Ipsen SA | 1000 | 139760 |
| L'Oreal SA | 815 | 350901 |
| LVMH Moet Hennessy Louis Vuitton SE | 1424 | 1078709 |
| Publicis Groupe SA | 2967 | 308805 |
| Safran SA | 3113 | 1087313 |
| Societe Generale SA | 4932 | 398053 |
| Thales SA | 847 | 228596 |
| TotalEnergies SE | 8753 | 571463 |
| Valeo SE | 8662 | 118364 |
| Veolia Environnement SA | 3758 | 131172 |
| Vinci SA | 3003 | 423401 |
|  |  | 9293800 |
| **GERMANY - 5.6%** | **GERMANY - 5.6%** | **GERMANY - 5.6%** |
| adidas AG | 794 | 157641 |
| Allianz SE | 2513 | 1152519 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **GERMANY - 5.6% (Continued)** | **GERMANY - 5.6% (Continued)** | **GERMANY - 5.6% (Continued)** |
| Commerzbank AG | 1898 | $80471 |
| Continental AG | 746 | 59542 |
| Deutsche Bank AG | 17611 | 684822 |
| Deutsche Boerse AG | 194 | 50969 |
| Deutsche Post AG | 3802 | 208662 |
| Deutsche Telekom AG | 29188 | 948181 |
| GEA Group AG | 2962 | 201070 |
| Henkel AG & Co. KGaA | 877 | 66950 |
| Infineon Technologies AG | 5499 | 243672 |
| Knorr-Bremse AG | 666 | 74425 |
| LEG Immobilien SE | 442 | 32314 |
| Mercedes-Benz Group AG | 2819 | 198878 |
| Muenchener Rueckversicherungs-Gesellschaft <br>AG in Muenchen | 700 | 462193 |
| Nemetschek SE | 976 | 106373 |
| Rheinmetall AG | 197 | 361163 |
| SAP SE | 5956 | 1457413 |
| Siemens AG | 3333 | 936139 |
| Siemens Energy AG\* | 3923 | 554727 |
| Siemens Healthineers AG (a) | 1950 | 102875 |
| Vonovia SE | 2814 | 81102 |
|  |  | 8222101 |
| **HONG KONG - 1.0%** | **HONG KONG - 1.0%** | **HONG KONG - 1.0%** |
| AIA Group Ltd. | 74800 | 767845 |
| Hong Kong Exchanges & Clearing Ltd. | 2700 | 141391 |
| Link REIT | 16000 | 71413 |
| Sun Hung Kai Properties Ltd. | 6000 | 73001 |
| Techtronic Industries Co. Ltd. | 13000 | 150151 |
| WH Group Ltd. (a) | 121500 | 135338 |
| Wharf Real Estate Investment Co. Ltd. | 23000 | 72633 |
|  |  | 1411772 |
| **HUNGARY - 0.2%** | **HUNGARY - 0.2%** | **HUNGARY - 0.2%** |
| OTP Bank Nyrt | 2771 | 297519 |
| **INDONESIA - 0.6%** | **INDONESIA - 0.6%** | **INDONESIA - 0.6%** |
| Astra International Tbk PT | 189700 | 76221 |
| Bank Central Asia TBK PT | 656000 | 317673 |
| Bank Mandiri Persero TBK PT | 449100 | 137356 |
| Bank Negara Indonesia Persero TBK PT | 87800 | 23010 |
| Bank Rakyat Indonesia Persero TBK PT | 616100 | 135228 |
| Jardine Matheson Holdings Ltd. | 3500 | 239365 |
|  |  | 928853 |
| **IRELAND - 0.1%** | **IRELAND - 0.1%** | **IRELAND - 0.1%** |
| Kerry Group PLC, Class A | 559 | 51208 |
| Kingspan Group PLC | 1598 | 139163 |
|  |  | 190371 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ISRAEL - 0.7%** | **ISRAEL - 0.7%** | **ISRAEL - 0.7%** |
| Bank Hapoalim BM | 14371 | $324882 |
| Bank Leumi Le-Israel BM | 6569 | 144691 |
| Elbit Systems Ltd. | 153 | 88139 |
| Israel Discount Bank Ltd., Class A | 5376 | 57048 |
| Mizrahi Tefahot Bank Ltd. | 3355 | 234116 |
| Nice Ltd.\* | 925 | 103642 |
| Teva Pharmaceutical Industries Ltd., ADR\* | 3506 | 109422 |
|  |  | 1061940 |
| **ITALY - 1.7%** | **ITALY - 1.7%** | **ITALY - 1.7%** |
| A2A SpA | 50372 | 136658 |
| Amplifon SpA | 5748 | 92823 |
| Banca Mediolanum SpA | 985 | 22523 |
| Banca Monte dei Paschi di Siena SpA | 9924 | 106412 |
| Banco BPM SpA | 2935 | 44880 |
| BPER Banca SpA | 6756 | 92041 |
| Enel SpA | 15439 | 160961 |
| Eni SpA | 11402 | 216132 |
| Generali | 4100 | 172145 |
| Infrastrutture Wireless Italiane SpA (a) | 1373 | 12715 |
| Intesa Sanpaolo SpA | 65797 | 457547 |
| Italgas SpA | 1442 | 16114 |
| Leonardo SpA | 1879 | 108486 |
| Nexi SpA (a) | 15696 | 77810 |
| Poste Italiane SpA (a) | 1959 | 49420 |
| Prysmian SpA | 1654 | 167797 |
| Recordati Industria Chimica e Farmaceutica SpA | 213 | 12143 |
| UniCredit SpA | 5987 | 498669 |
| Unipol Assicurazioni SpA | 989 | 23893 |
|  |  | 2469169 |
| **IVORY COAST - 0.1%** | **IVORY COAST - 0.1%** | **IVORY COAST - 0.1%** |
| Endeavour Mining PLC | 2037 | 105034 |
| **JAPAN - 13.7%** | **JAPAN - 13.7%** | **JAPAN - 13.7%** |
| Advantest Corp. | 3400 | 425908 |
| Aeon Co. Ltd. | 1900 | 30025 |
| Amada Co. Ltd. | 18300 | 216221 |
| ANA Holdings, Inc. | 800 | 15204 |
| Asahi Kasei Corp. | 25100 | 222424 |
| Astellas Pharma, Inc. | 24200 | 323140 |
| Canon, Inc. | 12000 | 354691 |
| Chugai Pharmaceutical Co. Ltd. | 100 | 5259 |
| CyberAgent, Inc. | 9200 | 78533 |
| Dai-ichi Life Holdings, Inc. | 16000 | 133057 |
| Daiichi Sankyo Co. Ltd. | 7600 | 162332 |
| Daikin Industries Ltd. | 1000 | 128106 |
| Daiwa House Industry Co. Ltd. | 7300 | 242084 |
| Daiwa Securities Group, Inc. | 7000 | 61205 |
| Denso Corp. | 9600 | 132169 |
| Disco Corp. | 300 | 92194 |
| DMG Mori Co. Ltd. | 4700 | 79041 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **JAPAN - 13.7% (Continued)** | **JAPAN - 13.7% (Continued)** | **JAPAN - 13.7% (Continued)** |
| ENEOS Holdings, Inc. | 62800 | $443520 |
| FANUC Corp. | 5100 | 197955 |
| Fast Retailing Co. Ltd. | 500 | 181633 |
| Fujitsu Ltd. | 15400 | 425319 |
| Hitachi Ltd. | 30800 | 963231 |
| Hoya Corp. | 400 | 60442 |
| Hulic Co. Ltd. | 3400 | 37190 |
| IHI Corp. | 900 | 15816 |
| Japan Post Bank Co. Ltd. | 19300 | 271994 |
| Japan Post Holdings Co. Ltd. | 11500 | 121093 |
| Japan Tobacco, Inc. | 10600 | 381409 |
| Kao Corp. | 1400 | 55921 |
| Keyence Corp. | 900 | 325446 |
| Kyocera Corp. | 9100 | 127520 |
| LY Corp. | 7800 | 20761 |
| Mitsubishi Chemical Group Corp. | 10000 | 58381 |
| Mitsubishi Corp. | 8500 | 194462 |
| Mitsubishi Electric Corp. | 11500 | 336390 |
| Mitsubishi HC Capital, Inc. | 3900 | 32619 |
| Mitsubishi Heavy Industries Ltd. | 18800 | 460570 |
| Mitsubishi UFJ Financial Group, Inc. | 54500 | 866812 |
| Mitsui & Co. Ltd. | 22500 | 666481 |
| Mitsui Fudosan Co. Ltd. | 17200 | 195379 |
| Mizuho Financial Group, Inc. | 11000 | 400013 |
| MS&AD Insurance Group Holdings, Inc. | 5600 | 131582 |
| Murata Manufacturing Co. Ltd. | 26100 | 540500 |
| NEC Corp. | 12500 | 423459 |
| NIDEC Corp. | 9900 | 134657 |
| Nintendo Co. Ltd. | 3100 | 209541 |
| Nomura Holdings, Inc. | 61400 | 509626 |
| Nomura Real Estate Holdings, Inc. | 9000 | 55523 |
| Nomura Research Institute Ltd. | 2700 | 103714 |
| Obayashi Corp. | 7400 | 154331 |
| Ono Pharmaceutical Co. Ltd. | 1600 | 22176 |
| ORIX Corp. | 12700 | 368980 |
| Otsuka Holdings Co. Ltd. | 1600 | 90573 |
| Pan Pacific International Holdings Corp. | 22800 | 135612 |
| Panasonic Holdings Corp. | 19200 | 247862 |
| Recruit Holdings Co. Ltd. | 9800 | 553132 |
| Renesas Electronics Corp.\* | 3300 | 45054 |
| Resona Holdings, Inc. | 16200 | 154305 |
| Ryohin Keikaku Co. Ltd. | 1900 | 33722 |
| SBI Holdings, Inc. | 2000 | 43064 |
| Sekisui House Ltd. | 2000 | 44633 |
| Shimizu Corp. | 10000 | 170245 |
| Shin-Etsu Chemical Co. Ltd. | 3600 | 111919 |
| SMC Corp. | 300 | 104233 |
| SoftBank Corp. | 111600 | 152934 |
| SoftBank Group Corp. | 11500 | 322817 |
| Sompo Holdings, Inc. | 4400 | 149787 |
| Sony Financial Group, Inc.\* | 25000 | 26476 |
| Sony Group Corp. | 42500 | 1091072 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **JAPAN - 13.7% (Continued)** | **JAPAN - 13.7% (Continued)** | **JAPAN - 13.7% (Continued)** |
| Sumitomo Chemical Co. Ltd. | 72600 | $206390 |
| Sumitomo Corp. | 6400 | 220975 |
| Sumitomo Electric Industries Ltd. | 600 | 24211 |
| Sumitomo Mitsui Financial Group, Inc. | 25100 | 807229 |
| Sumitomo Mitsui Trust Group, Inc. | 13000 | 396191 |
| Suzuki Motor Corp. | 6800 | 101277 |
| Sysmex Corp. | 12900 | 126947 |
| T&D Holdings, Inc. | 2300 | 53045 |
| Taisei Corp. | 600 | 56787 |
| Takeda Pharmaceutical Co. Ltd. | 6200 | 191247 |
| Terumo Corp. | 16700 | 241851 |
| THK Co. Ltd. | 800 | 20451 |
| Tokio Marine Holdings, Inc. | 10500 | 389668 |
| Tokyo Electron Ltd. | 2600 | 569281 |
| Toyota Motor Corp. | 37800 | 809320 |
| Unicharm Corp. | 18400 | 105062 |
|  |  | 19993411 |
| **LUXEMBOURG - 0.0%†** | **LUXEMBOURG - 0.0%†** | **LUXEMBOURG - 0.0%†** |
| Reinet Investments SCA | 690 | 24152 |
| **MALAYSIA - 0.9%** | **MALAYSIA - 0.9%** | **MALAYSIA - 0.9%** |
| CIMB Group Holdings BHD | 14600 | 29682 |
| Hong Leong Bank BHD | 4200 | 22915 |
| IHH Healthcare BHD | 49100 | 105871 |
| Inari Amertron BHD | 79500 | 32913 |
| Kuala Lumpur Kepong BHD | 6300 | 31050 |
| Malayan Banking BHD | 108000 | 278916 |
| Petronas Dagangan BHD | 8500 | 41809 |
| Press Metal Aluminium Holdings BHD | 88300 | 154927 |
| Public Bank BHD | 211900 | 237069 |
| QL Resources BHD | 15525 | 14500 |
| RHB Bank BHD | 73700 | 140026 |
| Telekom Malaysia BHD | 38800 | 76969 |
| Tenaga Nasional BHD | 45700 | 154510 |
|  |  | 1321157 |
| **MEXICO - 0.6%** | **MEXICO - 0.6%** | **MEXICO - 0.6%** |
| Alfa SAB de CV, Class A | 21109 | 18491 |
| Arca Continental SAB de CV | 5506 | 59563 |
| Cemex SAB de CV, Series CPO | 57726 | 66396 |
| Coca-Cola Femsa SAB de CV | 6091 | 57937 |
| Fomento Economico Mexicano SAB de CV | 7556 | 76499 |
| Grupo Aeroportuario del Centro Norte <br>SAB de CV | 1800 | 24470 |
| Grupo Aeroportuario del Pacifico SAB de <br>CV, Class B | 1263 | 33088 |
| Grupo Bimbo SAB de CV, Series A | 20598 | 67593 |
| Grupo Financiero Banorte SAB de CV, <br>Class O | 16871 | 156554 |
| Grupo Mexico SAB de CV, Series B | 25451 | 240928 |
| Wal-Mart de Mexico SAB de CV | 21599 | 67286 |
|  |  | 868805 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **NETHERLANDS - 2.7%** | **NETHERLANDS - 2.7%** | **NETHERLANDS - 2.7%** |
| Adyen NV\*,(a) | 71 | $114656 |
| Argenx SE\* | 183 | 154058 |
| ASM International NV | 346 | 210332 |
| ASML Holding NV | 2092 | 2263833 |
| ASR Nederland NV | 1339 | 95330 |
| Euronext NV (a) | 1276 | 191820 |
| ING Groep NV | 1913 | 53944 |
| Koninklijke Ahold Delhaize NV | 7247 | 296787 |
| Koninklijke Philips NV | 1592 | 43452 |
| NN Group NV | 3490 | 269457 |
| Wolters Kluwer NV | 2639 | 273799 |
|  |  | 3967468 |
| **NEW ZEALAND - 0.2%** | **NEW ZEALAND - 0.2%** | **NEW ZEALAND - 0.2%** |
| Fisher & Paykel Healthcare Corp. Ltd. | 3264 | 70855 |
| Xero Ltd.\* | 2922 | 222172 |
|  |  | 293027 |
| **NORWAY - 0.5%** | **NORWAY - 0.5%** | **NORWAY - 0.5%** |
| Aker BP ASA | 8651 | 220331 |
| DNB Bank ASA | 10151 | 283290 |
| Kongsberg Gruppen ASA | 7507 | 192459 |
|  |  | 696080 |
| **PHILIPPINES - 0.0%†** | **PHILIPPINES - 0.0%†** | **PHILIPPINES - 0.0%†** |
| SM Investments Corp. | 920 | 10938 |
| SM Prime Holdings, Inc. | 21800 | 8430 |
|  |  | 19368 |
| **PORTUGAL - 0.1%** | **PORTUGAL - 0.1%** | **PORTUGAL - 0.1%** |
| EDP SA | 34925 | 160584 |
| **SINGAPORE - 0.9%** | **SINGAPORE - 0.9%** | **SINGAPORE - 0.9%** |
| DBS Group Holdings Ltd. | 12730 | 557903 |
| Sea Ltd., ADR\* | 1288 | 164310 |
| Singapore Technologies Engineering Ltd. | 3800 | 24880 |
| Singapore Telecommunications Ltd. | 134500 | 475875 |
| STMicroelectronics NV | 1122 | 29570 |
|  |  | 1252538 |
| **SOUTH AFRICA - 0.9%** | **SOUTH AFRICA - 0.9%** | **SOUTH AFRICA - 0.9%** |
| AVI Ltd. | 10105 | 64338 |
| Capitec Bank Holdings Ltd. | 595 | 149228 |
| Clicks Group Ltd. | 2219 | 45072 |
| FirstRand Ltd. | 37438 | 205039 |
| Gold Fields Ltd. | 745 | 32629 |
| MTN Group Ltd. | 10247 | 104820 |
| Naspers Ltd., Class N | 2450 | 163310 |
| Nedbank Group Ltd. | 2444 | 39272 |
| Old Mutual Ltd. | 29187 | 26245 |
| Sanlam Ltd. | 25363 | 150755 |
| Standard Bank Group Ltd. | 17496 | 306629 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOUTH AFRICA - 0.9% (Continued)** | **SOUTH AFRICA - 0.9% (Continued)** | **SOUTH AFRICA - 0.9% (Continued)** |
| Vodacom Group Ltd. | 2599 | $22164 |
| Woolworths Holdings Ltd. | 22801 | 77058 |
|  |  | 1386559 |
| **SOUTH KOREA - 3.9%** | **SOUTH KOREA - 3.9%** | **SOUTH KOREA - 3.9%** |
| Celltrion, Inc.\* | 826 | 103784 |
| Doosan Enerbility Co. Ltd.\* | 220 | 11500 |
| GS Holdings Corp. | 764 | 29859 |
| Hana Financial Group, Inc. | 697 | 45530 |
| Hanwha Aerospace Co. Ltd.\* | 35 | 22863 |
| HL Mando Co. Ltd. | 497 | 20252 |
| Hugel, Inc.\* | 91 | 14561 |
| Hyundai Engineering & Construction Co. Ltd. | 947 | 46083 |
| Hyundai Marine & Fire Insurance Co. Ltd.\* | 680 | 14539 |
| Hyundai Mobis Co. Ltd. | 642 | 166232 |
| Hyundai Motor Co. | 139 | 28610 |
| Kakao Corp. | 898 | 37465 |
| KakaoBank Corp. | 1396 | 20932 |
| Kangwon Land, Inc. | 2715 | 35715 |
| KB Financial Group, Inc. | 1643 | 142225 |
| Kia Corp. | 2042 | 172653 |
| Korea Electric Power Corp.\* | 1156 | 37877 |
| Korea Gas Corp.\* | 1497 | 40840 |
| Korean Air Lines Co. Ltd.\* | 1051 | 16452 |
| Krafton, Inc.\* | 54 | 9221 |
| KT Corp. | 2015 | 73575 |
| KT&G Corp. | 780 | 76941 |
| LG Chem Ltd. | 251 | 58022 |
| LG Electronics, Inc. | 378 | 24114 |
| LG H&H Co. Ltd. | 67 | 12023 |
| NAVER Corp. | 996 | 167665 |
| NCSoft Corp. | 161 | 22520 |
| Netmarble Corp.\*,(a) | 287 | 9613 |
| Samsung Biologics Co. Ltd.\*,(a) | 100 | 117663 |
| Samsung C&T Corp.\* | 646 | 107401 |
| Samsung E&A Co. Ltd.\* | 5880 | 98167 |
| Samsung Electro-Mechanics Co. Ltd.\* | 893 | 158075 |
| Samsung Electronics Co. Ltd. | 24699 | 2055750 |
| Samsung Fire & Marine Insurance Co. Ltd. | 77 | 26566 |
| Samsung Life Insurance Co. Ltd. | 645 | 70565 |
| Samsung SDI Co. Ltd.\* | 165 | 30868 |
| Samsung SDS Co. Ltd.\* | 746 | 88813 |
| Samsung Securities Co. Ltd. | 2586 | 135354 |
| Shinhan Financial Group Co. Ltd. | 2179 | 116320 |
| SK Hynix, Inc. | 2574 | 1163218 |
| SK Telecom Co. Ltd. | 1200 | 44566 |
| SK, Inc. | 171 | 30448 |
| S-Oil Corp.\* | 753 | 43385 |
|  |  | 5748825 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SPAIN - 2.4%** | **SPAIN - 2.4%** | **SPAIN - 2.4%** |
| ACS Actividades de Construccion y <br>Servicios SA | 3860 | $384657 |
| Banco Bilbao Vizcaya Argentaria SA | 26531 | 624745 |
| Banco de Sabadell SA | 4117 | 16270 |
| Banco Santander SA | 76020 | 899067 |
| Bankinter SA | 3983 | 66215 |
| CaixaBank SA | 3929 | 48198 |
| Iberdrola SA | 45502 | 986766 |
| Industria de Diseno Textil SA | 2629 | 173957 |
| Naturgy Energy Group SA | 1705 | 51903 |
| Repsol SA | 4986 | 93254 |
| Telefonica SA | 50699 | 207985 |
|  |  | 3553017 |
| **SWEDEN - 1.6%** | **SWEDEN - 1.6%** | **SWEDEN - 1.6%** |
| AddTech AB, Class B | 1783 | 63322 |
| Assa Abloy AB, Class B | 12464 | 485240 |
| Atlas Copco AB, Class B | 2606 | 42120 |
| Boliden AB\* | 2011 | 112386 |
| Evolution AB (a) | 773 | 52809 |
| Hexagon AB, Class B | 3724 | 44233 |
| Industrivarden AB, Class A | 1877 | 84578 |
| Indutrade AB | 1047 | 27303 |
| Saab AB, Class B | 612 | 35689 |
| Sandvik AB | 13146 | 428655 |
| Skanska AB, Class B | 8140 | 222776 |
| Swedbank AB, Class A | 667 | 23232 |
| Swedish Orphan Biovitrum AB\* | 2933 | 105882 |
| Tele2 AB, Class B | 10709 | 179533 |
| Telefonaktiebolaget LM Ericsson, Class B | 26342 | 258882 |
| Telia Co AB | 37817 | 161543 |
|  |  | 2328183 |
| **SWITZERLAND - 3.1%** | **SWITZERLAND - 3.1%** | **SWITZERLAND - 3.1%** |
| ABB Ltd. | 17692 | 1322462 |
| Accelleron Industries AG | 498 | 38690 |
| Belimo Holding AG | 196 | 193217 |
| Chocoladefabriken Lindt & Spruengli AG | 12 | 175551 |
| Cie Financiere Richemont SA, Class A | 1937 | 420651 |
| DSM-Firmenich AG | 2791 | 225388 |
| Flughafen Zurich AG | 430 | 136666 |
| Logitech International SA | 2146 | 220871 |
| Partners Group Holding AG | 39 | 48360 |
| Schindler Holding AG | 171 | 60759 |
| SGS SA | 1972 | 226161 |
| Sonova Holding AG | 423 | 110575 |
| UBS Group AG | 19538 | 911485 |
| Zurich Insurance Group AG | 685 | 520332 |
|  |  | 4611168 |
| **TAIWAN - 0.1%** | **TAIWAN - 0.1%** | **TAIWAN - 0.1%** |
| Taiwan Semiconductor Manufacturing <br>Co. Ltd., ADR | 572 | 173825 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **THAILAND - 0.4%** | **THAILAND - 0.4%** | **THAILAND - 0.4%** |
| Bangkok Bank PCL, NVDR | 40700 | $218970 |
| Central Pattana PCL, NVDR | 9900 | 17362 |
| CP ALL PCL, NVDR | 177400 | 244942 |
| PTT Exploration & Production PCL, NVDR | 27700 | 99353 |
| PTT PCL, NVDR | 79900 | 81155 |
|  |  | 661782 |
| **UNITED KINGDOM - 7.7%** | **UNITED KINGDOM - 7.7%** | **UNITED KINGDOM - 7.7%** |
| AstraZeneca PLC | 7454 | 1382586 |
| Aviva PLC | 2568 | 23640 |
| BAE Systems PLC | 26182 | 603604 |
| Barclays PLC | 127552 | 816558 |
| British American Tobacco PLC | 7851 | 444998 |
| British Land Co. PLC (The) | 3925 | 21318 |
| CK Hutchison Holdings Ltd. | 63500 | 431981 |
| Compass Group PLC | 7744 | 246236 |
| Halma PLC | 1002 | 47683 |
| HSBC Holdings PLC | 72626 | 1146633 |
| IG Group Holdings PLC | 8083 | 142967 |
| IMI PLC | 3274 | 109564 |
| Imperial Brands PLC | 9872 | 414151 |
| Informa PLC | 17211 | 204643 |
| International Consolidated Airlines Group SA | 2849 | 15876 |
| International Hotels Group PLC\* | 324 | 45584 |
| Intertek Group PLC | 6792 | 422612 |
| J Sainsbury PLC | 25634 | 112057 |
| Johnson Matthey PLC | 1568 | 44965 |
| Lloyds Banking Group PLC | 165031 | 218068 |
| London Stock Exchange Group PLC | 3918 | 471762 |
| NatWest Group PLC | 34908 | 306040 |
| Next PLC | 574 | 105618 |
| RELX PLC | 12398 | 503613 |
| Rolls-Royce Holdings PLC | 57711 | 892678 |
| Sage Group PLC (The) | 10339 | 150607 |
| Smiths Group PLC | 12369 | 391300 |
| Standard Chartered PLC | 12625 | 309398 |
| Taylor Wimpey PLC | 26811 | 38767 |
| Tesco PLC | 44164 | 262441 |
| Unilever PLC | 9238 | 603821 |
| Vodafone Group PLC | 232156 | 308764 |
|  |  | 11240534 |
| **UNITED STATES - 4.7%** | **UNITED STATES - 4.7%** | **UNITED STATES - 4.7%** |
| AP Moller - Maersk A/S, Class A | 21 | 48343 |
| Beone Medicines Ltd., Class H\* | 4100 | 94447 |
| BP PLC | 68387 | 398107 |
| Experian PLC | 10461 | 473193 |
| GSK PLC | 25748 | 631867 |
| Holcim AG\* | 3520 | 345491 |
| Nestle SA | 7994 | 794506 |
| Novartis AG | 8157 | 1128441 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **UNITED STATES - 4.7% (Continued)** | **UNITED STATES - 4.7% (Continued)** | **UNITED STATES - 4.7% (Continued)** |
| Roche Holding AG (Common share) | 269 | $113814 |
| Roche Holding AG (Common share, <br>participation certificates) | 2460 | 1019087 |
| Sanofi SA | 6281 | 610202 |
| Schneider Electric SE | 120 | 33105 |
| Shell PLC | 32845 | 1210482 |
| Tenaris SA | 1967 | 38141 |
|  |  | 6939226 |
| **ZAMBIA - 0.1%** | **ZAMBIA - 0.1%** | **ZAMBIA - 0.1%** |
| First Quantum Minerals Ltd.\* | 7829 | 210182 |
| **TOTAL COMMON STOCKS** <br> (Cost - $88,232,498) |  | 124899836 |
| **EXCHANGE TRADED FUNDS - 5.8%** | **EXCHANGE TRADED FUNDS - 5.8%** | **EXCHANGE TRADED FUNDS - 5.8%** |
| **EQUITY FUNDS - 5.8%** | **EQUITY FUNDS - 5.8%** | **EQUITY FUNDS - 5.8%** |
| iShares MSCI Saudi Arabia ETF | 36580 | 1331878 |
| iShares MSCI Taiwan ETF | 111944 | 7111802 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $5,910,114) |  | 8443680 |
| **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** | **PREFERRED STOCKS - 0.8%** |
| **BRAZIL - 0.4%** | **BRAZIL - 0.4%** | **BRAZIL - 0.4%** |
| Banco Bradesco SA | 57243 | 190018 |
| Braskem SA, Class A\* | 10152 | 14617 |
| Energisa S/A | 1 | 2 |
| Gerdau SA | 5185 | 19293 |
| Isa Energia Brasil SA | 4880 | 24526 |
| Itau Unibanco Holding SA | 41263 | 295404 |
| Petroleo Brasileiro SA | 9299 | 52301 |
| Usinas Siderurgicas de Minas Gerais SA <br>Usiminas, Class A\* | 17187 | 18662 |
|  |  | 614823 |
| **COLOMBIA - 0.0%†** | **COLOMBIA - 0.0%†** | **COLOMBIA - 0.0%†** |
| Grupo Cibest SA | 1950 | 30879 |
| **GERMANY - 0.2%** | **GERMANY - 0.2%** | **GERMANY - 0.2%** |
| Henkel AG & Co. KGaA | 2397 | 195878 |
| Porsche Automobil Holding SE | 1029 | 48244 |
| Sartorius AG, Class Preference | 126 | 36581 |
|  |  | 280703 |
| **SOUTH KOREA - 0.2%** | **SOUTH KOREA - 0.2%** | **SOUTH KOREA - 0.2%** |
| Samsung Electronics Co. Ltd. | 4374 | 270841 |
| **TOTAL PREFERRED STOCKS** <br> (Cost - $1,079,306) |  | 1197246 |
| **WARRANTS - 0.0%†** | **WARRANTS - 0.0%†** | **WARRANTS - 0.0%†** |
| Constellation Software, Inc., expires <br>3/31/40\* (Cost - $0) | 104 | 0 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SHORT-TERM INVESTMENTS - 7.0%** | **SHORT-TERM INVESTMENTS - 7.0%** | **SHORT-TERM INVESTMENTS - 7.0%** |
| **MONEY MARKET FUNDS - 7.0%** | **MONEY MARKET FUNDS - 7.0%** | **MONEY MARKET FUNDS - 7.0%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 3.67% (b) <br>(Cost - $10,207,981) | 10207981 | $10207981 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $10,207,981) |  | 10207981 |
| **TOTAL INVESTMENTS - 98.9%** <br> (Cost - $105,429,899) |  | $144748743 |
| **OTHER ASSETS LESS LIABILITIES - NET 1.1%** |  | 1582591 |
| **TOTAL NET ASSETS - 100.0%** |  | $146331334 |

---

\* 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 December 31, 2025, these securities amounted to $2,340,975 or 1.6% of net assets.

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

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) |
| FTSE Taiwan Index Future | Goldman Sachs & Co. | 15 | 1/29/2026 | $1422600 | $27609 |
| MSCI EAFE Future | Goldman Sachs & Co. | 15 | 3/20/2026 | 2176575 | 11831 |
| MSCI Emerging Market Index Future | Goldman Sachs & Co. | 14 | 3/20/2026 | 987980 | 24470 |
| MSCI India Index Future | Goldman Sachs & Co. | 50 | 3/20/2026 | 6437500 | 89180 |
| S&P/TSX 60 Index Standard Futures | Goldman Sachs & Co. | 1 | 3/19/2026 | 271662 | (2043) |
| **TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**151047** |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** |
| **AEROSPACE & DEFENSE - 6.8%** | **AEROSPACE & DEFENSE - 6.8%** | **AEROSPACE & DEFENSE - 6.8%** |
| Axon Enterprise, Inc.\* | 5943 | $3375208 |
| Beta Technologies, Inc., Class A\* | 7188 | 202774 |
| Carpenter Technology Corp. | 185 | 58245 |
| Curtiss-Wright Corp. | 1020 | 562295 |
| HEICO Corp. | 3635 | 1176250 |
| HEICO Corp., Class A | 10692 | 2698982 |
| Howmet Aerospace, Inc. | 33524 | 6873091 |
| Leonardo DRS, Inc. | 2572 | 87679 |
| Rocket Lab Corp.\* | 33018 | 2303336 |
| RTX Corp. | 148 | 27143 |
| Woodward, Inc. | 435 | 131509 |
|  |  | 17496512 |
| **AUTOMOBILE COMPONENTS - 0.2%** | **AUTOMOBILE COMPONENTS - 0.2%** | **AUTOMOBILE COMPONENTS - 0.2%** |
| BorgWarner, Inc. | 10062 | 453394 |
| **BANKS - 0.1%** | **BANKS - 0.1%** | **BANKS - 0.1%** |
| Cullen/Frost Bankers, Inc. | 196 | 24819 |
| Huntington Bancshares, Inc. | 10233 | 177543 |
| Mid Penn Bancorp, Inc. | 1 | 31 |
|  |  | 202393 |
| **BEVERAGES - 0.2%** | **BEVERAGES - 0.2%** | **BEVERAGES - 0.2%** |
| Celsius Holdings, Inc.\* | 8765 | 400911 |
| **BIOTECHNOLOGY - 5.6%** | **BIOTECHNOLOGY - 5.6%** | **BIOTECHNOLOGY - 5.6%** |
| Alnylam Pharmaceuticals, Inc.\* | 10623 | 4224236 |
| Apellis Pharmaceuticals, Inc.\* | 6187 | 155417 |
| Caris Life Sciences, Inc.\* | 5189 | 139999 |
| Exelixis, Inc.\* | 22115 | 969300 |
| Halozyme Therapeutics, Inc.\* | 2569 | 172894 |
| Incyte Corp.\* | 818 | 80794 |
| Insmed, Inc.\* | 15743 | 2739912 |
| Ionis Pharmaceuticals, Inc.\* | 11494 | 909290 |
| Moderna, Inc.\* | 5318 | 156828 |
| Natera, Inc.\* | 13041 | 2987563 |
| Neurocrine Biosciences, Inc.\* | 7192 | 1020041 |
| Sarepta Therapeutics, Inc.\* | 5498 | 118317 |
| Summit Therapeutics, Inc.\* | 1448 | 25326 |
| TG Therapeutics, Inc.\* | 2472 | 73690 |
| Ultragenyx Pharmaceutical, Inc.\* | 10078 | 231794 |
| United Therapeutics Corp.\* | 743 | 362027 |
| Viking Therapeutics, Inc.\* | 2607 | 91714 |
|  |  | 14459142 |
| **BROADLINE RETAIL - 1.7%** | **BROADLINE RETAIL - 1.7%** | **BROADLINE RETAIL - 1.7%** |
| Amazon.com, Inc.\* | 4209 | 971522 |
| Coupang, Inc.\* | 109465 | 2582279 |
| Etsy, Inc.\* | 7413 | 410977 |
| MercadoLibre, Inc.\* | 185 | 372638 |
|  |  | 4337416 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BUILDING PRODUCTS - 0.9%** | **BUILDING PRODUCTS - 0.9%** | **BUILDING PRODUCTS - 0.9%** |
| AAON, Inc. | 1598 | $121847 |
| Armstrong World Industries, Inc. | 3108 | 593939 |
| Builders FirstSource, Inc.\* | 2185 | 224815 |
| Lennox International, Inc. | 1837 | 892010 |
| Owens Corning | 2349 | 262877 |
| Trane Technologies PLC | 444 | 172805 |
| UFP Industries, Inc. | 341 | 31048 |
|  |  | 2299341 |
| **CAPITAL MARKETS - 6.0%** | **CAPITAL MARKETS - 6.0%** | **CAPITAL MARKETS - 6.0%** |
| Ameriprise Financial, Inc. | 7432 | 3644207 |
| Ares Management Corp., Class A | 16777 | 2711667 |
| Blue Owl Capital, Inc. | 66920 | 999785 |
| Charles Schwab Corp. (The) | 16084 | 1606952 |
| Coinbase Global, Inc., Class A\* | 891 | 201491 |
| FactSet Research Systems, Inc. | 971 | 281775 |
| Hamilton Lane, Inc., Class A | 1127 | 151367 |
| Houlihan Lokey, Inc. | 1729 | 301175 |
| Interactive Brokers Group, Inc., Class A | 6248 | 401809 |
| Intercontinental Exchange, Inc. | 3288 | 532525 |
| Jefferies Financial Group, Inc. | 5725 | 354778 |
| LPL Financial Holdings, Inc. | 5177 | 1849069 |
| Moody's Corp. | 165 | 84290 |
| MSCI, Inc. | 1873 | 1074596 |
| PJT Partners, Inc., Class A | 945 | 158004 |
| Robinhood Markets, Inc., Class A\* | 5521 | 624425 |
| Tradeweb Markets, Inc., Class A | 3755 | 403813 |
| Virtu Financial, Inc., Class A | 695 | 23157 |
| XP, Inc., Class A | 11693 | 191414 |
|  |  | 15596299 |
| **CHEMICALS - 0.2%** | **CHEMICALS - 0.2%** | **CHEMICALS - 0.2%** |
| Corteva, Inc. | 8464 | 567342 |
| Lyondellbasell Industries NV, Class A | 1030 | 44599 |
|  |  | 611941 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.4%** | **COMMERCIAL SERVICES & SUPPLIES - 1.4%** | **COMMERCIAL SERVICES & SUPPLIES - 1.4%** |
| Cintas Corp. | 3055 | 574554 |
| Copart, Inc.\* | 9445 | 369771 |
| Rollins, Inc. | 10688 | 641494 |
| Tetra Tech, Inc. | 6907 | 231661 |
| Veralto Corp. | 17399 | 1736072 |
|  |  | 3553552 |
| **COMMUNICATIONS EQUIPMENT - 0.4%** | **COMMUNICATIONS EQUIPMENT - 0.4%** | **COMMUNICATIONS EQUIPMENT - 0.4%** |
| Arista Networks, Inc.\* | 1721 | 225503 |
| Ciena Corp.\* | 680 | 159032 |
| Motorola Solutions, Inc. | 1770 | 678476 |
|  |  | 1063011 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONSTRUCTION & ENGINEERING - 3.1%** | **CONSTRUCTION & ENGINEERING - 3.1%** | **CONSTRUCTION & ENGINEERING - 3.1%** |
| AECOM | 675 | $64348 |
| Comfort Systems USA, Inc. | 4125 | 3849821 |
| EMCOR Group, Inc. | 908 | 555505 |
| Everus Construction Group, Inc.\* | 1717 | 146907 |
| IES Holdings, Inc.\* | 66 | 25675 |
| MasTec, Inc.\* | 5086 | 1105544 |
| Quanta Services, Inc. | 5075 | 2141955 |
|  |  | 7889755 |
| **CONSUMER FINANCE - 0.4%** | **CONSUMER FINANCE - 0.4%** | **CONSUMER FINANCE - 0.4%** |
| Ally Financial, Inc. | 9695 | 439087 |
| Capital One Financial Corp. | 887 | 214973 |
| OneMain Holdings, Inc. | 1184 | 79979 |
| SoFi Technologies, Inc.\* | 15627 | 409115 |
|  |  | 1143154 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8%** |
| Casey's General Stores, Inc. | 739 | 408453 |
| Costco Wholesale Corp. | 828 | 714018 |
| Performance Food Group Co.\* | 5469 | 491772 |
| Sprouts Farmers Market, Inc.\* | 12394 | 987430 |
| Sysco Corp. | 19267 | 1419785 |
| Walmart, Inc. | 4628 | 515605 |
|  |  | 4537063 |
| **CONTAINERS & PACKAGING - 0.0%†** | **CONTAINERS & PACKAGING - 0.0%†** | **CONTAINERS & PACKAGING - 0.0%†** |
| Smurfit Westrock PLC | 944 | 36504 |
| **DIVERSIFIED CONSUMER SERVICES - 0.5%** | **DIVERSIFIED CONSUMER SERVICES - 0.5%** | **DIVERSIFIED CONSUMER SERVICES - 0.5%** |
| Bright Horizons Family Solutions, Inc.\* | 4306 | 436628 |
| Duolingo, Inc.\* | 3636 | 638118 |
| Grand Canyon Education, Inc.\* | 345 | 57377 |
| H&R Block, Inc. | 1906 | 83064 |
|  |  | 1215187 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%** |
| AST Spacemobile, Inc., Class A\* | 16047 | 1165494 |
| **ELECTRIC UTILITIES - 0.9%** | **ELECTRIC UTILITIES - 0.9%** | **ELECTRIC UTILITIES - 0.9%** |
| NRG Energy, Inc. | 14770 | 2351975 |
| **ELECTRICAL EQUIPMENT - 2.7%** | **ELECTRICAL EQUIPMENT - 2.7%** | **ELECTRICAL EQUIPMENT - 2.7%** |
| AMETEK, Inc. | 2050 | 420885 |
| Bloom Energy Corp., Class A\* | 402 | 34930 |
| NuScale Power Corp.\* | 3877 | 54937 |
| Rockwell Automation, Inc. | 1639 | 637686 |
| Vertiv Holdings Co., Class A | 35123 | 5690277 |
|  |  | 6838715 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 1.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 1.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 1.0%** |
| Amphenol Corp., Class A | 5988 | 809218 |
| Flex Ltd.\* | 4381 | 264700 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 1.0% (Continued)** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 1.0% (Continued)** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & <br>COMPONENTS - 1.0% (Continued)** |
| Jabil, Inc. | 6495 | $1480990 |
| TTM Technologies, Inc.\* | 376 | 25944 |
|  |  | 2580852 |
| **ENTERTAINMENT - 3.2%** | **ENTERTAINMENT - 3.2%** | **ENTERTAINMENT - 3.2%** |
| Liberty Media Corp.-Liberty Formula One, <br>Class C\* | 2000 | 197020 |
| Live Nation Entertainment, Inc.\* | 10253 | 1461053 |
| Netflix, Inc.\* | 1280 | 120013 |
| ROBLOX Corp., Class A\* | 56211 | 4554777 |
| Roku, Inc.\* | 4394 | 476705 |
| Spotify Technology SA\* | 57 | 33100 |
| Take-Two Interactive Software, Inc.\* | 5941 | 1521074 |
|  |  | 8363742 |
| **FINANCIAL SERVICES - 2.3%** | **FINANCIAL SERVICES - 2.3%** | **FINANCIAL SERVICES - 2.3%** |
| Affirm Holdings, Inc.\* | 14167 | 1054450 |
| Block, Inc.\* | 20641 | 1343523 |
| Corpay, Inc.\* | 5060 | 1522706 |
| Fidelity National Information Services, Inc. | 4354 | 289367 |
| Fiserv, Inc.\* | 2101 | 141124 |
| Remitly Global, Inc.\* | 4528 | 62486 |
| Toast, Inc., Class A\* | 39914 | 1417346 |
| Visa, Inc., Class A | 308 | 108018 |
| Voya Financial, Inc. | 1332 | 99221 |
|  |  | 6038241 |
| **GROUND TRANSPORTATION - 0.2%** | **GROUND TRANSPORTATION - 0.2%** | **GROUND TRANSPORTATION - 0.2%** |
| Landstar System, Inc. | 320 | 45984 |
| Lyft, Inc., Class A\* | 10442 | 202262 |
| Uber Technologies, Inc.\* | 1299 | 106141 |
| XPO, Inc.\* | 720 | 97855 |
|  |  | 452242 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 4.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 4.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 4.0%** |
| Boston Scientific Corp.\* | 6670 | 635985 |
| Dexcom, Inc.\* | 31800 | 2110566 |
| IDEXX Laboratories, Inc.\* | 6380 | 4316261 |
| Inspire Medical Systems, Inc.\* | 2721 | 250958 |
| Insulet Corp.\* | 5995 | 1704019 |
| Masimo Corp.\* | 1470 | 191188 |
| Penumbra, Inc.\* | 2259 | 702346 |
| ResMed, Inc. | 1767 | 425617 |
|  |  | 10336940 |
| **HEALTH CARE PROVIDERS & SERVICES - 3.4%** | **HEALTH CARE PROVIDERS & SERVICES - 3.4%** | **HEALTH CARE PROVIDERS & SERVICES - 3.4%** |
| Billiontoone, Inc., Class A\* | 7 | 573 |
| Cardinal Health, Inc. | 12994 | 2670267 |
| Cencora, Inc. | 12567 | 4244504 |
| Centene Corp.\* | 7766 | 319571 |
| Encompass Health Corp. | 2948 | 312901 |
| HCA Healthcare, Inc. | 381 | 177874 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTH CARE PROVIDERS & SERVICES - 3.4% (Continued)** | **HEALTH CARE PROVIDERS & SERVICES - 3.4% (Continued)** | **HEALTH CARE PROVIDERS & SERVICES - 3.4% (Continued)** |
| McKesson Corp. | 211 | $173081 |
| Molina Healthcare, Inc.\* | 2482 | 430726 |
| Quest Diagnostics, Inc. | 1308 | 226977 |
| Tenet Healthcare Corp.\* | 475 | 94392 |
|  |  | 8650866 |
| **HEALTH CARE REITS - 0.0%†** | **HEALTH CARE REITS - 0.0%†** | **HEALTH CARE REITS - 0.0%†** |
| Ventas, Inc. | 698 | 54011 |
| **HEALTH CARE TECHNOLOGY - 1.1%** | **HEALTH CARE TECHNOLOGY - 1.1%** | **HEALTH CARE TECHNOLOGY - 1.1%** |
| Doximity, Inc., Class A\* | 13548 | 599905 |
| Veeva Systems, Inc., Class A\* | 10594 | 2364899 |
|  |  | 2964804 |
| **HOTEL & RESORT REITS - 0.1%** | **HOTEL & RESORT REITS - 0.1%** | **HOTEL & RESORT REITS - 0.1%** |
| Host Hotels & Resorts, Inc. | 11826 | 209675 |
| **HOTELS, RESTAURANTS & LEISURE - 11.0%** | **HOTELS, RESTAURANTS & LEISURE - 11.0%** | **HOTELS, RESTAURANTS & LEISURE - 11.0%** |
| Aramark | 2257 | 83193 |
| Booking Holdings, Inc. | 37 | 198147 |
| Carnival Corp.\* | 38948 | 1189472 |
| Cava Group, Inc.\* | 4632 | 271852 |
| Chipotle Mexican Grill, Inc.\* | 8175 | 302475 |
| Churchill Downs, Inc. | 313 | 35613 |
| Darden Restaurants, Inc. | 12051 | 2217625 |
| DraftKings, Inc., Class A\* | 34350 | 1183701 |
| Dutch Bros, Inc., Class A\* | 10771 | 659401 |
| Expedia Group, Inc. | 10594 | 3001386 |
| Flutter Entertainment PLC\* | 8911 | 1916221 |
| Hilton Worldwide Holdings, Inc. | 14794 | 4249576 |
| Las Vegas Sands Corp. | 27288 | 1776176 |
| Norwegian Cruise Line Holdings Ltd.\* | 44406 | 991142 |
| Planet Fitness, Inc., Class A\* | 6275 | 680649 |
| Restaurant Brands International, Inc. | 7507 | 512203 |
| Royal Caribbean Cruises Ltd. | 20127 | 5613823 |
| Shake Shack, Inc., Class A\* | 521 | 42290 |
| Texas Roadhouse, Inc. | 4712 | 782192 |
| Travel + Leisure Co. | 4957 | 349617 |
| Viking Holdings Ltd.\* | 26237 | 1873584 |
| Wingstop, Inc. | 1712 | 408295 |
| Yum! Brands, Inc. | 442 | 66866 |
|  |  | 28405499 |
| **HOUSEHOLD DURABLES - 0.9%** | **HOUSEHOLD DURABLES - 0.9%** | **HOUSEHOLD DURABLES - 0.9%** |
| DR Horton, Inc. | 757 | 109031 |
| Garmin Ltd. | 1782 | 361479 |
| Installed Building Products, Inc. | 474 | 122951 |
| Meritage Homes Corp. | 1093 | 71920 |
| NVR, Inc.\* | 55 | 401102 |
| Somnigroup International, Inc. | 10855 | 969134 |
| Taylor Morrison Home Corp.\* | 2690 | 158360 |
| Toll Brothers, Inc. | 1422 | 192283 |
|  |  | 2386260 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.7%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.7%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.7%** |
| Vistra Corp. | 26592 | $4290087 |
| **INDUSTRIAL CONGLOMERATES - 0.6%** | **INDUSTRIAL CONGLOMERATES - 0.6%** | **INDUSTRIAL CONGLOMERATES - 0.6%** |
| 3M Co. | 1309 | 209571 |
| Honeywell International, Inc. | 7356 | 1435082 |
|  |  | 1644653 |
| **INSURANCE - 0.8%** | **INSURANCE - 0.8%** | **INSURANCE - 0.8%** |
| Hanover Insurance Group, Inc. (The) | 898 | 164128 |
| Hartford Financial Services Group, Inc. (The) | 1405 | 193609 |
| Kinsale Capital Group, Inc. | 1378 | 538963 |
| Marsh & McLennan Cos., Inc. | 4314 | 800333 |
| MetLife, Inc. | 423 | 33392 |
| Travelers Cos., Inc. (The) | 1247 | 361705 |
|  |  | 2092130 |
| **INTERACTIVE MEDIA & SERVICES - 1.5%** | **INTERACTIVE MEDIA & SERVICES - 1.5%** | **INTERACTIVE MEDIA & SERVICES - 1.5%** |
| Alphabet, Inc., Class A | 289 | 90457 |
| Meta Platforms, Inc., Class A | 393 | 259415 |
| Pinterest, Inc., Class A\* | 37580 | 972946 |
| Reddit, Inc., Class A\* | 10497 | 2412946 |
| Snap, Inc., Class A\* | 18817 | 151853 |
| Trump Media & Technology Group Corp.\* | 6004 | 79493 |
|  |  | 3967110 |
| **IT SERVICES - 3.5%** | **IT SERVICES - 3.5%** | **IT SERVICES - 3.5%** |
| Cloudflare, Inc., Class A\* | 26566 | 5237487 |
| Gartner, Inc.\* | 5937 | 1497786 |
| Globant SA, Class A\* | 1571 | 102696 |
| GoDaddy, Inc., Class A\* | 14657 | 1818641 |
| MongoDB, Inc.\* | 391 | 164099 |
| VeriSign, Inc. | 332 | 80659 |
|  |  | 8901368 |
| **LIFE SCIENCES TOOLS & SERVICES - 0.5%** | **LIFE SCIENCES TOOLS & SERVICES - 0.5%** | **LIFE SCIENCES TOOLS & SERVICES - 0.5%** |
| Medpace Holdings, Inc.\* | 1282 | 720035 |
| Tempus AI, Inc., Class A\* | 6891 | 406914 |
| Waters Corp.\* | 718 | 272718 |
|  |  | 1399667 |
| **MACHINERY - 0.4%** | **MACHINERY - 0.4%** | **MACHINERY - 0.4%** |
| Crane Co. | 2539 | 468268 |
| Otis Worldwide Corp. | 2338 | 204224 |
| Parker-Hannifin Corp. | 464 | 407838 |
|  |  | 1080330 |
| **MEDIA - 0.8%** | **MEDIA - 0.8%** | **MEDIA - 0.8%** |
| DoubleVerify Holdings, Inc.\* | 19468 | 222714 |
| Fox Corp., Class A | 2646 | 193343 |
| Trade Desk, Inc. (The), Class A\* | 43280 | 1642909 |
|  |  | 2058966 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **METALS & MINING - 0.2%** | **METALS & MINING - 0.2%** | **METALS & MINING - 0.2%** |
| Freeport-McMoRan, Inc. | 7510 | $381433 |
| Newmont Corp. | 815 | 81378 |
|  |  | 462811 |
| **OIL, GAS & CONSUMABLE FUELS - 2.3%** | **OIL, GAS & CONSUMABLE FUELS - 2.3%** | **OIL, GAS & CONSUMABLE FUELS - 2.3%** |
| Cheniere Energy, Inc. | 9177 | 1783917 |
| Devon Energy Corp. | 5047 | 184872 |
| EOG Resources, Inc. | 406 | 42634 |
| HF Sinclair Corp. | 994 | 45803 |
| Targa Resources Corp. | 16494 | 3043143 |
| Texas Pacific Land Corp. | 2840 | 815705 |
|  |  | 5916074 |
| **PASSENGER AIRLINES - 0.1%** | **PASSENGER AIRLINES - 0.1%** | **PASSENGER AIRLINES - 0.1%** |
| Alaska Air Group, Inc.\* | 987 | 49646 |
| American Airlines Group, Inc.\* | 8503 | 130351 |
| Delta Air Lines, Inc. | 572 | 39697 |
|  |  | 219694 |
| **PHARMACEUTICALS - 0.4%** | **PHARMACEUTICALS - 0.4%** | **PHARMACEUTICALS - 0.4%** |
| Bristol-Myers Squibb Co. | 16716 | 901661 |
| Corcept Therapeutics, Inc.\* | 4529 | 157609 |
|  |  | 1059270 |
| **PROFESSIONAL SERVICES - 2.4%** | **PROFESSIONAL SERVICES - 2.4%** | **PROFESSIONAL SERVICES - 2.4%** |
| Booz Allen Hamilton Holding Corp. | 2142 | 180699 |
| Broadridge Financial Solutions, Inc. | 4714 | 1052023 |
| Equifax, Inc. | 4115 | 892873 |
| ExlService Holdings, Inc.\* | 31873 | 1352690 |
| KBR, Inc. | 1697 | 68219 |
| Paylocity Holding Corp.\* | 5018 | 765245 |
| Robert Half, Inc. | 3060 | 83110 |
| Verisk Analytics, Inc. | 8407 | 1880562 |
|  |  | 6275421 |
| **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 3.0%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 3.0%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 3.0%** |
| Advanced Micro Devices, Inc.\* | 140 | 29982 |
| Astera Labs, Inc.\* | 11134 | 1852252 |
| Broadcom, Inc. | 108 | 37379 |
| Credo Technology Group Holding Ltd.\* | 664 | 95543 |
| Enphase Energy, Inc.\* | 4989 | 159897 |
| Lam Research Corp. | 1970 | 337225 |
| Lattice Semiconductor Corp.\* | 5862 | 431326 |
| Marvell Technology, Inc. | 609 | 51753 |
| Microchip Technology, Inc. | 655 | 41737 |
| Micron Technology, Inc. | 1208 | 344775 |
| Monolithic Power Systems, Inc. | 3865 | 3503081 |
| NVIDIA Corp. | 3439 | 641374 |
| Onto Innovation, Inc.\* | 194 | 30625 |
| Skyworks Solutions, Inc. | 2751 | 174441 |
|  |  | 7731390 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 8.7%** | **SOFTWARE - 8.7%** | **SOFTWARE - 8.7%** |
| ACI Worldwide, Inc.\* | 424 | $20271 |
| Adobe, Inc.\* | 1782 | 623682 |
| Appfolio, Inc., Class A\* | 657 | 152851 |
| Atlassian Corp., Class A\* | 2682 | 434860 |
| Autodesk, Inc.\* | 256 | 75779 |
| Confluent, Inc., Class A\* | 25591 | 773872 |
| Datadog, Inc., Class A\* | 25445 | 3460266 |
| Docusign, Inc.\* | 11506 | 787010 |
| Dropbox, Inc., Class A\* | 8179 | 227376 |
| Dynatrace, Inc.\* | 30962 | 1341893 |
| Elastic NV\* | 10523 | 793855 |
| Fair Isaac Corp.\* | 1519 | 2568052 |
| Freshworks, Inc., Class A\* | 2017 | 24708 |
| Gitlab, Inc., Class A\* | 8041 | 301779 |
| Guidewire Software, Inc.\* | 6115 | 1229176 |
| HubSpot, Inc.\* | 5454 | 2188690 |
| Klaviyo, Inc., Class A\* | 1058 | 34353 |
| Manhattan Associates, Inc.\* | 6832 | 1184054 |
| Microsoft Corp. | 2633 | 1273371 |
| Onestream, Inc., Class A\* | 1358 | 24960 |
| Procore Technologies, Inc.\* | 1861 | 135369 |
| RingCentral, Inc., Class A\* | 9145 | 264108 |
| Rubrik, Inc., Class A\* | 7379 | 564346 |
| Salesforce, Inc. | 985 | 260936 |
| Samsara, Inc., Class A\* | 25461 | 902592 |
| SentinelOne, Inc., Class A\* | 18266 | 273990 |
| ServiceNow, Inc.\* | 821 | 125769 |
| Synopsys, Inc.\* | 241 | 113203 |
| Tyler Technologies, Inc.\* | 1541 | 699537 |
| Unity Software, Inc.\* | 1312 | 57951 |
| Zscaler, Inc.\* | 6728 | 1513262 |
|  |  | 22431921 |
| **SPECIALIZED REITS - 0.1%** | **SPECIALIZED REITS - 0.1%** | **SPECIALIZED REITS - 0.1%** |
| CubeSmart | 8780 | 316519 |
| **SPECIALTY RETAIL - 4.4%** | **SPECIALTY RETAIL - 4.4%** | **SPECIALTY RETAIL - 4.4%** |
| AutoZone, Inc.\* | 42 | 142443 |
| Bath & Body Works, Inc. | 7940 | 159435 |
| Best Buy Co., Inc. | 2345 | 156951 |
| Burlington Stores, Inc.\* | 4265 | 1231945 |
| Carvana Co.\* | 11020 | 4650660 |
| Chewy, Inc., Class A\* | 16130 | 533096 |
| Five Below, Inc.\* | 398 | 74967 |
| Group 1 Automotive, Inc. | 255 | 100292 |
| Lithia Motors, Inc., Class A | 599 | 199066 |
| Murphy USA, Inc. | 1010 | 407555 |
| RH\* | 322 | 57686 |
| Ross Stores, Inc. | 3136 | 564919 |
| TJX Cos., Inc. (The) | 3379 | 519048 |
| Tractor Supply Co. | 37562 | 1878476 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SPECIALTY RETAIL - 4.4% (Continued)** | **SPECIALTY RETAIL - 4.4% (Continued)** | **SPECIALTY RETAIL - 4.4% (Continued)** |
| Ulta Beauty, Inc.\* | 395 | $238979 |
| Urban Outfitters, Inc.\* | 1664 | 125233 |
| Wayfair, Inc., Class A\* | 2503 | 251326 |
| Williams-Sonoma, Inc. | 801 | 143051 |
|  |  | 11435128 |
| **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 1.4%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 1.4%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 1.4%** |
| Apple, Inc. | 2117 | 575527 |
| Dell Technologies, Inc., Class C | 1053 | 132552 |
| HP, Inc. | 8444 | 188132 |
| NetApp, Inc. | 697 | 74642 |
| Pure Storage, Inc., Class A\* | 26600 | 1782466 |
| Seagate Technology Holdings PLC | 295 | 81240 |
| Super Micro Computer, Inc.\* | 16840 | 492907 |
| Western Digital Corp. | 1234 | 212581 |
|  |  | 3540047 |
| **TEXTILES, APPAREL & LUXURY GOODS - 1.9%** | **TEXTILES, APPAREL & LUXURY GOODS - 1.9%** | **TEXTILES, APPAREL & LUXURY GOODS - 1.9%** |
| Deckers Outdoor Corp.\* | 14030 | 1454490 |
| Levi Strauss & Co., Class A | 6734 | 139663 |
| Lululemon Athletica, Inc.\* | 3256 | 676629 |
| On Holding AG, Class A\* | 16273 | 756369 |
| Tapestry, Inc. | 15054 | 1923450 |
|  |  | 4950601 |
| **TRADING COMPANIES & DISTRIBUTORS - 3.1%** | **TRADING COMPANIES & DISTRIBUTORS - 3.1%** | **TRADING COMPANIES & DISTRIBUTORS - 3.1%** |
| Applied Industrial Technologies, Inc. | 2351 | 603666 |
| Fastenal Co. | 70365 | 2823747 |
| Ferguson Enterprises, Inc. | 2317 | 515834 |
| FTAI Aviation Ltd. | 8200 | 1614170 |
| SiteOne Landscape Supply, Inc.\* | 260 | 32386 |
| WW Grainger, Inc. | 2405 | 2426765 |
|  |  | 8016568 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.1%** |
| Millicom International Cellular SA | 473 | $26223 |
| T-Mobile US, Inc. | 716 | 145377 |
|  |  | 171600 |
| **TOTAL COMMON STOCKS** <br> (Cost - $209,378,358) |  | 254056246 |
| **RIGHTS - 0.0%†** | **RIGHTS - 0.0%†** | **RIGHTS - 0.0%†** |
| ABIOMED, Inc., CVR, expires 12/31/49 | 1883 | 1921 |
| Prevail Therapeutics, Inc., CVR, <br>expires 12/31/49 | 107 | 53 |
| **TOTAL RIGHTS** <br> (Cost - $0) |  | 1974 |
| **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** |
| **MONEY MARKET FUNDS - 1.5%** | **MONEY MARKET FUNDS - 1.5%** | **MONEY MARKET FUNDS - 1.5%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 3.67% (a) <br>(Cost - $3,741,281) | 3741281 | 3741281 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $3,741,281) |  | 3741281 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost - $213,119,639) |  | $257799501 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.0)%†** |  | (86989) |
| **TOTAL NET ASSETS - 100.0%** |  | $257712512 |

---

\* Non-income producing security.

† Represents less than 0.05%.

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

CVR - Contingent Value Rights

PLC - Public Limited Company

REIT - Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) |
| S&P 500 E-Mini Future | Goldman Sachs & Co. | 11 | 3/20/2026 | 3790875 | $1518 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** |
| **AEROSPACE & DEFENSE - 2.7%** | **AEROSPACE & DEFENSE - 2.7%** | **AEROSPACE & DEFENSE - 2.7%** |
| Boeing Co. (The)\* | 3610 | $783803 |
| Curtiss-Wright Corp. | 136 | 74973 |
| General Dynamics Corp. | 2830 | 952748 |
| HEICO Corp., Class A | 2285 | 576803 |
| L3Harris Technologies, Inc. | 430 | 126235 |
| Lockheed Martin Corp. | 1736 | 839651 |
| Northrop Grumman Corp. | 829 | 472704 |
| RTX Corp. | 12196 | 2236746 |
| Woodward, Inc. | 344 | 103998 |
|  |  | 6167661 |
| **AIR FREIGHT & LOGISTICS - 0.2%** | **AIR FREIGHT & LOGISTICS - 0.2%** | **AIR FREIGHT & LOGISTICS - 0.2%** |
| Expeditors International of Washington, Inc. | 1155 | 172106 |
| United Parcel Service, Inc., Class B | 3036 | 301141 |
|  |  | 473247 |
| **AUTOMOBILE COMPONENTS - 0.4%** | **AUTOMOBILE COMPONENTS - 0.4%** | **AUTOMOBILE COMPONENTS - 0.4%** |
| BorgWarner, Inc. | 21109 | 951172 |
| **AUTOMOBILES - 0.3%** | **AUTOMOBILES - 0.3%** | **AUTOMOBILES - 0.3%** |
| Ford Motor Co. | 17570 | 230518 |
| General Motors Co. | 6702 | 545007 |
|  |  | 775525 |
| **BANKS - 7.8%** | **BANKS - 7.8%** | **BANKS - 7.8%** |
| Bank of America Corp. | 64236 | 3532980 |
| Citigroup, Inc. | 19611 | 2288408 |
| Cullen/Frost Bankers, Inc. | 2062 | 261111 |
| Huntington Bancshares, Inc. | 99050 | 1718517 |
| JPMorgan Chase & Co. | 20404 | 6574577 |
| KeyCorp | 32127 | 663101 |
| PNC Financial Services Group, Inc. (The) | 2358 | 492185 |
| Southstate Bank Corp. | 1133 | 106627 |
| Synovus Financial Corp. | 1257 | 62913 |
| US Bancorp | 10753 | 573780 |
| Wells Fargo & Co. | 17014 | 1585705 |
|  |  | 17859904 |
| **BEVERAGES - 1.2%** | **BEVERAGES - 1.2%** | **BEVERAGES - 1.2%** |
| Coca-Cola Co. (The) | 16019 | 1119888 |
| Keurig Dr Pepper, Inc. | 9742 | 272874 |
| Molson Coors Beverage Co., Class B | 2153 | 100502 |
| Monster Beverage Corp.\* | 5451 | 417928 |
| PepsiCo, Inc. | 5125 | 735540 |
|  |  | 2646732 |
| **BIOTECHNOLOGY - 1.9%** | **BIOTECHNOLOGY - 1.9%** | **BIOTECHNOLOGY - 1.9%** |
| AbbVie, Inc. | 1160 | 265048 |
| Amgen, Inc. | 1587 | 519441 |
| Biogen, Inc.\* | 1345 | 236707 |
| BioMarin Pharmaceutical, Inc.\* | 1215 | 72207 |
| Caris Life Sciences, Inc.\* | 1474 | 39769 |
| Exact Sciences Corp.\* | 911 | 92521 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BIOTECHNOLOGY - 1.9% (Continued)** | **BIOTECHNOLOGY - 1.9% (Continued)** | **BIOTECHNOLOGY - 1.9% (Continued)** |
| Exelixis, Inc.\* | 3578 | $156824 |
| Gilead Sciences, Inc. | 6733 | 826408 |
| Incyte Corp.\* | 425 | 41977 |
| Moderna, Inc.\* | 9168 | 270364 |
| Natera, Inc.\* | 1653 | 378686 |
| Regeneron Pharmaceuticals, Inc. | 1078 | 832076 |
| REVOLUTION Medicines, Inc.\* | 602 | 47949 |
| TG Therapeutics, Inc.\* | 1478 | 44059 |
| Ultragenyx Pharmaceutical, Inc.\* | 2628 | 60444 |
| United Therapeutics Corp.\* | 834 | 406367 |
| Viking Therapeutics, Inc.\* | 2631 | 92559 |
|  |  | 4383406 |
| **BROADLINE RETAIL - 2.8%** | **BROADLINE RETAIL - 2.8%** | **BROADLINE RETAIL - 2.8%** |
| Amazon.com, Inc.\* | 25173 | 5810432 |
| eBay, Inc. | 2113 | 184042 |
| Etsy, Inc.\* | 970 | 53777 |
| Macy's, Inc. | 1522 | 33560 |
| MercadoLibre, Inc.\* | 149 | 300125 |
|  |  | 6381936 |
| **BUILDING PRODUCTS - 0.7%** | **BUILDING PRODUCTS - 0.7%** | **BUILDING PRODUCTS - 0.7%** |
| Armstrong World Industries, Inc. | 1067 | 203904 |
| Builders FirstSource, Inc.\* | 1705 | 175427 |
| Carrier Global Corp. | 4762 | 251624 |
| Johnson Controls International PLC | 2060 | 246685 |
| Owens Corning | 3181 | 355986 |
| Trane Technologies PLC | 995 | 387254 |
|  |  | 1620880 |
| **CAPITAL MARKETS - 5.3%** | **CAPITAL MARKETS - 5.3%** | **CAPITAL MARKETS - 5.3%** |
| Ameriprise Financial, Inc. | 67 | 32853 |
| Ares Management Corp., Class A | 648 | 104736 |
| Blue Owl Capital, Inc. | 7637 | 114097 |
| Cboe Global Markets, Inc. | 1205 | 302455 |
| Charles Schwab Corp. (The) | 27425 | 2740032 |
| CME Group, Inc. | 3384 | 924103 |
| Coinbase Global, Inc., Class A\* | 409 | 92491 |
| FactSet Research Systems, Inc. | 739 | 214450 |
| Franklin Resources, Inc. | 2418 | 57766 |
| Goldman Sachs Group, Inc. (The) | 461 | 405219 |
| Interactive Brokers Group, Inc., Class A | 6212 | 399494 |
| Intercontinental Exchange, Inc. | 8581 | 1389779 |
| Invesco Ltd. | 4643 | 121972 |
| Jefferies Financial Group, Inc. | 2607 | 161556 |
| Moody's Corp. | 331 | 169091 |
| Morgan Stanley | 12488 | 2216995 |
| Nasdaq, Inc. | 8095 | 786267 |
| Robinhood Markets, Inc., Class A\* | 1654 | 187067 |
| S&P Global, Inc. | 2850 | 1489381 |
| Tradeweb Markets, Inc., Class A | 1620 | 174215 |
| XP, Inc., Class A | 6523 | 106781 |
|  |  | 12190800 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CHEMICALS - 1.6%** | **CHEMICALS - 1.6%** | **CHEMICALS - 1.6%** |
| Celanese Corp. | 1550 | $65534 |
| Corteva, Inc. | 26817 | 1797543 |
| Dow, Inc. | 13710 | 320540 |
| Huntsman Corp. | 22369 | 223690 |
| Linde PLC | 1009 | 430228 |
| Lyondellbasell Industries NV, Class A | 9962 | 431355 |
| Mosaic Co. (The) | 7589 | 182819 |
| PPG Industries, Inc. | 1220 | 125001 |
| RPM International, Inc. | 576 | 59904 |
|  |  | 3636614 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.1%** | **COMMERCIAL SERVICES & SUPPLIES - 1.1%** | **COMMERCIAL SERVICES & SUPPLIES - 1.1%** |
| Cintas Corp. | 3424 | 643952 |
| Copart, Inc.\* | 8626 | 337708 |
| Republic Services, Inc. | 3520 | 745993 |
| Veralto Corp. | 7122 | 710633 |
|  |  | 2438286 |
| **COMMUNICATIONS EQUIPMENT - 1.4%** | **COMMUNICATIONS EQUIPMENT - 1.4%** | **COMMUNICATIONS EQUIPMENT - 1.4%** |
| Arista Networks, Inc.\* | 3132 | 410386 |
| Ciena Corp.\* | 1224 | 286257 |
| Cisco Systems, Inc. | 17025 | 1311436 |
| Motorola Solutions, Inc. | 3076 | 1179092 |
|  |  | 3187171 |
| **CONSTRUCTION & ENGINEERING - 0.5%** | **CONSTRUCTION & ENGINEERING - 0.5%** | **CONSTRUCTION & ENGINEERING - 0.5%** |
| AECOM | 272 | 25930 |
| Comfort Systems USA, Inc. | 428 | 399448 |
| MasTec, Inc.\* | 2778 | 603854 |
|  |  | 1029232 |
| **CONSTRUCTION MATERIALS - 0.2%** | **CONSTRUCTION MATERIALS - 0.2%** | **CONSTRUCTION MATERIALS - 0.2%** |
| CRH PLC | 3498 | 436550 |
| **CONSUMER FINANCE - 1.8%** | **CONSUMER FINANCE - 1.8%** | **CONSUMER FINANCE - 1.8%** |
| Ally Financial, Inc. | 10298 | 466396 |
| American Express Co. | 3516 | 1300744 |
| Capital One Financial Corp. | 7232 | 1752747 |
| OneMain Holdings, Inc. | 6614 | 446776 |
| SoFi Technologies, Inc.\* | 5198 | 136084 |
|  |  | 4102747 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.1%** |
| Casey's General Stores, Inc. | 388 | 214451 |
| Costco Wholesale Corp. | 1392 | 1200377 |
| Dollar General Corp. | 2097 | 278419 |
| Performance Food Group Co.\* | 1055 | 94866 |
| Sprouts Farmers Market, Inc.\* | 1755 | 139821 |
| Sysco Corp. | 2929 | 215838 |
| Target Corp. | 1672 | 163438 |
| Walgreens Boots Alliance, Inc.\* | 3652 | 1936 |
| Walmart, Inc. | 43788 | 4878421 |
|  |  | 7187567 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONTAINERS & PACKAGING - 0.4%** | **CONTAINERS & PACKAGING - 0.4%** | **CONTAINERS & PACKAGING - 0.4%** |
| Ball Corp. | 1593 | $84381 |
| Crown Holdings, Inc. | 2323 | 239199 |
| Smurfit Westrock PLC | 16807 | 649927 |
|  |  | 973507 |
| **DIVERSIFIED CONSUMER SERVICES - 0.1%** | **DIVERSIFIED CONSUMER SERVICES - 0.1%** | **DIVERSIFIED CONSUMER SERVICES - 0.1%** |
| Bright Horizons Family Solutions, Inc.\* | 1567 | 158894 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES - 1.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 1.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 1.2%** |
| AT&T, Inc. | 75717 | 1880810 |
| Verizon Communications, Inc. | 19652 | 800426 |
|  |  | 2681236 |
| **ELECTRIC UTILITIES - 2.1%** | **ELECTRIC UTILITIES - 2.1%** | **ELECTRIC UTILITIES - 2.1%** |
| Constellation Energy Corp. | 1100 | 388597 |
| Edison International | 8784 | 527216 |
| Entergy Corp. | 4033 | 372770 |
| Eversource Energy | 6705 | 451447 |
| FirstEnergy Corp. | 8581 | 384171 |
| NextEra Energy, Inc. | 12372 | 993224 |
| NRG Energy, Inc. | 649 | 103347 |
| PG&E Corp. | 42938 | 690014 |
| Pinnacle West Capital Corp. | 10037 | 890282 |
|  |  | 4801068 |
| **ELECTRICAL EQUIPMENT - 1.7%** | **ELECTRICAL EQUIPMENT - 1.7%** | **ELECTRICAL EQUIPMENT - 1.7%** |
| AMETEK, Inc. | 8139 | 1671018 |
| Eaton Corp. PLC | 3361 | 1070512 |
| Emerson Electric Co. | 2157 | 286277 |
| GE Vernova, Inc. | 77 | 50325 |
| Rockwell Automation, Inc. | 1542 | 599946 |
| Vertiv Holdings Co., Class A | 1888 | 305875 |
|  |  | 3983953 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%** |
| Amphenol Corp., Class A | 7092 | 958413 |
| Coherent Corp.\* | 504 | 93023 |
| Flex Ltd.\* | 7295 | 440764 |
| Jabil, Inc. | 650 | 148213 |
| Keysight Technologies, Inc.\* | 2615 | 531342 |
|  |  | 2171755 |
| **ENERGY EQUIPMENT & SERVICES - 0.3%** | **ENERGY EQUIPMENT & SERVICES - 0.3%** | **ENERGY EQUIPMENT & SERVICES - 0.3%** |
| Schlumberger NV | 15839 | 607901 |
| **ENTERTAINMENT - 0.9%** | **ENTERTAINMENT - 0.9%** | **ENTERTAINMENT - 0.9%** |
| Electronic Arts, Inc. | 625 | 127706 |
| Netflix, Inc.\* | 830 | 77821 |
| ROBLOX Corp., Class A\* | 966 | 78275 |
| Roku, Inc.\* | 2356 | 255602 |
| Take-Two Interactive Software, Inc.\* | 986 | 252446 |
| Walt Disney Co. (The) | 9738 | 1107892 |
| Warner Bros Discovery, Inc.\* | 8001 | 230589 |
|  |  | 2130331 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FINANCIAL SERVICES - 3.8%** | **FINANCIAL SERVICES - 3.8%** | **FINANCIAL SERVICES - 3.8%** |
| Berkshire Hathaway, Inc., Class B\* | 12692 | $6379634 |
| Block, Inc.\* | 5318 | 346149 |
| Fidelity National Information Services, Inc. | 10495 | 697498 |
| Fiserv, Inc.\* | 5514 | 370375 |
| Rocket Cos., Inc., Class A | 4401 | 85203 |
| Visa, Inc., Class A | 1935 | 678624 |
| Voya Financial, Inc. | 2969 | 221161 |
|  |  | 8778644 |
| **FOOD PRODUCTS - 0.1%** | **FOOD PRODUCTS - 0.1%** | **FOOD PRODUCTS - 0.1%** |
| Cal-Maine Foods, Inc. | 934 | 74319 |
| Conagra Brands, Inc. | 2329 | 40315 |
| Seaboard Corp. | 15 | 66672 |
| Smithfield Foods, Inc. | 3589 | 80142 |
|  |  | 261448 |
| **GROUND TRANSPORTATION - 1.0%** | **GROUND TRANSPORTATION - 1.0%** | **GROUND TRANSPORTATION - 1.0%** |
| CSX Corp. | 5679 | 205864 |
| Lyft, Inc., Class A\* | 4020 | 77867 |
| Norfolk Southern Corp. | 126 | 36379 |
| Ryder System, Inc. | 149 | 28517 |
| Uber Technologies, Inc.\* | 2451 | 200271 |
| Union Pacific Corp. | 7615 | 1761502 |
|  |  | 2310400 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.4%** |
| Abbott Laboratories | 7199 | 901963 |
| Boston Scientific Corp.\* | 18560 | 1769696 |
| Glaukos Corp.\* | 332 | 37486 |
| Hologic, Inc.\* | 3542 | 263843 |
| Insulet Corp.\* | 79 | 22455 |
| Intuitive Surgical, Inc.\* | 152 | 86087 |
| Medtronic PLC | 10820 | 1039369 |
| Solventum Corp.\* | 704 | 55785 |
| Stryker Corp. | 3693 | 1297979 |
|  |  | 5474663 |
| **HEALTH CARE PROVIDERS & SERVICES - 2.9%** | **HEALTH CARE PROVIDERS & SERVICES - 2.9%** | **HEALTH CARE PROVIDERS & SERVICES - 2.9%** |
| Cardinal Health, Inc. | 3596 | 738978 |
| Centene Corp.\* | 12997 | 534827 |
| Cigna Group (The) | 2141 | 589267 |
| CVS Health Corp. | 3071 | 243715 |
| Elevance Health, Inc. | 884 | 309886 |
| Encompass Health Corp. | 2669 | 283288 |
| HCA Healthcare, Inc. | 1451 | 677414 |
| McKesson Corp. | 355 | 291203 |
| Molina Healthcare, Inc.\* | 410 | 71151 |
| Quest Diagnostics, Inc. | 2282 | 395995 |
| Tenet Healthcare Corp.\* | 1011 | 200906 |
| UnitedHealth Group, Inc. | 7241 | 2390327 |
|  |  | 6726957 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTH CARE REITS - 0.5%** | **HEALTH CARE REITS - 0.5%** | **HEALTH CARE REITS - 0.5%** |
| Alexandria Real Estate Equities, Inc. | 2096 | $102578 |
| Ventas, Inc. | 14067 | 1088505 |
|  |  | 1191083 |
| **HEALTH CARE TECHNOLOGY - 0.1%** | **HEALTH CARE TECHNOLOGY - 0.1%** | **HEALTH CARE TECHNOLOGY - 0.1%** |
| Doximity, Inc., Class A\* | 1426 | 63143 |
| Veeva Systems, Inc., Class A\* | 1042 | 232606 |
|  |  | 295749 |
| **HOTEL & RESORT REITS - 0.2%** | **HOTEL & RESORT REITS - 0.2%** | **HOTEL & RESORT REITS - 0.2%** |
| Host Hotels & Resorts, Inc. | 21688 | 384528 |
| **HOTELS, RESTAURANTS & LEISURE - 0.9%** | **HOTELS, RESTAURANTS & LEISURE - 0.9%** | **HOTELS, RESTAURANTS & LEISURE - 0.9%** |
| Booking Holdings, Inc. | 22 | 117817 |
| Carnival Corp.\* | 6462 | 197349 |
| Chipotle Mexican Grill, Inc.\* | 1795 | 66415 |
| Darden Restaurants, Inc. | 1079 | 198558 |
| McDonald's Corp. | 4344 | 1327657 |
| Norwegian Cruise Line Holdings Ltd.\* | 1645 | 36716 |
| Viking Holdings Ltd.\* | 544 | 38847 |
|  |  | 1983359 |
| **HOUSEHOLD DURABLES - 1.0%** | **HOUSEHOLD DURABLES - 1.0%** | **HOUSEHOLD DURABLES - 1.0%** |
| DR Horton, Inc. | 2878 | 414518 |
| Garmin Ltd. | 2888 | 585831 |
| Meritage Homes Corp. | 7784 | 512187 |
| NVR, Inc.\* | 58 | 422981 |
| Taylor Morrison Home Corp.\* | 2062 | 121390 |
| Toll Brothers, Inc. | 2301 | 311141 |
|  |  | 2368048 |
| **HOUSEHOLD PRODUCTS - 1.3%** | **HOUSEHOLD PRODUCTS - 1.3%** | **HOUSEHOLD PRODUCTS - 1.3%** |
| Kimberly-Clark Corp. | 3192 | 322041 |
| Procter & Gamble Co. (The) | 18215 | 2610392 |
|  |  | 2932433 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%†** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%†** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%†** |
| AES Corp. (The) | 5979 | 85739 |
| **INDUSTRIAL CONGLOMERATES - 1.5%** | **INDUSTRIAL CONGLOMERATES - 1.5%** | **INDUSTRIAL CONGLOMERATES - 1.5%** |
| 3M Co. | 7706 | 1233731 |
| Honeywell International, Inc. | 11535 | 2250363 |
|  |  | 3484094 |
| **INDUSTRIAL REITS - 0.3%** | **INDUSTRIAL REITS - 0.3%** | **INDUSTRIAL REITS - 0.3%** |
| Prologis, Inc. | 4400 | 561704 |
| **INSURANCE - 4.0%** | **INSURANCE - 4.0%** | **INSURANCE - 4.0%** |
| Aflac, Inc. | 1783 | 196612 |
| Allstate Corp. (The) | 3780 | 786807 |
| Arch Capital Group Ltd.\* | 2352 | 225604 |
| Chubb Ltd. | 3297 | 1029060 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INSURANCE - 4.0% (Continued)** | **INSURANCE - 4.0% (Continued)** | **INSURANCE - 4.0% (Continued)** |
| Globe Life, Inc. | 580 | $81119 |
| Hanover Insurance Group, Inc. (The) | 666 | 121725 |
| Hartford Financial Services Group, Inc. (The) | 4855 | 669019 |
| Marsh & McLennan Cos., Inc. | 6866 | 1273780 |
| MetLife, Inc. | 16060 | 1267776 |
| Progressive Corp. (The) | 5831 | 1327835 |
| Prudential Financial, Inc. | 1715 | 193589 |
| Reinsurance Group of America, Inc. | 582 | 118414 |
| Travelers Cos., Inc. (The) | 6386 | 1852323 |
|  |  | 9143663 |
| **INTERACTIVE MEDIA & SERVICES - 5.3%** | **INTERACTIVE MEDIA & SERVICES - 5.3%** | **INTERACTIVE MEDIA & SERVICES - 5.3%** |
| Alphabet, Inc., Class A | 16750 | 5242750 |
| Alphabet, Inc., Class C | 12693 | 3983063 |
| Meta Platforms, Inc., Class A | 3627 | 2394146 |
| Pinterest, Inc., Class A\* | 14193 | 367457 |
| Snap, Inc., Class A\* | 12855 | 103740 |
|  |  | 12091156 |
| **IT SERVICES - 1.4%** | **IT SERVICES - 1.4%** | **IT SERVICES - 1.4%** |
| Accenture PLC, Class A | 4309 | 1156105 |
| Amdocs Ltd. | 1073 | 86387 |
| Globant SA, Class A\* | 1549 | 101258 |
| GoDaddy, Inc., Class A\* | 1370 | 169990 |
| International Business Machines Corp. | 4663 | 1381227 |
| MongoDB, Inc.\* | 331 | 138917 |
| VeriSign, Inc. | 1063 | 258256 |
|  |  | 3292140 |
| **LEISURE PRODUCTS - 0.1%** | **LEISURE PRODUCTS - 0.1%** | **LEISURE PRODUCTS - 0.1%** |
| Hasbro, Inc. | 2322 | 190404 |
| **LIFE SCIENCES TOOLS & SERVICES - 0.7%** | **LIFE SCIENCES TOOLS & SERVICES - 0.7%** | **LIFE SCIENCES TOOLS & SERVICES - 0.7%** |
| Danaher Corp. | 3351 | 767111 |
| Thermo Fisher Scientific, Inc. | 1278 | 740537 |
|  |  | 1507648 |
| **MACHINERY - 3.5%** | **MACHINERY - 3.5%** | **MACHINERY - 3.5%** |
| Caterpillar, Inc. | 2613 | 1496909 |
| Crane Co. | 1512 | 278858 |
| Deere & Co. | 1084 | 504678 |
| Dover Corp. | 4722 | 921923 |
| Illinois Tool Works, Inc. | 4526 | 1114754 |
| Mueller Industries, Inc. | 2459 | 282293 |
| Otis Worldwide Corp. | 5452 | 476232 |
| PACCAR, Inc. | 3567 | 390622 |
| Parker-Hannifin Corp. | 2418 | 2125325 |
| Stanley Black & Decker, Inc. | 1152 | 85571 |
| Westinghouse Air Brake Technologies Corp. | 1498 | 319748 |
| Xylem, Inc. | 530 | 72176 |
|  |  | 8069089 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MARINE TRANSPORTATION - 0.2%** | **MARINE TRANSPORTATION - 0.2%** | **MARINE TRANSPORTATION - 0.2%** |
| Kirby Corp.\* | 3995 | $440169 |
| **MEDIA - 0.9%** | **MEDIA - 0.9%** | **MEDIA - 0.9%** |
| Comcast Corp., Class A | 55799 | 1667832 |
| Fox Corp., Class A | 3384 | 247269 |
| Fox Corp., Class B | 1719 | 111615 |
| Trade Desk, Inc. (The), Class A\* | 1962 | 74477 |
|  |  | 2101193 |
| **METALS & MINING - 1.3%** | **METALS & MINING - 1.3%** | **METALS & MINING - 1.3%** |
| Alcoa Corp. | 1766 | 93845 |
| Cleveland-Cliffs, Inc.\* | 4120 | 54714 |
| Freeport-McMoRan, Inc. | 18831 | 956427 |
| Newmont Corp. | 10758 | 1074186 |
| Nucor Corp. | 1449 | 236346 |
| Reliance, Inc. | 1243 | 359065 |
| Royal Gold, Inc. | 686 | 152491 |
|  |  | 2927074 |
| **MULTI-UTILITIES - 0.7%** | **MULTI-UTILITIES - 0.7%** | **MULTI-UTILITIES - 0.7%** |
| Ameren Corp. | 4017 | 401138 |
| Black Hills Corp. | 1132 | 78583 |
| DTE Energy Co. | 999 | 128851 |
| Public Service Enterprise Group, Inc. | 905 | 72671 |
| WEC Energy Group, Inc. | 8315 | 876900 |
|  |  | 1558143 |
| **OIL, GAS & CONSUMABLE FUELS - 5.0%** | **OIL, GAS & CONSUMABLE FUELS - 5.0%** | **OIL, GAS & CONSUMABLE FUELS - 5.0%** |
| Cheniere Energy, Inc. | 2422 | 470813 |
| Chevron Corp. | 14470 | 2205373 |
| Chord Energy Corp. | 1961 | 181785 |
| Devon Energy Corp. | 42054 | 1540438 |
| EOG Resources, Inc. | 11169 | 1172857 |
| Exxon Mobil Corp. | 17619 | 2120270 |
| HF Sinclair Corp. | 5118 | 235837 |
| Kinder Morgan, Inc. | 39227 | 1078350 |
| Marathon Petroleum Corp. | 1983 | 322495 |
| ONEOK, Inc. | 1836 | 134946 |
| Ovintiv, Inc. | 21723 | 851324 |
| Phillips 66 | 836 | 107877 |
| Targa Resources Corp. | 245 | 45203 |
| Valero Energy Corp. | 3412 | 555440 |
| Williams Cos., Inc. (The) | 6135 | 368775 |
|  |  | 11391783 |
| **PAPER & FOREST PRODUCTS - 0.0%†** | **PAPER & FOREST PRODUCTS - 0.0%†** | **PAPER & FOREST PRODUCTS - 0.0%†** |
| Louisiana-Pacific Corp. | 462 | 37311 |
| **PASSENGER AIRLINES - 0.3%** | **PASSENGER AIRLINES - 0.3%** | **PASSENGER AIRLINES - 0.3%** |
| Delta Air Lines, Inc. | 8641 | 599685 |
| United Airlines Holdings, Inc.\* | 201 | 22476 |
|  |  | 622161 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PERSONAL CARE PRODUCTS - 0.1%** | **PERSONAL CARE PRODUCTS - 0.1%** | **PERSONAL CARE PRODUCTS - 0.1%** |
| BellRing Brands, Inc.\* | 2025 | $54128 |
| Kenvue, Inc. | 8951 | 154405 |
|  |  | 208533 |
| **PHARMACEUTICALS - 3.5%** | **PHARMACEUTICALS - 3.5%** | **PHARMACEUTICALS - 3.5%** |
| Bristol-Myers Squibb Co. | 39390 | 2124697 |
| Johnson & Johnson | 15228 | 3151435 |
| Merck & Co., Inc. | 12823 | 1349749 |
| Pfizer, Inc. | 59086 | 1471241 |
|  |  | 8097122 |
| **PROFESSIONAL SERVICES - 0.4%** | **PROFESSIONAL SERVICES - 0.4%** | **PROFESSIONAL SERVICES - 0.4%** |
| Equifax, Inc. | 2146 | 465639 |
| ExlService Holdings, Inc.\* | 5802 | 246237 |
| Leidos Holdings, Inc. | 527 | 95071 |
| Robert Half, Inc. | 1347 | 36585 |
| Verisk Analytics, Inc. | 109 | 24382 |
|  |  | 867914 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** |
| Zillow Group, Inc., Class A\* | 365 | 24904 |
| **RESIDENTIAL REITS - 0.4%** | **RESIDENTIAL REITS - 0.4%** | **RESIDENTIAL REITS - 0.4%** |
| Camden Property Trust | 5677 | 624924 |
| Invitation Homes, Inc. | 5704 | 158514 |
| Mid-America Apartment Communities, Inc. | 1459 | 202670 |
|  |  | 986108 |
| **RETAIL REITS - 0.7%** | **RETAIL REITS - 0.7%** | **RETAIL REITS - 0.7%** |
| Kimco Realty Corp. | 50779 | 1029290 |
| NNN REIT, Inc. | 7346 | 291122 |
| Regency Centers Corp. | 3300 | 227799 |
|  |  | 1548211 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%** |
| Advanced Micro Devices, Inc.\* | 5389 | 1154108 |
| Analog Devices, Inc. | 3886 | 1053883 |
| Applied Materials, Inc. | 2515 | 646330 |
| Intel Corp.\* | 34461 | 1271611 |
| Lam Research Corp. | 4712 | 806600 |
| Marvell Technology, Inc. | 6881 | 584747 |
| Microchip Technology, Inc. | 3447 | 219643 |
| Micron Technology, Inc. | 9991 | 2851531 |
| NVIDIA Corp. | 4243 | 791320 |
| Qnity Electronics, Inc. | 1151 | 93979 |
| QUALCOMM, Inc. | 6565 | 1122943 |
| Skyworks Solutions, Inc. | 5970 | 378558 |
| Texas Instruments, Inc. | 4373 | 758672 |
|  |  | 11733925 |
| **SOFTWARE - 1.8%** | **SOFTWARE - 1.8%** | **SOFTWARE - 1.8%** |
| Adobe, Inc.\* | 1541 | 539334 |
| Atlassian Corp., Class A\* | 1296 | 210133 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 1.8% (Continued)** | **SOFTWARE - 1.8% (Continued)** | **SOFTWARE - 1.8% (Continued)** |
| Elastic NV\* | 532 | $40134 |
| HubSpot, Inc.\* | 322 | 129219 |
| Microsoft Corp. | 2005 | 969658 |
| MicroStrategy, Inc., Class A\* | 1067 | 162131 |
| Salesforce, Inc. | 7355 | 1948413 |
| Synopsys, Inc.\* | 443 | 208086 |
|  |  | 4207108 |
| **SPECIALIZED REITS - 1.3%** | **SPECIALIZED REITS - 1.3%** | **SPECIALIZED REITS - 1.3%** |
| American Tower Corp. | 441 | 77426 |
| CubeSmart | 28909 | 1042170 |
| Digital Realty Trust, Inc. | 3682 | 569642 |
| Equinix, Inc. | 162 | 124118 |
| Public Storage | 2746 | 712587 |
| VICI Properties, Inc. | 14597 | 410468 |
|  |  | 2936411 |
| **SPECIALTY RETAIL - 1.5%** | **SPECIALTY RETAIL - 1.5%** | **SPECIALTY RETAIL - 1.5%** |
| AutoZone, Inc.\* | 155 | 525683 |
| Bath & Body Works, Inc. | 2380 | 47790 |
| Best Buy Co., Inc. | 4353 | 291346 |
| Group 1 Automotive, Inc. | 264 | 103831 |
| Home Depot, Inc. (The) | 535 | 184094 |
| Lithia Motors, Inc., Class A | 616 | 204715 |
| Lowe's Cos., Inc. | 1135 | 273717 |
| Penske Automotive Group, Inc. | 404 | 63949 |
| TJX Cos., Inc. (The) | 10235 | 1572198 |
| Wayfair, Inc., Class A\* | 742 | 74504 |
| Williams-Sonoma, Inc. | 245 | 43755 |
|  |  | 3385582 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.4%** |
| Apple, Inc. | 3417 | 928946 |
| Dell Technologies, Inc., Class C | 3109 | 391361 |
| Hewlett Packard Enterprise Co. | 15551 | 373535 |
| HP, Inc. | 18848 | 419933 |
| Pure Storage, Inc., Class A\* | 2570 | 172216 |
| SanDisk Corp./de\* | 1123 | 266578 |
| Seagate Technology Holdings PLC | 290 | 79863 |
| Western Digital Corp. | 3757 | 647218 |
|  |  | 3279650 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.1%** |
| Deckers Outdoor Corp.\* | 538 | 55774 |
| Levi Strauss & Co., Class A | 7463 | 154783 |
| Ralph Lauren Corp. | 133 | 47030 |
| Under Armour, Inc., Class C\* | 1391 | 6677 |
|  |  | 264264 |
| **TOBACCO - 1.2%** | **TOBACCO - 1.2%** | **TOBACCO - 1.2%** |
| Altria Group, Inc. | 18833 | 1085911 |
| Philip Morris International, Inc. | 10459 | 1677623 |
|  |  | 2763534 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TRADING COMPANIES & DISTRIBUTORS - 0.5%** | **TRADING COMPANIES & DISTRIBUTORS - 0.5%** | **TRADING COMPANIES & DISTRIBUTORS - 0.5%** |
| Applied Industrial Technologies, Inc. | 2652 | $680954 |
| Ferguson Enterprises, Inc. | 2231 | 496688 |
| United Rentals, Inc. | 70 | 56652 |
|  |  | 1234294 |
| **WATER UTILITIES - 0.0%†** | **WATER UTILITIES - 0.0%†** | **WATER UTILITIES - 0.0%†** |
| American Water Works Co., Inc. | 228 | 29754 |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.5%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.5%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.5%** |
| T-Mobile US, Inc. | 5864 | 1190627 |
| **TOTAL COMMON STOCKS** <br> (Cost - $185,211,679) |  | 225946799 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SHORT-TERM INVESTMENTS - 1.4%** | **SHORT-TERM INVESTMENTS - 1.4%** | **SHORT-TERM INVESTMENTS - 1.4%** |
| **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** | **MONEY MARKET FUNDS - 1.4%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 3.67% (a) <br>(Cost - $3,233,033) | 3233033 | $3233033 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $3,233,033) |  | 3233033 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost - $188,444,712) |  | $229179832 |
| **OTHER ASSETS LESS LIABILITIES - NET 0.0%†** |  | 23203 |
| **TOTAL NET ASSETS - 100.0%** |  | $229203035 |

---

\* Non-income producing security.

† Represents less than 0.05%.

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

PLC - Public Limited Company

REIT - Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) |
| S&P 500 E-Mini Future | Goldman Sachs & Co. | 10 | 3/20/2026 | $3446250 | $(3007) |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CORPORATE BONDS AND NOTES - 97.8%** | **CORPORATE BONDS AND NOTES - 97.8%** | **CORPORATE BONDS AND NOTES - 97.8%** |
| **ADVERTISING - 0.6%** | **ADVERTISING - 0.6%** | **ADVERTISING - 0.6%** |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| 7.88%, 4/1/30 (a) | $59000 | $62139 |
| 7.13%, 2/15/31 (a) | 69000 | 72285 |
| 7.50%, 3/15/33 (a) | 60000 | 63466 |
| Lamar Media Corp., 5.38%, 11/1/33 (a) | 70000 | 69541 |
|  |  | 267431 |
| **AEROSPACE & DEFENSE - 2.8%** | **AEROSPACE & DEFENSE - 2.8%** | **AEROSPACE & DEFENSE - 2.8%** |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| 7.25%, 7/1/31 (a) | 141000 | 150254 |
| 6.75%, 6/15/33 (a) | 207000 | 218822 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 6.75%, 8/15/28 (a) | 159000 | 161801 |
| 6.38%, 3/1/29 (a) | 64000 | 66001 |
| 6.88%, 12/15/30 (a) | 202000 | 211392 |
| 7.13%, 12/1/31 (a) | 210000 | 220714 |
| 6.63%, 3/1/32 (a) | 46000 | 47862 |
| 6.38%, 5/31/33 (a) | 115000 | 118001 |
| 6.25%, 1/31/34 (a) | 5000 | 5188 |
| 6.75%, 1/31/34 (a) | 15000 | 15625 |
|  |  | 1215660 |
| **AGRICULTURE - 0.3%** | **AGRICULTURE - 0.3%** | **AGRICULTURE - 0.3%** |
| Turning Point Brands, Inc., 7.63%, 3/15/32 (a) | 123000 | 130910 |
| **APPAREL - 0.1%** | **APPAREL - 0.1%** | **APPAREL - 0.1%** |
| VF Corp., 6.45%, 11/1/37 | 56000 | 53342 |
| **AUTO MANUFACTURERS - 2.4%** | **AUTO MANUFACTURERS - 2.4%** | **AUTO MANUFACTURERS - 2.4%** |
| Aston Martin Capital Holdings Ltd., <br>10.00%, 3/31/29 (a) | 120000 | 111690 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30 (a) | 229000 | 246110 |
| Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| 6.95%, 9/15/26 (a) | 60000 | 60660 |
| 7.05%, 9/15/28 (a) | 43000 | 44472 |
| 5.63%, 9/29/28 (a) | 30000 | 30088 |
| 6.13%, 9/30/30 (a) | 105000 | 105015 |
| Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| 7.50%, 7/17/30 (a) | 80000 | 83894 |
| 7.75%, 7/17/32 (a) | 135000 | 143084 |
| 8.13%, 7/17/35 (a) | 152000 | 161651 |
| Rivian Holdings LLC / Rivian LLC / <br>Rivian Automotive LLC, 10.00%, 1/15/31 (a) | 88000 | 86511 |
|  |  | 1073175 |
| **AUTO PARTS & EQUIPMENT - 1.2%** | **AUTO PARTS & EQUIPMENT - 1.2%** | **AUTO PARTS & EQUIPMENT - 1.2%** |
| Adient Global Holdings Ltd., <br>8.25%, 4/15/31 (a) | 21000 | 22081 |
| Garrett Motion Holdings, Inc. / Garrett <br>LX I Sarl, 7.75%, 5/31/32 (a) | 318000 | 337992 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **AUTO PARTS & EQUIPMENT - 1.2% (Continued)** | **AUTO PARTS & EQUIPMENT - 1.2% (Continued)** | **AUTO PARTS & EQUIPMENT - 1.2% (Continued)** |
| Phinia, Inc. | Phinia, Inc. | Phinia, Inc. |
| 6.75%, 4/15/29 (a) | $88000 | $91120 |
| 6.63%, 10/15/32 (a) | 64000 | 66269 |
|  |  | 517462 |
| **BANKS - 1.7%** | **BANKS - 1.7%** | **BANKS - 1.7%** |
| Canadian Imperial Bank of Commerce, <br>6.95%, (US 5 Year CMT T-Note + <br>2.83%), 1/28/85 (b) | 301000 | 308826 |
| Intesa Sanpaolo SpA, 8.25%, (US 1 Year <br>CMT T-Note + 4.40%), 11/21/33 (a),(b) | 200000 | 236439 |
| Popular, Inc., 7.25%, 3/13/28 | 166000 | 174928 |
| Texas Capital Bancshares, Inc., 4.00%, <br>(US 5 Year CMT T-Note + 3.15%), 5/6/31 (b) | 52000 | 51382 |
|  |  | 771575 |
| **BIOTECHNOLOGY - 0.9%** | **BIOTECHNOLOGY - 0.9%** | **BIOTECHNOLOGY - 0.9%** |
| Genmab A/S/Genmab Finance LLC | Genmab A/S/Genmab Finance LLC | Genmab A/S/Genmab Finance LLC |
| 6.25%, 12/15/32 (a) | 85000 | 87091 |
| 7.25%, 12/15/33 (a) | 300000 | 316107 |
|  |  | 403198 |
| **BUILDING MATERIALS - 0.2%** | **BUILDING MATERIALS - 0.2%** | **BUILDING MATERIALS - 0.2%** |
| Smyrna Ready Mix Concrete LLC, <br>8.88%, 11/15/31 (a) | 66000 | 70596 |
| **CHEMICALS - 1.8%** | **CHEMICALS - 1.8%** | **CHEMICALS - 1.8%** |
| CVR Partners LP / CVR Nitrogen Finance <br>Corp., 6.13%, 6/15/28 (a) | 219000 | 219653 |
| NOVA Chemicals Corp., 9.00%, 2/15/30 (a) | 75000 | 80083 |
| Perimeter Holdings LLC, 6.25%, 1/15/34 (a) | 45000 | 44791 |
| Rain Carbon, Inc., 12.25%, 9/1/29 (a) | 187000 | 194730 |
| SK Invictus Intermediate II Sarl, <br>5.00%, 10/30/29 (a) | 279000 | 276321 |
|  |  | 815578 |
| **COAL - 0.1%** | **COAL - 0.1%** | **COAL - 0.1%** |
| Warrior Met Coal, Inc., 7.88%, 12/1/28 (a) | 36000 | 36687 |
| **COMMERCIAL SERVICES - 2.3%** | **COMMERCIAL SERVICES - 2.3%** | **COMMERCIAL SERVICES - 2.3%** |
| Adt Security Corp. (The), <br>5.88%, 10/15/33 (a) | 105000 | 106301 |
| Adtalem Global Education, Inc., <br>5.50%, 3/1/28 (a) | 148000 | 148097 |
| Avis Budget Car Rental LLC / Avis Budget <br>Finance, Inc., 8.38%, 6/15/32 (a) | 23000 | 23750 |
| Belron UK Finance PLC, 5.75%, 10/15/29 (a) | 157000 | 160330 |
| CoreCivic, Inc., 8.25%, 4/15/29 | 100000 | 105127 |
| Deluxe Corp., 8.13%, 9/15/29 (a) | 60000 | 63209 |
| GEO Group, Inc. (The), 8.63%, 4/15/29 | 63000 | 66264 |
| Graham Holdings Co., 5.63%, 12/1/33 (a) | 105000 | 106004 |
| Hertz Corp. (The), 12.63%, 7/15/29 (a) | 34000 | 34291 |
| United Rentals North America, Inc., <br>5.38%, 11/15/33 (a) | 180000 | 179863 |
| VT Topco, Inc., 8.50%, 8/15/30 (a) | 27000 | 28197 |
|  |  | 1021433 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMPUTERS - 2.4%** | **COMPUTERS - 2.4%** | **COMPUTERS - 2.4%** |
| CACI International, Inc., 6.38%, 6/15/33 (a) | $167000 | $172791 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30 (a) | 83000 | 88326 |
| KBR, Inc., 4.75%, 9/30/28 (a) | 38000 | 37240 |
| NCR Atleos Corp., 9.50%, 4/1/29 (a) | 251000 | 272419 |
| Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. |
| 6.88%, 3/15/27 (a) | 15000 | 15009 |
| 7.25%, 3/15/29 (a) | 137000 | 138851 |
| Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
| 8.25%, 12/15/29 (a) | 29000 | 30753 |
| 5.88%, 7/15/30 (a) | 70000 | 72141 |
| 9.63%, 12/1/32 (a) | 215000 | 244085 |
|  |  | 1071615 |
| **DISTRIBUTION & WHOLESALE - 0.2%** | **DISTRIBUTION & WHOLESALE - 0.2%** | **DISTRIBUTION & WHOLESALE - 0.2%** |
| RB Global Holdings, Inc., 7.75%, 3/15/31 (a) | 33000 | 34502 |
| Windsor Holdings III LLC, 8.50%, 6/15/30 (a) | 45000 | 47549 |
|  |  | 82051 |
| **DIVERSIFIED FINANCIAL SERVICES - 10.7%** | **DIVERSIFIED FINANCIAL SERVICES - 10.7%** | **DIVERSIFIED FINANCIAL SERVICES - 10.7%** |
| Atlanticus Holdings Corp., 9.75%, 9/1/30 (a) | 165000 | 165193 |
| Bread Financial Holdings, Inc., <br>6.75%, 5/15/31 (a) | 60000 | 62121 |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| 6.88%, 4/15/30 (a) | 65000 | 63381 |
| 9.25%, 7/1/31 (a) | 225000 | 231691 |
| Coinbase Global, Inc., 3.38%, 10/1/28 (a) | 390000 | 371531 |
| Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
| 9.25%, 12/15/28 (a) | 274000 | 286373 |
| 6.63%, 3/15/30 (a) | 67000 | 67081 |
| Enova International, Inc. | Enova International, Inc. | Enova International, Inc. |
| 11.25%, 12/15/28 (a) | 175000 | 185067 |
| 9.13%, 8/1/29 (a) | 147000 | 156431 |
| EZCORP, Inc., 7.38%, 4/1/32 (a) | 87000 | 92303 |
| Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
| 9.25%, 2/1/29 (a) | 96000 | 100328 |
| 9.13%, 5/15/31 (a) | 50000 | 53705 |
| GGAM Finance Ltd., 8.00%, 6/15/28 (a) | 28000 | 29651 |
| Goeasy Ltd. | Goeasy Ltd. | Goeasy Ltd. |
| 9.25%, 12/1/28 (a) | 165000 | 169650 |
| 7.63%, 7/1/29 (a) | 9000 | 8903 |
| Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. |
| 7.13%, 4/30/31 (a) | 42000 | 44132 |
| 6.75%, 5/1/33 (a) | 90000 | 93942 |
| Onemain Finance Corp., 6.75%, 9/15/33 | 40000 | 40570 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 6.63%, 5/15/29 | 130000 | 134628 |
| 7.88%, 3/15/30 | 129000 | 136360 |
| 7.50%, 5/15/31 | 187000 | 196754 |
| 7.13%, 11/15/31 | 64000 | 66810 |
| 7.13%, 9/15/32 | 64000 | 66492 |
| Osaic Holdings, Inc., 6.75%, 8/1/32 (a) | 15000 | 15690 |
| Pennymac Financial Services, Inc.,<br>6.88%, 5/15/32 (a) | 169000 | 176982 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DIVERSIFIED FINANCIAL SERVICES - 10.7% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 10.7% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 10.7% (Continued)** |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
| 7.88%, 12/15/29 (a) | $78000 | $82996 |
| 6.88%, 2/15/33 (a) | 70000 | 73077 |
| 6.75%, 2/15/34 (a) | 20000 | 20675 |
| Rocket Cos., Inc. 6.50%, 8/1/29 (a) | 70000 | 72197 |
| 6.13%, 8/1/30 (a) | 130000 | 134421 |
| 7.13%, 2/1/32 (a) | 37000 | 38924 |
| SLM Corp., 6.50%, 1/31/30 | 76000 | 78654 |
| Stonex Escrow Issuer LLC, <br>6.88%, 7/15/32 (a) | 45000 | 46640 |
| StoneX Group, Inc., 7.88%, 3/1/31 (a) | 233000 | 247532 |
| Synchrony Financial, 7.25%, 2/2/33 | 310000 | 333478 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 5.75%, 6/15/27 (a) | 68000 | 68182 |
| 5.50%, 4/15/29 (a) | 43000 | 42695 |
| UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
| 6.63%, 2/1/30 (a) | 134000 | 135691 |
| 6.25%, 3/15/31 (a) | 94000 | 93850 |
| VFH Parent LLC / Valor Co.-Issuer, Inc., <br>7.50%, 6/15/31 (a) | 209000 | 218929 |
|  |  | 4703710 |
| **ELECTRIC - 2.8%** | **ELECTRIC - 2.8%** | **ELECTRIC - 2.8%** |
| Alpha Generation LLC, 6.25%, 1/15/34 (a) | 31000 | 31274 |
| Edison International 8.13%, (US 5 Year <br>CMT T-Note + 3.86%), 6/15/53 (b) | 66000 | 68564 |
| 7.88%, (US 5 Year CMT T-Note + 3.66%), <br>6/15/54 (b) | 64000 | 66779 |
| Electricite de France SA, 9.13%, (US 5 Year <br>CMT T-Note + 5.41%), 12/15/74 (a),(b) | 21000 | 24422 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 5.00%, 7/1/28 | 125000 | 124638 |
| 5.25%, 7/1/30 | 51000 | 50639 |
| 7.38%, (US 5 Year CMT T-Note + <br>3.88%), 3/15/55 (b) | 105000 | 109356 |
| Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
| 8.63%, 6/1/30 (a) | 90000 | 95288 |
| 6.25%, 2/1/34 (a) | 135000 | 137837 |
| 6.50%, 2/1/36 (a) | 175000 | 180966 |
| Vistra Operations Co. LLC, <br>7.75%, 10/15/31 (a) | 313000 | 331522 |
|  |  | 1221285 |
| **ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%** | **ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%** |
| WESCO Distribution, Inc., 6.38%, <br>3/15/33 (a) | 25000 | 26102 |
| **ENGINEERING & CONSTRUCTION - 1.2%** | **ENGINEERING & CONSTRUCTION - 1.2%** | **ENGINEERING & CONSTRUCTION - 1.2%** |
| AECOM, 6.00%, 8/1/33 (a) | 105000 | 107610 |
| Brand Industrial Services, Inc., <br>10.38%, 8/1/30 (a) | 50000 | 49032 |
| HTA Group Ltd., 7.50%, 6/4/29 (a) | 343000 | 353968 |
|  |  | 510610 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ENTERTAINMENT - 2.6%** | **ENTERTAINMENT - 2.6%** | **ENTERTAINMENT - 2.6%** |
| Churchill Downs, Inc., 6.75%, 5/1/31 (a) | $56000 | $58073 |
| Flutter Treasury Dac, 5.88%, 6/4/31 (a) | 31000 | 31431 |
| Light & Wonder International, Inc., <br>7.50%, 9/1/31 (a) | 219000 | 228521 |
| Midwest Gaming Borrower LLC / Midwest <br>Gaming Finance Corp., 4.88%, 5/1/29 (a) | 40000 | 39355 |
| Resorts World Las Vegas LLC / RWLV <br>Capital, Inc., 8.45%, 7/27/30 (a) | 65000 | 64414 |
| Starz Capital Holdings 1, Inc., 6.00%, <br>4/15/30 (a) | 98000 | 93590 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 4.05%, 3/15/29 | 120000 | 116100 |
| 4.28%, 3/15/32 | 267000 | 234378 |
| 5.05%, 3/15/42 | 302000 | 213212 |
| 5.14%, 3/15/52 | 77000 | 50731 |
|  |  | 1129805 |
| **FOOD - 1.8%** | **FOOD - 1.8%** | **FOOD - 1.8%** |
| Albertsons Cos, Inc. / Safeway, Inc. / New <br>Albertsons LP / Albertsons LLC, <br>6.50%, 2/15/28 (a) | 30000 | 30643 |
| Performance Food Group, Inc., 6.13%, <br>9/15/32 (a) | 139000 | 143299 |
| Post Holdings, Inc., 6.38%, 3/1/33 (a) | 268000 | 270769 |
| US Foods, Inc. | US Foods, Inc. | US Foods, Inc. |
| 6.88%, 9/15/28 (a) | 129000 | 133414 |
| 7.25%, 1/15/32 (a) | 130000 | 136646 |
| 5.75%, 4/15/33 (a) | 58000 | 59078 |
|  |  | 773849 |
| **GAS - 0.9%** | **GAS - 0.9%** | **GAS - 0.9%** |
| AmeriGas Partners LP / AmeriGas <br>Finance Corp. | AmeriGas Partners LP / AmeriGas <br>Finance Corp. | AmeriGas Partners LP / AmeriGas <br>Finance Corp. |
| 5.75%, 5/20/27 | 113000 | 113649 |
| 9.38%, 6/1/28 (a) | 192000 | 199056 |
| 9.50%, 6/1/30 (a) | 65000 | 69244 |
|  |  | 381949 |
| **HEALTHCARE-PRODUCTS - 0.5%** | **HEALTHCARE-PRODUCTS - 0.5%** | **HEALTHCARE-PRODUCTS - 0.5%** |
| Insulet Corp., 6.50%, 4/1/33 (a) | 209000 | 217857 |
| **HEALTHCARE-SERVICES - 0.9%** | **HEALTHCARE-SERVICES - 0.9%** | **HEALTHCARE-SERVICES - 0.9%** |
| DaVita, Inc., 6.88%, 9/1/32 (a) | 77000 | 80147 |
| Fortrea Holdings, Inc., 7.50%, 7/1/30 (a) | 61000 | 62354 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 6.13%, 10/1/28 | 65000 | 65294 |
| 6.13%, 6/15/30 | 95000 | 97213 |
| 5.50%, 11/15/32 (a) | 55000 | 55751 |
| 6.00%, 11/15/33 (a) | 45000 | 46332 |
|  |  | 407091 |
| **HOLDING COMPANIES-DIVERS - 0.2%** | **HOLDING COMPANIES-DIVERS - 0.2%** | **HOLDING COMPANIES-DIVERS - 0.2%** |
| Stena International SA, 7.25%, 1/15/31 (a) | 75000 | 76456 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HOME BUILDERS - 0.7%** | **HOME BUILDERS - 0.7%** | **HOME BUILDERS - 0.7%** |
| Brookfield Residential Properties, Inc. / <br>Brookfield Residential US LLC, <br>6.25%, 9/15/27 (a) | $84000 | $84048 |
| Century Communities, Inc., <br>6.63%, 9/15/33 (a) | 19000 | 19207 |
| Thor Industries, Inc., 4.00%, 10/15/29 (a) | 198000 | 190751 |
|  |  | 294006 |
| **HOME FURNISHINGS - 0.5%** | **HOME FURNISHINGS - 0.5%** | **HOME FURNISHINGS - 0.5%** |
| Somnigroup International, Inc., <br>4.00%, 4/15/29 (a) | 160000 | 155889 |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 6.13%, 6/15/30 | 40000 | 39903 |
| 4.50%, 6/1/46 | 15000 | 11267 |
| 4.60%, 5/15/50 | 33000 | 24269 |
|  |  | 231328 |
| **INSURANCE - 0.7%** | **INSURANCE - 0.7%** | **INSURANCE - 0.7%** |
| Acrisure LLC / Acrisure Finance, Inc., <br>6.75%, 7/1/32 (a) | 17000 | 17553 |
| Baldwin Insurance Group Holdings LLC / <br>Baldwin Insurance Group Holdings Finance, <br>7.13%, 5/15/31 (a) | 178000 | 184426 |
| Ryan Specialty LLC, 5.88%, 8/1/32 (a) | 85000 | 86850 |
|  |  | 288829 |
| **INTERNET - 4.0%** | **INTERNET - 4.0%** | **INTERNET - 4.0%** |
| Cogent Communications Group LLC, <br>7.00%, 6/15/27 (a) | 147000 | 147091 |
| Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| 7.13%, 9/30/30 (a) | 56000 | 57827 |
| 6.25%, 4/1/33 (a) | 23000 | 23719 |
| Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
| 11.25%, 2/21/30 (a) | 24000 | 22504 |
| 10.50%, 11/15/30 (a) | 70000 | 70578 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 5.63%, 2/15/29 (a) | 142000 | 142450 |
| 6.13%, 9/15/33 (a) | 165000 | 166976 |
| Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
| 11.25%, 2/15/27 (a) | 255000 | 272667 |
| 9.75%, 4/15/29 (a) | 165000 | 184449 |
| Snap, Inc., 6.88%, 3/1/33 (a) | 260000 | 269424 |
| Wayfair LLC | Wayfair LLC | Wayfair LLC |
| 7.25%, 10/31/29 (a) | 253000 | 264095 |
| 7.75%, 9/15/30 (a) | 115000 | 122527 |
| ZipRecruiter, Inc., 5.00%, 1/15/30 (a) | 44000 | 34544 |
|  |  | 1778851 |
| **INVESTMENT COMPANIES - 1.1%** | **INVESTMENT COMPANIES - 1.1%** | **INVESTMENT COMPANIES - 1.1%** |
| Icahn Enterprises LP / Icahn Enterprises <br>Finance Corp. | Icahn Enterprises LP / Icahn Enterprises <br>Finance Corp. | Icahn Enterprises LP / Icahn Enterprises <br>Finance Corp. |
| 9.75%, 1/15/29 | 208000 | 207364 |
| 10.00%, 11/15/29 (a) | 201000 | 200858 |
| 9.00%, 6/15/30 | 66000 | 63088 |
|  |  | 471310 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **IRON & STEEL - 1.3%** | **IRON & STEEL - 1.3%** | **IRON & STEEL - 1.3%** |
| Champion Iron Canada, Inc., <br>7.88%, 7/15/32 (a) | $50000 | $53083 |
| Cleveland-Cliffs, Inc., 7.63%, 1/15/34 (a) | 105000 | 109727 |
| Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. |
| 5.75%, 11/15/33 (a) | 30000 | 30676 |
| 6.00%, 12/15/35 (a) | 70000 | 71836 |
| Infrabuild Australia Pty Ltd., <br>14.50%, 11/15/28 (a) | 63000 | 66754 |
| Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
| 8.50%, 5/1/30 (a) | 84000 | 87356 |
| 7.00%, 4/1/31 (a) | 133000 | 138711 |
|  |  | 558143 |
| **LEISURE TIME - 2.4%** | **LEISURE TIME - 2.4%** | **LEISURE TIME - 2.4%** |
| Acushnet Co., 5.63%, 12/1/33 (a) | 50000 | 50562 |
| Amer Sports Co., 6.75%, 2/16/31 (a) | 298000 | 312334 |
| Life Time, Inc., 6.00%, 11/15/31 (a) | 191000 | 195686 |
| Lindblad Expeditions LLC, 7.00%, 9/15/30 (a) | 20000 | 20864 |
| Patrick Industries, Inc. | Patrick Industries, Inc. | Patrick Industries, Inc. |
| 4.75%, 5/1/29 (a) | 68000 | 67314 |
| 6.38%, 11/1/32 (a) | 242000 | 248281 |
| Royal Caribbean Cruises Ltd., 5.50%, <br>8/31/26 (a) | 61000 | 61094 |
| Viking Cruises Ltd., 5.88%, 10/15/33 (a) | 120000 | 121835 |
|  |  | 1077970 |
| **LODGING - 1.2%** | **LODGING - 1.2%** | **LODGING - 1.2%** |
| Genting New York LLC / GENNY Capital, <br>Inc., 7.25%, 10/1/29 (a) | 177000 | 181625 |
| Hilton Domestic Operating Co., Inc., <br>6.13%, 4/1/32 (a) | 169000 | 175002 |
| Hilton Grand Vacations Borrower LLC / <br>Hilton Grand Vacations Borrower, Inc., <br>6.63%, 1/15/32 (a) | 35000 | 35874 |
| MGM Resorts International, 6.13%, 9/15/29 | 31000 | 31858 |
| Station Casinos LLC, 6.63%, 3/15/32 (a) | 89000 | 91103 |
|  |  | 515462 |
| **MACHINERY-CONSTRUCTION & MINING - 0.1%** | **MACHINERY-CONSTRUCTION & MINING - 0.1%** | **MACHINERY-CONSTRUCTION & MINING - 0.1%** |
| Manitowoc Co., Inc. (The), <br>9.25%, 10/1/31 (a) | 49000 | 52753 |
| **MACHINERY-DIVERSIFIED - 0.0%†** | **MACHINERY-DIVERSIFIED - 0.0%†** | **MACHINERY-DIVERSIFIED - 0.0%†** |
| Esab Corp., 6.25%, 4/15/29 (a) | 11000 | 11310 |
| **MEDIA - 4.8%** | **MEDIA - 4.8%** | **MEDIA - 4.8%** |
| AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
| 10.25%, 1/15/29 (a) | 147000 | 154162 |
| 10.50%, 7/15/32 (a) | 105000 | 115998 |
| CCO Holdings LLC / CCO Holdings <br>Capital Corp. | CCO Holdings LLC / CCO Holdings <br>Capital Corp. | CCO Holdings LLC / CCO Holdings <br>Capital Corp. |
| 5.00%, 2/1/28 (a) | 46000 | 45638 |
| 5.38%, 6/1/29 (a) | 75000 | 74245 |
| 4.75%, 3/1/30 (a) | 100000 | 95511 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MEDIA - 4.8% (Continued)** | **MEDIA - 4.8% (Continued)** | **MEDIA - 4.8% (Continued)** |
| 4.50%, 8/15/30 (a) | $26000 | $24479 |
| 4.25%, 2/1/31 (a) | 94000 | 86396 |
| 7.38%, 3/1/31 (a) | 339000 | 345945 |
| 4.50%, 5/1/32 | 146000 | 131041 |
| Directv Financing LLC, 8.88%, 2/1/30 (a) | 45000 | 45531 |
| Directv Financing LLC / Directv Financing <br>Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing <br>Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing <br>Co.-Obligor, Inc. |
| 5.88%, 8/15/27 (a) | 139000 | 139817 |
| 10.00%, 2/15/31 (a) | 89000 | 90962 |
| Discovery Communications LLC, <br>5.00%, 9/20/37 | 95000 | 76012 |
| Gray Media, Inc., 10.50%, 7/15/29 (a) | 19000 | 20431 |
| Nexstar Media, Inc., 4.75%, 11/1/28 (a) | 200000 | 198570 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 4.38%, 12/31/32 (a) | 91000 | 71649 |
| 8.13%, 2/15/33 (a) | 66000 | 68932 |
| Sirius XM Radio, Inc. | Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |
| 5.50%, 7/1/29 (a) | 45000 | 45368 |
| 4.13%, 7/1/30 (a) | 21000 | 19973 |
| TEGNA, Inc., 5.00%, 9/15/29 | 22000 | 21806 |
| Univision Communications, Inc., <br>8.00%, 8/15/28 (a) | 125000 | 129453 |
| Versant Media Group, Inc., 7.25%, <br>1/30/31 (a) | 20000 | 20634 |
| Virgin Media Secured Finance PLC, <br>5.50%, 5/15/29 (a) | 118000 | 116249 |
|  |  | 2138802 |
| **METAL FABRICATE & HARDWARE - 0.7%** | **METAL FABRICATE & HARDWARE - 0.7%** | **METAL FABRICATE & HARDWARE - 0.7%** |
| Vallourec SACA, 7.50%, 4/15/32 (a) | 290000 | 307962 |
| **MINING - 3.2%** | **MINING - 3.2%** | **MINING - 3.2%** |
| Century Aluminum Co., 6.88%, 8/1/32 (a) | 183000 | 188802 |
| Eldorado Gold Corp., 6.25%, 9/1/29 (a) | 206000 | 207731 |
| FMG Resources August 2006 Pty Ltd., <br>6.13%, 4/15/32 (a) | 246000 | 256075 |
| Hecla Mining Co., 7.25%, 2/15/28 | 2000 | 2012 |
| Ivanhoe Mines Ltd., 7.88%, 1/23/30 (a) | 32000 | 33023 |
| Kaiser Aluminum Corp., 5.88%, 3/1/34 (a) | 65000 | 65191 |
| New Gold, Inc., 6.88%, 4/1/32 (a) | 153000 | 162371 |
| Novelis Corp., 6.88%, 1/30/30 (a) | 165000 | 171313 |
| Perenti Finance Pty Ltd., 7.50%, 4/26/29 (a) | 140000 | 145697 |
| Taseko Mines Ltd., 8.25%, 5/1/30 (a) | 186000 | 197571 |
|  |  | 1429786 |
| **MISCELLANEOUS MANUFACTURING - 0.4%** | **MISCELLANEOUS MANUFACTURING - 0.4%** | **MISCELLANEOUS MANUFACTURING - 0.4%** |
| EnPro, Inc., 6.13%, 6/1/33 (a) | 174000 | 179538 |
| **OFFICE FURNISHINGS - 0.4%** | **OFFICE FURNISHINGS - 0.4%** | **OFFICE FURNISHINGS - 0.4%** |
| HNI Corp., 5.13%, 1/18/29 (a) | 202000 | 197915 |
| **OIL & GAS - 8.2%** | **OIL & GAS - 8.2%** | **OIL & GAS - 8.2%** |
| Aethon United BR LP / Aethon United <br>Finance Corp., 7.50%, 10/1/29 (a) | 125000 | 130959 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **OIL & GAS - 8.2% (Continued)** | **OIL & GAS - 8.2% (Continued)** | **OIL & GAS - 8.2% (Continued)** |
| Ascent Resources Utica Holdings LLC / <br>ARU Finance Corp., 5.88%, 6/30/29 (a) | $50000 | $50130 |
| BKV Upstream Midstream LLC, 7.50%, <br>10/15/30 (a) | 134000 | 136106 |
| California Resources Corp. | California Resources Corp. | California Resources Corp. |
| 8.25%, 6/15/29 (a) | 298000 | 311702 |
| 7.00%, 1/15/34 (a) | 54000 | 53193 |
| Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
| 6.00%, 10/1/30 (a) | 40000 | 40451 |
| 6.75%, 3/15/33 (a) | 256000 | 264706 |
| CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
| 6.00%, 1/15/29 (a) | 89000 | 89595 |
| 7.38%, 1/15/31 (a) | 69000 | 71451 |
| 7.25%, 3/1/32 (a) | 68000 | 71006 |
| CVR Energy, Inc., 8.50%, 1/15/29 (a) | 165000 | 169595 |
| Diamond Foreign Asset Co. / Diamond <br>Finance LLC, 8.50%, 10/1/30 (a) | 26000 | 27554 |
| Gulfport Energy Operating Corp., <br>6.75%, 9/1/29 (a) | 273000 | 281737 |
| Ithaca Energy North Sea PLC, 8.13%, <br>10/15/29 (a) | 200000 | 207602 |
| Magnolia Oil & Gas Operating LLC / <br>Magnolia Oil & Gas Finance Corp., <br>6.88%, 12/1/32 (a) | 225000 | 231323 |
| Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
| 9.13%, 1/31/30 (a) | 84000 | 87827 |
| 7.63%, 11/15/32 (a) | 45000 | 44255 |
| Noble Finance II LLC, 8.00%, 4/15/30 (a) | 270000 | 280514 |
| Northern Oil & Gas, Inc., 8.75%, 6/15/31 (a) | 60000 | 60570 |
| PBF Holding Co. LLC / PBF Finance Corp., <br>9.88%, 3/15/30 (a) | 37000 | 38069 |
| Seadrill Finance Ltd., 8.38%, 8/1/30 (a) | 65000 | 67591 |
| Sunoco LP, 7.00%, 5/1/29 (a) | 50000 | 52140 |
| Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
| 9.00%, 2/1/29 (a) | 155000 | 160990 |
| 9.38%, 2/1/31 (a) | 182000 | 189791 |
| Valaris Ltd., 8.38%, 4/30/30 (a) | 343000 | 356848 |
| Vermilion Energy, Inc., 7.25%, 2/15/33 (a) | 165000 | 155485 |
|  |  | 3631190 |
| **OIL & GAS SERVICES - 1.4%** | **OIL & GAS SERVICES - 1.4%** | **OIL & GAS SERVICES - 1.4%** |
| Bristow Group, Inc., 6.88%, 3/1/28 (a) | 122000 | 122147 |
| Enerflex, Inc., 6.88%, 1/15/31 (a) | 45000 | 46018 |
| Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
| 6.50%, 10/1/33 (a) | 15000 | 15329 |
| 6.75%, 10/1/35 (a) | 15000 | 15419 |
| Tidewater, Inc., 9.13%, 7/15/30 (a) | 164000 | 176019 |
| USA Compression Partners LP / USA <br>Compression Finance Corp., <br>7.13%, 3/15/29 (a) | 62000 | 64181 |
| Viridien, 10.00%, 10/15/30 (a) | 122000 | 128647 |
| Weatherford International Ltd., <br>6.75%, 10/15/33 (a) | 65000 | 66557 |
|  |  | 634317 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PACKAGING & CONTAINERS - 0.4%** | **PACKAGING & CONTAINERS - 0.4%** | **PACKAGING & CONTAINERS - 0.4%** |
| Crown Americas LLC, 5.88%, 6/1/33 (a) | $75000 | $76716 |
| Mauser Packaging Solutions Holding Co., <br>7.88%, 4/15/30 (a) | 97000 | 96710 |
|  |  | 173426 |
| **PHARMACEUTICALS - 2.0%** | **PHARMACEUTICALS - 2.0%** | **PHARMACEUTICALS - 2.0%** |
| Amneal Pharmaceuticals LLC, <br>6.88%, 8/1/32 (a) | 237000 | 250052 |
| BellRing Brands, Inc., 7.00%, 3/15/30 (a) | 64000 | 66168 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 6.75%, (US 5 Year CMT T-Note + 2.52%), <br>12/10/54 (b) | 142000 | 148300 |
| 7.00%, (US 5 Year CMT T-Note + 2.89%), <br>3/10/55 (b) | 150000 | 157357 |
| HLF Financing Sarl LLC / Herbalife <br>International, Inc., 12.25%, 4/15/29 (a) | 197000 | 212709 |
| Organon & Co. / Organon Foreign Debt <br>Co.-Issuer BV, 6.75%, 5/15/34 (a) | 70000 | 62963 |
|  |  | 897549 |
| **PIPELINES - 3.7%** | **PIPELINES - 3.7%** | **PIPELINES - 3.7%** |
| Antero Midstream Partners LP / Antero <br>Midstream Finance Corp. | Antero Midstream Partners LP / Antero <br>Midstream Finance Corp. | Antero Midstream Partners LP / Antero <br>Midstream Finance Corp. |
| 5.75%, 10/15/33 (a) | 65000 | 65393 |
| 5.75%, 7/1/34 (a) | 45000 | 45364 |
| CNX Midstream Partners LP, 4.75%, <br>4/15/30 (a) | 144000 | 139672 |
| CQP Holdco LP / BIP-V Chinook Holdco <br>LLC, 5.50%, 6/15/31 (a) | 50000 | 49466 |
| Delek Logistics Partners LP / Delek <br>Logistics Finance Corp. | Delek Logistics Partners LP / Delek <br>Logistics Finance Corp. | Delek Logistics Partners LP / Delek <br>Logistics Finance Corp. |
| 7.13%, 6/1/28 (a) | 14000 | 14080 |
| 8.63%, 3/15/29 (a) | 255000 | 267282 |
| 7.38%, 6/30/33 (a) | 50000 | 51021 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 8.00%, (US 5 Year CMT T-Note + 4.02%), <br>5/15/54 (b) | 48000 | 51237 |
| 7.13%, (US 5 Year CMT T-Note + 2.83%), <br>10/1/54 (b) | 82000 | 84135 |
| Global Partners LP / GLP Finance Corp., <br>8.25%, 1/15/32 (a) | 170000 | 179058 |
| NGL Energy Operating LLC / NGL Energy <br>Finance Corp. | NGL Energy Operating LLC / NGL Energy <br>Finance Corp. | NGL Energy Operating LLC / NGL Energy <br>Finance Corp. |
| 8.13%, 2/15/29 (a) | 134000 | 139109 |
| 8.38%, 2/15/32 (a) | 117000 | 121165 |
| Prairie Acquiror LP, 9.00%, 8/1/29 (a) | 35000 | 36377 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 8.13%, 6/1/28 (a) | 49000 | 49632 |
| 9.50%, 2/1/29 (a) | 112000 | 116093 |
| 9.88%, 2/1/32 (a) | 166000 | 171490 |
| Venture Global Plaquemines LNG LLC, <br>6.50%, 1/15/34 (a) | 60000 | 61454 |
|  |  | 1642028 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **REAL ESTATE - 1.3%** | **REAL ESTATE - 1.3%** | **REAL ESTATE - 1.3%** |
| Anywhere Real Estate Group LLC / <br>Anywhere Co-Issuer Corp., <br>7.00%, 4/15/30 (a) | $106000 | $105530 |
| Anywhere Real Estate Group LLC / <br>Realogy Co.-Issuer Corp., 9.75%, 4/15/30 (a) | 144000 | 156275 |
| Cushman & Wakefield US Borrower LLC, <br>8.88%, 9/1/31 (a) | 99000 | 105746 |
| Five Point Operating Co. LP, <br>8.00%, 10/1/30 (a) | 106000 | 110754 |
| Howard Hughes Corp. (The) | Howard Hughes Corp. (The) | Howard Hughes Corp. (The) |
| 5.38%, 8/1/28 (a) | 78000 | 78295 |
| 4.13%, 2/1/29 (a) | 9000 | 8746 |
|  |  | 565346 |
| **REITS - 4.1%** | **REITS - 4.1%** | **REITS - 4.1%** |
| Apollo Commercial Real Estate Finance, Inc., <br>4.63%, 6/15/29 (a) | 25000 | 24179 |
| Blackstone Mortgage Trust, Inc., <br>7.75%, 12/1/29 (a) | 220000 | 234717 |
| Brandywine Operating Partnership LP, <br>8.88%, 4/12/29 | 84000 | 90537 |
| Diversified Healthcare Trust, <br>7.25%, 10/15/30 (a) | 15000 | 15337 |
| EF Holdco / EF Cayman Hold / Ellington <br>Finance REIT Cayman / TRS / EF Cayman <br>NON-MTM, 7.38%, 9/30/30 (a) | 40000 | 40308 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| 5.25%, 3/15/28 (a) | 89000 | 89201 |
| 7.00%, 2/15/29 (a) | 75000 | 77042 |
| 6.25%, 1/15/33 (a) | 89000 | 89745 |
| Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
| 6.38%, 8/1/30 (a) | 128000 | 130975 |
| 6.25%, 9/15/32 (a) | 237000 | 239129 |
| Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. |
| 8.00%, 4/1/29 (a) | 303000 | 311090 |
| 8.00%, 7/15/30 (a) | 55000 | 56247 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 7.25%, 4/1/29 (a) | 132000 | 139406 |
| 6.00%, 4/15/30 (a) | 49000 | 50272 |
| 6.50%, 7/1/30 (a) | 134000 | 139801 |
| 6.50%, 10/15/30 (a) | 89000 | 92791 |
|  |  | 1820777 |
| **RETAIL - 4.9%** | **RETAIL - 4.9%** | **RETAIL - 4.9%** |
| Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
| 7.00%, 8/1/30 (a) | 85000 | 85461 |
| 7.38%, 8/1/33 (a) | 166000 | 166659 |
| Brinker International, Inc., 8.25%, 7/15/30 (a) | 131000 | 138684 |
| Carvana Co. | Carvana Co. | Carvana Co. |
| 9.00% Cash, 6/1/30 (a),(c) | 163000 | 170755 |
| 9.00% Cash, 6/1/31 (a),(c) | 114490 | 129194 |
| Dick's Sporting Goods, Inc., 4.00%, <br>10/1/29 (a) | 41000 | 40242 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **RETAIL - 4.9% (Continued)** | **RETAIL - 4.9% (Continued)** | **RETAIL - 4.9% (Continued)** |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| 5.63%, 1/1/30 (a) | $120000 | $120444 |
| 6.88%, 3/1/32 (a) | 226000 | 235086 |
| Gap, Inc. (The), 3.63%, 10/1/29 (a) | 130000 | 123283 |
| Kohl's Corp., 10.00%, 6/1/30 (a) | 120000 | 132170 |
| Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |
| 5.88%, 3/15/30 (a) | 35000 | 35186 |
| 7.38%, 8/1/33 (a) | 182000 | 192915 |
| Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
| 4.00%, 3/15/27 | 21000 | 20737 |
| 4.38%, 4/1/30 | 130000 | 124286 |
| 4.25%, 8/1/31 | 24000 | 22256 |
| 5.00%, 1/15/44 | 127000 | 94971 |
| QXO Building Products, Inc., 6.75%, <br>4/30/32 (a) | 326000 | 340480 |
|  |  | 2172809 |
| **SEMICONDUCTORS - 1.3%** | **SEMICONDUCTORS - 1.3%** | **SEMICONDUCTORS - 1.3%** |
| Amkor Technology, Inc., 5.88%, 10/1/33 (a) | 85000 | 86753 |
| Ams-Osram AG, 12.25%, 3/30/29 (a) | 140000 | 148700 |
| Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
| 6.25%, 7/24/30 (a) | 128000 | 131705 |
| 6.63%, 7/24/33 (a) | 190000 | 197604 |
|  |  | 564762 |
| **SOFTWARE - 1.8%** | **SOFTWARE - 1.8%** | **SOFTWARE - 1.8%** |
| Cloud Software Group, Inc., 8.25%, <br>6/30/32 (a) | 23000 | 24036 |
| CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
| 9.25%, 6/1/30 (a) | 371000 | 344946 |
| 9.00%, 2/1/31 (a) | 68000 | 62323 |
| Fair Isaac Corp., 6.00%, 5/15/33 (a) | 143000 | 146896 |
| Pagaya US Holdings Co. LLC, 8.88%, <br>8/1/30 (a) | 226000 | 197186 |
| ROBLOX Corp., 3.88%, 5/1/30 (a) | 11000 | 10516 |
|  |  | 785903 |
| **TELECOMMUNICATIONS - 7.2%** | **TELECOMMUNICATIONS - 7.2%** | **TELECOMMUNICATIONS - 7.2%** |
| APLD ComputeCo LLC, 9.25%, 12/15/30 (a) | 289000 | 284002 |
| Cipher Compute LLC, 7.13%, 11/15/30 (a) | 55000 | 56017 |
| CommScope LLC, 9.50%, 12/15/31 (a) | 249000 | 251500 |
| Connect Finco Sarl / Connect US Finco LLC, <br>9.00%, 9/15/29 (a) | 237000 | 251395 |
| Echostar Corp., 10.75%, 11/30/29 | 200000 | 221160 |
| Flash Compute LLC, 7.25%, 12/31/30 (a) | 55000 | 54548 |
| GCI LLC, 4.75%, 10/15/28 (a) | 258000 | 251559 |
| Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
| 6.88%, 6/30/33 (a) | 237000 | 242434 |
| 7.00%, 3/31/34 (a) | 151000 | 155617 |
| Lumen Technologies, Inc., <br>10.00%, 10/15/32 (a) | 41000 | 41267 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TELECOMMUNICATIONS - 7.2% (Continued)** | **TELECOMMUNICATIONS - 7.2% (Continued)** | **TELECOMMUNICATIONS - 7.2% (Continued)** |
| Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA |
| 6.25%, 3/25/29 (a) | $135000 | $136225 |
| 7.38%, 4/2/32 (a) | 195000 | 202649 |
| Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
| 7.00%, (US 5 Year CMT T-Note + <br>2.65%), 4/15/55 (b) | 82000 | 85788 |
| 7.13%, (US 5 Year CMT T-Note + <br>2.62%), 4/15/55 (b) | 78000 | 82311 |
| Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA |
| 6.38%, 11/15/33 | 34000 | 35752 |
| 6.00%, 9/30/34 | 22000 | 22581 |
| 7.20%, 7/18/36 | 82000 | 88926 |
| 7.72%, 6/4/38 | 186000 | 206035 |
| Viasat, Inc., 5.63%, 4/15/27 (a) | 94000 | 93878 |
| WULF Compute LLC, 7.75%, 10/15/30 (a) | 151000 | 155567 |
| Zegona Finance PLC, 8.63%, 7/15/29 (a) | 228000 | 241835 |
|  |  | 3161046 |
| **TRANSPORTATION - 0.5%** | **TRANSPORTATION - 0.5%** | **TRANSPORTATION - 0.5%** |
| Danaos Corp. | Danaos Corp. | Danaos Corp. |
| 8.50%, 3/1/28 (a) | 44000 | 44294 |
| 6.88%, 10/15/32 (a) | 175000 | 180799 |
|  |  | 225093 |
| **TRUCKING & LEASING - 0.8%** | **TRUCKING & LEASING - 0.8%** | **TRUCKING & LEASING - 0.8%** |
| Fortress Transportation and Infrastructure <br>Investors LLC | Fortress Transportation and Infrastructure <br>Investors LLC | Fortress Transportation and Infrastructure <br>Investors LLC |
| 7.88%, 12/1/30 (a) | 125000 | 132947 |
| 7.00%, 6/15/32 (a) | 105000 | 110388 |
| FTAI Aviation Investors LLC, 7.00%, <br>5/1/31 (a) | 85000 | 89476 |
|  |  | 332811 |
| **TOTAL CORPORATE BONDS AND NOTES** <br> (Cost - $41,833,857) |  | 43120449 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** |
| **MONEY MARKET FUNDS - 0.6%** | **MONEY MARKET FUNDS - 0.6%** | **MONEY MARKET FUNDS - 0.6%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 3.67% (d) <br>(Cost - $277,958) | $277958 | $277958 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $277,958) |  | 277958 |
| **TOTAL INVESTMENTS - 98.4%** <br> (Cost - $42,111,815) |  | $43398407 |
| **OTHER ASSETS LESS LIABILITIES - NET 1.6%** |  | **702061** |
| **TOTAL NET ASSETS - 100.0%** |  | $44100468 |

---

† 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 December 31, 2025, these securities amounted to $37,851,292 or 85.8% of net assets.

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

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

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

CMT - Treasury Constant Maturity Rate

PLC - Public Limited Company

RB - Revenue Bond

REIT - Real Estate Investment Trust

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **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. 5 Year Note Future | J. P. Morgan Securities LLC | 5 | 3/31/2026 | $546523 | $(2305) |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CORPORATE BONDS AND NOTES - 34.3%** | **CORPORATE BONDS AND NOTES - 34.3%** | **CORPORATE BONDS AND NOTES - 34.3%** |
| **AEROSPACE & DEFENSE - 0.8%** | **AEROSPACE & DEFENSE - 0.8%** | **AEROSPACE & DEFENSE - 0.8%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 3.45%, 11/1/28 | $100000 | $97956 |
| 5.15%, 5/1/30 | 66000 | 67882 |
| 6.53%, 5/1/34 | 63000 | 69848 |
| 6.86%, 5/1/54 | 94000 | 106034 |
| Howmet Aerospace, Inc., 4.85%, 10/15/31 | 46000 | 47240 |
| Northrop Grumman Corp., 4.75%, 6/1/43 | 50000 | 46201 |
| RTX Corp., 4.05%, 5/4/47 | 50000 | 40487 |
|  |  | 475648 |
| **AGRICULTURE - 0.4%** | **AGRICULTURE - 0.4%** | **AGRICULTURE - 0.4%** |
| BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
| 2.26%, 3/25/28 | 75000 | 72188 |
| 6.00%, 2/20/34 | 157000 | 168421 |
|  |  | 240609 |
| **AUTO MANUFACTURERS - 0.5%** | **AUTO MANUFACTURERS - 0.5%** | **AUTO MANUFACTURERS - 0.5%** |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 1.50%, 6/10/26 | 125000 | 123588 |
| 2.35%, 1/8/31 | 125000 | 112422 |
| Hyundai Capital America, <br>5.40%, 6/24/31 (a) | 50000 | 51793 |
|  |  | 287803 |
| **BANKS - 9.4%** | **BANKS - 9.4%** | **BANKS - 9.4%** |
| Banco Santander SA, 5.57%, 1/17/30 | 200000 | 208439 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 5.08%, (SOFR + 1.29%), 1/20/27 (b) | 210000 | 210104 |
| 3.42%, (3 Month Term SOFR + 1.30%), <br>12/20/28 (b) | 108000 | 106771 |
| 4.27%, (3 Month Term SOFR + 1.57%), <br>7/23/29 (b) | 125000 | 125617 |
| 2.59%, (SOFR + 2.15%), 4/29/31 (b) | 75000 | 69932 |
| 1.90%, (SOFR + 1.53%), 7/23/31 (b) | 100000 | 89925 |
| 2.65%, (SOFR + 1.22%), 3/11/32 (b) | 100000 | 91952 |
| 2.97%, (SOFR + 1.33%), 2/4/33 (b) | 50000 | 45792 |
| 4.57%, (SOFR + 1.83%), 4/27/33 (b) | 50000 | 49964 |
| 5.51%, (SOFR + 1.31%), 1/24/36 (b) | 25000 | 26138 |
| 2.48%, (US 5 Year CMT T-Note + 1.20%), <br>9/21/36 (b) | 75000 | 65919 |
| Barclays PLC, 5.79%, (SOFR + 1.59%), <br>2/25/36 (b) | 200000 | 209593 |
| BNP Paribas SA, <br>1.32%, (SOFR + 1.00%), 1/13/27 (a),(b) | 225000 | 224787 |
| Canadian Imperial Bank of Commerce, <br>5.25%, (SOFR + 1.11%), 1/13/31 (b) | 100000 | 103198 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 4.60%, 3/9/26 | 75000 | 75068 |
| 3.40%, 5/1/26 | 200000 | 199625 |
| 4.45%, 9/29/27 | 125000 | 125821 |
| 3.67%, (3 Month Term SOFR + 1.65%), <br>7/24/28 (b) | 50000 | 49688 |
| 2.98%, (SOFR + 1.42%), 11/5/30 (b) | 100000 | 95310 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BANKS - 9.4% (Continued)** | **BANKS - 9.4% (Continued)** | **BANKS - 9.4% (Continued)** |
| 3.06%, (SOFR + 1.35%), 1/25/33 (b) | $50000 | $45886 |
| 6.02%, (SOFR + 1.83%), 1/24/36 (b) | 60000 | 62959 |
| First Horizon Corp., <br>5.51%, (SOFR + 1.77%), 3/7/31 (b) | 55000 | 56873 |
| ING Groep NV, 4.63%, 1/6/26 (a) | 225000 | 225013 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 3.30%, 4/1/26 | 225000 | 224740 |
| 3.96%, (3 Month Term SOFR + 1.51%), <br>1/29/27 (b) | 175000 | 174972 |
| 3.51%, (3 Month Term SOFR + 1.21%), <br>1/23/29 (b) | 125000 | 123841 |
| 2.96%, (3 Month Term SOFR + 2.52%), <br>5/13/31 (b) | 25000 | 23604 |
| 2.96%, (SOFR + 1.26%), 1/25/33 (b) | 50000 | 45952 |
| 5.57%, (SOFR + 1.68%), 4/22/36 (b) | 145000 | 152527 |
| M&T Bank Corp., 5.05%, (SOFR + 1.85%), <br>1/27/34 (b) | 90000 | 90724 |
| Macquarie Group Ltd., 1.34%, <br>(SOFR + 1.07%), 1/12/27 (a),(b) | 75000 | 74939 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 3.63%, 1/20/27 | 50000 | 49875 |
| 5.05%, (SOFR + 1.30%), 1/28/27 (b) | 263000 | 263182 |
| 3.95%, 4/23/27 | 30000 | 29982 |
| 5.16%, (SOFR + 1.59%), 4/20/29 (b) | 155000 | 158540 |
| 4.43%, (3 Month Term SOFR + 1.89%), <br>1/23/30 (b) | 50000 | 50308 |
| 2.70%, (SOFR + 1.14%), 1/22/31 (b) | 75000 | 70405 |
| 1.79%, (SOFR + 1.03%), 2/13/32 (b) | 125000 | 109906 |
| 5.47%, (SOFR + 1.73%), 1/18/35 (b) | 30000 | 31249 |
| 5.66%, (SOFR + 1.76%), 4/17/36 (b) | 50000 | 52588 |
| Toronto-Dominion Bank (The),  | Toronto-Dominion Bank (The),  | Toronto-Dominion Bank (The),  |
| 4.46%, 6/8/32 | 25000 | 24992 |
| Truist Financial Corp., <br>6.05%, (SOFR + 2.05%), 6/8/27 (b) | 25000 | 25202 |
| UBS Group AG, 4.55%, 4/17/26 | 255000 | 255433 |
| US Bancorp | US Bancorp | US Bancorp |
| 5.78%, (SOFR + 2.02%), 6/12/29 (b) | 70000 | 72780 |
| 4.97%, (SOFR + 2.11%), 7/22/33 (b) | 140000 | 141249 |
| 5.85%, (SOFR + 2.09%), 10/21/33 (b) | 50000 | 53622 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 3.00%, 10/23/26 | 325000 | 322646 |
| 4.30%, 7/22/27 | 100000 | 100403 |
| 4.15%, 1/24/29 | 25000 | 25072 |
| 4.90%, (SOFR + 2.10%), 7/25/33 (b) | 11000 | 11188 |
| Westpac Banking Corp., <br>4.11%, (US 5 Year CMT T-Note + 2.00%), <br>7/24/34 (b) | 75000 | 73826 |
|  |  | 5398121 |
| **BEVERAGES - 1.2%** | **BEVERAGES - 1.2%** | **BEVERAGES - 1.2%** |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 8.20%, 1/15/39 | 25000 | 32308 |
| 5.45%, 1/23/39 | 35000 | 36309 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BEVERAGES - 1.2% (Continued)** | **BEVERAGES - 1.2% (Continued)** | **BEVERAGES - 1.2% (Continued)** |
| Coca-Cola Consolidated, Inc.,  | Coca-Cola Consolidated, Inc.,  | Coca-Cola Consolidated, Inc.,  |
| 5.45%, 6/1/34 | $40000 | $41929 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 3.60%, 2/15/28 | 100000 | 99095 |
| 3.15%, 8/1/29 | 125000 | 120483 |
| 2.25%, 8/1/31 | 50000 | 44407 |
| Keurig Dr Pepper, Inc., 3.80%, 5/1/50 | 19000 | 13854 |
| Pernod Ricard International Finance LLC, <br>1.63%, 4/1/31 (a) | 330000 | 287149 |
|  |  | 675534 |
| **BIOTECHNOLOGY - 0.6%** | **BIOTECHNOLOGY - 0.6%** | **BIOTECHNOLOGY - 0.6%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 5.25%, 3/2/30 | 130000 | 134971 |
| 5.25%, 3/2/33 | 84000 | 87071 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 2.20%, 9/2/30 | 70000 | 63517 |
| 5.40%, 9/2/34 | 79000 | 81057 |
|  |  | 366616 |
| **BUILDING MATERIALS - 0.3%** | **BUILDING MATERIALS - 0.3%** | **BUILDING MATERIALS - 0.3%** |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 2.70%, 2/15/31 | 75000 | 69590 |
| 5.90%, 3/15/34 | 101000 | 108584 |
|  |  | 178174 |
| **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** |
| International Flavors & Fragrances, Inc., <br>1.83%, 10/15/27 (a) | 27000 | 25908 |
| **COMMERCIAL SERVICES - 0.9%** | **COMMERCIAL SERVICES - 0.9%** | **COMMERCIAL SERVICES - 0.9%** |
| Cornell University, 4.73%, 6/15/35 | 130000 | 130626 |
| DP World Crescent Ltd., 5.50%, 5/8/35 (a) | 200000 | 206241 |
| Global Payments, Inc., 5.55%, 11/15/35 | 80000 | 79686 |
| Quanta Services, Inc., 5.25%, 8/9/34 | 68000 | 69868 |
| S&P Global, Inc., 2.95%, 1/22/27 | 50000 | 49539 |
|  |  | 535960 |
| **COMPUTERS - 0.1%** | **COMPUTERS - 0.1%** | **COMPUTERS - 0.1%** |
| Dell International LLC / EMC Corp., <br>5.30%, 10/1/29 | 25000 | 25821 |
| Hewlett Packard Enterprise Co., <br>5.00%, 10/15/34 | 57000 | 56623 |
|  |  | 82444 |
| **DIVERSIFIED FINANCIAL SERVICES - 1.9%** | **DIVERSIFIED FINANCIAL SERVICES - 1.9%** | **DIVERSIFIED FINANCIAL SERVICES - 1.9%** |
| AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust | AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust | AerCap Ireland Capital DAC / AerCap <br>Global Aviation Trust |
| 2.45%, 10/29/26 | 225000 | 221958 |
| 5.38%, 12/15/31 | 150000 | 155556 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 2.88%, 1/15/26 | 75000 | 74959 |
| 3.75%, 6/1/26 | 175000 | 174668 |
| Ally Financial, Inc., 2.20%, 11/2/28 | 100000 | 94606 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DIVERSIFIED FINANCIAL SERVICES - 1.9% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 1.9% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 1.9% (Continued)** |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| 6.38%, 5/4/28 (a) | $40000 | $41689 |
| 5.15%, 1/15/30 (a) | 26000 | 26453 |
| Capital One Financial Corp., <br>6.18%, (SOFR + 2.04%), 1/30/36 (b) | 120000 | 125576 |
| Charles Schwab Corp. (The), <br>3.45%, 2/13/26 | 128000 | 127901 |
| Nasdaq, Inc., 3.25%, 4/28/50 | 25000 | 17368 |
|  |  | 1060734 |
| **ELECTRIC - 1.3%** | **ELECTRIC - 1.3%** | **ELECTRIC - 1.3%** |
| Ameren Corp., 3.50%, 1/15/31 | 25000 | 24050 |
| American Electric Power Co., Inc., <br>2.30%, 3/1/30 | 50000 | 46248 |
| Dominion Energy, Inc., 3.38%, 4/1/30 | 50000 | 48276 |
| Duke Energy Carolinas LLC, <br>3.95%, 3/15/48 | 25000 | 19868 |
| Duquesne Light Holdings, Inc., <br>2.53%, 10/1/30 (a) | 100000 | 90962 |
| Entergy Corp., 2.95%, 9/1/26 | 175000 | 173701 |
| Exelon Corp., 4.05%, 4/15/30 | 50000 | 49579 |
| FirstEnergy Corp., 2.25%, 9/1/30 | 50000 | 45325 |
| NextEra Energy Capital Holdings, Inc., <br>1.90%, 6/15/28 | 80000 | 76247 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 2.10%, 8/1/27 | 25000 | 24240 |
| 2.50%, 2/1/31 | 50000 | 45054 |
| 3.30%, 8/1/40 | 25000 | 18976 |
| Southern California Edison Co., <br>4.20%, 3/1/29 | 100000 | 99435 |
|  |  | 761961 |
| **ELECTRONICS - 0.1%** | **ELECTRONICS - 0.1%** | **ELECTRONICS - 0.1%** |
| Allegion US Holding Co., Inc., <br>5.60%, 5/29/34 | 45000 | 47068 |
| **ENGINEERING & CONSTRUCTION - 0.3%** | **ENGINEERING & CONSTRUCTION - 0.3%** | **ENGINEERING & CONSTRUCTION - 0.3%** |
| Mexico City Airport Trust, <br>3.88%, 4/30/28 (a) | 200000 | 195612 |
| **ENVIRONMENTAL CONTROL - 0.1%** | **ENVIRONMENTAL CONTROL - 0.1%** | **ENVIRONMENTAL CONTROL - 0.1%** |
| Republic Services, Inc., 4.88%, 4/1/29 | 50000 | 51266 |
| **FOOD - 1.4%** | **FOOD - 1.4%** | **FOOD - 1.4%** |
| Campbell's Co. (The), 4.75%, 3/23/35 | 39000 | 37793 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 5.90%, 11/15/28 | 83000 | 86994 |
| 6.20%, 11/15/33 | 47000 | 51019 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 4.80%, 3/1/30 (a) | 150000 | 153388 |
| 5.00%, 3/1/32 (a) | 125000 | 129026 |
| 5.20%, 3/1/35 (a) | 200000 | 205986 |
| Sysco Corp., 4.45%, 3/15/48 | 25000 | 21236 |
| The Campbell's Co., 5.40%, 3/21/34 | 117000 | 119328 |
|  |  | 804770 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **GAS - 0.0%†** | **GAS - 0.0%†** | **GAS - 0.0%†** |
| NiSource, Inc., 3.60%, 5/1/30 | $25000 | $24310 |
| **HEALTHCARE-PRODUCTS - 0.3%** | **HEALTHCARE-PRODUCTS - 0.3%** | **HEALTHCARE-PRODUCTS - 0.3%** |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 5.40%, 3/1/29 | 47000 | 48708 |
| 5.60%, 3/23/34 | 60000 | 62559 |
| STERIS Irish FinCo UnLtd Co., <br>2.70%, 3/15/31 | 75000 | 69265 |
|  |  | 180532 |
| **HEALTHCARE-SERVICES - 2.9%** | **HEALTHCARE-SERVICES - 2.9%** | **HEALTHCARE-SERVICES - 2.9%** |
| Adventist Health System/West | Adventist Health System/West | Adventist Health System/West |
| 2.95%, 3/1/29 | 25000 | 23755 |
| 4.74%, 12/1/30 | 155000 | 155717 |
| 5.76%, 12/1/34 | 35000 | 36144 |
| Ascension Health, 4.92%, 11/15/35 | 75000 | 75269 |
| Banner Health, 2.34%, 1/1/30 | 145000 | 135416 |
| Baylor Scott & White Holdings, <br>1.78%, 11/15/30 | 50000 | 44860 |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 5.13%, 5/15/31 | 85000 | 87943 |
| 4.80%, 8/15/38 | 75000 | 72035 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 4.35%, 9/1/30 | 40000 | 39863 |
| 4.98%, 9/1/35 | 65000 | 64384 |
| 3.91%, 10/1/50 | 110000 | 82571 |
| 6.46%, 11/1/52 | 105000 | 113197 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 4.50%, 2/15/27 | 100000 | 100223 |
| 5.45%, 4/1/31 | 125000 | 130569 |
| Humana, Inc., 5.95%, 3/15/34 | 20000 | 21022 |
| Laboratory Corp. of America Holdings, <br>4.80%, 10/1/34 | 35000 | 34745 |
| PeaceHealth Obligated Group, <br>4.34%, 11/15/28 | 55000 | 55275 |
| Rush System for Health Obligated Group, <br>3.92%, 11/15/29 | 60000 | 59522 |
| Sutter Health | Sutter Health | Sutter Health |
| 2.29%, 8/15/30 | 25000 | 23013 |
| 4.09%, 8/15/48 | 225000 | 183976 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 5.88%, 2/15/53 | 50000 | 50575 |
| 5.05%, 4/15/53 | 50000 | 45279 |
|  |  | 1635353 |
| **HOME BUILDERS - 0.1%** | **HOME BUILDERS - 0.1%** | **HOME BUILDERS - 0.1%** |
| Lennar Corp., 4.75%, 11/29/27 | 45000 | 45365 |
| **INSURANCE - 0.5%** | **INSURANCE - 0.5%** | **INSURANCE - 0.5%** |
| Chubb INA Holdings LLC, <br>6.80%, 11/15/31 | 49000 | 54822 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| 3.10%, 11/15/26 | 75000 | 74445 |
| 2.13%, 6/15/30 | 100000 | 91175 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INSURANCE - 0.5% (Continued)** | **INSURANCE - 0.5% (Continued)** | **INSURANCE - 0.5% (Continued)** |
| Willis North America, Inc., <br>2.95%, 9/15/29 | $50000 | $47611 |
|  |  | 268053 |
| **INTERNET - 1.1%** | **INTERNET - 1.1%** | **INTERNET - 1.1%** |
| Alphabet, Inc., 4.10%, 11/15/30 | 250000 | 251049 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 3.25%, 2/15/30 | 28000 | 26876 |
| 2.95%, 3/15/31 | 14000 | 13032 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 4.20%, 11/15/30 | 100000 | 100343 |
| 4.88%, 11/15/35 | 100000 | 100034 |
| Netflix, Inc., 5.88%, 11/15/28 | 95000 | 99919 |
| Uber Technologies, Inc., <br>4.50%, 8/15/29 (a) | 50000 | 50006 |
|  |  | 641259 |
| **INVESTMENT COMPANIES - 0.1%** | **INVESTMENT COMPANIES - 0.1%** | **INVESTMENT COMPANIES - 0.1%** |
| Blackstone Private Credit Fund, <br>6.00%, 1/29/32 | 25000 | 25407 |
| Blackstone Secured Lending Fund, <br>5.88%, 11/15/27 | 25000 | 25526 |
|  |  | 50933 |
| **LODGING - 0.9%** | **LODGING - 0.9%** | **LODGING - 0.9%** |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 3.70%, 1/15/31 | 94000 | 89603 |
| 5.85%, 8/1/34 | 45000 | 45953 |
| Hyatt Hotels Corp., 5.50%, 6/30/34 | 147000 | 151728 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 4.90%, 4/15/29 | 50000 | 51159 |
| 4.88%, 5/15/29 | 39000 | 39880 |
| 2.85%, 4/15/31 | 175000 | 162443 |
|  |  | 540766 |
| **MACHINERY-DIVERSIFIED - 0.1%** | **MACHINERY-DIVERSIFIED - 0.1%** | **MACHINERY-DIVERSIFIED - 0.1%** |
| IDEX Corp., 2.63%, 6/15/31 | 25000 | 22857 |
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | 45000 | 47751 |
|  |  | 70608 |
| **MEDIA - 0.2%** | **MEDIA - 0.2%** | **MEDIA - 0.2%** |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 5.30%, 6/1/34 | 98000 | 101203 |
| 3.75%, 4/1/40 | 25000 | 20662 |
|  |  | 121865 |
| **OIL & GAS - 0.3%** | **OIL & GAS - 0.3%** | **OIL & GAS - 0.3%** |
| Marathon Petroleum Corp., 3.80%, 4/1/28 | 25000 | 24861 |
| Phillips 66, 3.90%, 3/15/28 | 150000 | 149410 |
|  |  | 174271 |
| **PHARMACEUTICALS - 0.5%** | **PHARMACEUTICALS - 0.5%** | **PHARMACEUTICALS - 0.5%** |
| Cencora, Inc., 2.70%, 3/15/31 | 117000 | 107915 |
| CVS Health Corp., 4.78%, 3/25/38 | 160000 | 151496 |
|  |  | 259411 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PIPELINES - 1.1%** | **PIPELINES - 1.1%** | **PIPELINES - 1.1%** |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 5.25%, 4/15/29 | $100000 | $102817 |
| 5.30%, 4/15/47 | 25000 | 22241 |
| Galaxy Pipeline Assets Bidco Ltd., <br>2.94%, 9/30/40 | 173276 | 147664 |
| MPLX LP | MPLX LP | MPLX LP |
| 4.80%, 2/15/29 | 50000 | 50776 |
| 2.65%, 8/15/30 | 125000 | 115879 |
| Sabine Pass Liquefaction LLC, <br>5.00%, 3/15/27 | 100000 | 100679 |
| Targa Resources Corp., 4.20%, 2/1/33 | 40000 | 38358 |
| Williams Cos., Inc. (The), 5.65%, 3/15/33 | 75000 | 79011 |
|  |  | 657425 |
| **REITS - 1.7%** | **REITS - 1.7%** | **REITS - 1.7%** |
| Agree LP, 4.80%, 10/1/32 | 35000 | 35267 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 4.90%, 2/15/29 | 50000 | 50867 |
| 2.38%, 7/15/31 | 30000 | 26851 |
| Camden Property Trust, 2.80%, 5/15/30 | 75000 | 70829 |
| Crown Castle, Inc., 3.65%, 9/1/27 | 75000 | 74432 |
| CubeSmart LP, 2.50%, 2/15/32 | 15000 | 13285 |
| Essex Portfolio LP, 3.00%, 1/15/30 | 75000 | 71241 |
| Host Hotels & Resorts LP, 2.90%, 12/15/31 | 42000 | 38089 |
| Invitation Homes Operating Partnership LP, <br>2.30%, 11/15/28 | 50000 | 47563 |
| Kilroy Realty LP, 4.75%, 12/15/28 | 79000 | 79429 |
| Prologis LP, 4.63%, 1/15/33 | 75000 | 75815 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 4.88%, 6/1/26 | 75000 | 75187 |
| 3.40%, 1/15/30 | 100000 | 97264 |
| Regency Centers LP, 2.95%, 9/15/29 | 125000 | 119970 |
| UDR, Inc., 2.10%, 8/1/32 | 25000 | 21402 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 3.85%, 7/15/29 | 75000 | 73996 |
| 2.40%, 2/1/31 | 25000 | 22554 |
|  |  | 994041 |
| **RETAIL - 0.6%** | **RETAIL - 0.6%** | **RETAIL - 0.6%** |
| 7-Eleven, Inc., 1.30%, 2/10/28 (a) | 100000 | 94395 |
| Alimentation Couche-Tard, Inc., <br>3.55%, 7/26/27 (a) | 50000 | 49654 |
| AutoNation, Inc., 1.95%, 8/1/28 | 25000 | 23585 |
| Lowe's Cos., Inc., 1.70%, 9/15/28 | 75000 | 70690 |
| Starbucks Corp., 4.00%, 11/15/28 | 75000 | 74934 |
|  |  | 313258 |
| **SEMICONDUCTORS - 0.9%** | **SEMICONDUCTORS - 0.9%** | **SEMICONDUCTORS - 0.9%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 3.42%, 4/15/33 | 150000 | 139205 |
| 3.47%, 4/15/34 | 40000 | 36554 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| 5.20%, 2/10/33 | 100000 | 102086 |
| 5.15%, 2/21/34 | 28000 | 28406 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SEMICONDUCTORS - 0.9% (Continued)** | **SEMICONDUCTORS - 0.9% (Continued)** | **SEMICONDUCTORS - 0.9% (Continued)** |
| NXP BV / NXP Funding LLC / <br>NXP USA, Inc. | NXP BV / NXP Funding LLC / <br>NXP USA, Inc. | NXP BV / NXP Funding LLC / <br>NXP USA, Inc. |
| 3.40%, 5/1/30 | $50000 | $48260 |
| 2.50%, 5/11/31 | 125000 | 113247 |
| 2.65%, 2/15/32 | 75000 | 67457 |
|  |  | 535215 |
| **SOFTWARE - 1.9%** | **SOFTWARE - 1.9%** | **SOFTWARE - 1.9%** |
| Constellation Software, Inc., <br>5.46%, 2/16/34 (a) | 41000 | 41361 |
| Fiserv, Inc., 4.20%, 10/1/28 | 100000 | 99776 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 4.50%, 5/6/28 | 75000 | 75012 |
| 2.95%, 4/1/30 | 25000 | 23105 |
| 4.65%, 5/6/30 | 100000 | 99215 |
| 2.88%, 3/25/31 | 225000 | 202035 |
| 5.25%, 2/3/32 | 90000 | 90096 |
| 4.80%, 9/26/32 | 90000 | 87320 |
| 4.90%, 2/6/33 | 91000 | 87861 |
| 5.20%, 9/26/35 | 105000 | 100835 |
| 3.60%, 4/1/40 | 25000 | 18600 |
| Synopsys, Inc., 5.00%, 4/1/32 | 55000 | 56231 |
| VMware LLC | VMware LLC | VMware LLC |
| 1.80%, 8/15/28 | 25000 | 23649 |
| 2.20%, 8/15/31 | 75000 | 66728 |
|  |  | 1071824 |
| **TELECOMMUNICATIONS - 1.3%** | **TELECOMMUNICATIONS - 1.3%** | **TELECOMMUNICATIONS - 1.3%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 4.90%, 8/15/37 | 50000 | 48720 |
| 4.85%, 3/1/39 | 85000 | 81050 |
| Rogers Communications, Inc., <br>3.20%, 3/15/27 | 215000 | 212873 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 3.75%, 4/15/27 | 111000 | 110665 |
| 5.20%, 1/15/33 | 150000 | 155030 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 4.02%, 12/3/29 | 25000 | 24832 |
| 2.55%, 3/21/31 | 100000 | 91455 |
|  |  | 724625 |
| **TRANSPORTATION - 0.3%** | **TRANSPORTATION - 0.3%** | **TRANSPORTATION - 0.3%** |
| Burlington Northern Santa Fe LLC, <br>3.25%, 6/15/27 | 75000 | 74522 |
| FedEx Corp., 3.40%, 2/15/28 | 25000 | 24644 |
| Union Pacific Corp., 2.80%, 2/14/32 | 100000 | 91950 |
|  |  | 191116 |
| **TRUCKING & LEASING - 0.1%** | **TRUCKING & LEASING - 0.1%** | **TRUCKING & LEASING - 0.1%** |
| Penske Truck Leasing Co. LP / <br>PTL Finance Corp., 5.25%, 7/1/29 (a) | 48000 | 49350 |
| **TOTAL CORPORATE BONDS AND NOTES**<br> (Cost - $19,977,136) |  | 19737808 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **AGENCY MORTGAGE BACKED SECURITIES - 32.1%** | **AGENCY MORTGAGE BACKED SECURITIES - 32.1%** | **AGENCY MORTGAGE BACKED SECURITIES - 32.1%** |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.5%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.5%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.5%** |
| Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool |
| 4.00%, 3/1/50 | $339128 | $328380 |
| 3.00%, 12/1/50 | 511406 | 463181 |
| 2.50%, 9/1/51 | 688248 | 595614 |
| 2.00%, 1/1/52 | 1632445 | 1333949 |
| 4.50%, 6/1/52 | 445005 | 439600 |
|  |  | 3160724 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 17.7%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 17.7%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 17.7%** |
| Fannie Mae or Freddie Mac | Fannie Mae or Freddie Mac | Fannie Mae or Freddie Mac |
| 4.50%, 1/1/56 (c) | 1000000 | 977031 |
| 5.50%, 1/1/56 (c) | 3000000 | 3043594 |
| 6.00%, 1/1/56 (c) | 1000000 | 1026562 |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 4.50%, 6/1/31 | 133845 | 135543 |
| 4.50%, 7/1/48 | 259320 | 257776 |
| 5.00%, 11/1/48 | 174959 | 178479 |
| 2.00%, 11/1/50 | 833419 | 682753 |
| 2.50%, 11/1/50 | 810572 | 702465 |
| 2.50%, 3/1/51 | 64007 | 55281 |
| 2.50%, 9/1/51 | 78757 | 68025 |
| 2.50%, 10/1/51 | 311497 | 269058 |
| 2.50%, 11/1/51 | 183015 | 158067 |
| 2.50%, 11/1/51 | 143500 | 123921 |
| 2.50%, 2/1/52 | 188505 | 160938 |
| 5.00%, 11/1/52 | 795838 | 800066 |
| 5.50%, 11/1/52 | 768310 | 788313 |
| 6.00%, 12/1/52 | 700339 | 734990 |
|  |  | 10162862 |
| **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.9%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.9%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.9%** |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| 4.50%, 2/20/48 | 89159 | 88300 |
| 4.50%, 5/20/48 | 92888 | 92367 |
| 4.50%, 8/20/48 | 116806 | 116151 |
| 5.00%, 8/20/48 | 23641 | 23962 |
| 4.50%, 9/20/48 | 412075 | 409764 |
| 5.00%, 10/20/48 | 138818 | 140947 |
| 5.00%, 11/20/48 | 84000 | 85289 |
| 5.00%, 12/20/48 | 44593 | 45277 |
| 5.00%, 1/20/49 | 132996 | 134720 |
| 4.00%, 2/20/49 | 121142 | 116067 |
| 4.50%, 3/20/49 | 3934 | 3912 |
| 5.00%, 3/20/49 | 62697 | 62834 |
| 4.00%, 5/20/49 | 108486 | 104228 |
| 4.50%, 10/20/49 | 93285 | 92762 |
| 3.00%, 3/20/50 | 336692 | 303991 |
| 3.00%, 11/20/51 | 671219 | 605108 |
| 2.00%, 12/20/51 | 866230 | 718715 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 8.9% (Continued)** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 8.9% (Continued)** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 8.9% (Continued)** |
| 3.50%, 6/20/52 | $850026 | $787372 |
| 4.50%, 10/20/52 | 773870 | 760255 |
| 5.50%, 5/20/54 | 445942 | 451216 |
|  |  | 5143237 |
| **TOTAL AGENCY MORTGAGE BACKED SECURITIES**<br> (Cost - $18,801,408) |  | 18466823 |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0%** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0%** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0%** |
| 3650R 2021-PF1 Commercial Mortgage <br>Trust, 2.78%, 11/15/54 (d) | 150000 | 133544 |
| BANK 2025-BNK51, 5.29%, 12/25/67 | 100000 | 103173 |
| BANK5 2024-5YR11, 5.89%, 11/15/57 | 100000 | 105444 |
| BANK5 2024-5YR9, 6.18%, 8/15/57 (d) | 150000 | 156693 |
| Barclays Dryrock Issuance Trust | Barclays Dryrock Issuance Trust | Barclays Dryrock Issuance Trust |
| 4.72%, 2/15/29 | 300000 | 300699 |
| 3.97%, 7/15/31 | 125000 | 125288 |
| BBCMS Mortgage Trust 2024-5C25, <br>6.36%, 3/15/57 (d) | 100000 | 104857 |
| BFLD Commercial Mortgage Trust <br>2025-660F, 5.25%, (1 Month Term <br>SOFR + 1.50%), 11/15/42 (a),(b) | 200000 | 200620 |
| BMO 2023-C7 Mortgage Trust, <br>6.16%, 12/15/56 | 100000 | 107477 |
| BMO 2024-5C4 Mortgage Trust, <br>6.53%, 5/15/57 (d) | 125000 | 132586 |
| BX Commercial Mortgage Trust 2024-XL4, <br>5.19%, (1 Month Term SOFR + 1.44%), <br>2/15/39 (a),(b) | 92804 | 92754 |
| BX Commercial Mortgage Trust 2024-XL5, <br>5.14%, (1 Month Term SOFR + 1.39%), <br>3/15/41 (a),(b) | 67301 | 67223 |
| BX Trust 2024-BIO, 5.39%, (1 Month Term <br>SOFR + 1.64%), 2/15/41 (a),(b) | 150000 | 149350 |
| Carlyle US CLO 2024-2 Ltd., 5.91%, <br>(3 Month Term SOFR + 2.05%), <br>4/25/37 (a),(b) | 250000 | 250671 |
| CarVal CLO IV Ltd., 5.18%, (3 Month <br>Term SOFR + 1.30%), 3/31/38 (a),(b) | 260000 | 260352 |
| CarVal CLO IX-C Ltd., 5.98%, (3 Month <br>Term SOFR + 2.10%), 4/20/37 (a),(b) | 250000 | 250513 |
| CBAMR 2017-4 Ltd., 5.70%, (3 Month <br>Term SOFR + 1.42%), 3/31/38 (a),(b) | 250000 | 250984 |
| Cifc Funding 2023-III Ltd., 5.48%, (3 Month <br>Term SOFR + 1.60%), 1/20/37 (a),(b) | 300000 | 300502 |
| COLT 2021-2 Mortgage Loan Trust, <br>0.92%, 8/25/66 (a),(d) | 55284 | 45312 |
| Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| 5.52%, (SOFR + 1.65%), 12/25/41 (a),(b) | 34000 | 34194 |
| 5.67%, (SOFR + 1.80%), 1/25/44 (a),(b) | 50000 | 50195 |
| 5.82%, (SOFR + 1.95%), 3/25/44 (a),(b) | 50000 | 50250 |
| Csmc 2021-Nqm6 Trust, <br>1.17%, 7/25/66 (a),(d) | 76227 | 64527 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0% (Continued)** |
| DOLP Trust 2021-NYC, <br>2.96%, 5/10/41 (a) | $100000 | $89974 |
| Durst Commercial Mortgage Trust <br>2025-151, 5.15%, 8/10/42 (a),(d) | 150000 | 153221 |
| Exeter Automobile Receivables Trust <br>2025-1, 4.70%, 9/15/27 | 17904 | 17907 |
| Fannie Mae Remics, 4.87%, <br>(SOFR + 1.00%), 3/25/55 (b) | 137814 | 136712 |
| Fidelity Grand Harbour Clo 2023-1 DAC, <br>3.81%, 2/15/38 (a) | 250000 | 293244 |
| Freddie Mac Multifamily Structured Pass <br>Through Certificates | Freddie Mac Multifamily Structured Pass <br>Through Certificates | Freddie Mac Multifamily Structured Pass <br>Through Certificates |
| 5.07%, 10/25/28 (d) | 50000 | 51302 |
| 4.69%, (SOFR + 0.68%), 2/25/33 (b) | 75339 | 75430 |
| 4.90%, 10/25/33 (d) | 150000 | 155257 |
| Freddie Mac STACR REMIC Trust <br>2021-DNA5, 5.52%, (SOFR + 1.65%), <br>1/25/34 (a),(b) | 7031 | 7056 |
| Freddie Mac STACR REMIC Trust <br>2024-DNA2, 5.07%, (SOFR + 1.20%), <br>5/25/44 (a),(b) | 97550 | 97674 |
| Freddie Mac STACR REMIC Trust <br>2024-DNA3, 4.82%, (SOFR + 0.95%), <br>9/25/45 (a),(b) | 168625 | 168673 |
| Ginnie Mae, 2.00%, 8/20/51 | 345397 | 295274 |
| GoldenTree Loan Management <br>US CLO 19 Ltd., 5.38%, (3 Month Term <br>SOFR + 1.50%), 4/20/37 (a),(b) | 250000 | 250321 |
| Honda Auto Receivables 2023-4 <br>Owner Trust, 5.67%, 6/21/28 | 177173 | 179211 |
| IRV Trust 2025-200P | IRV Trust 2025-200P | IRV Trust 2025-200P |
| 5.29%, 3/14/47 (a),(d) | 200000 | 204049 |
| 5.44%, 3/14/47 (a),(d) | 150000 | 150350 |
| J.P. Morgan Mortgage Trust 2024-1, <br>6.00%, 6/25/54 (a),(d) | 57865 | 57374 |
| JP Morgan Mortgage Trust <br>2021-6, 2.50%, 10/25/51 (a),(d) | 86793 | 72309 |
| JP Morgan Mortgage Trust Series <br>2024-VIS2, 5.85%, 11/25/64 (a),(e) | 250945 | 257045 |
| LEX 2024-BBG Mortgage Trust, <br>4.87%, 10/13/33 (a),(d) | 150000 | 150141 |
| Morgan Stanley Capital I Trust <br>2020-HR8, 2.04%, 7/15/53 | 250000 | 226400 |
| Morgan Stanley Residential Mortgage Loan <br>Trust 2025-NQM4, 5.59%, 6/25/70 (a),(e) | 181368 | 183531 |
| Nissan Auto Receivables 2023-B Owner <br>Trust, 5.93%, 3/15/28 | 29325 | 29711 |
| NYC Commercial Mortgage Trust <br>2025-11X, 5.49%, (1 Month Term <br>SOFR + 1.74%), 10/15/40 (a),(b) | 100000 | 100320 |
| NYC Trust 2025-77C, 4.79%, <br>1/10/36 (a),(d) | 150000 | 150782 |
| OBX 2025-NQM11 Trust, 5.42%, <br>5/25/65 (a),(e) | 134194 | 134115 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 16.0% (Continued)** |
| OCP CLO 2017-14 Ltd., 5.25%, <br>(3 Month Term SOFR + 1.37%), <br>7/20/37 (a),(b) | $350000 | $350601 |
| OCP CLO 2019-16 Ltd., 4.91%, <br>(3 Month Term SOFR + 1.26%), <br>4/10/33 (a),(b) | 189110 | 189200 |
| OHA Credit Funding 7 Ltd., 5.16%, <br>(3 Month Term SOFR + 1.28%), <br>7/19/38 (a),(b) | 275000 | 274849 |
| PRKCM 2021-AFC2 Trust, 2.07%, <br>11/25/56 (a),(d) | 175901 | 151369 |
| ROCK TRUST 2024-CNTR | ROCK TRUST 2024-CNTR | ROCK TRUST 2024-CNTR |
| 5.39%, 11/13/41 (a) | 150000 | 153906 |
| 5.93%, 11/13/41 (a) | 100000 | 103441 |
| Santander Drive Auto Receivables Trust <br>2025-1, 4.74%, 1/16/29 | 150000 | 150415 |
| Sound Point Euro Clo 14 funding DAC, <br>3.60%, 4/20/39 (a) | 250000 | 290964 |
| Starwood Mortgage Residential Trust <br>2020-2, 3.00%, 4/25/60 (a),(d) | 150000 | 142767 |
| Verus Securitization Trust 2022-1, <br>3.29%, 1/25/67 (a),(d) | 100954 | 92735 |
| Warwick Capital CLO 1 Ltd., 5.25%, <br>(3 Month Term SOFR + 1.28%), <br>10/20/38 (a),(b) | 250000 | 250375 |
| Wells Fargo Mortgage Backed Securities <br>Trust 2019-3, 3.50%, 7/25/49 (a),(d) | 4827 | 4451 |
| **TOTAL ASSET BACKED AND <br>COMMERCIAL BACKED SECURITIES**<br> (Cost - $9,137,301) |  | 9179664 |
| **U.S. TREASURY SECURITIES AND AGENCY BONDS - 14.2%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 14.2%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 14.2%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 2.90%, 4/12/32 | 290000 | 273615 |
| 3.50%, 9/1/32 | 40000 | 38885 |
| 2.85%, 3/28/34 | 370000 | 334172 |
| 1.70%, 4/23/35 | 540000 | 427787 |
| Federal Home Loan Banks, 4.75%, 12/10/32 | 80000 | 83633 |
| U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond |
| 4.75%, 2/15/41 | 1560000 | 1592906 |
| 4.63%, 5/15/44 | 1440000 | 1418906 |
| 3.13%, 5/15/48 | 260000 | 198301 |
| 3.38%, 11/15/48 | 250000 | 198633 |
| 2.88%, 5/15/49 | 260000 | 187332 |
| 4.75%, 5/15/55 | 170000 | 167795 |
| 4.75%, 8/15/55 | 160000 | 158000 |
| 4.63%, 11/15/55 | 210000 | 203208 |
| U.S. Treasury Note | U.S. Treasury Note | U.S. Treasury Note |
| 4.50%, 4/15/27 | 1090000 | 1103455 |
| 0.50%, 6/30/27 | 390000 | 373227 |
| 3.75%, 5/31/30 | 290000 | 290951 |
| 3.75%, 6/30/30 | 370000 | 371185 |
| 4.13%, 3/31/32 | 520000 | 527841 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **U.S. TREASURY SECURITIES AND <br>AGENCY BONDS - 14.2% (Continued)** | **U.S. TREASURY SECURITIES AND <br>AGENCY BONDS - 14.2% (Continued)** | **U.S. TREASURY SECURITIES AND <br>AGENCY BONDS - 14.2% (Continued)** |
| U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon |
| 0.00%, 11/15/29 (f) | $68600 | $59448 |
| 0.00%, 8/15/30 (f) | 30000 | 25184 |
| 0.00%, 11/15/30 (f) | 30000 | 24919 |
| 0.00%, 11/15/31 (f) | 30000 | 23832 |
| 0.00%, 5/15/32 (f) | 64500 | 50062 |
| 0.00%, 8/15/33 (f) | 30000 | 21932 |
| **TOTAL U.S. TREASURY SECURITIES <br>AND AGENCY BONDS**<br> (Cost - $8,273,262) |  | 8155209 |
| **SOVEREIGN DEBTS - 1.1%** | **SOVEREIGN DEBTS - 1.1%** | **SOVEREIGN DEBTS - 1.1%** |
| Chile Government International Bond, <br>4.95%, 1/5/36 | 200000 | 201650 |
| Eagle Funding Luxco Sarl, <br>5.50%, 8/17/30 (a) | 250000 | 254590 |
| Peruvian Government International Bond, <br>3.23%, 7/28/21 | 20000 | 10893 |
| Republic of Poland Government <br>International Bond, 5.50%, 3/18/54 | 30000 | 28730 |
| Romanian Government International Bond<br>3.00%, 2/27/27 (a) | 30000 | 29533 |
| 2.12%, 7/16/31 | 30000 | 30922 |
| 6.38%, 1/30/34 | 80000 | 83331 |
| **TOTAL SOVEREIGN DEBTS**<br> (Cost - $645,859) |  | 639649 |
| **MUNICIPAL BONDS - 1.0%** | **MUNICIPAL BONDS - 1.0%** | **MUNICIPAL BONDS - 1.0%** |
| Maryland Economic Development Corp. | Maryland Economic Development Corp. | Maryland Economic Development Corp. |
| 4.83%, 11/30/30 | 25000 | 25509 |
| 4.97%, 11/30/32 | 60000 | 61235 |
| Metropolitan Transportation Authority, <br>5.18%, 11/15/49 | 15000 | 13849 |
| New Jersey Turnpike Authority, <br>7.10%, 1/1/41 | 25000 | 29210 |
| State of California, 7.60%, 11/1/40 | 175000 | 214203 |
| State of Illinois, 5.10%, 6/1/33 | 231225 | 236976 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost - $604,479) |  | 580982 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SHORT-TERM INVESTMENTS - 7.3%** | **SHORT-TERM INVESTMENTS - 7.3%** | **SHORT-TERM INVESTMENTS - 7.3%** |
| **U.S. TREASURY SECURITIES - 6.1%** | **U.S. TREASURY SECURITIES - 6.1%** | **U.S. TREASURY SECURITIES - 6.1%** |
| U.S. Treasury Bill, 0.00%, 3/24/26 <br>(Cost - $3,470,168) (f) | $3500000 | $3472252 |
| **MONEY MARKET FUNDS - 1.2%** | **MONEY MARKET FUNDS - 1.2%** | **MONEY MARKET FUNDS - 1.2%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 3.67% (g) <br>(Cost - $705,792) | 705792 | 705792 |
| **TOTAL INVESTMENTS - 106.0%**<br> (Cost - $61,615,405) |  | $60938179 |
| **OTHER ASSETS LESS LIABILITIES - NET (6.0)%** |  | (3443148) |
| **TOTAL NET ASSETS - 100.0%** |  | $57495031 |

---

† 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 December 31, 2025, these securities amounted to $9,100,119 or 15.8% of net assets.

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

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

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

(e) Step coupon.

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

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

CLO - Collateralized Loan Obligation

CMT - Treasury Constant Maturity Rate

EUR - EURO

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIP - Separate trading of registered interest and principal of securities

**FORWARD SALES CONTRACTS**<br>

At December 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Interest Rate | Maturity Date\* | Settlement Date | Principal Amount | Value |
| Ginnie Mae | 4.50% | TBA - 30yr | 1/20/2055 | $(1000000) | $(975000) |
| (Proceeds Receivable: $(975351)) |  |  |  |  | $(975000) |

---

\* 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.

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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) |
| 3MO EURO EURIBOR Future | Morgan Stanley | 6 | 6/15/2026 | $1725737 | $264 |
| EURO-BUXL 30Y Bond Future | Morgan Stanley | 4 | 3/6/2026 | 517322 | (3171) |
| ICE 3 Month SONIA Future | Morgan Stanley | 6 | 3/17/2026 | 1942118 | 303 |
| U.S. 10 Year Note Future | Morgan Stanley | 18 | 3/20/2026 | 2023875 | (3036) |
| U.S. 2 Year Note Future | Morgan Stanley | 34 | 3/31/2026 | 7098828 | (746) |
| U.S. 5 Year Note Future | Morgan Stanley | 21 | 3/31/2026 | 2295398 | (5438) |
| U.S. Long Bond Future | Morgan Stanley | 7 | 3/20/2026 | 809156 | (5671) |
| U.S. Ultra Bond Future | Morgan Stanley | 27 | 3/20/2026 | 3186000 | (52965) |
|  |  |  |  |  | (70460) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| EURO-OAT Future | Morgan Stanley | 9 | 3/6/2026 | 1274642 | 5812 |
| U.S. 10 Year Ultra Future | Morgan Stanley | 22 | 3/20/2026 | 2530344 | 16823 |
|  |  |  |  |  | 22635 |
| **TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**(47825)** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** | **OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED** |
| Counterparty | Description | Call/Put | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount | Currency | Fair<br>Value | Premiums<br>Paid | Unrealized<br>Appreciation/<br>Depreciation |
| Bank of America, NA | 6 Month EUR | Call | 2.25% | 03/08/27 | 540000 | EUR | $1398 | $3502 | $(2104) |
| Bank of America, NA | 6 Month EUR | Call | 2.25% | 04/29/26 | 130000 | EUR | 122 | 866 | (744) |
| Bank of America, NA | 6 Month EUR | Call | 2.00% | 09/04/26 | 260000 | EUR | 101 | 795 | (694) |
| JP Morgan Chase, NA | 6 Month EUR | Call | 2.45% | 03/24/26 | 100000 | EUR | 41 | 1580 | (1539) |
| JP Morgan Chase, NA | SOFR | Put | 3.30% | 01/28/26 | 460000 | USD | 147 | 621 | (474) |
| **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | $**1809** | $**7364** | $**(5555)** |
| **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** | **OTC INTEREST RATE SWAPTIONS WRITTEN** |
| Counterparty | Description | Call/Put | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount | Currency | Fair<br>Value | Premiums<br>Received | Unrealized<br>Appreciation/<br>Depreciation |
| Bank of America, NA | 6 Month EUR | Call | 2.59% | 04/29/26 | 30000 | EUR | $(57) | $(870) | $813 |
| Bank of America, NA | 6 Month EUR | Call | 2.55% | 09/04/26 | 30000 | EUR | (156) | (933) | 777 |
| Bank of America, NA | 6 Month EUR | Call | 2.69% | 03/08/27 | 50000 | EUR | (744) | (2252) | 1508 |
| JP Morgan Chase, NA | 6 Month EUR | Call | 2.50% | 03/24/26 | 40000 | EUR | (22) | (1520) | 1498 |
| **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED<br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** | $**(979)** | $**(5575)** | $**4596** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED INTEREST RATE SWAPS** | **CENTRALLY CLEARED INTEREST RATE SWAPS** | **CENTRALLY CLEARED INTEREST RATE SWAPS** | **CENTRALLY CLEARED INTEREST RATE SWAPS** | **CENTRALLY CLEARED INTEREST RATE SWAPS** | **CENTRALLY CLEARED INTEREST RATE SWAPS** | **CENTRALLY CLEARED INTEREST RATE SWAPS** | **CENTRALLY CLEARED INTEREST RATE SWAPS** | **CENTRALLY CLEARED INTEREST RATE SWAPS** |
| Payment<br>Frequency | Fund<br>Receives | Fund Pays | Expiration <br>Date | Notional <br>Amount | Notional <br>Amount | Fair <br>Value | Premiums<br>Paid<br>(Received) | Unrealized <br>Appreciation<br>(Depreciation) |
| Annually | SOFR- <br>COMPOUND | 3.061% | 08/31/27 | 2040000 | USD | $2324 | $1920 | $404 |
| Annually | Tokyo<br>Overnight<br>Average Rate | 1.250% | 12/15/27 | 288730000 | JPY | 2282 | 217 | 2065 |
| Annually | SOFR-<br>COMPOUND | 3.135% | 12/15/27 | 2450000 | USD | 4647 | 900 | 3747 |
| Quarterly | 3 Month<br>Australian Bill | 3.500% | 03/20/28 | 470000 | AUD | 3451 | 3591 | (140) |
| Annually | SOFR-<br>COMPOUND | 3.5% | 03/20/28 | 3990000 | USD | (17509) | (17448) | (61) |
| Semi-Annually | Canadian<br>Overnight Index | 2.500% | 03/20/28 | 130000 | CAD | 75 | 135 | (60) |
| Annually | Tokyo<br>Overnight<br>Average Rate | 1.000% | 03/20/28 | 490000000 | JPY | 14653 | 9489 | 5164 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payment<br>Frequency | Fund<br>Receives | Fund Pays | Expiration <br>Date | Notional <br>Amount | Notional <br>Amount | Fair <br>Value | Premiums<br>Paid<br>(Received) | Unrealized <br>Appreciation<br>(Depreciation) |
| Annually | 3.750% | Sterling Overnight<br>Index Average | 03/20/28 | 3120000 | GBP | $22548 | $14275 | $8273 |
| Annually | Swiss Average<br>Rate Overnight | 0% | 03/20/28 | 1990000 | CHF | 3512 | 3278 | 234 |
| Annually | 1.750% | Euro Short-Term Rate | 03/20/28 | 1530000  | EUR | (10399) | (11298) | 899 |
| Semi-Annually | 2.750% | Canadian<br>Overnight Index | 03/20/28 | 30000 | CAD | 88 | 78 | 10 |
| Semi-Annually | 4.000% | 6 Month Norway Ibor | 03/20/28 | 53590000  | NOK | (10223) | (12592) | 2369 |
| Annually | 4.000% | Sterling Overnight<br>Index Average | 03/20/28 | 200000 | GBP | 2719 | 2341 | 378 |
| Semi-Annually | 6 Month Euribor | 2.250% | 03/20/28 | 270000  | EUR | 330 | 505 | (175) |
| Annually | 3.367% | SOFR-<br>COMPOUND | 06/23/28 | 5330000 | USD | 4552 | 5573 | (1021) |
| Semi-Annually | 6 Month Euribor | 2.500% | 09/11/28 | 7650000  | EUR | 4164 | (14369) | 18533 |
| Annually | 2.000% | Euro Short-Term Rate | 09/11/28 | 7650000  | EUR | (24375) | (7781) | (16594) |
| Annually | 3.500% | Sterling Overnight<br>Index Average | 10/27/28 | 1540000 | GBP | (1596) | (47) | (1549) |
| Annually | 3.750% | Sterling Overnight<br>Index Average | 03/19/29 | 20000 | GBP | 167 | 129 | 38 |
| Semi-Annually | 2.400% | 6 Month Euribor | 08/13/29 | 1335363  | EUR | (6796) | (598) | (6198) |
| Annually | SOFR-<br>COMPOUND | 3.599% | 06/24/30 | 5630000 | USD | (2275) | (21172) | 18897 |
| Annually | Sterling<br>Overnight<br>Index Average | 3.500% | 10/28/30 | 1440000 | GBP | 10999 | 6629 | 4370 |
| Annually | 3.264% | SOFR-COMPOUND | 01/30/31 | 880000  | USD | (8160) | (4940) | (3220) |
| Quarterly | 3.500% | 3 Month New Zealand<br>Dollar Bank Bill Rate | 03/18/31 | 1080000 | NZD | (3943) | (6288) | 2345 |
| Annually | 3.750% | Sterling Overnight<br>Index Average | 03/18/31 | 500000 | GBP | 2591 | 1642 | 949 |
| Annually | Tokyo<br>Overnight<br>Average Rate | 1% | 03/18/31 | 374000000 | JPY | 63821 | 52398 | 11423 |
| Semi-Annually | 2.250% | 6 Month Euribor | 03/18/31 | 500000  | EUR | (9808) | (10159) | 351 |
| Semi-Annually | 3.750% | 3 Month Australian Bill | 03/18/31 | 870000  | AUD | (19766) | (19022) | (744) |
| Annually | 3.379% | SOFR-COMPOUND | 09/01/31 | 2910000  | USD | (16610) | (11042) | (5568) |
| Annually | 3.845% | SOFR-COMPOUND | 05/21/32 | 440000  | USD | 4189 | 5035 | (846) |
| Annually | Tokyo<br>Overnight<br>Average Rate | 1.295% | 08/02/34 | 119983489 | JPY | 26772 | 8665 | 18107 |
| Annually | 2.500% | Euro Short-Term Rate | 02/15/35 | 1020000  | EUR | (14022) | (10515) | (3507) |
| Annually | 4.098% | SOFR-COMPOUND | 06/25/35 | 1370000  | USD | (1783) | 3934 | (5717) |
| Annually | 4.500% | Sterling<br>Overnight<br>Index Average | 10/29/35 | 280000 | GBP | 1600 | 2961 | (1361) |
| Annually | SOFR-<br>COMPOUND | 4% | 11/27/35 | 852970 | USD | 6247 | (1279) | 7526 |
| Semi-Annually | 5.000% | 3 Month Australian Bill | 11/27/35 | 1410000  | AUD | (4568) | 209 | (4777) |
| Annually | SOFR-<br>COMPOUND | 4% | 03/18/36 | 240000 | USD | (3661) | (4155) | 494 |
| Quarterly | 4.000% | 3 Month<br>New Zealand Dollar<br>Bank Bill Rate | 03/18/36 | 440000 | NZD | (3000) | (4649) | 1649 |
| Semi-Annually | 6 Month<br>Norway Ibor | 4.000% | 03/18/36 | 1640000 | NOK | 1861 | 2526 | (665) |
| Quarterly | 3.000% | 3 Month Stockholm<br>Interbank Offered Rate | 03/18/36 | 1250000 | SEK | 514 | (726) | 1240 |
| Annually | Swiss Average<br>Rate Overnight | 0.5% | 03/18/36 | 50000 | CHF | 1154 | 841 | 313 |
| Semi-Annually | 3 Month<br>Australian Bill | 4.25% | 03/18/36 | 200000 | AUD | 5918 | 5873 | 45 |
| Semi-Annually | 3.000% | Canadian<br>Overnight Index | 03/18/36 | 110000 | CAD | (1381) | (1696) | 315 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

**Portfolio of Investments (Continued)**

**December 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Payment<br>Frequency | Fund<br>Receives | Fund Pays | Expiration <br>Date | Notional <br>Amount | Notional <br>Amount | Fair <br>Value | Premiums<br>Paid<br>(Received) | Unrealized <br>Appreciation<br>(Depreciation) |
| Annually | Sterling<br>Overnight<br>Index Average | 4.250% | 03/18/36 | 140000 | GBP | $(3588) | $(3082) | $(506) |
| Annually | Tokyo<br>Overnight<br>Average Rate | 1.25% | 03/18/36 | 53000000 | JPY | 20703 | 18570 | 2133 |
| Semi-Annually | 6 Month Euribor | 2.500% | 03/18/36 | 100000  | EUR | 4713 | 4708 | 5 |
| Annually | SOFR-<br>COMPOUND | 3.805% | 09/01/36 | 1610000 | USD | 7733 | 2735 | 4998 |
| Annually | 2.160% | Tokyo<br>Overnight<br>Average Rate | 08/02/44 | 177893527 | JPY | (55533) | (36693) | (18840) |
| Annually | SOFR-<br>COMPOUND | 4.213% | 05/21/55 | 310000 | USD | 8894 | 7710 | 1184 |
| Semi-Annually | 6 Month Euribor | 2.8% | 08/13/55 | 540000  | EUR | 29881 | 6294 | 23587 |
| Annually | SOFR-<br>COMPOUND | 3.827% | 01/31/56 | 230000 | USD | 13421 | 5945 | 7476 |
| Annually | 2.250% | Tokyo<br>Overnight<br>Average Rate | 03/20/56 | 17000000 | JPY | (13640) | (13166) | (474) |
| Semi-Annually | 6 Month Euribor | 2.500% | 03/20/56 | 120000  | EUR | 20858 | 20558 | 300 |
| Annually | 2.530% | Euro Short-Term Rate | 03/20/56 | 530000  | EUR | (66355) | (25254) | (41101) |
| Semi-Annually | 6 Month Euribor | 2.610% | 03/20/56 | 530000  | EUR | 78805 | 29171 | 49634 |
| Semi-Annually | 6 Month Euribor | 3.100% | 08/15/56 | 440000  | EUR | 16004 | 8298 | 7706 |
| **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** | **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** | **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** | **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** | **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** | **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** | $**93199** | $**(838)** | $**94037** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** | **CENTRALLY CLEARED CREDIT DEFAULT SWAPS** |
| Reference <br>Obligation/<br>Index\* | Payment <br>Frequency | Buy/Sell<br>Protection | Fixed <br>Rate <br>Received | Fixed <br>Rate <br>Paid | Expiration <br>Date | Notional<br>Amount\*\* | Fair <br>Value | Premiums <br>Paid <br>(Received) | Unrealized <br>Appreciation<br>(Depreciation) |
| CDX.NA.IG.42 | Quarterly | Buy |  | 1.00% | 06/20/29 | $1517314 | $32878 | $22597 | $10281 |
| CDX.NA.IG.43 | Quarterly | Buy |  | 1.00% | 12/20/29 | 250000 | 5647 | 4473 | 1174 |
| CDX.NA.IG.44 | Quarterly | Buy |  | 1.00% | 06/20/30 | 325000 | 7380 | 5586 | 1794 |
| CDX.NA.IG.45 | Quarterly | Buy |  | 1.00% | 12/20/30 | 1200000 | 27506 | 26227 | 1279 |
| **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** | **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** | **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** | **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** | **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** | **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** | **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** | $**73411** | $**58883** | $**14528** |

---

\* Index credit default swaps do not have credit ratings themselves, but they are influenced by the credit ratings of the underlying securities in the index.

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

**FORWARD FOREIGN CURRENCY CONTRACTS**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Settlement Date | Counterparty | Currency Units to <br>Receive | Currency Units to <br>Receive | In Exchange For | In Exchange For | Unrealized Appreciation<br>(Depreciation) |
| 02/25/26 | Morgan Stanley | 572061  | USD | 487867  | EUR | $(2432) |
| **TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS** |  |  |  |  |  | $**(2432)** |

---

AUD - Australian Dollar

CAD - Canadian Dollar

CHF - Swiss Franc

EUR - Euro

GBP - Pound Sterling

JPY - Japanese Yen

NOK - Norwegian Krone

NZD - New Zealand Dollar

SEK - Swedish Krona

USD - United States Dollar

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Assets and Liabilities**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Global Atlantic <br>BlackRock <br>Allocation <br>Portfolio** | **Global Atlantic <br>BlackRock<br>Disciplined Core <br>Portfolio** | **Global Atlantic <br>BlackRock<br>Disciplined<br>Growth <br>Portfolio** | **Global Atlantic <br>BlackRock<br>Disciplined<br>International<br>Core<br>Portfolio** |
| Investments in securities, at cost | $44290864 | $388949658 | $53315777 | $105429899 |
| Investments in securities, at fair value | $54617312 | $671792643 | $102762994 | $144748743 |
| Foreign cash (cost $-, $-, $- and $401,718, respectively) | - | - | - | 407978 |
| Deposit with broker for futures contracts | - | 678937 | 121956 | 568052 |
| Unrealized appreciation on futures contracts, net | - | - | 9564 | 151047 |
| Receivable for securities sold | - | - | - | 323950 |
| Receivable for portfolio shares sold | 392298 | - | - | - |
| Interest and dividends receivable | 1537 | 314204 | 21465 | 158723 |
| Dividend tax reclaim receivable | - | 3210 | - | 511603 |
| Prepaid expenses | 3265 | 33441 | 5326 | 9110 |
| **Total Assets** | 55014412 | 672822435 | 102921305 | 146879206 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on futures contracts, net | - | 9477 | - | - |
| Payable for securities purchased | - | - | - | 124594 |
| Payable for portfolio shares redeemed | - | 451966 | 88534 | 277548 |
| Accrued distribution (12b-1) fees | 2707 | 8204 | 5979 | 10344 |
| Accrued investment advisory fees | 10259 | 224099 | 32788 | 44072 |
| Regulatory and compliance fees payable | 257 | 2634 | 371 | 651 |
| Administrative service fees payable | 4747 | 54320 | 8983 | 12961 |
| Accrued expenses and other liabilities | 16588 | 182224 | 29601 | 77702 |
| **Total Liabilities** | 34558 | 932924 | 166256 | 547872 |
| **Net Assets** | $54979854 | $671889511 | $102755049 | $146331334 |
| **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in capital | $40306787 | $336718787 | $46858480 | $101604881 |
| Total distributable earnings | 14673067 | 335170724 | 55896569 | 44726453 |
| **Net Assets** | $54979854 | $671889511 | $102755049 | $146331334 |
| **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** |
| Net assets | $42108122 | $633429054 | $74986399 | $97371299 |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 3563634 | 37248707 | 3726090 | 7195649 |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $11.82 | $17.01 | $20.12 | $13.53 |
| **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** |
| Net assets | $12871732 | $38460457 | $27768650 | $48960035 |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 1091737 | 2266099 | 1382133 | 3622649 |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $11.79 | $16.97 | $20.09 | $13.51 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

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

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets:** | **Global Atlantic <br>BlackRock <br>Disciplined <br>Mid Cap Growth <br>Portfolio** | **Global Atlantic <br>BlackRock<br>Disciplined<br>Value<br>Portfolio** | **Global Atlantic <br>BlackRock<br>High Yield <br>Portfolio** | **Global Atlantic <br>Goldman Sachs <br>Core Fixed <br>Income<br>Portfolio** |
| Investments in securities, at cost | $213119639 | $188444712 | $42111815 | $61615405 |
| Investments in securities, at fair value | $257799501 | $229179832 | $43398407 | $60938179 |
| Swaptions purchased, at fair value (premiums paid $-, $-,<br>$- and $7,364, respectively) | - | - | - | 1809 |
| Premiums paid on open swap contracts, net | - | - | - | 58044 |
| Cash | - | - | 50 | - |
| Foreign cash (cost $-, $-, $- and $75,452, respectively) | - | - | - | 75831 |
| Deposit with broker for futures contracts | 244020 | 226132 | 8719 | 314991 |
| Deposit with broker for swap contracts | - | - | - | 94500 |
| Unrealized appreciation on futures contracts, net | 1518 | - | - | - |
| Unrealized appreciation on swap contracts, net | - | - | - | 108565 |
| Receivable for securities sold | - | - | - | 975352 |
| Receivable for portfolio shares sold | - | - | - | 607183 |
| Interest and dividends receivable | 70149 | 207819 | 785282 | 416061 |
| Dividend tax reclaim receivable | 721 | - | 265 | 1299 |
| Prepaid expenses | 13591 | 13468 | 2228 | 2851 |
| **Total Assets** | 258129500 | 229627251 | 44194951 | 63594665 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward sale contracts, at fair value (proceeds receivable $-,<br>$-, $- and $(975351), respectively) | - | - | - | 975000 |
| Swaptions written, at fair value (premiums received $-, <br>$-, $- and $5,575, respectively) | - | - | - | 979 |
| Unrealized depreciation on futures contracts, net | - | 3007 | 2305 | 47825 |
| Unrealized depreciation on forward foreign currency contracts | - | - | - | 2432 |
| Payable for securities purchased | - | - | 45000 | 5029492 |
| Payable for portfolio shares redeemed | 168212 | 240947 | 9763 | - |
| Accrued distribution (12b-1) fees | 24248 | 1259 | 130 | - |
| Accrued investment advisory fees | 120242 | 88122 | 18699 | 16512 |
| Regulatory and compliance fees payable | 1153 | 1064 | 236 | 307 |
| Administrative service fees payable | 23912 | 18211 | 3502 | 4536 |
| Accrued expenses and other liabilities | 79221 | 71606 | 14848 | 22551 |
| **Total Liabilities** | 416988 | 424216 | 94483 | 6099634 |
| **Net Assets** | $257712512 | $229203035 | $44100468 | $57495031 |
| **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in capital | $181397873 | $172084898 | $49486867 | $64611481 |
| Total distributable earnings (losses) | 76314639 | 57118137 | (5386399) | (7116450) |
| **Net Assets** | $257712512 | $229203035 | $44100468 | $57495031 |
| **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** |
| Net assets | $145248677 | $223329408 | $43486058 | $57495031 |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 9613177 | 19124560 | 4856585 | 6594239 |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $15.11 | $11.68 | $8.95 | $8.72 |
| **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** |
| Net assets | $112463835 | $5873627 | $614410 | $- |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 7508246 | 501575 | 68568 | - |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $14.98 | $11.71 | $8.96 | $- |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Operations**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic <br>BlackRock <br>Allocation <br>Portfolio** | **Global Atlantic <br>BlackRock<br>Disciplined Core <br>Portfolio** | **Global Atlantic <br>BlackRock<br>Disciplined<br>Growth<br>Portfolio** | **Global Atlantic <br>BlackRock<br>Disciplined<br>International<br>Core<br>Portfolio** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividend income \* | $1352154 | $7565340 | $611794 | $3412438 |
| Interest income | 19373 | 391310 | 77053 | 398739 |
| **Total Investment Income** | 1371527 | 7956650 | 688847 | 3811177 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 118430 | 2480137 | 365917 | 830348 |
| Distribution fees (12b-1) - Class II Shares | 29958 | 91137 | 67357 | 115173 |
| Administrative service fees | 17848 | 210822 | 32784 | 45887 |
| Legal fees | 17076 | 202208 | 31482 | 43502 |
| Trustees fees | 9031 | 105486 | 16374 | 22447 |
| Custody fees | 2886 | 29749 | 11685 | 154141 |
| Regulatory and compliance fees | 2684 | 31553 | 4871 | 6824 |
| Miscellaneous expenses | 29576 | 333852 | 51540 | 119550 |
| **Total Expenses** | 227489 | 3484944 | 582010 | 1337872 |
| Expenses waived | - | - | - | (129408) |
| **Net Expenses** | 227489 | 3484944 | 582010 | 1208464 |
| **Net Investment Income** | 1144038 | 4471706 | 106837 | 2602713 |
| **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 | 4088170 | 53288901 | 7662908 | 9807131 |
| Futures contracts | - | 838111 | 204701 | 173451 |
| Foreign currency translations | - | (311) | - | (4488) |
| Capital gain distributions from underlying funds | - | - | - | 196145 |
|  | 4088170 | 54126701 | 7867609 | 10172239 |
| 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 | 2579208 | 58700200 | 12260555 | 25130511 |
| Futures contracts | - | 307398 | 57216 | 570857 |
| Foreign currency translations | - | 1900 | - | 75854 |
|  | 2579208 | 59009498 | 12317771 | 25777222 |
| **Net Realized and Change in Unrealized Gain** | 6667378 | 113136199 | 20185380 | 35949461 |
| **Net Increase in Net Assets <br>Resulting from Operations** | $7811416 | $117607905 | $20292217 | $38552174 |
| \* Foreign taxes withheld | $- | $734 | $118 | $398545 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Operations (Continued)**

**For the Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic <br>BlackRock <br>Disciplined <br>Mid Cap Growth <br>Portfolio** | **Global Atlantic <br>BlackRock<br>Disciplined<br>Value<br>Portfolio** | **Global Atlantic <br>BlackRock<br>High Yield <br>Portfolio** | **Global Atlantic <br>Goldman Sachs <br>Core Fixed <br>Income<br>Portfolio** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** | **Investment Income:** |
| Dividend income \* | $1468786 | $4365759 | $- | $- |
| Interest income \*\* | 162915 | 137275 | 3315276 | 2580591 |
| **Total Investment Income** | 1631701 | 4503034 | 3315276 | 2580591 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 1437748 | 1004643 | 224127 | 194850 |
| Distribution fees (12b-1) - Class II Shares | 286424 | 14678 | 1991 | - |
| Administrative service fees | 88377 | 74017 | 14863 | 19002 |
| Legal fees | 85187 | 70847 | 14255 | 18212 |
| Trustees fees | 45268 | 37539 | 7577 | 9544 |
| Custody fees | 24530 | 23714 | 6572 | 23030 |
| Regulatory and compliance fees | 13363 | 11178 | 2260 | 2903 |
| Miscellaneous expenses | 142250 | 122498 | 24902 | 31576 |
| **Total Expenses** | 2123147 | 1359114 | 296547 | 299117 |
| **Net Expenses** | 2123147 | 1359114 | 296547 | 299117 |
| **Net Investment Income (Loss)** | (491446) | 3143920 | 3018729 | 2281474 |
| **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 | 34515687 | 16416056 | (243361) | (182742) |
| Swaptions | - | - | - | 6392 |
| Futures contracts | 319893 | 324009 | 6895 | (63223) |
| Swap contracts | - | - | - | 60403 |
| Forward foreign currency contracts | - | - | - | (31551) |
| Foreign currency translations | - | - | - | (23488) |
|  | 34835580 | 16740065 | (236466) | (234209) |
| 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 | (8680762) | 15382765 | 172278 | 1936931 |
| Futures contracts | 109695 | 116093 | 32654 | 190417 |
| Swap contracts | - | - | - | 112854 |
| Swaptions | - | - | - | (959) |
| Forward foreign currency contracts | - | - | - | (4404) |
| Foreign currency translations | - | - | - | 3888 |
|  | (8571067) | 15498858 | 204932 | 2238727 |
| **Net Realized and Change in Unrealized Gain/ (Loss)** | 26264513 | 32238923 | (31534) | 2004518 |
| **Net Increase in Net Assets <br>Resulting from Operations** | $25773067 | $35382843 | $2987195 | $4285992 |
| \* Foreign taxes withheld | $2442 | $806 | $- | $- |
| \*\* Foreign taxes withheld | $- | $- | $3842 | $- |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock <br>Allocation Portfolio** | **Global Atlantic BlackRock <br>Allocation Portfolio** | **Global Atlantic BlackRock <br>Disciplined Core Portfolio** | **Global Atlantic BlackRock <br>Disciplined Core Portfolio** |
| | For the<br>Year Ended<br>December 31,<br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2025 | 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 | $1144038 | $1157141 | $4471706 | $5141335 |
| Net realized gain | 4088170 | 4472680 | 54126701 | 82958964 |
| Net change in unrealized appreciation | 2579208 | 526297 | 59009498 | 56542239 |
| Net increase in net assets resulting from operations | 7811416 | 6156118 | 117607905 | 144642538 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Class I | (4441867) | (2132029) | (81300718) | (33514280) |
| Class II | (1272810) | (560437) | (4899855) | (1943187) |
| Total distributions paid | (5714677) | (2692466) | (86200573) | (35457467) |
| **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 | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold |
| Class I | 2409434 | 1035866 | 1633793 | 692721 |
| Class II | 1178431 | 564719 | 1147462 | 3490904 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | 4441867 | 2132029 | 81300718 | 33514280 |
| Class II | 1272810 | 560437 | 4899855 | 1943187 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (9488791) | (7956852) | (83204568) | (83124254) |
| Class II | (2061302) | (1580521) | (5876152) | (8917004) |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | (2247551) | (5244322) | (98892) | (52400166) |
| Total increase (decrease) in net assets | (150812) | (1780670) | 31308440 | 56784905 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 55130666 | 56911336 | 640581071 | 583796166 |
| End of year | $54979854 | $55130666 | $671889511 | $640581071 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 202781 | 90298 | 95489 | 48385 |
| Shares reinvested | 374841 | 185717 | 4802169 | 2090722 |
| Shares redeemed | (797301) | (699963) | (4953369) | (5391899) |
| Net decrease in shares of beneficial <br>interest outstanding | (219679) | (423948) | (55711) | (3252792) |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 99729 | 48659 | 69976 | 222956 |
| Shares reinvested | 107592 | 48861 | 289932 | 121373 |
| Shares redeemed | (175108) | (138315) | (350191) | (579530) |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | 32213 | (40795) | 9717 | (235201) |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock <br>Disciplined Growth Portfolio** | **Global Atlantic BlackRock <br>Disciplined Growth Portfolio** | **Global Atlantic BlackRock <br>Disciplined International <br>Core Portfolio** | **Global Atlantic BlackRock <br>Disciplined International <br>Core Portfolio** |
| | For the<br>Year Ended<br>December 31, <br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31,<br>2025 | 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 | $106837 | $215249 | $2602713 | $2787451 |
| Net realized gain | 7867609 | 22764873 | 10172239 | 6388158 |
| Net change in unrealized appreciation (depreciation) | 12317771 | 2884576 | 25777222 | (1229714) |
| Net increase in net assets resulting from operations | 20292217 | 25864698 | 38552174 | 7945895 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Class I | (17083413) | (1098175) | (2024909) | (2237635) |
| Class II | (6351112) | (342535) | (908773) | (998463) |
| Total distributions paid | (23434525) | (1440710) | (2933682) | (3236098) |
| **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 | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold |
| Class I | 680158 | 4747687 | 2515373 | 1187559 |
| Class II | 971330 | 1923177 | 963358 | 1108985 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | 17083413 | 1098176 | 2024909 | 2237635 |
| Class II | 6351112 | 342535 | 908773 | 998463 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (13337539) | (18822838) | (16075607) | (14134725) |
| Class II | (5776764) | (4775407) | (7309429) | (5746108) |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | 5971710 | (15486670) | (16972623) | (14348191) |
| Total increase (decrease) in net assets | 2829402 | 8937318 | 18645869 | (9638394) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 99925647 | 90988329 | 127685465 | 137323859 |
| End of year | $102755049 | $99925647 | $146331334 | $127685465 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 30942 | 245757 | 221093 | 112334 |
| Shares reinvested | 819741 | 54231 | 153286 | 206615 |
| Shares redeemed | (630416) | (1007271) | (1353145) | (1326029) |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | 220267 | (707283) | (978766) | (1007080) |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 45674 | 104393 | 80501 | 105005 |
| Shares reinvested | 305195 | 16915 | 68846 | 92279 |
| Shares redeemed | (271024) | (255987) | (606960) | (541276) |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | 79845 | (134679) | (457613) | (343992) |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock <br>Disciplined Mid Cap <br>Growth Portfolio** | **Global Atlantic BlackRock <br>Disciplined Mid Cap <br>Growth Portfolio** | **Global Atlantic BlackRock <br>Disciplined Value Portfolio** | **Global Atlantic BlackRock <br>Disciplined Value Portfolio** |
| | For the<br>Year Ended<br>December 31, <br>2025 | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2025 | 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 (loss) | $(491446) | $(113030) | $3143920 | $3602273 |
| Net realized gain | 34835580 | 40498112 | 16740065 | 34182669 |
| Net change in unrealized appreciation (depreciation) | (8571067) | 10742834 | 15498858 | (3405609) |
| Net increase in net assets resulting from operations | 25773067 | 51127916 | 35382843 | 34379333 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Class I | (5732660) | (82832) | (35271295) | (15915629) |
| Class II | (4410432) | - | (911875) | (460416) |
| Total distributions paid | (10143092) | (82832) | (36183170) | (16376045) |
| **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 | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold |
| Class I | 562538 | 364330 | 295941 | 723096 |
| Class II | 875020 | 826626 | 3734 | 54592 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | 5732661 | 82832 | 35271294 | 15915629 |
| Class II | 4410432 | - | 911875 | 460416 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (26016767) | (21391939) | (31445792) | (33508908) |
| Class II | (14655326) | (15266761) | (1499185) | (1132234) |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | (29091442) | (35384912) | 3537867 | (17487409) |
| Total increase (decrease) in net assets | (13461467) | 15660172 | 2737540 | 515879 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 271173979 | 255513807 | 226465495 | 225949616 |
| End of year | $257712512 | $271173979 | $229203035 | $226465495 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 36395 | 24387 | 23526 | 61304 |
| Shares reinvested | 367008 | 5989 | 3146413 | 1320799 |
| Shares redeemed | (1732464) | (1652219) | (2577544) | (2785917) |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | (1329061) | (1621843) | 592395 | (1403814) |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 61459 | 59085 | 306 | 4167 |
| Shares reinvested | 284728 | - | 81056 | 38114 |
| Shares redeemed | (976013) | (1180881) | (126783) | (93511) |
| Net decrease in shares of beneficial <br>interest outstanding | (629826) | (1121796) | (45421) | (51230) |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic BlackRock <br>High Yield Portfolio** | **Global Atlantic BlackRock <br>High Yield Portfolio** | **Global Atlantic Goldman Sachs <br>Core Fixed Income Portfolio** | **Global Atlantic Goldman Sachs <br>Core Fixed Income Portfolio** |
| | For the<br>Year Ended<br>December 31, <br>2025 | For the<br>Year Ended<br>December 31, <br>2024 | For the<br>Year Ended<br>December 31, <br>2025 | 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 | $3018729 | $3503700 | $2281474 | $2303472 |
| Net realized gain (loss) | (236466) | 481040 | (234209) | (566871) |
| Net change in unrealized appreciation (depreciation) | 204932 | (31802) | 2238727 | (1068937) |
| Net increase in net assets resulting from operations | 2987195 | 3952938 | 4285992 | 667664 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Class I | (3441177) | (3307613) | (2428484) | (2385974) |
| Class II | (62524) | (57096) | - | - |
| Total distributions paid | (3503701) | (3364709) | (2428484) | (2385974) |
| **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 | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold | Proceeds from shares sold |
| Class I | 342229 | 409786 | 4203162 | 6632303 |
| Class II | 6890 | 279679 | - | - |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | 3441177 | 3307613 | 2428484 | 2385973 |
| Class II | 62524 | 57095 | - | - |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (5811107) | (7322055) | (10801057) | (7327682) |
| Class II | (273903) | (35982) | - | - |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | (2232190) | (3303864) | (4169411) | 1690594 |
| Total decrease in net assets | (2748696) | (2715635) | (2311903) | (27716) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of year | 46849164 | 49564799 | 59806934 | 59834650 |
| End of year | $44100468 | $46849164 | $57495031 | $59806934 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 37018 | 44607 | 484533 | 769587 |
| Shares reinvested | 387957 | 367921 | 279457 | 280373 |
| Shares redeemed | (632228) | (794853) | (1244528) | (843609) |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | (207253) | (382325) | (480538) | 206351 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 751 | 30155 | - | - |
| Shares reinvested | 7041 | 6344 | - | - |
| Shares redeemed | (30549) | (3920) | - | - |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | (22757) | 32579 | - | - |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Allocation Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $11.39 | $10.73 | $9.78 | $13.17 | $12.45 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.26 | 0.24 | 0.23 | 0.22 | 0.20 |
| Net realized and <br>unrealized gain (loss) (c) | 1.54 | 1.00 | 1.20 | (2.01) | 1.20 |
| Total income (loss) from <br>investment operations | 1.80 | 1.24 | 1.43 | (1.79) | 1.40 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.28) | (0.27) | (0.24) | (0.23) | (0.23) |
| Net realized gains | (1.09) | (0.31) | (0.24) | (1.37) | (0.45) |
| Total distributions from <br>net investment income <br>and net realized gains | (1.37) | (0.58) | (0.48) | (1.60) | (0.68) |
| Net asset value, end of year | $11.82 | $11.39 | $10.73 | $9.78 | $13.17 |
| Total return (d) | 15.77% | 11.46% | 15.26% | (13.42)% | 11.33% |
| 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 year (in 000's) | $42108 | $43087 | $45130 | $45106 | $61826 |
| Ratio of net expenses to <br>average net assets (e) | 0.37% | 0.34% | 0.34% | 0.33% | 0.31% |
| Ratio of gross expenses to <br>average net assets (e,f) | 0.37% | 0.34% | 0.34% | 0.33% | 0.32% |
| Ratio of net investment income to <br>average net assets (b,e) | 2.18% | 2.09% | 2.22% | 1.91% | 1.52% |
| Portfolio turnover rate | 44% | 57% | 73% | 62% | 73% |

---

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

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Allocation Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $11.37 | $10.71 | $9.76 | $13.13 | $12.41 |
| 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) | 0.23 | 0.21 | 0.20 | 0.19 | 0.17 |
| Net realized and <br>unrealized gain (loss) (c) | 1.53 | 1.00 | 1.20 | (2.00) | 1.19 |
| Total income (loss) from <br>investment operations | 1.76 | 1.21 | 1.40 | (1.81) | 1.36 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.25) | (0.24) | (0.21) | (0.19) | (0.19) |
| Net realized gains | (1.09) | (0.31) | (0.24) | (1.37) | (0.45) |
| Total distributions from <br>net investment income <br>and net realized gains | (1.34) | (0.55) | (0.45) | (1.56) | (0.64) |
| Net asset value, end of year | $11.79 | $11.37 | $10.71 | $9.76 | $13.13 |
| Total return (d) | 15.42% | 11.21% | 14.93% | (13.58)% | 11.04% |
| 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 year (in 000's) | $12872 | $12043 | $11782 | $12060 | $15826 |
| Ratio of net expenses to <br>average net assets (e) | 0.62% | 0.59% | 0.59% | 0.58% | 0.56% |
| Ratio of gross expenses to <br>average net assets (e,f) | 0.62% | 0.59% | 0.59% | 0.58% | 0.57% |
| Ratio of net investment income to <br>average net assets (b,e) | 1.94% | 1.85% | 1.96% | 1.68% | 1.28% |
| Portfolio turnover rate | 44% | 57% | 73% | 62% | 73% |

---

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

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Core Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $16.19 | $13.56 | $10.86 | $17.10 | $13.98 |
| 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) | 0.12 | 0.13 | 0.13 | 0.16 | 0.13 |
| Net realized and <br>unrealized gain (loss) (b) | 3.14 | 3.43 | 2.71 | (3.35) | 3.84 |
| Total income (loss) from <br>investment operations | 3.26 | 3.56 | 2.84 | (3.19) | 3.97 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.14) | (0.14) | (0.14) | (0.16) | (0.15) |
| Net realized gains | (2.30) | (0.79) | - | (2.89) | (0.70) |
| Total distributions from <br>net investment income <br>and net realized gains | (2.44) | (0.93) | (0.14) | (3.05) | (0.85) |
| Net asset value, end of year | $17.01 | $16.19 | $13.56 | $10.86 | $17.10 |
| Total return (c) | 20.22% | 26.30% | 26.36% | (18.89)% | 28.67% |
| 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 year (in 000's) | $633429 | $604098 | $550048 | $487420 | $674859 |
| Ratio of net expenses to <br>average net assets | 0.53% | 0.51% | 0.51% | 0.50% | 0.49% |
| Ratio of gross expenses to <br>average net assets (d) | 0.53% | 0.51% | 0.52% | 0.50% | 0.49% |
| Ratio of net investment income to <br>average net assets | 0.72% | 0.84% | 1.06% | 1.12% | 0.79% |
| Portfolio turnover rate | 100% | 104% | 111% | 106% | 109<br> % (e) |

---

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

(b) 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.

(c) 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 would have been lower absent fee waivers by the Adviser.

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

(e) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined U.S. Core 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 Disciplined Core Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $16.17 | $13.55 | $10.84 | $17.07 | $13.96 |
| 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) | 0.08 | 0.09 | 0.10 | 0.12 | 0.09 |
| Net realized and <br>unrealized gain (loss) (b) | 3.12 | 3.42 | 2.72 | (3.34) | 3.83 |
| Total income (loss) from <br>investment operations | 3.20 | 3.51 | 2.82 | (3.22) | 3.92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.10) | (0.10) | (0.11) | (0.12) | (0.11) |
| Net realized gains | (2.30) | (0.79) | - | (2.89) | (0.70) |
| Total distributions from <br>net investment income <br>and net realized gains | (2.40) | (0.89) | (0.11) | (3.01) | (0.81) |
| Net asset value, end of year | $16.97 | $16.17 | $13.55 | $10.84 | $17.07 |
| Total return (c) | 19.83% | 25.96% | 26.17% | (19.12)% | 28.35% |
| 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 year (in 000's) | $38460 | $36483 | $33749 | $29662 | $42672 |
| Ratio of net expenses to <br>average net assets | 0.78% | 0.76% | 0.76% | 0.75% | 0.74% |
| Ratio of gross expenses to <br>average net assets (d) | 0.78% | 0.76% | 0.77% | 0.75% | 0.74% |
| Ratio of net investment income to <br>average net assets | 0.47% | 0.59% | 0.81% | 0.87% | 0.54% |
| Portfolio turnover rate | 100% | 104% | 111% | 106% | 109<br> % (e) |

---

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

(b) 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.

(c) 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 would have been lower absent fee waivers by the Adviser.

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

(e) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined U.S. Core 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 Disciplined Growth Portfolio**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Period Ended<br>December 31, <br>2021 (a) |
| Net asset value, beginning of period | $20.79 | $16.10 | $11.48 | $20.21 | $18.80 |
| 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 (b) | 0.04 | 0.05 | 0.07 | 0.07 | 0.03 |
| Net realized and <br>unrealized gain (loss) (c) | 4.84 | 4.94 | 4.63 | (5.96) | 1.67 |
| Total income (loss) from <br>investment operations | 4.88 | 4.99 | 4.70 | (5.89) | 1.70 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.04) | (0.06) | (0.08) | (0.07) | - |
| Net realized gains | (5.51) | (0.24) | - | (2.77) | (0.29 |
| Total distributions from <br>net investment income <br>and net realized gains | (5.55) | (0.30) | (0.08) | (2.84) | (0.29 |
| Net asset value, end of period | $20.12 | $20.79 | $16.10 | $11.48 | $20.21 |
| Total return (d) | 22.55% | 31.09% | 41.07% | (29.76)% | 9.12 |
| 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) | $74986 | $72869 | $67851 | $57785 | $97770 |
| Ratio of net expenses to <br>average net assets | 0.52% | 0.49% | 0.50% | 0.48% | 0.48 |
| Ratio of gross expenses to <br>average net assets (f) | 0.52% | 0.49% | 0.50% | 0.49% | 0.48 |
| Ratio of net investment income to <br>average net assets | 0.18% | 0.29% | 0.48% | 0.46% | 0.36 |
| Portfolio turnover rate | 106% | 146% | 130% | 120% | 130 |

---

(a) Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017. Class I commenced operations on August 20, 2021 as a result of a reorganization.

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

(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) Annualized.

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

(g) Not annualized.

(h) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Large Cap Growth Insights 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 Disciplined Growth Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $20.78 | $16.10 | $11.48 | $20.19 | $16.10 |
| 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 (loss) (a) | (0.02) | 0.01 | 0.03 | 0.03 | (0.00) (b) |
| Net realized and <br>unrealized gain (loss) (c) | 4.84 | 4.93 | 4.64 | (5.95) | 4.38 |
| Total income (loss) from <br>investment operations | 4.82 | 4.94 | 4.67 | (5.92) | 4.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.02) | (0.05) | (0.02) | - |
| Net realized gains | (5.51) | (0.24) | - | (2.77) | (0.29) |
| Total distributions from <br>net investment income <br>and net realized gains | (5.51) | (0.26) | (0.05) | (2.79) | (0.29) |
| Net asset value, end of year | $20.09 | $20.78 | $16.10 | $11.48 | $20.19 |
| Total return (d) | 22.27% | 30.73% | 40.71% | (29.90)% | 27.29% |
| 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 year (in 000's) | $27769 | $27056 | $23137 | $18196 | $27579 |
| Ratio of net expenses to <br>average net assets | 0.77% | 0.74% | 0.75% | 0.73% | 0.77% |
| Ratio of gross expenses to <br>average net assets (e) | 0.77% | 0.74% | 0.75% | 0.74% | 0.80% |
| Ratio of net investment income (loss) <br>to average net assets | (0.07)% | 0.04% | 0.22% | 0.21% | (0.00)% (b) |
| Portfolio turnover rate | 106% | 146% | 130% | 120% | 130<br> % (f) |

---

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

(b) Less than $0.005 or 0.005% per share.

(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 would have been lower absent fee waivers by the Adviser.

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

(f) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Large Cap Growth Insights 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 Disciplined International Core Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $10.42 | $10.10 | $8.98 | $11.55 | $10.78 |
| 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) | 0.24 | 0.23 | 0.17 | 0.27 | 0.22 |
| Net realized and <br>unrealized gain (loss) (c) | 3.15 | 0.37 | 1.20 | (2.11) | 0.73 |
| Total income (loss) from <br>investment operations | 3.39 | 0.60 | 1.37 | (1.84) | 0.95 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.28) | (0.28) | (0.25) | (0.32) | (0.18) |
| Net realized gains | - | - | - | (0.41) | - |
| Total distributions from <br>net investment income <br>and net realized gains | (0.28) | (0.28) | (0.25) | (0.73) | (0.18) |
| Net asset value, end of year | $13.53 | $10.42 | $10.10 | $8.98 | $11.55 |
| Total return (d) | 32.60% | 5.80% | 15.63% | (15.24)% | 8.77% |
| 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 year (in 000's) | $97371 | $85201 | $92699 | $91317 | $120258 |
| Ratio of net expenses to <br>average net assets (e) | 0.79% | 0.79% | 0.77% | 0.73% | 0.72% |
| Ratio of gross expenses to <br>average net assets (e,f) | 0.88% | 0.87% | 0.81% | 0.81% | 0.82% |
| Ratio of net investment income to <br>average net assets (b,e) | 1.97% | 2.15% | 1.72% | 2.69% | 1.87% |
| Portfolio turnover rate | 56% | 52% | 50% | 59% | 117<br> % (g) |

---

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

(g) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Global Equity Insights 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 Disciplined International Core Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $10.41 | $10.09 | $8.97 | $11.53 | $10.77 |
| 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) | 0.21 | 0.20 | 0.14 | 0.24 | 0.19 |
| Net realized and <br>unrealized gain (loss) (c) | 3.14 | 0.37 | 1.20 | (2.09) | 0.72 |
| Total income (loss) from <br>investment operations | 3.35 | 0.57 | 1.34 | (1.85) | 0.91 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.25) | (0.25) | (0.22) | (0.30) | (0.15) |
| Net realized gains | - | - | - | (0.41) | - |
| Total distributions from <br>net investment income <br>and net realized gains | (0.25) | (0.25) | (0.22) | (0.71) | (0.15) |
| Net asset value, end of year | $13.51 | $10.41 | $10.09 | $8.97 | $11.53 |
| Total return (d) | 32.23% | 5.54% | 15.34% | (15.45)% | 8.47% |
| 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 year (in 000's) | $48960 | $42484 | $44624 | $41996 | $54227 |
| Ratio of net expenses to <br>average net assets (e) | 1.04% | 1.04% | 1.02% | 0.98% | 0.97% |
| Ratio of gross expenses to <br>average net assets (e,f) | 1.13% | 1.12% | 1.06% | 1.06% | 1.07% |
| Ratio of net investment income to <br>average net assets (b,e) | 1.71% | 1.86% | 1.48% | 2.45% | 1.63% |
| Portfolio turnover rate | 56% | 52% | 50% | 59% | 117<br> % (g) |

---

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

(g) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Global Equity Insights 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 Disciplined Mid Cap Growth Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $14.25 | $11.73 | $9.45 | $17.68 | $16.49 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss) (a) | (0.01) | 0.01 | 0.03 | 0.03 | (0.02) |
| Net realized and <br>unrealized gain (loss) (b) | 1.47 | 2.52 | 2.27 | (4.69) | 2.41 |
| Total income (loss) from <br>investment operations | 1.46 | 2.53 | 2.30 | (4.66) | 2.39 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.01) | (0.02) | (0.04) | (0.00) (c) |
| Net realized gains | (0.60) | - | - | (3.53) | (1.20) |
| Total distributions from <br>net investment income <br>and net realized gains | (0.60) | (0.01) | (0.02) | (3.57) | (1.20) |
| Net asset value, end of year | $15.11 | $14.25 | $11.73 | $9.45 | $17.68 |
| Total return (d) | 10.12% | 21.55% | 24.42% | (26.44)% | 14.29% |
| 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 year (in 000's) | $145249 | $155903 | $147344 | $136926 | $212083 |
| Ratio of net expenses to <br>average net assets | 0.69% | 0.66% | 0.67% | 0.65% | 0.64% |
| Ratio of gross expenses to <br>average net assets (e) | 0.69% | 0.66% | 0.66% | 0.66% | 0.65% |
| Ratio of net investment income (loss) <br>to average net assets | (0.08)% | 0.05% | 0.27% | 0.23% | (0.11)% |
| Portfolio turnover rate | 115% | 130% | 122% | 110% | 179<br> % (f) |

---

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

(b) 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.

(c) Less than $0.005 or 0.005% per share.

(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 would have been lower absent fee waivers by the Adviser.

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

(f) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights 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 Disciplined Mid Cap Growth Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $14.16 | $11.68 | $9.42 | $17.62 | $16.48 |
| 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 (loss) (a) | (0.05) | (0.02) | 0.00 <br> (b) | (0.00) (b) | (0.06) |
| Net realized and <br>unrealized gain (loss) (c) | 1.47 | 2.50 | 2.26 | (4.67) | 2.40 |
| Total income (loss) from <br>investment operations | 1.42 | 2.48 | 2.26 | (4.67) | 2.34 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | - | (0.00) (b) | - | - |
| Net realized gains | (0.60) | - | - | (3.53) | (1.20) |
| Total distributions from <br>net investment income <br>and net realized gains | (0.60) | - | 0.00 <br> (b) | (3.53) | (1.20) |
| Net asset value, end of year | $14.98 | $14.16 | $11.68 | $9.42 | $17.62 |
| Total return (d) | 9.90% | 21.23% | 24.02% | (26.58)% | 13.96% |
| 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 year (in 000's) | $112464 | $115271 | $108170 | $99066 | $148539 |
| Ratio of net expenses to <br>average net assets | 0.94% | 0.91% | 0.92% | 0.90% | 0.89% |
| Ratio of gross expenses to <br>average net assets (e) | 0.94% | 0.91% | 0.91% | 0.91% | 0.90% |
| Ratio of net investment income (loss) <br>to average net assets | (0.33)% | (0.17)% | 0.02% | (0.02)% | (0.35)% |
| Portfolio turnover rate | 115% | 130% | 122% | 110% | 179<br> % (f) |

---

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

(b) Less than $0.005 or 0.005% per share.

(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 would have been lower absent fee waivers by the Adviser.

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

(f) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights 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 Disciplined Value Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $11.87 | $11.00 | $9.90 | $13.98 | $11.19 |
| 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) | 0.17 | 0.19 | 0.18 | 0.20 | 0.16 |
| Net realized and <br>unrealized gain (loss) (b) | 1.78 | 1.58 | 1.16 | (1.42) | 2.81 |
| Total income (loss) from <br>investment operations | 1.95 | 1.77 | 1.34 | (1.22) | 2.97 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.20) | (0.20) | (0.18) | (0.22) | (0.18) |
| Net realized gains | (1.94) | (0.70) | (0.06) | (2.64) | - |
| Total distributions from <br>net investment income <br>and net realized gains | (2.14) | (0.90) | (0.24) | (2.86) | (0.18) |
| Net asset value, end of year | $11.68 | $11.87 | $11.00 | $9.90 | $13.98 |
| Total return (c) | 17.17% | 15.96% | 13.95% | (8.37)% | 26.58% |
| 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 year (in 000's) | $223329 | $219959 | $219354 | $217898 | $271801 |
| Ratio of net expenses to <br>average net assets | 0.60% | 0.57% | 0.57% | 0.56% | 0.55% |
| Ratio of gross expenses to <br>average net assets (d) | 0.60% | 0.57% | 0.58% | 0.57% | 0.55% |
| Ratio of net investment income to <br>average net assets | 1.41% | 1.55% | 1.71% | 1.65% | 1.27% |
| Portfolio turnover rate | 112% | 112% | 116% | 116% | 120% |

---

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

(b) 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.

(c) 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 would have been lower absent fee waivers by the Adviser.

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

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Value Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $11.89 | $11.03 | $9.92 | $14.00 | $11.21 |
| 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) | 0.14 | 0.16 | 0.15 | 0.17 | 0.13 |
| Net realized and <br>unrealized gain (loss) (b) | 1.78 | 1.57 | 1.18 | (1.42) | 2.81 |
| Total income (loss) from <br>investment operations | 1.92 | 1.73 | 1.33 | (1.25) | 2.94 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.16) | (0.17) | (0.16) | (0.19) | (0.15) |
| Net realized gains | (1.94) | (0.70) | (0.06) | (2.64) | - |
| Total distributions from <br>net investment income <br>and net realized gains | (2.10) | (0.87) | (0.22) | (2.83) | (0.15) |
| Net asset value, end of year | $11.71 | $11.89 | $11.03 | $9.92 | $14.00 |
| Total return (c) | 16.90% | 15.54% | 13.71% | (8.62)% | 26.23% |
| 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 year (in 000's) | $5874 | $6506 | $6596 | $6448 | $7978 |
| Ratio of net expenses to <br>average net assets | 0.85% | 0.82% | 0.82% | 0.81% | 0.80% |
| Ratio of gross expenses to <br>average net assets (d) | 0.85% | 0.82% | 0.83% | 0.82% | 0.80% |
| Ratio of net investment income to <br>average net assets | 1.17% | 1.30% | 1.46% | 1.40% | 1.02% |
| Portfolio turnover rate | 112% | 112% | 116% | 116% | 120% |

---

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

(b) 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.

(c) 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 would have been lower absent fee waivers by the Adviser.

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

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock High Yield Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $9.09 | $9.00 | $8.57 | $10.06 | $10.17 |
| 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) | 0.62 | 0.67 | 0.61 | 0.50 | 0.46 |
| Net realized and <br>unrealized gain (loss) (b) | - | 0.10 | 0.40 | (1.48) | (0.06) |
| Total income (loss) from <br>investment operations | 0.62 | 0.77 | 1.01 | (0.98) | 0.40 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.76) | (0.68) | (0.58) | (0.51) | (0.51) |
| Net asset value, end of year | $8.95 | $9.09 | $9.00 | $8.57 | $10.06 |
| Total return (c) | 6.87% | 8.59% | 12.37% | (9.64)% | 4.00% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of year (in 000's) | $43486 | $46018 | $49035 | $49354 | $64219 |
| Ratio of net expenses to <br>average net assets | 0.66% | 0.63% | 0.62% | 0.61% | 0.60% |
| Ratio of gross expenses to <br>average net assets (d) | 0.66% | 0.63% | 0.63% | 0.62% | 0.61% |
| Ratio of net investment income to <br>average net assets | 6.74% | 7.22% | 6.88% | 5.41% | 4.51% |
| Portfolio turnover rate | 76% | 73% | 89% | 86% | 62% |

---

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

(b) 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.

(c) 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 would have been lower absent fee waivers by the Adviser.

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

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock High Yield Portfolio**

Selected data for a Class II share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $9.10 | $9.02 | $8.58 | $10.06 | $10.16 |
| 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) | 0.60 | 0.65 | 0.59 | 0.47 | 0.44 |
| Net realized and <br>unrealized gain (loss) (b) | - | 0.09 | 0.40 | (1.47) | (0.06) |
| Total income (loss) from <br>investment operations | 0.60 | 0.74 | 0.99 | (1.00) | 0.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.74) | (0.66) | (0.55) | (0.48) | (0.48) |
| Net asset value, end of year | $8.96 | $9.10 | $9.02 | $8.58 | $10.06 |
| Total return (c) | 6.64% | 8.28% | 12.11% | (9.84)% | 3.74% |
| 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 year (in 000's) | $614 | $831 | $530 | $590 | $793 |
| Ratio of net expenses to <br>average net assets | 0.91% | 0.88% | 0.87% | 0.86% | 0.85% |
| Ratio of gross expenses to <br>average net assets (d) | 0.91% | 0.88% | 0.88% | 0.87% | 0.86% |
| Ratio of net investment income to <br>average net assets | 6.49% | 6.98% | 6.63% | 5.16% | 4.26% |
| Portfolio turnover rate | 76% | 73% | 89% | 86% | 62% |

---

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

(b) 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.

(c) 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 would have been lower absent fee waivers by the Adviser.

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

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

Selected data for a Class I share outstanding throughout each year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the<br>Year Ended<br>December 31, 2025 | For the<br>Year Ended<br>December 31, 2024 | For the<br>Year Ended<br>December 31, 2023 | For the<br>Year Ended<br>December 31, 2022 | For the<br>Year Ended<br>December 31, 2021 |
| Net asset value, beginning of year | $8.45 | $8.71 | $8.47 | $10.07 | $11.07 |
| 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) | 0.35 | 0.34 | 0.32 | 0.23 | 0.20 |
| Net realized and <br>unrealized gain (loss) (b) | 0.31 | (0.24) | 0.15 | (1.63) | (0.42) |
| Total income (loss) from <br>investment operations | 0.66 | 0.10 | 0.47 | (1.40) | (0.22) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (0.39) | (0.36) | (0.23) | (0.19) | (0.28) |
| Net realized gains | - | - | - | (0.01) | (0.50) |
| Total distributions from <br>net investment income <br>and net realized gains | (0.39) | (0.36) | (0.23) | (0.20) | (0.78) |
| Net asset value, end of year | $8.72 | $8.45 | $8.71 | $8.47 | $10.07 |
| Total return (c) | 7.80% | 1.16% | 5.73% | (13.84)% | (1.98)% |
| 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 year (in 000's) | $57495 | $59807 | $59835 | $61051 | $80361 |
| Ratio of net expenses to <br>average net assets | 0.52% | 0.51% | 0.47% | 0.45% | 0.43% |
| Ratio of gross expenses to <br>average net assets | 0.52% | 0.51% | 0.48<br> % (d) | 0.47<br> % (d) | 0.45<br> % (d) |
| Ratio of net investment income to <br>average net assets | 3.98% | 3.93% | 3.72% | 2.55% | 1.83% |
| Portfolio turnover rate (e) | 60% | 66% | 70% | 77% | 85% |

---

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

(b) 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.

(c) 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 would have been lower absent fee waivers by the Adviser.

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

(e) The portfolio turnover rate excludes mortgage dollar roll transactions for the years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022, and December 31, 2021. If these were included in the calculation, the portfolio turnover would be 130%, 188%, 369%, 549% and 474%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements**

**December 31, 2025**

**1. ORGANIZATION**

As of December 31, 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.

---

| | | |
|:---|:---|:---|
| | Commencement Date\* | Investment Objective |
| Global Atlantic BlackRock Allocation Portfolio | November 6, 2017 | Total return. |
| Global Atlantic BlackRock Disciplined Core Portfolio | November 6, 2017 | Long-term capital appreciation. |
| Global Atlantic BlackRock Disciplined Growth Portfolio | November 6, 2017 | Long-term capital appreciation. |
| Global Atlantic BlackRock Disciplined International Core Portfolio | November 6, 2017 | Long-term capital appreciation. |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | November 6, 2017 | Long-term capital appreciation. |
| Global Atlantic BlackRock Disciplined Value Portfolio | November 6, 2017 | Long-term capital appreciation. |
| Global Atlantic BlackRock High Yield Portfolio | November 6, 2017 | Total return. |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | November 6, 2017 | Total return consisting of capital appreciation and income. |

---

\* The Portfolios' inception date is November 1, 2017. The Portfolios commenced operations on November 6, 2017.

Each Portfolio is diversified. The Global Atlantic BlackRock Allocation Portfolio operates as a "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 and variable life insurance contracts offered by separate accounts of insurance companies. 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 December 31, 2025, each Portfolio offered Class I and Class II shares at net asset value, except the Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offered Class I shares). All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Portfolio's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based on the relative net assets of each class.

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 ("ETFs") 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".

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 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. When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

**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 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

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

circumstances). If the Adviser or Sub-Adviser is unable to obtain a current bid from such independent dealers or other 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 December 31, 2025 for each Portfolio's investments measured at fair value:

**Global Atlantic BlackRock Allocation Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets  | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $54133864 | $- | $- | $54133864 |
| Short-Term Investments | 483448 | - | - | 483448 |
| Total | $54617312 | $- | $- | $54617312 |

---

**Global Atlantic BlackRock Disciplined Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets  | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $662536527 | $- | $- | $662536527 |
| Short-Term Investments | 9256116 | - | - | 9256116 |
| Total | $671792643 | $- | $- | $671792643 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $9477 | $- | $- | $9477 |
| Total | $9477 | $- | $- | $9477 |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

**Global Atlantic BlackRock Disciplined Growth Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $100753538 | $- | $- | $100753538 |
| Short-Term Investments | 2009456 | - | - | 2009456 |
| Futures Contracts\* | 9564 | - | - | 9564 |
| Total | $102772558 | $- | $- | $102772558 |

---

**Global Atlantic BlackRock Disciplined International Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $124899836 | $- | $- | $124899836 |
| Exchange-Traded Funds | 8443680 | - | - | 8443680 |
| Preferred Stocks | 1197246 | - | - | 1197246 |
| Warrants  | - | -  | 0 | 0 |
| Short-Term Investments | 10207981 | - | - | 10207981 |
| Futures Contracts\* | 153090 | - | - | 153090 |
| Total | $144901833 | $- | $- | $144901833 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $2043 | $- | $- | $2043 |
| Total | $2043 | $- | $- | $2043 |

---

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $254056246 | $- | $- | $254056246 |
| Rights | - | 1974 | - | 1974 |
| Short-Term Investments | 3741281 | - | - | 3741281 |
| Futures Contracts\* | 1518 | - | - | 1518 |
| Total | $257799045 | $1974 | $- | $257801019 |

---

**Global Atlantic BlackRock Disciplined Value Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $225944863 | $1936 | $- | $225946799 |
| Short-Term Investments | 3233033 | - | - | 3233033 |
| Total | $229177896 | $1936 | $- | $229179832 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $3007 | $- | $- | $3007 |
| Total | $3007 | $- | $- | $3007 |

---

**Global Atlantic BlackRock High Yield Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds and Notes | $- | $43120449 | $- | $43120449 |
| Short-Term Investments | 277958 | - | - | 277958 |
| Total | $277958 | $43120449 | $- | $43398407 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Futures Contracts\* | $2305 | $- | $- | $2305 |
| Total | $2305 | $- | $- | $2305 |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds and Notes | $- | $19737808 | $- | $19737808 |
| Agency Mortgage Backed Securities | - | 18466823 | - | 18466823 |
| Asset Backed and Commercial Backed Securities | - | 9179664 | - | 9179664 |
| U.S. Treasury Securities and Agency Bonds | - | 8155209 | - | 8155209 |
| Sovereign Debts | - | 639649 | - | 639649 |
| Municipal Bonds | - | 580982 | - | 580982 |
| Short-Term Investments | 705792 | 3472252 | - | 4178044 |
| Futures Contracts\* | 23202 | - | - | 23202 |
| Swap Contracts\* | - | 221689 | - | 221689 |
| Swaptions\* | - | 4596 | - | 4596 |
| Total | $728994 | $60458672 | $- | $61187666 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Forward Sales Contracts | $- | $975000 | $- | $975000 |
| Swap Contracts\* | - | 113124 | - | 113124 |
| Futures Contracts\* | 71027 | - | - | 71027 |
| Forward Foreign Exchange Contracts\* | - | 2432 | - | 2432 |
| Swaptions\* | - | 5555 | - | 5555 |
| Total | $71027 | $1096111 | $- | $1167138 |

---

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

**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 2023 and 2024 tax returns, or is expected to be taken in each Portfolio's 2025 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.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 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.

For the year ended December 31, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on forward foreign currency contracts subject to currency risk, as disclosed in the Statements of Operations, is as follows:

---

| | | |
|:---|:---|:---|
| | Realized Gain/(Loss) | Change in Unrealized<br>Appreciation/(Depreciation) |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | $(31551) | $(4404) |

---

**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

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

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.

**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 year ended December 31, 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:

---

| | | | |
|:---|:---|:---|:---|
| | Risk Type | Realized Gain/(Loss) | Change in Unrealized<br>Appreciation/(Depreciation) |
| Global Atlantic BlackRock Disciplined Core Portfolio | Equity | $838112 | $307398 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | Equity | 204701 | 57216 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | Equity | 173451 | 570857 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Equity | 319893 | 109695 |
| Global Atlantic BlackRock Disciplined Value Portfolio | Equity | 324009 | 116093 |
| Global Atlantic BlackRock High Yield Portfolio | Interest Rate | 6895 | 32654 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | (63223) | 190417 |

---

**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

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

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 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 year ended December 31, 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 Goldman Sachs Core Fixed Income Portfolio | Interest Rate | $56032 | $108853 |
|  | Credit | 4371 | 4001 |

---

**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 year ended December 31, 2025, realized 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 Goldman Sachs Core Fixed Income Portfolio | Interest Rate | $6392 | $(959) |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

**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 December 31, 2025. Derivatives not subject to a master netting arrangement, such as centrally cleared swaps, are not included in the table.

**Global Atlantic BlackRock Disciplined Core 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 |
| Goldman <br>Sachs & Co. | $- | $- | $- | $- | $- | $9477 | $- | $9477 | $(9477) | $- |
| Total | $- | $- | $- | $- | $- | $9477 | $- | $9477 | $(9477) | $- |

---

**Global Atlantic BlackRock Disciplined Growth 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 |
| Goldman <br>Sachs & Co. | $9564 | $- | $9564 | $- | $9564 | $- | $- | $- | $- | $- |
| Total | $9564 | $- | $9564 | $- | $9564 | $- | $- | $- | $- | $- |

---

**Global Atlantic BlackRock Disciplined International Core 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 |
| Goldman <br>Sachs & Co. | $153090 | $(2043) | $151047 | $- | $151047 | $2043 | $(2043) | $- | $- | $- |
| Total | $153090 | $(2043) | $151047 | $- | $151047 | $2043 | $(2043) | $- | $- | $- |

---

**Global Atlantic BlackRock Disciplined Mid Cap Growth 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 |
| Goldman <br>Sachs & Co. | $1518 | $- | $1518 | $- | $1518 | $- | $- | $- | $- | $- |
| Total | $1518 | $- | $1518 | $- | $1518 | $- | $- | $- | $- | $- |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

**Global Atlantic BlackRock Disciplined Value 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 |
| Goldman <br>Sachs & Co. | $- | $- | $- | $- | $- | $3007 | $- | $3007 | $(3007) | $- |
| Total | $- | $- | $- | $- | $- | $3007 | $- | $3007 | $(3007) | $- |

---

**Global Atlantic BlackRock High Yield 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 |
| Goldman <br>Sachs & Co. | $- | $- | $- | $- | $- | $2305 | $- | $2305 | $(2305) | $- |
| Total | $- | $- | $- | $- | $- | $2305 | $- | $2305 | $(2305) | $- |

---

**Global Atlantic Goldman Sachs Core Fixed Income 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 |
| Bank of <br>America | $3098 | $(3098) | $- | $- | $- | $3542 | $(3098) | $444 | $(444) | $- |
| JP Morgan Chase | 1498 | (1498) | - | - | - | 2013 | (1498) | 515 | (515) | - |
| Morgan Stanley | 23202 | (23202) | - | - | - | 73459 | (23202) | 50257 | (50257) | - |
| Total | $27798 | $(27798) | $- | $- | $- | $79014 | $(27798) | $51216 | $(51216) | $- |

---

(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 December 31, 2025:

**Global Atlantic BlackRock Disciplined Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate<br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | $(9477) | $- | $- | $- | $(9477) |
| Total | $(9477) | $- | $- | $- | $(9477) |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

**Global Atlantic BlackRock Disciplined Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate<br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts | $9564 | $- | $- | $- | $9564 |
| Total | $9564 | $- | $- | $- | $9564 |

---

**Global Atlantic BlackRock Disciplined International Core Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate<br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts | $153090 | $- | $- | $- | $153090 |
| Total | $153090 | $- | $- | $- | $153090 |
|  | Equity | Interest Rate<br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures<br>Contracts | $(2043) | $- | $- | $- | $(2043) |
| Total | $(2043) | $- | $- | $- | $(2043) |

---

**Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate<br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts | $1518 | $- | $- | $- | $1518 |
| Total | $1518 | $- | $- | $- | $1518 |

---

**Global Atlantic BlackRock Disciplined Value Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate<br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | $(3007) | $- | $- | $- | $(3007) |
| Total | $(3007) | $- | $- | $- | $(3007) |

---

**Global Atlantic BlackRock High Yield Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate<br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts | $- | $(2305) | $- | $- | $(2305) |
| Total | $- | $(2305) | $- | $- | $(2305) |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

**Global Atlantic Goldman Sachs Core Fixed Income Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Equity | Interest Rate<br>Contracts | Credit <br>Contracts | Currency <br>Contracts | Total |
| Assets | Assets | Assets | Assets | Assets | Assets |
| Unrealized appreciation on Futures <br>Contracts | $- | $23202 | $- | $- | $23202 |
| Unrealized appreciation on Swap <br>Contracts | - | 207161 | 14528 | - | 221689 |
| Swaptions purchased, at fair value | - | 1809 | - | - | 1809 |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | - | (71027) | - | - | (71027) |
| Unrealized depreciation on Swap <br>Contracts | - | (113124) | - | - | (113124) |
| Swaptions written, at fair value | - | (979) | - | - | (979) |
| Unrealized depreciation on Forward <br>Foreign Exchange Contracts | - | - | - | (2432) | (2432) |
| Total | $- | $47042 | $14528 | $(2432) | $59138 |

---

The notional value of the derivative instruments outstanding as of December 31, 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. For the fiscal year ended December 31, 2025, the relevant values for 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 BlackRock Allocation Portfolio | - | $- | - | $- | $- | $- | $- |
| Global Atlantic BlackRock Disciplined Core Portfolio | 33 | 10221570 | - | - | - | - | - |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 4 | 1823832 | - | - | - | - | - |
| Global Atlantic BlackRock Disciplined International Core <br>Portfolio | 92 | 10296659 | - | - | - | - | - |
| Global Atlantic BlackRock Disciplined Mid Cap Growth <br>Portfolio | 12 | 3763994 | - | - | - | - | - |
| Global Atlantic BlackRock Disciplined Value Portfolio | 11 | 3551201 | - | - | - | - | - |
| Global Atlantic BlackRock High Yield Portfolio | 13 | 1484768 | - | - | - | - | - |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 124 | 17628467 | 17 | 2153137 | 738781 | 67311424 | 1094638 |

---

\* Amounts disclosed represent average month-end number of contracts or notional amounts held for the fiscal year ended December 31, 2025, which is indicative volume for these derivative types.

\*\* Based on absolute values. USD – U.S. Dollar equivalent of foreign currency amounts. See portfolio of investments for more details.

**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.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

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 December 31, 2025, the Portfolios did not hold any short sales of securities.

**When-Issued, Delayed-Delivery and Forward Commitment 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. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss.

**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

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

a variety of representations and warranties and 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 year ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short- term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Purchases | (Excluding U.S.<br>Government<br>Securities) | Sales<br>Purchases U.S. <br>Government<br>Securities | (Excluding U.S.<br>Government<br>Securities) | Sales U.S.<br>Government<br>Securities |
| Global Atlantic BlackRock Allocation Portfolio | $23423729 | $- | $30570611 | $- |
| Global Atlantic BlackRock Disciplined Core Portfolio | 628715421 | - | 708731861 | - |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 103367132 | - | 120518840 | - |
| Global Atlantic BlackRock Disciplined International Core <br>Portfolio | 71558458 | - | 88733586 | - |
| Global Atlantic BlackRock Disciplined Mid Cap Growth <br>Portfolio | 302212011 | - | 341358712 | - |
| Global Atlantic BlackRock Disciplined Value Portfolio | 247352826 | - | 276020956 | - |
| Global Atlantic BlackRock High Yield Portfolio | 33542466 | - | 36482673 | - |
| Global Atlantic Goldman Sachs Core Fixed Income <br>Portfolio | 13712102 | 59428636 | 21684743 | 55214794 |

---

During the year ended December 31, 2025, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio purchased securities from an underwriting syndicates whose members include affiliated persons of the purchasing Fund. These transactions complied with Rule 10f-3 under the 1940 Act. These transactions were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Acquisition Date | Description | Coupon Rate | Maturity Date | Par<br>Amount | Acquisition<br>Price | Acquisition Cost |
| 1/6/25 | Canadian Imperial Bank | 5.25% | 1/13/2031 | 100000 | $100.00 | $100000 |
| 9/24/25 | Oracle Corporation | 4.80% | 9/26/2032 | 90000 | 99.97 | 89969 |
| 9/24/25 | Oracle Corporation | 5.20% | 9/26/2035 | 105000 | 99.98 | 104984 |
| 10/17/25 | Commonspirit Health | 4.35% | 9/01/2030 | 40000 | 100.00 | 40000 |
| 10/17/25 | Commonspirit Health | 4.98% | 9/01/2035 | 65000 | 100.00 | 65000 |
| 11/3/25 | Alphabet, Inc. | 4.10% | 11/15/2030 | 250000 | 99.96 | 249908 |
| 11/17/25 | Cornell University | 4.73% | 6/15/2035 | 130000 | 100.00 | 130000 |

---

**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 BlackRock Allocation Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic BlackRock Disciplined Core Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic BlackRock Disciplined Growth Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic BlackRock Disciplined International Core Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic BlackRock Disciplined Value Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic BlackRock High Yield Portfolio | BlackRock Investment Management, LLC |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Goldman Sachs Asset Management, L.P. |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

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 Adviser, under the oversight of the Board, directs the daily investment operations of the Portfolios and 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 year ended December 31, 2025.

---

| | |
|:---|:---|
| Portfolio | Advisory Fee\* |
| Global Atlantic BlackRock Allocation Portfolio | 0.22% on first $1 billion  |
|  | 0.21% on next $1 billion |
|  | 0.20% over $2 billion |
| Global Atlantic BlackRock Disciplined Core Portfolio | 0.39% on first $1 billion |
|  | 0.37% on next $1 billion |
|  | 0.35% over $2 billion |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 0.37% on first $250 million |
|  | 0.35% on next $250 million  |
|  | 0.34% on next $500 million  |
|  | 0.32% over $1 billion |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 0.60% on first $500 million |
|  | 0.58% on next $500 million  |
|  | 0.55% over $1 billion |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 0.54% on first $250 million |
|  | 0.53% on next $250 million  |
|  | 0.51% on next $500 million  |
|  | 0.48% over $1 billion |
| Global Atlantic BlackRock Disciplined Value Portfolio | 0.45% on first $1 billion  |
|  | 0.43% on next $1 billion  |
|  | 0.41% over $2 billion |
| Global Atlantic BlackRock High Yield Portfolio | 0.50% on first $1 billion  |
|  | 0.48% on next $1 billion  |
|  | 0.46% over $2 billion |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 0.34% on first $250 million |
|  | 0.32% on next $250 million  |
|  | 0.26% over $500 million |

---

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

During the year ended December 31, 2025, with respect to the Global Atlantic BlackRock Disciplined International Core 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 Agreement"). 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. This agreement may be terminated only by the Board, on 60 days' written notice to the Adviser.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | Operating Expense Limitations | Operating Expense Limitations | Operating Expense Limitations |
| Portfolio | Class I | Class II | Expiration Date |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 0.79% | 1.04% | May 1, 2026 |

---

For the year ended December 31, 2025, the Adviser waived, reimbursed, or recaptured fees as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Investment<br>Advisory Fee<br>Waiver | Investment <br>Advisory Fee <br>Reimbursed | Total |
| Global Atlantic BlackRock Disciplined International Core Portfolio | $- | $(129408) | (129408) |

---

If the Adviser waives any fee or reimburses any expense pursuant to the Waiver Agreement, 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, 2026 | December 31, 2027 | December 31, 2028 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | $55889 | $110702 | $129408 |

---

On May 23, 2017, the U.S. Securities and Exchange Commission ("SEC") granted an order allowing Commonwealth Annuity and Life Insurance Company ("Commonwealth") to substitute certain variable investment options in which subaccounts of its Separate Accounts invest with the Portfolios included in this report.

As a condition of this order, the SEC required that Commonwealth or an affiliate thereof (other than the Trust) pay all expenses and transaction costs of the substitutions, including legal and accounting expenses, any applicable brokerage expenses and other fees and expenses such that no fees or charges were assessed to the affected contract owners to effect the substitutions. There were no substitution-related expenses for the year ended December 31, 2025.

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 year ended December 31, 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.

For the year ended December 31, 2025, the Portfolios expensed the following distribution fees:

---

| | |
|:---|:---|
| | Fees Paid |
| Global Atlantic BlackRock Allocation Portfolio | $29958 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 91137 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 67357 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 115173 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 286424 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 14678 |
| Global Atlantic BlackRock High Yield Portfolio | 1991 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | - |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

For the year ended December 31, 2025, the Trustees received fees in the amounts as follows:

---

| | |
|:---|:---|
| | Fees Received |
| Global Atlantic BlackRock Allocation Portfolio | $9031 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 105486 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 16374 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 22447 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 45268 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 37539 |
| Global Atlantic BlackRock High Yield Portfolio | 7577 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 9544 |

---

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 December 31, 2025, Commonwealth 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 –** Commonwealth, 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, 2025, 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, inclusive of foreign currency and derivatives, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Tax<br>Cost | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net Unrealized<br>Appreciation/<br>(Depreciation) |
| Global Atlantic BlackRock Allocation Portfolio | $45285951 | $10345447 | $(1014085) | $9331362 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 393035555 | 287866993 | (9109905) | 278757088 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 55093914 | 49752151 | (2083072) | 47669079 |
| Global Atlantic BlackRock Disciplined International Core <br>Portfolio | 106983779 | 43674420 | (5909456) | 37764964 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth <br>Portfolio | 217185852 | 54266208 | (13652560) | 40613648 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 189723940 | 46589149 | (7133256) | 39455893 |
| Global Atlantic BlackRock High Yield Portfolio | 42118577 | 1394445 | (114614) | 1279831 |
| Global Atlantic Goldman Sachs Core Fixed Income <br>Portfolio | 61546694 | 701798 | (1310313) | (608515) |

---

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

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

The tax character of fund distributions paid for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| For fiscal year ended<br>12/31/2025 | Ordinary<br>Income | Long-Term<br>Capital Gains | Total |
| Global Atlantic BlackRock Allocation Portfolio | $2807611 | $2907066 | $5714677 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 43869246 | 42331327 | 86200573 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 8230205 | 15204320 | 23434525 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 2933682 | - | 2933682 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | - | 10143092 | 10143092 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 21558389 | 14624781 | 36183170 |
| Global Atlantic BlackRock High Yield Portfolio | 3503701 | - | 3503701 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 2428484 | - | 2428484 |
| For fiscal year ended<br>12/31/2024 | Ordinary<br>Income | Long-Term<br>Capital Gains | Total |
| Global Atlantic BlackRock Allocation Portfolio | $1231896 | $1460570 | $2692466 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 17463483 | 17993984 | 35457467 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 256699 | 1184011 | 1440710 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 3236098 | - | 3236098 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 82615 | 217 | 82832 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 11010176 | 5365869 | 16376045 |
| Global Atlantic BlackRock High Yield Portfolio | 3364709 | - | 3364709 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 2385974 | - | 2385974 |

---

As of December 31, 2025, 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>(Deficits) |
| Global Atlantic BlackRock Allocation Portfolio | $1525004 | $3816701 | $- | $- | $9331362 | $14673067 |
| Global Atlantic BlackRock Disciplined Core <br>Portfolio | 17740561 | 38673075 | - | - | 278757088 | 335170724 |
| Global Atlantic BlackRock Disciplined Growth <br>Portfolio | 1643456 | 6584034 | - | - | 47669079 | 55896569 |
| Global Atlantic BlackRock Disciplined <br>International Core Portfolio | 1182292 | 5779197 | - | - | 37764964 | 44726453 |
| Global Atlantic BlackRock Disciplined Mid Cap <br>Growth Portfolio | 12192459 | 23508532 | - | - | 40613648 | 76314639 |
| Global Atlantic BlackRock Disciplined Value <br>Portfolio | 6226863 | 11435381 | - | - | 39455893 | 57118137 |
| Global Atlantic BlackRock High Yield Portfolio | 3018726 | - | - | (9684956) | 1279831 | (5386399) |
| Global Atlantic Goldman Sachs Core Fixed <br>Income Portfolio | 2232086 | - | - | (8740021) | (608515) | (7116450) |

---

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) of $70,049, and $93,515 for Global Atlantic BlackRock Disciplined International Core Portfolio and Global Atlantic Goldman Sachs Core Fixed Income Portfolio, respectively.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Continued)**

**December 31, 2025**

At December 31, 2025, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Non-Expiring<br>Short-Term | Non-Expiring<br>Long-Term | Total |
| Global Atlantic BlackRock Allocation Portfolio | $- | $- | $- |
| Global Atlantic BlackRock Disciplined Core Portfolio | - | - | - |
| Global Atlantic BlackRock Disciplined Growth Portfolio | - | - | - |
| Global Atlantic BlackRock Disciplined International Core Portfolio | - | - | - |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | - | - | - |
| Global Atlantic BlackRock Disciplined Value Portfolio | - | - | - |
| Global Atlantic BlackRock High Yield Portfolio | 4815321 | 4869635 | 9684956 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 4526895 | 4213126 | 8740021 |

---

During the year ended December 31, 2025, the following Portfolios utilized capital loss carryforwards:

---

| | |
|:---|:---|
|  | Utilized |
| Global Atlantic BlackRock Disciplined International Core Portfolio | $4136825 |

---

**8. OPERATING SEGMENTS**

The Portfolios follow 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 President of the Trust 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, Statement of Changes in Net Assets and Financial Highlights.

**9. NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Management evaluated this ASU and has concluded that there will not be any impact on the Portfolios' financial statements.

**10. 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 (Continued)**

**December 31, 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 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 (Continued)**

**December 31, 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.

**Quantitative Investing Risk –** Investments selected using quantitative analysis or "models" may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). In addition, investments selected using models may react differently to issuer, political, market and economic developments from the market as a whole or securities selected using only fundamental analysis. There is no guarantee that the use of quantitative analysis will result in effective investment decisions for a Portfolio. Additionally, commonality of holdings across quantitative money managers may amplify losses.

**11. SUBSEQUENT EVENTS**

The Portfolios evaluated subsequent events from December 31, 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.

------

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and Board of Trustees of Forethought Variable Insurance Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Global Atlantic BlackRock Allocation Portfolio, Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined Growth Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio, Global Atlantic BlackRock Disciplined Value Portfolio, Global Atlantic BlackRock High Yield Portfolio, and Global Atlantic Goldman Sachs Core Fixed Income Portfolio (the "Portfolios"), each a series of Forethought Variable Insurance Trust, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Portfolios' financial highlights for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated February 23, 2023, expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Portfolios' auditor since 2023.

![](j2618664_ga002.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

February 25, 2026

------

**Global Atlantic Portfolios**

**Supplemental Information**

**December 31, 2025 (Unaudited)**

*<u>Approval of Renewal of Investment Advisory Agreement and Sub-Advisory Agreements for Global Atlantic BlackRock Allocation Portfolio, Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined Growth Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio, Global Atlantic BlackRock Disciplined Value Portfolio, Global Atlantic BlackRock High Yield Portfolio, and Global Atlantic Goldman Sachs Core Fixed Income Portfolio.</u>*

At an in-person meeting held on November 6, 2025, the Board of Trustees (the "Trustees" or the "Board") of Forethought Variable Insurance Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), considered the renewal of: (i) the existing investment advisory agreement between Global Atlantic Investment Advisors, LLC (the "Adviser") and the Trust, on behalf of each of Global Atlantic BlackRock Allocation Portfolio ("GA BlackRock Allocation"), Global Atlantic BlackRock Disciplined Core Portfolio ("GA BlackRock Core"), Global Atlantic BlackRock Disciplined Growth Portfolio ("GA BlackRock Growth"), Global Atlantic BlackRock Disciplined International Core Portfolio ("GA BlackRock International"), Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio ("GA BlackRock Mid Cap Growth"), Global Atlantic BlackRock Disciplined Value Portfolio ("GA BlackRock Value"), Global Atlantic BlackRock High Yield Portfolio ("GA BlackRock High Yield") and Global Atlantic Goldman Sachs Core Fixed Income Portfolio ("GA Goldman Core Fixed") (each a "Portfolio" and collectively the "Portfolios") (the "Advisory Agreement"); (ii) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA BlackRock Core, GA BlackRock Growth, GA BlackRock International, GA BlackRock Mid Cap Growth, GA BlackRock Value, and GA BlackRock High Yield, and BlackRock Investment Management, LLC ("BIM"); (iii) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA BlackRock Allocation, and BIM; and (iv) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA Goldman Core Fixed, and Goldman Sachs Asset Management, L.P. ("GSAM" and together with BIM, the "Sub-Advisers") (collectively the sub-advisory agreements listed in items (ii) through (iv) above, the "Sub-Advisory Agreements").

To discuss and review the materials relating to the proposed renewal of the Advisory Agreement and Sub-Advisory Agreements (collectively, the "Agreements") in advance of the November 6, 2025 meeting, the Independent Trustees met via videoconference on October 29, 2025 with independent counsel to the Independent Trustees ("Independent Counsel") and with representatives of the Adviser in attendance and counsel to the Trust ("Trust Counsel").

Prior to the meetings, the Trustees requested, received and reviewed written responses from the Adviser and the Sub-Advisers to questions posed to the Adviser and the Sub-Advisers by counsel, on behalf of the Trustees. Following the meeting on October 29, 2025, the Independent Trustees requested additional information on certain items and the Adviser provided such information prior to the November 6, 2025 meeting. The Trustees also received a memorandum from Independent Counsel describing the legal standards for their consideration of the renewal of the Agreements. During the meetings, the Board and the Adviser discussed information relating to the Board's consideration of the Gartenberg factors with respect to each Portfolio including the nature, quality and extent of the services provided by the Adviser and each Sub-Adviser, the fees and expenses of each Portfolio, the performance of each Portfolio, whether each Portfolio and its shareholders had benefitted from any economies of scale and the profitability realized by the Adviser and each respective Sub-Adviser with respect to each Portfolio and the enterprise as a whole. The Trustees also reviewed information provided by the Adviser that displayed each Fund as it compared with its Peer Funds with respect to fees and expenses and performance. The Trustees received presentations concerning the services provided under the Agreements from personnel of the Adviser at the meetings. Prior to voting on the renewal of the Agreements at the November 6, 2025 meeting, the Independent Trustees met in executive session with Independent Counsel and Trust Counsel present.

The Trustees relied upon the advice of counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Agreements.

*<u>Nature, Extent, and Quality of Services</u>*<u>.</u> The Trustees noted that they were generally satisfied with the nature, extent and quality of the services provided by the Adviser and Sub-Advisers.

*<u>Performance</u>*<u>.</u> The Trustees requested and reviewed information regarding the investment performance of the Portfolios over 1-year, 3-year and since inception periods as compared to their respective benchmark indices and peer groups. The Trustees noted that they were generally satisfied with the Adviser's and Sub-Advisers' investment performance.

------

**Global Atlantic Portfolios**

**Supplemental Information (Continued)**

**December 31, 2025 (Unaudited)**

*<u>Fees and Expenses</u>*<u>.</u> The Trustees reviewed the Portfolios' fees and expenses, including the fees paid to the Adviser and Sub-Advisers. The Trustees also reviewed the advisory fees and total expenses of each Portfolio as compared to the Portfolio's peer group and Morningstar category. The Trustees concluded that the advisory fee charged to each Portfolio and the sub-advisory fee paid by the Adviser to each Sub-Adviser, as applicable, were not unreasonable in light of the services provided to each respective Portfolio.

*<u>Profitability</u>*<u>.</u> The Trustees noted that, based on information received from the Adviser regarding a per Portfolio analysis of the profitability of each Portfolio to the Adviser, they: (i) concluded that the profitability levels for the Adviser were not excessive; and (ii) considered that the sub-advisory fees were negotiated by the Adviser at arm's length. The Trustees also noted that they would continue to monitor the Adviser's profitability in the future.

*<u>Economies of Scale</u>*<u>.</u> The Trustees concluded that they were satisfied with the extent to which economies of scale, if any, would be shared for the benefit of each Portfolio's shareholders. The Trustees also noted that they would continue to monitor each Portfolio's growth and consider any additional opportunities to realize benefits from economies of scale for shareholders in the future.

*<u>Other Benefits</u>*<u>.</u> The Trustees noted that they had considered other benefits to the Adviser or Sub-Advisers and their respective affiliates from their relationships with the applicable Portfolios and that they would continue to consider these benefits in connection with future annual renewals.

*<u>Conclusion</u>*<u>.</u> Having requested and received such information from the Adviser and Sub-Advisers as the Trustees believed to be reasonably necessary to evaluate the terms of the Agreements, and as assisted by the advice of counsel, the Trustees, including all of the Independent Trustees voting separately, unanimously concluded that renewing the Advisory Agreement and Sub-Advisory Agreements was in the best interests of each Portfolio and its shareholders. The Trustees noted that, in considering the Agreements, they did not identify any one factor as all important and each Trustee may have afforded different weight to the various factors.

------

**<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

Goldman Sachs Asset Management, L.P.

200 West Street

New York, NY 10282

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&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.**

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

**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.**

Not applicable.

**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)](tm261866d1_ex99-codeeth.htm) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is filed herewith.](tm261866d1_ex99-codeeth.htm)

(a)(2) Not applicable.

[(a)(3)](tm261866d1_ex99-cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](tm261866d1_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](tm261866d1_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](tm261866d1_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)\* | /s/ Trent Statczar |
|  | Trent Statczar, Treasurer |
|  | (Principal Financial Officer and Principal Accounting Officer) |

---

Date: <u> February 27, 2026</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)\* | /s/ Deborah Schunder |
|  | Deborah Schunder, President |
|  | (Principal Executive Officer) |

---

Date: <u> February 27, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Trent Statczar |
|  | Trent Statczar, Treasurer |
|  | (Principal Financial Officer and Principal Accounting Officer) |

---

Date: <u> February 27, 2026</u>

 

 

 

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

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**TRUST CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Fund Trust (the "Trust") has adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Trust to provide full, fair, timely, and comprehensible disclosure--financial and otherwise--to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and their adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or their operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

## 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>February 27, 2026</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>February 27, 2026</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 December 31, 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 December 31, 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.

---

| | | |
|:---|:---|:---|
|  | Treasurer (Principal Financial Officer and | Treasurer (Principal Financial Officer and |
| President (Principal Executive Officer) | Principal Accounting Officer) | Principal Accounting Officer) |
| Forethought Variable Insurance Trust | Forethought Variable Insurance Trust | Forethought Variable Insurance Trust |
| /s/ Deborah Schunder | /s/ Trent Statczar | /s/ Trent Statczar |
| Deborah Schunder | Trent Statczar | Trent Statczar |
| Date: <u>February 27, 2026</u> | Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2026 |

---

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.