# EDGAR Filing Document

**Accession Number:** 0001580353
**File Stem:** 0001104659-25-086432
**Filing Date:** 2025-9
**Character Count:** 438749
**Document Hash:** 481eb500e6fc198d15f23dd625a4d674
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-086432.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001104659-25-086432

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forethought Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0001580353

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1213

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22865
- **FILM NUMBER:** 251286408

**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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>811-22865&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Forethought Variable Insurance Trust

(Exact name of registrant as specified in charter)

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

Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip code)

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

1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

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

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

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

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

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

**Item 1. Reports to Stockholders.**

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

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Global Atlantic BlackRock Allocation Portfolio](#classnamec87fdd64-aa8f-44b8-ac46-fec8dec81603)<br> **[Class I](#classnamec87fdd64-aa8f-44b8-ac46-fec8dec81603)**  |
|  [Global Atlantic BlackRock Allocation Portfolio](#classname96ec1d87-9c66-4ea0-bc4e-013b132b0219)<br> **[Class II](#classname96ec1d87-9c66-4ea0-bc4e-013b132b0219)**  |
|  [Global Atlantic BlackRock Disciplined Core Portfolio](#classnamead454889-4316-40d2-ba5e-4001b83f161a)<br> **[Class I](#classnamead454889-4316-40d2-ba5e-4001b83f161a)**  |
|  [Global Atlantic BlackRock Disciplined Core Portfolio](#classname1756d25c-ddac-428d-940f-397ba396df0f)<br> **[Class II](#classname1756d25c-ddac-428d-940f-397ba396df0f)**  |
|  [Global Atlantic BlackRock Disciplined Growth Portfolio](#classname52bc010d-287a-4af9-b2b3-72956b588e06)<br> **[Class I](#classname52bc010d-287a-4af9-b2b3-72956b588e06)**  |
|  [Global Atlantic BlackRock Disciplined Growth Portfolio](#classname341417c8-0ade-4c17-9853-a581bb63fc70)<br> **[Class II](#classname341417c8-0ade-4c17-9853-a581bb63fc70)**  |
|  [Global Atlantic BlackRock Disciplined International Core Portfolio](#classnameb653ea9b-41a6-4fb8-97ca-37b705942cf0)<br> **[Class I](#classnameb653ea9b-41a6-4fb8-97ca-37b705942cf0)**  |
|  [Global Atlantic BlackRock Disciplined International Core Portfolio](#classname76c84f72-5e04-4cb2-acbe-cbb2cd6ea1d2)<br> **[Class II](#classname76c84f72-5e04-4cb2-acbe-cbb2cd6ea1d2)**  |
|  [Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio](#classname0b0f7ce6-ad25-4ad2-a04e-5eff9f89fb20)<br> **[Class I](#classname0b0f7ce6-ad25-4ad2-a04e-5eff9f89fb20)**  |
|  [Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio](#classnamecf5c9f96-bbe1-4b35-8f23-a9a5df60309b)<br> **[Class II](#classnamecf5c9f96-bbe1-4b35-8f23-a9a5df60309b)**  |
|  [Global Atlantic BlackRock Disciplined Value Portfolio](#classname944ca0f8-7217-4e1c-bd6f-a6b373b2fd74)<br> **[Class I](#classname944ca0f8-7217-4e1c-bd6f-a6b373b2fd74)**  |
|  [Global Atlantic BlackRock Disciplined Value Portfolio](#classname469cdde9-5974-42c2-abbd-c1e30d96b6e6)<br> **[Class II](#classname469cdde9-5974-42c2-abbd-c1e30d96b6e6)**  |
|  [Global Atlantic BlackRock High Yield Portfolio](#classname5b0b67f6-7727-4b57-83c6-33d8b0abfeeb)<br> **[Class I](#classname5b0b67f6-7727-4b57-83c6-33d8b0abfeeb)**  |
|  [Global Atlantic BlackRock High Yield Portfolio](#classname3af23d2d-1430-4574-9c0c-d89fc4a1dbd6)<br> **[Class II](#classname3af23d2d-1430-4574-9c0c-d89fc4a1dbd6)**  |
|  [Global Atlantic Goldman Sachs Core Fixed Income Portfolio](#classname4731bf47-85aa-428e-a362-de03549c7485)<br> **[Class I](#classname4731bf47-85aa-428e-a362-de03549c7485)**  |

---

![Image](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Allocation Portfolio

#### Class I

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

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class I | $19 | 0.37% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $53752121 |
| Total number of portfolio holdings | 16 |
| Period portfolio turnover rate | 26% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Exchange Traded Funds - Equity Funds | 61.5% |
| Exchange Traded Funds - Debt Funds | 37.6% |
| Short-Term Investments | 0.9% |
| 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](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Allocation Portfolio

#### Class II

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

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $32 | 0.62% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $53752121 |
| Total number of portfolio holdings | 16 |
| Period portfolio turnover rate | 26% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Exchange Traded Funds - Equity Funds | 61.5% |
| Exchange Traded Funds - Debt Funds | 37.6% |
| Short-Term Investments | 0.9% |
| 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](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined Core Portfolio

#### Class I

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class I | $27 | 0.53% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $632400981 |
| Total number of portfolio holdings | 226 |
| Period portfolio turnover rate | 49% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 31.6% |
| Common Stocks - Communications | 16.6% |
| Common Stocks - Consumer, Non-cyclical | 14.4% |
| Common Stocks - Financial | 13.8% |
| Common Stocks - Consumer, Cyclical | 9.3% |
| Common Stocks - Other | 12.7% |
| Short-Term Investments | 1.5% |
| Other Assets Less Liabilities - Net | 0.1% |
| Total | 100.0% |

---

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

![Image](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined Core Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $40 | 0.78% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $632400981 |
| Total number of portfolio holdings | 226 |
| Period portfolio turnover rate | 49% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 31.6% |
| Common Stocks - Communications | 16.6% |
| Common Stocks - Consumer, Non-cyclical | 14.4% |
| Common Stocks - Financial | 13.8% |
| Common Stocks - Consumer, Cyclical | 9.3% |
| Common Stocks - Other | 12.7% |
| Short-Term Investments | 1.5% |
| Other Assets Less Liabilities - Net | 0.1% |
| Total | 100.0% |

---

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

![Image](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined Growth Portfolio

#### Class I

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class I | $27 | 0.52% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $98884548 |
| Total number of portfolio holdings | 109 |
| Period portfolio turnover rate | 65% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 48.4% |
| Common Stocks - Communications | 22.1% |
| Common Stocks - Consumer, Cyclical | 8.5% |
| Common Stocks - Consumer, Non-cyclical | 8.4% |
| Common Stocks - Financial | 5.4% |
| Common Stocks - Other | 5.4% |
| Short-Term Investments | 1.8% |
| 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](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined Growth Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $40 | 0.77% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $98884548 |
| Total number of portfolio holdings | 109 |
| Period portfolio turnover rate | 65% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 48.4% |
| Common Stocks - Communications | 22.1% |
| Common Stocks - Consumer, Cyclical | 8.5% |
| Common Stocks - Consumer, Non-cyclical | 8.4% |
| Common Stocks - Financial | 5.4% |
| Common Stocks - Other | 5.4% |
| Short-Term Investments | 1.8% |
| 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](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined International Core Portfolio

#### Class I

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class I | $43 | 0.79% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $140085118 |
| Total number of portfolio holdings | 602 |
| Period portfolio turnover rate | 31% |

---

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

---

| | |
|:---|:---|
| Country | % of Net Assets |
| United States | 19.0% |
| Japan | 13.8% |
| China | 8.3% |
| Canada | 8.2% |
| United Kingdom | 7.7% |
| Germany | 6.5% |
| France | 6.1% |
| Australia | 3.9% |
| Other Country | 25.2% |
| Other Assets Less Liabilities - Net | 1.3% |
| 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](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined International Core Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $56 | 1.04% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $140085118 |
| Total number of portfolio holdings | 602 |
| Period portfolio turnover rate | 31% |

---

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

---

| | |
|:---|:---|
| Country | % of Net Assets |
| United States | 19.0% |
| Japan | 13.8% |
| China | 8.3% |
| Canada | 8.2% |
| United Kingdom | 7.7% |
| Germany | 6.5% |
| France | 6.1% |
| Australia | 3.9% |
| Other Country | 25.2% |
| Other Assets Less Liabilities - Net | 1.3% |
| 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](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

#### Class I

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class I | $35 | 0.68% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $275974579 |
| Total number of portfolio holdings | 294 |
| Period portfolio turnover rate | 65% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 21.6% |
| Common Stocks - Consumer, Non-cyclical | 21.3% |
| Common Stocks - Consumer, Cyclical | 20.0% |
| Common Stocks - Industrial | 14.1% |
| Common Stocks - Communications | 8.4% |
| Common Stocks - Other | 13.2% |
| Short-Term Investments | 0.3% |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Other Assets Less Liabilities - Net | 1.1% |
| 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](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $49 | 0.94% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $275974579 |
| Total number of portfolio holdings | 294 |
| Period portfolio turnover rate | 65% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Technology | 21.6% |
| Common Stocks - Consumer, Non-cyclical | 21.3% |
| Common Stocks - Consumer, Cyclical | 20.0% |
| Common Stocks - Industrial | 14.1% |
| Common Stocks - Communications | 8.4% |
| Common Stocks - Other | 13.2% |
| Short-Term Investments | 0.3% |
| Rights | 0.0%<sup>Footnote Reference†</sup> |
| Other Assets Less Liabilities - Net | 1.1% |
| 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](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined Value Portfolio

#### Class I

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class I | $31 | 0.60% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $221402428 |
| Total number of portfolio holdings | 292 |
| Period portfolio turnover rate | 59% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Financial | 24.1% |
| Common Stocks - Consumer, Non-cyclical | 20.0% |
| Common Stocks - Industrial | 13.5% |
| Common Stocks - Communications | 12.4% |
| Common Stocks - Consumer, Cyclical | 9.4% |
| Common Stocks - Other | 19.1% |
| Short-Term Investments | 1.3% |
| Other Assets Less Liabilities - Net | 0.2% |
| Total | 100.0% |

---

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

![Image](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock Disciplined Value Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $43 | 0.85% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $221402428 |
| Total number of portfolio holdings | 292 |
| Period portfolio turnover rate | 59% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Common Stocks - Financial | 24.1% |
| Common Stocks - Consumer, Non-cyclical | 20.0% |
| Common Stocks - Industrial | 13.5% |
| Common Stocks - Communications | 12.4% |
| Common Stocks - Consumer, Cyclical | 9.4% |
| Common Stocks - Other | 19.1% |
| Short-Term Investments | 1.3% |
| Other Assets Less Liabilities - Net | 0.2% |
| Total | 100.0% |

---

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

![Image](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock High Yield Portfolio

#### Class I

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class I | $33 | 0.65% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $44664365 |
| Total number of portfolio holdings | 313 |
| Period portfolio turnover rate | 41% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Corporate Bonds and Notes - Financial | 22.8% |
| Corporate Bonds and Notes - Energy | 15.8% |
| Corporate Bonds and Notes - Communications | 15.2% |
| Corporate Bonds and Notes - Consumer, Cyclical | 14.8% |
| Corporate Bonds and Notes - Consumer, Non-cyclical | 10.7% |
| Corporate Bonds and Notes - Other | 17.4% |
| Short-Term Investments | 2.3% |
| Other Assets Less Liabilities - Net | 1.0% |
| 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.

![Image](tm2514011d2_tsrimg001.jpg)

# Global Atlantic BlackRock High Yield Portfolio

#### Class II

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class II | $46 | 0.91% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $44664365 |
| Total number of portfolio holdings | 313 |
| Period portfolio turnover rate | 41% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Corporate Bonds and Notes - Financial | 22.8% |
| Corporate Bonds and Notes - Energy | 15.8% |
| Corporate Bonds and Notes - Communications | 15.2% |
| Corporate Bonds and Notes - Consumer, Cyclical | 14.8% |
| Corporate Bonds and Notes - Consumer, Non-cyclical | 10.7% |
| Corporate Bonds and Notes - Other | 17.4% |
| Short-Term Investments | 2.3% |
| Other Assets Less Liabilities - Net | 1.0% |
| 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.

![Image](tm2514011d2_tsrimg001.jpg)

# Global Atlantic Goldman Sachs Core Fixed Income Portfolio

#### Class I

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-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 June 30, 2025. You can find additional information about the Fund at https://globalatlantic.onlineprospectus.net/GlobalAtlantic/portfolios/. You can also request this information by contacting us at 1(877) 355-1820.

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

---

| | | |
|:---|:---|:---|
| Share Class | Costs of a $10,000 investment | Costs paid as a % of a $10,000 investment |
| Class I | $26 | 0.52% |

---

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

---

| | |
|:---|:---|
| Fund net assets | $56036645 |
| Total number of portfolio holdings | 393 |
| Period portfolio turnover rate | 34% |

---

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

---

| | |
|:---|:---|
| Asset Class | % of Net Assets |
| Corporate Bonds and Notes | 34.6% |
| Agency Mortgage Backed Securities | 29.9% |
| Asset Backed and Commercial Backed Securities | 20.4% |
| U.S. Treasury Securities and Agency Bonds | 15.4% |
| Short-Term Investments | 1.5% |
| Sovereign Debts | 1.1% |
| Municipal Bonds | 1.0% |
| Other Assets Less Liabilities - Net | (3.9)% |
| Total | 100.0% |

---

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

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

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

**Item 6. Investments.**

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

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

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

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

![](j25140114_aa001.jpg)

Semi-Annual Financial Statements and Other Information

June 30, 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 June 30, 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](#GblAtlanticAllocport-4) | 2 |
|  | [Global Atlantic BlackRock Disciplined Core Portfolio](#GblAtlanticDiscipCoreport-4) | 3 |
|  | [Global Atlantic BlackRock Disciplined Growth Portfolio](#GblAtlanticDiscipGrowthport-4) | 7 |
|  | [Global Atlantic BlackRock Disciplined International Core Portfolio](#GblAtlanticDiscipInterCoreport-4) | 10 |
|  | [Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio](#GblAtlanticDiscipMidCapGrowthport-4) | 18 |
|  | [Global Atlantic BlackRock Disciplined Value Portfolio](#GblAtlanticDiscipValueport-4) | 23 |
|  | [Global Atlantic BlackRock High Yield Portfolio](#GblAtlanticHighYieldport-4) | 28 |
|  | [Global Atlantic Goldman Sachs Core Fixed Income Portfolio](#GblAtlanticGldIncomePort-4) | 35 |
| • | Financial Statements: |  |
|  | [Statements of Assets and Liabilities](#StatementsofAssetsandLiabilities-4) | 46 |
|  | [Statements of Operations](#StatementsofOperations-4) | 48 |
|  | [Statements of Changes in Net Assets](#StatementsofChangesinNetAssets-4) | 50 |
|  | [Financial Highlights](#FinancialHighlights-4) | 54 |
| • | [Notes to Financial Statements](#NotestoFinancialStatements-4) | 69 |
| • | [Proxy Voting Policy](#ProxyVotingPolicy-4) | Back Cover |
| • | [Portfolio Holdings](#PortfolioHoldings-4) | Back Cover |

---

------

**Global Atlantic BlackRock Allocation Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EXCHANGE TRADED FUNDS - 99.1%** | **EXCHANGE TRADED FUNDS - 99.1%** | **EXCHANGE TRADED FUNDS - 99.1%** |
| **DEBT FUNDS - 37.6%** | **DEBT FUNDS - 37.6%** | **DEBT FUNDS - 37.6%** |
| iShares 10-20 Year Treasury Bond ETF | 21022 | $2135835 |
| iShares Core Total USD Bond Market ETF (a) | 315962 | 14606923 |
| iShares J.P. Morgan USD Emerging Markets <br>Bond ETF | 8669 | 802923 |
| iShares MBS ETF | 28347 | 2661500 |
| **TOTAL DEBT FUNDS** |  | 20207181 |
| **EQUITY FUNDS - 61.5%** | **EQUITY FUNDS - 61.5%** | **EQUITY FUNDS - 61.5%** |
| iShares Core MSCI Emerging Markets ETF | 44643 | 2679919 |
| iShares Core S&P 500 ETF | 7987 | 4959128 |
| iShares MSCI EAFE Growth ETF | 15069 | 1687728 |
| iShares MSCI EAFE Value ETF | 62719 | 3981402 |
| iShares MSCI USA Momentum Factor ETF | 4843 | 1163870 |
| iShares MSCI USA Quality Factor ETF | 25110 | 4590610 |
| iShares S&P 100 ETF | 5158 | 1569837 |
| iShares S&P 500 Growth ETF | 35762 | 3937396 |
| iShares S&P 500 Value ETF | 15994 | 3125548 |
| iShares U.S. Equity Factor Rotation Active <br>Capitalize ETF | 63553 | 3461097 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **EQUITY FUNDS - 61.5% (Continued)** | **EQUITY FUNDS - 61.5% (Continued)** | **EQUITY FUNDS - 61.5% (Continued)** |
| iShares U.S. Technology ETF | 10932 | $1894188 |
| **TOTAL EQUITY FUNDS** |  | 33050723 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $45,246,571) |  | 53257904 |
| **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, 4.23% (b)<br>(Cost - $488,220) | 488220 | 488220 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $488,220) |  | 488220 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost - $45,734,791) |  | $53746124 |
| **OTHER ASSETS LESS LIABILITIES - NET 0.0%†** |  | 5997 |
| **TOTAL NET ASSETS - 100.0%** |  | $53752121 |

---

† Represents less than 0.05%.

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

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

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.4%** | **COMMON STOCKS - 98.4%** | **COMMON STOCKS - 98.4%** |
| **AEROSPACE & DEFENSE - 1.7%** | **AEROSPACE & DEFENSE - 1.7%** | **AEROSPACE & DEFENSE - 1.7%** |
| General Dynamics Corp. | 5032 | $1467633 |
| General Electric Co. | 9692 | 2494624 |
| HEICO Corp., Class A | 3134 | 810922 |
| Lockheed Martin Corp. | 6884 | 3188256 |
| RTX Corp. | 17832 | 2603829 |
|  |  | 10565264 |
| **AIR FREIGHT & LOGISTICS - 0.7%** | **AIR FREIGHT & LOGISTICS - 0.7%** | **AIR FREIGHT & LOGISTICS - 0.7%** |
| FedEx Corp. | 11341 | 2577923 |
| United Parcel Service, Inc., Class B | 20902 | 2109848 |
|  |  | 4687771 |
| **AUTOMOBILE COMPONENTS - 0.2%** | **AUTOMOBILE COMPONENTS - 0.2%** | **AUTOMOBILE COMPONENTS - 0.2%** |
| BorgWarner, Inc. | 42798 | 1432877 |
| **AUTOMOBILES - 1.6%** | **AUTOMOBILES - 1.6%** | **AUTOMOBILES - 1.6%** |
| General Motors Co. | 12354 | 607940 |
| Tesla, Inc.\* | 29114 | 9248353 |
| XPeng, Inc., ADR\* | 4284 | 76598 |
|  |  | 9932891 |
| **BANKS - 3.5%** | **BANKS - 3.5%** | **BANKS - 3.5%** |
| Bank of America Corp. | 146319 | 6923815 |
| Citigroup, Inc. | 28985 | 2467203 |
| Huntington Bancshares, Inc. | 214092 | 3588182 |
| JPMorgan Chase & Co. | 31470 | 9123468 |
| PNC Financial Services Group, Inc. (The) | 1125 | 209722 |
|  |  | 22312390 |
| **BEVERAGES - 1.0%** | **BEVERAGES - 1.0%** | **BEVERAGES - 1.0%** |
| Coca-Cola Co. (The) | 17524 | 1239823 |
| Keurig Dr Pepper, Inc. | 87396 | 2889312 |
| Monster Beverage Corp.\* | 4806 | 301048 |
| PepsiCo, Inc. | 16490 | 2177339 |
|  |  | 6607522 |
| **BIOTECHNOLOGY - 2.0%** | **BIOTECHNOLOGY - 2.0%** | **BIOTECHNOLOGY - 2.0%** |
| AbbVie, Inc. | 26117 | 4847837 |
| Amgen, Inc. | 624 | 174227 |
| Gilead Sciences, Inc. | 22691 | 2515751 |
| Incyte Corp.\* | 7486 | 509797 |
| Moderna, Inc.\* | 8047 | 222017 |
| Natera, Inc.\* | 2623 | 443130 |
| Regeneron Pharmaceuticals, Inc. | 6147 | 3227175 |
| Sarepta Therapeutics, Inc.\* | 6546 | 111937 |
| United Therapeutics Corp.\* | 1461 | 419818 |
|  |  | 12471689 |
| **BROADLINE RETAIL - 4.4%** | **BROADLINE RETAIL - 4.4%** | **BROADLINE RETAIL - 4.4%** |
| Amazon.com, Inc.\* | 124743 | 27367367 |
| JD.com, Inc., ADR | 19268 | 628907 |
|  |  | 27996274 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BUILDING PRODUCTS - 0.2%** | **BUILDING PRODUCTS - 0.2%** | **BUILDING PRODUCTS - 0.2%** |
| Armstrong World Industries, Inc. | 1502 | $243985 |
| Johnson Controls International PLC | 4128 | 435999 |
| Owens Corning | 1548 | 212881 |
| Trane Technologies PLC | 407 | 178026 |
|  |  | 1070891 |
| **CAPITAL MARKETS - 5.0%** | **CAPITAL MARKETS - 5.0%** | **CAPITAL MARKETS - 5.0%** |
| Blackstone, Inc. | 22392 | 3349395 |
| Charles Schwab Corp. (The) | 55200 | 5036448 |
| CME Group, Inc. | 10865 | 2994611 |
| Intercontinental Exchange, Inc. | 17404 | 3193112 |
| Invesco Ltd. | 25995 | 409941 |
| Moody's Corp. | 9400 | 4714946 |
| Morgan Stanley | 47558 | 6699020 |
| Nasdaq, Inc. | 17728 | 1585238 |
| S&P Global, Inc. | 7141 | 3765378 |
| XP, Inc., Class A | 8998 | 181760 |
|  |  | 31929849 |
| **CHEMICALS - 0.5%** | **CHEMICALS - 0.5%** | **CHEMICALS - 0.5%** |
| Celanese Corp. | 1689 | 93452 |
| Dow, Inc. | 2458 | 65088 |
| DuPont de Nemours, Inc. | 27081 | 1857486 |
| Ecolab, Inc. | 1818 | 489842 |
| Scotts Miracle-Gro Co. (The) | 8466 | 558417 |
|  |  | 3064285 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.0%** | **COMMERCIAL SERVICES & SUPPLIES - 1.0%** | **COMMERCIAL SERVICES & SUPPLIES - 1.0%** |
| Cintas Corp. | 8232 | 1834666 |
| Rollins, Inc. | 5003 | 282269 |
| Veralto Corp. | 3472 | 350499 |
| Waste Connections, Inc. | 11536 | 2154002 |
| Waste Management, Inc. | 6493 | 1485728 |
|  |  | 6107164 |
| **COMMUNICATIONS EQUIPMENT - 1.2%** | **COMMUNICATIONS EQUIPMENT - 1.2%** | **COMMUNICATIONS EQUIPMENT - 1.2%** |
| Arista Networks, Inc.\* | 15695 | 1605755 |
| Cisco Systems, Inc. | 47682 | 3308177 |
| Juniper Networks, Inc. | 3933 | 157045 |
| Motorola Solutions, Inc. | 5356 | 2251984 |
|  |  | 7322961 |
| **CONSTRUCTION & ENGINEERING - 0.4%** | **CONSTRUCTION & ENGINEERING - 0.4%** | **CONSTRUCTION & ENGINEERING - 0.4%** |
| Comfort Systems USA, Inc. | 1600 | 857936 |
| MasTec, Inc.\* | 10564 | 1800423 |
|  |  | 2658359 |
| **CONSUMER FINANCE - 0.6%** | **CONSUMER FINANCE - 0.6%** | **CONSUMER FINANCE - 0.6%** |
| Ally Financial, Inc. | 2893 | 112683 |
| American Express Co. | 12188 | 3887728 |
| Qifu Technology, Inc., ADR | 1322 | 57322 |
|  |  | 4057733 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** |
| Costco Wholesale Corp. | 7978 | $7897742 |
| Sprouts Farmers Market, Inc.\* | 1008 | 165957 |
| Walmart, Inc. | 106572 | 10420610 |
|  |  | 18484309 |
| **CONTAINERS & PACKAGING - 0.3%** | **CONTAINERS & PACKAGING - 0.3%** | **CONTAINERS & PACKAGING - 0.3%** |
| Packaging Corp. of America | 11719 | 2208446 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 0.5%** |
| AT&T, Inc. | 16867 | 488131 |
| Verizon Communications, Inc. | 62514 | 2704981 |
|  |  | 3193112 |
| **ELECTRIC UTILITIES - 1.0%** | **ELECTRIC UTILITIES - 1.0%** | **ELECTRIC UTILITIES - 1.0%** |
| Edison International | 13163 | 679211 |
| Entergy Corp. | 56982 | 4736344 |
| NextEra Energy, Inc. | 1330 | 92328 |
| PG&E Corp. | 64331 | 896774 |
|  |  | 6404657 |
| **ELECTRICAL EQUIPMENT - 0.7%** | **ELECTRICAL EQUIPMENT - 0.7%** | **ELECTRICAL EQUIPMENT - 0.7%** |
| AMETEK, Inc. | 15427 | 2791670 |
| Eaton Corp. PLC | 2626 | 937456 |
| GE Vernova, Inc. | 1085 | 574128 |
| NEXTracker, Inc., Class A\* | 2061 | 112056 |
|  |  | 4415310 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.2%** |
| Amphenol Corp., Class A | 36375 | 3592031 |
| Corning, Inc. | 22411 | 1178595 |
| Flex Ltd.\* | 37872 | 1890570 |
| Keysight Technologies, Inc.\* | 4413 | 723114 |
|  |  | 7384310 |
| **ENERGY EQUIPMENT & SERVICES - 0.2%** | **ENERGY EQUIPMENT & SERVICES - 0.2%** | **ENERGY EQUIPMENT & SERVICES - 0.2%** |
| Halliburton Co. | 28473 | 580280 |
| TechnipFMC PLC | 14599 | 502789 |
|  |  | 1083069 |
| **ENTERTAINMENT - 1.6%** | **ENTERTAINMENT - 1.6%** | **ENTERTAINMENT - 1.6%** |
| Netflix, Inc.\* | 4249 | 5689964 |
| Sea Ltd., ADR\* | 795 | 127152 |
| Take-Two Interactive Software, Inc.\* | 3971 | 964357 |
| Walt Disney Co. (The) | 24489 | 3036881 |
|  |  | 9818354 |
| **FINANCIAL SERVICES - 3.2%** | **FINANCIAL SERVICES - 3.2%** | **FINANCIAL SERVICES - 3.2%** |
| Berkshire Hathaway, Inc., Class B\* | 18794 | 9129561 |
| Fiserv, Inc.\* | 6919 | 1192905 |
| Mastercard, Inc., Class A | 8304 | 4666350 |
| Remitly Global, Inc.\* | 16244 | 304900 |
| Visa, Inc., Class A | 13594 | 4826550 |
|  |  | 20120266 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FOOD PRODUCTS - 0.0%†** | **FOOD PRODUCTS - 0.0%†** | **FOOD PRODUCTS - 0.0%†** |
| Kellanova | 3190 | $253701 |
| **GROUND TRANSPORTATION - 0.8%** | **GROUND TRANSPORTATION - 0.8%** | **GROUND TRANSPORTATION - 0.8%** |
| Uber Technologies, Inc.\* | 32802 | 3060427 |
| Union Pacific Corp. | 9350 | 2151248 |
|  |  | 5211675 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 1.9%** |
| Boston Scientific Corp.\* | 42262 | 4539361 |
| Edwards Lifesciences Corp.\* | 7147 | 558967 |
| GE HealthCare Technologies, Inc. | 5919 | 438420 |
| Insulet Corp.\* | 328 | 103051 |
| Medtronic PLC | 70721 | 6164750 |
|  |  | 11804549 |
| **HEALTH CARE PROVIDERS & SERVICES - 2.0%** | **HEALTH CARE PROVIDERS & SERVICES - 2.0%** | **HEALTH CARE PROVIDERS & SERVICES - 2.0%** |
| Cardinal Health, Inc. | 25789 | 4332552 |
| Cencora, Inc. | 3678 | 1102848 |
| Centene Corp.\* | 11571 | 628074 |
| Cigna Group (The) | 1492 | 493225 |
| Elevance Health, Inc. | 431 | 167642 |
| Encompass Health Corp. | 972 | 119196 |
| McKesson Corp. | 2097 | 1536640 |
| UnitedHealth Group, Inc. | 13673 | 4265566 |
|  |  | 12645743 |
| **HEALTH CARE REITS - 0.3%** | **HEALTH CARE REITS - 0.3%** | **HEALTH CARE REITS - 0.3%** |
| Ventas, Inc. | 22944 | 1448913 |
| Welltower, Inc. | 1934 | 297314 |
|  |  | 1746227 |
| **HEALTH CARE TECHNOLOGY - 0.0%†** | **HEALTH CARE TECHNOLOGY - 0.0%†** | **HEALTH CARE TECHNOLOGY - 0.0%†** |
| Veeva Systems, Inc., Class A\* | 780 | 224624 |
| **HOTELS, RESTAURANTS & LEISURE - 1.7%** | **HOTELS, RESTAURANTS & LEISURE - 1.7%** | **HOTELS, RESTAURANTS & LEISURE - 1.7%** |
| Booking Holdings, Inc. | 624 | 3612486 |
| Boyd Gaming Corp. | 2 | 156 |
| Darden Restaurants, Inc. | 9280 | 2022762 |
| Dutch Bros, Inc., Class A\* | 2810 | 192120 |
| Life Time Group Holdings, Inc.\* | 2107 | 63905 |
| McDonald's Corp. | 10267 | 2999709 |
| Trip.com Group Ltd., ADR | 2199 | 128949 |
| Yum! Brands, Inc. | 13371 | 1981315 |
|  |  | 11001402 |
| **HOUSEHOLD DURABLES - 0.6%** | **HOUSEHOLD DURABLES - 0.6%** | **HOUSEHOLD DURABLES - 0.6%** |
| DR Horton, Inc. | 3997 | 515293 |
| Garmin Ltd. | 5923 | 1236249 |
| NVR, Inc.\* | 177 | 1307262 |
| Toll Brothers, Inc. | 4846 | 553074 |
|  |  | 3611878 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HOUSEHOLD PRODUCTS - 0.7%** | **HOUSEHOLD PRODUCTS - 0.7%** | **HOUSEHOLD PRODUCTS - 0.7%** |
| Colgate-Palmolive Co. | 5787 | $526038 |
| Procter & Gamble Co. (The) | 25884 | 4123839 |
|  |  | 4649877 |
| **INDUSTRIAL CONGLOMERATES - 0.5%** | **INDUSTRIAL CONGLOMERATES - 0.5%** | **INDUSTRIAL CONGLOMERATES - 0.5%** |
| Honeywell International, Inc. | 12760 | 2971549 |
| **INSURANCE - 1.5%** | **INSURANCE - 1.5%** | **INSURANCE - 1.5%** |
| Allstate Corp. (The) | 5831 | 1173838 |
| Aon PLC, Class A | 682 | 243310 |
| Arch Capital Group Ltd. | 1034 | 94146 |
| MetLife, Inc. | 4842 | 389394 |
| Progressive Corp. (The) | 12438 | 3319205 |
| Travelers Cos., Inc. (The) | 15553 | 4161050 |
|  |  | 9380943 |
| **INTERACTIVE MEDIA & SERVICES - 7.0%** | **INTERACTIVE MEDIA & SERVICES - 7.0%** | **INTERACTIVE MEDIA & SERVICES - 7.0%** |
| Alphabet, Inc., Class A | 84726 | 14931263 |
| Alphabet, Inc., Class C | 55959 | 9926567 |
| Meta Platforms, Inc., Class A | 26671 | 19685598 |
|  |  | 44543428 |
| **IT SERVICES - 0.5%** | **IT SERVICES - 0.5%** | **IT SERVICES - 0.5%** |
| Accenture PLC, Class A | 6503 | 1943682 |
| GoDaddy, Inc., Class A\* | 3417 | 615265 |
| VeriSign, Inc. | 2542 | 734129 |
|  |  | 3293076 |
| **LIFE SCIENCES TOOLS & SERVICES - 0.5%** | **LIFE SCIENCES TOOLS & SERVICES - 0.5%** | **LIFE SCIENCES TOOLS & SERVICES - 0.5%** |
| Danaher Corp. | 6372 | 1258725 |
| Thermo Fisher Scientific, Inc. | 4068 | 1649411 |
|  |  | 2908136 |
| **MACHINERY - 1.5%** | **MACHINERY - 1.5%** | **MACHINERY - 1.5%** |
| Crane Co. | 589 | 111845 |
| Cummins, Inc. | 2984 | 977260 |
| Dover Corp. | 1559 | 285656 |
| Flowserve Corp. | 32131 | 1682058 |
| Illinois Tool Works, Inc. | 1926 | 476204 |
| Parker-Hannifin Corp. | 5541 | 3870222 |
| Pentair PLC | 15278 | 1568439 |
| Westinghouse Air Brake Technologies Corp. | 3646 | 763290 |
|  |  | 9734974 |
| **MEDIA - 0.6%** | **MEDIA - 0.6%** | **MEDIA - 0.6%** |
| Comcast Corp., Class A | 59651 | 2128944 |
| Fox Corp., Class A | 24948 | 1398086 |
| Fox Corp., Class B | 1623 | 83796 |
|  |  | 3610826 |
| **METALS & MINING - 0.4%** | **METALS & MINING - 0.4%** | **METALS & MINING - 0.4%** |
| Newmont Corp. | 21621 | 1259639 |
| Nucor Corp. | 5782 | 749000 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **METALS & MINING - 0.4% (Continued)** | **METALS & MINING - 0.4% (Continued)** | **METALS & MINING - 0.4% (Continued)** |
| Reliance, Inc. | 1784 | $559998 |
|  |  | 2568637 |
| **MULTI-UTILITIES - 0.3%** | **MULTI-UTILITIES - 0.3%** | **MULTI-UTILITIES - 0.3%** |
| Consolidated Edison, Inc. | 17658 | 1771980 |
| **OIL, GAS & CONSUMABLE FUELS - 2.5%** | **OIL, GAS & CONSUMABLE FUELS - 2.5%** | **OIL, GAS & CONSUMABLE FUELS - 2.5%** |
| Antero Resources Corp.\* | 15491 | 623978 |
| BP PLC, ADR | 8437 | 252519 |
| Cheniere Energy, Inc. | 7208 | 1755292 |
| Chord Energy Corp. | 4724 | 457519 |
| ConocoPhillips | 7862 | 705536 |
| Devon Energy Corp. | 101817 | 3238799 |
| EQT Corp. | 5366 | 312945 |
| Exxon Mobil Corp. | 42330 | 4563174 |
| Kinder Morgan, Inc. | 2797 | 82232 |
| Ovintiv, Inc. | 11455 | 435863 |
| Targa Resources Corp. | 6477 | 1127516 |
| Williams Cos., Inc. (The) | 39164 | 2459891 |
|  |  | 16015264 |
| **PASSENGER AIRLINES - 0.1%** | **PASSENGER AIRLINES - 0.1%** | **PASSENGER AIRLINES - 0.1%** |
| Alaska Air Group, Inc.\* | 4000 | 197920 |
| Delta Air Lines, Inc. | 5169 | 254211 |
|  |  | 452131 |
| **PHARMACEUTICALS - 3.6%** | **PHARMACEUTICALS - 3.6%** | **PHARMACEUTICALS - 3.6%** |
| Bristol-Myers Squibb Co. | 73128 | 3385095 |
| Eli Lilly & Co. | 8774 | 6839596 |
| Johnson & Johnson | 23432 | 3579238 |
| Merck & Co., Inc. | 39883 | 3157138 |
| Pfizer, Inc. | 235807 | 5715962 |
|  |  | 22677029 |
| **PROFESSIONAL SERVICES - 0.1%** | **PROFESSIONAL SERVICES - 0.1%** | **PROFESSIONAL SERVICES - 0.1%** |
| Verisk Analytics, Inc. | 2616 | 814884 |
| **RETAIL REITS - 0.4%** | **RETAIL REITS - 0.4%** | **RETAIL REITS - 0.4%** |
| Kimco Realty Corp. | 60192 | 1265236 |
| Simon Property Group, Inc. | 7886 | 1267753 |
|  |  | 2532989 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.8%** |
| Advanced Micro Devices, Inc.\* | 22893 | 3248517 |
| Analog Devices, Inc. | 8138 | 1937007 |
| Broadcom, Inc. | 56338 | 15529570 |
| Credo Technology Group Holding Ltd.\* | 1928 | 178513 |
| Intel Corp. | 50347 | 1127773 |
| Lam Research Corp. | 36768 | 3578997 |
| Marvell Technology, Inc. | 15821 | 1224545 |
| Micron Technology, Inc. | 3879 | 478087 |
| NVIDIA Corp. | 296683 | 46872947 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.8% (Continued)** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.8% (Continued)** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.8% (Continued)** |
| Onto Innovation, Inc.\* | 2911 | $293807 |
| Qorvo, Inc.\* | 797 | 67673 |
| QUALCOMM, Inc. | 21299 | 3392079 |
| Texas Instruments, Inc. | 15527 | 3223716 |
|  |  | 81153231 |
| **SOFTWARE - 11.9%** | **SOFTWARE - 11.9%** | **SOFTWARE - 11.9%** |
| Adobe, Inc.\* | 10669 | 4127623 |
| Atlassian Corp., Class A\* | 2025 | 411257 |
| Autodesk, Inc.\* | 6362 | 1969484 |
| Cadence Design Systems, Inc.\* | 3023 | 931537 |
| Dynatrace, Inc.\* | 2563 | 141503 |
| Elastic NV\* | 10891 | 918438 |
| Fair Isaac Corp.\* | 332 | 606883 |
| Fortinet, Inc.\* | 4593 | 485572 |
| Intuit, Inc. | 5674 | 4469013 |
| Microsoft Corp. | 93834 | 46673970 |
| Oracle Corp. | 12316 | 2692647 |
| Palantir Technologies, Inc., Class A\* | 24623 | 3356607 |
| Rubrik, Inc., Class A\* | 1253 | 112256 |
| Salesforce, Inc. | 22734 | 6199335 |
| ServiceNow, Inc.\* | 1461 | 1502025 |
| Workday, Inc., Class A\* | 2336 | 560640 |
|  |  | 75158790 |
| **SPECIALIZED REITS - 0.9%** | **SPECIALIZED REITS - 0.9%** | **SPECIALIZED REITS - 0.9%** |
| CubeSmart | 37394 | 1589245 |
| Equinix, Inc. | 4775 | 3798369 |
| Public Storage | 1097 | 321882 |
|  |  | 5709496 |
| **SPECIALTY RETAIL - 2.3%** | **SPECIALTY RETAIL - 2.3%** | **SPECIALTY RETAIL - 2.3%** |
| AutoNation, Inc.\* | 1924 | 382203 |
| AutoZone, Inc.\* | 299 | 1109957 |
| Best Buy Co., Inc. | 8816 | 591818 |
| CarMax, Inc.\* | 4393 | 295253 |
| Five Below, Inc.\* | 609 | 79889 |
| Gap, Inc. (The) | 14658 | 319691 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SPECIALTY RETAIL - 2.3% (Continued)** | **SPECIALTY RETAIL - 2.3% (Continued)** | **SPECIALTY RETAIL - 2.3% (Continued)** |
| Home Depot, Inc. (The) | 19057 | $6987058 |
| Lithia Motors, Inc., Class A | 2220 | 749960 |
| O'Reilly Automotive, Inc.\* | 18537 | 1670740 |
| TJX Cos., Inc. (The) | 17673 | 2182439 |
|  |  | 14369008 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.2%** |
| Apple, Inc. | 189426 | 38864532 |
| Dell Technologies, Inc., Class C | 676 | 82878 |
|  |  | 38947410 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.4%** |
| Ralph Lauren Corp. | 8252 | 2263359 |
| Tapestry, Inc. | 4683 | 411214 |
|  |  | 2674573 |
| **TOBACCO - 0.8%** | **TOBACCO - 0.8%** | **TOBACCO - 0.8%** |
| Philip Morris International, Inc. | 26139 | 4760696 |
| **TOTAL COMMON STOCKS** <br> (Cost - $392,168,759) |  | 622528479 |
| **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, 4.23% (a) <br>(Cost - $9,226,383) | 9226383 | 9226383 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $9,226,383) |  | 9226383 |
| **TOTAL INVESTMENTS - 99.9%** <br>(Cost - $401,395,142) |  | $631754862 |
| **OTHER ASSETS LESS LIABILITIES - NET 0.1%** |  | 646119 |
| **TOTAL NET ASSETS - 100.0%** |  | $632400981 |

---

\* 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. | 33 | 9/19/2025 | $10318688 | $352967 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.2%** | **COMMON STOCKS - 98.2%** | **COMMON STOCKS - 98.2%** |
| **AEROSPACE & DEFENSE - 1.3%** | **AEROSPACE & DEFENSE - 1.3%** | **AEROSPACE & DEFENSE - 1.3%** |
| General Electric Co. | 2507 | $645277 |
| HEICO Corp. | 39 | 12792 |
| HEICO Corp., Class A | 818 | 211657 |
| Howmet Aerospace, Inc. | 1466 | 272867 |
| Lockheed Martin Corp. | 280 | 129679 |
|  |  | 1272272 |
| **AIR FREIGHT & LOGISTICS - 0.2%** | **AIR FREIGHT & LOGISTICS - 0.2%** | **AIR FREIGHT & LOGISTICS - 0.2%** |
| FedEx Corp. | 1055 | 239812 |
| **AUTOMOBILES - 2.4%** | **AUTOMOBILES - 2.4%** | **AUTOMOBILES - 2.4%** |
| Tesla, Inc.\* | 7389 | 2347190 |
| **BANKS - 0.0%†** | **BANKS - 0.0%†** | **BANKS - 0.0%†** |
| NU Holdings Ltd., Class A\* | 1444 | 19812 |
| **BIOTECHNOLOGY - 2.1%** | **BIOTECHNOLOGY - 2.1%** | **BIOTECHNOLOGY - 2.1%** |
| AbbVie, Inc. | 5244 | 973391 |
| Gilead Sciences, Inc. | 2440 | 270523 |
| Natera, Inc.\* | 1427 | 241077 |
| Regeneron Pharmaceuticals, Inc. | 1043 | 547575 |
| United Therapeutics Corp.\* | 254 | 72987 |
|  |  | 2105553 |
| **BROADLINE RETAIL - 5.6%** | **BROADLINE RETAIL - 5.6%** | **BROADLINE RETAIL - 5.6%** |
| Amazon.com, Inc.\* | 22398 | 4913897 |
| Coupang, Inc.\* | 10929 | 327433 |
| MercadoLibre, Inc.\* | 106 | 277045 |
|  |  | 5518375 |
| **CAPITAL MARKETS - 4.0%** | **CAPITAL MARKETS - 4.0%** | **CAPITAL MARKETS - 4.0%** |
| Blackstone, Inc. | 5165 | 772581 |
| Charles Schwab Corp. (The) | 15027 | 1371063 |
| Intercontinental Exchange, Inc. | 470 | 86231 |
| Moody's Corp. | 1459 | 731820 |
| Morgan Stanley | 2871 | 404409 |
| S&P Global, Inc. | 1031 | 543636 |
|  |  | 3909740 |
| **COMMERCIAL SERVICES & SUPPLIES - 0.8%** | **COMMERCIAL SERVICES & SUPPLIES - 0.8%** | **COMMERCIAL SERVICES & SUPPLIES - 0.8%** |
| Cintas Corp. | 1896 | 422562 |
| Waste Connections, Inc. | 1292 | 241242 |
| Waste Management, Inc. | 407 | 93130 |
|  |  | 756934 |
| **COMMUNICATIONS EQUIPMENT - 0.8%** | **COMMUNICATIONS EQUIPMENT - 0.8%** | **COMMUNICATIONS EQUIPMENT - 0.8%** |
| Arista Networks, Inc.\* | 5307 | 542959 |
| Ciena Corp.\* | 413 | 33589 |
| Motorola Solutions, Inc. | 625 | 262788 |
|  |  | 839336 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONSTRUCTION & ENGINEERING - 0.4%** | **CONSTRUCTION & ENGINEERING - 0.4%** | **CONSTRUCTION & ENGINEERING - 0.4%** |
| Comfort Systems USA, Inc. | 621 | $332986 |
| MasTec, Inc.\* | 414 | 70558 |
|  |  | 403544 |
| **CONSUMER FINANCE - 0.3%** | **CONSUMER FINANCE - 0.3%** | **CONSUMER FINANCE - 0.3%** |
| American Express Co. | 992 | 316428 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%** |
| Costco Wholesale Corp. | 1690 | 1672998 |
| Walmart, Inc. | 12519 | 1224108 |
|  |  | 2897106 |
| **ELECTRIC UTILITIES - 0.1%** | **ELECTRIC UTILITIES - 0.1%** | **ELECTRIC UTILITIES - 0.1%** |
| Entergy Corp. | 863 | 71733 |
| **ELECTRICAL EQUIPMENT - 0.4%** | **ELECTRICAL EQUIPMENT - 0.4%** | **ELECTRICAL EQUIPMENT - 0.4%** |
| AMETEK, Inc. | 450 | 81432 |
| GE Vernova, Inc. | 545 | 288387 |
|  |  | 369819 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.5%** |
| Amphenol Corp., Class A | 4628 | 457015 |
| Badger Meter, Inc. | 322 | 78874 |
| Flex Ltd.\* | 16804 | 838856 |
| Keysight Technologies, Inc.\* | 724 | 118634 |
|  |  | 1493379 |
| **ENTERTAINMENT - 4.1%** | **ENTERTAINMENT - 4.1%** | **ENTERTAINMENT - 4.1%** |
| Netflix, Inc.\* | 2475 | 3314347 |
| ROBLOX Corp., Class A\* | 772 | 81214 |
| Spotify Technology SA\* | 882 | 676794 |
|  |  | 4072355 |
| **FINANCIAL SERVICES - 2.1%** | **FINANCIAL SERVICES - 2.1%** | **FINANCIAL SERVICES - 2.1%** |
| Mastercard, Inc., Class A | 1725 | 969347 |
| Visa, Inc., Class A | 3047 | 1081837 |
|  |  | 2051184 |
| **GROUND TRANSPORTATION - 1.0%** | **GROUND TRANSPORTATION - 1.0%** | **GROUND TRANSPORTATION - 1.0%** |
| Uber Technologies, Inc.\* | 10115 | 943730 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 0.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 0.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 0.8%** |
| Boston Scientific Corp.\* | 7196 | 772922 |
| **HEALTH CARE PROVIDERS & SERVICES - 0.9%** | **HEALTH CARE PROVIDERS & SERVICES - 0.9%** | **HEALTH CARE PROVIDERS & SERVICES - 0.9%** |
| Cardinal Health, Inc. | 5248 | 881664 |
| McKesson Corp. | 32 | 23449 |
|  |  | 905113 |
| **HEALTH CARE TECHNOLOGY - 0.0%†** | **HEALTH CARE TECHNOLOGY - 0.0%†** | **HEALTH CARE TECHNOLOGY - 0.0%†** |
| Veeva Systems, Inc., Class A\* | 184 | 52988 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HOTELS, RESTAURANTS & LEISURE - 1.5%** | **HOTELS, RESTAURANTS & LEISURE - 1.5%** | **HOTELS, RESTAURANTS & LEISURE - 1.5%** |
| Booking Holdings, Inc. | 194 | $1123113 |
| Brinker International, Inc.\* | 103 | 18574 |
| DoorDash, Inc., Class A\* | 453 | 111669 |
| Dutch Bros, Inc., Class A\* | 1833 | 125322 |
| Yum! Brands, Inc. | 483 | 71571 |
|  |  | 1450249 |
| **HOUSEHOLD DURABLES - 0.3%** | **HOUSEHOLD DURABLES - 0.3%** | **HOUSEHOLD DURABLES - 0.3%** |
| Garmin Ltd. | 1665 | 347519 |
| **INSURANCE - 0.3%** | **INSURANCE - 0.3%** | **INSURANCE - 0.3%** |
| Progressive Corp. (The) | 999 | 266593 |
| **INTERACTIVE MEDIA & SERVICES - 8.5%** | **INTERACTIVE MEDIA & SERVICES - 8.5%** | **INTERACTIVE MEDIA & SERVICES - 8.5%** |
| Alphabet, Inc., Class A | 13208 | 2327646 |
| Alphabet, Inc., Class C | 10069 | 1786140 |
| Meta Platforms, Inc., Class A | 5795 | 4277231 |
|  |  | 8391017 |
| **IT SERVICES - 0.6%** | **IT SERVICES - 0.6%** | **IT SERVICES - 0.6%** |
| Accenture PLC, Class A | 50 | 14944 |
| GoDaddy, Inc., Class A\* | 2878 | 518213 |
| VeriSign, Inc. | 291 | 84041 |
|  |  | 617198 |
| **MACHINERY - 0.6%** | **MACHINERY - 0.6%** | **MACHINERY - 0.6%** |
| Flowserve Corp. | 4071 | 213117 |
| Parker-Hannifin Corp. | 533 | 372284 |
|  |  | 585401 |
| **OIL, GAS & CONSUMABLE FUELS - 0.2%** | **OIL, GAS & CONSUMABLE FUELS - 0.2%** | **OIL, GAS & CONSUMABLE FUELS - 0.2%** |
| Targa Resources Corp. | 1057 | 184003 |
| **PHARMACEUTICALS - 2.8%** | **PHARMACEUTICALS - 2.8%** | **PHARMACEUTICALS - 2.8%** |
| Bristol-Myers Squibb Co. | 12918 | 597974 |
| Eli Lilly & Co. | 2803 | 2185023 |
|  |  | 2782997 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 20.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 20.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 20.1%** |
| Advanced Micro Devices, Inc.\* | 22581 | 3204244 |
| Analog Devices, Inc. | 644 | 153285 |
| Broadcom, Inc. | 19268 | 5311224 |
| Credo Technology Group Holding Ltd.\* | 583 | 53980 |
| Lam Research Corp. | 8900 | 866326 |
| Marvell Technology, Inc. | 5861 | 453641 |
| NVIDIA Corp. | 52166 | 8241706 |
| QUALCOMM, Inc. | 5433 | 865260 |
| Rambus, Inc.\* | 3844 | 246093 |
| Texas Instruments, Inc. | 2336 | 485000 |
|  |  | 19880759 |
| **SOFTWARE - 20.0%** | **SOFTWARE - 20.0%** | **SOFTWARE - 20.0%** |
| Adobe, Inc.\* | 2454 | 949404 |
| AppLovin Corp., Class A\* | 60 | 21005 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 20.0% (Continued)** | **SOFTWARE - 20.0% (Continued)** | **SOFTWARE - 20.0% (Continued)** |
| Atlassian Corp., Class A\* | 1638 | $332661 |
| Autodesk, Inc.\* | 257 | 79559 |
| Cadence Design Systems, Inc.\* | 628 | 193518 |
| Commvault Systems, Inc.\* | 269 | 46895 |
| Elastic NV\* | 3789 | 319526 |
| Fair Isaac Corp.\* | 129 | 235807 |
| Fortinet, Inc.\* | 6738 | 712341 |
| Intuit, Inc. | 1479 | 1164905 |
| Microsoft Corp. | 18782 | 9342355 |
| Oracle Corp. | 6187 | 1352664 |
| Palantir Technologies, Inc., Class A\* | 7529 | 1026353 |
| Palo Alto Networks, Inc.\* | 1227 | 251093 |
| Rubrik, Inc., Class A\* | 248 | 22218 |
| Salesforce, Inc. | 6658 | 1815570 |
| SentinelOne, Inc., Class A\* | 4115 | 75222 |
| ServiceNow, Inc.\* | 1484 | 1525671 |
| Workday, Inc., Class A\* | 927 | 222480 |
| Zscaler, Inc.\* | 175 | 54940 |
|  |  | 19744187 |
| **SPECIALTY RETAIL - 2.3%** | **SPECIALTY RETAIL - 2.3%** | **SPECIALTY RETAIL - 2.3%** |
| AutoNation, Inc.\* | 303 | 60191 |
| AutoZone, Inc.\* | 55 | 204172 |
| Home Depot, Inc. (The) | 3325 | 1219078 |
| O'Reilly Automotive, Inc.\* | 3675 | 331228 |
| TJX Cos., Inc. (The) | 4041 | 499023 |
|  |  | 2313692 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 8.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 8.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 8.5%** |
| Apple, Inc. | 33663 | 6906638 |
| Dell Technologies, Inc., Class C | 11475 | 1406835 |
| NetApp, Inc. | 469 | 49972 |
|  |  | 8363445 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.7%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.7%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.7%** |
| Ralph Lauren Corp. | 2622 | 719162 |
| **TOBACCO - 0.1%** | **TOBACCO - 0.1%** | **TOBACCO - 0.1%** |
| Philip Morris International, Inc. | 623 | 113467 |
| **TOTAL COMMON STOCKS** <br> (Cost - $56,231,009) |  | 97119014 |
| **SHORT-TERM INVESTMENTS - 1.8%** | **SHORT-TERM INVESTMENTS - 1.8%** | **SHORT-TERM INVESTMENTS - 1.8%** |
| **MONEY MARKET FUNDS - 1.8%** | **MONEY MARKET FUNDS - 1.8%** | **MONEY MARKET FUNDS - 1.8%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.23% (a) <br>(Cost - $1,801,517) | 1801517 | 1801517 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $1,801,517) |  | 1801517 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost - $58,032,526) |  | $98920531 |
| **OTHER ASSETS LESS LIABILITIES - NET (0.0)%†** |  | (35983) |
| **TOTAL NET ASSETS - 100.0%** |  | $98884548 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Growth Portfolio**

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

**June 30, 2025**

\* 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 SEP 25 | Goldman Sachs & Co. | 4 | 9/19/2025 | $1831460 | $81927 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 85.4%** | **COMMON STOCKS - 85.4%** | **COMMON STOCKS - 85.4%** |
| **AUSTRALIA - 3.9%** | **AUSTRALIA - 3.9%** | **AUSTRALIA - 3.9%** |
| AGL Energy Ltd. | 20263 | $129208 |
| ANZ Group Holdings Ltd. | 13252 | 253246 |
| Aristocrat Leisure Ltd. | 11348 | 484664 |
| BHP Group Ltd. | 2965 | 70962 |
| BHP Group Ltd. | 20112 | 484380 |
| Commonwealth Bank of Australia | 10425 | 1262216 |
| Fortescue Ltd. | 1808 | 18105 |
| Glencore PLC\* | 134355 | 522146 |
| Insurance Australia Group Ltd. | 3494 | 20677 |
| JB Hi-Fi Ltd. | 305 | 22057 |
| Macquarie Group Ltd. | 2522 | 378043 |
| National Australia Bank Ltd. | 976 | 25175 |
| Northern Star Resources Ltd. | 11430 | 138952 |
| Pro Medicus Ltd. | 566 | 105744 |
| Qantas Airways Ltd. | 16734 | 117782 |
| QBE Insurance Group Ltd. | 5218 | 79985 |
| REA Group Ltd. | 1552 | 244603 |
| Rio Tinto PLC | 929 | 54041 |
| Santos Ltd. | 44302 | 222395 |
| Sonic Healthcare Ltd. | 10013 | 175796 |
| South32 Ltd. | 33629 | 64133 |
| Transurban Group | 32895 | 301377 |
| Wesfarmers Ltd. | 3845 | 213555 |
| Worley Ltd. | 5410 | 46374 |
|  |  | 5435616 |
| **AUSTRIA - 0.1%** | **AUSTRIA - 0.1%** | **AUSTRIA - 0.1%** |
| BAWAG Group AG\*,(a) | 1153 | 146714 |
| Erste Group Bank AG | 183 | 15531 |
|  |  | 162245 |
| **BELGIUM - 0.3%** | **BELGIUM - 0.3%** | **BELGIUM - 0.3%** |
| Ageas SA | 4355 | 293180 |
| Anheuser-Busch InBev SA | 2008 | 137277 |
| UCB SA | 158 | 30964 |
|  |  | 461421 |
| **BRAZIL - 1.2%** | **BRAZIL - 1.2%** | **BRAZIL - 1.2%** |
| Ambev SA | 35496 | 86434 |
| B3 SA - Brasil Bolsa Balcao | 79380 | 211473 |
| Banco Bradesco SA | 14933 | 39591 |
| Banco do Brasil SA | 7351 | 29860 |
| Banco Santander Brasil SA | 9764 | 53151 |
| BB Seguridade Participacoes SA | 10028 | 65906 |
| CPFL Energia SA | 9598 | 71574 |
| Embraer SA | 4637 | 65572 |
| Energisa SA | 5368 | 47711 |
| Lojas Renner SA | 78664 | 282927 |
| Petroleo Brasileiro SA | 10493 | 65367 |
| Porto Seguro SA | 3608 | 36378 |
| Telefonica Brasil SA | 2908 | 16512 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BRAZIL - 1.2% (Continued)** | **BRAZIL - 1.2% (Continued)** | **BRAZIL - 1.2% (Continued)** |
| TOTVS SA | 4800 | $37210 |
| Ultrapar Participacoes SA | 27650 | 88961 |
| Vale SA | 2393 | 23106 |
| WEG SA | 8780 | 68755 |
| Wheaton Precious Metals Corp. | 4773 | 428363 |
|  |  | 1718851 |
| **BURKINA FASO - 0.0%†** | **BURKINA FASO - 0.0%†** | **BURKINA FASO - 0.0%†** |
| Endeavour Mining PLC | 863 | 26557 |
| **CANADA - 8.2%** | **CANADA - 8.2%** | **CANADA - 8.2%** |
| Agnico Eagle Mines Ltd. | 1259 | 149696 |
| Alimentation Couche-Tard, Inc. | 5927 | 294026 |
| Aritzia, Inc.\* | 324 | 16752 |
| Bank of Montreal | 2149 | 237674 |
| Bank of Nova Scotia (The) | 3606 | 198997 |
| Barrick Mining Corp. | 17770 | 369204 |
| BCE, Inc. | 2024 | 44796 |
| Brookfield Corp. | 6423 | 396724 |
| Brookfield Infrastructure Corp., Class A | 3814 | 158374 |
| CAE, Inc.\* | 5855 | 171252 |
| Canadian Imperial Bank of Commerce | 423 | 29965 |
| Canadian National Railway Co. | 6771 | 704095 |
| Canadian Natural Resources Ltd. | 8671 | 271982 |
| Canadian Pacific Kansas City Ltd. | 912 | 72305 |
| CGI, Inc. | 3885 | 407178 |
| Colliers International Group, Inc. | 169 | 22067 |
| Constellation Software, Inc. | 136 | 497673 |
| Descartes Systems Group, Inc. (The)\* | 311 | 31528 |
| Dollarama, Inc. | 920 | 129366 |
| Empire Co. Ltd., Class A | 5161 | 213740 |
| Enbridge, Inc. | 5229 | 236637 |
| Fairfax Financial Holdings Ltd. | 194 | 349470 |
| Finning International, Inc. | 1942 | 82861 |
| FirstService Corp. | 1598 | 278294 |
| Franco-Nevada Corp. | 426 | 69799 |
| George Weston Ltd. | 2115 | 423326 |
| GFL Environmental, Inc. | 795 | 40050 |
| Great-West Lifeco, Inc. | 9251 | 351124 |
| iA Financial Corp., Inc. | 80 | 8753 |
| IGM Financial, Inc. | 1561 | 49215 |
| Intact Financial Corp. | 155 | 35970 |
| Kinaxis, Inc.\* | 170 | 25232 |
| Kinross Gold Corp. | 17105 | 266760 |
| Loblaw Cos., Ltd. | 1915 | 316126 |
| Magna International, Inc. | 183 | 7060 |
| Manulife Financial Corp. | 14607 | 466097 |
| Pembina Pipeline Corp. | 191 | 7157 |
| Power Corp. of Canada | 6953 | 271037 |
| RioCan Real Estate Investment Trust | 5915 | 76771 |
| Royal Bank of Canada | 7366 | 968835 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CANADA - 8.2% (Continued)** | **CANADA - 8.2% (Continued)** | **CANADA - 8.2% (Continued)** |
| Shopify, Inc., Class A\* | 5615 | $646311 |
| Stantec, Inc. | 2782 | 302095 |
| Sun Life Financial, Inc. | 1521 | 101002 |
| Suncor Energy, Inc. | 10585 | 395706 |
| TC Energy Corp. | 6427 | 313131 |
| Teck Resources Ltd., Class B | 4897 | 197639 |
| TELUS Corp. | 7568 | 121299 |
| TFI International, Inc. | 2557 | 229071 |
| Thomson Reuters Corp. | 384 | 77065 |
| TMX Group Ltd. | 450 | 19036 |
| Toronto-Dominion Bank (The) | 4268 | 313289 |
|  |  | 11463612 |
| **CHINA - 8.3%** | **CHINA - 8.3%** | **CHINA - 8.3%** |
| 3SBio, Inc.\*,(a) | 25000 | 75318 |
| Alibaba Group Holding Ltd. | 81000 | 1132968 |
| Aluminum Corp. of China Ltd., Class H | 54000 | 36321 |
| ANTA Sports Products Ltd. | 3400 | 40930 |
| Autohome, Inc., ADR | 681 | 17563 |
| Baidu, Inc., Class A\* | 14438 | 153484 |
| Bank of China Ltd., Class H | 367000 | 213187 |
| Beijing Enterprises Holdings Ltd. | 10000 | 41146 |
| Beijing Kingsoft Office Software, Inc.\* | 645 | 25209 |
| Beone Medicines Ltd.\* | 4100 | 77195 |
| Bilibili, Inc., Class Z\* | 660 | 14100 |
| BOC Hong Kong Holdings Ltd. | 26000 | 112943 |
| BOE Technology Group Co. Ltd., Class A | 305300 | 170002 |
| BYD Co. Ltd., Class A | 2400 | 111169 |
| BYD Co. Ltd., Class H | 19000 | 296497 |
| China CITIC Bank Corp. Ltd., Class H | 36000 | 34303 |
| China Construction Bank Corp., Class H | 505000 | 509503 |
| China Life Insurance Co. Ltd., Class H | 64000 | 153600 |
| China Mengniu Dairy Co. Ltd. | 10000 | 20509 |
| China Merchants Bank Co. Ltd., Class A | 6300 | 40400 |
| China Merchants Bank Co. Ltd., Class H | 17000 | 118783 |
| China Petroleum & Chemical Corp., Class H | 44000 | 23037 |
| China Resources Land Ltd. | 18000 | 60994 |
| China Tower Corp. Ltd., Class H (a) | 11200 | 16008 |
| CMOC Group Ltd., Class H | 27000 | 27447 |
| Contemporary Amperex Technology Co. Ltd., <br>Class A | 3000 | 105598 |
| CSPC Pharmaceutical Group Ltd. | 61040 | 59874 |
| ENN Energy Holdings Ltd. | 6200 | 49521 |
| Geely Automobile Holdings Ltd. | 63000 | 128087 |
| Great Wall Motor Co. Ltd., Class H\* | 45500 | 70018 |
| Gree Electric Appliances Inc of Zhuhai, Class A | 24300 | 152335 |
| Guangdong Investment Ltd. | 28000 | 23399 |
| Guosen Securities Co. Ltd. | 12300 | 19775 |
| Haier Smart Home Co. Ltd., Class A | 10200 | 29171 |
| Huatai Securities Co. Ltd., Class A | 88100 | 218974 |
| IEIT Systems Co. Ltd. | 16300 | 115741 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CHINA - 8.3% (Continued)** | **CHINA - 8.3% (Continued)** | **CHINA - 8.3% (Continued)** |
| Industrial & Commercial Bank of China Ltd., <br>Class H | 355000 | $281287 |
| Innovent Biologics, Inc.\*,(a) | 7000 | 69911 |
| JD.com, Inc., Class A | 15950 | 259873 |
| Jinko Solar Co. Ltd., Class A\* | 24538 | 17773 |
| Kunlun Energy Co. Ltd. | 22000 | 21355 |
| Kweichow Moutai Co. Ltd., Class A | 500 | 98355 |
| Lenovo Group Ltd. | 76000 | 91200 |
| Li Auto, Inc., Class A\* | 2800 | 38166 |
| Meituan, Class B\*,(a) | 29610 | 472628 |
| Midea Group Co. Ltd. | 1300 | 13099 |
| NetEase, Inc. | 9760 | 262339 |
| New Oriental Education & Technology <br>Group, Inc. | 3200 | 17182 |
| PDD Holdings, Inc., ADR\* | 803 | 84042 |
| PetroChina Co. Ltd., Class H | 210000 | 180573 |
| Ping An Insurance Group Co. of China Ltd., <br>Class A | 31100 | 240797 |
| Ping An Insurance Group Co. of China Ltd., <br>Class H | 57000 | 361968 |
| Pop Mart International Group Ltd. (a) | 3600 | 122262 |
| Postal Savings Bank of China Co. Ltd., <br>Class H (a) | 40000 | 27924 |
| Prosus NV\* | 6533 | 364036 |
| Shandong Nanshan Aluminum Co. Ltd., <br>Class A | 106400 | 56871 |
| SooChow Securities Co. Ltd. | 16200 | 19782 |
| Sunny Optical Technology Group Co. Ltd. | 2500 | 22086 |
| Tencent Holdings Ltd. | 40300 | 2582280 |
| Tingyi Cayman Islands Holding Corp. | 10000 | 14650 |
| Trip.com Group Ltd. | 2645 | 153646 |
| Weichai Power Co. Ltd., Class A | 7138 | 15321 |
| Wuliangye Yibin Co. Ltd., Class A | 9100 | 151000 |
| Xiaomi Corp., Class B\*,(a) | 91400 | 698016 |
| XPeng, Inc., Class A\* | 3500 | 31478 |
| Xtep International Holdings Ltd. | 22000 | 15778 |
| Yangzijiang Shipbuilding Holdings Ltd. | 23400 | 40787 |
| Yunnan Baiyao Group Co. Ltd. | 5000 | 38930 |
| Zai Lab Ltd.\* | 4030 | 14092 |
| Zhejiang NHU Co Ltd. | 29700 | 88161 |
| Zijin Mining Group Co. Ltd., Class H | 66000 | 168573 |
| Zoomlion Heavy Industry Science and <br>Technology Co. Ltd., Class H | 15200 | 11289 |
| ZTE Corp., Class A | 11300 | 51237 |
|  |  | 11693856 |
| **DENMARK - 1.1%** | **DENMARK - 1.1%** | **DENMARK - 1.1%** |
| AP Moller - Maersk A/S, Class A | 21 | 38657 |
| AP Moller - Maersk A/S, Class B | 16 | 29642 |
| Danske Bank A/S | 1504 | 61123 |
| Genmab A/S\* | 637 | 131794 |
| GN Store Nord A/S\* | 4442 | 68142 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DENMARK - 1.1% (Continued)** | **DENMARK - 1.1% (Continued)** | **DENMARK - 1.1% (Continued)** |
| Novo Nordisk A/S, Class B | 14456 | $999852 |
| Pandora A/S | 203 | 35516 |
| Vestas Wind Systems A/S | 10300 | 153986 |
|  |  | 1518712 |
| **FINLAND - 0.4%** | **FINLAND - 0.4%** | **FINLAND - 0.4%** |
| Elisa Oyj | 590 | 32606 |
| Nokia Oyj | 28016 | 144898 |
| Nordea Bank Abp | 10329 | 152893 |
| Sampo Oyj, Class A | 1595 | 17094 |
| Wartsila OYJ Abp | 7506 | 176571 |
|  |  | 524062 |
| **FRANCE - 6.1%** | **FRANCE - 6.1%** | **FRANCE - 6.1%** |
| Air Liquide SA | 2335 | 480048 |
| Airbus SE | 320 | 66584 |
| Amundi SA (a) | 1504 | 121288 |
| Arkema SA | 118 | 8664 |
| AXA SA | 4053 | 198250 |
| BNP Paribas SA | 4061 | 363818 |
| Bouygues SA | 1123 | 50620 |
| Bureau Veritas SA | 7910 | 268712 |
| Capgemini SE | 656 | 111695 |
| Carrefour SA | 2643 | 37137 |
| Credit Agricole SA | 16833 | 317435 |
| Danone SA | 9484 | 772170 |
| Dassault Aviation SA | 41 | 14448 |
| Dassault Systemes SE | 9967 | 359534 |
| Eiffage SA | 2335 | 326857 |
| Engie SA | 27231 | 636905 |
| Hermes International SCA | 141 | 380514 |
| Ipsen SA | 1000 | 118676 |
| L'Oreal SA | 233 | 99310 |
| LVMH Moet Hennessy Louis Vuitton SE | 1628 | 849643 |
| Orange SA | 34314 | 520210 |
| Publicis Groupe SA | 1856 | 208455 |
| Safran SA | 2585 | 837192 |
| Societe Generale SA | 274 | 15615 |
| Teleperformance SE | 184 | 17780 |
| Thales SA | 671 | 196598 |
| TotalEnergies SE | 7232 | 442292 |
| Valeo SE | 8662 | 94460 |
| Veolia Environnement SA | 6177 | 219339 |
| Vinci SA | 2761 | 405449 |
|  |  | 8539698 |
| **GERMANY - 6.3%** | **GERMANY - 6.3%** | **GERMANY - 6.3%** |
| adidas AG | 2460 | 571615 |
| Allianz SE | 2616 | 1056659 |
| Deutsche Bank AG | 13162 | 388882 |
| Deutsche Boerse AG | 526 | 170971 |
| Deutsche Telekom AG | 30605 | 1112618 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **GERMANY - 6.3% (Continued)** | **GERMANY - 6.3% (Continued)** | **GERMANY - 6.3% (Continued)** |
| E.ON SE | 24969 | $457967 |
| Fresenius Medical Care AG | 2088 | 119241 |
| GEA Group AG | 2962 | 206531 |
| Henkel AG & Co. KGaA | 877 | 63312 |
| HUGO BOSS AG | 991 | 45682 |
| Infineon Technologies AG | 2074 | 87924 |
| Mercedes-Benz Group AG | 3038 | 177202 |
| Merck KGaA | 534 | 68952 |
| Muenchener Rueckversicherungs-Gesellschaft <br>AG in Muenchen | 144 | 93070 |
| Nemetschek SE | 591 | 85331 |
| Rational AG | 95 | 79399 |
| Rheinmetall AG | 226 | 476726 |
| SAP SE | 6760 | 2048479 |
| Siemens AG | 3419 | 873515 |
| Siemens Energy AG\* | 4318 | 497035 |
| Siemens Healthineers AG (a) | 2430 | 134237 |
|  |  | 8815348 |
| **HONG KONG - 1.2%** | **HONG KONG - 1.2%** | **HONG KONG - 1.2%** |
| AIA Group Ltd. | 70200 | 629564 |
| CLP Holdings Ltd. | 12000 | 101045 |
| Hong Kong Exchanges & Clearing Ltd. | 2700 | 144046 |
| Jardine Matheson Holdings Ltd. | 3500 | 168210 |
| Link REIT | 16000 | 85401 |
| Sino Biopharmaceutical Ltd. | 84000 | 56285 |
| Sun Hung Kai Properties Ltd. | 6000 | 68828 |
| Techtronic Industries Co. Ltd. | 13000 | 142917 |
| WH Group Ltd. (a) | 213500 | 205341 |
| Wharf Real Estate Investment Co. Ltd. | 23000 | 65045 |
|  |  | 1666682 |
| **HUNGARY - 0.2%** | **HUNGARY - 0.2%** | **HUNGARY - 0.2%** |
| OTP Bank Nyrt | 2771 | 220538 |
| **INDONESIA - 0.5%** | **INDONESIA - 0.5%** | **INDONESIA - 0.5%** |
| Astra International Tbk PT | 189700 | 52581 |
| Bank Central Asia TBK PT | 656000 | 350526 |
| Bank Mandiri Persero TBK PT | 449100 | 134993 |
| Bank Negara Indonesia Persero TBK PT | 87800 | 22281 |
| Bank Rakyat Indonesia Persero TBK PT | 616100 | 141929 |
|  |  | 702310 |
| **IRELAND - 0.1%** | **IRELAND - 0.1%** | **IRELAND - 0.1%** |
| Kerry Group PLC, Class A | 559 | 61517 |
| Kingspan Group PLC | 1598 | 135434 |
|  |  | 196951 |
| **ISRAEL - 0.7%** | **ISRAEL - 0.7%** | **ISRAEL - 0.7%** |
| Bank Hapoalim BM | 14963 | 287130 |
| Bank Leumi Le-Israel BM | 6939 | 129034 |
| Elbit Systems Ltd. | 49 | 21797 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ISRAEL - 0.7% (Continued)** | **ISRAEL - 0.7% (Continued)** | **ISRAEL - 0.7% (Continued)** |
| Israel Discount Bank Ltd., Class A | 5647 | $56277 |
| Mizrahi Tefahot Bank Ltd. | 3355 | 218685 |
| Nice Ltd.\* | 925 | 156982 |
| Teva Pharmaceutical Industries Ltd., ADR\* | 5917 | 99169 |
|  |  | 969074 |
| **ITALY - 1.7%** | **ITALY - 1.7%** | **ITALY - 1.7%** |
| A2A SpA | 69218 | 185660 |
| Amplifon SpA | 5748 | 134474 |
| Banca Mediolanum SpA | 1024 | 17574 |
| Banca Monte dei Paschi di Siena SpA | 13033 | 110488 |
| BPER Banca SpA | 4565 | 41347 |
| Buzzi Unicem SpA | 288 | 15910 |
| Enel SpA | 44409 | 419955 |
| Ferrari NV | 313 | 152881 |
| Generali | 4345 | 154083 |
| Infrastrutture Wireless Italiane SpA (a) | 1373 | 16729 |
| Intesa Sanpaolo SpA | 69790 | 400726 |
| Italgas SpA | 10030 | 84771 |
| Leonardo SpA | 1992 | 111724 |
| Moncler SpA | 379 | 21528 |
| Nexi SpA (a) | 19205 | 114387 |
| Recordati Industria Chimica e Farmaceutica SpA | 2034 | 127498 |
| UniCredit SpA | 3274 | 218716 |
| Unipol Assicurazioni SpA | 989 | 19533 |
|  |  | 2347984 |
| **JAPAN - 13.8%** | **JAPAN - 13.8%** | **JAPAN - 13.8%** |
| Advantest Corp. | 1800 | 132777 |
| Aeon Co. Ltd. | 100 | 3060 |
| Amada Co. Ltd. | 18300 | 199603 |
| Asahi Group Holdings Ltd. | 1500 | 20016 |
| Asahi Kasei Corp. | 25100 | 178460 |
| Astellas Pharma, Inc. | 27600 | 270659 |
| Brother Industries Ltd. | 900 | 15521 |
| Canon, Inc. | 13400 | 388609 |
| Chubu Electric Power Co., Inc. | 3300 | 40689 |
| Chugai Pharmaceutical Co. Ltd. | 2800 | 145869 |
| Dai-ichi Life Holdings, Inc. | 21600 | 163894 |
| Daiichi Sankyo Co. Ltd. | 3000 | 69888 |
| Daikin Industries Ltd. | 1100 | 129651 |
| Daito Trust Construction Co. Ltd. | 1800 | 195334 |
| Daiwa Securities Group, Inc. | 7000 | 49649 |
| Denso Corp. | 14400 | 194449 |
| DMG Mori Co. Ltd. | 5400 | 124079 |
| ENEOS Holdings, Inc. | 56500 | 279713 |
| FANUC Corp. | 7700 | 210032 |
| Fast Retailing Co. Ltd. | 700 | 239981 |
| Fujitsu Ltd. | 9600 | 233611 |
| Fukuoka Financial Group, Inc. | 1200 | 32043 |
| Hitachi Ltd. | 23600 | 687030 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **JAPAN - 13.8% (Continued)** | **JAPAN - 13.8% (Continued)** | **JAPAN - 13.8% (Continued)** |
| Hoya Corp. | 2000 | $237530 |
| Hulic Co. Ltd. | 4900 | 49273 |
| Inpex Corp. | 8700 | 121967 |
| ITOCHU Corp. | 1300 | 68004 |
| J Front Retailing Co. Ltd. | 1600 | 21744 |
| Japan Post Bank Co. Ltd. | 22500 | 242220 |
| Japan Post Holdings Co. Ltd. | 8200 | 75815 |
| Japan Tobacco, Inc. | 700 | 20586 |
| Kansai Electric Power Co., Inc. (The) | 10000 | 118315 |
| Kao Corp. | 3400 | 151987 |
| Keyence Corp. | 1200 | 480515 |
| Kyocera Corp. | 9100 | 109210 |
| Kyushu Electric Power Co., Inc. | 1800 | 16044 |
| LY Corp. | 7800 | 28642 |
| Mazda Motor Corp. | 21600 | 130008 |
| McDonald's Holdings Co. Japan Ltd. | 2700 | 111406 |
| Mitsubishi Chemical Group Corp. | 35300 | 185243 |
| Mitsubishi Electric Corp. | 6500 | 139994 |
| Mitsubishi Estate Co. Ltd. | 1800 | 33683 |
| Mitsubishi HC Capital, Inc. | 6300 | 46254 |
| Mitsubishi Heavy Industries Ltd. | 8500 | 212434 |
| Mitsubishi UFJ Financial Group, Inc. | 67900 | 932159 |
| Mitsui & Co. Ltd. | 17000 | 346838 |
| Mitsui Fudosan Co. Ltd. | 16800 | 162249 |
| Mizuho Financial Group, Inc. | 16700 | 461650 |
| MS&AD Insurance Group Holdings, Inc. | 10900 | 243740 |
| Murata Manufacturing Co. Ltd. | 33400 | 498069 |
| NEC Corp. | 10500 | 306688 |
| Nexon Co. Ltd. | 400 | 8058 |
| Nintendo Co. Ltd. | 900 | 86483 |
| NIPPON EXPRESS HOLDINGS, INC. | 300 | 6008 |
| Nippon Telegraph & Telephone Corp. | 172500 | 183911 |
| Nomura Holdings, Inc. | 81000 | 533850 |
| Nomura Real Estate Holdings, Inc. | 9000 | 52575 |
| Nomura Research Institute Ltd. | 2700 | 108097 |
| Obayashi Corp. | 7400 | 111964 |
| Obic Co. Ltd. | 600 | 23307 |
| Olympus Corp. | 14000 | 166222 |
| Ono Pharmaceutical Co. Ltd. | 5400 | 58282 |
| ORIX Corp. | 18300 | 413015 |
| Otsuka Corp. | 800 | 16264 |
| Otsuka Holdings Co. Ltd. | 1600 | 79211 |
| Panasonic Holdings Corp. | 24800 | 267066 |
| Rakuten Group, Inc.\* | 17900 | 98692 |
| Recruit Holdings Co. Ltd. | 12700 | 750421 |
| Renesas Electronics Corp. | 5800 | 71835 |
| Resona Holdings, Inc. | 16200 | 149388 |
| SBI Holdings, Inc. | 1000 | 34823 |
| Secom Co. Ltd. | 900 | 32294 |
| Sekisui House Ltd. | 3600 | 79330 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **JAPAN - 13.8% (Continued)** | **JAPAN - 13.8% (Continued)** | **JAPAN - 13.8% (Continued)** |
| Seven & i Holdings Co. Ltd. | 2200 | $35381 |
| Shimizu Corp. | 8200 | 91455 |
| Shin-Etsu Chemical Co. Ltd. | 15400 | 508767 |
| Skylark Holdings Co. Ltd. | 4100 | 85636 |
| SMC Corp. | 400 | 144110 |
| SoftBank Corp. | 217500 | 335785 |
| SoftBank Group Corp. | 2300 | 167431 |
| Sompo Holdings, Inc. | 7300 | 219589 |
| Sony Group Corp. | 33700 | 870234 |
| Sumitomo Chemical Co. Ltd. | 72600 | 175161 |
| Sumitomo Corp. | 11100 | 286558 |
| Sumitomo Mitsui Financial Group, Inc. | 30000 | 754751 |
| Sumitomo Mitsui Trust Group, Inc. | 11800 | 313616 |
| T&D Holdings, Inc. | 2300 | 50476 |
| Takeda Pharmaceutical Co. Ltd. | 15900 | 487089 |
| TDK Corp. | 13000 | 152594 |
| Terumo Corp. | 7500 | 137596 |
| Tohoku Electric Power Co., Inc. | 4500 | 32727 |
| Tokio Marine Holdings, Inc. | 8300 | 351146 |
| Tokyo Electron Ltd. | 2700 | 517401 |
| Tokyo Gas Co. Ltd. | 1600 | 53080 |
| Toyota Motor Corp. | 33000 | 569552 |
| Toyota Tsusho Corp. | 6300 | 142578 |
| Unicharm Corp. | 3700 | 26653 |
|  |  | 19397346 |
| **LUXEMBOURG - 0.0%†** | **LUXEMBOURG - 0.0%†** | **LUXEMBOURG - 0.0%†** |
| Reinet Investments SCA | 690 | 22370 |
| **MALAYSIA - 0.9%** | **MALAYSIA - 0.9%** | **MALAYSIA - 0.9%** |
| CIMB Group Holdings BHD | 34500 | 55636 |
| Hartalega Holdings BHD | 31600 | 12308 |
| Hong Leong Bank BHD | 4200 | 19551 |
| IHH Healthcare BHD | 56900 | 92164 |
| Inari Amertron BHD | 79500 | 38140 |
| Kuala Lumpur Kepong BHD | 6300 | 30973 |
| Malayan Banking BHD | 108000 | 248807 |
| Petronas Dagangan BHD | 10400 | 53155 |
| Press Metal Aluminium Holdings BHD | 102200 | 125732 |
| Public Bank BHD | 211900 | 216908 |
| QL Resources BHD | 15525 | 16961 |
| RHB Bank BHD | 73700 | 110274 |
| Telekom Malaysia BHD | 38800 | 60359 |
| Tenaga Nasional BHD | 45700 | 156078 |
|  |  | 1237046 |
| **MEXICO - 0.5%** | **MEXICO - 0.5%** | **MEXICO - 0.5%** |
| Alfa SAB de CV, Class A | 21109 | 15475 |
| Arca Continental SAB de CV | 5506 | 57939 |
| Cemex SAB de CV, Series CPO | 57726 | 39692 |
| Coca-Cola Femsa SAB de CV | 6091 | 58605 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MEXICO - 0.5% (Continued)** | **MEXICO - 0.5% (Continued)** | **MEXICO - 0.5% (Continued)** |
| Fomento Economico Mexicano SAB de CV | 7556 | $77208 |
| Grupo Aeroportuario del Centro Norte <br>SAB de CV | 1800 | 23515 |
| Grupo Aeroportuario del Pacifico SAB de <br>CV, Class B | 1263 | 28718 |
| Grupo Bimbo SAB de CV, Series A | 20598 | 57066 |
| Grupo Financiero Banorte SAB de CV, <br>Class O | 16871 | 153770 |
| Grupo Mexico SAB de CV, Series B | 25451 | 152569 |
| Wal-Mart de Mexico SAB de CV | 21599 | 70975 |
|  |  | 735532 |
| **NETHERLANDS - 2.9%** | **NETHERLANDS - 2.9%** | **NETHERLANDS - 2.9%** |
| Adyen NV\*,(a) | 80 | 146346 |
| Argenx SE\* | 183 | 100920 |
| ASM International NV | 175 | 111627 |
| ASML Holding NV | 2342 | 1862829 |
| ASR Nederland NV | 355 | 23494 |
| Euronext NV (a) | 1609 | 274054 |
| Heineken NV | 954 | 82891 |
| ING Groep NV | 21236 | 464307 |
| Koninklijke Ahold Delhaize NV | 5762 | 240112 |
| Koninklijke Philips NV | 2199 | 52684 |
| NN Group NV | 4028 | 266769 |
| Wolters Kluwer NV | 2461 | 410072 |
|  |  | 4036105 |
| **NEW ZEALAND - 0.4%** | **NEW ZEALAND - 0.4%** | **NEW ZEALAND - 0.4%** |
| Fisher & Paykel Healthcare Corp. Ltd. | 3264 | 71430 |
| Xero Ltd.\* | 3900 | 459544 |
|  |  | 530974 |
| **NORWAY - 0.6%** | **NORWAY - 0.6%** | **NORWAY - 0.6%** |
| Aker BP ASA | 8651 | 220385 |
| Kongsberg Gruppen ASA | 9405 | 363246 |
| Telenor ASA | 12599 | 195091 |
|  |  | 778722 |
| **PHILIPPINES - 0.0%†** | **PHILIPPINES - 0.0%†** | **PHILIPPINES - 0.0%†** |
| SM Investments Corp. | 920 | 14242 |
| SM Prime Holdings, Inc. | 21800 | 9075 |
|  |  | 23317 |
| **PORTUGAL - 0.0%†** | **PORTUGAL - 0.0%†** | **PORTUGAL - 0.0%†** |
| EDP SA | 5302 | 22916 |
| **SINGAPORE - 1.2%** | **SINGAPORE - 1.2%** | **SINGAPORE - 1.2%** |
| DBS Group Holdings Ltd. | 13730 | 484132 |
| Sea Ltd., ADR\* | 1683 | 269179 |
| Singapore Telecommunications Ltd. | 256200 | 768409 |
| STMicroelectronics NV | 4728 | 143938 |
|  |  | 1665658 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOUTH AFRICA - 0.8%** | **SOUTH AFRICA - 0.8%** | **SOUTH AFRICA - 0.8%** |
| AVI Ltd. | 10105 | $53524 |
| Capitec Bank Holdings Ltd. | 595 | 118890 |
| Clicks Group Ltd. | 2219 | 46325 |
| FirstRand Ltd. | 37438 | 159453 |
| Foschini Group Ltd. | 1691 | 12267 |
| MTN Group Ltd. | 10247 | 81209 |
| Naspers Ltd., Class N | 490 | 152074 |
| Nedbank Group Ltd. | 2444 | 33426 |
| Old Mutual Ltd. | 29187 | 19823 |
| Sanlam Ltd. | 25363 | 126549 |
| Standard Bank Group Ltd. | 17496 | 224006 |
| Valterra Platinum Limited | 982 | 43671 |
| Vodacom Group Ltd. | 2599 | 19992 |
| Woolworths Holdings Ltd. | 22801 | 66409 |
|  |  | 1157618 |
| **SOUTH KOREA - 3.0%** | **SOUTH KOREA - 3.0%** | **SOUTH KOREA - 3.0%** |
| Celltrion, Inc. | 826 | 97681 |
| CJ Logistics Corp. | 69 | 4468 |
| GS Holdings Corp. | 764 | 26408 |
| Hana Financial Group, Inc. | 697 | 44570 |
| HL Mando Co. Ltd. | 497 | 12097 |
| Hugel, Inc.\* | 91 | 26162 |
| Hyundai Engineering & Construction Co. Ltd. | 947 | 55083 |
| Hyundai Marine & Fire Insurance Co. Ltd.\* | 680 | 13327 |
| Hyundai Mobis Co. Ltd. | 642 | 136525 |
| Hyundai Motor Co. | 139 | 20959 |
| Kakao Corp. | 898 | 39923 |
| KakaoBank Corp. | 1396 | 31031 |
| Kangwon Land, Inc. | 2715 | 36814 |
| KB Financial Group, Inc. | 1643 | 135009 |
| Kia Corp. | 2042 | 146614 |
| Korea Electric Power Corp. | 1211 | 35264 |
| Korea Gas Corp. | 1497 | 46199 |
| Korean Air Lines Co. Ltd. | 1051 | 17833 |
| Krafton, Inc.\* | 54 | 14524 |
| KT Corp. | 2015 | 83162 |
| KT&G Corp. | 780 | 73804 |
| LG Chem Ltd. | 251 | 39335 |
| LG Electronics, Inc. | 378 | 20670 |
| LG H&H Co. Ltd. | 67 | 15861 |
| NAVER Corp. | 1453 | 282612 |
| NCSoft Corp. | 161 | 24634 |
| Netmarble Corp. (a) | 287 | 13185 |
| Pan Ocean Co. Ltd. | 6800 | 18718 |
| Samsung Biologics Co. Ltd.\*,(a) | 154 | 113195 |
| Samsung C&T Corp. | 646 | 77256 |
| Samsung E&A Co. Ltd. | 5880 | 96286 |
| Samsung Electro-Mechanics Co. Ltd. | 893 | 89128 |
| Samsung Electronics Co. Ltd. | 27009 | 1196753 |
| Samsung Fire & Marine Insurance Co. Ltd. | 77 | 24761 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOUTH KOREA - 3.0% (Continued)** | **SOUTH KOREA - 3.0% (Continued)** | **SOUTH KOREA - 3.0% (Continued)** |
| Samsung Life Insurance Co. Ltd. | 645 | $60887 |
| Samsung SDI Co. Ltd. | 165 | 21126 |
| Samsung SDS Co. Ltd. | 746 | 93748 |
| Samsung Securities Co. Ltd. | 2586 | 141027 |
| Shinhan Financial Group Co. Ltd. | 2179 | 99134 |
| SK Hynix, Inc. | 2574 | 556912 |
| SK Telecom Co. Ltd. | 1200 | 50415 |
| SK, Inc. | 171 | 25911 |
| S-Oil Corp. | 753 | 33421 |
|  |  | 4192432 |
| **SPAIN - 1.6%** | **SPAIN - 1.6%** | **SPAIN - 1.6%** |
| ACS Actividades de Construccion y <br>Servicios SA | 3753 | 259702 |
| Banco Bilbao Vizcaya Argentaria SA | 21962 | 336559 |
| Banco de Sabadell SA | 21715 | 68900 |
| Banco Santander SA | 84493 | 696953 |
| Bankinter SA | 10678 | 138881 |
| Endesa SA | 2244 | 70831 |
| Industria de Diseno Textil SA | 6924 | 359083 |
| Telefonica SA | 56810 | 297288 |
|  |  | 2228197 |
| **SWEDEN - 1.8%** | **SWEDEN - 1.8%** | **SWEDEN - 1.8%** |
| AddTech AB, Class B | 1783 | 60242 |
| Alfa Laval AB | 5751 | 240047 |
| Assa Abloy AB, Class B | 14505 | 449286 |
| Atlas Copco AB, Class A | 28601 | 458707 |
| Atlas Copco AB, Class B | 6274 | 88510 |
| Evolution AB (a) | 1595 | 125787 |
| Getinge AB, Class B | 1713 | 34097 |
| Hexagon AB, Class B | 10378 | 103623 |
| Industrivarden AB, Class A | 1877 | 67593 |
| Investor AB, Class B | 959 | 28150 |
| Sandvik AB | 9722 | 221261 |
| Skanska AB, Class B | 3637 | 84033 |
| Swedbank AB, Class A | 1719 | 45183 |
| Swedish Orphan Biovitrum AB\* | 3400 | 102816 |
| Tele2 AB, Class B | 1108 | 16073 |
| Telefonaktiebolaget LM Ericsson, Class B | 40418 | 343263 |
| Volvo AB, Class B | 573 | 15957 |
|  |  | 2484628 |
| **SWITZERLAND - 3.1%** | **SWITZERLAND - 3.1%** | **SWITZERLAND - 3.1%** |
| ABB Ltd. | 19342 | 1149585 |
| Accelleron Industries AG | 498 | 34910 |
| Alcon AG | 956 | 84310 |
| Belimo Holding AG | 196 | 198955 |
| Chocoladefabriken Lindt & Spruengli AG | 13 | 218028 |
| Cie Financiere Richemont SA, Class A | 1400 | 262852 |
| Flughafen Zurich AG | 430 | 122085 |
| Givaudan SA | 143 | 690029 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SWITZERLAND - 3.1% (Continued)** | **SWITZERLAND - 3.1% (Continued)** | **SWITZERLAND - 3.1% (Continued)** |
| Helvetia Holding AG | 374 | $87439 |
| Kuehne + Nagel International AG | 143 | 30836 |
| Logitech International SA | 2146 | 192601 |
| Schindler Holding AG | 171 | 61762 |
| SGS SA | 2539 | 256771 |
| Sonova Holding AG | 80 | 23759 |
| UBS Group AG | 13161 | 443936 |
| Zurich Insurance Group AG | 664 | 462631 |
|  |  | 4320489 |
| **TAIWAN - 0.0%†** | **TAIWAN - 0.0%†** | **TAIWAN - 0.0%†** |
| Taiwan Semiconductor <br>Manufacturing Co. Ltd., ADR | 137 | 31029 |
| **THAILAND - 0.4%** | **THAILAND - 0.4%** | **THAILAND - 0.4%** |
| B Grimm Power PCL | 10800 | 3455 |
| Bangkok Bank PCL, NVDR | 40700 | 174024 |
| Central Pattana PCL, NVDR | 9900 | 14085 |
| CP ALL PCL, NVDR | 177400 | 240108 |
| PTT Exploration & Production PCL, NVDR | 27700 | 93302 |
| PTT PCL, NVDR | 79900 | 73734 |
| TMBThanachart Bank PCL, NVDR | 201700 | 11726 |
|  |  | 610434 |
| **UNITED KINGDOM - 7.7%** | **UNITED KINGDOM - 7.7%** | **UNITED KINGDOM - 7.7%** |
| Anglogold Ashanti PLC | 5485 | 247194 |
| AstraZeneca PLC | 7576 | 1050635 |
| Aviva PLC | 2568 | 21790 |
| BAE Systems PLC | 26182 | 676848 |
| Barclays PLC | 104626 | 483601 |
| Barratt Redrow PLC | 6587 | 41152 |
| Berkeley Group Holdings PLC | 489 | 25866 |
| British American Tobacco PLC | 7851 | 372571 |
| British Land Co. PLC (The) | 3925 | 20245 |
| Bunzl PLC | 1598 | 50804 |
| CK Hutchison Holdings Ltd. | 63500 | 390707 |
| Compass Group PLC | 7207 | 243644 |
| Halma PLC | 1002 | 43939 |
| HSBC Holdings PLC | 82939 | 1002214 |
| IG Group Holdings PLC | 8083 | 117854 |
| IMI PLC | 3274 | 93948 |
| Imperial Brands PLC | 9872 | 389203 |
| Informa PLC | 33378 | 368569 |
| International Consolidated Airlines <br>Group SA | 11767 | 55018 |
| Intertek Group PLC | 6792 | 441172 |
| J Sainsbury PLC | 25634 | 101800 |
| Johnson Matthey PLC | 3657 | 86997 |
| Lloyds Banking Group PLC | 48418 | 50890 |
| London Stock Exchange Group PLC | 5114 | 745298 |
| Marks & Spencer Group PLC | 10423 | 50620 |
| NatWest Group PLC | 36886 | 258496 |
| RELX PLC | 12398 | 668881 |
| Rolls-Royce Holdings PLC | 62427 | 827751 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **UNITED KINGDOM - 7.7% (Continued)** | **UNITED KINGDOM - 7.7% (Continued)** | **UNITED KINGDOM - 7.7% (Continued)** |
| Sage Group PLC (The) | 1143 | $19587 |
| Smiths Group PLC | 12369 | 380694 |
| Standard Chartered PLC | 12625 | 208819 |
| Taylor Wimpey PLC | 26811 | 43629 |
| Tesco PLC | 44164 | 242867 |
| Unilever PLC | 2198 | 133282 |
| Unilever PLC | 8507 | 516872 |
| Vodafone Group PLC | 232156 | 247445 |
|  |  | 10720902 |
| **UNITED STATES - 6.4%** | **UNITED STATES - 6.4%** | **UNITED STATES - 6.4%** |
| Amrize Ltd.\* | 5911 | 293916 |
| BP PLC | 80623 | 404032 |
| CSL Ltd. | 2174 | 341195 |
| Experian PLC | 10461 | 537858 |
| GSK PLC | 35544 | 677037 |
| Holcim AG\* | 5911 | 437384 |
| James Hardie Industries PLC\* | 1353 | 36975 |
| JBS NV, BDR\* | 3460 | 50171 |
| Nestle SA | 4784 | 473772 |
| Novartis AG | 13938 | 1683942 |
| Roche Holding AG | 4117 | 1342083 |
| Sanofi SA | 5375 | 518700 |
| Schneider Electric SE | 2184 | 578881 |
| Shell PLC | 40643 | 1422175 |
| Stellantis NV | 9277 | 92661 |
| Tenaris SA | 3059 | 57363 |
|  |  | 8948145 |
| **ZAMBIA - 0.0%†** | **ZAMBIA - 0.0%†** | **ZAMBIA - 0.0%†** |
| First Quantum Minerals Ltd.\* | 1630 | 28897 |
| **TOTAL COMMON STOCKS** <br> (Cost - $91,740,794) |  | 119636274 |
| **EXCHANGE TRADED FUNDS - 5.9%** | **EXCHANGE TRADED FUNDS - 5.9%** | **EXCHANGE TRADED FUNDS - 5.9%** |
| **EQUITY FUNDS - 5.9%** | **EQUITY FUNDS - 5.9%** | **EQUITY FUNDS - 5.9%** |
| iShares MSCI Saudi Arabia ETF | 42047 | 1620491 |
| iShares MSCI Taiwan ETF | 115818 | 6647953 |
| **TOTAL EXCHANGE TRADED FUNDS** <br> (Cost - $6,200,190) |  | 8268444 |
| **PREFERRED STOCKS - 0.7%** | **PREFERRED STOCKS - 0.7%** | **PREFERRED STOCKS - 0.7%** |
| **BRAZIL - 0.4%** | **BRAZIL - 0.4%** | **BRAZIL - 0.4%** |
| Banco Bradesco SA | 57243 | 176307 |
| Braskem SA, Class A\* | 10152 | 16834 |
| Energisa S/A | 1 | 2 |
| Gerdau SA | 5185 | 15200 |
| Isa Energia Brasil SA | 4880 | 20770 |
| Itau Unibanco Holding SA | 40061 | 270628 |
| Petroleo Brasileiro SA | 9299 | 53448 |
| Usinas Siderurgicas de Minas Gerais SA <br>Usiminas, Class A\* | 17187 | 12911 |
|  |  | 566100 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined International Core Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COLOMBIA - 0.0%†** | **COLOMBIA - 0.0%†** | **COLOMBIA - 0.0%†** |
| Grupo Cibest SA | 1950 | $22035 |
| **GERMANY - 0.2%** | **GERMANY - 0.2%** | **GERMANY - 0.2%** |
| Henkel AG & Co. KGaA | 3607 | 282244 |
| Sartorius AG, Class Preference | 62 | 15720 |
|  |  | 297964 |
| **SOUTH KOREA - 0.1%** | **SOUTH KOREA - 0.1%** | **SOUTH KOREA - 0.1%** |
| Samsung Electronics Co. Ltd. | 4374 | 160427 |
| **TOTAL PREFERRED STOCKS** <br> (Cost - $1,126,340) |  | 1046526 |
| **WARRANTS - 0.0%†** | **WARRANTS - 0.0%†** | **WARRANTS - 0.0%†** |
| Constellation Software, Inc., expires <br>3/31/40\* (Cost - $0) | 104 | 0 |
| **SHORT-TERM INVESTMENTS - 6.7%** | **SHORT-TERM INVESTMENTS - 6.7%** | **SHORT-TERM INVESTMENTS - 6.7%** |
| **MONEY MARKET FUNDS - 6.7%** | **MONEY MARKET FUNDS - 6.7%** | **MONEY MARKET FUNDS - 6.7%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.23% (b) <br>(Cost - $9,358,145) | 9358145 | 9358145 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $9,358,145) |  | 9358145 |
| **TOTAL INVESTMENTS - 98.7%** <br> (Cost - $108,425,469) |  | $138309389 |
| **OTHER ASSETS LESS LIABILITIES - NET 1.3%** |  | 1775729 |
| **TOTAL NET ASSETS - 100.0%** |  | $140085118 |

---

\* Non-income producing security.

† Represents less than 0.05%.

(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2025, these securities amounted to $2,893,330 or 2.1% 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. | 10 | 7/30/2025 | $729400 | $1230 |
| MSCI EAFE Future | Goldman Sachs & Co. | 16 | 9/19/2025 | 2145360 | 29950 |
| MSCI Emerging Market Index Future | Goldman Sachs & Co. | 15 | 9/19/2025 | 925125 | 16336 |
| MSCI India Index Future | Goldman Sachs & Co. | 47 | 9/19/2025 | 6260400 | 155226 |
| **TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**202742** |

---

See accompanying notes to financial statements.

------

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

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** | **COMMON STOCKS - 98.6%** |
| **AEROSPACE & DEFENSE - 5.4%** | **AEROSPACE & DEFENSE - 5.4%** | **AEROSPACE & DEFENSE - 5.4%** |
| Curtiss-Wright Corp. | 824 | $402565 |
| HEICO Corp. | 3636 | 1192608 |
| HEICO Corp., Class A | 12913 | 3341239 |
| Howmet Aerospace, Inc. | 41060 | 7642498 |
| Loar Holdings, Inc.\* | 3703 | 319087 |
| Lockheed Martin Corp. | 1224 | 566883 |
| Rocket Lab Corp.\* | 30127 | 1077643 |
| Standard Aero, Inc.\* | 9684 | 306499 |
| Voyager Technologies, Inc., Class A\* | 315 | 12364 |
|  |  | 14861386 |
| **AIR FREIGHT & LOGISTICS - 0.2%** | **AIR FREIGHT & LOGISTICS - 0.2%** | **AIR FREIGHT & LOGISTICS - 0.2%** |
| FedEx Corp. | 2164 | 491899 |
| **AUTOMOBILE COMPONENTS - 0.2%** | **AUTOMOBILE COMPONENTS - 0.2%** | **AUTOMOBILE COMPONENTS - 0.2%** |
| BorgWarner, Inc. | 12111 | 405476 |
| **BANKS - 0.3%** | **BANKS - 0.3%** | **BANKS - 0.3%** |
| Huntington Bancshares, Inc. | 4336 | 72672 |
| Mid Penn Bancorp, Inc. | 1 | 28 |
| NU Holdings Ltd., Class A\* | 60875 | 835205 |
|  |  | 907905 |
| **BEVERAGES - 0.1%** | **BEVERAGES - 0.1%** | **BEVERAGES - 0.1%** |
| Celsius Holdings, Inc.\* | 3128 | 145108 |
| **BIOTECHNOLOGY - 4.1%** | **BIOTECHNOLOGY - 4.1%** | **BIOTECHNOLOGY - 4.1%** |
| AbbVie, Inc. | 241 | 44734 |
| Alnylam Pharmaceuticals, Inc.\* | 10212 | 3330031 |
| Apellis Pharmaceuticals, Inc.\* | 11467 | 198494 |
| Caris Life Sciences, Inc.\* | 1134 | 30300 |
| Exact Sciences Corp.\* | 4570 | 242850 |
| Exelixis, Inc.\* | 22115 | 974719 |
| Gilead Sciences, Inc. | 399 | 44237 |
| Incyte Corp.\* | 5878 | 400292 |
| Moderna, Inc.\* | 4789 | 132129 |
| Natera, Inc.\* | 14790 | 2498623 |
| Neurocrine Biosciences, Inc.\* | 7162 | 900192 |
| Regeneron Pharmaceuticals, Inc. | 2357 | 1237425 |
| Sarepta Therapeutics, Inc.\* | 14575 | 249232 |
| TG Therapeutics, Inc.\* | 760 | 27352 |
| Ultragenyx Pharmaceutical, Inc.\* | 20741 | 754143 |
| United Therapeutics Corp.\* | 743 | 213501 |
| Viking Therapeutics, Inc.\* | 5020 | 133030 |
|  |  | 11411284 |
| **BROADLINE RETAIL - 1.4%** | **BROADLINE RETAIL - 1.4%** | **BROADLINE RETAIL - 1.4%** |
| Amazon.com, Inc.\* | 2980 | 653782 |
| Coupang, Inc.\* | 104143 | 3120124 |
| Etsy, Inc.\* | 3368 | 168939 |
|  |  | 3942845 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BUILDING PRODUCTS - 0.7%** | **BUILDING PRODUCTS - 0.7%** | **BUILDING PRODUCTS - 0.7%** |
| Allegion PLC | 1696 | $244428 |
| Armstrong World Industries, Inc. | 8003 | 1300007 |
| AZEK Co., Inc. (The)\* | 6878 | 373819 |
| Owens Corning | 753 | 103553 |
|  |  | 2021807 |
| **CAPITAL MARKETS - 6.7%** | **CAPITAL MARKETS - 6.7%** | **CAPITAL MARKETS - 6.7%** |
| Ameriprise Financial, Inc. | 6223 | 3321402 |
| Ares Management Corp., Class A | 13448 | 2329194 |
| Blackstone, Inc. | 6629 | 991566 |
| Blue Owl Capital, Inc. | 47221 | 907115 |
| Charles Schwab Corp. (The) | 13411 | 1223620 |
| Coinbase Global, Inc., Class A\* | 2083 | 730071 |
| Etoro Group Ltd., Class A\* | 3453 | 229935 |
| Houlihan Lokey, Inc. | 1154 | 207662 |
| Intercontinental Exchange, Inc. | 686 | 125860 |
| Janus Henderson Group PLC | 3129 | 121530 |
| Jefferies Financial Group, Inc. | 6395 | 349742 |
| LPL Financial Holdings, Inc. | 3475 | 1303021 |
| Moody's Corp. | 2736 | 1372350 |
| Morgan Stanley | 8257 | 1163081 |
| Morningstar, Inc. | 2090 | 656114 |
| MSCI, Inc. | 3086 | 1779820 |
| Nasdaq, Inc. | 4399 | 393359 |
| Robinhood Markets, Inc., Class A\* | 8683 | 812989 |
| S&P Global, Inc. | 356 | 187715 |
| XP, Inc., Class A | 15966 | 322513 |
|  |  | 18528659 |
| **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** |
| Celanese Corp. | 3536 | 195647 |
| DuPont de Nemours, Inc. | 2809 | 192669 |
|  |  | 388316 |
| **COMMERCIAL SERVICES & SUPPLIES - 1.4%** | **COMMERCIAL SERVICES & SUPPLIES - 1.4%** | **COMMERCIAL SERVICES & SUPPLIES - 1.4%** |
| Cintas Corp. | 721 | 160689 |
| Rollins, Inc. | 30695 | 1731812 |
| Veralto Corp. | 12820 | 1294179 |
| Waste Connections, Inc. | 3385 | 632047 |
|  |  | 3818727 |
| **COMMUNICATIONS EQUIPMENT - 0.2%** | **COMMUNICATIONS EQUIPMENT - 0.2%** | **COMMUNICATIONS EQUIPMENT - 0.2%** |
| Arista Networks, Inc.\* | 1082 | 110699 |
| Ciena Corp.\* | 3218 | 261720 |
| Motorola Solutions, Inc. | 356 | 149684 |
|  |  | 522103 |
| **CONSTRUCTION & ENGINEERING - 2.3%** | **CONSTRUCTION & ENGINEERING - 2.3%** | **CONSTRUCTION & ENGINEERING - 2.3%** |
| Comfort Systems USA, Inc. | 6407 | 3435498 |
| EMCOR Group, Inc. | 1397 | 747241 |
| MasTec, Inc.\* | 6765 | 1152959 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONSTRUCTION & ENGINEERING - 2.3% (Continued)** | **CONSTRUCTION & ENGINEERING - 2.3% (Continued)** | **CONSTRUCTION & ENGINEERING - 2.3% (Continued)** |
| Quanta Services, Inc. | 2563 | $969019 |
|  |  | 6304717 |
| **CONSTRUCTION MATERIALS - 0.1%** | **CONSTRUCTION MATERIALS - 0.1%** | **CONSTRUCTION MATERIALS - 0.1%** |
| Vulcan Materials Co. | 774 | 201875 |
| **CONSUMER FINANCE - 0.1%** | **CONSUMER FINANCE - 0.1%** | **CONSUMER FINANCE - 0.1%** |
| Ally Financial, Inc. | 9444 | 367844 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9%** |
| Costco Wholesale Corp. | 479 | 474182 |
| Sprouts Farmers Market, Inc.\* | 11230 | 1848907 |
| Sysco Corp. | 16107 | 1219944 |
| Walmart, Inc. | 16245 | 1588436 |
|  |  | 5131469 |
| **CONTAINERS & PACKAGING - 0.3%** | **CONTAINERS & PACKAGING - 0.3%** | **CONTAINERS & PACKAGING - 0.3%** |
| Packaging Corp. of America | 4392 | 827672 |
| **DISTRIBUTORS - 0.1%** | **DISTRIBUTORS - 0.1%** | **DISTRIBUTORS - 0.1%** |
| Pool Corp. | 853 | 248632 |
| **DIVERSIFIED CONSUMER SERVICES - 1.5%** | **DIVERSIFIED CONSUMER SERVICES - 1.5%** | **DIVERSIFIED CONSUMER SERVICES - 1.5%** |
| Bright Horizons Family Solutions, Inc.\* | 5134 | 634511 |
| Duolingo, Inc.\* | 5163 | 2116933 |
| Grand Canyon Education, Inc.\* | 2697 | 509733 |
| H&R Block, Inc. | 5948 | 326486 |
| Stride, Inc.\* | 3205 | 465334 |
|  |  | 4052997 |
| **ELECTRIC UTILITIES - 0.2%** | **ELECTRIC UTILITIES - 0.2%** | **ELECTRIC UTILITIES - 0.2%** |
| Entergy Corp. | 7198 | 598298 |
| **ELECTRICAL EQUIPMENT - 1.8%** | **ELECTRICAL EQUIPMENT - 1.8%** | **ELECTRICAL EQUIPMENT - 1.8%** |
| AMETEK, Inc. | 1254 | 226924 |
| GE Vernova, Inc. | 432 | 228593 |
| NEXTracker, Inc., Class A\* | 1682 | 91450 |
| Rockwell Automation, Inc. | 548 | 182029 |
| Vertiv Holdings Co., Class A | 33820 | 4342826 |
|  |  | 5071822 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%** |
| Badger Meter, Inc. | 1145 | 280468 |
| Coherent Corp.\* | 2053 | 183148 |
| Corning, Inc. | 6518 | 342782 |
| Flex Ltd.\* | 25852 | 1290532 |
| Keysight Technologies, Inc.\* | 478 | 78325 |
| Zebra Technologies Corp., Class A\* | 823 | 253780 |
|  |  | 2429035 |
| **ENERGY EQUIPMENT & SERVICES - 0.0%†** | **ENERGY EQUIPMENT & SERVICES - 0.0%†** | **ENERGY EQUIPMENT & SERVICES - 0.0%†** |
| TechnipFMC PLC | 2827 | 97362 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ENTERTAINMENT - 2.4%** | **ENTERTAINMENT - 2.4%** | **ENTERTAINMENT - 2.4%** |
| Liberty Media Corp.-Liberty Formula One, <br>Class A\* | 2073 | $196852 |
| Liberty Media Corp.-Liberty Formula One, <br>Class C\* | 630 | 65835 |
| ROBLOX Corp., Class A\* | 55743 | 5864164 |
| Roku, Inc.\* | 5096 | 447887 |
| Take-Two Interactive Software, Inc.\* | 654 | 158824 |
|  |  | 6733562 |
| **FINANCIAL SERVICES - 2.1%** | **FINANCIAL SERVICES - 2.1%** | **FINANCIAL SERVICES - 2.1%** |
| Affirm Holdings, Inc.\* | 5455 | 377159 |
| Block, Inc.\* | 20759 | 1410159 |
| Chime Financial, Inc., Class A\* | 7703 | 265830 |
| Corpay, Inc.\* | 4527 | 1502149 |
| Remitly Global, Inc.\* | 21227 | 398431 |
| Toast, Inc., Class A\* | 41492 | 1837681 |
|  |  | 5791409 |
| **GROUND TRANSPORTATION - 0.8%** | **GROUND TRANSPORTATION - 0.8%** | **GROUND TRANSPORTATION - 0.8%** |
| Knight-Swift Transportation Holdings, Inc. | 9673 | 427837 |
| Lyft, Inc., Class A\* | 36713 | 578597 |
| Old Dominion Freight Line, Inc. | 474 | 76930 |
| Saia, Inc.\* | 274 | 75073 |
| Uber Technologies, Inc.\* | 3159 | 294735 |
| XPO, Inc.\* | 5744 | 725410 |
|  |  | 2178582 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 3.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 3.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 3.6%** |
| Align Technology, Inc.\* | 446 | 84441 |
| Boston Scientific Corp.\* | 3754 | 403217 |
| Dexcom, Inc.\* | 29266 | 2554629 |
| GE HealthCare Technologies, Inc. | 6712 | 497158 |
| IDEXX Laboratories, Inc.\* | 3257 | 1746860 |
| Inspire Medical Systems, Inc.\* | 1367 | 177396 |
| Insulet Corp.\* | 6973 | 2190777 |
| Medtronic PLC | 10102 | 880591 |
| Penumbra, Inc.\* | 3340 | 857144 |
| ResMed, Inc. | 2455 | 633390 |
|  |  | 10025603 |
| **HEALTH CARE PROVIDERS & SERVICES - 3.2%** | **HEALTH CARE PROVIDERS & SERVICES - 3.2%** | **HEALTH CARE PROVIDERS & SERVICES - 3.2%** |
| Cardinal Health, Inc. | 23457 | 3940776 |
| Cencora, Inc. | 12568 | 3768515 |
| Centene Corp.\* | 769 | 41741 |
| Encompass Health Corp. | 1779 | 218159 |
| Molina Healthcare, Inc.\* | 2496 | 743558 |
| Tenet Healthcare Corp.\* | 798 | 140448 |
|  |  | 8853197 |
| **HEALTH CARE TECHNOLOGY - 1.5%** | **HEALTH CARE TECHNOLOGY - 1.5%** | **HEALTH CARE TECHNOLOGY - 1.5%** |
| Doximity, Inc., Class A\* | 4859 | 298051 |
| Veeva Systems, Inc., Class A\* | 13722 | 3951662 |
|  |  | 4249713 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HOTELS, RESTAURANTS & LEISURE - 11.1%** | **HOTELS, RESTAURANTS & LEISURE - 11.1%** | **HOTELS, RESTAURANTS & LEISURE - 11.1%** |
| Booking Holdings, Inc. | 386 | $2234647 |
| Brinker International, Inc.\* | 3523 | 635303 |
| Carnival Corp.\* | 17413 | 489653 |
| Cava Group, Inc.\* | 4597 | 387205 |
| Churchill Downs, Inc. | 8945 | 903445 |
| Darden Restaurants, Inc. | 9480 | 2066356 |
| Domino's Pizza, Inc. | 1042 | 469525 |
| DoorDash, Inc., Class A\* | 215 | 53000 |
| DraftKings, Inc., Class A\* | 45927 | 1969809 |
| Dutch Bros, Inc., Class A\* | 16472 | 1126191 |
| Expedia Group, Inc. | 8233 | 1388742 |
| Flutter Entertainment PLC\* | 10142 | 2898178 |
| Hilton Worldwide Holdings, Inc. | 9744 | 2595217 |
| Life Time Group Holdings, Inc.\* | 18906 | 573419 |
| Light & Wonder, Inc.\* | 4850 | 466861 |
| Planet Fitness, Inc., Class A\* | 8249 | 899553 |
| Royal Caribbean Cruises Ltd. | 24486 | 7667546 |
| Texas Roadhouse, Inc. | 4858 | 910438 |
| Wingstop, Inc. | 1863 | 627347 |
| Wyndham Hotels & Resorts, Inc. | 5001 | 406131 |
| Yum! Brands, Inc. | 12091 | 1791644 |
|  |  | 30560210 |
| **HOUSEHOLD DURABLES - 0.7%** | **HOUSEHOLD DURABLES - 0.7%** | **HOUSEHOLD DURABLES - 0.7%** |
| DR Horton, Inc. | 330 | 42544 |
| Garmin Ltd. | 4608 | 961782 |
| NVR, Inc.\* | 32 | 236341 |
| SharkNinja, Inc.\* | 1757 | 173925 |
| Taylor Morrison Home Corp.\* | 4581 | 281365 |
| Toll Brothers, Inc. | 2845 | 324700 |
|  |  | 2020657 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.9%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.9%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.9%** |
| Vistra Corp. | 26265 | 5090420 |
| **Insurance - 1.1%** | **Insurance - 1.1%** | **Insurance - 1.1%** |
| Allstate Corp. (The) | 4215 | 848522 |
| Brown & Brown, Inc. | 6235 | 691274 |
| Kinsale Capital Group, Inc. | 528 | 255499 |
| Slide Insurance Holdings, Inc.\* | 8886 | 192471 |
| Travelers Cos., Inc. (The) | 3373 | 902412 |
|  |  | 2890178 |
| **INTERACTIVE MEDIA & SERVICES - 1.5%** | **INTERACTIVE MEDIA & SERVICES - 1.5%** | **INTERACTIVE MEDIA & SERVICES - 1.5%** |
| Alphabet, Inc., Class A | 3104 | 547018 |
| Pinterest, Inc., Class A\* | 59339 | 2127896 |
| Reddit, Inc., Class A\* | 9372 | 1411142 |
|  |  | 4086056 |
| **IT SERVICES - 3.9%** | **IT SERVICES - 3.9%** | **IT SERVICES - 3.9%** |
| Cloudflare, Inc., Class A\* | 21768 | 4262827 |
| Gartner, Inc.\* | 5439 | 2198553 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **IT SERVICES - 3.9% (Continued)** | **IT SERVICES - 3.9% (Continued)** | **IT SERVICES - 3.9% (Continued)** |
| GoDaddy, Inc., Class A\* | 15942 | $2870517 |
| MongoDB, Inc.\* | 3103 | 651599 |
| Twilio, Inc., Class A\* | 2628 | 326818 |
| VeriSign, Inc. | 1153 | 332986 |
|  |  | 10643300 |
| **LEISURE PRODUCTS - 0.3%** | **LEISURE PRODUCTS - 0.3%** | **LEISURE PRODUCTS - 0.3%** |
| Hasbro, Inc. | 10028 | 740267 |
| **LIFE SCIENCES TOOLS & SERVICES - 0.6%** | **LIFE SCIENCES TOOLS & SERVICES - 0.6%** | **LIFE SCIENCES TOOLS & SERVICES - 0.6%** |
| Tempus AI, Inc., Class A\* | 4270 | 271316 |
| Waters Corp.\* | 2601 | 907853 |
| West Pharmaceutical Services, Inc. | 2497 | 546343 |
|  |  | 1725512 |
| **MACHINERY - 1.2%** | **MACHINERY - 1.2%** | **MACHINERY - 1.2%** |
| Crane Co. | 2539 | 482131 |
| Flowserve Corp. | 22318 | 1168347 |
| Parker-Hannifin Corp. | 1431 | 999510 |
| Pentair PLC | 7001 | 718723 |
|  |  | 3368711 |
| **MEDIA - 1.5%** | **MEDIA - 1.5%** | **MEDIA - 1.5%** |
| DoubleVerify Holdings, Inc.\* | 10480 | 156886 |
| Fox Corp., Class A | 11783 | 660319 |
| New York Times Co. (The), Class A | 8056 | 450975 |
| Trade Desk, Inc. (The), Class A\* | 40406 | 2908828 |
|  |  | 4177008 |
| **METALS & MINING - 0.0%†** | **METALS & MINING - 0.0%†** | **METALS & MINING - 0.0%†** |
| Carpenter Technology Corp. | 227 | 62738 |
| **OIL, GAS & CONSUMABLE FUELS - 2.8%** | **OIL, GAS & CONSUMABLE FUELS - 2.8%** | **OIL, GAS & CONSUMABLE FUELS - 2.8%** |
| Antero Resources Corp.\* | 4820 | 194150 |
| Cheniere Energy, Inc. | 10337 | 2517266 |
| EQT Corp. | 2141 | 124863 |
| Targa Resources Corp. | 22694 | 3950572 |
| Texas Pacific Land Corp. | 1001 | 1057446 |
|  |  | 7844297 |
| **PASSENGER AIRLINES - 0.1%** | **PASSENGER AIRLINES - 0.1%** | **PASSENGER AIRLINES - 0.1%** |
| Alaska Air Group, Inc.\* | 5740 | 284015 |
| Delta Air Lines, Inc. | 2253 | 110803 |
|  |  | 394818 |
| **PERSONAL CARE PRODUCTS - 0.1%** | **PERSONAL CARE PRODUCTS - 0.1%** | **PERSONAL CARE PRODUCTS - 0.1%** |
| BellRing Brands, Inc.\* | 2269 | 131443 |
| **PHARMACEUTICALS - 0.4%** | **PHARMACEUTICALS - 0.4%** | **PHARMACEUTICALS - 0.4%** |
| Bristol-Myers Squibb Co. | 12273 | 568117 |
| Corcept Therapeutics, Inc.\* | 3118 | 228861 |
| Pfizer, Inc. | 15256 | 369806 |
|  |  | 1166784 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PROFESSIONAL SERVICES - 3.1%** | **PROFESSIONAL SERVICES - 3.1%** | **PROFESSIONAL SERVICES - 3.1%** |
| Booz Allen Hamilton Holding Corp. | 11901 | $1239251 |
| Broadridge Financial Solutions, Inc. | 2178 | 529319 |
| Equifax, Inc. | 2254 | 584620 |
| Paylocity Holding Corp.\* | 5018 | 909212 |
| TransUnion | 6881 | 605528 |
| UL Solutions, Inc., Class A | 2248 | 163789 |
| Verisk Analytics, Inc. | 14112 | 4395888 |
|  |  | 8427607 |
| **RETAIL REITS - 0.5%** | **RETAIL REITS - 0.5%** | **RETAIL REITS - 0.5%** |
| Simon Property Group, Inc. | 8317 | 1337041 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%** |
| Advanced Micro Devices, Inc.\* | 1126 | 159779 |
| Astera Labs, Inc.\* | 12353 | 1116958 |
| Credo Technology Group Holding Ltd.\* | 3936 | 364434 |
| Enphase Energy, Inc.\* | 6821 | 270453 |
| Lam Research Corp. | 5496 | 534981 |
| Lattice Semiconductor Corp.\* | 5815 | 284877 |
| Marvell Technology, Inc. | 10833 | 838474 |
| Monolithic Power Systems, Inc. | 3512 | 2568607 |
| NVIDIA Corp. | 475 | 75045 |
| Onto Innovation, Inc.\* | 6176 | 623344 |
| Qorvo, Inc.\* | 431 | 36596 |
| Rambus, Inc.\* | 5933 | 379831 |
|  |  | 7253379 |
| **SOFTWARE - 10.4%** | **SOFTWARE - 10.4%** | **SOFTWARE - 10.4%** |
| ACI Worldwide, Inc.\* | 2577 | 118310 |
| Adobe, Inc.\* | 1869 | 723079 |
| AppLovin Corp., Class A\* | 2617 | 916159 |
| Atlassian Corp., Class A\* | 2239 | 454719 |
| Autodesk, Inc.\* | 3102 | 960286 |
| Cadence Design Systems, Inc.\* | 102 | 31431 |
| Clearwater Analytics Holdings, Inc., Class A\* | 8433 | 184936 |
| Confluent, Inc., Class A\* | 36510 | 910194 |
| Datadog, Inc., Class A\* | 27001 | 3627044 |
| Docusign, Inc.\* | 10941 | 852195 |
| Dropbox, Inc., Class A\* | 5356 | 153182 |
| Dynatrace, Inc.\* | 41055 | 2266647 |
| Elastic NV\* | 18463 | 1556985 |
| Fair Isaac Corp.\* | 1912 | 3495060 |
| Fortinet, Inc.\* | 481 | 50851 |
| Gitlab, Inc., Class A\* | 11818 | 533110 |
| HubSpot, Inc.\* | 4768 | 2654012 |
| Intuit, Inc. | 667 | 525349 |
| Manhattan Associates, Inc.\* | 5443 | 1074829 |
| Microsoft Corp. | 911 | 453141 |
| Palantir Technologies, Inc., Class A\* | 12442 | 1696093 |
| Pegasystems, Inc. | 2296 | 124282 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOFTWARE - 10.4% (Continued)** | **SOFTWARE - 10.4% (Continued)** | **SOFTWARE - 10.4% (Continued)** |
| Procore Technologies, Inc.\* | 1283 | $87783 |
| RingCentral, Inc., Class A\* | 7714 | 218692 |
| Rubrik, Inc., Class A\* | 6436 | 576601 |
| Salesforce, Inc. | 3901 | 1063764 |
| Samsara, Inc., Class A\* | 13295 | 528875 |
| SentinelOne, Inc., Class A\* | 13636 | 249266 |
| Tenable Holdings, Inc.\* | 3410 | 115190 |
| Unity Software, Inc.\* | 3977 | 96243 |
| Workday, Inc., Class A\* | 696 | 167040 |
| Zscaler, Inc.\* | 7278 | 2284855 |
|  |  | 28750203 |
| **SPECIALIZED REITS - 0.7%** | **SPECIALIZED REITS - 0.7%** | **SPECIALIZED REITS - 0.7%** |
| CubeSmart | 7339 | 311908 |
| Equinix, Inc. | 1289 | 1025361 |
| Iron Mountain, Inc. | 6713 | 688552 |
|  |  | 2025821 |
| **SPECIALTY RETAIL - 5.2%** | **SPECIALTY RETAIL - 5.2%** | **SPECIALTY RETAIL - 5.2%** |
| AutoNation, Inc.\* | 4155 | 825391 |
| AutoZone, Inc.\* | 31 | 115079 |
| Best Buy Co., Inc. | 5121 | 343773 |
| Burlington Stores, Inc.\* | 1444 | 335932 |
| CarMax, Inc.\* | 9579 | 643805 |
| Carvana Co.\* | 12364 | 4166173 |
| Chewy, Inc., Class A\* | 15622 | 665810 |
| Five Below, Inc.\* | 5133 | 673347 |
| Floor & Decor Holdings, Inc., Class A\* | 5543 | 421046 |
| Gap, Inc. (The) | 16132 | 351839 |
| Group 1 Automotive, Inc. | 198 | 86468 |
| Lithia Motors, Inc., Class A | 1997 | 674626 |
| Murphy USA, Inc. | 657 | 267268 |
| O'Reilly Automotive, Inc.\* | 570 | 51374 |
| Ross Stores, Inc. | 463 | 59069 |
| TJX Cos., Inc. (The) | 1992 | 245992 |
| Tractor Supply Co. | 33849 | 1786212 |
| Ulta Beauty, Inc.\* | 3170 | 1482989 |
| Urban Outfitters, Inc.\* | 2453 | 177941 |
| Williams-Sonoma, Inc. | 5899 | 963720 |
|  |  | 14337854 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.2%** |
| Apple, Inc. | 2745 | 563192 |
| NetApp, Inc. | 5996 | 638874 |
| Pure Storage, Inc., Class A\* | 18737 | 1078876 |
| Super Micro Computer, Inc.\* | 20739 | 1016418 |
|  |  | 3297360 |
| **TELECOMMUNICATIONS - 0.0%†** | **TELECOMMUNICATIONS - 0.0%†** | **TELECOMMUNICATIONS - 0.0%†** |
| AST Spacemobile, Inc., Class A\* | 2386 | 111498 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TEXTILES, APPAREL & LUXURY GOODS - 1.7%** | **TEXTILES, APPAREL & LUXURY GOODS - 1.7%** | **TEXTILES, APPAREL & LUXURY GOODS - 1.7%** |
| Amer Sports, Inc.\* | 6625 | $256785 |
| Deckers Outdoor Corp.\* | 11963 | 1233027 |
| Lululemon Athletica, Inc.\* | 2316 | 550235 |
| Ralph Lauren Corp. | 4355 | 1194489 |
| Skechers USA, Inc., Class A\* | 829 | 52310 |
| Tapestry, Inc. | 14856 | 1304505 |
|  |  | 4591351 |
| **TRADING COMPANIES & DISTRIBUTORS - 2.4%** | **TRADING COMPANIES & DISTRIBUTORS - 2.4%** | **TRADING COMPANIES & DISTRIBUTORS - 2.4%** |
| Air Lease Corp. | 2098 | 122712 |
| Core & Main, Inc., Class A\* | 9891 | 596922 |
| Fastenal Co. | 14593 | 612906 |
| FTAI Aviation Ltd. | 9933 | 1142692 |
| United Rentals, Inc. | 694 | 522860 |
| WW Grainger, Inc. | 3372 | 3507689 |
|  |  | 6505781 |
| **TOTAL COMMON STOCKS** <br> (Cost - $219,360,453) |  | 272149598 |
| **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 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SHORT-TERM INVESTMENTS - 0.3%** | **SHORT-TERM INVESTMENTS - 0.3%** | **SHORT-TERM INVESTMENTS - 0.3%** |
| **MONEY MARKET FUNDS - 0.3%** | **MONEY MARKET FUNDS - 0.3%** | **MONEY MARKET FUNDS - 0.3%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.23% (a) <br>(Cost - $859,324) | 859324 | $859324 |
| **TOTAL SHORT-TERM INVESTMENTS** <br> (Cost - $859,324) |  | 859324 |
| **TOTAL INVESTMENTS - 98.9%** <br> (Cost - $220,219,777) |  | $273010896 |
| **OTHER ASSETS LESS LIABILITIES - NET 1.1%** |  | 2963683 |
| **TOTAL NET ASSETS - 100.0%** |  | $275974579 |

---

\* 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. | 14 | 9/19/2025 | $4377625 | $35648 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** |
| **AEROSPACE & DEFENSE - 2.4%** | **AEROSPACE & DEFENSE - 2.4%** | **AEROSPACE & DEFENSE - 2.4%** |
| General Dynamics Corp. | 3979 | $1160515 |
| HEICO Corp., Class A | 2285 | 591244 |
| Lockheed Martin Corp. | 3359 | 1555687 |
| Northrop Grumman Corp. | 329 | 164493 |
| RTX Corp. | 12631 | 1844379 |
| Voyager Technologies, Inc., Class A\* | 253 | 9930 |
|  |  | 5326248 |
| **AIR FREIGHT & LOGISTICS - 1.3%** | **AIR FREIGHT & LOGISTICS - 1.3%** | **AIR FREIGHT & LOGISTICS - 1.3%** |
| Expeditors International of Washington, Inc. | 2194 | 250664 |
| FedEx Corp. | 5721 | 1300441 |
| United Parcel Service, Inc., Class B | 12259 | 1237423 |
|  |  | 2788528 |
| **AUTOMOBILE COMPONENTS - 0.4%** | **AUTOMOBILE COMPONENTS - 0.4%** | **AUTOMOBILE COMPONENTS - 0.4%** |
| BorgWarner, Inc. | 25740 | 861775 |
| **AUTOMOBILES - 0.3%** | **AUTOMOBILES - 0.3%** | **AUTOMOBILES - 0.3%** |
| General Motors Co. | 13038 | 641600 |
| **BANKS - 7.5%** | **BANKS - 7.5%** | **BANKS - 7.5%** |
| Bank of America Corp. | 83341 | 3943696 |
| Citigroup, Inc. | 18356 | 1562463 |
| Huntington Bancshares, Inc. | 123154 | 2064061 |
| JPMorgan Chase & Co. | 23865 | 6918702 |
| PNC Financial Services Group, Inc. (The) | 11110 | 2071126 |
| Wells Fargo & Co. | 1136 | 91017 |
|  |  | 16651065 |
| **BEVERAGES - 1.2%** | **BEVERAGES - 1.2%** | **BEVERAGES - 1.2%** |
| Coca-Cola Co. (The) | 10549 | 746342 |
| Keurig Dr Pepper, Inc. | 47042 | 1555208 |
| Monster Beverage Corp.\* | 1248 | 78175 |
| PepsiCo, Inc. | 2431 | 320989 |
|  |  | 2700714 |
| **BIOTECHNOLOGY - 2.7%** | **BIOTECHNOLOGY - 2.7%** | **BIOTECHNOLOGY - 2.7%** |
| AbbVie, Inc. | 7033 | 1305465 |
| Biogen, Inc.\* | 4686 | 588515 |
| Caris Life Sciences, Inc.\* | 920 | 24582 |
| Exelixis, Inc.\* | 2121 | 93483 |
| Gilead Sciences, Inc. | 7902 | 876095 |
| Incyte Corp.\* | 4445 | 302704 |
| Moderna, Inc.\* | 7337 | 202428 |
| Natera, Inc.\* | 1653 | 279258 |
| Regeneron Pharmaceuticals, Inc. | 3201 | 1680525 |
| Sarepta Therapeutics, Inc.\* | 3589 | 61372 |
| Ultragenyx Pharmaceutical, Inc.\* | 3414 | 124133 |
| United Therapeutics Corp.\* | 1193 | 342809 |
|  |  | 5881369 |
| **BROADLINE RETAIL - 2.1%** | **BROADLINE RETAIL - 2.1%** | **BROADLINE RETAIL - 2.1%** |
| Amazon.com, Inc.\* | 21640 | 4747600 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BUILDING PRODUCTS - 0.8%** | **BUILDING PRODUCTS - 0.8%** | **BUILDING PRODUCTS - 0.8%** |
| Allegion PLC | 2275 | $327873 |
| Armstrong World Industries, Inc. | 1798 | 292067 |
| Johnson Controls International PLC | 5892 | 622313 |
| Owens Corning | 2330 | 320422 |
| Trane Technologies PLC | 714 | 312311 |
|  |  | 1874986 |
| **CAPITAL MARKETS - 7.3%** | **CAPITAL MARKETS - 7.3%** | **CAPITAL MARKETS - 7.3%** |
| Blackstone, Inc. | 5477 | 819250 |
| Cboe Global Markets, Inc. | 1065 | 248369 |
| Charles Schwab Corp. (The) | 27425 | 2502257 |
| CME Group, Inc. | 4852 | 1337308 |
| Etoro Group Ltd., Class A\* | 2888 | 192312 |
| Evercore, Inc., Class A | 302 | 81546 |
| Goldman Sachs Group, Inc. (The) | 264 | 186846 |
| Houlihan Lokey, Inc., Class A | 784 | 141081 |
| Interactive Brokers Group, Inc., Class A | 4506 | 249677 |
| Intercontinental Exchange, Inc. | 10429 | 1913409 |
| Invesco Ltd. | 41021 | 646901 |
| Janus Henderson Group PLC | 6838 | 265588 |
| Moody's Corp. | 2649 | 1328712 |
| Morgan Stanley | 21571 | 3038491 |
| Nasdaq, Inc. | 10294 | 920489 |
| S&P Global, Inc. | 4119 | 2171907 |
| XP, Inc., Class A | 11829 | 238946 |
|  |  | 16283089 |
| **CHEMICALS - 1.3%** | **CHEMICALS - 1.3%** | **CHEMICALS - 1.3%** |
| Celanese Corp. | 3066 | 169642 |
| Corteva, Inc. | 3990 | 297375 |
| Dow, Inc. | 12299 | 325677 |
| DuPont de Nemours, Inc. | 13218 | 906623 |
| Ecolab, Inc. | 1418 | 382066 |
| Huntsman Corp. | 33889 | 353123 |
| Olin Corp. | 2806 | 56372 |
| Scotts Miracle-Gro Co. (The) | 4986 | 328877 |
|  |  | 2819755 |
| **COMMERCIAL SERVICES & SUPPLIES - 0.9%** | **COMMERCIAL SERVICES & SUPPLIES - 0.9%** | **COMMERCIAL SERVICES & SUPPLIES - 0.9%** |
| Cintas Corp. | 3424 | 763107 |
| Rollins, Inc. | 1856 | 104716 |
| Veralto Corp. | 2136 | 215629 |
| Waste Connections, Inc. | 4512 | 842481 |
| Waste Management, Inc. | 109 | 24941 |
|  |  | 1950874 |
| **COMMUNICATIONS EQUIPMENT - 1.4%** | **COMMUNICATIONS EQUIPMENT - 1.4%** | **COMMUNICATIONS EQUIPMENT - 1.4%** |
| Ciena Corp.\* | 354 | 28791 |
| Cisco Systems, Inc. | 29754 | 2064332 |
| Juniper Networks, Inc. | 2842 | 113481 |
| Motorola Solutions, Inc. | 2276 | 956967 |
|  |  | 3163571 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CONSTRUCTION & ENGINEERING - 0.5%** | **CONSTRUCTION & ENGINEERING - 0.5%** | **CONSTRUCTION & ENGINEERING - 0.5%** |
| Comfort Systems USA, Inc. | 345 | $184993 |
| MasTec, Inc.\* | 5328 | 908051 |
|  |  | 1093044 |
| **CONSTRUCTION MATERIALS - 0.1%** | **CONSTRUCTION MATERIALS - 0.1%** | **CONSTRUCTION MATERIALS - 0.1%** |
| CRH PLC | 1681 | 154316 |
| Vulcan Materials Co. | 310 | 80854 |
|  |  | 235170 |
| **CONSUMER FINANCE - 0.9%** | **CONSUMER FINANCE - 0.9%** | **CONSUMER FINANCE - 0.9%** |
| Ally Financial, Inc. | 6210 | 241879 |
| American Express Co. | 4655 | 1484852 |
| OneMain Holdings, Inc. | 4919 | 280383 |
|  |  | 2007114 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.1%** |
| Costco Wholesale Corp. | 1136 | 1124572 |
| Kroger Co. (The) | 3856 | 276591 |
| Sprouts Farmers Market, Inc.\* | 638 | 105040 |
| Target Corp. | 3834 | 378224 |
| Walgreens Boots Alliance, Inc. | 3652 | 41925 |
| Walmart, Inc. | 50653 | 4952850 |
|  |  | 6879202 |
| **CONTAINERS & PACKAGING - 0.7%** | **CONTAINERS & PACKAGING - 0.7%** | **CONTAINERS & PACKAGING - 0.7%** |
| Crown Holdings, Inc. | 650 | 66937 |
| Packaging Corp. of America | 7515 | 1416202 |
|  |  | 1483139 |
| **DIVERSIFIED CONSUMER SERVICES - 0.1%** | **DIVERSIFIED CONSUMER SERVICES - 0.1%** | **DIVERSIFIED CONSUMER SERVICES - 0.1%** |
| Bright Horizons Family Solutions, Inc.\* | 1679 | 207508 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES - 1.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 1.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES - 1.4%** |
| AT&T, Inc. | 45519 | 1317320 |
| Frontier Communications Parent, Inc.\* | 2906 | 105778 |
| Verizon Communications, Inc. | 40423 | 1749103 |
|  |  | 3172201 |
| **ELECTRIC UTILITIES - 2.4%** | **ELECTRIC UTILITIES - 2.4%** | **ELECTRIC UTILITIES - 2.4%** |
| Duke Energy Corp. | 4223 | 498314 |
| Edison International | 12605 | 650418 |
| Entergy Corp. | 26234 | 2180570 |
| IDACORP, Inc. | 2077 | 239789 |
| NextEra Energy, Inc. | 12917 | 896698 |
| OGE Energy Corp. | 2994 | 132874 |
| PG&E Corp. | 53783 | 749735 |
| Xcel Energy, Inc. | 588 | 40043 |
|  |  | 5388441 |
| **ELECTRICAL EQUIPMENT - 1.3%** | **ELECTRICAL EQUIPMENT - 1.3%** | **ELECTRICAL EQUIPMENT - 1.3%** |
| AMETEK, Inc. | 8219 | 1487310 |
| Eaton Corp. PLC | 2921 | 1042768 |
| NEXTracker, Inc., Class A\* | 2310 | 125595 |
| Rockwell Automation, Inc. | 694 | 230526 |
|  |  | 2886199 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.4%** |
| Amphenol Corp., Class A | 5639 | $556851 |
| Badger Meter, Inc. | 414 | 101409 |
| Corning, Inc. | 21024 | 1105652 |
| Flex Ltd.\* | 15902 | 793828 |
| Keysight Technologies, Inc.\* | 3546 | 581048 |
|  |  | 3138788 |
| **ENERGY EQUIPMENT & SERVICES - 0.5%** | **ENERGY EQUIPMENT & SERVICES - 0.5%** | **ENERGY EQUIPMENT & SERVICES - 0.5%** |
| Halliburton Co. | 38924 | 793271 |
| TechnipFMC PLC | 6874 | 236741 |
|  |  | 1030012 |
| **ENTERTAINMENT - 1.2%** | **ENTERTAINMENT - 1.2%** | **ENTERTAINMENT - 1.2%** |
| Take-Two Interactive Software, Inc.\* | 1975 | 479629 |
| Walt Disney Co. (The) | 17579 | 2179972 |
|  |  | 2659601 |
| **FINANCIAL SERVICES - 3.5%** | **FINANCIAL SERVICES - 3.5%** | **FINANCIAL SERVICES - 3.5%** |
| Berkshire Hathaway, Inc., Class B\* | 13797 | 6702169 |
| Chime Financial, Inc., Class A\* | 6250 | 215687 |
| Fiserv, Inc.\* | 3330 | 574125 |
| Global Payments, Inc. | 263 | 21051 |
| Remitly Global, Inc.\* | 12004 | 225315 |
|  |  | 7738347 |
| **FOOD PRODUCTS - 0.4%** | **FOOD PRODUCTS - 0.4%** | **FOOD PRODUCTS - 0.4%** |
| Ingredion, Inc. | 3847 | 521730 |
| Kellanova | 2178 | 173217 |
| Seaboard Corp. | 30 | 85836 |
| Smithfield Foods, Inc. | 3589 | 84449 |
|  |  | 865232 |
| **GROUND TRANSPORTATION - 0.8%** | **GROUND TRANSPORTATION - 0.8%** | **GROUND TRANSPORTATION - 0.8%** |
| Knight-Swift Transportation Holdings, Inc. | 10759 | 475871 |
| Uber Technologies, Inc.\* | 2595 | 242113 |
| Union Pacific Corp. | 4301 | 989574 |
|  |  | 1707558 |
| **HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES - 2.7%** |
| Becton Dickinson & Co. | 349 | 60115 |
| Boston Scientific Corp.\* | 18560 | 1993530 |
| DENTSPLY SIRONA, Inc. | 9337 | 148271 |
| Edwards Lifesciences Corp.\* | 6583 | 514856 |
| GE HealthCare Technologies, Inc. | 3008 | 222803 |
| Medtronic PLC | 32998 | 2876436 |
| STERIS PLC | 391 | 93926 |
|  |  | 5909937 |
| **HEALTH CARE PROVIDERS & SERVICES - 3.1%** | **HEALTH CARE PROVIDERS & SERVICES - 3.1%** | **HEALTH CARE PROVIDERS & SERVICES - 3.1%** |
| Acadia Healthcare Co., Inc.\* | 5611 | 127314 |
| Cardinal Health, Inc. | 9069 | 1523592 |
| Centene Corp.\* | 11790 | 639961 |
| Cigna Group (The) | 1545 | 510746 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **HEALTH CARE PROVIDERS & SERVICES - 3.1% (Continued)** | **HEALTH CARE PROVIDERS & SERVICES - 3.1% (Continued)** | **HEALTH CARE PROVIDERS & SERVICES - 3.1% (Continued)** |
| CVS Health Corp. | 3936 | $271505 |
| Elevance Health, Inc. | 931 | 362122 |
| Encompass Health Corp. | 2669 | 327299 |
| McKesson Corp. | 345 | 252809 |
| Tenet Healthcare Corp.\* | 1390 | 244640 |
| UnitedHealth Group, Inc. | 8168 | 2548171 |
|  |  | 6808159 |
| **HEALTH CARE REITS - 0.7%** | **HEALTH CARE REITS - 0.7%** | **HEALTH CARE REITS - 0.7%** |
| Ventas, Inc. | 17057 | 1077149 |
| Welltower, Inc. | 2908 | 447047 |
|  |  | 1524196 |
| **HEALTH CARE TECHNOLOGY - 0.1%** | **HEALTH CARE TECHNOLOGY - 0.1%** | **HEALTH CARE TECHNOLOGY - 0.1%** |
| Doximity, Inc., Class A\* | 1039 | 63732 |
| Veeva Systems, Inc., Class A\* | 576 | 165877 |
|  |  | 229609 |
| **HOTELS, RESTAURANTS & LEISURE - 1.7%** | **HOTELS, RESTAURANTS & LEISURE - 1.7%** | **HOTELS, RESTAURANTS & LEISURE - 1.7%** |
| Booking Holdings, Inc. | 149 | 862597 |
| Carnival Corp.\* | 2887 | 81183 |
| Darden Restaurants, Inc. | 2528 | 551028 |
| Dutch Bros, Inc., Class A\* | 1547 | 105768 |
| McDonald's Corp. | 4605 | 1345443 |
| Yum! Brands, Inc. | 4918 | 728749 |
|  |  | 3674768 |
| **HOUSEHOLD DURABLES - 1.0%** | **HOUSEHOLD DURABLES - 1.0%** | **HOUSEHOLD DURABLES - 1.0%** |
| DR Horton, Inc. | 5053 | 651433 |
| Garmin Ltd. | 3225 | 673122 |
| NVR, Inc.\* | 63 | 465296 |
| Taylor Morrison Home Corp.\* | 2488 | 152813 |
| Toll Brothers, Inc. | 2954 | 337140 |
|  |  | 2279804 |
| **HOUSEHOLD PRODUCTS - 1.5%** | **HOUSEHOLD PRODUCTS - 1.5%** | **HOUSEHOLD PRODUCTS - 1.5%** |
| Colgate-Palmolive Co. | 8275 | 752198 |
| Procter & Gamble Co. (The) | 16160 | 2574611 |
|  |  | 3326809 |
| **INDUSTRIAL CONGLOMERATES - 0.7%** | **INDUSTRIAL CONGLOMERATES - 0.7%** | **INDUSTRIAL CONGLOMERATES - 0.7%** |
| Honeywell International, Inc. | 6526 | 1519775 |
| **INSURANCE - 3.1%** | **INSURANCE - 3.1%** | **INSURANCE - 3.1%** |
| Allstate Corp. (The) | 5140 | 1034733 |
| Aon PLC, Class A | 1007 | 359257 |
| Arch Capital Group Ltd. | 1784 | 162433 |
| Fidelity National Financial, Inc. | 943 | 52865 |
| Globe Life, Inc. | 837 | 104031 |
| Hanover Insurance Group, Inc. (The) | 2259 | 383736 |
| Hartford Financial Services Group, Inc. (The) | 4242 | 538183 |
| MetLife, Inc. | 1788 | 143791 |
| Old Republic International Corp. | 679 | 26101 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INSURANCE - 3.1% (Continued)** | **INSURANCE - 3.1% (Continued)** | **INSURANCE - 3.1% (Continued)** |
| Progressive Corp. (The) | 1894 | $505433 |
| Slide Insurance Holdings, Inc.\* | 7227 | 156537 |
| Travelers Cos., Inc. (The) | 8712 | 2330808 |
| Unum Group | 13488 | 1089291 |
|  |  | 6887199 |
| **INTERACTIVE MEDIA & SERVICES - 3.4%** | **INTERACTIVE MEDIA & SERVICES - 3.4%** | **INTERACTIVE MEDIA & SERVICES - 3.4%** |
| Alphabet, Inc., Class A | 18289 | 3223071 |
| Alphabet, Inc., Class C | 13174 | 2336936 |
| Meta Platforms, Inc., Class A | 2427 | 1791344 |
| Pinterest, Inc., Class A\* | 4762 | 170765 |
| Reddit, Inc., Class A\* | 366 | 55109 |
|  |  | 7577225 |
| **IT SERVICES - 1.3%** | **IT SERVICES - 1.3%** | **IT SERVICES - 1.3%** |
| Accenture PLC, Class A | 4897 | 1463664 |
| Cognizant Technology Solutions Corp., Class A | 2418 | 188677 |
| DXC Technology Co.\* | 2724 | 41650 |
| GoDaddy, Inc., Class A\* | 787 | 141707 |
| International Business Machines Corp. | 1741 | 513212 |
| MongoDB, Inc.\* | 167 | 35068 |
| VeriSign, Inc. | 1523 | 439843 |
|  |  | 2823821 |
| **LIFE SCIENCES TOOLS & SERVICES - 1.0%** | **LIFE SCIENCES TOOLS & SERVICES - 1.0%** | **LIFE SCIENCES TOOLS & SERVICES - 1.0%** |
| Danaher Corp. | 5071 | 1001725 |
| Thermo Fisher Scientific, Inc. | 3180 | 1289363 |
|  |  | 2291088 |
| **MACHINERY - 3.7%** | **MACHINERY - 3.7%** | **MACHINERY - 3.7%** |
| Caterpillar, Inc. | 2194 | 851733 |
| Crane Co. | 1512 | 287114 |
| Cummins, Inc. | 2559 | 838073 |
| Dover Corp. | 1602 | 293534 |
| Flowserve Corp. | 20131 | 1053858 |
| Illinois Tool Works, Inc. | 2680 | 662630 |
| Mueller Industries, Inc. | 1102 | 87576 |
| Parker-Hannifin Corp. | 3271 | 2284695 |
| Pentair PLC | 8909 | 914598 |
| Toro Co. (The) | 1048 | 74073 |
| Westinghouse Air Brake Technologies Corp. | 2621 | 548706 |
| Xylem, Inc. | 1681 | 217454 |
|  |  | 8114044 |
| **MEDIA - 1.3%** | **MEDIA - 1.3%** | **MEDIA - 1.3%** |
| Comcast Corp., Class A | 50423 | 1799597 |
| Fox Corp., Class A | 12168 | 681895 |
| Fox Corp., Class B | 1753 | 90507 |
| New York Times Co. (The), Class A | 5466 | 305987 |
|  |  | 2877986 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **METALS & MINING - 1.2%** | **METALS & MINING - 1.2%** | **METALS & MINING - 1.2%** |
| Alcoa Corp. | 6382 | $188333 |
| Freeport-McMoRan, Inc. | 10248 | 444251 |
| Newmont Corp. | 15270 | 889630 |
| Nucor Corp. | 5709 | 739544 |
| Reliance, Inc. | 1370 | 430043 |
|  |  | 2691801 |
| **MULTI-UTILITIES - 0.5%** | **MULTI-UTILITIES - 0.5%** | **MULTI-UTILITIES - 0.5%** |
| Black Hills Corp. | 1132 | 63505 |
| Consolidated Edison, Inc. | 11540 | 1158039 |
|  |  | 1221544 |
| **OIL, GAS & CONSUMABLE FUELS - 5.2%** | **OIL, GAS & CONSUMABLE FUELS - 5.2%** | **OIL, GAS & CONSUMABLE FUELS - 5.2%** |
| Antero Resources Corp.\* | 10778 | 434138 |
| Cheniere Energy, Inc. | 3941 | 959712 |
| Chevron Corp. | 8377 | 1199503 |
| Chord Energy Corp. | 3897 | 377425 |
| Civitas Resources, Inc. | 1457 | 40097 |
| ConocoPhillips | 9752 | 875145 |
| Devon Energy Corp. | 52104 | 1657428 |
| EQT Corp. | 2150 | 125388 |
| Exxon Mobil Corp. | 31359 | 3380500 |
| Kinder Morgan, Inc. | 6996 | 205682 |
| Marathon Petroleum Corp. | 712 | 118270 |
| ONEOK, Inc. | 1407 | 114853 |
| Ovintiv, Inc. | 13847 | 526878 |
| Targa Resources Corp. | 2376 | 413614 |
| Valero Energy Corp. | 975 | 131060 |
| Williams Cos., Inc. (The) | 15678 | 984735 |
|  |  | 11544428 |
| **PASSENGER AIRLINES - 0.4%** | **PASSENGER AIRLINES - 0.4%** | **PASSENGER AIRLINES - 0.4%** |
| Alaska Air Group, Inc.\* | 4450 | 220186 |
| Delta Air Lines, Inc. | 11802 | 580422 |
|  |  | 800608 |
| **PHARMACEUTICALS - 3.5%** | **PHARMACEUTICALS - 3.5%** | **PHARMACEUTICALS - 3.5%** |
| Bristol-Myers Squibb Co. | 38195 | 1768046 |
| Johnson & Johnson | 16265 | 2484479 |
| Merck & Co., Inc. | 6277 | 496887 |
| Pfizer, Inc. | 120341 | 2917066 |
|  |  | 7666478 |
| **PROFESSIONAL SERVICES - 0.2%** | **PROFESSIONAL SERVICES - 0.2%** | **PROFESSIONAL SERVICES - 0.2%** |
| Booz Allen Hamilton Holding Corp. | 669 | 69663 |
| CACI International, Inc., Class A\* | 274 | 130616 |
| Dun & Bradstreet Holdings, Inc. | 2624 | 23852 |
| Equifax, Inc. | 385 | 99857 |
| UL Solutions, Inc., Class A | 689 | 50201 |
|  |  | 374189 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†** |
| Zillow Group, Inc., Class A\* | 395 | 27054 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **RETAIL REITS - 1.3%** | **RETAIL REITS - 1.3%** | **RETAIL REITS - 1.3%** |
| Kimco Realty Corp. | 53864 | $1132221 |
| NNN REIT, Inc. | 17572 | 758759 |
| Simon Property Group, Inc. | 6425 | 1032883 |
|  |  | 2923863 |
| **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 3.6%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 3.6%** | **SEMICONDUCTORS & SEMICONDUCTOR <br>EQUIPMENT - 3.6%** |
| Advanced Micro Devices, Inc.\* | 7016 | 995570 |
| Analog Devices, Inc. | 2963 | 705253 |
| Credo Technology Group Holding Ltd.\* | 1508 | 139626 |
| Intel Corp. | 37761 | 845846 |
| Lam Research Corp. | 3735 | 363565 |
| Marvell Technology, Inc. | 14860 | 1150164 |
| Micron Technology, Inc. | 5568 | 686256 |
| NVIDIA Corp. | 1281 | 202385 |
| Onto Innovation, Inc.\* | 1251 | 126264 |
| Qorvo, Inc.\* | 1178 | 100024 |
| QUALCOMM, Inc. | 5905 | 940430 |
| Rambus, Inc.\* | 1957 | 125287 |
| Texas Instruments, Inc. | 7841 | 1627949 |
|  |  | 8008619 |
| **SOFTWARE - 2.7%** | **SOFTWARE - 2.7%** | **SOFTWARE - 2.7%** |
| Adobe, Inc.\* | 2130 | 824054 |
| Atlassian Corp., Class A\* | 699 | 141960 |
| Autodesk, Inc.\* | 1809 | 560012 |
| Clearwater Analytics Holdings, Inc., Class A\* | 1433 | 31426 |
| Confluent, Inc., Class A\* | 986 | 24581 |
| Dynatrace, Inc.\* | 782 | 43174 |
| Elastic NV\* | 5124 | 432107 |
| Fair Isaac Corp.\* | 106 | 193764 |
| Intuit, Inc. | 427 | 336318 |
| Microsoft Corp. | 1815 | 902799 |
| MicroStrategy, Inc., Class A\* | 619 | 250218 |
| Rubrik, Inc., Class A\* | 760 | 68088 |
| Salesforce, Inc. | 7879 | 2148525 |
| Workday, Inc., Class A\* | 381 | 91440 |
|  |  | 6048466 |
| **SPECIALIZED REITS - 2.0%** | **SPECIALIZED REITS - 2.0%** | **SPECIALIZED REITS - 2.0%** |
| CubeSmart | 27749 | 1179332 |
| Digital Realty Trust, Inc. | 1084 | 188974 |
| Equinix, Inc. | 2457 | 1954470 |
| Extra Space Storage, Inc. | 2976 | 438781 |
| Public Storage | 1975 | 579505 |
|  |  | 4341062 |
| **SPECIALTY RETAIL - 2.3%** | **SPECIALTY RETAIL - 2.3%** | **SPECIALTY RETAIL - 2.3%** |
| AutoNation, Inc.\* | 1525 | 302941 |
| AutoZone, Inc.\* | 35 | 129928 |
| Bath & Body Works, Inc. | 3426 | 102643 |
| Best Buy Co., Inc. | 6081 | 408218 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock Disciplined Value Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SPECIALTY RETAIL - 2.3% (Continued)** | **SPECIALTY RETAIL - 2.3% (Continued)** | **SPECIALTY RETAIL - 2.3% (Continued)** |
| CarMax, Inc.\* | 3501 | $235302 |
| Five Below, Inc.\* | 1012 | 132754 |
| Gap, Inc. (The) | 7169 | 156356 |
| Home Depot, Inc. (The) | 4351 | 1595251 |
| Lithia Motors, Inc., Class A | 1683 | 568551 |
| O'Reilly Automotive, Inc.\* | 5235 | 471831 |
| TJX Cos., Inc. (The) | 7104 | 877273 |
| Urban Outfitters, Inc.\* | 1338 | 97058 |
|  |  | 5078106 |
| **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 0.3%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 0.3%** | **TECHNOLOGY HARDWARE, STORAGE & <br>PERIPHERALS - 0.3%** |
| Apple, Inc. | 3471 | 712145 |
| **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** | **TEXTILES, APPAREL & LUXURY GOODS - 0.5%** |
| Ralph Lauren Corp. | 3119 | 855479 |
| Tapestry, Inc. | 1781 | 156390 |
| Under Armour, Inc., Class C\* | 1472 | 9553 |
|  |  | 1021422 |
| **TOBACCO - 1.3%** | **TOBACCO - 1.3%** | **TOBACCO - 1.3%** |
| Philip Morris International, Inc. | 15804 | 2878383 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **WIRELESS TELECOMMUNICATION SERVICES - 0.3%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.3%** | **WIRELESS TELECOMMUNICATION SERVICES - 0.3%** |
| T-Mobile US, Inc. | 2894 | $689524 |
| **TOTAL COMMON STOCKS**<br> (Cost - $191,525,581) |  | 218054842 |
| **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** |
| **MONEY MARKET FUNDS - 1.3%** | **MONEY MARKET FUNDS - 1.3%** | **MONEY MARKET FUNDS - 1.3%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.23% (a) <br>(Cost - $2,807,105) | 2807105 | 2807105 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $2,807,105) |  | 2807105 |
| **TOTAL INVESTMENTS - 99.8%**<br> (Cost - $194,332,686) |  | $220861947 |
| **OTHER ASSETS LESS LIABILITIES - NET 0.2%** |  | 540481 |
| **TOTAL NET ASSETS - 100.0%** |  | $221402428 |

---

\* 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. | 11 | 9/19/2025 | $3439563 | $111150 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CORPORATE BONDS AND NOTES - 96.7%** | **CORPORATE BONDS AND NOTES - 96.7%** | **CORPORATE BONDS AND NOTES - 96.7%** |
| **AEROSPACE & DEFENSE - 1.9%** | **AEROSPACE & DEFENSE - 1.9%** | **AEROSPACE & DEFENSE - 1.9%** |
| TransDigm, Inc.<br>6.75%, 8/15/28 (a) | $159000 | $162373 |
| 6.88%, 12/15/30 (a) | 232000 | 240957 |
| 7.13%, 12/1/31 (a) | 250000 | 261883 |
| 6.63%, 3/1/32 (a) | 46000 | 47639 |
| 6.38%, 5/31/33 (a) | 115000 | 115268 |
|  |  | 828120 |
| **AGRICULTURE - 0.3%** | **AGRICULTURE - 0.3%** | **AGRICULTURE - 0.3%** |
| Turning Point Brands, Inc., 7.63%, 3/15/32 (a) | 138000 | 144485 |
| **APPAREL - 0.5%** | **APPAREL - 0.5%** | **APPAREL - 0.5%** |
| Under Armour, Inc., 7.25%, 7/15/30 (a) | 154000 | 155972 |
| VF Corp., 6.45%, 11/1/37 | 56000 | 48988 |
|  |  | 204960 |
| **AUTO MANUFACTURERS - 1.6%** | **AUTO MANUFACTURERS - 1.6%** | **AUTO MANUFACTURERS - 1.6%** |
| Aston Martin Capital Holdings Ltd., <br>10.00%, 3/31/29 (a) | 242000 | 229125 |
| New Flyer Holdings, Inc., 9.25%, 7/1/30 (a) | 150000 | 158149 |
| Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| 6.95%, 9/15/26 (a) | 135000 | 136326 |
| 7.05%, 9/15/28 (a) | 43000 | 43925 |
| Rivian Holdings LLC / Rivian LLC / <br>Rivian Automotive LLC, 10.00%, 1/15/31 (a) | 125000 | 123007 |
|  |  | 690532 |
| **AUTO PARTS & EQUIPMENT - 1.8%** | **AUTO PARTS & EQUIPMENT - 1.8%** | **AUTO PARTS & EQUIPMENT - 1.8%** |
| Garrett Motion Holdings, Inc. / Garrett <br>LX I Sarl, 7.75%, 5/31/32 (a) | 330000 | 343586 |
| Phinia, Inc. | Phinia, Inc. | Phinia, Inc. |
| 6.75%, 4/15/29 (a) | 88000 | 90815 |
| 6.63%, 10/15/32 (a) | 230000 | 233470 |
| Titan International, Inc., 7.00%, 4/30/28 | 145000 | 145586 |
|  |  | 813457 |
| **BANKS - 1.7%** | **BANKS - 1.7%** | **BANKS - 1.7%** |
| Canadian Imperial Bank of Commerce,  | Canadian Imperial Bank of Commerce,  | Canadian Imperial Bank of Commerce,  |
| 6.95%, (US 5 Year CMT T-Note + 2.83%), <br>1/28/85 (b) | 280000 | 280791 |
| Intesa Sanpaolo SpA,  | Intesa Sanpaolo SpA,  | Intesa Sanpaolo SpA,  |
| 8.25%, (US 1 Year CMT T-Note + 4.40%), <br>11/21/33 (a),(b) | 200000 | 232181 |
| Popular, Inc., 7.25%, 3/13/28 | 166000 | 176297 |
| Texas Capital Bancshares, Inc., 4.00%, <br>(US 5 Year CMT T-Note + 3.15%), 5/6/31 (b) | 52000 | 50469 |
|  |  | 739738 |
| **BUILDING MATERIALS - 0.5%** | **BUILDING MATERIALS - 0.5%** | **BUILDING MATERIALS - 0.5%** |
| Knife River Corp., 7.75%, 5/1/31 (a) | 163000 | 171873 |
| Smyrna Ready Mix Concrete LLC, <br>8.88%, 11/15/31 (a) | 66000 | 69205 |
|  |  | 241078 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CHEMICALS - 1.7%** | **CHEMICALS - 1.7%** | **CHEMICALS - 1.7%** |
| Celanese US Holdings LLC, 6.42%, 7/15/27 | $10000 | $10354 |
| CVR Partners LP / CVR Nitrogen Finance <br>Corp., 6.13%, 6/15/28 (a) | 256000 | 255702 |
| NOVA Chemicals Corp., 9.00%, 2/15/30 (a) | 75000 | 80903 |
| Rain Carbon, Inc., 12.25%, 9/1/29 (a) | 187000 | 200512 |
| SK Invictus Intermediate II Sarl, 5.00%, <br>10/30/29 (a) | 237000 | 229430 |
|  |  | 776901 |
| **COAL - 0.2%** | **COAL - 0.2%** | **COAL - 0.2%** |
| SunCoke Energy, Inc., 4.88%, 6/30/29 (a) | 70000 | 65133 |
| Warrior Met Coal, Inc., 7.88%, 12/1/28 (a) | 36000 | 36600 |
|  |  | 101733 |
| **COMMERCIAL SERVICES - 4.1%** | **COMMERCIAL SERVICES - 4.1%** | **COMMERCIAL SERVICES - 4.1%** |
| Adtalem Global Education, Inc., <br>5.50%, 3/1/28 (a) | 148000 | 146804 |
| Avis Budget Car Rental LLC / <br>Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / <br>Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / <br>Avis Budget Finance, Inc. |
| 8.25%, 1/15/30 (a) | 89000 | 92894 |
| 8.00%, 2/15/31 (a) | 61000 | 62879 |
| 8.38%, 6/15/32 (a) | 197000 | 206152 |
| Belron UK Finance PLC, 5.75%, 10/15/29 (a) | 157000 | 158227 |
| CoreCivic, Inc., 8.25%, 4/15/29 | 173000 | 183385 |
| CPI CG, Inc., 10.00%, 7/15/29 (a) | 130000 | 138125 |
| Deluxe Corp., 8.13%, 9/15/29 (a) | 60000 | 61910 |
| GEO Group, Inc. (The) | GEO Group, Inc. (The) | GEO Group, Inc. (The) |
| 8.63%, 4/15/29 | 248000 | 262565 |
| 10.25%, 4/15/31 | 100000 | 109676 |
| Hertz Corp. (The), 12.63%, 7/15/29 (a) | 67000 | 70031 |
| TriNet Group, Inc., 7.13%, 8/15/31 (a) | 128000 | 132966 |
| Upbound Group, Inc., 6.38%, 2/15/29 (a) | 158000 | 155381 |
| VT Topco, Inc., 8.50%, 8/15/30 (a) | 27000 | 28469 |
|  |  | 1809464 |
| **COMPUTERS - 1.5%** | **COMPUTERS - 1.5%** | **COMPUTERS - 1.5%** |
| CACI International, Inc., 6.38%, 6/15/33 (a) | 167000 | 172145 |
| Diebold Nixdorf, Inc., 7.75%, 3/31/30 (a) | 25000 | 26553 |
| KBR, Inc., 4.75%, 9/30/28 (a) | 38000 | 36385 |
| NCR Atleos Corp., 9.50%, 4/1/29 (a) | 251000 | 275011 |
| Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
| 5.88%, 7/15/30 (a) | 70000 | 71045 |
| 9.63%, 12/1/32 (a) | 71000 | 80556 |
|  |  | 661695 |
| **DISTRIBUTION & WHOLESALE - 0.1%** | **DISTRIBUTION & WHOLESALE - 0.1%** | **DISTRIBUTION & WHOLESALE - 0.1%** |
| Windsor Holdings III LLC, 8.50%, 6/15/30 (a) | 45000 | 48180 |
| **DIVERSIFIED FINANCIAL SERVICES - 12.5%** | **DIVERSIFIED FINANCIAL SERVICES - 12.5%** | **DIVERSIFIED FINANCIAL SERVICES - 12.5%** |
| AG TTMT Escrow Issuer LLC, <br>8.63%, 9/30/27 (a) | 75000 | 77657 |
| Ally Financial, Inc., 6.65%, <br>(US 5 Year CMT T-Note + 2.45%), <br>1/17/40 (b) | 149000 | 146504 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DIVERSIFIED FINANCIAL SERVICES - 12.5% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 12.5% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 12.5% (Continued)** |
| Bread Financial Holdings, Inc., <br>9.75%, 3/15/29 (a) | $205000 | $220758 |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| 6.88%, 4/15/30 (a) | 105000 | 104851 |
| 9.25%, 7/1/31 (a) | 262000 | 275679 |
| Coinbase Global, Inc., 3.38%, 10/1/28 (a) | 404000 | 379255 |
| Credit Acceptance Corp. | Credit Acceptance Corp. | Credit Acceptance Corp. |
| 9.25%, 12/15/28 (a) | 284000 | 300633 |
| 6.63%, 3/15/30 (a) | 67000 | 67974 |
| Enova International, Inc. | Enova International, Inc. | Enova International, Inc. |
| 11.25%, 12/15/28 (a) | 175000 | 187994 |
| 9.13%, 8/1/29 (a) | 147000 | 154759 |
| EZCORP, Inc., 7.38%, 4/1/32 (a) | 149000 | 156654 |
| Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
| 9.25%, 2/1/29 (a) | 96000 | 99713 |
| 9.13%, 5/15/31 (a) | 50000 | 51611 |
| GGAM Finance Ltd., 8.00%, 6/15/28 (a) | 28000 | 29640 |
| Goeasy Ltd. | Goeasy Ltd. | Goeasy Ltd. |
| 9.25%, 12/1/28 (a) | 244000 | 258193 |
| 7.63%, 7/1/29 (a) | 114000 | 117517 |
| 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 | 44200 |
| 6.75%, 5/1/33 (a) | 90000 | 92550 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| 6.50%, 8/1/29 (a) | 70000 | 71502 |
| 5.75%, 11/15/31 (a) | 241000 | 244838 |
| 7.13%, 2/1/32 (a) | 37000 | 38430 |
| Onemain Finance Corp. | Onemain Finance Corp. | Onemain Finance Corp. |
| 7.88%, 3/15/30 | 129000 | 136954 |
| 7.50%, 5/15/31 | 213000 | 222492 |
| OneMain Finance Corp., 6.63%, 5/15/29 | 130000 | 133534 |
| Pennymac Financial Services, Inc., <br>6.88%, 5/15/32 (a) | 150000 | 152984 |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
| 7.88%, 12/15/29 (a) | 78000 | 82828 |
| 6.88%, 2/15/33 (a) | 70000 | 71750 |
| Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
| 6.13%, 8/1/30 (a) | 55000 | 56018 |
| 6.38%, 8/1/33 (a) | 65000 | 66449 |
| SLM Corp., 6.50%, 1/31/30 | 200000 | 209852 |
| Stonex Escrow Issuer LLC, <br>6.88%, 7/15/32 (a) | 45000 | 45450 |
| StoneX Group, Inc., 7.88%, 3/1/31 (a) | 257000 | 269399 |
| Synchrony Financial, 7.25%, 2/2/33 | 342000 | 358103 |
| United Wholesale Mortgage LLC | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 5.75%, 6/15/27 (a) | 230000 | 229411 |
| 5.50%, 4/15/29 (a) | 43000 | 41747 |
| UWM Holdings LLC, 6.63%, 2/1/30 (a) | 108000 | 108066 |
| VFH Parent LLC / Valor Co.-Issuer, Inc., <br>7.50%, 6/15/31 (a) | 252000 | 264419 |
|  |  | 5570368 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ELECTRIC - 1.6%** | **ELECTRIC - 1.6%** | **ELECTRIC - 1.6%** |
| PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 5.00%, 7/1/28 | $125000 | $121716 |
| 5.25%, 7/1/30 | 51000 | 48659 |
| 7.38%, (US 5 Year CMT T-Note + 3.88%), <br>3/15/55 (b) | 105000 | 99358 |
| Talen Energy Supply LLC, <br>8.63%, 6/1/30 (a) | 90000 | 96399 |
| Vistra Operations Co. LLC, <br>7.75%, 10/15/31 (a) | 325000 | 345680 |
|  |  | 711812 |
| **ELECTRICAL COMPONENTS & <br>EQUIPMENT - 0.1%** | **ELECTRICAL COMPONENTS & <br>EQUIPMENT - 0.1%** | **ELECTRICAL COMPONENTS & <br>EQUIPMENT - 0.1%** |
| WESCO Distribution, Inc., <br>6.38%, 3/15/33 (a) | 25000 | 25848 |
| **ENGINEERING & CONSTRUCTION - 0.9%** | **ENGINEERING & CONSTRUCTION - 0.9%** | **ENGINEERING & CONSTRUCTION - 0.9%** |
| Brand Industrial Services, Inc., <br>10.38%, 8/1/30 (a) | 50000 | 46385 |
| HTA Group Ltd., 7.50%, 6/4/29 (a) | 355000 | 363946 |
|  |  | 410331 |
| **ENTERTAINMENT - 2.0%** | **ENTERTAINMENT - 2.0%** | **ENTERTAINMENT - 2.0%** |
| ,Starz Capital Holdings 1, Inc., <br>5.50%, 4/15/29 (a) | 98000 | 85169 |
| Churchill Downs, Inc., 6.75%, 5/1/31 (a) | 148000 | 152122 |
| Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
| 7.25%, 11/15/29 (a) | 168000 | 173067 |
| 7.50%, 9/1/31 (a) | 219000 | 229167 |
| Midwest Gaming Borrower LLC / <br>Midwest Gaming Finance Corp., <br>4.88%, 5/1/29 (a) | 40000 | 38528 |
| Resorts World Las Vegas LLC / <br>RWLV Capital, Inc., 8.45%, 7/27/30 (a) | 211000 | 208715 |
|  |  | 886768 |
| **FOOD - 2.7%** | **FOOD - 2.7%** | **FOOD - 2.7%** |
| Albertsons Cos, Inc. / Safeway, Inc. / <br>New Albertsons LP / Albertsons LLC, <br>6.50%, 2/15/28 (a) | 64000 | 65527 |
| Performance Food Group, Inc., <br>6.13%, 9/15/32 (a) | 139000 | 142154 |
| Pilgrim's Pride Corp., 6.88%, 5/15/34 | 178000 | 194822 |
| Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
| 5.50%, 12/15/29 (a) | 133000 | 132379 |
| 6.38%, 3/1/33 (a) | 278000 | 280633 |
| 6.25%, 10/15/34 (a) | 135000 | 135751 |
| US Foods, Inc. | US Foods, Inc. | US Foods, Inc. |
| 6.88%, 9/15/28 (a) | 129000 | 133451 |
| 7.25%, 1/15/32 (a) | 130000 | 136816 |
|  |  | 1221533 |
| **FOREST PRODUCTS & PAPER - 0.2%** | **FOREST PRODUCTS & PAPER - 0.2%** | **FOREST PRODUCTS & PAPER - 0.2%** |
| Domtar Corp., 6.75%, 10/1/28 (a) | 98000 | 88767 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **GAS - 0.8%** | **GAS - 0.8%** | **GAS - 0.8%** |
| Amerigas Partners LP / Amerigas <br>Finance Corp., 9.50%, 6/1/30 (a) | $65000 | $67426 |
| AmeriGas Partners LP / <br>AmeriGas Finance Corp. | AmeriGas Partners LP / <br>AmeriGas Finance Corp. | AmeriGas Partners LP / <br>AmeriGas Finance Corp. |
| 5.75%, 5/20/27 | 113000 | 112146 |
| 9.38%, 6/1/28 (a) | 192000 | 197540 |
|  |  | 377112 |
| **HEALTHCARE-PRODUCTS - 0.5%** | **HEALTHCARE-PRODUCTS - 0.5%** | **HEALTHCARE-PRODUCTS - 0.5%** |
| Insulet Corp., 6.50%, 4/1/33 (a) | 198000 | 205728 |
| **HEALTHCARE-SERVICES - 2.3%** | **HEALTHCARE-SERVICES - 2.3%** | **HEALTHCARE-SERVICES - 2.3%** |
| DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
| 4.63%, 6/1/30 (a) | 338000 | 324043 |
| 6.88%, 9/1/32 (a) | 188000 | 194809 |
| Molina Healthcare, Inc., 6.25%, 1/15/33 (a) | 155000 | 157534 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 6.13%, 10/1/28 | 221000 | 221275 |
| 6.13%, 6/15/30 | 117000 | 118945 |
| 6.75%, 5/15/31 | 13000 | 13445 |
|  |  | 1030051 |
| **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 | 75233 |
| **HOME BUILDERS - 0.6%** | **HOME BUILDERS - 0.6%** | **HOME BUILDERS - 0.6%** |
| Brookfield Residential Properties, Inc. / <br>Brookfield Residential US LLC, <br>6.25%, 9/15/27 (a) | 84000 | 83620 |
| Thor Industries, Inc., 4.00%, 10/15/29 (a) | 198000 | 185509 |
|  |  | 269129 |
| **HOME FURNISHINGS - 0.3%** | **HOME FURNISHINGS - 0.3%** | **HOME FURNISHINGS - 0.3%** |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 6.13%, 6/15/30 | 40000 | 40316 |
| 6.50%, 6/15/33 | 110000 | 110300 |
|  |  | 150616 |
| **INSURANCE - 0.9%** | **INSURANCE - 0.9%** | **INSURANCE - 0.9%** |
| Acrisure LLC / Acrisure Finance, Inc., <br>6.75%, 7/1/32 (a) | 30000 | 30421 |
| Baldwin Insurance Group Holdings LLC / <br>Baldwin Insurance Group Holdings Finance, <br>7.13%, 5/15/31 (a) | 275000 | 285856 |
| Ryan Specialty LLC, 5.88%, 8/1/32 (a) | 85000 | 85669 |
|  |  | 401946 |
| **INTERNET - 3.8%** | **INTERNET - 3.8%** | **INTERNET - 3.8%** |
| Cogent Communications Group LLC, <br>7.00%, 6/15/27 (a) | 210000 | 210948 |
| Cogent Communications Group, Inc. / <br>Cogent Communications Finance, Inc., <br>7.00%, 6/15/27 (a) | 85000 | 85154 |
| Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| 7.13%, 9/30/30 (a) | 56000 | 58118 |
| 6.25%, 4/1/33 (a) | 23000 | 23621 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INTERNET - 3.8% (Continued)** | **INTERNET - 3.8% (Continued)** | **INTERNET - 3.8% (Continued)** |
| Match Group Holdings II LLC, <br>5.63%, 2/15/29 (a) | $142000 | $140948 |
| Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
| 11.25%, 2/15/27 (a) | 265000 | 287742 |
| 9.75%, 4/15/29 (a) | 165000 | 180906 |
| Snap, Inc., 6.88%, 3/1/33 (a) | 300000 | 307702 |
| Wayfair LLC | Wayfair LLC | Wayfair LLC |
| 7.25%, 10/31/29 (a) | 263000 | 262931 |
| 7.75%, 9/15/30 (a) | 135000 | 135820 |
|  |  | 1693890 |
| **INVESTMENT COMPANIES - 0.9%** | **INVESTMENT COMPANIES - 0.9%** | **INVESTMENT COMPANIES - 0.9%** |
| Icahn Enterprises LP / Icahn <br>Enterprises Finance Corp. | Icahn Enterprises LP / Icahn <br>Enterprises Finance Corp. | Icahn Enterprises LP / Icahn <br>Enterprises Finance Corp. |
| 9.75%, 1/15/29 | 130000 | 126286 |
| 10.00%, 11/15/29 (a) | 151000 | 149481 |
| 9.00%, 6/15/30 | 120000 | 112432 |
|  |  | 388199 |
| **IRON & STEEL - 0.6%** | **IRON & STEEL - 0.6%** | **IRON & STEEL - 0.6%** |
| Algoma Steel, Inc., 9.13%, 4/15/29 (a) | 155000 | 143338 |
| Champion Iron Canada, Inc., <br>7.88%, 7/15/32 (a) | 50000 | 50670 |
| Infrabuild Australia Pty Ltd., <br>14.50%, 11/15/28 (a) | 70000 | 75550 |
|  |  | 269558 |
| **LEISURE TIME - 1.5%** | **LEISURE TIME - 1.5%** | **LEISURE TIME - 1.5%** |
| Amer Sports Co., 6.75%, 2/16/31 (a) | 309000 | 321578 |
| Life Time, Inc., 6.00%, 11/15/31 (a) | 191000 | 194047 |
| Royal Caribbean Cruises Ltd., <br>5.50%, 8/31/26 (a) | 61000 | 61214 |
| Sabre GLBL, Inc., 11.25%, 12/15/27 (a) | 86000 | 89947 |
|  |  | 666786 |
| **LODGING - 0.7%** | **LODGING - 0.7%** | **LODGING - 0.7%** |
| Genting New York LLC / <br>GENNY Capital, Inc., <br>7.25%, 10/1/29 (a) | 177000 | 183828 |
| MGM Resorts International, <br>6.13%, 9/15/29 | 37000 | 37627 |
| Station Casinos LLC, 6.63%, 3/15/32 (a) | 89000 | 91242 |
|  |  | 312697 |
| **MACHINERY-DIVERSIFIED - 0.0%†** | **MACHINERY-DIVERSIFIED - 0.0%†** | **MACHINERY-DIVERSIFIED - 0.0%†** |
| Esab Corp., 6.25%, 4/15/29 (a) | 11000 | 11263 |
| **MEDIA - 6.6%** | **MEDIA - 6.6%** | **MEDIA - 6.6%** |
| CCO Holdings LLC / CCO <br>Holdings Capital Corp. | CCO Holdings LLC / CCO <br>Holdings Capital Corp. | CCO Holdings LLC / CCO <br>Holdings Capital Corp. |
| 5.00%, 2/1/28 (a) | 46000 | 45571 |
| 5.38%, 6/1/29 (a) | 75000 | 74800 |
| 4.75%, 3/1/30 (a) | 142000 | 137553 |
| 4.50%, 8/15/30 (a) | 26000 | 24788 |
| 4.25%, 2/1/31 (a) | 94000 | 87800 |
| 7.38%, 3/1/31 (a) | 371000 | 387105 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **MEDIA - 6.6% (Continued)** | **MEDIA - 6.6% (Continued)** | **MEDIA - 6.6% (Continued)** |
| 4.75%, 2/1/32 (a) | $175000 | $165996 |
| 4.50%, 5/1/32 | 146000 | 135967 |
| 4.50%, 6/1/33 (a) | 161000 | 147161 |
| 4.25%, 1/15/34 (a) | 26000 | 23146 |
| Directv Financing LLC / Directv <br>Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv <br>Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv <br>Financing Co.-Obligor, Inc. |
| 5.88%, 8/15/27 (a) | 339000 | 337648 |
| 10.00%, 2/15/31 (a) | 231000 | 223986 |
| Gray Media, Inc., 10.50%, 7/15/29 (a) | 21000 | 22548 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 5.63%, 7/15/27 (a) | 158000 | 157630 |
| 4.75%, 11/1/28 (a) | 256000 | 249269 |
| Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
| 4.38%, 12/31/32 (a) | 233000 | 163319 |
| 8.13%, 2/15/33 (a) | 66000 | 66799 |
| Sirius XM Radio, Inc., 5.50%, 7/1/29 (a) | 45000 | 44775 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 4.63%, 3/15/28 | 214000 | 207970 |
| 5.00%, 9/15/29 | 22000 | 21014 |
| Univision Communications, Inc., <br>8.00%, 8/15/28 (a) | 125000 | 126843 |
| Virgin Media Secured Finance PLC, <br>5.50%, 5/15/29 (a) | 118000 | 116177 |
|  |  | 2967865 |
| **METAL FABRICATE & HARDWARE - 0.7%** | **METAL FABRICATE & HARDWARE - 0.7%** | **METAL FABRICATE & HARDWARE - 0.7%** |
| Vallourec SACA, 7.50%, 4/15/32 (a) | 300000 | 314449 |
| **MINING - 2.9%** | **MINING - 2.9%** | **MINING - 2.9%** |
| Compass Minerals International, Inc., <br>8.00%, 7/1/30 (a) | 155000 | 160021 |
| Eldorado Gold Corp., 6.25%, 9/1/29 (a) | 233000 | 233229 |
| FMG Resources August 2006 Pty Ltd., <br>6.13%, 4/15/32 (a) | 207000 | 210509 |
| Hecla Mining Co., 7.25%, 2/15/28 | 4000 | 4031 |
| New Gold, Inc., 6.88%, 4/1/32 (a) | 153000 | 157641 |
| Novelis Corp., 6.88%, 1/30/30 (a) | 165000 | 170861 |
| Perenti Finance Pty Ltd., 7.50%, 4/26/29 (a) | 140000 | 144719 |
| Taseko Mines Ltd., 8.25%, 5/1/30 (a) | 186000 | 194681 |
|  |  | 1275692 |
| **MISCELLANEOUS MANUFACTURING - 0.2%** | **MISCELLANEOUS MANUFACTURING - 0.2%** | **MISCELLANEOUS MANUFACTURING - 0.2%** |
| Calderys Financing LLC, 11.25%, 6/1/28 (a) | 54000 | 57295 |
| EnPro, Inc., 6.13%, 6/1/33 (a) | 35000 | 35781 |
|  |  | 93076 |
| **OFFICE & BUSINESS EQUIPMENT - 0.4%** | **OFFICE & BUSINESS EQUIPMENT - 0.4%** | **OFFICE & BUSINESS EQUIPMENT - 0.4%** |
| Pitney Bowes, Inc. | Pitney Bowes, Inc. | Pitney Bowes, Inc. |
| 6.88%, 3/15/27 (a) | 15000 | 15136 |
| 7.25%, 3/15/29 (a) | 151000 | 153341 |
|  |  | 168477 |
| **OFFICE FURNISHINGS - 0.5%** | **OFFICE FURNISHINGS - 0.5%** | **OFFICE FURNISHINGS - 0.5%** |
| Steelcase, Inc., 5.13%, 1/18/29 | 202000 | 201129 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **OIL & GAS - 9.3%** | **OIL & GAS - 9.3%** | **OIL & GAS - 9.3%** |
| Aethon United BR LP / Aethon United <br>Finance Corp., 7.50%, 10/1/29 (a) | $125000 | $131113 |
| Ascent Resources Utica Holdings LLC / <br>ARU Finance Corp., 5.88%, 6/30/29 (a) | 50000 | 50086 |
| California Resources Corp., <br>8.25%, 6/15/29 (a) | 347000 | 356111 |
| Chord Energy Corp., 6.75%, 3/15/33 (a) | 256000 | 260745 |
| CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
| 6.00%, 1/15/29 (a) | 89000 | 89360 |
| 7.38%, 1/15/31 (a) | 149000 | 155403 |
| 7.25%, 3/1/32 (a) | 148000 | 153195 |
| Comstock Resources, Inc., 6.75%, 3/1/29 (a) | 96000 | 95689 |
| CVR Energy, Inc., 8.50%, 1/15/29 (a) | 165000 | 165097 |
| Energean PLC, 6.50%, 4/30/27 (a) | 200000 | 196000 |
| Greenfire Resources Ltd., <br>12.00%, 10/1/28 (a) | 111000 | 116764 |
| Gulfport Energy Operating Corp., <br>6.75%, 9/1/29 (a) | 283000 | 289831 |
| Ithaca Energy North Sea PLC, <br>8.13%, 10/15/29 (a) | 200000 | 205970 |
| Magnolia Oil & Gas Operating LLC / <br>Magnolia Oil & Gas Finance Corp., <br>6.88%, 12/1/32 (a) | 219000 | 220569 |
| Noble Finance II LLC, 8.00%, 4/15/30 (a) | 280000 | 284943 |
| Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. |
| 8.13%, 3/1/28 (a) | 222000 | 223963 |
| 8.75%, 6/15/31 (a) | 111000 | 114382 |
| Seadrill Finance Ltd., 8.38%, 8/1/30 (a) | 65000 | 66213 |
| Strathcona Resources Ltd., 6.88%, 8/1/26 (a) | 198000 | 198284 |
| Sunoco LP, 7.00%, 5/1/29 (a) | 50000 | 52061 |
| Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
| 9.00%, 2/1/29 (a) | 192000 | 196539 |
| 9.38%, 2/1/31 (a) | 182000 | 185840 |
| Valaris Ltd., 8.38%, 4/30/30 (a) | 355000 | 364231 |
|  |  | 4172389 |
| **OIL & GAS SERVICES - 1.7%** | **OIL & GAS SERVICES - 1.7%** | **OIL & GAS SERVICES - 1.7%** |
| Bristow Group, Inc., 6.88%, 3/1/28 (a) | 122000 | 122603 |
| Helix Energy Solutions Group, Inc., <br>9.75%, 3/1/29 (a) | 127000 | 134249 |
| Oceaneering International, Inc., <br>6.00%, 2/1/28 | 65000 | 65518 |
| Tidewater, Inc., 9.13%, 7/15/30 (a) | 25000 | 25721 |
| USA Compression Partners LP / USA <br>Compression Finance Corp., <br>7.13%, 3/15/29 (a) | 147000 | 150653 |
| Viridien, 10.00%, 10/15/30 (a) | 110000 | 108246 |
| Weatherford International Ltd., 8.63%, <br>4/30/30 (a) | 155000 | 159570 |
|  |  | 766560 |
| **PACKAGING & CONTAINERS - 0.8%** | **PACKAGING & CONTAINERS - 0.8%** | **PACKAGING & CONTAINERS - 0.8%** |
| Crown Americas LLC, 5.88%, 6/1/33 (a) | 75000 | 75495 |
| Mauser Packaging Solutions Holding Co., <br>7.88%, 4/15/27 (a) | 97000 | 98608 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PACKAGING & CONTAINERS - 0.8% (Continued)** | **PACKAGING & CONTAINERS - 0.8% (Continued)** | **PACKAGING & CONTAINERS - 0.8% (Continued)** |
| Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. |
| 6.63%, 5/13/27 (a) | $90000 | $90033 |
| 7.38%, 6/1/32 (a) | 106000 | 107975 |
|  |  | 372111 |
| **PHARMACEUTICALS - 0.6%** | **PHARMACEUTICALS - 0.6%** | **PHARMACEUTICALS - 0.6%** |
| BellRing Brands, Inc., 7.00%, 3/15/30 (a) | 177000 | 184348 |
| HLF Financing Sarl LLC / Herbalife <br>International, Inc. | HLF Financing Sarl LLC / Herbalife <br>International, Inc. | HLF Financing Sarl LLC / Herbalife <br>International, Inc. |
| 12.25%, 4/15/29 (a) | 57000 | 62040 |
| 4.88%, 6/1/29 (a) | 34000 | 28586 |
|  |  | 274974 |
| **PIPELINES - 4.6%** | **PIPELINES - 4.6%** | **PIPELINES - 4.6%** |
| CNX Midstream Partners LP, <br>4.75%, 4/15/30 (a) | 144000 | 136003 |
| CQP Holdco LP / BIP-V Chinook Holdco <br>LLC, 5.50%, 6/15/31 (a) | 50000 | 49405 |
| 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 | 14051 |
| 8.63%, 3/15/29 (a) | 265000 | 275026 |
| 7.38%, 6/30/33 (a) | 50000 | 49773 |
| FTAI Infra Escrow Holdings LLC, <br>10.50%, 6/1/27 (a) | 175000 | 181789 |
| Genesis Energy LP / Genesis Energy <br>Finance Corp. | Genesis Energy LP / Genesis Energy <br>Finance Corp. | Genesis Energy LP / Genesis Energy <br>Finance Corp. |
| 7.75%, 2/1/28 | 97000 | 98439 |
| 8.25%, 1/15/29 | 64000 | 66926 |
| 8.88%, 4/15/30 | 81000 | 86023 |
| 7.88%, 5/15/32 | 91000 | 94616 |
| 8.00%, 5/15/33 | 35000 | 36592 |
| Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. | Global Partners LP / GLP Finance Corp. |
| 6.88%, 1/15/29 | 147000 | 149269 |
| 8.25%, 1/15/32 (a) | 193000 | 202924 |
| Prairie Acquiror LP, 9.00%, 8/1/29 (a) | 35000 | 36395 |
| Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 8.13%, 6/1/28 (a) | 88000 | 90970 |
| 9.50%, 2/1/29 (a) | 123000 | 134000 |
| 9.88%, 2/1/32 (a) | 166000 | 179280 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| 6.50%, 1/15/34 (a) | 60000 | 60000 |
| 6.75%, 1/15/36 (a) | 95000 | 95000 |
|  |  | 2036481 |
| **REAL ESTATE - 0.4%** | **REAL ESTATE - 0.4%** | **REAL ESTATE - 0.4%** |
| Cushman & Wakefield US Borrower LLC, <br>8.88%, 9/1/31 (a) | 99000 | 106681 |
| Howard Hughes Corp. (The) | Howard Hughes Corp. (The) | Howard Hughes Corp. (The) |
| 5.38%, 8/1/28 (a) | 78000 | 77568 |
| 4.13%, 2/1/29 (a) | 9000 | 8570 |
|  |  | 192819 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **REITS - 6.0%** | **REITS - 6.0%** | **REITS - 6.0%** |
| Blackstone Mortgage Trust, Inc., <br>7.75%, 12/1/29 (a) | $220000 | $233555 |
| Brandywine Operating Partnership LP, <br>8.88%, 4/12/29 | 84000 | 90996 |
| Global Net Lease, Inc., 4.50%, 9/30/28 (a) | 227000 | 219859 |
| Global Net Lease, Inc. / Global <br>Net Lease Operating Partnership LP, <br>3.75%, 12/15/27 (a) | 231000 | 220635 |
| Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
| 5.95%, 2/15/28 | 68000 | 66299 |
| 4.65%, 4/1/29 | 147000 | 132038 |
| 3.25%, 1/15/30 | 37000 | 30270 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| 5.25%, 3/15/28 (a) | 89000 | 88610 |
| 7.00%, 2/15/29 (a) | 75000 | 77641 |
| 6.25%, 1/15/33 (a) | 23000 | 23648 |
| MPT Operating Partnership LP / MPT <br>Finance Corp., 8.50%, 2/15/32 (a) | 246000 | 257261 |
| RHP Hotel Properties LP / RHP <br>Finance Corp. | RHP Hotel Properties LP / RHP <br>Finance Corp. | RHP Hotel Properties LP / RHP <br>Finance Corp. |
| 4.75%, 10/15/27 | 68000 | 67621 |
| 7.25%, 7/15/28 (a) | 68000 | 70512 |
| Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. |
| 8.00%, 4/1/29 (a) | 313000 | 316188 |
| 8.00%, 7/15/30 (a) | 55000 | 55781 |
| Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 3.63%, 7/15/26 (a) | 56000 | 55175 |
| 7.25%, 4/1/29 (a) | 132000 | 138796 |
| 6.00%, 4/15/30 (a) | 23000 | 23247 |
| 6.50%, 7/1/30 (a) | 134000 | 138434 |
| 6.50%, 10/15/30 (a) | 89000 | 91888 |
| Uniti Group LP / Uniti Group Finance <br>2019, Inc. / CSL Capital LLC, <br>10.50%, 2/15/28 (a) | 258000 | 273679 |
|  |  | 2672133 |
| **RETAIL - 5.6%** | **RETAIL - 5.6%** | **RETAIL - 5.6%** |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| 6.95%, 3/1/33 | 53000 | 54536 |
| 6.88%, 11/1/35 | 43000 | 44375 |
| 7.60%, 7/15/37 | 32000 | 32627 |
| Brinker International, Inc., 8.25%, 7/15/30 (a) | 153000 | 163054 |
| Carvana Co. | Carvana Co. | Carvana Co. |
| 9.00% Cash, 12/1/28 (a),(c) | 42971 | 44100 |
| 9.00% Cash, 6/1/30 (a),(c) | 75000 | 78851 |
| 9.00% Cash, 6/1/31 (a),(c) | 107000 | 126778 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| 5.63%, 1/1/30 (a) | 120000 | 119630 |
| 6.88%, 3/1/32 (a) | 265000 | 274237 |
| Foot Locker, Inc., 4.00%, 10/1/29 (a) | 41000 | 38671 |
| Gap, Inc. (The), 3.63%, 10/1/29 (a) | 130000 | 120746 |
| GYP Holdings III Corp., 4.63%, 5/1/29 (a) | 55000 | 55159 |

---

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **RETAIL - 5.6% (Continued)** | **RETAIL - 5.6% (Continued)** | **RETAIL - 5.6% (Continued)** |
| Macy's Retail Holdings LLC, <br>5.88%, 3/15/30 (a) | $109000 | $106406 |
| Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
| 4.00%, 3/15/27 | 21000 | 20541 |
| 4.38%, 4/1/30 | 130000 | 119870 |
| 4.25%, 8/1/31 | 24000 | 21085 |
| 5.00%, 1/15/44 | 127000 | 88031 |
| Patrick Industries, Inc. | Patrick Industries, Inc. | Patrick Industries, Inc. |
| 4.75%, 5/1/29 (a) | 68000 | 66028 |
| 6.38%, 11/1/32 (a) | 194000 | 194477 |
| QXO Building Products, Inc., <br>6.75%, 4/30/32 (a) | 338000 | 348022 |
| Walgreens Boots Alliance, Inc., <br>8.13%, 8/15/29 | 373000 | 395504 |
|  |  | 2512728 |
| **SEMICONDUCTORS - 0.3%** | **SEMICONDUCTORS - 0.3%** | **SEMICONDUCTORS - 0.3%** |
| Ams-Osram AG, 12.25%, 3/30/29 (a) | 140000 | 149028 |
| **SOFTWARE - 1.1%** | **SOFTWARE - 1.1%** | **SOFTWARE - 1.1%** |
| CoreWeave, Inc., 9.25%, 6/1/30 (a) | 404000 | 412915 |
| Fair Isaac Corp., 6.00%, 5/15/33 (a) | 70000 | 70697 |
| ROBLOX Corp., 3.88%, 5/1/30 (a) | 11000 | 10375 |
|  |  | 493987 |
| **TELECOMMUNICATIONS - 5.2%** | **TELECOMMUNICATIONS - 5.2%** | **TELECOMMUNICATIONS - 5.2%** |
| Connect Finco Sarl / Connect US <br>Finco LLC, 9.00%, 9/15/29 (a) | 205000 | 206053 |
| GCI LLC, 4.75%, 10/15/28 (a) | 258000 | 249447 |
| Intelsat Jackson Holdings SA, <br>6.50%, 3/15/30 (a) | 49000 | 49796 |
| Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
| 10.75%, 12/15/30 (a) | 222000 | 251970 |
| 6.88%, 6/30/33 (a) | 95000 | 96645 |
| Lumen Technologies, Inc., <br>10.00%, 10/15/32 (a) | 150000 | 153187 |
| Millicom International Cellular SA | Millicom International Cellular SA | Millicom International Cellular SA |
| 6.25%, 3/25/29 (a) | 135000 | 135319 |
| 7.38%, 4/2/32 (a) | 205000 | 210362 |
| Sunrise HoldCo IV BV, 5.50%, 1/15/28 (a) | 25000 | 24842 |
| Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA |
| 6.38%, 11/15/33 | 34000 | 35451 |
| 7.20%, 7/18/36 | 60000 | 63419 |
| 7.72%, 6/4/38 | 186000 | 200422 |
| Viasat, Inc., 5.63%, 4/15/27 (a) | 105000 | 104589 |
| Windstream Services LLC / Windstream <br>Escrow Finance Corp., 8.25%, 10/1/31 (a) | 183000 | 191573 |
| Zegona Finance PLC, 8.63%, 7/15/29 (a) | 340000 | 362950 |
|  |  | 2336025 |
| **TRANSPORTATION - 0.1%** | **TRANSPORTATION - 0.1%** | **TRANSPORTATION - 0.1%** |
| Danaos Corp., 8.50%, 3/1/28 (a) | 56000 | 56708 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TRUCKING & LEASING - 0.7%** | **TRUCKING & LEASING - 0.7%** | **TRUCKING & LEASING - 0.7%** |
| 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 | $132584 |
| 7.00%, 6/15/32 (a) | 165000 | 170443 |
|  |  | 303027 |
| **TOTAL CORPORATE BONDS AND NOTES**<br> (Cost - $41,811,744) |  | 43187636 |
| **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** | **SHORT-TERM INVESTMENTS - 2.3%** |
| **MONEY MARKET FUNDS - 2.3%** | **MONEY MARKET FUNDS - 2.3%** | **MONEY MARKET FUNDS - 2.3%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.23% (d) <br>(Cost - $1,044,752) | 1044752 | 1044752 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $1,044,752) |  | 1044752 |
| **TOTAL INVESTMENTS - 99.0%**<br> (Cost - $42,856,496) |  | $44232388 |
| **OTHER ASSETS LESS LIABILITIES - NET 1.0%** |  | 431977 |
| **TOTAL NET ASSETS - 100.0%** |  | $44664365 |

---

† Represents less than 0.05%.

(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2025, these securities amounted to $36,724,180 or 82.2% of net assets.

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

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

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

CMT - Treasury Constant Maturity Rate

PLC - Public Limited Company

See accompanying notes to financial statements.

------

**Global Atlantic BlackRock High Yield Portfolio**

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

**June 30, 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) |
| U.S. 10 Year Note Future | J.P. Morgan Securities LLC | 7 | 9/19/2025 | $784875 | $12686 |
| U.S. 2 Year Note Future | Morgan Stanley | 1 | 9/30/2025 | 208023 | 797 |
| U.S. 5 Year Note Future | Morgan Stanley | 10 | 9/30/2025 | 1090000 | 11060 |
| **TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**24543** |

---

See accompanying notes to financial statements.

------

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

**Portfolio of Investments (Unaudited)**

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **CORPORATE BONDS AND NOTES - 34.6%** | **CORPORATE BONDS AND NOTES - 34.6%** | **CORPORATE BONDS AND NOTES - 34.6%** |
| **AEROSPACE & DEFENSE - 1.6%** | **AEROSPACE & DEFENSE - 1.6%** | **AEROSPACE & DEFENSE - 1.6%** |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 2.60%, 10/30/25 | $150000 | $148712 |
| 3.45%, 11/1/28 | 100000 | 96416 |
| 5.15%, 5/1/30 | 66000 | 67216 |
| 6.53%, 5/1/34 | 63000 | 68519 |
| 6.86%, 5/1/54 | 94000 | 103039 |
| Howmet Aerospace, Inc., 4.85%, 10/15/31 | 46000 | 46582 |
| Northrop Grumman Corp., 4.75%, 6/1/43 | 50000 | 45247 |
| RTX Corp. | RTX Corp. | RTX Corp. |
| 3.95%, 8/16/25 | 275000 | 274666 |
| 4.05%, 5/4/47 | 50000 | 39920 |
|  |  | 890317 |
| **AGRICULTURE - 0.4%** | **AGRICULTURE - 0.4%** | **AGRICULTURE - 0.4%** |
| BAT Capital Corp. <br>2.26%, 3/25/28 | 75000 | 70921 |
| 6.00%, 2/20/34 | 157000 | 165488 |
|  |  | 236409 |
| **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 | 121341 |
| 2.35%, 1/8/31 | 125000 | 108228 |
| Hyundai Capital America, <br>5.40%, 6/24/31 (a) | 50000 | 51141 |
|  |  | 280710 |
| **BANKS - 9.8%** | **BANKS - 9.8%** | **BANKS - 9.8%** |
| Banco Santander SA, 5.57%, 1/17/30 | 200000 | 207588 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| 5.08%, (SOFR + 1.29%), 1/20/27 (b) | 210000 | 210609 |
| 3.42%, (3 Month Term SOFR + 1.30%), <br>12/20/28 (b) | 108000 | 105552 |
| 4.27%, (3 Month Term SOFR + 1.57%), <br>7/23/29 (b) | 125000 | 124571 |
| 2.59%, (SOFR + 2.15%), 4/29/31 (b) | 75000 | 68550 |
| 1.90%, (SOFR + 1.53%), 7/23/31 (b) | 100000 | 87848 |
| 2.65%, (SOFR + 1.22%), 3/11/32 (b) | 100000 | 89740 |
| 2.97%, (SOFR + 1.33%), 2/4/33 (b) | 50000 | 44783 |
| 4.57%, (SOFR + 1.83%), 4/27/33 (b) | 50000 | 49198 |
| 5.51%, (SOFR + 1.31%), 1/24/36 (b) | 25000 | 25714 |
| 2.48%, (US 5 Year CMT T-Note + 1.20%), <br>9/21/36 (b) | 75000 | 63523 |
| Barclays, 5.79%, (SOFR + 1.59%), <br>2/25/36 (b) | 200000 | 204475 |
| BNP Paribas SA, | BNP Paribas SA, | BNP Paribas SA, |
| 1.32%, (SOFR + 1.00%), <br>1/13/27 (a),(b) | 225000 | 221080 |
| Canadian Imperial Bank of Commerce, <br>5.25%, (SOFR + 1.11%), 1/13/31 (b) | 100000 | 102405 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| 4.60%, 3/9/26 | 75000 | 74990 |
| 3.40%, 5/1/26 | 200000 | 198462 |
| 4.45%, 9/29/27 | 125000 | 125100 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BANKS - 9.8% (Continued)** | **BANKS - 9.8% (Continued)** | **BANKS - 9.8% (Continued)** |
| 3.67%, (3 Month Term SOFR + 1.65%), <br>7/24/28 (b) | $50000 | $49215 |
| 2.98%, (SOFR + 1.42%), 11/5/30 (b) | 100000 | 93540 |
| 3.06%, (SOFR + 1.35%), 1/25/33 (b) | 50000 | 44688 |
| 6.02%, (SOFR + 1.83%), 1/24/36 (b) | 60000 | 61570 |
| First Horizon Corp., 5.51%, <br>(SOFR + 1.77%), 3/7/31 (b) | 55000 | 55785 |
| ING Groep NV, 4.63%, 1/6/26 (a) | 225000 | 225065 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| 3.30%, 4/1/26 | 225000 | 223484 |
| 3.96%, (3 Month Term SOFR + 1.51%), <br>1/29/27 (b) | 175000 | 174535 |
| 3.51%, (3 Month Term SOFR + 1.21%), <br>1/23/29 (b) | 125000 | 122436 |
| 2.96%, (3 Month Term SOFR + 2.52%), <br>5/13/31 (b) | 25000 | 23111 |
| 2.96%, (SOFR + 1.26%), 1/25/33 (b) | 50000 | 44919 |
| 4.59%, (SOFR + 1.80%), 4/26/33 (b) | 21000 | 20771 |
| 5.57%, (SOFR + 1.68%), 4/22/36 (b) | 145000 | 150337 |
| M&T Bank Corp., 5.05%, (SOFR + 1.85%), <br>1/27/34 (b) | 90000 | 88720 |
| Macquarie Group Ltd., 1.34%, <br>(SOFR + 1.07%), 1/12/27 (a),(b) | 75000 | 73735 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 3.63%, 1/20/27 | 50000 | 49566 |
| 5.05%, (SOFR + 1.30%), 1/28/27 (b) | 263000 | 263788 |
| 3.95%, 4/23/27 | 30000 | 29809 |
| 5.16%, (SOFR + 1.59%), 4/20/29 (b) | 155000 | 158022 |
| 4.43%, (3 Month Term SOFR + 1.89%), <br>1/23/30 (b) | 50000 | 49932 |
| 2.70%, (SOFR + 1.14%), 1/22/31 (b) | 75000 | 69138 |
| 1.79%, (SOFR + 1.03%), 2/13/32 (b) | 125000 | 106879 |
| 5.47%, (SOFR + 1.73%), 1/18/35 (b) | 30000 | 30665 |
| 5.66%, (SOFR + 1.76%), 4/17/36 (b) | 50000 | 51812 |
| Toronto-Dominion Bank (The),  | Toronto-Dominion Bank (The),  | Toronto-Dominion Bank (The),  |
| 4.46%, 6/8/32 | 25000 | 24540 |
| Truist Financial Corp., 6.05%, <br>(SOFR + 2.05%), 6/8/27 (b) | 25000 | 25334 |
| UBS Group AG, 4.55%, 4/17/26 | 255000 | 255033 |
| US Bancorp | US Bancorp | US Bancorp |
| 5.78%, (SOFR + 2.02%), 6/12/29 (b) | 70000 | 72685 |
| 4.97%, (SOFR + 2.11%), 7/22/33 (b) | 140000 | 138306 |
| 5.85%, (SOFR + 2.09%), 10/21/33 (b) | 50000 | 52606 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 3.55%, 9/29/25 | 125000 | 124647 |
| 3.00%, 10/23/26 | 325000 | 319413 |
| 4.30%, 7/22/27 | 100000 | 100003 |
| 4.15%, 1/24/29 | 25000 | 24945 |
| 4.90%, (SOFR + 2.10%), 7/25/33 (b) | 11000 | 11002 |
| Westpac Banking Corp., 4.11%, <br>(US 5 Year CMT T-Note + 2.00%), <br>7/24/34 (b) | 75000 | 72473 |
|  |  | 5486697 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **BEVERAGES - 1.0%** | **BEVERAGES - 1.0%** | **BEVERAGES - 1.0%** |
| Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
| 8.20%, 1/15/39 | $25000 | $31882 |
| 5.45%, 1/23/39 | 35000 | 35608 |
| Coca-Cola Consolidated, Inc.,  | Coca-Cola Consolidated, Inc.,  | Coca-Cola Consolidated, Inc.,  |
| 5.45%, 6/1/34 | 40000 | 41222 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 3.60%, 2/15/28 | 100000 | 98215 |
| 3.15%, 8/1/29 | 125000 | 118730 |
| 2.25%, 8/1/31 | 50000 | 43310 |
| Keurig Dr Pepper, Inc.,  | Keurig Dr Pepper, Inc.,  | Keurig Dr Pepper, Inc.,  |
| 3.80%, 5/1/50 | 25000 | 18518 |
| Pernod Ricard International Finance LLC, <br>1.63%, 4/1/31 (a) | 180000 | 151748 |
|  |  | 539233 |
| **BIOTECHNOLOGY - 0.7%** | **BIOTECHNOLOGY - 0.7%** | **BIOTECHNOLOGY - 0.7%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 5.25%, 3/2/30 | 130000 | 133902 |
| 5.25%, 3/2/33 | 108000 | 110639 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 2.20%, 9/2/30 | 70000 | 62031 |
| 5.40%, 9/2/34 | 79000 | 80056 |
|  |  | 386628 |
| **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 | 68206 |
| 5.90%, 3/15/34 | 101000 | 107466 |
|  |  | 175672 |
| **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** | **CHEMICALS - 0.1%** |
| International Flavors & Fragrances, Inc., <br>1.83%, 10/15/27 (a) | 27000 | 25431 |
| **COMMERCIAL SERVICES - 0.6%** | **COMMERCIAL SERVICES - 0.6%** | **COMMERCIAL SERVICES - 0.6%** |
| DP World Crescent Ltd., 5.50%, 5/8/35 (a) | 200000 | 201638 |
| Quanta Services, Inc., 5.25%, 8/9/34 | 68000 | 68846 |
| S&P Global, Inc., 2.95%, 1/22/27 | 50000 | 49139 |
|  |  | 319623 |
| **COMPUTERS - 0.1%** | **COMPUTERS - 0.1%** | **COMPUTERS - 0.1%** |
| Dell International LLC / EMC Corp.,  | Dell International LLC / EMC Corp.,  | Dell International LLC / EMC Corp.,  |
| 5.30%, 10/1/29 | 25000 | 25760 |
| Hewlett Packard Enterprise Co.,  | Hewlett Packard Enterprise Co.,  | Hewlett Packard Enterprise Co.,  |
| 5.00%, 10/15/34 | 57000 | 55323 |
|  |  | 81083 |
| **DIVERSIFIED FINANCIAL SERVICES - 2.0%** | **DIVERSIFIED FINANCIAL SERVICES - 2.0%** | **DIVERSIFIED FINANCIAL SERVICES - 2.0%** |
| 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 | 219237 |
| 5.38%, 12/15/31 | 150000 | 153254 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **DIVERSIFIED FINANCIAL SERVICES - 2.0% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 2.0% (Continued)** | **DIVERSIFIED FINANCIAL SERVICES - 2.0% (Continued)** |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 3.38%, 7/1/25 | $100000 | $100000 |
| 2.88%, 1/15/26 | 75000 | 74252 |
| 3.75%, 6/1/26 | 175000 | 173823 |
| Ally Financial, Inc., 2.20%, 11/2/28 | 100000 | 92198 |
| Aviation Capital Group LLC, 1.95%, <br>1/30/26 (a) | 75000 | 73808 |
| Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
| 6.38%, 5/4/28 (a) | 40000 | 41700 |
| 5.15%, 1/15/30 (a) | 26000 | 26182 |
| Charles Schwab Corp. (The), <br>3.45%, 2/13/26 | 128000 | 127254 |
| Nasdaq, Inc., 3.25%, 4/28/50 | 25000 | 16851 |
|  |  | 1098559 |
| **ELECTRIC - 1.3%** | **ELECTRIC - 1.3%** | **ELECTRIC - 1.3%** |
| Ameren Corp., 3.50%, 1/15/31 | 25000 | 23613 |
| American Electric Power Co., Inc., <br>2.30%, 3/1/30 | 50000 | 45105 |
| Dominion Energy, Inc., 3.38%, 4/1/30 | 50000 | 47509 |
| Duke Energy Carolinas LLC, <br>3.95%, 3/15/48 | 25000 | 19539 |
| Duquesne Light Holdings, Inc., <br>2.53%, 10/1/30 (a) | 100000 | 88397 |
| Entergy Corp., 2.95%, 9/1/26 | 175000 | 172097 |
| Exelon Corp., 4.05%, 4/15/30 | 50000 | 49180 |
| FirstEnergy Corp., 2.25%, 9/1/30 | 50000 | 44396 |
| NextEra Energy Capital Holdings, Inc., <br>1.90%, 6/15/28 | 80000 | 74739 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 2.10%, 8/1/27 | 25000 | 23675 |
| 2.50%, 2/1/31 | 50000 | 43389 |
| 3.30%, 8/1/40 | 25000 | 17893 |
| Southern California Edison Co., <br>4.20%, 3/1/29 | 100000 | 97874 |
|  |  | 747406 |
| **ELECTRONICS - 0.1%** | **ELECTRONICS - 0.1%** | **ELECTRONICS - 0.1%** |
| Allegion US Holding Co., Inc., <br>5.60%, 5/29/34 | 45000 | 46224 |
| **ENGINEERING & CONSTRUCTION - 0.3%** | **ENGINEERING & CONSTRUCTION - 0.3%** | **ENGINEERING & CONSTRUCTION - 0.3%** |
| Mexico City Airport Trust, <br>3.88%, 4/30/28 (a) | 200000 | 193348 |
| **ENVIRONMENTAL CONTROL - 0.4%** | **ENVIRONMENTAL CONTROL - 0.4%** | **ENVIRONMENTAL CONTROL - 0.4%** |
| Republic Services, Inc., 4.88%, 4/1/29 | 50000 | 51054 |
| Veralto Corp., 5.45%, 9/18/33 | 180000 | 185689 |
|  |  | 236743 |
| **FOOD - 1.4%** | **FOOD - 1.4%** | **FOOD - 1.4%** |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 5.90%, 11/15/28 | 83000 | 87167 |
| 6.20%, 11/15/33 | 82000 | 87953 |
| Kroger Co. (The), 5.00%, 9/15/34 | 6000 | 5957 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **FOOD - 1.4% (Continued)** | **FOOD - 1.4% (Continued)** | **FOOD - 1.4% (Continued)** |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 4.80%, 3/1/30 (a) | $150000 | $151926 |
| 5.00%, 3/1/32 (a) | 125000 | 126713 |
| 5.20%, 3/1/35 (a) | 200000 | 202270 |
| Sysco Corp., 4.45%, 3/15/48 | 25000 | 20791 |
| The Campbell's Co., 5.40%, 3/21/34 | 117000 | 118802 |
|  |  | 801579 |
| **GAS - 0.0%†** | **GAS - 0.0%†** | **GAS - 0.0%†** |
| NiSource, Inc., 3.60%, 5/1/30 | 25000 | 23975 |
| **HEALTHCARE-PRODUCTS - 0.5%** | **HEALTHCARE-PRODUCTS - 0.5%** | **HEALTHCARE-PRODUCTS - 0.5%** |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 5.40%, 3/1/29 | 120000 | 123558 |
| 5.60%, 3/23/34 | 60000 | 61755 |
| STERIS Irish FinCo UnLtd Co., <br>2.70%, 3/15/31 | 75000 | 67343 |
|  |  | 252656 |
| **HEALTHCARE-SERVICES - 2.0%** | **HEALTHCARE-SERVICES - 2.0%** | **HEALTHCARE-SERVICES - 2.0%** |
| Adventist Health System/West | Adventist Health System/West | Adventist Health System/West |
| 2.95%, 3/1/29 | 25000 | 23213 |
| 5.76%, 12/1/34 | 35000 | 35047 |
| Banner Health, 2.34%, 1/1/30 | 145000 | 133174 |
| Baylor Scott & White Holdings, <br>1.78%, 11/15/30 | 50000 | 43776 |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 5.13%, 5/15/31 | 85000 | 87381 |
| 4.80%, 8/15/38 | 75000 | 70478 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 3.91%, 10/1/50 | 110000 | 81463 |
| 6.46%, 11/1/52 | 105000 | 111315 |
| HCA, Inc., 5.45%, 4/1/31 | 125000 | 128656 |
| Humana, Inc., 5.95%, 3/15/34 | 20000 | 20797 |
| Laboratory Corp. of America Holdings, <br>4.80%, 10/1/34 | 35000 | 34224 |
| Rush Obligated Group, 3.92%, 11/15/29 | 60000 | 58842 |
| Sutter Health | Sutter Health | Sutter Health |
| 2.29%, 8/15/30 | 25000 | 22576 |
| 4.09%, 8/15/48 | 225000 | 179847 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 5.88%, 2/15/53 | 50000 | 50176 |
| 5.05%, 4/15/53 | 50000 | 44698 |
|  |  | 1125663 |
| **HOME BUILDERS - 0.1%** | **HOME BUILDERS - 0.1%** | **HOME BUILDERS - 0.1%** |
| Lennar Corp., 4.75%, 11/29/27 | 45000 | 45304 |
| **INSURANCE - 0.5%** | **INSURANCE - 0.5%** | **INSURANCE - 0.5%** |
| Chubb Corp. (The), 6.80%, 11/15/31 | 49000 | 54633 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| 3.10%, 11/15/26 | 75000 | 73714 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **INSURANCE - 0.5% (Continued)** | **INSURANCE - 0.5% (Continued)** | **INSURANCE - 0.5% (Continued)** |
| 2.13%, 6/15/30 | $100000 | $88983 |
| Willis North America, Inc., <br>2.95%, 9/15/29 | 50000 | 47057 |
|  |  | 264387 |
| **INTERNET - 0.4%** | **INTERNET - 0.4%** | **INTERNET - 0.4%** |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 3.25%, 2/15/30 | 28000 | 26404 |
| 2.95%, 3/15/31 | 14000 | 12748 |
| Netflix, Inc., 5.88%, 11/15/28 | 95000 | 100129 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 4.50%, 8/15/29 (a) | 50000 | 49633 |
| 4.80%, 9/15/34 | 51000 | 50071 |
|  |  | 238985 |
| **INVESTMENT COMPANIES - 0.1%** | **INVESTMENT COMPANIES - 0.1%** | **INVESTMENT COMPANIES - 0.1%** |
| Blackstone Private Credit Fund, <br>6.00%, 1/29/32 | 25000 | 25150 |
| Blackstone Secured Lending Fund, <br>5.88%, 11/15/27 | 25000 | 25517 |
|  |  | 50667 |
| **LODGING - 0.8%** | **LODGING - 0.8%** | **LODGING - 0.8%** |
| Choice Hotels International, Inc., <br>5.85%, 8/1/34 | 45000 | 45421 |
| Hyatt Hotels Corp., 5.50%, 6/30/34 | 147000 | 146903 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 4.90%, 4/15/29 | 50000 | 50879 |
| 4.88%, 5/15/29 | 39000 | 39542 |
| 2.85%, 4/15/31 | 175000 | 158853 |
|  |  | 441598 |
| **MACHINERY-DIVERSIFIED - 0.1%** | **MACHINERY-DIVERSIFIED - 0.1%** | **MACHINERY-DIVERSIFIED - 0.1%** |
| IDEX Corp., 2.63%, 6/15/31 | 25000 | 22261 |
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | 45000 | 47124 |
|  |  | 69385 |
| **MEDIA - 0.2%** | **MEDIA - 0.2%** | **MEDIA - 0.2%** |
| Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 5.30%, 6/1/34 | 98000 | 100381 |
| 3.75%, 4/1/40 | 25000 | 20774 |
|  |  | 121155 |
| **MINING - 0.2%** | **MINING - 0.2%** | **MINING - 0.2%** |
| Newmont Corp., 2.25%, 10/1/30 | 150000 | 135016 |
| **OIL & GAS - 0.4%** | **OIL & GAS - 0.4%** | **OIL & GAS - 0.4%** |
| BP Capital Markets America, Inc., <br>3.41%, 2/11/26 | 50000 | 49667 |
| Marathon Petroleum Corp., <br>3.80%, 4/1/28 | 25000 | 24641 |
| Phillips 66, 3.90%, 3/15/28 | 150000 | 148426 |
|  |  | 222734 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **PHARMACEUTICALS - 0.4%** | **PHARMACEUTICALS - 0.4%** | **PHARMACEUTICALS - 0.4%** |
| Cardinal Health, Inc., 5.35%, 11/15/34 | $100000 | $101976 |
| CVS Health Corp., 4.78%, 3/25/38 | 160000 | 146820 |
|  |  | 248796 |
| **PIPELINES - 1.6%** | **PIPELINES - 1.6%** | **PIPELINES - 1.6%** |
| Enbridge, Inc., 5.70%, 3/8/33 | 55000 | 57022 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 5.25%, 4/15/29 | 100000 | 102389 |
| 5.30%, 4/15/47 | 25000 | 22068 |
| Galaxy Pipeline Assets Bidco Ltd., <br>2.94%, 9/30/40 | 176648 | 144658 |
| MPLX LP | MPLX LP | MPLX LP |
| 4.80%, 2/15/29 | 50000 | 50482 |
| 2.65%, 8/15/30 | 125000 | 113120 |
| Sabine Pass Liquefaction LLC, <br>5.00%, 3/15/27 | 100000 | 100593 |
| Targa Resources Corp., 4.20%, 2/1/33 | 40000 | 37481 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| 4.00%, 9/15/25 | 175000 | 174732 |
| 5.65%, 3/15/33 | 75000 | 77944 |
|  |  | 880489 |
| **REITS - 1.8%** | **REITS - 1.8%** | **REITS - 1.8%** |
| Agree LP, 4.80%, 10/1/32 | 35000 | 34621 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 4.90%, 2/15/29 | 50000 | 50555 |
| 2.38%, 7/15/31 | 30000 | 26101 |
| Camden Property Trust, 2.80%, 5/15/30 | 75000 | 69723 |
| Crown Castle, Inc., 3.65%, 9/1/27 | 75000 | 73697 |
| CubeSmart LP, 2.50%, 2/15/32 | 15000 | 12893 |
| Essex Portfolio LP, 3.00%, 1/15/30 | 75000 | 70092 |
| Host Hotels & Resorts LP, 2.90%, 12/15/31 | 42000 | 36781 |
| Invitation Homes Operating Partnership <br>LP, 2.30%, 11/15/28 | 50000 | 46814 |
| Kilroy Realty LP, 4.75%, 12/15/28 | 79000 | 78342 |
| Prologis LP, 4.63%, 1/15/33 | 75000 | 74636 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 4.88%, 6/1/26 | 75000 | 75194 |
| 3.40%, 1/15/30 | 100000 | 95683 |
| Regency Centers LP, 2.95%, 9/15/29 | 125000 | 118259 |
| UDR, Inc., 2.10%, 8/1/32 | 25000 | 20710 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 3.85%, 7/15/29 | 75000 | 72964 |
| 2.40%, 2/1/31 | 25000 | 21972 |
|  |  | 979037 |
| **RETAIL - 0.6%** | **RETAIL - 0.6%** | **RETAIL - 0.6%** |
| 7-Eleven, Inc., 1.30%, 2/10/28 (a) | 100000 | 92229 |
| Alimentation Couche-Tard, Inc., <br>3.55%, 7/26/27 (a) | 50000 | 49196 |
| AutoNation, Inc., 1.95%, 8/1/28 | 25000 | 23176 |
| Dollar General Corp., 3.88%, 4/15/27 | 52000 | 51509 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **RETAIL - 0.6% (Continued)** | **RETAIL - 0.6% (Continued)** | **RETAIL - 0.6% (Continued)** |
| Lowe's Cos., Inc., 1.70%, 9/15/28 | $75000 | $69364 |
| Starbucks Corp., 4.00%, 11/15/28 | 75000 | 74427 |
|  |  | 359901 |
| **SEMICONDUCTORS - 0.9%** | **SEMICONDUCTORS - 0.9%** | **SEMICONDUCTORS - 0.9%** |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 3.42%, 4/15/33 (a) | 150000 | 136018 |
| 3.47%, 4/15/34 (a) | 40000 | 35742 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| 5.20%, 2/10/33 | 100000 | 100858 |
| 5.15%, 2/21/34 | 28000 | 27939 |
| 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 | 47328 |
| 2.50%, 5/11/31 | 125000 | 110382 |
| 2.65%, 2/15/32 | 75000 | 65254 |
|  |  | 523521 |
| **SOFTWARE - 1.7%** | **SOFTWARE - 1.7%** | **SOFTWARE - 1.7%** |
| Constellation Software, Inc., <br>5.46%, 2/16/34 (a) | 41000 | 41834 |
| Fiserv, Inc., 4.20%, 10/1/28 | 100000 | 99429 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 4.50%, 5/6/28 | 75000 | 75443 |
| 2.95%, 4/1/30 | 25000 | 23321 |
| 4.65%, 5/6/30 | 100000 | 100897 |
| 2.88%, 3/25/31 | 225000 | 205132 |
| 5.25%, 2/3/32 | 90000 | 92298 |
| 4.90%, 2/6/33 | 91000 | 91124 |
| 3.60%, 4/1/40 | 25000 | 20006 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 5.00%, 4/1/32 | 55000 | 55704 |
| 5.15%, 4/1/35 | 31000 | 31304 |
| VMware LLC | VMware LLC | VMware LLC |
| 1.80%, 8/15/28 | 25000 | 23125 |
| 2.20%, 8/15/31 | 75000 | 65052 |
|  |  | 924669 |
| **TELECOMMUNICATIONS - 1.3%** | **TELECOMMUNICATIONS - 1.3%** | **TELECOMMUNICATIONS - 1.3%** |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 4.90%, 8/15/37 | 50000 | 47931 |
| 4.85%, 3/1/39 | 85000 | 80441 |
| Rogers Communications, Inc., <br>3.20%, 3/15/27 | 215000 | 210775 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 3.75%, 4/15/27 | 111000 | 109836 |
| 5.20%, 1/15/33 | 150000 | 152779 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 4.02%, 12/3/29 | 25000 | 24661 |
| 2.55%, 3/21/31 | 100000 | 89683 |
|  |  | 716106 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **TRANSPORTATION - 0.3%** | **TRANSPORTATION - 0.3%** | **TRANSPORTATION - 0.3%** |
| Burlington Northern Santa Fe LLC, <br>3.25%, 6/15/27 | $75000 | $73952 |
| FedEx Corp., 3.40%, 2/15/28 (a) | 25000 | 24417 |
| Union Pacific Corp., 2.80%, 2/14/32 | 100000 | 90142 |
|  |  | 188511 |
| **TRUCKING & LEASING - 0.1%** | **TRUCKING & LEASING - 0.1%** | **TRUCKING & LEASING - 0.1%** |
| Penske Truck Leasing Co. LP / PTL <br>Finance Corp., 5.25%, 7/1/29 (a) | 48000 | 49139 |
| **TOTAL CORPORATE BONDS AND NOTES**<br> (Cost - $19,867,028) |  | 19407356 |
| **AGENCY MORTGAGE BACKED SECURITIES - 29.9%** | **AGENCY MORTGAGE BACKED SECURITIES - 29.9%** | **AGENCY MORTGAGE BACKED SECURITIES - 29.9%** |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.8%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.8%** | **FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.8%** |
| Freddie Mac Pool | Freddie Mac Pool | Freddie Mac Pool |
| 4.00%, 3/1/50 | 355536 | 337303 |
| 3.00%, 12/1/50 | 537944 | 475731 |
| 2.50%, 9/1/51 | 725252 | 608609 |
| 2.00%, 1/1/52 | 1686230 | 1347382 |
| 4.50%, 6/1/52 | 473975 | 458001 |
|  |  | 3227026 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.0%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.0%** | **FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.0%** |
| Fannie Mae or Freddie Mac | Fannie Mae or Freddie Mac | Fannie Mae or Freddie Mac |
| 2.50%, 7/1/55 (c) | 1000000 | 829531 |
| 5.50%, 7/1/55 (c) | 2000000 | 1998437 |
| Fannie Mae Pool | Fannie Mae Pool | Fannie Mae Pool |
| 4.50%, 6/1/31 | 154742 | 156249 |
| 4.50%, 7/1/48 | 272496 | 265387 |
| 5.00%, 11/1/48 | 188118 | 189821 |
| 2.00%, 11/1/50 | 864001 | 686689 |
| 2.50%, 11/1/50 | 857042 | 724262 |
| 2.50%, 3/1/51 | 66271 | 56028 |
| 2.50%, 9/1/51 | 83313 | 70439 |
| 2.50%, 10/1/51 | 326737 | 276285 |
| 2.50%, 11/1/51 | 192116 | 162425 |
| 2.50%, 11/1/51 | 150979 | 127635 |
| 2.50%, 2/1/52 | 194071 | 161151 |
| 5.00%, 11/1/52 | 838831 | 826436 |
| 5.50%, 11/1/52 | 806906 | 818789 |
| 6.00%, 12/1/52 | 748477 | 769389 |
| Ginnie Mae II Pool, 3.50%, 6/20/52 | 894600 | 814434 |
|  |  | 8933387 |
| **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.1%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.1%** | **GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.1%** |
| Ginnie Mae II Pool | Ginnie Mae II Pool | Ginnie Mae II Pool |
| 4.50%, 2/20/48 | 95270 | 93574 |
| 4.50%, 5/20/48 | 98612 | 96508 |
| 4.50%, 8/20/48 | 123700 | 121062 |
| 5.00%, 8/20/48 | 25114 | 25051 |
| 4.50%, 9/20/48 | 435239 | 425956 |
| 5.00%, 10/20/48 | 148287 | 148686 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 8.1% (Continued)** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 8.1% (Continued)** | **GOVERNMENT NATIONAL MORTGAGE <br>ASSOCIATION - 8.1% (Continued)** |
| 5.00%, 11/20/48 | $89100 | $89340 |
| 5.00%, 12/20/48 | 47240 | 47367 |
| 5.00%, 1/20/49 | 140745 | 140304 |
| 4.00%, 2/20/49 | 127046 | 119808 |
| 4.50%, 3/20/49 | 4161 | 4073 |
| 5.00%, 3/20/49 | 67632 | 66690 |
| 4.00%, 5/20/49 | 114740 | 108026 |
| 4.50%, 10/20/49 | 99260 | 97145 |
| 3.00%, 3/20/50 | 354733 | 314820 |
| 3.00%, 11/20/51 | 707326 | 626769 |
| 2.00%, 12/20/51 | 909407 | 741698 |
| 4.50%, 10/20/52 | 817652 | 789623 |
| 5.50%, 5/20/54 | 501825 | 503420 |
|  |  | 4559920 |
| **TOTAL AGENCY MORTGAGE BACKED SECURITIES**<br> (Cost - $17,309,005) |  | 16720333 |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4%** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4%** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4%** |
| 3650R 2021-PF1 Commercial Mortgage <br>Trust, 2.78%, 11/15/54 (d) | 150000 | 122957 |
| Apidos CLO LIII, 5.65%, (3 Month Term <br>SOFR + 1.32%), 7/20/38 (a),(b) | 350000 | 350829 |
| Apidos CLO XV, 5.54%, (3 Month Term <br>SOFR + 1.27%), 4/20/31 (a),(b) | 67952 | 67986 |
| ASSURANT CLO LTD., 5.57%, (3 Month <br>Term SOFR + 1.30%), 4/20/31 (a),(b) | 200443 | 200436 |
| Bank 2023-BNK46, 5.75%, 8/15/56 | 150000 | 157170 |
| Bank of America Auto Trust 2023-2, <br>5.85%, 8/17/26 (a) | 1302 | 1303 |
| BANK5 2024-5YR11, 5.89%, 11/15/57 | 100000 | 104526 |
| BANK5 2024-5YR8, 5.88%, 8/15/57 | 75000 | 78337 |
| BANK5 2024-5YR9, 6.18%, 8/15/57 (d) | 150000 | 156516 |
| Barclays Dryrock Issuance Trust | Barclays Dryrock Issuance Trust | Barclays Dryrock Issuance Trust |
| 5.20%, (SOFR + 0.90%), 8/15/28 (b) | 100000 | 100174 |
| 4.72%, 2/15/29 | 300000 | 300552 |
| BBCMS Mortgage Trust 2024-5C25, <br>6.36%, 3/15/57 (d) | 100000 | 104621 |
| Benchmark 2024-V8 Mortgage Trust, <br>6.19%, 7/15/57 (d) | 75000 | 79058 |
| BMO 2023-C7 Mortgage Trust, <br>6.16%, 12/15/56 | 100000 | 107293 |
| BMO 2024-5C4 Mortgage Trust, <br>6.53%, 5/15/57 (d) | 125000 | 132524 |
| BMO 2024-5C6 Mortgage Trust, <br>5.32%, 9/15/57 | 100000 | 102111 |
| BMO 2024-C9 Mortgage Trust, <br>5.76%, 7/15/57 | 125000 | 131086 |
| BX Commercial Mortgage Trust <br>2024-XL4, 5.75%, (1 Month Term <br>SOFR + 1.44%), 2/15/39 (a),(b) | 94697 | 94830 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** |
| BX Commercial Mortgage Trust <br>2024-XL5, 5.70%, (1 Month Term <br>SOFR + 1.39%), 3/15/41 (a),(b) | $77708 | $77792 |
| BX Trust 2024-BIO, 5.95%, (1 Month <br>Term SOFR + 1.64%), 2/15/41 (a),(b) | 150000 | 150009 |
| Capital One Multi-Asset Execution Trust, <br>4.95%, 10/15/27 | 200000 | 201012 |
| Carlyle US CLO 2024-2 Ltd., 6.33%, <br>(3 Month Term SOFR + 2.05%), <br>4/25/37 (a),(b) | 250000 | 251149 |
| CarVal CLO IX-C Ltd., 6.37%, (3 Month <br>Term SOFR + 2.10%), 4/20/37 (a),(b) | 250000 | 250992 |
| Cathedral Lake VIII Ltd., 7.15%, (3 Month <br>Term SOFR + 2.88%), 1/20/35 (a),(b) | 150000 | 150273 |
| CBAM 2018-5 Ltd., 5.56%, (3 Month <br>Term SOFR + 1.28%), 4/17/31 (a),(b) | 112124 | 112225 |
| CBAMR 2017-4 Ltd., 5.70%, (3 Month <br>Term SOFR + 1.42%), 3/31/38 (a),(b) | 250000 | 250625 |
| CIFC Falcon 2020 Ltd., 5.53%, (3 Month <br>Term SOFR + 1.26%), 1/20/33 (a),(b) | 283723 | 284095 |
| Cifc Funding 2023-III Ltd., 5.87%, (3 Month <br>Term SOFR + 1.60%), 1/20/37 (a),(b) | 300000 | 300840 |
| Citizens Auto Receivables Trust 2024-1, <br>5.43%, 10/15/26 (a) | 35042 | 35066 |
| COLT 2021-2 Mortgage Loan Trust, 0.92%, <br>8/25/66 (a),(d) | 59736 | 49398 |
| Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust | Connecticut Avenue Securities Trust |
| 5.96%, (SOFR + 1.65%), 12/25/41 (a),(b) | 34000 | 34197 |
| 6.11%, (SOFR + 1.80%), 1/25/44 (a),(b) | 50000 | 50533 |
| 6.26%, (SOFR + 1.95%), 3/25/44 (a),(b) | 50000 | 50465 |
| DOLP Trust 2021-NYC, 2.96%, 5/10/41 (a) | 100000 | 88944 |
| Exeter Automobile Receivables Trust <br>2025-1, 4.70%, 9/15/27 | 125295 | 125264 |
| Fannie Mae Remics, 5.31%, <br>(SOFR + 1.00%), 3/25/55 (b) | 145781 | 143905 |
| Fidelity Grand Harbour Clo 2023-1 DAC, <br>3.89%, 2/15/38 (a) | 250000 | 292677 |
| Ford Credit Auto Lease Trust 2024-A, <br>5.24%, 7/15/26 | 3009 | 3010 |
| Ford Credit Auto Owner Trust 2023-C, <br>5.68%, 9/15/26 | 14639 | 14647 |
| Ford Credit Auto Owner Trust <br>2024-REV1, 4.87%, 8/15/36 (a),(e) | 150000 | 152745 |
| 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 | 51331 |
| 4.99%, (SOFR + 0.68%), 2/25/33 (b) | 76575 | 76280 |
| 4.90%, 10/25/33 (d) | 150000 | 153913 |
| Freddie Mac STACR REMIC Trust <br>2021-DNA5, 5.96%, (SOFR + 1.65%), <br>1/25/34 (a),(b) | 10110 | 10136 |
| Freddie Mac STACR REMIC Trust <br>2024-DNA2, 5.51%, (SOFR + 1.20%), <br>5/25/44 (a),(b) | 127010 | 127207 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** |
| Generate CLO 22 Ltd., 0.01%, (3 Month <br>Term SOFR + 1.33%), 7/20/38 (a),(b) | $325000 | $325000 |
| Ginnie Mae, 2.00%, 8/20/51 | 362453 | 299665 |
| GM Financial Consumer Automobile <br>Receivables Trust 2023-4, <br>5.89%, 11/16/26 | 7348 | 7353 |
| GM Financial Consumer Automobile <br>Receivables Trust 2024-1, <br>5.12%, 2/16/27 | 36504 | 36527 |
| GoldenTree Loan Management US <br>CLO 19 Ltd., 5.77%, (3 Month Term <br>SOFR + 1.50%), 4/20/37 (a),(b) | 250000 | 250655 |
| Halseypoint CLO 7 Ltd., 5.80%, (3 Month <br>Term SOFR + 1.45%), 7/20/38 (a),(b) | 500000 | 500000 |
| Honda Auto Receivables 2023-4 Owner <br>Trust, 5.67%, 6/21/28 | 250000 | 250336 |
| Hyundai Auto Lease Securitization <br>Trust 2024-A, 5.15%, 6/15/26 (a) | 54210 | 54234 |
| IRV Trust 2025-200P | IRV Trust 2025-200P | IRV Trust 2025-200P |
| 5.47%, 3/14/47 (a),(d) | 200000 | 201919 |
| 5.62%, 3/14/47 (a),(d) | 150000 | 149451 |
| J.P. Morgan Mortgage Trust 2024-1, <br>6.00%, 6/25/54 (a),(d) | 97097 | 97115 |
| JP Morgan Chase Commercial Mortgage <br>Securities Trust 2022-OPO, 3.02%, <br>1/5/39 (a) | 100000 | 90623 |
| JP Morgan Mortgage Trust 2021-6, <br>2.50%, 10/25/51 (a),(d) | 89766 | 72837 |
| JP Morgan Mortgage Trust Series <br>2024-VIS2, 5.85%, 11/25/64 (a),(e) | 272891 | 271194 |
| LEX 2024-BBG Mortgage Trust, 5.04%, <br>10/13/33 (a),(d) | 150000 | 150747 |
| Mercedes-Benz Auto Receivables Trust <br>2023-2, 5.92%, 11/16/26 | 179 | 179 |
| Morgan Stanley Capital I Trust 2020-HR8, <br>2.04%, 7/15/53 | 250000 | 220913 |
| Nissan Auto Lease Trust 2024-A, 5.11%, <br>10/15/26 | 130567 | 130668 |
| Nissan Auto Receivables 2023-B Owner <br>Trust, 5.93%, 3/15/28 | 50000 | 50377 |
| OCP CLO 2017-14 Ltd., 5.64%, (3 Month <br>Term SOFR + 1.37%), 7/20/37 (a),(b) | 350000 | 351056 |
| OCP CLO 2019-16 Ltd., 5.47%, (3 Month <br>Term SOFR + 1.26%), 4/10/33 (a),(b) | 217329 | 217438 |
| Palmer Square Loan Funding 2022-2 Ltd., <br>5.53%, (3 Month Term SOFR + 1.27%), <br>10/15/30 (a),(b) | 50274 | 50297 |
| PRKCM 2021-AFC2 Trust, 2.07%, <br>11/25/56 (a),(d) | 184100 | 160806 |
| Regatta 30 Funding Ltd., 5.63%, (3 Month <br>Term SOFR + 1.32%), 1/25/38 (a),(b) | 250000 | 250675 |
| ROCK TRUST 2024-CNTR | ROCK TRUST 2024-CNTR | ROCK TRUST 2024-CNTR |
| 5.39%, 11/13/41 (a) | 150000 | 153276 |
| 5.93%, 11/13/41 (a) | 100000 | 103044 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** | **ASSET BACKED AND COMMERCIAL BACKED <br>SECURITIES - 20.4% (Continued)** |
| Santander Drive Auto Receivables <br>Trust 2025-1, 4.74%, 1/16/29 | $150000 | $150152 |
| Sound Point Euro Clo 14 funding DAC, <br>3.89%, 4/20/39 (a) | 250000 | 291960 |
| Starwood Mortgage Residential <br>Trust 2020-2, 3.00%, 4/25/60 (a),(d) | 150000 | 140786 |
| Verus Securitization Trust 2022-1, <br>3.29%, 1/25/67 (a),(d) | 108828 | 95065 |
| Voya CLO 2020-2 Ltd., 5.59%, (3 Month <br>Term SOFR + 1.31%), 1/20/38 (a),(b) | 300000 | 300434 |
| Wells Fargo Commercial Mortgage Trust <br>2024-MGP, 6.00%, (1 Month Term <br>SOFR + 1.69%), 8/15/41 (a),(b) | 100000 | 99516 |
| Wells Fargo Mortgage Backed Securities <br>Trust 2019-3, 3.50%, 7/25/49 (a),(d) | 5029 | 4482 |
| **TOTAL ASSET BACKED AND <br>COMMERCIAL BACKED SECURITIES**<br> (Cost - $11,410,217) |  | 11409819 |
| **U.S. TREASURY SECURITIES AND AGENCY BONDS - 15.4%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 15.4%** | **U.S. TREASURY SECURITIES AND AGENCY BONDS - 15.4%** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |
| 2.90%, 4/12/32 | 290000 | 268991 |
| 3.50%, 9/1/32 | 40000 | 38129 |
| 2.85%, 3/28/34 | 370000 | 328090 |
| 1.70%, 4/23/35 | 540000 | 414941 |
| Federal Home Loan Banks, <br>4.75%, 12/10/32 | 80000 | 82970 |
| U.S. Treasury Bond | U.S. Treasury Bond | U.S. Treasury Bond |
| 4.75%, 2/15/41 | 1560000 | 1581694 |
| 4.63%, 5/15/44 | 1440000 | 1413844 |
| 5.00%, 5/15/45 | 100000 | 102859 |
| 3.13%, 5/15/48 | 260000 | 197570 |
| 3.38%, 11/15/48 | 250000 | 198037 |
| 2.88%, 5/15/49 | 260000 | 186905 |
| U.S. Treasury Note | U.S. Treasury Note | U.S. Treasury Note |
| 4.50%, 4/15/27 | 1090000 | 1103497 |
| 0.50%, 6/30/27 | 390000 | 365960 |
| 3.75%, 5/31/30 | 290000 | 289320 |
| 3.75%, 6/30/30 | 370000 | 368988 |
| 3.88%, 6/30/30 | 480000 | 481763 |
| 4.13%, 3/31/32 | 520000 | 524611 |
| 4.00%, 6/30/32 | 480000 | 480375 |
| U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon | U.S. Treasury Strip Coupon |
| 0.00%, 11/15/29 (f) | 68600 | 57987 |
| 0.00%, 8/15/30 (f) | 30000 | 24554 |
| 0.00%, 11/15/30 (f) | 30000 | 24277 |
| 0.00%, 11/15/31 (f) | 30000 | 23169 |
| 0.00%, 5/15/32 (f) | 64500 | 48714 |
| 0.00%, 8/15/33 (f) | 30000 | 21312 |
| **TOTAL U.S. TREASURY SECURITIES <br>AND AGENCY BONDS**<br> (Cost - $8,789,782) |  | 8628557 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal | Fair<br>Value |
| **SOVEREIGN DEBTS - 1.1%** | **SOVEREIGN DEBTS - 1.1%** | **SOVEREIGN DEBTS - 1.1%** |
| Chile Government International <br>Bond, 4.95%, 1/5/36 | $200000 | $196138 |
| Mexico Government International <br>Bond, 3.25%, 4/16/30 | 290000 | 266510 |
| Peruvian Government International Bond, <br>3.23%, 7/28/21 | 20000 | 10674 |
| Republic of Poland Government<br>International Bond, 5.50%, 3/18/54 | 30000 | 27806 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 3.00%, 2/27/27 (a) | 30000 | 28957 |
| 2.12%, 7/16/31 | 30000 | 29322 |
| 6.38%, 1/30/34 | 80000 | 78348 |
| **TOTAL SOVEREIGN DEBTS**<br> (Cost - $685,681) |  | 637755 |
| **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 (g) | 25000 | 25506 |
| 4.97%, 11/30/32 (g) | 60000 | 61138 |
| Metropolitan Transportation Authority, <br>5.18%, 11/15/49 (g) | 15000 | 13435 |
| New Jersey Turnpike Authority, <br>7.10%, 1/1/41 (g) | 25000 | 28635 |
| State of California, 7.60%, 11/1/40 | 175000 | 211020 |
| State of Illinois, 5.10%, 6/1/33 (g) | 231225 | 231916 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost - $606,077) |  | 571650 |
| **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** |
| **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** | **MONEY MARKET FUNDS - 0.7%** |
| Fidelity Investments Money Market Fund - <br>Government Portfolio, <br>Institutional Class, 4.23% (h) <br>(Cost - $416,119) | 416119 | 416119 |
| **COMMERCIAL PAPER - 0.8%** | **COMMERCIAL PAPER - 0.8%** | **COMMERCIAL PAPER - 0.8%** |
| American Honda Fin Corp., 0.00%, 8/18/25 | 283000 | 281211 |
| National Bank of Kuwait, 4.63%, 8/28/25 | 142000 | 142045 |
| **TOTAL COMMERCIAL PAPER** <br>(Cost - $423,229) |  | 423256 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost - $839,348) |  | 839375 |
| **TOTAL INVESTMENTS - 103.9%**<br> (Cost - $59,507,138) |  | $58214845 |
| **OTHER ASSETS LESS LIABILITIES - NET (3.9)%** |  | (2178200) |
| **TOTAL NET ASSETS - 100.0%** |  | $56036645 |

---

† Represents less than 0.05%.

(a) 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of June 30, 2025, these securities amounted to $10,178,709 or 18.2% of net assets.

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

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

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

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

(e) Step coupon.

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

(g) Sinking bond security.

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

CLO - Collateralized Loan Obligation

CMT - Treasury Constant Maturity Rate

EUR - EURO

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

STRIP - Separate trading of registered interest and principal of securities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** | **FORWARD SALES CONTRACTS** |
| At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: | At June 30, 2025, the Fund had the following forward sales contracts: |
| Description | Interest Rate | Maturity Date\* | Settlement Date | Principal Amount | Value |
| Ginnie Mae | 4.50% | TBA - 30Yr | 7/20/2055 | $(1000000) | $(956875) |
| (Proceeds Receivable: $(944648)) | (Proceeds Receivable: $(944648)) | (Proceeds Receivable: $(944648)) | (Proceeds Receivable: $(944648)) | (Proceeds Receivable: $(944648)) | $(956875) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | Counterparty | Number of <br>Contracts | Expiration Date | Notional Value | Fair Value/<br>Unrealized <br>Appreciation<br>(Depreciation) |
| ICE 3 Month SONIA Future | Morgan Stanley | 7 | 3/17/2026 | $2311421 | $3220 |
| U.S. 10 Year Note Future | Morgan Stanley | 3 | 9/19/2025 | 336375 | 6000 |
| U.S. 2 Year Note Future | Morgan Stanley | 28 | 9/30/2025 | 5824656 | 20081 |
| U.S. 5 Year Note Future | Morgan Stanley | 35 | 9/30/2025 | 3815000 | 38154 |
| U.S. Long Bond Future | Morgan Stanley | 3 | 9/19/2025 | 346406 | 9437 |
| U.S. Ultra Bond Future | Morgan Stanley | 26 | 9/19/2025 | 3097250 | 116373 |
|  |  |  |  |  | 193265 |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| U.S. 10 Year Ultra Future | Morgan Stanley | 8 | 9/19/2025 | 914125 | (15584) |
| **TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS** |  |  |  |  | $**177681** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** | **INTEREST RATE SWAPTIONS PURCHASED** |
| Counterparty | Description\* | Floating Rate <br>Index | Exercise <br>Rate | Expiration <br>Date | Notional <br>Amount | Fair <br>Value | Premiums <br>Paid | Unrealized<br>Appreciation<br>(Depreciation) |
| Bank of America | Call - IRS  | 6 Month |  |  |  |  |  |  |
|  | SWAPTION | Euribor | Receives 2.25% | 03/08/27 | 540000 | $4004 | $3502 | $502 |
| Bank of America | Call - IRS  | 6 Month |  |  |  |  |  |  |
|  | SWAPTION | Euribor | Receives 2.45% | 03/24/26 | 100000 | 1179 | 1580 | (401) |
| **TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED** |  |  |  |  |  | $**5183** | $**5082** | $**101** |
| **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** | **INTEREST RATE SWAPTIONS WRITTEN** |
| Counterparty | Description\* | Floating Rate <br>Index | Exercise <br>Rate | Expiration <br>Date | Notional <br>Amount | Fair <br>Value | Premiums <br>Received | Unrealized<br>Appreciation<br>(Depreciation) |
| Bank of America | Call - IRS  | 6 Month |  |  |  |  |  |  |
|  | SWAPTION | Euribor | Receives 2.347% | 03/08/27 | 50000 | $(2161) | $(3445) | $1284 |
| Bank of America | Call - IRS  | 6 Month |  |  |  |  |  |  |
|  | SWAPTION | Euribor | Receives 2.498% | 03/24/26 | 40000 | (1147) | (1521) | 374 |
| **TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN** |  |  |  |  |  | $**(3308)** | $**(4966)** | $**1658** |

---

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

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** | **INTEREST RATE SWAPS** |
| Counterparty | 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) |
| Morgan Stanley | Annually | 1.892% | Euro Short-Term Rate | 09/17/25 | 14810000  | EUR | $(281) | $-  | $(281) |
| Morgan Stanley | Annually | 3.620% | SOFR-<br>COMPOUND | 06/30/27 | 1640000  | USD | 6342 | (899) | 7241 |
| Morgan Stanley | Semi-Annually | 4.250% | 6 Month <br>Norway Ibor | 09/17/27 | 14110000  | NOK | 12991 | 5331 | 7660 |
| Morgan Stanley | Annually | Tokyo <br>Overnight <br>Average Rate | 0.750% | 09/17/27 | 141000000  | JPY | 471 | 772 | (301) |
| Morgan Stanley | Quarterly | 3 Month <br>Australian Bill | 3.750% | 09/17/27 | 3960000  | AUD | (31972) | (28445) | (3527) |
| Morgan Stanley | Quarterly | 3.500% | 3 Month <br>Australian Bill | 09/17/27 | 340000  | AUD | 1676 | 1246 | 430 |
| Morgan Stanley | Semi-Annually | 2.750% | Canadian <br>Overnight Index | 09/17/27 | 2200000  | CAD | 9283 | 5568 | 3715 |
| Morgan Stanley | Annually | 3.750% | Sterling <br>Overnight <br>Index Average | 09/17/27 | 1640000  | GBP | 8900 | 1058 | 7842 |
| Morgan Stanley | Annually | SOFR-<br>COMPOUND | 3.750% | 09/17/27 | 2410000  | USD | (18108) | (5737) | (12371) |
| Morgan Stanley | Annually | 2.000% | Euro <br>Short-Term <br>Rate | 09/17/27 | 150000  | EUR | 770 | 719 | 51 |
| Morgan Stanley | Semi-Annually | 1.500% | 6 Month <br>Euribor | 09/17/27 | 180000  | EUR | (2067) | (1873) | (194) |
| Morgan Stanley | Semi-Annually | 2.500% | Canadian Overnight <br>Index | 09/17/27 | 80000  | CAD | 55 | 10 | 45 |
| Morgan Stanley | Annually | 3.500% | Sterling <br>Overnight <br>Index Average | 09/17/27 | 30000  | GBP | (30) | (177) | 147 |
| Morgan Stanley | Annually | 3.500% | SOFR-<br>COMPOUND | 09/17/27 | 90000  | USD  | 247 | (78) | 325 |
| Morgan Stanley | Quarterly | 2.250% | 3 Month Stockholm <br>Interbank Offered Rate | 09/17/27 | 14670000  | SEK | 11767 | 6657 | 5110 |
| Morgan Stanley | Quarterly | 2.143% | 3 Month Euribor | 11/22/27 | 7890000  | EUR | 10029 | 4503 | 5526 |
| Morgan Stanley | Semi-Annually | 6 Month <br>Euribor | 2.180% | 11/22/27 | 7890000  | EUR | (5867) | (6210) | 343 |
| Morgan Stanley | Semi-Annually | 2.500% | 6 Month Euribor | 05/15/28 | 462315  | EUR | 3988 | (63) | 4051 |
| Morgan Stanley | Annually | 3.750% | Sterling <br>Overnight Index <br>Average | 09/18/28 | 20000  | GBP | 154 | (7) | 161 |
| Morgan Stanley | Semi-Annually | 2.325% | 6 Month Euribor | 02/26/29 | 791782  | EUR | 377 | (1949) | 2326 |
| Morgan Stanley | Annually | SOFR-<br>COMPOUND | 3.600% | 11/30/29 | 1570000  | USD | (14754) | 1765 | (16519) |
| Morgan Stanley | Annually | SOFR-<br>COMPOUND | 3.620% | 11/30/29 | 1820000  | USD | (18529) | (1331) | (17198) |
| Morgan Stanley | Annually | 3.750% | Sterling Overnight <br>Index Average | 09/17/30 | 480,000 GBP |  | 3055 | (2299) | 5354 |
| Morgan Stanley | Semi-Annually | 2.750% | Canadian <br>Overnight Index | 09/17/30 | 310000  | CAD | 1289 | 122 | 1167 |
| Morgan Stanley | Semi-Annually | 2.000% | 6 Month Euribor | 09/17/30 | 450000  | EUR | (7254) | (6724) | (530) |
| Morgan Stanley | Quarterly | 3.750% | 3 Month New Zealand <br>Dollar Bank Bill Rate | 09/17/30 | 710000  | NZD | 2806 | 2158 | 648 |
| Morgan Stanley | Annually | Tokyo <br>Overnight <br>Average Rate | 1.000% | 09/17/30 | 436110000  | JPY | (10354) | (7249) | (3105) |
| Morgan Stanley | Annually | Tokyo <br>Overnight <br>Average Rate | 1.295% | 08/02/34 | 68953489  | JPY | 2185 | 71 | 2114 |
| Morgan Stanley | Quarterly | 2.750% | 3 Month Stockholm <br>Interbank Offered Rate | 09/17/35 | 1110000  | SEK | 2062 | 795 | 1267 |
| Morgan Stanley | Quarterly | 4.250% | 3 Month New Zealand <br>Dollar Bank Bill Rate | 09/17/35 | 380000  | NZD | 2641 | 2276 | 365 |

---

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | 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) |
| Morgan Stanley | Semi-Annually | 6 Month <br>Norway Ibor | 4.250% | 09/17/35 | 2070000  | NOK | $(8233) | $(4194) | $(4039) |
| Morgan Stanley | Semi-Annually | 3.000% | Canadian <br>Overnight Index | 09/17/35 | 80000  | CAD | 72 | (503) | 575 |
| Morgan Stanley | Annually | Tokyo <br>Overnight <br>Average Rate | 1.250% | 09/17/35 | 113000000  | JPY | (603) | 2656 | (3259) |
| Morgan Stanley | Annually | 4.500% | 3 Month Australian Bill | 09/17/35 | 30000  | AUD | (658) | (570) | (88) |
| Morgan Stanley | Annually | 3.750% | Sterling Overnight<br>Index Average | 09/17/35 | 70000  | GBP | (1960) | (2843) | 883 |
| Morgan Stanley | Semi-Annually | 2.000% | 6 Month Euribor | 09/17/35 | 50000  | EUR | (3243) | (2903) | (340) |
| Morgan Stanley | Annually | SOFR-<br>COMPOUND | 3.750% | 09/17/35 | 210000  | USD | (1166) | 2890 | (4056) |
| Morgan Stanley | Annually | 0.500% | Swiss Average <br>Rate <br>Overnight | 09/17/35 | 60000  | CHF | (382) | (234) | (148) |
| Morgan Stanley | Annually | Tokyo Overnight <br>Weighted<br>Average Rate | 2.160% | 08/02/44 | 77780000  | JPY | (16757) | (5542) | (11215) |
| Morgan Stanley | Semi-Annually | 6 Month <br>Euribor | 2.000% | 05/19/53 | 165624  | EUR | 13928 | 2504 | 11424 |
| Morgan Stanley | Semi-Annually | 6 Month <br>Euribor | 2.500% | 11/10/53 | 240760  | EUR | 7484 | (10697) | 18181 |
| Morgan Stanley | Annually | 1.750% | Tokyo Overnight <br>Average Rate | 09/17/55 | 32000000  | JPY | (23011) | (23770) | 759 |
| Morgan Stanley | Semi-Annually | 6 Month <br>Euribor | 1.750% | 09/17/55 | 120000  | EUR | 29242 | 25937 | 3305 |
| Morgan Stanley | Annually | 2.530% | Euro Short-Term Rate | 03/20/56 | 140000  | EUR | (5195) | (755) | (4440) |
| Morgan Stanley | Semi-Annually | 6 Month <br>Euribor | 2.610% | 03/20/56 | 140000  | EUR | 5801 | 1093 | 4708 |
| **TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON INTEREST RATE SWAPS** |  |  |  |  |  |  | $**(32809)** | $**(46921)** | $**14112** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** | **CREDIT DEFAULT SWAPS** |
| Counterparty | Reference <br>Obligation/<br>Index | Payment <br>Frequency | Buy/Sell<br>Protection | Fixed <br>Rate <br>Received | Fixed <br>Rate <br>Paid | Credit <br>Rating\* | Expiration <br>Date | Notional<br>Amount\*\* | Fair <br>Value | Premiums <br>Paid <br>(Received) | Unrealized <br>Appreciation<br>(Depreciation) |
| Morgan <br>Stanley | CDX.NA.IG.42 | Quarterly | Buy | 1.00% |  | BBB | 06/20/29 | $1517314 | $34280 | $25881 | $8399 |
| Morgan <br>Stanley | CDX.NA.IG.43 | Quarterly | Buy | 1.00% |  | BBB | 12/20/29 | 250000 | 5706 | 5041 | 665 |
| Morgan <br>Stanley | CDX.NA.IG.44 | Quarterly | Buy | 1.00% |  | BBB | 06/20/30 | 325000 | 7297 | 6215 | 1082 |
| **TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED <br>APPRECIATION ON CREDIT DEFAULT SWAPS** |  |  |  |  |  |  |  |  | $**47283** | $**37137** | $**10146** |

---

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

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

See accompanying notes to financial statements.

------

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

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

**June 30, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** | **FORWARD FOREIGN CURRENCY CONTRACTS** |
| Settlement Date | Counterparty | Currency Units to <br>Receive | Currency Units to <br>Receive | In Exchange For | In Exchange For | Unrealized Appreciation<br>(Depreciation) |
| 09/23/25 | Morgan Stanley | 553365  | USD | 469881  | EUR | $(1301) |
| **TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS** |  |  |  |  |  | $**(1301)** |

---

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**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $45734791 | $401395142 | $58032526 | $108425469 |
| Investments in securities, at fair value | $53746124 | $631754862 | $98920531 | $138309389 |
| Cash | - | 25678 | 4760 | - |
| Foreign cash (cost $-, $-, $- and $472,746, respectively) | - | - | - | 476843 |
| Deposit with broker for futures contracts | - | 459155 | 62653 | 556404 |
| Unrealized appreciation on futures contracts, net | - | 352967 | 81927 | 202742 |
| Receivable for securities sold | - | 3046883 | - | 41411 |
| Receivable for portfolio shares sold | 30640 | - | - | - |
| Interest and dividends receivable | 1494 | 341667 | 31307 | 224337 |
| Dividend tax reclaim receivable | - | 5702 | - | 575538 |
| Prepaid expenses | 2343 | 14302 | 2197 | 48882 |
| **Total Assets** | 53780601 | 636001216 | 99103375 | 140435546 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Due to custodian | - | - | - | 108539 |
| Payable for securities purchased | - | 2902144 | - | - |
| Payable for portfolio shares redeemed | 3443 | 363918 | 162953 | 103733 |
| Accrued distribution (12b-1) fees | 2384 | 7311 | 5381 | 9480 |
| Accrued investment advisory fees | 9564 | 197477 | 29123 | 58711 |
| Regulatory and compliance fees payable | 241 | 2095 | 305 | 659 |
| Administrative service fees payable | 4471 | 47279 | 7640 | 12023 |
| Accrued expenses and other liabilities | 8377 | 80011 | 13425 | 57283 |
| **Total Liabilities** | 28480 | 3600235 | 218827 | 350428 |
| **Net Assets** | $53752121 | $632400981 | $98884548 | $140085118 |
| **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in capital | $37548271 | $293016825 | $33074290 | $108433854 |
| Total distributable earnings | 16203850 | 339384156 | 65810258 | 31651264 |
| **Net Assets** | $53752121 | $632400981 | $98884548 | $140085118 |
| **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** |
| Net Assets | $41993357 | $595896675 | $71870263 | $93444462 |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 3441271 | 34698502 | 3214762 | 7564092 |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $12.20 | $17.17 | $22.36 | $12.35 |
| **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** |
| Net Assets | $11758764 | $36504306 | $27014285 | $46640656 |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 966670 | 2131504 | 1210401 | 3783989 |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $12.16 | $17.13 | $22.32 | $12.33 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

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

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $220219777 | $194332686 | $42856496 | $59507138 |
| Investments in securities, at fair value | $273010896 | $220861947 | $44232388 | $58214845 |
| Swaptions purchased, at fair value (premiums paid $-, $-, <br>$- and $5,082, respectively) | - | - | - | 5183 |
| Cash | - | - | 6516 | 69747 |
| Foreign cash (cost $-, $-, $- and $51,309, respectively) | - | - | - | 52048 |
| Deposit with broker for futures contracts | 293712 | 168530 | 2512 | 228435 |
| Unrealized appreciation on futures contracts, net | 35648 | 111150 | 24543 | 177681 |
| Unrealized appreciation on swap contracts, net | - | - | - | 24258 |
| Receivable for securities sold | 7126835 | 1268707 | 4850 | 1914354 |
| Receivable for portfolio shares sold | - | - | - | 21686 |
| Interest and dividends receivable | 79887 | 175890 | 761744 | 426455 |
| Dividend tax reclaim receivable | 284 | - | 188 | 1299 |
| Prepaid expenses | 6121 | 9390 | 1048 | 1265 |
| **Total Assets** | 280553383 | 222595614 | 45033789 | 61137256 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward sale contracts, at fair value | - | - | - | 956875 |
| Swaptions written, at fair value (premiums received $-, $-, <br>$- and $4,966, respectively) | - | - | - | 3308 |
| Premiums received on open swap contracts | - | - | - | 9784 |
| Unrealized depreciation on forward foreign <br>currency contracts | - | - | - | 1301 |
| Due to custodian | 250053 | 24424 | - | - |
| Payable for securities purchased | 3771083 | 818459 | 275000 | 4095131 |
| Payable for portfolio shares redeemed | 356224 | 213004 | 64621 | - |
| Accrued distribution (12b-1) fees | 23839 | 1136 | 165 | - |
| Accrued investment advisory fees | 119900 | 80673 | 18234 | 15605 |
| Regulatory and compliance fees payable | 737 | 1322 | 221 | 247 |
| Administrative service fees payable | 22881 | 16989 | 3475 | 4479 |
| Accrued expenses and other liabilities | 34087 | 37179 | 7708 | 13881 |
| **Total Liabilities** | 4578804 | 1193186 | 369424 | 5100611 |
| **Net Assets** | $275974579 | $221402428 | $44664365 | $56036645 |
| **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** | **Composition of Net Assets:** |
| Paid-in capital | $190238848 | $151329279 | $48237398 | $62674368 |
| Total distributable earnings (losses) | 85735731 | 70073149 | (3573033) | (6637723) |
| **Net Assets** | $275974579 | $221402428 | $44664365 | $56036645 |
| **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** | **Class I Shares:** |
| Net Assets | $157354635 | $215775885 | $43857431 | $56036645 |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 10049951 | 17201652 | 4687885 | 6369683 |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $15.66 | $12.54 | $9.36 | $8.80 |
| **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** | **Class II Shares:** |
| Net Assets | $118619944 | $5626543 | $806934 | $- |
| Total shares outstanding at end of period<br>($0 par value, unlimited shares authorized) | 7630147 | 448170 | 86272 | - |
| Net asset value, offering and redemption <br>price per share<br>(Net assets ÷ Total shares of beneficial <br>interest outstanding) | $15.55 | $12.55 | $9.35 | $- |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Operations**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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, inclusive of withholding tax \* | $598606 | $4092435 | $330013 | $2107312 |
| Interest income | 9189 | 189990 | 37371 | 191934 |
| **Total Investment Income** | 607795 | 4282425 | 367384 | 2299246 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 58103 | 1183069 | 172253 | 397941 |
| Distribution fees (12b-1) - Class II Shares | 14472 | 43406 | 31717 | 54993 |
| Administrative service fees | 8766 | 100679 | 15450 | 22020 |
| Legal fees | 9148 | 102444 | 15589 | 22845 |
| Trustees fees | 4219 | 47656 | 7280 | 10325 |
| Custody fees | 1298 | 14323 | 5869 | 79004 |
| Regulatory and compliance fees | 1329 | 14913 | 2266 | 3317 |
| Miscellaneous expenses | 14006 | 156178 | 23695 | 34480 |
| **Total Expenses** | 111341 | 1662668 | 274119 | 624925 |
| Expenses waived | - | - | - | (45976) |
| **Net Expenses** | 111341 | 1662668 | 274119 | 578949 |
| **Net Investment Income** | 496454 | 2619757 | 93265 | 1720297 |
| **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 | 2866975 | 26448860 | 2889811 | 4444095 |
| Futures contracts | - | (336219) | (42617) | (59074) |
| Foreign currency translations | - | (311) | - | 40851 |
|  | 2866975 | 26112330 | 2847194 | 4425872 |
| 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 | 264093 | 6216935 | 3701343 | 15695587 |
| Futures contracts | - | 669842 | 129579 | 622552 |
| Foreign currency translations | - | 1900 | - | 78995 |
|  | 264093 | 6888677 | 3830922 | 16397134 |
| **Net Realized and Change in Unrealized Gain** | 3131068 | 33001007 | 6678116 | 20823006 |
| **Net Increase in Net Assets <br>Resulting from Operations** | $3627522 | $35620764 | $6771381 | $22543303 |
| \* Foreign taxes withheld | $- | $298 | $68 | $284766 |

---

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Statements of Operations (Continued)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Global Atlantic <br>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, inclusive of withholding tax \* | $812497 | $2316513 | $- | $- |
| Interest income, inclusive of withholding tax \*\* | 81580 | 68648 | 1724702 | 1278805 |
| **Total Investment Income** | 894077 | 2385161 | 1724702 | 1278805 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Investment advisory fee | 702983 | 494167 | 112351 | 98127 |
| Distribution fees (12b-1) - Class II Shares | 139112 | 7453 | 1020 | - |
| Administrative service fees | 43252 | 36449 | 7459 | 9581 |
| Legal fees | 42648 | 37748 | 7881 | 9979 |
| Trustees fees | 19936 | 17452 | 3600 | 4541 |
| Custody fees | 12239 | 11415 | 2731 | 11657 |
| Regulatory and compliance fees | 6214 | 5908 | 1144 | 1450 |
| Miscellaneous expenses | 65577 | 57750 | 11959 | 15113 |
| **Total Expenses** | 1031961 | 668342 | 148145 | 150448 |
| **Net Expenses** | 1031961 | 668342 | 148145 | 150448 |
| **Net Investment Income (Loss)** | (137884) | 1716819 | 1576557 | 1128357 |
| **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 | 25669631 | 9122773 | (588008) | (200296) |
| Futures contracts | (55000) | (92063) | (12769) | (222507) |
| Swap contracts | - | - | - | (65753) |
| Swaptions | - | - | - | (124) |
| Forward foreign currency contracts | - | - | - | (39150) |
| Foreign currency translations | - | - | - | (22746) |
|  | 25614631 | 9030710 | (600777) | (550576) |
| 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 | (569505) | 1176906 | 261578 | 1309286 |
| Futures contracts | 143825 | 230250 | 59502 | 415923 |
| Swap contracts | - | - | - | 28547 |
| Swaptions | - | - | - | 1759 |
| Forward foreign currency contracts | - | - | - | (3273) |
| Foreign currency translations | - | - | - | 6212 |
|  | (425680) | 1407156 | 321080 | 1758454 |
| **Net Realized and Change in Unrealized Gain/ (Loss)** | 25188951 | 10437866 | (279697) | 1207878 |
| **Net Increase in Net Assets <br>Resulting from Operations** | $25051067 | $12154685 | $1296860 | $2336235 |
| \* Foreign taxes withheld | $169 | $188 | $- | $- |
| \*\* Foreign taxes withheld | $- | $- | $1923 | $- |

---

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>Six Months Ended<br>June 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 | For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $496454 | $1157141 | $2619757 | $5141335 |
| Net realized gain | 2866975 | 4472680 | 26112330 | 82958964 |
| Net change in unrealized appreciation | 264093 | 526297 | 6888677 | 56542239 |
| Net increase in net assets resulting from operations | 3627522 | 6156118 | 35620764 | 144642538 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Class I | - | (2132029) | - | (33514280) |
| Class II | - | (560437) | - | (1943187) |
| Total distributions paid | - | (2692466) | - | (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 | 515780 | 1035866 | 729285 | 692721 |
| Class II | 127393 | 564719 | 924714 | 3490904 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | - | 2132029 | - | 33514280 |
| Class II | - | 560437 | - | 1943187 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (4453434) | (7956852) | (42517752) | (83124254) |
| Class II | (1195806) | (1580521) | (2937101) | (8917004) |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | (5006067) | (5244322) | (43800854) | 52400166 |
| Total increase (decrease) in net assets | (1378545) | (1780670) | (8180090) | 56784905 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 55130666 | 56911336 | 640581071 | 583796166 |
| End of period | $53752121 | $55130666 | $632400981 | $640581071 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 44465 | 90298 | 44741 | 48385 |
| Shares reinvested | - | 185717 | - | 2090722 |
| Shares redeemed | (386507) | (699963) | (2650657) | (5391899) |
| Net decrease in shares of beneficial <br>interest outstanding | (342042) | (423948) | (2605916) | (3252792) |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 11146 | 48659 | 57613 | 222956 |
| Shares reinvested | - | 48861 | - | 121373 |
| Shares redeemed | (104000) | (138315) | (182491) | (579530) |
| Net decrease in shares of beneficial <br>interest outstanding | (92854) | (40795) | (124878) | (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>Six Months Ended<br>June 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>December 31,<br>2024 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $93265 | $215249 | $1720297 | $2787451 |
| Net realized gain | 2847194 | 22764873 | 4425872 | 6388158 |
| Net change in unrealized appreciation (depreciation) | 3830922 | 2884576 | 16397134 | (1229714) |
| Net increase in net assets resulting from operations | 6771381 | 25864698 | 22543303 | 7945895 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Class I | - | (1098175) | - | (2237635) |
| Class II | - | (342535) | - | (998463) |
| Total distributions paid | - | (1440710) | - | (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 | 316163 | 4747687 | 2259529 | 1187559 |
| Class II | 500198 | 1923177 | 545466 | 1108985 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | - | 1098176 | - | 2237635 |
| Class II | - | 342535 | - | 998463 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (6232317) | (18822838) | (9041195) | (14134725) |
| Class II | (2396524) | (4775407) | (3907450) | (5746108) |
| Net decrease in net assets from share <br>transactions of beneficial interest | (7812480) | (15486670) | (10143650) | (14348191) |
| Total increase (decrease) in net assets | (1041099) | 8937318 | 12399653 | (9638394) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 99925647 | 90988329 | 127685465 | 137323859 |
| End of period | $98884548 | $99925647 | $140085118 | $127685465 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 15244 | 245757 | 201206 | 112334 |
| Shares reinvested | - | 54231 | - | 206615 |
| Shares redeemed | (306305) | (1007271) | (811529) | (1326029) |
| Net decrease in shares of beneficial <br>interest outstanding | (291061) | (707283) | (610323) | (1007080) |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 25396 | 104393 | 48732 | 105005 |
| Shares reinvested | - | 16915 | - | 92279 |
| Shares redeemed | (117283) | (255987) | (345005) | (541276) |
| Net decrease in shares of beneficial <br>interest outstanding | (91887) | (134679) | (296273) | (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>Six Months Ended<br>June 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>December 31, <br>2024 | For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>December 31,<br>2024 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income (loss) | $(137884) | $(113030) | $1716819 | $3602273 |
| Net realized gain | 25614631 | 40498112 | 9030710 | 34182669 |
| Net change in unrealized appreciation (depreciation) | (425680) | 10742834 | 1407156 | (3405609) |
| Net increase in net assets resulting from operations | 25051067 | 51127916 | 12154685 | 34379333 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Class I | - | (82832) | - | (15915629) |
| Class II | - | - | - | (460416) |
| Total distributions paid | - | (82832) | - | (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 | 425445 | 364330 | 152555 | 723096 |
| Class II | 406067 | 826626 | 2365 | 54592 |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | - | 82832 | - | 15915629 |
| Class II | - | - | - | 460416 |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (13262520) | (21391939) | (16212137) | (33508908) |
| Class II | (7819459) | (15266761) | (1160535) | (1132234) |
| Net decrease in net assets from share <br>transactions of beneficial interest | (20250467) | (35384912) | (17217752) | (17487409) |
| Total increase (decrease) in net assets | 4800600 | 15660172 | (5063067) | 515879 |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 271173979 | 255513807 | 226465495 | 225949616 |
| End of period | $275974579 | $271173979 | $221402428 | $226465495 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 27782 | 24387 | 12522 | 61304 |
| Shares reinvested | - | 5989 | - | 1320799 |
| Shares redeemed | (920068) | (1652219) | (1343035) | (2785917) |
| Net decrease in shares of beneficial <br>interest outstanding | (892286) | (1621843) | (1330513) | (1403814) |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 30551 | 59085 | 199 | 4167 |
| Shares reinvested | - | - | - | 38114 |
| Shares redeemed | (538476) | (1180881) | (99025) | (93511) |
| Net decrease in shares of beneficial <br>interest outstanding | (507925) | (1121796) | (98826) | (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>Six Months Ended<br>June 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Six Months Ended<br>June 30, 2025<br>(Unaudited) | For the<br>Year Ended<br>December 31,<br>2024 |
| **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** | **Increase/(Decrease) in Net Assets:** |
| **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** | **From Operations:** |
| Net investment income | $1576557 | $3503700 | $1128357 | $2303472 |
| Net realized gain (loss) | (600777) | 481040 | (550576) | (566871) |
| Net change in unrealized appreciation (depreciation) | 321080 | (31802) | 1758454 | (1068937) |
| Net increase in net assets resulting from operations | 1296860 | 3952938 | 2336235 | 667664 |
| **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** | **From Distributions to Shareholders:** |
| Class I | - | (3307613) | - | (2385974) |
| Class II | - | (57096) | - | - |
| Total distributions paid | - | (3364709) | - | (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 | 200723 | 409786 | 1640077 | 6632303 |
| Class II | 4846 | 279679 | - | - |
| Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions | Reinvestment of distributions |
| Class I | - | 3307613 | - | 2385973 |
| Class II | - | 57095 | - | - |
| Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed | Cost of shares redeemed |
| Class I | (3635927) | (7322055) | (7746601) | (7327682) |
| Class II | (51301) | (35982) | - | - |
| Net increase (decrease) in net assets from share <br>transactions of beneficial interest | (3481659) | (3303864) | (6106524) | 1690594 |
| Total decrease in net assets | (2184799) | (2715635) | (3770289) | (27716) |
| **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** | **Net Assets:** |
| Beginning of period | 46849164 | 49564799 | 59806934 | 59834650 |
| End of period | $44664365 | $46849164 | $56036645 | $59806934 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class I | Class I | Class I | Class I | Class I |
| Shares sold | 21756 | 44607 | 192587 | 769587 |
| Shares reinvested | - | 367921 | - | 280373 |
| Shares redeemed | (397709) | (794853) | (897682) | (843609) |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | (375953) | (382325) | (705095) | 206351 |
| **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** | **Share Activity:** |
| Class II | Class II | Class II | Class II | Class II |
| Shares sold | 528 | 30155 | - | - |
| Shares reinvested | - | 6344 | - | - |
| Shares redeemed | (5581) | (3920) | - | - |
| Net increase (decrease) in shares of beneficial <br>interest outstanding | (5053) | 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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $11.39 | $10.73 | $9.78 | $13.17 | $12.45 | $11.42 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.11 | 0.24 | 0.23 | 0.22 | 0.20 | 0.19 |
| Net realized and unrealized gain (loss) (c) | 0.70 | 1.00 | 1.20 | (2.01) | 1.20 | 1.40 |
| Total income (loss) from<br>investment operations | 0.81 | 1.24 | 1.43 | (1.79) | 1.40 | 1.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.27) | (0.24) | (0.23) | (0.23) | (0.27) |
| Net realized gains | - | (0.31) | (0.24) | (1.37) | (0.45) | (0.29) |
| Total distributions from net investment <br>income and net realized gains | - | (0.58) | (0.48) | (1.60) | (0.68) | (0.56) |
| Net asset value, end of period | $12.20 | $11.39 | $10.73 | $9.78 | $13.17 | $12.45 |
| Total return (d) | 7.11% | 11.46% | 15.26% | (13.42)% | 11.33% | 14.46% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $41993 | $43087 | $45130 | $45106 | $61826 | $64791 |
| Ratio of net expenses to <br>average net assets (e) | 0.37<br> % (f) | 0.34% | 0.34% | 0.33% | 0.31% | 0.31% |
| Ratio of gross expenses to <br>average net assets (e,g) | 0.37<br> % (f) | 0.34% | 0.34% | 0.33% | 0.32% | 0.33% |
| Ratio of net investment income to <br>average net assets (b,e) | 1.94<br> % (f) | 2.09% | 2.22% | 1.91% | 1.52% | 1.69% |
| Portfolio turnover rate | 26<br> % (h) | 57% | 73% | 62% | 73% | 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) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

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

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

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Allocation Portfolio**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $11.37 | $10.71 | $9.76 | $13.13 | $12.41 | $11.39 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.10 | 0.21 | 0.20 | 0.19 | 0.17 | 0.17 |
| Net realized and unrealized gain (loss) (c) | 0.69 | 1.00 | 1.20 | (2.00) | 1.19 | 1.38 |
| Total income (loss) from <br>investment operations | 0.79 | 1.21 | 1.40 | (1.81) | 1.36 | 1.55 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.24) | (0.21) | (0.19) | (0.19) | (0.24) |
| Net realized gains | - | (0.31) | (0.24) | (1.37) | (0.45) | (0.29) |
| Total distributions from net investment <br>income and net realized gains | - | (0.55) | (0.45) | (1.56) | (0.64) | (0.53) |
| Net asset value, end of period | $12.16 | $11.37 | $10.71 | $9.76 | $13.13 | $12.41 |
| Total return (d) | 6.95% | 11.21% | 14.93% | (13.58)% | 11.04% | 14.13% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $11759 | $12043 | $11782 | $12060 | $15826 | $16205 |
| Ratio of net expenses to <br>average net assets (e) | 0.62<br> % (f) | 0.59% | 0.59% | 0.58% | 0.56% | 0.56% |
| Ratio of gross expenses to <br>average net assets (e,g) | 0.62<br> % (f) | 0.59% | 0.59% | 0.58% | 0.57% | 0.58% |
| Ratio of net investment income to <br>average net assets (b,e) | 1.68<br> % (f) | 1.85% | 1.96% | 1.68% | 1.28% | 1.45% |
| Portfolio turnover rate | 26<br> % (h) | 57% | 73% | 62% | 73% | 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) Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

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

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

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

(f) Annualized.

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

(h) Not annualized.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Financial Highlights**

**Global Atlantic BlackRock Disciplined Core Portfolio**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $16.19 | $13.56 | $10.86 | $17.10 | $13.98 | $12.39 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | 0.07 | 0.13 | 0.13 | 0.16 | 0.13 | 0.15 |
| Net realized and unrealized gain (loss) (b) | 0.91 | 3.43 | 2.71 | (3.35) | 3.84 | 2.19 |
| Total income (loss) from <br>investment operations | 0.98 | 3.56 | 2.84 | (3.19) | 3.97 | 2.34 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.14) | (0.14) | (0.16) | (0.15) | (0.20) |
| Net realized gains | - | (0.79) | - | (2.89) | (0.70) | (0.55) |
| Total distributions from net investment <br>income and net realized gains | - | (0.93) | (0.14) | (3.05) | (0.85) | (0.75) |
| Net asset value, end of period | $17.17 | $16.19 | $13.56 | $10.86 | $17.10 | $13.98 |
| Total return (c) | 6.05% | 26.30% | 26.36% | (18.89)% | 28.67% | 19.69% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $595897 | $604098 | $550048 | $487420 | $674859 | $575095 |
| Ratio of net expenses to <br>average net assets | 0.53<br> % (d) | 0.51% | 0.51% | 0.50% | 0.49% | 0.48% |
| Ratio of gross expenses to <br>average net assets (e) | 0.53<br> % (d) | 0.51% | 0.52% | 0.50% | 0.49% | 0.50% |
| Ratio of net investment income to <br>average net assets | 0.88<br> % (d) | 0.84% | 1.06% | 1.12% | 0.79% | 1.23% |
| Portfolio turnover rate | 49<br> % (f) | 104% | 111% | 106% | 109<br> % (g) | 122% |

---

(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) 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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $16.17 | $13.55 | $10.84 | $17.07 | $13.96 | $12.37 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | 0.05 | 0.09 | 0.10 | 0.12 | 0.09 | 0.12 |
| Net realized and unrealized gain (loss) (b) | 0.91 | 3.42 | 2.72 | (3.34) | 3.83 | 2.18 |
| Total income (loss) from <br>investment operations | 0.96 | 3.51 | 2.82 | (3.22) | 3.92 | 2.30 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.10) | (0.11) | (0.12) | (0.11) | (0.16) |
| Net realized gains | - | (0.79) | - | (2.89) | (0.70) | (0.55) |
| Total distributions from net investment <br>income and net realized gains | - | (0.89) | (0.11) | (3.01) | (0.81) | (0.71) |
| Net asset value, end of period | $17.13 | $16.17 | $13.55 | $10.84 | $17.07 | $13.96 |
| Total return (c) | 5.94% | 25.96% | 26.17% | (19.12)% | 28.35% | 19.42% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $36504 | $36483 | $33749 | $29662 | $42672 | $36731 |
| Ratio of net expenses to <br>average net assets | 0.78<br> % (d) | 0.76% | 0.76% | 0.75% | 0.74% | 0.73% |
| Ratio of gross expenses to <br>average net assets (e) | 0.78<br> % (d) | 0.76% | 0.77% | 0.75% | 0.74% | 0.75% |
| Ratio of net investment income to <br>average net assets | 0.63<br> % (d) | 0.59% | 0.81% | 0.87% | 0.54% | 0.98% |
| Portfolio turnover rate | 49<br> % (f) | 104% | 111% | 106% | 109<br> % (g) | 122% |

---

(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) 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>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | 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) | 0.03 | 0.05 | 0.07 | 0.07 | 0.03 |
| Net realized and <br>unrealized gain (loss) (c) | 1.54 | 4.94 | 4.63 | (5.96) | 1.67 |
| Total income (loss) from <br>investment operations | 1.57 | 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 | - | (0.06) | (0.08) | (0.07) | - |
| Net realized gains | - | (0.24) | - | (2.77) | (0.29 |
| Total distributions from <br>net investment income <br>and net realized gains | - | (0.30) | (0.08) | (2.84) | (0.29 |
| Net asset value, end of period | $22.36 | $20.79 | $16.10 | $11.48 | $20.21 |
| Total return (d) | 7.55% | 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) | $71870 | $72869 | $67851 | $57785 | $97770 |
| Ratio of net expenses to <br>average net assets | 0.52<br> % (e) | 0.49% | 0.50% | 0.48% | 0.48 |
| Ratio of gross expenses to <br>average net assets (f) | 0.52<br> % (e) | 0.49% | 0.50% | 0.49% | 0.48 |
| Ratio of net investment income to <br>average net assets | 0.27<br> % (e) | 0.29% | 0.48% | 0.46% | 0.36 |
| Portfolio turnover rate | 65<br> % (g) | 146% | 130% | 120% | 130 |

---

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

(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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $20.78 | $16.10 | $11.48 | $20.19 | $16.10 | $12.66 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss) (a) | 0.00 <br> (b) | 0.01 | 0.03 | 0.03 | (0.00) (b) | 0.03 |
| Net realized and unrealized gain (loss) (c) | 1.54 | 4.93 | 4.64 | (5.95) | 4.38 | 4.26 |
| Total income (loss) from <br>investment operations | 1.54 | 4.94 | 4.67 | (5.92) | 4.38 | 4.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.02) | (0.05) | (0.02) | - | (0.06) |
| Net realized gains | - | (0.24) | - | (2.77) | (0.29) | (0.79) |
| Total distributions from net investment <br>income and net realized gains | - | (0.26) | (0.05) | (2.79) | (0.29) | (0.85) |
| Net asset value, end of period | $22.32 | $20.78 | $16.10 | $11.48 | $20.19 | $16.10 |
| Total return (d) | 7.41% | 30.73% | 40.71% | (29.90)% | 27.29% | 34.68% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $27014 | $27056 | $23137 | $18196 | $27579 | $20175 |
| Ratio of net expenses to <br>average net assets | 0.77<br> % (e) | 0.74% | 0.75% | 0.73% | 0.77% | 0.79% |
| Ratio of gross expenses to <br>average net assets (f) | 0.77<br> % (e) | 0.74% | 0.75% | 0.74% | 0.80% | 0.87% |
| Ratio of net investment income to <br>average net assets | 0.02<br> % (e) | 0.04% | 0.22% | 0.21% | (0.00)% (b) | 0.21% |
| Portfolio turnover rate | 65<br> % (g) | 146% | 130% | 120% | 130<br> % (h) | 133% |

---

(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 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 International Core Portfolio**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $10.42 | $10.10 | $8.98 | $11.55 | $10.78 | $9.98 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.15 | 0.23 | 0.17 | 0.27 | 0.22 | 0.14 |
| Net realized and unrealized gain (loss) (c) | 1.78 | 0.37 | 1.20 | (2.11) | 0.73 | 0.85 |
| Total income (loss) from <br>investment operations | 1.93 | 0.60 | 1.37 | (1.84) | 0.95 | 0.99 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.28) | (0.25) | (0.32) | (0.18) | (0.19) |
| Net realized gains | - | - | - | (0.41) | - | - |
| Total distributions from net investment <br>income and net realized gains | - | (0.28) | (0.25) | (0.73) | (0.18) | (0.19) |
| Net asset value, end of period | $12.35 | $10.42 | $10.10 | $8.98 | $11.55 | $10.78 |
| Total return (d) | 18.52% | 5.80% | 15.63% | (15.24)% | 8.77% | 10.32% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $93444 | $85201 | $92699 | $91317 | $120258 | $106216 |
| Ratio of net expenses to <br>average net assets (e) | 0.79<br> % (f) | 0.79% | 0.77% | 0.73% | 0.72% | 0.69% |
| Ratio of gross expenses to <br>average net assets (e,g) | 0.86<br> % (f) | 0.87% | 0.81% | 0.81% | 0.82% | 0.84% |
| Ratio of net investment income to <br>average net assets (b,e) | 2.68<br> % (f) | 2.15% | 1.72% | 2.69% | 1.87% | 1.55% |
| Portfolio turnover rate | 31<br> % (h) | 52% | 50% | 59% | 117<br> % (i) | 161% |

---

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

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

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

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

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

(f) Annualized.

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

(h) Not annualized.

(i) 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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $10.41 | $10.09 | $8.97 | $11.53 | $10.77 | $9.97 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a,b) | 0.14 | 0.20 | 0.14 | 0.24 | 0.19 | 0.12 |
| Net realized and unrealized gain (loss) (c) | 1.78 | 0.37 | 1.20 | (2.09) | 0.72 | 0.85 |
| Total income (loss) from <br>investment operations | 1.92 | 0.57 | 1.34 | (1.85) | 0.91 | 0.97 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.25) | (0.22) | (0.30) | (0.15) | (0.17) |
| Net realized gains | - | - | - | (0.41) | - | - |
| Total distributions from net investment <br>income and net realized gains | - | (0.25) | (0.22) | (0.71) | (0.15) | (0.17) |
| Net asset value, end of period | $12.33 | $10.41 | $10.09 | $8.97 | $11.53 | $10.77 |
| Total return (d) | 18.44% | 5.54% | 15.34% | (15.45)% | 8.47% | 10.05% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $46641 | $42484 | $44624 | $41996 | $54227 | $42341 |
| Ratio of net expenses to <br>average net assets (e) | 1.04<br> % (f) | 1.04% | 1.02% | 0.98% | 0.97% | 0.94% |
| Ratio of gross expenses to <br>average net assets (e) | 1.11<br> % (f) | 1.12% | 1.06% | 1.06% | 1.07% | 1.09% |
| Ratio of net investment income to <br>average net assets (b,e) | 2.42<br> % (f) | 1.86% | 1.48% | 2.45% | 1.63% | 1.30% |
| Portfolio turnover rate | 31<br> % (g) | 52% | 50% | 59% | 117<br> % (h) | 161% |

---

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

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

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

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

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

(f) Annualized.

(g) 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 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 period indicated

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $14.25 |  | $11.73 | $9.45 | $17.68 | $16.49 | $13.06 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss) (a) | 0.00  | (b) | 0.01 | 0.03 | 0.03 | (0.02) | 0.01 |
| Net realized and unrealized gain (loss) (c) | 1.41 |  | 2.52 | 2.27 | (4.69) | 2.41 | 4.58 |
| Total income (loss) from <br>investment operations | 1.41 |  | 2.53 | 2.30 | (4.66) | 2.39 | 4.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - |  | (0.01) | (0.02) | (0.04) | (0.00) (b) | (0.04) |
| Net realized gains | - |  | - | - | (3.53) | (1.20) | (1.12) |
| Total distributions from net investment <br>income and net realized gains | - |  | (0.01) | (0.02) | (3.57) | (1.20) | (1.16) |
| Net asset value, end of period | $15.66 |  | $14.25 | $11.73 | $9.45 | $17.68 | $16.49 |
| Total return (d) | 9.89 | % | 21.55% | 24.42% | (26.44)% | 14.29% | 36.52% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $157355 |  | $155903 | $147344 | $136926 | $212083 | $162580 |
| Ratio of net expenses to <br>average net assets | 0.68 | % (e) | 0.66% | 0.67% | 0.65% | 0.64% | 0.63% |
| Ratio of gross expenses to <br>average net assets (f) | 0.68 | % (e) | 0.66% | 0.66% | 0.66% | 0.65% | 0.67% |
| Ratio of net investment income (loss) to <br>average net assets | 0.00 | % (b,e) | 0.05% | 0.27% | 0.23% | (0.11)% | 0.09% |
| Portfolio turnover rate | 65 | % (g) | 130% | 122% | 110% | 179<br> % (h) | 139% |

---

(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 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 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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $14.16 | $11.68 | $9.42 | $17.62 | $16.48 | $13.06 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss) (a) | (0.02) | (0.02) | 0.00 <br> (b) | (0.00) (b) | (0.06) | (0.02) |
| Net realized and unrealized gain (loss) (c) | 1.41 | 2.50 | 2.26 | (4.67) | 2.40 | 4.56 |
| Total income (loss) from <br>investment operations | 1.39 | 2.48 | 2.26 | (4.67) | 2.34 | 4.54 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | - | (0.00) (b) | - | - | (0.00) (b) |
| Net realized gains | - | - | - | (3.53) | (1.20) | (1.12) |
| Total distributions from net investment <br>income and net realized gains | - | - | 0.00 <br> (b) | (3.53) | (1.20) | (1.12) |
| Net asset value, end of period | $15.55 | $14.16 | $11.68 | $9.42 | $17.62 | $16.48 |
| Total return (d) | 9.82% | 21.23% | 24.02% | (26.58)% | 13.96% | 36.13% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $118620 | $115271 | $108170 | $99066 | $148539 | $59930 |
| Ratio of net expenses to <br>average net assets | 0.94<br> % (e) | 0.91% | 0.92% | 0.90% | 0.89% | 0.88% |
| Ratio of gross expenses to <br>average net assets (f) | 0.94<br> % (e) | 0.91% | 0.91% | 0.91% | 0.90% | 0.92% |
| Ratio of net investment income (loss) to <br>average net assets | (0.25)% (e) | (0.17)% | 0.02% | (0.02)% | (0.35)% | (0.12)% |
| Portfolio turnover rate | 65<br> % (g) | 130% | 122% | 110% | 179<br> % (h) | 139% |

---

(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 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 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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $11.87 | $11.00 | $9.90 | $13.98 | $11.19 | $11.51 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | 0.09 | 0.19 | 0.18 | 0.20 | 0.16 | 0.19 |
| Net realized and unrealized gain (loss) (b) | 0.58 | 1.58 | 1.16 | (1.42) | 2.81 | 0.17 |
| Total income (loss) from <br>investment operations | 0.67 | 1.77 | 1.34 | (1.22) | 2.97 | 0.36 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.20) | (0.18) | (0.22) | (0.18) | (0.24) |
| Net realized gains | - | (0.70) | (0.06) | (2.64) | - | (0.44) |
| Total distributions from net investment <br>income and net realized gains | - | (0.90) | (0.24) | (2.86) | (0.18) | (0.68) |
| Net asset value, end of period | $12.54 | $11.87 | $11.00 | $9.90 | $13.98 | $11.19 |
| Total return (c) | 5.64% | 15.96% | 13.95% | (8.37)% | 26.58% | 4.14% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $215776 | $219959 | $219354 | $217898 | $271801 | $244853 |
| Ratio of net expenses to <br>average net assets | 0.60<br> % (d) | 0.57% | 0.57% | 0.56% | 0.55% | 0.54% |
| Ratio of gross expenses to <br>average net assets (e) | 0.60<br> % (d) | 0.57% | 0.58% | 0.57% | 0.55% | 0.57% |
| Ratio of net investment income to <br>average net assets | 1.57<br> % (d) | 1.55% | 1.71% | 1.65% | 1.27% | 1.87% |
| Portfolio turnover rate | 59<br> % (f) | 112% | 116% | 116% | 120% | 125% |

---

(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $11.89 | $11.03 | $9.92 | $14.00 | $11.21 | $11.52 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | 0.08 | 0.16 | 0.15 | 0.17 | 0.13 | 0.17 |
| Net realized and unrealized gain (loss) (b) | 0.58 | 1.57 | 1.18 | (1.42) | 2.81 | 0.18 |
| Total income (loss) from <br>investment operations | 0.66 | 1.73 | 1.33 | (1.25) | 2.94 | 0.35 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.17) | (0.16) | (0.19) | (0.15) | (0.22) |
| Net realized gains | - | (0.70) | (0.06) | (2.64) | - | (0.44) |
| Total distributions from net investment <br>income and net realized gains | - | (0.87) | (0.22) | (2.83) | (0.15) | (0.66) |
| Net asset value, end of period | $12.55 | $11.89 | $11.03 | $9.92 | $14.00 | $11.21 |
| Total return (c) | 5.55% | 15.54% | 13.71% | (8.62)% | 26.23% | 3.94% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $5627 | $6506 | $6596 | $6448 | $7978 | $7106 |
| Ratio of net expenses to <br>average net assets | 0.85<br> % (d) | 0.82% | 0.82% | 0.81% | 0.80% | 0.79% |
| Ratio of gross expenses to <br>average net assets (e) | 0.85<br> % (d) | 0.82% | 0.83% | 0.82% | 0.80% | 0.82% |
| Ratio of net investment income to <br>average net assets | 1.31<br> % (d) | 1.30% | 1.46% | 1.40% | 1.02% | 1.62% |
| Portfolio turnover rate | 59<br> % (f) | 112% | 116% | 116% | 120% | 125% |

---

(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $9.09 | $9.00 | $8.57 | $10.06 | $10.17 | $10.21 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | 0.32 | 0.67 | 0.61 | 0.50 | 0.46 | 0.49 |
| Net realized and unrealized gain (loss) (b) | (0.05) | 0.10 | 0.40 | (1.48) | (0.06) | 0.07 |
| Total income (loss) from <br>investment operations | 0.27 | 0.77 | 1.01 | (0.98) | 0.40 | 0.56 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.68) | (0.58) | (0.51) | (0.51) | (0.60) |
| Net asset value, end of period | $9.36 | $9.09 | $9.00 | $8.57 | $10.06 | $10.17 |
| Total return (c) | 2.97% | 8.59% | 12.37% | (9.64)% | 4.00% | 5.79% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $43857 | $46018 | $49035 | $49354 | $64219 | $66191 |
| Ratio of net expenses to <br>average net assets | 0.65<br> % (d) | 0.63% | 0.62% | 0.61% | 0.60% | 0.59% |
| Ratio of gross expenses to <br>average net assets (e) | 0.65<br> % (d) | 0.63% | 0.63% | 0.62% | 0.61% | 0.62% |
| Ratio of net investment income to <br>average net assets | 7.02<br> % (d) | 7.22% | 6.88% | 5.41% | 4.51% | 4.93% |
| Portfolio turnover rate | 41<br> % (f) | 73% | 89% | 86% | 62% | 52% |

---

(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $9.10 | $9.02 | $8.58 | $10.06 | $10.16 | $10.19 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | 0.31 | 0.65 | 0.59 | 0.47 | 0.44 | 0.46 |
| Net realized and unrealized gain (loss) (b) | (0.06) | 0.09 | 0.40 | (1.47) | (0.06) | 0.08 |
| Total income (loss) from <br>investment operations | 0.25 | 0.74 | 0.99 | (1.00) | 0.38 | 0.54 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.66) | (0.55) | (0.48) | (0.48) | (0.57) |
| Net asset value, end of period | $9.35 | $9.10 | $9.02 | $8.58 | $10.06 | $10.16 |
| Total return (c) | 2.75% | 8.28% | 12.11% | (9.84)% | 3.74% | 5.57% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $807 | $831 | $530 | $590 | $793 | $799 |
| Ratio of net expenses to <br>average net assets | 0.91<br> % (d) | 0.88% | 0.87% | 0.86% | 0.85% | 0.84% |
| Ratio of gross expenses to <br>average net assets (e) | 0.91<br> % (d) | 0.88% | 0.88% | 0.87% | 0.86% | 0.87% |
| Ratio of net investment income to <br>average net assets | 6.77<br> % (d) | 6.98% | 6.63% | 5.16% | 4.26% | 4.68% |
| Portfolio turnover rate | 41<br> % (f) | 73% | 89% | 86% | 62% | 52% |

---

(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

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 period indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | For the<br>Six Months <br>Ended<br>June 30, 2025<br>(unaudited) | For the<br>Year Ended<br>December 31,<br>2024 | For the<br>Year Ended<br>December 31, <br>2023 | For the<br>Year Ended<br>December 31, <br>2022 | For the<br>Year Ended<br>December 31, <br>2021 | For the<br>Year Ended<br>December 31, <br>2020 |
| Net asset value, beginning of period | $8.45 | $8.71 | $8.47 | $10.07 | $11.07 | $10.60 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (a) | 0.17 | 0.34 | 0.32 | 0.23 | 0.20 | 0.24 |
| Net realized and unrealized gain (loss) (b) | 0.18 | (0.24) | 0.15 | (1.63) | (0.42) | 0.76 |
| Total income (loss) from <br>investment operations | 0.35 | 0.10 | 0.47 | (1.40) | (0.22) | 1.00 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | - | (0.36) | (0.23) | (0.19) | (0.28) | (0.27) |
| Net realized gains | - | - | - | (0.01) | (0.50) | (0.26) |
| Total distributions from net investment <br>income and net realized gains | - | (0.36) | (0.23) | (0.20) | (0.78) | (0.53) |
| Net asset value, end of period | $8.80 | $8.45 | $8.71 | $8.47 | $10.07 | $11.07 |
| Total return (c) | 4.14% | 1.16% | 5.73% | (13.84)% | (1.98)% | 9.49% |
| Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: | Ratios and Supplemental Data: |
| Net assets, end of period (in 000's) | $56037 | $59807 | $59835 | $61051 | $80361 | $91542 |
| Ratio of net expenses to <br>average net assets | 0.52<br> % (d) | 0.51% | 0.47% | 0.45% | 0.43% | 0.43% |
| Ratio of gross expenses to <br>average net assets | 0.52<br> % (d) | 0.51% | 0.48<br> % (e) | 0.47<br> % (e) | 0.45<br> % (e) | 0.47<br> % (e) |
| Ratio of net investment income to <br>average net assets | 3.91<br> % (d) | 3.93% | 3.72% | 2.55% | 1.83% | 2.18% |
| Portfolio turnover rate (f) | 34% | 66% | 70% | 77% | 85% | 151% |

---

(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 for periods less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2025 and years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020. If these were included in the calculation, the portfolio turnover would be 55%, 188%, 369%, 549%, 474% and 701%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.

------

**Global Atlantic Portfolios**

**Notes to Financial Statements (Unaudited)**

**June 30, 2025**

**1. ORGANIZATION**

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

---

| | | |
|:---|:---|:---|
| | 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 June 30, 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 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 (Unaudited) (Continued)**

**June 30, 2025**

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

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

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

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

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

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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

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

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

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

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

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

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

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

**Global Atlantic BlackRock Allocation Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $53257904 | $- | $- | $53257904 |
| Short-Term Investments | 488220 | - | - | 488220 |
| Total | $53746124 | $- | $- | $53746124 |

---

**Global Atlantic BlackRock Disciplined Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $622528479 | $- | $- | $622528479 |
| Short-Term Investments | 9226383 | - | - | 9226383 |
| Futures Contracts\* | 352967 | - | - | 352967 |
| Total | $632107829 | $- | $- | $632107829 |

---

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

**Global Atlantic BlackRock Disciplined Growth Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $97119014 | $- | $- | $97119014 |
| Short-Term Investments | 1801517 | - | - | 1801517 |
| Futures Contracts\* | 81927 | - | - | 81927 |
| Total | $99002458 | $- | $- | $99002458 |

---

**Global Atlantic BlackRock Disciplined International Core Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $119636274 | $- | $- | $119636274 |
| Exchange-Traded Funds | 8268444 | - | - | 8268444 |
| Preferred Stocks | 1046526 | - | - | 1046526 |
| Warrants | - | - | - | 0 |
| Short-Term Investments | 9358145 | - | - | 9358145 |
| Futures Contracts\* | 202742 | - | - | 202742 |
| Total | $138512131 | $- | $- | $138512131 |

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $272149598 | $- | $- | $272149598 |
| Rights | - | 1974 | - | 1974 |
| Short-Term Investments | 859324 | - | - | 859324 |
| Futures Contracts\* | 35648 | - | - | 35648 |
| Total | $273044570 | $1974 | $- | $273046544 |

---

**Global Atlantic BlackRock Disciplined Value Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $218054842 | $- | $- | $218054842 |
| Short-Term Investments | 2807105 | - | - | 2807105 |
| Futures Contracts\* | 111150 | - | - | 111150 |
| Total | $220973097 | $- | $- | $220973097 |

---

**Global Atlantic BlackRock High Yield Portfolio**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds & Notes | $- | $43187636 | $- | $43187636 |
| Short-Term Investments | 1044752 | - | - | 1044752 |
| Futures Contracts\* | 24543 | - | - | 24543 |
| Total | $1069295 | $43187636 | $- | $44256931 |

---

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds and Notes | $- | $19407356 | $- | $19407356 |
| Agency Mortgage Backed Securities | - | 16720333 | - | 16720333 |
| Asset Backed and Commercial Backed Securities | - | 11409819 | - | 11409819 |
| U.S. Treasury Securities and Agency Bonds | - | 8628557 | - | 8628557 |
| Sovereign Debts |  | 637755 | - | 637755 |
| Municipal Bonds | - | 571650 | - | 571650 |
| Short-Term Investments | 416119 | 423256 | - | 839375 |
| Futures Contracts\* | 193265 | - | - | 193265 |
| Swap Contracts\* | - | 105870 | - | 105870 |
| Swaptions\* | - | 2160 | - | 2160 |
| Total | $609384 | $57906756 | $- | $58516140 |
| Liabilities | Level 1 | Level 2 | Level 3 | Total |
| Securities Sold Short | $- | $956875 | $- | $956875 |
| Swap Contracts\* | - | 81611 | - | 81611 |
| Futures Contracts\* | 15584 | - | - | 15584 |
| Forward Foreign Exchange Contracts\* | - | 1301 | - | 1301 |
| Swaptions\* | - | 401 | - | 401 |
| Total | $15584 | $1040188 | $- | $1055772 |

---

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

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

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

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

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

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

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in each Portfolio's 2022 and 2023 tax returns, or is expected to be taken in each Portfolio's 2024 tax return. Each Portfolio identified

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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.

**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 six-month period ended June 30, 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 | $(39150) | $(3273) |

---

**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.

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| | Risk Type | Realized Gain/(Loss) | Change in Unrealized <br>Appreciation/(Depreciation) |
| Global Atlantic BlackRock Disciplined Core Portfolio | Equity | $(336219) | $669842 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | Equity | (42617) | 129579 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | Equity | (59074) | 622552 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | Equity | (55000) | 143825 |
| Global Atlantic BlackRock Disciplined Value Portfolio | Equity | (92063) | 230250 |
| Global Atlantic BlackRock High Yield Portfolio | Interest Rate | (12769) | 59502 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | (222507) | 415923 |

---

**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.

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| | Risk Type | Realized Gain/(Loss) | Change in Unrealized <br>Appreciation/(Depreciation) |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | Interest Rate | $(73318) | $28928 |
|  | Credit | 7565 | (381) |

---

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

For the six-month period ended June 30, 2025, 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 | $(124) | $1759 |

---

------

**Global Atlantic Portfolios**

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

**June 30, 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 June 30, 2025.

**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. | $352967 | $- | $352967 | $- | $352967 | $- | $- | $- | $- | $- |
| Total | $352967 | $- | $352967 | $- | $352967 | $- | $- | $- | $- | $- |

---

**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. | $81927 | $- | $81927 | $- | $81927 | $- | $- | $- | $- | $- |
| Total | $81927 | $- | $81927 | $- | $81927 | $- | $- | $- | $- | $- |

---

**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. | $202742 | $- | $202742 | $- | $202742 | $- | $- | $- | $- | $- |
| Total | $202742 | $- | $202742 | $- | $202742 | $- | $- | $- | $- | $- |

---

**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. | $35648 | $- | $35648 | $- | $35648 | $- | $- | $- | $- | $- |
| Total | $35648 | $- | $35648 | $- | $35648 | $- | $- | $- | $- | $- |

---

------

**Global Atlantic Portfolios**

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

**June 30, 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. | $111150 | $- | $111150 | $- | $111150 | $- | $- | $- | $- | $- |
| Total | $111150 | $- | $111150 | $- | $111150 | $- | $- | $- | $- | $- |

---

**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. | $24543 | $- | $24543 | $- | $24543 | $- | $- | $- | $- | $- |
| Total | $24543 | $- | $24543 | $- | $24543 | $- | $- | $- | $- | $- |

---

**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 | $2160 | $(401) | $1759 |  |  | $1759 | $401 | $(401) |  |  |
| Morgan Stanley | 258773 | (98496) | 160277 | - | 160277 | 98496 | (98496) | - | - | - |
| Total | $260933 | $(98897) | $162036 | $- | $162036 | $98897 | $(98897) | $- | $- | $- |

---

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

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

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

**Global Atlantic BlackRock Disciplined 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 | $352967 | $- | $- | $- | $352967 |
| Total | $352967 | $- | $- | $- | $352967 |

---

------

**Global Atlantic Portfolios**

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

**June 30, 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 | $81927 | $- | $- | $- | $81927 |
| Total | $81927 | $- | $- | $- | $81927 |

---

**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 | $202742 | $- | $- | $- | $202742 |
| Total | $202742 | $- | $- | $- | $202742 |

---

**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 | $35648 | $- | $- | $- | $35648 |
| Total | $35648 | $- | $- | $- | $35648 |

---

**Global Atlantic BlackRock Disciplined Value 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 | $111150 | $- | $- | $- | $111150 |
| Total | $111150 | $- | $- | $- | $111150 |

---

**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 | $- | $24543 | $- | $- | $24543 |
| Total | $- | $24543 | $- | $- | $24543 |

---

------

**Global Atlantic Portfolios**

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

**June 30, 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 | $- | $193265 | $- | $- | $193265 |
| Unrealized appreciation on Swap <br>Contracts | - | 95723 | 10146 | - | 105869 |
| Unrealized appreciation on <br>Swaptions | - | 2160 | - | - | 2160 |
| Liabilities | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| Unrealized depreciation on Futures <br>Contracts | - | (15584) | - | - | (15584) |
| Unrealized depreciation on Swap <br>Contracts | - | (81611) | - | - | (81611) |
| Unrealized depreciation on <br>Swaptions | - | (401) | - | - | - |
| Unrealized depreciation on Forward <br>Foreign Exchange Contracts | - | - | - | (1301) | (1301) |
| Total | $- | $193552 | $10146 | $(1301) | $202397 |

---

The notional value of the derivative instruments outstanding as of June 30, 2025, as disclosed in the Portfolios of Investments, and the amounts of realized and unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios.

For the six-month period ended June 30, 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 | 34 | 9948442 | - | - | - | - | - |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 4 | 1750321 | - | - | - | - | - |
| Global Atlantic BlackRock Disciplined International Core <br>Portfolio | 93 | 10064208 | - | - | - | - | - |
| Global Atlantic BlackRock Disciplined Mid Cap Growth <br>Portfolio | 12 | 3514354 | - | - | - | - | - |
| Global Atlantic BlackRock Disciplined Value Portfolio | 12 | 3540075 | - | - | - | - | - |
| Global Atlantic BlackRock High Yield Portfolio | 18 | 2083698 | - | - | - | - | - |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 125 | 16082211 | 8 | 1088805 | 644804 | 67548777 | 620248 |

---

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

\*\* Based on absolute values. USD – U.S. Dollar equivalent of foreign currency amounts. See schedule 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

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

with such short sales; the Portfolio may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

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

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

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

**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.

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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

**3. INVESTMENT TRANSACTIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Purchases <br>(Excluding U.S. <br>Government <br>Securities) | Purchases U.S. <br>Government <br>Securities | Sales <br>(Excluding U.S. <br>Government <br>Securities) | Sales U.S. <br>Government <br>Securities |
| Global Atlantic BlackRock Allocation Portfolio | $14039456 | $- | $18526145 | $- |
| Global Atlantic BlackRock Disciplined Core Portfolio | 298563455 | - | 339445781 | - |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 60308999 | - | 67775538 | - |
| Global Atlantic BlackRock Disciplined International Core <br>Portfolio | 37886113 | - | 45946279 | - |
| Global Atlantic BlackRock Disciplined Mid Cap Growth <br>Portfolio | 170089439 | - | 190532393 | - |
| Global Atlantic BlackRock Disciplined Value Portfolio | 130753862 | - | 145898908 | - |
| Global Atlantic BlackRock High Yield Portfolio | 18066589 | - | 20667506 | - |
| Global Atlantic Goldman Sachs Core Fixed Income <br>Portfolio | 7685795 | 23388489 | 13484272 | 19947065 |

---

During the six-month period ended June 30, 2025, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio purchased a security from an underwriting syndicate whose members include affiliated persons of the purchasing Fund. This transaction complied with Rule 10f-3 under the 1940 Act. This transaction was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Acquisition Date | Description | Coupon Rate | Maturity Date | Shares | Acquisition<br>Price | Acquisition Cost |
| 1/6/2025 | Canadian Imperial Bank | 5.25% | 1/13/2031 | 100000 | $100.00 | $100000 |

---

**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 (Unaudited) (Continued)**

**June 30, 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 six-month period ended June 30, 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 six-month period ended June 30, 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 (Unaudited) (Continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| | Investment<br>Advisory Fee<br>Waiver | Investment<br>Advisory Fee<br>Reimbursed | Total |
| Global Atlantic BlackRock Disciplined International Core Portfolio | $- | $45976 | $45976 |

---

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, 2025 | December 31, 2026 | December 31, 2027 | December 31, 2028 |
| Global Atlantic BlackRock Disciplined <br>International Core Portfolio | $96476 | $55889 | $110702 | $45976 |

---

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 six-month period ended June 30, 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 six-month period ended June 30, 2025, was paid to Global Atlantic Distributors, LLC ("GAD") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Portfolios' shareholder accounts, not otherwise required to be provided by the Adviser. GAD is an affiliate of the Adviser.

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

---

| | |
|:---|:---|
| | Fees Paid |
| Global Atlantic BlackRock Allocation Portfolio | $14472 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 43406 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 31717 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 54993 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 139112 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 7453 |
| Global Atlantic BlackRock High Yield Portfolio | 1020 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | - |

---

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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

---

| | |
|:---|:---|
| | Fees Received |
| Global Atlantic BlackRock Allocation Portfolio | $4219 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 47656 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 7280 |
| Global Atlantic BlackRock Disciplined International Core Portfolio | 10325 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 19936 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 17452 |
| Global Atlantic BlackRock High Yield Portfolio | 3600 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 4541 |

---

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

**5. CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of June 30, 2025, 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, 2024, the aggregate cost of investments for federal income tax purposes, the gross unrealized appreciation and depreciation and the aggregated net unrealized appreciation (depreciation) on investments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Tax<br>Cost | Gross <br>Unrealized<br>Appreciation | Gross <br>Unrealized<br>Depreciation | Net Unrealized <br>Appreciation/<br>(Depreciation) |
| Global Atlantic BlackRock Allocation Portfolio | $48334632 | $8435357 | $(1567469) | $6867888 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 418611175 | 235328379 | (14186862) | 221141516 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 63939284 | 38570448 | (2862172) | 35708276 |
| Global Atlantic BlackRock Disciplined International Core<br>Portfolio | 113230465 | 24968601 | (12347003) | 12621598 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth<br>Portfolio | 220717379 | 61452698 | (10911114) | 50541584 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 202030901 | 32270777 | (8120994) | 24149783 |
| Global Atlantic BlackRock High Yield Portfolio | 44945788 | 1366026 | (266718) | 1099308 |
| Global Atlantic Goldman Sachs Core Fixed Income<br>Portfolio | 63902104 | 275634 | (2919073) | (2643439) |

---

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| For fiscal year ended<br>12/31/2024 | Ordinary<br>Income | Long-Term<br>Capital Gains | Return of<br>Capital | Total |
| Global Atlantic 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<br>Portfolio | 3236098 | - | - | 3236098 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth<br>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<br>Portfolio | 2385974 | - | - | 2385974 |
| For fiscal year ended<br>12/31/2023 | Ordinary<br>Income | Long-Term<br>Capital Gains | Return of<br>Capital | Total |
| Global Atlantic BlackRock Allocation Portfolio | $1213810 | $1248208 | $- | $2462018 |
| Global Atlantic BlackRock Disciplined Core Portfolio | 6044719 | - | - | 6044719 |
| Global Atlantic BlackRock Disciplined Growth Portfolio | 412997 | - | - | 412997 |
| Global Atlantic BlackRock Disciplined International Core<br>Portfolio | 3249596 | - | - | 3249596 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth<br>Portfolio | 308903 | - | - | 308903 |
| Global Atlantic BlackRock Disciplined Value Portfolio | 3747514 | 1218420 | - | 4965934 |
| Global Atlantic BlackRock High Yield Portfolio | 3002140 | - | - | 3002140 |
| Global Atlantic Goldman Sachs Core Fixed Income<br>Portfolio | 1538205 | - | - | 1538205 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed <br>Ordinary <br>Income | Undistributed <br>Long-Term <br>Capital Gains | Post October <br>Loss and Late <br>Year Loss | Capital Loss <br>Carryforward | Unrealized <br>Appreciation/ <br>(Depreciation) | Total <br>Accumulated <br>Earnings/<br>(Defecits) |
| Global Atlantic BlackRock Allocation Portfolio | $2806205 | $2902234 | $- | $- | $6867888 | $12576328 |
| Global Atlantic BlackRock Disciplined Core<br>Portfolio | 40292461 | 42331314 | - | - | 221139617 | 303763392 |
| Global Atlantic BlackRock Disciplined Growth<br>Portfolio | 8126282 | 15204319 | - | - | 35708276 | 59038877 |
| Global Atlantic BlackRock Disciplined<br>International Core Portfolio | 660875 | - | - | (4136825) | 12583911 | 9107961 |
| Global Atlantic BlackRock Disciplined<br>Mid Cap Growth Portfolio | - | 10143080 | - | - | 50541584 | 60684664 |
| Global Atlantic BlackRock Disciplined Value<br>Portfolio | 19143916 | 14624765 | - | - | 24149783 | 57918464 |
| Global Atlantic BlackRock High Yield Portfolio | 3503698 | - | - | (9472899) | 1099308 | (4869893) |
| Global Atlantic Goldman Sachs Core Fixed<br>Income Portfolio | 2428483 | - | - | (8739847) | (2662594) | (8973958) |

---

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 $(1,900), $(37,687), and $(19,155) for Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio and Global Atlantic Goldman Sachs Core Fixed Income Portfolio respectively.

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

At December 31, 2024, 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 | 3854727 | 282098 | 4136825 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | - | - | - |
| Global Atlantic BlackRock Disciplined Value Portfolio | - | - | - |
| Global Atlantic BlackRock High Yield Portfolio | 4543439 | 4929460 | 9472899 |
| Global Atlantic Goldman Sachs Core Fixed Income Portfolio | 4716003 | 4023844 | 8739847 |

---

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

---

| | |
|:---|:---|
| | Utilized |
| Global Atlantic BlackRock Disciplined International Core Portfolio | $4962883 |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | 29347726 |
| Global Atlantic BlackRock High Yield Portfolio | 416533 |

---

Permanent book and tax differences, primarily attributable to the reclassification of Portfolio distributions, resulted in reclassifications for the Portfolios for the fiscal year ended December 31, 2024 as follows:

---

| | | |
|:---|:---|:---|
| | Paid In<br>Capital | Accumulated<br>Earnings/(Losses) |
| Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio | $(113030) | $113030 |

---

**8. NEW ACCOUNTING PRONOUNCEMENTS**

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

**9. OTHER RISKS**

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

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

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

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

------

**Global Atlantic Portfolios**

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

**June 30, 2025**

the value of your investment will go down. Local, regional or global events such as war, military conflict, geopolitical disputes, 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.

**10. SUBSEQUENT EVENTS**

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

------

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

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

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

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

**INVESTMENT ADVISER**

Global Atlantic Investment Advisors, LLC

10 West Market Street, Suite 2300

Indianapolis, IN 46204

**ADMINISTRATOR**

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**INVESTMENT SUB-ADVISERS**

BlackRock Investment Management, LLC

1 University Square Drive

Princeton, NJ 08540-6455

Goldman Sachs Asset Management, L.P.

200 West Street

New York, NY 10282

------

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

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

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

**Item 16. Controls and Procedures.**

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

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

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

Not applicable.

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

Not Applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

**SIGNATURES**

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

(Registrant) Forethought Variable Insurance Trust

---

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

---

Trent Statczar, Treasurer

(Principal Financial Officer and Principal Accounting Officer)

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

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

---

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

---

Deborah Schunder, President

(Principal Executive Officer)

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

---

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

---

Trent Statczar, Treasurer

(Principal Financial Officer and Principal Accounting Officer)

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

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

## Ex-99.Cert

**Exhibit 99.CERT**

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

I, Deborah Schunder, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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

I, Trent Statczar, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**Exhibit 99.906CERT**

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

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

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

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

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

---

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

---

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