Consolidated ssr-output-EDGAR XBRL File

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class I	$18	0.34%

Table Summary
Asset Class	% of Net Assets
Exchange Traded Funds - Equity Funds	61.2%
Exchange Traded Funds - Debt Funds	37.9%
Short-Term Investments	0.7%
Other Assets Less Liabilities - Net	0.2%
Total	100.0%

Table Summary
Fund net assets	$55,147,636
Total number of portfolio holdings	14
Period portfolio turnover rate	28%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class II	$31	0.59%

Table Summary
Asset Class	% of Net Assets
Exchange Traded Funds - Equity Funds	61.2%
Exchange Traded Funds - Debt Funds	37.9%
Short-Term Investments	0.7%
Other Assets Less Liabilities - Net	0.2%
Total	100.0%

Table Summary
Fund net assets	$55,147,636
Total number of portfolio holdings	14
Period portfolio turnover rate	28%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class I	$27	0.51%

Table Summary
Asset Class	% of Net Assets
Common Stocks - Technology	36.8%
Common Stocks - Communications	15.8%
Common Stocks - Financial	11.6%
Common Stocks - Consumer, Non-cyclical	11.6%
Common Stocks - Industrial	9.9%
Common Stocks - Other	12.9%
Short-Term Investments	1.4%
Other Assets Less Liabilities - Net	0.0%^{Footnote Reference†}
Total	100.0%

Footnote	Description
Footnote^†	Represents less than 0.05%.

Table Summary
Fund net assets	$688,728,068
Total number of portfolio holdings	270
Period portfolio turnover rate	47%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class II	$40	0.76%

Table Summary
Asset Class	% of Net Assets
Common Stocks - Technology	36.8%
Common Stocks - Communications	15.8%
Common Stocks - Financial	11.6%
Common Stocks - Consumer, Non-cyclical	11.6%
Common Stocks - Industrial	9.9%
Common Stocks - Other	12.9%
Short-Term Investments	1.4%
Other Assets Less Liabilities - Net	0.0%^{Footnote Reference†}
Total	100.0%

Footnote	Description
Footnote^†	Represents less than 0.05%.

Table Summary
Fund net assets	$688,728,068
Total number of portfolio holdings	270
Period portfolio turnover rate	47%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class I	$26	0.50%

Table Summary
Asset Class	% of Net Assets
Common Stocks - Technology	47.2%
Common Stocks - Communications	23.1%
Common Stocks - Industrial	11.8%
Common Stocks - Consumer, Non-cyclical	6.5%
Common Stocks - Financial	4.6%
Common Stocks - Other	4.9%
Short-Term Investments	2.4%
Other Assets Less Liabilities - Net	(0.5)%
Total	100.0%

Table Summary
Fund net assets	$103,309,025
Total number of portfolio holdings	139
Period portfolio turnover rate	50%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class II	$39	0.75%

Table Summary
Asset Class	% of Net Assets
Common Stocks - Technology	47.2%
Common Stocks - Communications	23.1%
Common Stocks - Industrial	11.8%
Common Stocks - Consumer, Non-cyclical	6.5%
Common Stocks - Financial	4.6%
Common Stocks - Other	4.9%
Short-Term Investments	2.4%
Other Assets Less Liabilities - Net	(0.5)%
Total	100.0%

Table Summary
Fund net assets	$103,309,025
Total number of portfolio holdings	139
Period portfolio turnover rate	50%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class I	$42	0.79%

Table Summary
Country	% of Net Assets
United States	15.9%
Japan	13.4%
South Korea	7.8%
Canada	7.3%
United Kingdom	7.2%
China	6.2%
France	5.4%
Germany	5.0%
Other Country	30.1%
Other Assets Less Liabilities - Net	1.7%
Total	100.0%

Table Summary
Fund net assets	$154,198,687
Total number of portfolio holdings	645
Period portfolio turnover rate	23%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class II	$55	1.04%

Table Summary
Country	% of Net Assets
United States	15.9%
Japan	13.4%
South Korea	7.8%
Canada	7.3%
United Kingdom	7.2%
China	6.2%
France	5.4%
Germany	5.0%
Other Country	30.1%
Other Assets Less Liabilities - Net	1.7%
Total	100.0%

Table Summary
Fund net assets	$154,198,687
Total number of portfolio holdings	645
Period portfolio turnover rate	23%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class I	$35	0.67%

Table Summary
Asset Class	% of Net Assets
Common Stocks - Technology	29.0%
Common Stocks - Industrial	17.4%
Common Stocks - Consumer, Non-cyclical	16.4%
Common Stocks - Consumer, Cyclical	13.8%
Common Stocks - Communications	8.7%
Common Stocks - Other	13.2%
Short-Term Investments	1.3%
Rights	0.0%^{Footnote Reference†}
Other Assets Less Liabilities - Net	0.2%
Total	100.0%

Footnote	Description
Footnote^†	Represents less than 0.05%.

Table Summary
Fund net assets	$262,451,553
Total number of portfolio holdings	319
Period portfolio turnover rate	66%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class II	$48	0.92%

Table Summary
Asset Class	% of Net Assets
Common Stocks - Technology	29.0%
Common Stocks - Industrial	17.4%
Common Stocks - Consumer, Non-cyclical	16.4%
Common Stocks - Consumer, Cyclical	13.8%
Common Stocks - Communications	8.7%
Common Stocks - Other	13.2%
Short-Term Investments	1.3%
Rights	0.0%^{Footnote Reference†}
Other Assets Less Liabilities - Net	0.2%
Total	100.0%

Footnote	Description
Footnote^†	Represents less than 0.05%.

Table Summary
Fund net assets	$262,451,553
Total number of portfolio holdings	319
Period portfolio turnover rate	66%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class I	$31	0.58%

Table Summary
Asset Class	% of Net Assets
Common Stocks - Financial	20.7%
Common Stocks - Consumer, Non-cyclical	17.5%
Common Stocks - Technology	17.3%
Common Stocks - Industrial	12.4%
Common Stocks - Communications	11.1%
Common Stocks - Other	19.6%
Short-Term Investments	1.3%
Other Assets Less Liabilities - Net	0.1%
Total	100.0%

Table Summary
Fund net assets	$245,699,099
Total number of portfolio holdings	386
Period portfolio turnover rate	63%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class II	$45	0.83%

Table Summary
Asset Class	% of Net Assets
Common Stocks - Financial	20.7%
Common Stocks - Consumer, Non-cyclical	17.5%
Common Stocks - Technology	17.3%
Common Stocks - Industrial	12.4%
Common Stocks - Communications	11.1%
Common Stocks - Other	19.6%
Short-Term Investments	1.3%
Other Assets Less Liabilities - Net	0.1%
Total	100.0%

Table Summary
Fund net assets	$245,699,099
Total number of portfolio holdings	386
Period portfolio turnover rate	63%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class I	$32	0.64%

Table Summary
Asset Class	% of Net Assets
Corporate Bonds and Notes - Financial	20.2%
Corporate Bonds and Notes - Communications	19.3%
Corporate Bonds and Notes - Energy	14.2%
Corporate Bonds and Notes - Consumer, Cyclical	13.0%
Corporate Bonds and Notes - Consumer, Non-cyclical	7.8%
Corporate Bonds and Notes - Other	23.9%
Short-Term Investments	0.4%
Other Assets Less Liabilities - Net	1.2%
Total	100.0%

Table Summary
Fund net assets	$41,586,633
Total number of portfolio holdings	419
Period portfolio turnover rate	37%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class II	$44	0.89%

Table Summary
Asset Class	% of Net Assets
Corporate Bonds and Notes - Financial	20.2%
Corporate Bonds and Notes - Communications	19.3%
Corporate Bonds and Notes - Energy	14.2%
Corporate Bonds and Notes - Consumer, Cyclical	13.0%
Corporate Bonds and Notes - Consumer, Non-cyclical	7.8%
Corporate Bonds and Notes - Other	23.9%
Short-Term Investments	0.4%
Other Assets Less Liabilities - Net	1.2%
Total	100.0%

Table Summary
Fund net assets	$41,586,633
Total number of portfolio holdings	419
Period portfolio turnover rate	37%

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a % of a $10,000 investment
Class I	$25	0.50%

Table Summary
Asset Class	% of Net Assets
Corporate Bonds and Notes	35.6%
Agency Mortgage Backed Securities	31.6%
Asset Backed and Commercial Backed Securities	22.9%
U.S. Treasury Securities and Agency Bonds	14.1%
Sovereign Debts	1.4%
Other Investments	1.0%
Short-Term Investments	0.5%
Other Assets Less Liabilities - Net	(7.1)%
Total	100.0%

Global Atlantic BlackRock Allocation Portfolio

Portfolio of Investments (Unaudited)

June 30, 2026

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 99.1%
DEBT FUNDS - 37.9%
iShares 10-20 Year Treasury Bond ETF		17,496	$	1,755,724
iShares Core Universal USD Bond ETF (a)		303,060		13,986,219
iShares MBS ETF		28,698		2,712,535
iShares U.S. Treasury Bond ETF		107,330		2,444,977
TOTAL DEBT FUNDS				20,899,455
EQUITY FUNDS - 61.2%
iShares Core MSCI Emerging Markets ETF		33,400		2,766,856
iShares Core S&P 500 ETF		16,659		12,475,758
iShares MSCI EAFE Growth ETF		15,495		1,927,888
iShares MSCI EAFE Value ETF		21,471		1,643,605
iShares MSCI USA Momentum Factor ETF		5,295		1,815,285
iShares S&P 500 Growth ETF		28,053		3,858,129
iShares S&P 500 Value ETF		15,876		3,604,805
iShares U.S. Equity Factor Rotation Active ETF		53,714		3,653,089
iShares U.S. Technology ETF		7,849		1,979,753
TOTAL EQUITY FUNDS				33,725,168

	Shares/ Principal	Fair Value
TOTAL EXCHANGE TRADED FUNDS (Cost - $42,946,976)		$	54,624,623
SHORT-TERM INVESTMENTS - 0.7%
MONEY MARKET FUNDS - 0.7%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53% (b) (Cost - $391,792)	391,792		391,792
TOTAL SHORT-TERM INVESTMENTS (Cost - $391,792)			391,792
TOTAL INVESTMENTS - 99.8% (Cost - $43,338,768)		$	55,016,415
OTHER ASSETS LESS LIABILITIES - NET 0.2%			131,221
TOTAL NET ASSETS - 100.0%		$	55,147,636

(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.
2

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited)

June 30, 2026

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.6%
AEROSPACE & DEFENSE - 2.7%
General Dynamics Corp.		6,510	$	2,306,102
General Electric Co.		7,518		2,809,702
HEICO Corp., Class A		1,272		328,062
Lockheed Martin Corp.		9,637		4,909,666
Northrop Grumman Corp.		4,736		2,412,092
RTX Corp.		32,068		6,084,262
				18,849,886
AIR FREIGHT & LOGISTICS - 0.4%
FedEx Corp.		5,691		1,782,023
United Parcel Service, Inc., Class B		8,396		902,570
				2,684,593
AUTOMOBILE COMPONENTS - 0.1%
Mobileye Global, Inc., Class A*		29,536		285,908
QuantumScape Corp., Class A*		44,253		334,553
				620,461
AUTOMOBILES - 1.8%
NIO, Inc., ADR*		25,629		129,683
Tesla, Inc.*		28,678		12,061,967
				12,191,650
BANKS - 3.9%
Bank of America Corp.		127,175		7,246,431
Citigroup, Inc.		46,441		6,499,882
Credicorp Ltd.		1,875		730,463
Grupo Financiero Galicia SA, ADR*		1,436		71,843
Huntington Bancshares, Inc.		23,975		425,077
JPMorgan Chase & Co.		30,676		10,041,175
Wells Fargo & Co.		25,556		2,111,948
				27,126,819
BEVERAGES - 1.0%
Coca-Cola Co. (The)		52,958		4,303,897
Constellation Brands, Inc., Class A		3,296		458,441
Molson Coors Beverage Co., Class B		16,030		624,529
PepsiCo, Inc.		12,821		1,735,963
				7,122,830
BIOTECHNOLOGY - 2.2%
Abbvie, Inc.		19,576		4,926,105
Amgen, Inc.		8,710		3,154,065
BioNTech SE, ADR*		1,008		93,794
Exelixis, Inc.*		14,547		791,502
Gilead Sciences, Inc.		16,414		2,073,745
Neurocrine Biosciences, Inc.*		2,919		491,954
Regeneron Pharmaceuticals, Inc.		1,841		1,147,937
REVOLUTION Medicines, Inc.*		927		173,608
Ultragenyx Pharmaceutical, Inc.*		11,305		377,474
United Therapeutics Corp.*		1,424		771,566

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 2.2% (Continued)
Vertex Pharmaceuticals, Inc.*		1,833	$	910,506
Viking Therapeutics, Inc.*		5,685		221,772
				15,134,028
BROADLINE RETAIL - 3.8%
Amazon.com, Inc.*		107,448		25,609,156
Coupang, Inc.*		6,170		107,173
MercadoLibre, Inc.*		169		286,859
				26,003,188
BUILDING PRODUCTS - 0.1%
A O Smith Corp.		1,176		73,759
Owens Corning		632		100,463
Trane Technologies PLC		1,238		608,056
				782,278
CAPITAL MARKETS - 2.7%
Blackstone, Inc.		3,094		364,071
Blue Owl Capital, Inc.		20,231		177,021
Cboe Global Markets, Inc.		387		93,913
Charles Schwab Corp. (The)		20,118		1,856,288
CME Group, Inc.		6,124		1,352,363
Goldman Sachs Group, Inc. (The)		4,895		4,950,656
Hamilton Lane, Inc., Class A		1,203		94,833
Intercontinental Exchange, Inc.		7,480		920,863
LPL Financial Holdings, Inc.		1,431		403,084
Morgan Stanley		32,170		6,724,817
StepStone Group, Inc., Class A		11,831		489,330
TPG, Inc., Class A		20,348		825,111
Virtu Financial, Inc., Class A		9,590		571,276
				18,823,626
CHEMICALS - 0.9%
Air Products and Chemicals, Inc.		3,614		1,059,553
Albemarle Corp.		2,683		362,285
Celanese Corp.		1,585		72,910
Dow, Inc.		48,622		1,330,298
Eastman Chemical Co.		1,450		97,121
Ecolab, Inc.		3,007		837,780
Lyondellbasell Industries NV, Class A		32,687		1,720,971
Solstice Advanced Materials, Inc.		9,183		813,614
Westlake Corp.		1,116		81,468
				6,376,000
COMMERCIAL SERVICES & SUPPLIES - 0.8%
Clean Harbors, Inc.*		1,342		400,923
Copart, Inc.*		19,875		560,276
Republic Services, Inc.		13,645		2,907,477
Waste Connections, Inc.		10,673		1,779,082
				5,647,758

See accompanying notes to financial statements.
3

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
COMMUNICATIONS EQUIPMENT - 1.0%
Arista Networks, Inc.*		5,723	$	972,223
Ciena Corp.*		1,721		844,254
Cisco Systems, Inc.		27,369		3,214,763
Lumentum Holdings, Inc.*		1,922		1,649,191
Nokia OYJ, ADR		5,394		71,632
Viavi Solutions, Inc.*		2,621		125,153
				6,877,216
CONSTRUCTION & ENGINEERING - 0.4%
Comfort Systems USA, Inc.		368		729,357
EMCOR Group, Inc.		585		485,480
Everus Construction Group, Inc.*		2,661		441,593
MasTec, Inc.*		931		387,352
Quanta Services, Inc.		1,455		1,047,658
				3,091,440
CONSUMER FINANCE - 0.6%
Ally Financial, Inc.		20,263		931,085
American Express Co.		7,015		2,372,824
Capital One Financial Corp.		2,559		513,386
Qifu Technology, Inc., ADR		6,723		106,291
				3,923,586
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%
Casey's General Stores, Inc.		292		232,079
Costco Wholesale Corp.		5,559		5,200,278
Dollar General Corp.		5,845		672,818
Kroger Co. (The)		11,612		644,814
Sysco Corp.		24,778		2,070,945
Target Corp.		1,659		216,682
Walmart, Inc.		16,905		1,914,660
				10,952,276
CONTAINERS & PACKAGING - 0.1%
International Paper Co.		24,630		938,403
DIVERSIFIED CONSUMER SERVICES - 0.0%†
H&R Block, Inc.		3,612		137,545
Liberty Live Holdings, Inc., Class C*		747		78,913
				216,458
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.9%
AT&T, Inc.		12,366		255,976
Comcast Corp., Class A		27,287		669,896
Space Exploration Technologies Corp., Class A*		30,507		5,212,426
				6,138,298
ELECTRIC UTILITIES - 1.0%
FirstEnergy Corp.		13,356		634,944
NextEra Energy, Inc.		21,577		1,893,814
PG&E Corp.		46,304		778,833
Portland General Electric Co.		11,031		571,737

	Shares/ Principal		Fair Value
ELECTRIC UTILITIES - 1.0% (Continued)
PPL Corp.		56,543	$	2,055,338
Xcel Energy, Inc.		12,837		1,030,811
				6,965,477
ELECTRICAL EQUIPMENT - 1.4%
Bloom Energy Corp., Class A*		1,654		500,666
Emerson Electric Co.		9,204		1,317,553
GE Vernova, Inc.		2,721		3,196,794
Generac Holdings, Inc.*		734		214,922
Hubbell, Inc.		435		227,592
Innio NV*		11,758		465,029
nVent Electric PLC		1,372		232,705
Rockwell Automation, Inc.		5,544		2,744,723
Vertiv Holdings Co., Class A		1,238		414,507
Vicor Corp.*		637		241,920
				9,556,411
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%
Advanced Energy Industries, Inc.		777		289,720
Amphenol Corp., Class A		13,183		2,324,426
Coherent Corp.*		1,574		620,896
Corning, Inc.		5,520		1,409,974
Keysight Technologies, Inc.*		2,626		919,284
				5,564,300
ENERGY EQUIPMENT & SERVICES - 0.2%
Halliburton Co.		31,942		1,084,431
ENTERTAINMENT - 0.5%
Netflix, Inc.*		30,379		2,169,061
Spotify Technology SA*		1,064		488,514
Tencent Music Entertainment Group, ADR		9,351		78,081
Walt Disney Co. (The)		6,904		664,510
				3,400,166
FINANCIAL SERVICES - 2.7%
Berkshire Hathaway, Inc., Class B*		18,242		9,128,114
Block, Inc.*		4,421		335,996
Chime Financial, Inc., Class A*		22,222		455,107
Fidelity National Information Services, Inc.		26,638		1,035,685
Mastercard, Inc., Class A		4,528		2,325,581
Visa, Inc., Class A		15,011		5,150,124
				18,430,607
FOOD PRODUCTS - 0.2%
Archer-Daniels-Midland Co.		12,723		972,037
General Mills, Inc.		10,229		355,969
				1,328,006
GROUND TRANSPORTATION - 0.6%
Fedex Freight Holding Co., Inc.*		2,845		429,595
Knight-Swift Transportation Holdings, Inc.		2,396		186,577

See accompanying notes to financial statements.
4

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
GROUND TRANSPORTATION - 0.6% (Continued)
Norfolk Southern Corp.		786	$	247,268
Old Dominion Freight Line, Inc.		3,382		732,541
Ryder System, Inc.		320		84,406
Saia, Inc.*		931		392,100
Uber Technologies, Inc.*		16,309		1,176,857
XPO, Inc.*		2,935		602,526
				3,851,870
HEALTH CARE EQUIPMENT & SUPPLIES - 1.6%
Abbott Laboratories		59,982		5,442,767
Boston Scientific Corp.*		56,305		2,403,097
GE HealthCare Technologies, Inc.		7,868		503,631
Medtronic PLC		38,750		3,031,412
				11,380,907
HEALTH CARE PROVIDERS & SERVICES - 2.0%
Cardinal Health, Inc.		4,337		1,030,298
Centene Corp.*		1,807		115,991
Chemed Corp.		1,934		900,741
Cigna Group (The)		3,198		881,625
CVS Health Corp.		13,151		1,360,471
Elevance Health, Inc.		3,812		1,474,215
HCA Healthcare, Inc.		1,977		770,812
McKesson Corp.		3,219		2,432,276
Molina Healthcare, Inc.*		347		79,359
UnitedHealth Group, Inc.		12,030		5,000,029
				14,045,817
HEALTH CARE REITS - 0.1%
Healthpeak Properties, Inc.		24,445		523,123
HOTELS, RESTAURANTS & LEISURE - 1.1%
Booking Holdings, Inc.		13,525		2,410,696
Boyd Gaming Corp.		2		177
Carnival Corp. Ltd.		3,509		100,252
Chipotle Mexican Grill, Inc.*		97,398		3,311,532
Starbucks Corp.		6,752		689,987
Texas Roadhouse, Inc.		431		83,282
Viking Holdings Ltd.*		6,506		680,983
				7,276,909
HOUSEHOLD DURABLES - 0.5%
Garmin Ltd.		2,550		605,727
Installed Building Products, Inc.		7,020		1,613,477
NVR, Inc.*		181		1,233,225
				3,452,429
HOUSEHOLD PRODUCTS - 0.8%
Procter & Gamble Co. (The)		39,761		5,830,553
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%†
AES Corp. (The)		7,795		114,275

	Shares/ Principal		Fair Value
INDUSTRIAL CONGLOMERATES - 0.5%
3M Co.		21,089	$	3,414,520
INDUSTRIAL REITS - 0.2%
Prologis, Inc.		10,209		1,383,013
INSURANCE - 1.1%
American Financial Group, Inc.		5,875		822,147
American International Group, Inc.		23,335		1,739,158
Hartford Financial Services Group, Inc. (The)		5,832		772,857
MetLife, Inc.		5,445		460,701
Reinsurance Group of America, Inc.		1,141		242,634
Travelers Cos., Inc. (The)		5,368		1,772,084
W R Berkley Corp.		27,695		1,953,328
				7,762,909
INTERACTIVE MEDIA & SERVICES - 8.1%
Alphabet, Inc., Class A		68,051		24,319,386
Alphabet, Inc., Class C		53,492		18,900,329
Meta Platforms, Inc., Class A		22,411		12,623,892
Snap, Inc., Class A*		24,037		106,724
				55,950,331
IT SERVICES - 0.5%
Accenture PLC, Class A		9,062		1,127,675
International Business Machines Corp.		6,598		1,855,424
Quantinuum, Inc., Class A*		2,634		215,303
				3,198,402
MACHINERY - 2.7%
Caterpillar, Inc.		7,915		8,428,684
Cummins, Inc.		759		541,326
Illinois Tool Works, Inc.		17,949		4,854,666
PACCAR, Inc.		8,253		991,350
Parker-Hannifin Corp.		4,100		4,010,292
				18,826,318
MEDIA - 0.3%
Fox Corp., Class A		12,075		629,832
Fox Corp., Class B		1,508		70,635
Omnicom Group, Inc.		6,665		485,412
Trade Desk, Inc. (The), Class A*		20,056		362,612
Versant Media Group, Inc.		6,010		216,420
				1,764,911
METALS & MINING - 0.5%
Freeport-McMoRan, Inc.		29,029		1,825,634
Newmont Corp.		16,282		1,520,739
Reliance, Inc.		307		114,695
				3,461,068
MULTI-UTILITIES - 0.6%
DTE Energy Co.		11,873		1,809,089
NiSource, Inc.		20,157		958,465

See accompanying notes to financial statements.
5

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
MULTI-UTILITIES - 0.6% (Continued)
Public Service Enterprise Group, Inc.		1,059	$	85,949
Sempra		14,426		1,337,435
WEC Energy Group, Inc.		1,633		190,685
				4,381,623
OIL, GAS & CONSUMABLE FUELS - 2.9%
Cheniere Energy, Inc.		3,280		783,953
Chevron Corp.		34,810		5,770,106
ConocoPhillips		15,794		1,641,944
Exxon Mobil Corp.		49,692		6,793,890
Phillips 66		18,326		3,098,010
Valero Energy Corp.		8,207		2,137,431
				20,225,334
PASSENGER AIRLINES - 0.0%†
Southwest Airlines Co.		1,456		74,868
PHARMACEUTICALS - 3.1%
Bristol-Myers Squibb Co.		57,134		3,292,061
Eli Lilly & Co.		7,612		9,130,061
Johnson & Johnson		18,435		4,681,937
Merck & Co., Inc.		24,827		3,190,270
Pfizer, Inc.		30,489		734,175
				21,028,504
PROFESSIONAL SERVICES - 0.4%
Booz Allen Hamilton Holding Corp.		6,763		410,311
Jacobs Solutions, Inc.		3,452		434,952
KBR, Inc.		5,679		196,096
Leidos Holdings, Inc.		7,578		780,307
SS&C Technologies Holdings, Inc.		9,821		609,393
				2,431,059
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.3%
Advanced Micro Devices, Inc.*		16,242		9,435,140
Analog Devices, Inc.		2,017		801,092
Applied Materials, Inc.		12,563		9,083,049
Broadcom, Inc.		49,888		18,845,192
Cerebras Systems, Inc., Class A*		967		213,707
Intel Corp.*		45,579		6,364,196
KLA Corp.		751		226,584
Lam Research Corp.		16,180		7,011,279
Marvell Technology, Inc.		6,731		2,005,098
Microchip Technology, Inc.		974		88,829
Micron Technology, Inc.		12,303		14,201,230
NVIDIA Corp.		298,527		59,732,267
QUALCOMM, Inc.		7,104		1,312,748
Teradyne, Inc.		3,502		1,694,408
Texas Instruments, Inc.		6,233		1,857,870
				132,872,689

	Shares/ Principal		Fair Value
SOFTWARE - 7.3%
Adobe, Inc.*		5,144	$	1,054,623
Cadence Design Systems, Inc.*		1,112		417,356
Check Point Software Technologies Ltd.*		3,448		453,171
Crowdstrike Holdings, Inc., Class A*		834		636,459
Datadog, Inc., Class A*		3,175		826,643
Dynatrace, Inc.*		21,826		958,380
Fortinet, Inc.*		9,125		1,401,782
Intuit, Inc.		2,365		617,265
Microsoft Corp.		93,836		35,002,705
Oracle Corp.		12,653		1,854,297
Palantir Technologies, Inc., Class A*		20,532		2,395,468
Palo Alto Networks, Inc.*		7,752		2,643,587
RingCentral, Inc., Class A		6,471		252,240
ServiceNow, Inc.*		946		93,919
Synopsys, Inc.*		1,404		626,282
Zscaler, Inc.*		5,415		764,327
				49,998,504
SPECIALIZED REITS - 0.7%
American Tower Corp.		4,210		688,629
CubeSmart		31,101		1,236,887
Digital Realty Trust, Inc.		11,215		2,013,990
Equinix, Inc.		793		826,615
Extra Space Storage, Inc.		546		79,334
				4,845,455
SPECIALTY RETAIL - 2.1%
Best Buy Co., Inc.		5,079		385,394
Home Depot, Inc. (The)		12,173		4,293,174
Murphy USA, Inc.		325		175,133
O'Reilly Automotive, Inc.*		43,091		3,968,250
Ross Stores, Inc.		5,352		1,139,173
TJX Cos., Inc. (The)		19,974		3,026,061
Tractor Supply Co.		37,316		1,179,559
				14,166,744
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 9.4%
Apple, Inc.		184,008		53,244,555
Dell Technologies, Inc., Class C		3,428		1,479,045
Hewlett Packard Enterprise Co.		19,955		900,170
SanDisk Corp.*		1,733		3,940,374
Seagate Technology Holdings PLC		2,472		2,385,480
Western Digital Corp.		4,361		2,785,458
				64,735,082
TEXTILES, APPAREL & LUXURY GOODS - 0.1%
NIKE, Inc., Class B		12,868		528,231
TRADING COMPANIES & DISTRIBUTORS - 0.1%
Applied Industrial Technologies, Inc.		1,426		482,202
Watsco, Inc.		411		171,276
				653,478

See accompanying notes to financial statements.
6

Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
Millicom International Cellular SA		922	$	83,681
T-Mobile US, Inc.		6,286		1,054,351
				1,138,032
TOTAL COMMON STOCKS (Cost - $365,476,332)				679,147,150
SHORT-TERM INVESTMENTS - 1.4%
MONEY MARKET FUNDS - 1.4%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53% (a) (Cost - $9,478,030)		9,478,030		9,478,030

	Fair Value
TOTAL SHORT-TERM INVESTMENTS (Cost - $9,478,030)	$	9,478,030
TOTAL INVESTMENTS - 100.0% (Cost - $374,954,362)	$	688,625,180
OTHER ASSETS LESS LIABILITIES - NET 0.0%†		102,888
TOTAL NET ASSETS - 100.0%	$	688,728,068

* 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

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

S&P 500 E-Mini Future

Goldman Sachs & Co.

9/18/2026

10,567,550

(56,459

)

See accompanying notes to financial statements.
7

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited)

June 30, 2026

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.1%
AEROSPACE & DEFENSE - 2.6%
General Electric Co.		3,258	$	1,217,612
HEICO Corp.		39		13,892
HEICO Corp., Class A		818		210,970
Howmet Aerospace, Inc.		141		37,909
Lockheed Martin Corp.		965		491,629
Rocket Lab Corp.*		3,926		399,078
RTX Corp.		1,748		331,648
				2,702,738
AUTOMOBILES - 3.1%
Tesla, Inc.*		7,647		3,216,328
BANKS - 0.5%
Bank of America Corp.		4,192		238,860
Citigroup, Inc.		989		138,420
NU Holdings Ltd., Class A*		6,916		92,398
				469,678
BEVERAGES - 0.1%
Coca-Cola Co. (The)		457		37,140
Coca-Cola Consolidated, Inc.		75		14,319
				51,459
BIOTECHNOLOGY - 2.0%
Abbvie, Inc.		2,170		546,059
Alnylam Pharmaceuticals, Inc.*		459		138,173
Amgen, Inc.		1,279		463,152
Exelixis, Inc.*		1,685		91,681
Gilead Sciences, Inc.		790		99,809
Natera, Inc.*		392		106,408
Neurocrine Biosciences, Inc.*		800		134,828
PTC Therapeutics, Inc.*		120		9,788
TG Therapeutics, Inc.*		759		41,699
United Therapeutics Corp.*		128		69,354
Vertex Pharmaceuticals, Inc.*		665		330,325
				2,031,276
BROADLINE RETAIL - 5.0%
Amazon.com, Inc.*		21,304		5,077,595
Coupang, Inc.*		1,040		18,065
MercadoLibre, Inc.*		68		115,423
				5,211,083
BUILDING PRODUCTS - 0.5%
A O Smith Corp.		235		14,739
Modine Manufacturing Co.*		647		172,762
Trane Technologies PLC		767		376,720
				564,221
CAPITAL MARKETS - 0.8%
Brookfield Asset Management Ltd., Class A		1,768		79,295
Charles Schwab Corp. (The)		1,399		129,086

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 0.8% (Continued)
Goldman Sachs Group, Inc. (The)		198	$	200,251
LPL Financial Holdings, Inc.		216		60,843
Morgan Stanley		1,505		314,605
				784,080
COMMUNICATIONS EQUIPMENT - 2.7%
Applied Optoelectronics, Inc.*		657		97,341
Arista Networks, Inc.*		4,207		714,685
Ciena Corp.*		600		294,336
Lumentum Holdings, Inc.*		1,295		1,111,188
Motorola Solutions, Inc.		639		265,370
Viasat, Inc.*		3,739		335,800
				2,818,720
CONSTRUCTION & ENGINEERING - 1.7%
Comfort Systems USA, Inc.		579		1,147,549
EMCOR Group, Inc.		162		134,441
IES Holdings, Inc.*		55		40,406
Quanta Services, Inc.		116		83,525
Solv Energy, Inc., Class A*		307		10,453
Sterling Infrastructure, Inc.*		413		346,656
				1,763,030
CONSUMER FINANCE - 0.3%
American Express Co.		958		324,043
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.5%
Costco Wholesale Corp.		486		454,639
Sysco Corp.		699		58,422
				513,061
DIVERSIFIED TELECOMMUNICATION SERVICES - 0.8%
AST Spacemobile, Inc., Class A*		712		63,268
Space Exploration Technologies Corp., Class A*		4,631		791,253
				854,521
ELECTRICAL EQUIPMENT - 3.4%
Bloom Energy Corp., Class A*		2,286		691,972
GE Vernova, Inc.		893		1,049,150
Innio NV*		2,132		84,321
Powell Industries, Inc.		1,300		372,268
Vertiv Holdings Co., Class A		3,129		1,047,652
Vicor Corp.*		816		309,900
				3,555,263
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7%
Amphenol Corp., Class A		5,089		897,293
Coherent Corp.*		120		47,336
Corning, Inc.		82		20,945
Littelfuse, Inc.		379		172,570
Vishay Intertechnology, Inc.		31,255		1,680,894
				2,819,038

See accompanying notes to financial statements.
8

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
ENTERTAINMENT - 1.5%
Netflix, Inc.*		16,481	$	1,176,744
Spotify Technology SA*		855		392,556
				1,569,300
FINANCIAL SERVICES - 3.1%
Block, Inc.*		1,049		79,724
Mastercard, Inc., Class A		2,369		1,216,719
Visa, Inc., Class A		5,557		1,906,551
				3,202,994
GROUND TRANSPORTATION - 0.6%
Uber Technologies, Inc.*		7,945		573,311
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
Dexcom, Inc.*		519		34,955
Inspire Medical Systems, Inc.*		624		27,837
Intuitive Surgical, Inc.*		796		316,553
				379,345
HEALTH CARE PROVIDERS & SERVICES - 0.7%
Cardinal Health, Inc.		454		107,852
Centene Corp.*		237		15,213
Chemed Corp.		51		23,753
HCA Healthcare, Inc.		206		80,317
McKesson Corp.		630		476,028
UnitedHealth Group, Inc.		25		10,391
				713,554
HOTELS, RESTAURANTS & LEISURE - 1.2%
Booking Holdings, Inc.		4,091		729,180
Chipotle Mexican Grill, Inc.*		2,387		81,158
DoorDash, Inc., Class A*		1,041		192,096
Marriott International, Inc., Class A		48		17,788
Royal Caribbean Cruises Ltd.		385		122,249
Viking Holdings Ltd.*		909		95,145
				1,237,616
HOUSEHOLD DURABLES - 0.0%†
Garmin Ltd.		48		11,402
Installed Building Products, Inc.		110		25,282
				36,684
INDUSTRIAL CONGLOMERATES - 0.1%
3M Co.		718		116,251
INTERACTIVE MEDIA & SERVICES - 12.0%
Alphabet, Inc., Class A		11,627		4,155,141
Alphabet, Inc., Class C		9,793		3,460,161
Match Group, Inc.		1,362		51,824
Meta Platforms, Inc., Class A		6,324		3,562,246
Reddit, Inc., Class A*		4,551		789,963
Snap, Inc., Class A*		93,087		413,306
				12,432,641

	Shares/ Principal		Fair Value
IT SERVICES - 2.4%
Akamai Technologies, Inc.*		347	$	41,019
Applied Digital Corp.*		6,332		236,184
Cloudflare, Inc., Class A*		4,060		995,837
CoreWeave, Inc., Class A*		2,083		207,342
DigitalOcean Holdings, Inc.*		2,775		435,758
MongoDB, Inc.*		457		153,506
Shopify, Inc., Class A*		1,852		211,461
Snowflake, Inc.*		857		218,106
				2,499,213
MACHINERY - 1.1%
Caterpillar, Inc.		452		481,335
Illinois Tool Works, Inc.		1,301		351,882
PACCAR, Inc.		427		51,291
Parker-Hannifin Corp.		250		244,530
				1,129,038
METALS & MINING - 0.4%
AngloGold Ashanti PLC		239		19,333
Aura Minerals, Inc.		448		28,202
Freeport-McMoRan, Inc.		909		57,167
Hecla Mining Co.		6,004		92,642
Newmont Corp.		2,124		198,381
				395,725
OIL, GAS & CONSUMABLE FUELS - 0.3%
Cheniere Energy, Inc.		765		182,843
Phillips 66		769		129,999
				312,842
PASSENGER AIRLINES - 0.1%
Southwest Airlines Co.		1,117		57,436
PHARMACEUTICALS - 3.0%
Eli Lilly & Co.		2,545		3,052,549
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 24.8%
Advanced Micro Devices, Inc.*		6,908		4,012,926
Applied Materials, Inc.		120		86,760
Astera Labs, Inc.*		500		241,510
Broadcom, Inc.		15,427		5,827,549
Cerebras Systems, Inc., Class A*		171		37,791
Intel Corp.*		3,288		459,103
Lam Research Corp.		2,073		898,293
Lattice Semiconductor Corp.*		588		89,941
MACOM Technology Solutions Holdings, Inc.*		229		87,105
Marvell Technology, Inc.		1,039		309,508
Micron Technology, Inc.		2,669		3,080,800
NVIDIA Corp.		52,166		10,437,895
				25,569,181

See accompanying notes to financial statements.
9

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
SOFTWARE - 9.5%
AppLovin Corp., Class A*		476	$	245,249
Crowdstrike Holdings, Inc., Class A*		686		523,514
Datadog, Inc., Class A*		207		53,895
Microsoft Corp.		18,782		7,006,062
Oracle Corp.		4,419		647,604
Palantir Technologies, Inc., Class A*		8,118		947,127
Palo Alto Networks, Inc.*		1,197		408,201
				9,831,652
SPECIALTY RETAIL - 0.0%†
Ross Stores, Inc.		73		15,538
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.2%
Apple, Inc.		33,663		9,740,726
SanDisk Corp.*		214		486,578
Western Digital Corp.		429		274,011
				10,501,315
TEXTILES, APPAREL & LUXURY GOODS - 0.0%†
On Holding AG, Class A*		1,390		49,234

	Shares/ Principal	Fair Value
TOTAL COMMON STOCKS (Cost - $51,349,107)		$	101,353,958
SHORT-TERM INVESTMENTS - 2.4%
MONEY MARKET FUNDS - 2.4%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53% (a) (Cost - $2,448,199)	2,448,199		2,448,199
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,448,199)			2,448,199
TOTAL INVESTMENTS - 100.5% (Cost - $53,797,306)		$	103,802,157
OTHER ASSETS LESS LIABILITIES - NET (0.5)%			(493,132	)
TOTAL NET ASSETS - 100.0%		$	103,309,025

* 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

Holdings by Asset Class	% of Net Assets
Common Stocks		98.1	%
Short-Term Investments		2.4	%
Other Assets Less Liabilities - Net		(0.5	)%
		100.0	%

FUTURES CONTRACTS

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

NASDAQ 100 E-Mini Future

Goldman Sachs & Co.

9/18/2026

2,441,880

21,158

See accompanying notes to financial statements.
10

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited)

June 30, 2026

	Shares/ Principal		Fair Value
COMMON STOCKS - 85.3%
AUSTRALIA - 4.1%
AGL Energy Ltd.		2,571	$	14,873
Anglogold Ashanti PLC		4,373		354,277
Aristocrat Leisure Ltd.		10,127		429,869
BHP Group Ltd.		2,965		122,073
BHP Group Ltd.		19,843		816,586
Coles Group Ltd.		1,066		17,998
Commonwealth Bank of Australia		5,288		603,090
Computershare Ltd.		2,798		74,204
CSL Ltd.		2,897		230,288
Evolution Mining Ltd.		8,932		72,710
Fortescue Ltd.		20,968		278,185
Glencore PLC*		91,437		623,546
Insurance Australia Group Ltd.		3,494		19,583
JB Hi-Fi Ltd.		305		17,006
Macquarie Group Ltd.		4,439		769,727
National Australia Bank Ltd.		7,116		186,648
Orica Ltd.		6,137		100,681
Pro Medicus Ltd.		642		90,481
Qantas Airways Ltd.		16,734		123,121
QBE Insurance Group Ltd.		5,691		99,317
REA Group Ltd.		1,449		139,728
Rio Tinto Ltd.		1,066		127,403
Rio Tinto PLC		1,614		152,566
Santos Ltd.		46,246		231,003
Sonic Healthcare Ltd.		10,013		144,359
South32 Ltd.		6,279		16,965
Transurban Group		13,927		138,747
Wesfarmers Ltd.		5,191		325,108
Woodside Energy Group Ltd.		1,836		35,883
				6,356,025
AUSTRIA - 0.1%
BAWAG Group AG (a)		695		139,292
Erste Group Bank AG		187		25,036
				164,328
BELGIUM - 0.4%
Ageas SA		2,539		203,199
Anheuser-Busch InBev SA		2,678		222,467
UCB SA		566		169,542
				595,208
BRAZIL - 1.1%
Ambev SA		25,083		78,894
B3 SA - Brasil Bolsa Balcao		79,380		222,683
Banco Bradesco SA		14,933		45,411
Banco Santander Brasil SA		9,764		50,349
BB Seguridade Participacoes SA		10,028		75,715
CPFL Energia SA		9,598		82,834
Embraer SA		4,637		73,417
Energisa SA		5,905		54,793

	Shares/ Principal		Fair Value
BRAZIL - 1.1% (Continued)
Lojas Renner SA		78,664	$	224,626
Petroleo Brasileiro SA		10,493		84,496
Porto Seguro SA		3,608		36,889
Telefonica Brasil SA		2,880		18,907
TOTVS SA		4,800		26,578
Ultrapar Participacoes SA		27,650		139,160
Vale SA		5,430		81,755
Wheaton Precious Metals Corp.		3,288		369,739
				1,666,246
CANADA - 7.3%
Agnico Eagle Mines Ltd.		1,780		276,469
Alimentation Couche-Tard, Inc.		2,255		143,684
Aritzia, Inc.*		498		54,895
Bank of Montreal		1,757		310,433
Bank of Nova Scotia (The)		4,897		425,482
Barrick Mining Corp.		13,282		488,216
Brookfield Corp.		9,047		385,857
Brookfield Infrastructure Corp., Class A		5,721		220,533
Brookfield Renewable Corp.		4,432		164,691
Cameco Corp.		974		99,243
Canadian Imperial Bank of Commerce		2,316		266,607
Canadian National Railway Co.		5,577		665,309
Canadian Natural Resources Ltd.		4,783		189,196
Canadian Pacific Kansas City Ltd.		5,107		442,613
Capstone Copper Corp.*		2,052		18,846
Celestica, Inc.*		541		197,235
CGI, Inc.		1,086		70,170
Constellation Software, Inc.		20		37,639
Descartes Systems Group, Inc. (The)*		329		22,779
Dollarama, Inc.		1,368		180,909
Empire Co. Ltd., Class A		3,811		133,422
Enbridge, Inc.		7,172		388,792
Finning International, Inc.		279		19,701
First Majestic Silver Corp.		735		12,475
FirstService Corp.		306		43,497
Fortis, Inc.		802		45,929
Franco-Nevada Corp.		694		144,758
George Weston Ltd.		2,921		209,591
Hudbay Minerals, Inc.		1,009		23,818
Intact Financial Corp.		768		158,450
Kinross Gold Corp.		9,831		232,687
Loblaw Cos., Ltd.		8,484		384,747
Magna International, Inc.		1,538		101,099
Manulife Financial Corp.		7,491		303,706
Metro, Inc.		1,114		71,202
National Bank of Canada		224		35,352
Nutrien Ltd.		1,731		109,015
Pan American Silver Corp.		1,373		61,530
Pembina Pipeline Corp.		1,116		51,617
Quebecor, Inc., Class B		1,077		51,385

See accompanying notes to financial statements.
11

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
CANADA - 7.3% (Continued)
RioCan Real Estate Investment Trust		5,872	$	93,911
Royal Bank of Canada		4,527		937,085
Shopify, Inc., Class A*		4,480		512,370
Stantec, Inc.		4,218		290,823
Sun Life Financial, Inc.		2,294		180,044
Suncor Energy, Inc.		7,761		417,385
TC Energy Corp.		2,410		159,540
Teck Resources Ltd., Class B		2,674		159,205
TELUS Corp.		28,325		299,471
TFI International, Inc.		508		73,098
Thomson Reuters Corp.		3,516		287,079
TMX Group Ltd.		1,332		43,591
Toronto-Dominion Bank (The)		2,818		342,510
Tourmaline Oil Corp.		3,071		128,360
TransAlta Corp.		1,853		25,625
WSP Global, Inc.		352		43,629
				11,237,305
CHILE - 0.0%†
Lundin Mining Corp., Class Common Subscription Receipt		1,606		39,121
CHINA - 6.2%
3SBio, Inc.*,(a)		12,500		26,922
Alibaba Group Holding Ltd.		70,300		832,353
Aluminum Corp. of China Ltd., Class H		54,000		51,369
Anhui Jianghuai Automobile Group Corp Ltd.*		6,100		23,221
ANTA Sports Products Ltd.		3,400		30,804
Baidu, Inc., Class A*		7,988		111,640
Bank of China Ltd., Class H		367,000		233,527
Baoshan Iron & Steel Co. Ltd., Class A		79,470		63,596
Beijing Compass Technology Development Co. Ltd.		2,000		27,020
Beijing Enterprises Holdings Ltd.		10,000		34,277
Beijing Kingsoft Office Software, Inc.		481		15,103
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A*		3,100		12,322
Bilibili, Inc., Class Z*		660		11,084
BOC Hong Kong Holdings Ltd.		11,000		59,446
BOE Technology Group Co. Ltd., Class A		22,200		28,399
BYD Co. Ltd., Class H		16,000		147,818
China CITIC Bank Corp. Ltd., Class H		36,000		30,528
China Construction Bank Corp., Class H		410,000		421,918
China Hongqiao Group Ltd.		2,500		6,395
China Life Insurance Co. Ltd., Class H		40,000		135,985
China Mengniu Dairy Co. Ltd.		10,000		20,518
China Merchants Bank Co. Ltd., Class A		30,200		158,001
China Merchants Bank Co. Ltd., Class H		14,500		83,057
China Pacific Insurance Group Co. Ltd., Class A*		4,900		20,595
China Petroleum & Chemical Corp., Class H		44,000		22,443
China Resources Land Ltd.		18,000		68,860

	Shares/ Principal		Fair Value
CHINA - 6.2% (Continued)
China Resources Microelectronics Ltd.		2,866	$	41,203
China Tower Corp. Ltd., Class H (a)		11,200		12,582
China Vanke Co. Ltd., Class A*		36,100		15,748
China Yangtze Power Co. Ltd., Class A		5,900		23,016
Chongqing Zhifei Biological Products Co Ltd, Class A*		23,000		39,625
CMOC Group Ltd., Class H		27,000		52,264
Contemporary Amperex Technology Co. Ltd., Class A		2,900		167,968
CSPC Innovation Pharmaceutical Co. Ltd.*		6,000		24,078
CSPC Pharmaceutical Group Ltd.		39,040		34,699
Dajin Heavy Industry Co. Ltd.		1,800		15,378
ENN Energy Holdings Ltd.		6,200		31,988
Eve Energy Co. Ltd., Class A		2,300		22,043
Foshan Haitian Flavouring & Food Co. Ltd., Class A		13,800		67,440
Ganfeng Lithium Group Co. Ltd., Class A		2,500		24,096
Geely Automobile Holdings Ltd.		63,000		135,447
GoerTek, Inc., Class A		1,500		4,981
Great Wall Motor Co. Ltd., Class H		45,500		51,116
Guangdong Investment Ltd.		28,000		27,707
Haier Smart Home Co. Ltd., Class H		10,200		25,988
Hangzhou Tigermed Consulting Co. Ltd.*		4,485		31,727
Hithink RoyalFlush Information Network Co. Ltd., Class A		1,120		39,779
Hygon Information Technology Co. Ltd.*		319		17,409
Industrial & Commercial Bank of China Ltd., Class H		355,000		291,078
Industrial Bank Co. Ltd., Class A		12,500		30,507
Innovent Biologics, Inc.*,(a)		8,500		86,278
JD.com, Inc., Class A		15,950		201,865
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		22,700		174,096
Kuaishou Technology (a)		3,700		19,627
Kunlun Energy Co. Ltd.		22,000		18,039
Kunlun Tech Co. Ltd.*		4,200		24,982
Lenovo Group Ltd.		62,000		181,998
Li Auto, Inc., Class A*		2,800		16,453
LONGi Green Energy Technology Co. Ltd., Class A*		17,600		34,031
Loongson Technology Corp Ltd.*		2,802		63,870
Luxshare Precision Industry Co. Ltd., Class A		3,600		37,351
Meituan, Class B*,(a)		30,210		263,883
NetEase, Inc.		9,060		233,835
New Oriental Education & Technology Group, Inc.		3,200		14,641
Ningbo Sanxing Medical Electric Co. Ltd.		7,900		17,394
OmniVision Integrated Circuits Group, Inc., Class A		1,900		26,559
PDD Holdings, Inc., ADR*		803		61,253
PetroChina Co. Ltd., Class H		152,000		164,365

See accompanying notes to financial statements.
12

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
CHINA - 6.2% (Continued)
Ping An Insurance Group Co. of China Ltd., Class A		11,900	$	83,725
Ping An Insurance Group Co. of China Ltd., Class H		51,000		331,999
Postal Savings Bank of China Co. Ltd., Class H (a)		40,000		23,310
Prosus NV*		1,755		76,227
Qinghai Salt Lake Industry Co. Ltd., Class A*		14,500		64,514
Sany Heavy Industry Co. Ltd., Class A		40,000		101,866
Seres Group Co. Ltd., Class A		1,700		15,345
Shandong Gold Mining Co. Ltd.		4,300		14,632
Shenzhen Inovance Technology Co. Ltd., Class A		1,500		14,663
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		3,300		15,509
Shenzhen Transsion Holdings Co. Ltd., Class A		4,058		35,255
Sino Biopharmaceutical Ltd.		84,000		47,238
Sinomine Resource Group Co. Ltd., Class A		6,700		58,248
Sunny Optical Technology Group Co. Ltd.		12,400		96,454
Sunwoda Electronic Co. Ltd., Class A		4,000		11,195
TCL Technology Group Corp., Class A		43,300		37,139
Tencent Holdings Ltd.		34,900		1,912,768
Tianqi Lithium Corp., Class A*		2,200		19,881
Tianshan Aluminum Group Co. Ltd.		6,200		9,804
Tingyi Cayman Islands Holding Corp.		10,000		12,471
Tongwei Co. Ltd., Class A*		23,500		41,941
Trip.com Group Ltd.*		2,645		105,098
Wanhua Chemical Group Co. Ltd., Class A		2,300		23,188
Weichai Power Co. Ltd., Class A		7,400		29,718
Western Superconducting Technologies Co. Ltd., Class A		4,090		37,860
WuXi AppTec Co. Ltd., Class A		2,900		53,214
Wuxi Biologics Cayman, Inc.*,(a)		3,500		15,442
Xiaomi Corp., Class B*,(a)		92,000		253,872
Xinjiang Daqo New Energy Co. Ltd., Class A*		9,988		25,657
XPeng, Inc., Class A*		3,500		22,606
Xtep International Holdings Ltd.		22,000		10,548
Yangtze Optical Fibre & Cable Joint Stock Ltd. Co., Class H (a)		500		16,284
Yangzijiang Shipbuilding Holdings Ltd.		17,500		46,272
Yunnan Aluminium Co. Ltd., Class A		7,400		24,145
Zai Lab Ltd.*		4,030		7,431
Zijin Mining Group Co. Ltd., Class H		66,000		230,603
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		15,200		13,374
				9,485,084
DENMARK - 0.9%
Danske Bank A/S		2,759		147,782
Genmab A/S*		507		139,196
Novo Nordisk A/S, Class B		11,692		562,604

	Shares/ Principal		Fair Value
DENMARK - 0.9% (Continued)
Pandora A/S		1,725	$	198,040
Tryg A/S		4,940		112,506
Vestas Wind Systems A/S		5,557		156,902
Zealand Pharma A/S*		309		13,687
				1,330,717
FINLAND - 0.6%
Elisa Oyj		590		24,783
Nokia Oyj		30,009		396,444
Nordea Bank Abp		10,263		194,779
Sampo Oyj, Class A		13,718		144,197
Wartsila OYJ Abp		4,018		153,340
				913,543
FRANCE - 5.4%
Air Liquide SA		2,672		529,372
Airbus SE		185		41,147
Amundi SA (a)		1,057		101,451
AXA SA		17,788		891,778
BNP Paribas SA		7,027		820,590
Bouygues SA		243		13,560
Bureau Veritas SA		7,910		242,185
Capgemini SE		230		23,130
Carrefour SA		2,643		49,103
Cie de Saint-Gobain SA		708		64,077
Credit Agricole SA		14,794		297,601
Danone SA		1,581		129,674
Dassault Systemes SE		7,819		159,256
Eiffage SA		898		132,545
Engie SA		9,431		297,488
EssilorLuxottica SA		1,457		273,273
Hermes International SCA		57		104,139
Ipsen SA		654		126,215
Legrand SA		300		50,660
L'Oreal SA		815		357,481
LVMH Moet Hennessy Louis Vuitton SE		1,227		679,110
Publicis Groupe SA		2,967		293,287
Safran SA		1,716		676,856
Societe Generale SA		4,584		405,487
Thales SA		847		217,691
TotalEnergies SE		8,500		661,119
Valeo SE		7,284		106,721
Veolia Environnement SA		1,339		55,785
Vinci SA		3,003		438,780
				8,239,561
GERMANY - 5.0%
adidas AG		484		99,272
Allianz SE		2,401		1,136,731
BASF SE		5,003		267,578
Bayer AG		1,677		92,817
Commerzbank AG		2,533		107,817

See accompanying notes to financial statements.
13

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
GERMANY - 5.0% (Continued)
Continental AG		399	$	32,918
Deutsche Bank AG		9,780		331,251
Deutsche Boerse AG		686		187,292
Deutsche Post AG		7,149		434,010
Deutsche Telekom AG		26,055		710,460
Fresenius Medical Care AG		2,065		93,492
GEA Group AG		2,416		165,871
Heidelberg Materials AG		325		62,016
Henkel AG & Co. KGaA		877		69,385
Infineon Technologies AG		3,912		365,276
LEG Immobilien SE		442		27,920
Merck KGaA		129		21,658
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		626		349,622
Nemetschek SE		976		59,252
Rheinmetall AG		147		166,469
RWE AG		3,730		241,457
SAP SE		4,186		641,304
Siemens AG		3,851		1,237,861
Siemens Energy AG		3,878		735,110
Siemens Healthineers AG (a)		808		31,594
Vonovia SE		4,283		105,721
				7,774,154
HONG KONG - 0.8%
AIA Group Ltd.		69,400		632,313
Guotai Junan International Holdings Ltd.		46,000		11,497
Hong Kong Exchanges & Clearing Ltd.		2,700		124,980
Kingboard Laminates Holdings Ltd.		1,500		18,965
Link REIT		16,000		74,470
Techtronic Industries Co. Ltd.		13,000		214,676
WH Group Ltd. (a)		121,500		128,440
Wharf Real Estate Investment Co. Ltd.		23,000		62,706
				1,268,047
HUNGARY - 0.2%
OTP Bank Nyrt		2,348		346,566
INDONESIA - 0.4%
Astra International Tbk PT		189,700		47,956
Bank Central Asia TBK PT		656,000		203,624
Bank Mandiri Persero TBK PT		449,100		96,702
Bank Negara Indonesia Persero TBK PT		87,800		15,517
Bank Rakyat Indonesia Persero TBK PT		616,100		94,069
Jardine Matheson Holdings Ltd.		1,900		116,850
				574,718
IRELAND - 0.1%
Kerry Group PLC, Class A		559		51,352
Kingspan Group PLC		1,598		146,068
				197,420

	Shares/ Principal		Fair Value
ISRAEL - 0.6%
Bank Hapoalim BM		14,371	$	330,835
Bank Leumi Le-Israel BM		6,176		137,908
Elbit Systems Ltd.		148		112,262
Israel Discount Bank Ltd., Class A		4,902		48,536
Mizrahi Tefahot Bank Ltd.		2,578		170,456
Teva Pharmaceutical Industries Ltd., ADR*		3,506		118,783
Tower Semiconductor Ltd.*		51		13,085
				931,865
ITALY - 2.1%
A2A SpA		50,372		130,154
Amplifon SpA		5,748		62,273
Banca Mediolanum SpA		786		19,572
Banca Monte dei Paschi di Siena SpA		1,432		17,787
Banco BPM SpA		2,935		50,703
BPER Banca SpA		2,119		33,268
Enel SpA		36,050		414,385
Eni SpA		13,540		319,203
Generali		3,848		187,459
Intesa Sanpaolo SpA		112,621		771,270
Leonardo SpA		1,621		86,966
Nexi SpA (a)		4,714		19,090
Poste Italiane SpA		1,853		60,633
Prysmian SpA		1,654		276,183
Recordati Industria Chimica e Farmaceutica SpA		213		12,493
Saipem SpA		17,671		89,076
UniCredit SpA		6,581		588,833
Unipol Assicurazioni SpA		989		27,601
				3,166,949
JAPAN - 13.4%
Advantest Corp.		3,200		636,751
Aeon Co. Ltd.		4,200		34,654
Ajinomoto Co., Inc.		2,100		75,886
Amada Co. Ltd.		8,700		157,994
Asahi Kasei Corp.		25,100		276,598
Astellas Pharma, Inc.		16,200		216,797
Canon, Inc.		1,300		33,171
Chugai Pharmaceutical Co. Ltd.		300		13,907
CyberAgent, Inc.		9,200		77,098
Dai-ichi Life Holdings, Inc.		16,000		175,087
Daiichi Sankyo Co. Ltd.		14,900		239,143
Daikin Industries Ltd.		1,600		243,015
Daiwa House Industry Co. Ltd.		10,100		274,491
Daiwa Securities Group, Inc.		7,000		68,719
Denso Corp.		11,500		132,743
Disco Corp.		400		199,994
DMG Mori Co. Ltd.		2,500		53,499
ENEOS Holdings, Inc.		57,700		424,962
FANUC Corp.		5,400		244,375

See accompanying notes to financial statements.
14

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
JAPAN - 13.4% (Continued)
Fast Retailing Co. Ltd.		400	$	203,809
Fujikura Ltd.		4,900		188,071
Fujitsu Ltd.		16,600		331,643
Furukawa Electric Co. Ltd. (b)		1,000		29,103
Hitachi Ltd.		26,700		734,507
Honda Motor Co. Ltd.		1,800		16,391
Hoya Corp.		900		143,701
Ibiden Co. Ltd. (b)		900		131,878
IHI Corp.		3,500		58,393
ITOCHU Corp.		24,500		279,483
Japan Post Bank Co. Ltd.		4,400		82,924
Japan Post Holdings Co. Ltd.		11,500		153,475
Japan Tobacco, Inc.		6,800		251,540
Kajima Corp.		700		25,291
Kansai Electric Power Co., Inc. (The)		2,900		40,781
Kao Corp.		5,800		115,019
KDDI Corp.		2,500		42,224
Keyence Corp.		500		249,377
Kioxia Holdings Corp.*		1,200		662,150
Kobe Bussan Co. Ltd.		1,900		30,880
Lasertec Corp.		100		30,580
LY Corp.		7,800		20,819
M3, Inc.		2,300		25,685
Mitsubishi Corp.		13,300		355,730
Mitsubishi Electric Corp.		13,300		480,854
Mitsubishi HC Capital, Inc.		3,900		31,531
Mitsubishi Heavy Industries Ltd.		19,900		448,875
Mitsubishi UFJ Financial Group, Inc.		50,700		1,000,430
Mitsui & Co. Ltd.		10,300		284,997
Mitsui Fudosan Co. Ltd.		18,800		173,396
Mizuho Financial Group, Inc.		7,500		357,314
Modec, Inc.		200		11,426
MS&AD Insurance Group Holdings, Inc.		1,400		36,524
Murata Manufacturing Co. Ltd.		7,900		553,887
NEC Corp.		13,100		316,367
NIDEC Corp.*		6,500		105,784
Nintendo Co. Ltd.		4,900		205,467
Nippon Steel Corp.		5,200		17,153
Nitto Denko Corp.		6,900		134,582
Nomura Holdings, Inc.		43,100		374,846
Nomura Research Institute Ltd.		2,700		76,286
Obayashi Corp.		7,400		148,296
Ono Pharmaceutical Co. Ltd.		3,800		55,834
ORIX Corp.		3,300		124,853
Otsuka Holdings Co. Ltd.		1,600		106,371
Pan Pacific International Holdings Corp.		22,800		115,455
Panasonic Holdings Corp.		6,000		166,202
Rakuten Group, Inc.*		3,000		13,907
Recruit Holdings Co. Ltd.		6,500		453,130
Renesas Electronics Corp.		8,100		239,574
Resona Holdings, Inc.		7,700		99,777

	Shares/ Principal		Fair Value
JAPAN - 13.4% (Continued)
Resonac Holdings Corp. (b)		300	$	32,672
SBI Holdings, Inc.		2,000		32,475
Sekisui House Ltd.		2,000		41,618
Shimizu Corp.		10,000		156,868
Shin-Etsu Chemical Co. Ltd.		7,600		327,708
SMC Corp.		300		131,574
SoftBank Corp.		122,800		157,235
SoftBank Group Corp.		14,800		543,008
Sompo Holdings, Inc.		900		34,544
Sony Group Corp.		36,100		728,553
Subaru Corp.		1,000		14,705
Sumitomo Chemical Co. Ltd.		72,100		227,801
Sumitomo Electric Industries Ltd.		11,200		201,707
Sumitomo Metal Mining Co. Ltd.		500		22,978
Sumitomo Mitsui Financial Group, Inc.		15,100		589,599
Sumitomo Mitsui Trust Group, Inc.		11,000		409,949
Suzuki Motor Corp.		13,500		162,432
Sysmex Corp.		18,300		165,575
T&D Holdings, Inc.		2,300		68,027
Taisei Corp.		700		61,375
Takeda Pharmaceutical Co. Ltd.		1,100		34,890
TDK Corp.		14,800		325,095
Terumo Corp.		18,200		250,170
Tokio Marine Holdings, Inc.		5,000		221,566
Tokyo Electric Power Co. Holdings, Inc.*		4,600		13,056
Tokyo Electron Ltd.		2,300		1,091,801
Toyota Motor Corp.		28,500		477,850
Trend Micro, Inc.		2,000		73,613
Unicharm Corp.		23,400		135,858
Yaskawa Electric Corp.		1,200		51,884
				20,701,642
LUXEMBOURG - 0.0%†
Reinet Investments SCA		690		19,089
MALAYSIA - 0.7%
CIMB Group Holdings BHD		14,600		26,532
Hong Leong Bank BHD		4,200		22,043
IHH Healthcare BHD		41,500		85,494
Inari Amertron BHD		79,500		44,064
Kuala Lumpur Kepong BHD		5,000		25,947
Malayan Banking BHD		85,900		227,100
Press Metal Aluminium Holdings BHD		62,900		118,473
Public Bank BHD		119,100		140,204
RHB Bank BHD		46,100		93,613
Telekom Malaysia BHD		38,800		70,796
Tenaga Nasional BHD		41,500		145,339
				999,605
MEXICO - 0.6%
Alfa SAB de CV		21,109		19,389
Arca Continental SAB de CV		5,506		65,894

See accompanying notes to financial statements.
15

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
MEXICO - 0.6% (Continued)
Cemex SAB de CV, Series CPO		57,726	$	69,375
Coca-Cola Femsa SAB de CV		6,091		64,791
Fomento Economico Mexicano SAB de CV		7,556		96,646
Grupo Aeroportuario del Centro Norte SAB de CV		1,800		25,461
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,263		31,940
Grupo Bimbo SAB de CV, Series A		18,571		60,685
Grupo Financiero Banorte SAB de CV, Class O		16,871		178,812
Grupo Mexico SAB de CV, Series B		25,451		287,839
Wal-Mart de Mexico SAB de CV		21,599		63,362
				964,194
NETHERLANDS - 3.7%
Adyen NV*,(a)		43		40,332
Argenx SE*		183		169,764
ASM International NV		328		375,190
ASML Holding NV		1,735		3,414,613
ASR Nederland NV		957		72,257
BE Semiconductor Industries NV		75		24,618
Euronext NV (a)		1,276		204,239
ING Groep NV		15,358		485,852
Koninklijke Ahold Delhaize NV		9,655		388,778
Koninklijke Philips NV		2,733		74,242
NN Group NV		2,977		260,920
Wolters Kluwer NV		3,343		215,717
				5,726,522
NEW ZEALAND - 0.1%
Fisher & Paykel Healthcare Corp. Ltd., Class C		3,264		72,431
Xero Ltd.*		2,183		109,224
				181,655
NORWAY - 0.4%
Aker BP ASA		7,181		220,027
DNB Bank ASA		6,639		197,717
Equinor ASA		2,121		67,196
Kongsberg Gruppen ASA		5,260		158,563
				643,503
PHILIPPINES - 0.0%†
SM Investments Corp.		920		8,845
SM Prime Holdings, Inc.		21,800		6,429
				15,274
PORTUGAL - 0.1%
EDP SA		33,816		177,110
SINGAPORE - 0.7%
DBS Group Holdings Ltd.		10,530		532,423
Sea Ltd., ADR*		1,393		133,491
Singapore Technologies Engineering Ltd.		3,800		30,524

	Shares/ Principal		Fair Value
SINGAPORE - 0.7% (Continued)
Singapore Telecommunications Ltd.		130,600	$	445,279
				1,141,717
SOUTH AFRICA - 0.9%
AVI Ltd.		7,547		46,290
Capitec Bank Holdings Ltd.		595		172,442
Clicks Group Ltd.		2,219		30,797
FirstRand Ltd.		37,438		222,161
Gold Fields Ltd.		745		25,043
MTN Group Ltd.		10,247		142,458
Naspers Ltd., Class N		2,450		122,667
Nedbank Group Ltd.		2,444		40,254
Old Mutual Ltd.		29,187		23,898
Sanlam Ltd.		25,363		136,533
Standard Bank Group Ltd.		17,496		344,871
Vodacom Group Ltd.		2,599		24,066
Woolworths Holdings Ltd.		22,801		70,045
				1,401,525
SOUTH KOREA - 7.5%
Celltrion, Inc.*		867		97,014
Doosan Enerbility Co. Ltd.*		385		21,570
GS Holdings Corp.		764		32,694
Hana Financial Group, Inc.		697		51,556
Hanwha Aerospace Co. Ltd.		35		22,478
HL Mando Co. Ltd.		497		15,719
Hugel, Inc.*		91		15,506
Hyundai Engineering & Construction Co. Ltd.		947		69,804
Hyundai Marine & Fire Insurance Co. Ltd.*		680		15,296
Hyundai Mobis Co. Ltd.		570		183,954
Hyundai Motor Co.		85		27,157
Kakao Corp.		898		20,026
KakaoBank Corp.		1,396		18,832
Kangwon Land, Inc.		2,715		25,059
KB Financial Group, Inc.		1,643		168,616
Kia Corp.		2,042		181,886
Korea Electric Power Corp.		1,153		27,536
Korea Gas Corp.		1,497		30,871
Korean Air Lines Co. Ltd.		1,051		18,689
Krafton, Inc.*		54		8,226
KT Corp.		2,015		68,801
KT&G Corp.		780		85,436
LG Chem Ltd.		251		45,362
LG Electronics, Inc.		378		49,528
LG H&H Co. Ltd.		67		9,925
NAVER Corp.		996		127,931
NCSoft Corp.		161		26,759
Netmarble Corp. (a)		287		6,919
Samsung Biologics Co. Ltd.*,(a)		100		89,782
Samsung C&T Corp.		646		195,347
Samsung E&A Co. Ltd.		5,880		180,654

See accompanying notes to financial statements.
16

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
SOUTH KOREA - 7.5% (Continued)
Samsung Electro-Mechanics Co. Ltd.		308	$	434,178
Samsung Electronics Co. Ltd.		19,460		4,195,211
Samsung Fire & Marine Insurance Co. Ltd.		77		30,715
Samsung Life Insurance Co. Ltd.		645		166,943
Samsung SDI Co. Ltd.*		165		51,865
Samsung SDS Co. Ltd.		746		91,872
Samsung Securities Co. Ltd.		2,586		181,102
Shinhan Financial Group Co. Ltd.		2,179		134,737
SK Hynix, Inc.		2,284		3,906,668
SK Square Co. Ltd.*		257		281,501
SK Telecom Co. Ltd.		1,200		68,470
SK, Inc.		171		92,051
S-Oil Corp.		753		51,713
				11,625,959
SPAIN - 2.7%
ACS Actividades de Construccion y Servicios SA		2,589		380,953
Banco Bilbao Vizcaya Argentaria SA		23,748		593,794
Banco de Sabadell SA		4,117		14,587
Banco Santander SA		80,736		1,115,419
Bankinter SA		3,983		66,667
CaixaBank SA		10,071		142,603
Enagas SA		2,450		47,506
Iberdrola SA		41,682		1,040,786
Industria de Diseno Textil SA		3,221		202,983
Naturgy Energy Group SA		2,342		73,527
Repsol SA		8,923		224,539
Telefonica SA		50,699		203,802
				4,107,166
SWEDEN - 1.5%
AddTech AB, Class B		1,507		53,160
Assa Abloy AB, Class B		11,333		400,946
Atlas Copco AB, Class A		6,699		135,771
Atlas Copco AB, Class B		2,606		46,233
Boliden AB		2,011		113,618
Evolution AB*,(a)		1,510		103,786
Hexagon AB, Class B		5,736		47,485
Industrivarden AB, Class A		1,049		58,909
Indutrade AB		1,047		21,680
Saab AB, Class B		1,766		91,747
Sandvik AB		12,370		511,127
Skandinaviska Enskilda Banken AB, Class A		3,008		59,954
Skanska AB, Class B		5,625		150,649
Svenska Handelsbanken AB, Class A		616		9,076
Swedish Orphan Biovitrum AB*		2,538		121,155
Tele2 AB, Class B		10,709		186,613
Telefonaktiebolaget LM Ericsson, Class B		11,208		125,246
Telia Co AB		10,602		51,716
Volvo AB, Class B		1,066		36,293
				2,325,164

	Shares/ Principal		Fair Value
SWITZERLAND - 3.5%
ABB Ltd.		15,051	$	1,634,125
Accelleron Industries AG		498		51,241
Belimo Holding AG		196		221,112
Chocoladefabriken Lindt & Spruengli AG		12		139,838
Cie Financiere Richemont SA, Class A		1,281		296,251
DSM-Firmenich AG		1,563		148,319
Flughafen Zurich AG		430		133,267
Logitech International SA		2,146		201,498
Nestle SA		10,883		1,120,882
Schindler Holding AG		171		54,481
SGS SA		1,972		229,115
Sika AG		402		83,101
Sonova Holding AG		423		100,735
UBS Group AG		12,582		624,850
Zurich Insurance Group AG		422		313,158
				5,351,973
TAIWAN - 2.8%
FIT Hon Teng Ltd.*,(a)		146,000		132,371
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		8,813		4,208,824
				4,341,195
THAILAND - 0.4%
Bangkok Bank PCL, NVDR		23,400		126,437
Central Pattana PCL, NVDR		9,900		19,967
CP ALL PCL, NVDR		177,400		249,649
Delta Electronics Thailand PCL, NVDR		3,900		38,154
PTT Exploration & Production PCL, NVDR		27,700		111,732
PTT PCL, NVDR		79,900		85,382
				631,321
UNITED KINGDOM - 7.2%
AstraZeneca PLC		7,454		1,394,958
Aviva PLC		2,568		22,161
BAE Systems PLC		22,063		539,981
Barclays PLC		117,828		792,258
British American Tobacco PLC		7,851		487,355
British Land Co. PLC (The)		3,925		21,546
CK Hutchison Holdings Ltd.		43,500		367,490
Compass Group PLC		9,043		292,089
GSK PLC		24,673		648,723
Halma PLC		1,002		52,318
HSBC Holdings PLC		68,800		1,306,532
IG Group Holdings PLC		8,083		195,038
IMI PLC		3,274		128,798
Imperial Brands PLC		9,872		365,432
Informa PLC		17,211		206,549
International Consolidated Airlines Group SA		2,849		18,056
Intertek Group PLC		4,173		321,517
J Sainsbury PLC		25,634		108,805
Johnson Matthey PLC		1,568		39,375

See accompanying notes to financial statements.
17

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
UNITED KINGDOM - 7.2% (Continued)
Lloyds Banking Group PLC		165,031	$	243,350
London Stock Exchange Group PLC		3,194		346,006
NatWest Group PLC		32,359		286,466
Next PLC		574		110,810
RELX PLC		4,290		134,718
Rolls-Royce Holdings PLC		37,854		725,792
Sage Group PLC (The)		10,339		111,975
Smiths Group PLC		10,443		354,828
Standard Chartered PLC		12,625		342,001
Taylor Wimpey PLC		26,811		28,710
Tesco PLC		44,164		268,875
Unilever PLC		8,413		505,548
Vodafone Group PLC		232,156		306,896
				11,074,956
UNITED STATES - 3.7%
AP Moller - Maersk A/S, Class A		21		48,501
AP Moller - Maersk A/S, Class B		9		21,392
Beone Medicines Ltd., Class H*		4,100		89,089
BP PLC		68,387		423,971
Experian PLC		3,223		108,783
Holcim AG*		3,520		318,028
InterContinental Hotels Group PLC		324		55,809
Novartis AG		6,032		946,545
Octave Intelligence PLC, SDR*		573		9,260
QIAGEN NV		1,014		39,300
Roche Holding AG		2,930		1,210,966
Sanofi SA		7,524		645,852
Schneider Electric SE		1,059		345,549
Shell PLC		32,845		1,278,598
Stellantis NV*		3,561		20,257
Tenaris SA		1,950		53,975
				5,615,875
ZAMBIA - 0.1%
First Quantum Minerals Ltd.*		7,829		213,777
TOTAL COMMON STOCKS (Cost - $87,596,301)				131,546,079
EXCHANGE TRADED FUNDS - 5.8%
EQUITY FUNDS - 5.8%
iShares MSCI Saudi Arabia ETF		36,580		1,364,800
iShares MSCI Taiwan ETF		69,497		7,548,069
TOTAL EXCHANGE TRADED FUNDS (Cost - $4,244,356)				8,912,869
PREFERRED STOCKS - 0.8%
BRAZIL - 0.5%
Banco Bradesco SA		57,243		199,733
Braskem SA, Class A*		10,152		12,494

	Shares/ Principal		Fair Value
BRAZIL - 0.5% (Continued)
Energisa SA		1	$	2
Gerdau SA		5,185		20,836
Isa Energia Brasil SA		4,880		26,493
Itau Unibanco Holding SA		41,262		337,051
Petroleo Brasileiro SA		12,945		94,463
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A*		17,187		27,992
				719,064
COLOMBIA - 0.0%†
Grupo Cibest SA		1,950		38,231
SOUTH KOREA - 0.3%
Samsung Electronics Co. Ltd.		3,718		508,756
TOTAL PREFERRED STOCKS (Cost - $800,244)				1,266,051
RIGHTS - 0.0%†
ACS Actividades de Construccion y Servicios SA, expires 7/16/26* (Cost - $5,505)		2,589		5,438
WARRANTS - 0.0%†
Constellation Software, Inc., expires 3/31/40* (Cost - $0)		104		0
SHORT-TERM INVESTMENTS - 6.4%
MONEY MARKET FUNDS - 6.4%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53% (c) (Cost - $9,889,857)		9,889,857		9,889,857
TOTAL SHORT-TERM INVESTMENTS (Cost - $9,889,857)				9,889,857
TOTAL INVESTMENTS - 98.3% (Cost - $102,536,263)			$	151,620,294
OTHER ASSETS LESS LIABILITIES - NET 1.7%				2,578,393
TOTAL NET ASSETS - 100.0%			$	154,198,687

* 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, 2026, these securities amounted to $1,715,496 or 1.1% of net assets.

(b) A portion of this investment, valued at $0, is held as collateral for derivative investments.

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.
18

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
FTSE Taiwan Index Future	Goldman Sachs & Co.		15	7/30/2026	$	2,425,800	$	(2,006	)
MSCI EAFE Future	Goldman Sachs & Co.		15	9/18/2026		2,358,975		(10,250	)
MSCI Emerging Market Index Future	Goldman Sachs & Co.		12	9/18/2026		1,054,380		(9,802	)
MSCI India Index Future	Goldman Sachs & Co.		48	9/18/2026		5,618,400		19,618
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS							$	(2,440	)

See accompanying notes to financial statements.
19

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited)

June 30, 2026

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.5%
AEROSPACE & DEFENSE - 6.9%
Aevex Corp., Class A*		4,436	$	92,668
Arxis, Inc., Class A*		2,955		136,344
ATI, Inc.*		4,369		861,130
Carpenter Technology Corp.		2,283		1,408,246
FTAI Aviation Ltd.		7,895		2,135,834
General Dynamics Corp.		962		340,779
Hawkeye 360, Inc.*		699		14,134
HEICO Corp.		3,472		1,236,692
HEICO Corp., Class A		9,175		2,366,324
Howmet Aerospace, Inc.		10,107		2,717,368
Karman Holdings, Inc.*		4,165		207,917
Kratos Defense & Security Solutions, Inc.*		1,927		96,080
Lockheed Martin Corp.		1,911		973,578
Northrop Grumman Corp.		1,050		534,775
Rocket Lab Corp.*		40,131		4,079,316
RTX Corp.		3,365		638,441
Woodward, Inc.		531		225,909
				18,065,535
AIR FREIGHT & LOGISTICS - 0.0%†
FedEx Corp.		243		76,091
AUTOMOBILE COMPONENTS - 0.0%†
QuantumScape Corp., Class A*		14,260		107,806
BANKS - 0.1%
Credicorp Ltd.		673		262,187
Mid Penn Bancorp, Inc.		1		35
				262,222
BEVERAGES - 0.1%
Celsius Holdings, Inc.*		9,096		266,331
BIOTECHNOLOGY - 5.8%
Alnylam Pharmaceuticals, Inc.*		10,586		3,186,704
Amgen, Inc.		642		232,481
Arrowhead Pharmaceuticals, Inc.*		1,490		121,450
Caris Life Sciences, Inc.*		6,129		109,219
Exelixis, Inc.*		24,745		1,346,375
Gilead Sciences, Inc.		474		59,885
Incyte Corp.*		665		75,384
Madrigal Pharmaceuticals, Inc.*		287		154,105
Natera, Inc.*		12,056		3,272,601
Neurocrine Biosciences, Inc.*		8,911		1,501,815
Nuvalent, Inc., Class A*		709		87,562
Praxis Precision Medicines, Inc.*		223		74,658
PTC Therapeutics, Inc.*		3,419		278,888
Regeneron Pharmaceuticals, Inc.		522		325,488
REVOLUTION Medicines, Inc.*		11,495		2,152,784
Rhythm Pharmaceuticals, Inc.*		747		82,939
Roivant Sciences Ltd.*		8,025		284,005

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 5.8% (Continued)
Sarepta Therapeutics, Inc.*		6,564	$	117,955
Summit Therapeutics, Inc.*		10,902		158,842
TG Therapeutics, Inc.*		2,398		131,746
Ultragenyx Pharmaceutical, Inc.*		20,773		693,610
United Therapeutics Corp.*		830		449,719
Vaxcyte, Inc.*		1,558		90,567
Viking Therapeutics, Inc.*		8,087		315,474
				15,304,256
BROADLINE RETAIL - 0.9%
Coupang, Inc.*		116,877		2,030,154
Etsy, Inc.*		5,874		442,488
				2,472,642
BUILDING PRODUCTS - 1.0%
A O Smith Corp.		649		40,706
AAON, Inc.		4,634		587,869
Lennox International, Inc.		1,637		937,919
Madison Air Solutions Corp., Class A*		9,632		375,648
Modine Manufacturing Co.*		2,451		654,466
				2,596,608
CAPITAL MARKETS - 4.0%
Ameriprise Financial, Inc.		2,183		1,001,473
Ares Management Corp., Class A		14,838		1,651,618
Blue Owl Capital, Inc.		36,465		319,069
Coinbase Global, Inc., Class A*		521		76,165
Evercore, Inc., Class A		523		178,573
Goldman Sachs Group, Inc. (The)		235		237,672
Hamilton Lane, Inc., Class A		1,906		150,250
Interactive Brokers Group, Inc., Class A		404		35,164
Lazard, Inc.		2,243		94,072
Lincoln International, Inc., Class A*		2,821		67,337
LPL Financial Holdings, Inc.		5,006		1,410,090
Morgan Stanley		3,506		732,894
MSCI, Inc.		1,233		690,529
Robinhood Markets, Inc., Class A*		30,750		3,083,610
StepStone Group, Inc., Class A		7,366		304,658
TPG, Inc., Class A		4,760		193,018
Virtu Financial, Inc., Class A		2,728		162,507
XP, Inc., Class A		8,709		141,608
				10,530,307
CHEMICALS - 0.1%
Lyondellbasell Industries NV, Class A		841		44,279
Solstice Advanced Materials, Inc.		1,637		145,038
				189,317
COMMERCIAL SERVICES & SUPPLIES - 0.6%
Clean Harbors, Inc.*		769		229,739
Republic Services, Inc.		1,771		377,364
Rollins, Inc.		20,254		845,402

See accompanying notes to financial statements.
20

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
COMMERCIAL SERVICES & SUPPLIES - 0.6% (Continued)
Tetra Tech, Inc.		7,663	$	221,384
				1,673,889
COMMUNICATIONS EQUIPMENT - 2.5%
Applied Optoelectronics, Inc.*		4,440		657,830
Ciena Corp.*		364		178,564
Lumentum Holdings, Inc.*		5,638		4,837,742
Viavi Solutions, Inc.*		21,313		1,017,696
				6,691,832
CONSTRUCTION & ENGINEERING - 4.7%
API Group Corp.*		793		33,584
Comfort Systems USA, Inc.		2,842		5,632,702
EMCOR Group, Inc.		1,142		947,723
Everus Construction Group, Inc.*		1,210		200,799
MasTec, Inc.*		2,386		992,719
Quanta Services, Inc.		3,842		2,766,394
Solv Energy, Inc., Class A*		1,408		47,942
Sterling Infrastructure, Inc.*		2,027		1,701,383
				12,323,246
CONSUMER FINANCE - 0.2%
Ally Financial, Inc.		9,099		418,099
SoFi Technologies, Inc.*		10,493		188,139
				606,238
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%
Casey's General Stores, Inc.		144		114,450
Dollar General Corp.		1,410		162,305
Sprouts Farmers Market, Inc.*		4,144		350,499
Sysco Corp.		21,732		1,816,361
				2,443,615
CONTAINERS & PACKAGING - 0.0%†
Graphic Packaging Holding Co.		8,688		91,832
DIVERSIFIED CONSUMER SERVICES - 0.0%†
Grand Canyon Education, Inc.*		345		49,373
Liberty Live Holdings, Inc., Class C*		614		64,863
				114,236
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.2%
AST Spacemobile, Inc., Class A*		12,962		1,151,803
Space Exploration Technologies Corp., Class A*		11,218		1,916,708
				3,068,511
ELECTRIC UTILITIES - 0.0%†
PPL Corp.		743		27,008
ELECTRICAL EQUIPMENT - 2.2%
Bloom Energy Corp., Class A*		947		286,657
Dpc Holdings Ltd.*		391		19,182
Emerson Electric Co.		1,839		263,253

	Shares/ Principal		Fair Value
ELECTRICAL EQUIPMENT - 2.2% (Continued)
Generac Holdings, Inc.*		97	$	28,403
Innio NV*		4,344		171,805
nVent Electric PLC		192		32,565
Powell Industries, Inc.		1,050		300,678
Rockwell Automation, Inc.		1,845		913,423
Vertiv Holdings Co., Class A		8,480		2,839,274
Vicor Corp.*		2,152		817,286
X-Energy, Inc., Class A*		5,208		95,619
				5,768,145
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 3.4%
Advanced Energy Industries, Inc.		2,695		1,004,885
Amphenol Corp., Class A		401		70,704
Coherent Corp.*		3,708		1,462,695
Fabrinet*		2,307		1,296,719
Jabil, Inc.		6,414		2,472,469
Keysight Technologies, Inc.*		2,673		935,737
Sanmina Corp.*		757		191,581
TTM Technologies, Inc.*		7,548		1,411,627
				8,846,417
ENTERTAINMENT - 2.0%
Liberty Media Corp.-Liberty Formula One, Class C*		9,488		902,688
ROBLOX Corp., Class A*		51,510		2,801,114
Roku, Inc.*		2,050		283,187
Spotify Technology SA*		694		318,636
Take-Two Interactive Software, Inc.*		2,458		614,451
TKO Group Holdings, Inc., Class A		895		180,172
Warner Music Group Corp., Class A		7,221		195,473
				5,295,721
FINANCIAL SERVICES - 1.3%
Affirm Holdings, Inc.*		9,022		735,744
Block, Inc.*		9,060		688,560
Chime Financial, Inc., Class A*		14,461		296,161
Corpay, Inc.*		2,289		762,855
Toast, Inc., Class A*		28,969		805,918
				3,289,238
GROUND TRANSPORTATION - 0.4%
Old Dominion Freight Line, Inc.		277		59,998
Ryder System, Inc.		274		72,273
Saia, Inc.*		227		95,603
XPO, Inc.*		3,719		763,474
				991,348
HEALTH CARE EQUIPMENT & SUPPLIES - 3.0%
Abbott Laboratories		8,445		766,299
Boston Scientific Corp.*		11,147		475,754
Dexcom, Inc.*		33,240		2,238,714
GE HealthCare Technologies, Inc.		6,525		417,665

See accompanying notes to financial statements.
21

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
HEALTH CARE EQUIPMENT & SUPPLIES - 3.0% (Continued)
IDEXX Laboratories, Inc.*		4,365	$	2,297,911
Insulet Corp.*		3,546		539,879
Medtronic PLC		3,171		248,067
Penumbra, Inc.*		2,469		779,587
ResMed, Inc.		371		72,300
				7,836,176
HEALTH CARE PROVIDERS & SERVICES - 3.3%
Cardinal Health, Inc.		10,819		2,570,162
Cencora, Inc.		11,946		3,380,479
Centene Corp.*		446		28,629
Chemed Corp.		1,327		618,037
Cigna Group (The)		145		39,973
DaVita, Inc.*		2,077		462,091
Guardant Health, Inc.*		3,468		520,304
HCA Healthcare, Inc.		556		216,779
McKesson Corp.		557		420,869
Molina Healthcare, Inc.*		1,831		418,750
UnitedHealth Group, Inc.		158		65,669
Universal Health Services, Inc., Class B		338		50,257
				8,791,999
HEALTH CARE TECHNOLOGY - 0.2%
Doximity, Inc., Class A*		8,112		168,243
Veeva Systems, Inc., Class A*		1,476		261,946
				430,189
HOTELS, RESTAURANTS & LEISURE - 7.6%
Aramark		931		52,974
Carnival Corp. Ltd.		13,252		378,610
Cava Group, Inc.*		6,358		498,976
Chipotle Mexican Grill, Inc.*		39,915		1,357,110
Churchill Downs, Inc.		2,413		216,301
Darden Restaurants, Inc.		6,292		1,296,215
Domino's Pizza, Inc.		817		241,865
DraftKings, Inc., Class A*		39,036		986,049
Dutch Bros, Inc., Class A*		9,752		700,291
Expedia Group, Inc.		9,256		2,368,425
Hilton Worldwide Holdings, Inc.		614		202,902
Las Vegas Sands Corp.		22,680		1,047,589
Planet Fitness, Inc., Class A*		12,017		626,927
Restaurant Brands International, Inc.		10,560		765,706
Royal Caribbean Cruises Ltd.		13,133		4,170,121
Texas Roadhouse, Inc.		7,151		1,381,788
Travel + Leisure Co.		5,860		447,880
Viking Holdings Ltd.*		23,287		2,437,450
Wingstop, Inc.		3,233		560,635
Wyndham Hotels & Resorts, Inc.		3,620		304,840
				20,042,654

	Shares/ Principal		Fair Value
HOUSEHOLD DURABLES - 0.7%
Garmin Ltd.		1,656	$	393,366
Installed Building Products, Inc.		3,251		747,210
NVR, Inc.*		63		429,244
Somnigroup International, Inc.		3,459		271,186
				1,841,006
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 1.6%
Fervo Energy Co., Class A*		2,019		59,016
Vistra Corp.		26,048		4,131,994
				4,191,010
INDUSTRIAL CONGLOMERATES - 0.3%
3M Co.		5,042		816,350
INSURANCE - 0.4%
American Financial Group, Inc.		2,150		300,871
Hartford Financial Services Group, Inc. (The)		1,106		146,567
Markel Group, Inc.*		84		164,053
Oscar Health, Inc., Class A*		3,025		86,273
W R Berkley Corp.		5,036		355,189
				1,052,953
INTERACTIVE MEDIA & SERVICES - 1.2%
Alphabet, Inc., Class A		382		136,515
Alphabet, Inc., Class C		1,386		489,715
Pinterest, Inc., Class A*		17,116		359,949
Reddit, Inc., Class A*		10,863		1,885,600
Snap, Inc., Class A*		57,113		253,582
Trump Media & Technology Group Corp.*		5,627		43,553
				3,168,914
IT SERVICES - 6.0%
Applied Digital Corp.*		950		35,435
Cloudflare, Inc., Class A*		25,516		6,258,565
CoreWeave, Inc., Class A*		22,024		2,192,269
DigitalOcean Holdings, Inc.*		5,203		817,027
Gartner, Inc.*		726		94,104
GoDaddy, Inc., Class A*		6,918		587,200
MongoDB, Inc.*		2,839		953,620
Quantinuum, Inc., Class A*		965		78,879
Snowflake, Inc.*		18,024		4,587,108
Twilio, Inc., Class A*		1,052		217,059
				15,821,266
LIFE SCIENCES TOOLS & SERVICES - 0.5%
Medpace Holdings, Inc.*		1,069		566,132
Tempus AI, Inc., Class A*		11,055		640,416
				1,206,548
MACHINERY - 0.6%
Caterpillar, Inc.		352		374,845
Illinois Tool Works, Inc.		1,314		355,397

See accompanying notes to financial statements.
22

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
MACHINERY - 0.6% (Continued)
Parker-Hannifin Corp.		405	$	396,139
RBC Bearings, Inc.*		461		296,912
Symbotic, Inc., Class A*		958		43,062
				1,466,355
MEDIA - 0.7%
EchoStar Corp., Class A*		5,961		605,041
Fox Corp., Class A		3,385		176,562
Liberty Broadband Corp., Class C*		1,171		38,947
Trade Desk, Inc. (The), Class A*		48,061		868,943
Versant Media Group, Inc.		3,008		108,318
				1,797,811
METALS & MINING - 1.3%
Almonty Industries, Inc., Class CDI*		17,617		291,738
AngloGold Ashanti PLC		28,343		2,292,665
Aura Minerals, Inc.		3,159		198,859
Freeport-McMoRan, Inc.		6,843		430,356
Newmont Corp.		1,274		118,992
				3,332,610
OIL, GAS & CONSUMABLE FUELS - 3.4%
Cheniere Energy, Inc.		10,200		2,437,902
Occidental Petroleum Corp.		827		40,167
Phillips 66		6,080		1,027,824
Targa Resources Corp.		13,760		3,689,607
Texas Pacific Land Corp.		3,017		1,320,360
Valero Energy Corp.		1,377		358,626
				8,874,486
PASSENGER AIRLINES - 0.2%
Alaska Air Group, Inc.*		9,113		475,698
Southwest Airlines Co.		647		33,269
				508,967
PERSONAL CARE PRODUCTS - 0.0%†
BellRing Brands, Inc.*		5,018		64,933
PHARMACEUTICALS - 0.3%
Bristol-Myers Squibb Co.		5,652		325,668
Corcept Therapeutics, Inc.*		6,333		550,655
				876,323
PROFESSIONAL SERVICES - 1.5%
Booz Allen Hamilton Holding Corp.		13,504		819,287
Broadridge Financial Solutions, Inc.		8,322		1,139,698
ExlService Holdings, Inc.*		25,456		658,292
Jacobs Solutions, Inc.		2,323		292,698
Leidos Holdings, Inc.		844		86,907
Paylocity Holding Corp.*		1,066		111,429
Planet Labs PBC*		13,321		441,325
SS&C Technologies Holdings, Inc.		6,837		424,236
				3,973,872

	Shares/ Principal		Fair Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
CBRE Group, Inc., Class A*		1,373	$	184,929
RETAIL REITS - 0.9%
Simon Property Group, Inc.		10,437		2,334,235
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.7%
Applied Materials, Inc.		1,468		1,061,364
Astera Labs, Inc.*		11,019		5,322,397
Broadcom, Inc.		537		202,852
Cerebras Systems, Inc., Class A*		359		79,339
Credo Technology Group Holding Ltd.*		11,290		3,070,315
Enphase Energy, Inc.*		1,955		96,264
FormFactor, Inc.*		4,649		743,514
Lam Research Corp.		1,018		441,130
Lattice Semiconductor Corp.*		9,339		1,428,493
MACOM Technology Solutions Holdings, Inc.*		4,775		1,816,267
Microchip Technology, Inc.		24,546		2,238,595
Micron Technology, Inc.		109		125,818
Monolithic Power Systems, Inc.		1,672		2,311,306
NVIDIA Corp.		1,021		204,292
Onto Innovation, Inc.*		229		86,665
Rambus, Inc.*		7,049		935,684
Semtech Corp.*		7,049		1,140,881
SiTime Corp.*		1,328		990,104
Teradyne, Inc.		11,902		5,758,664
				28,053,944
SOFTWARE - 7.5%
Atlassian Corp., Class A*		1,977		153,791
Autodesk, Inc.*		950		184,699
BitMine Immersion Technologies, Inc.		3,290		43,790
Cadence Design Systems, Inc.*		207		77,691
Circle Internet Group, Inc., Class A*		1,332		83,423
Datadog, Inc., Class A*		26,196		6,820,391
Docusign, Inc.*		7,977		354,338
Dynatrace, Inc.*		40,811		1,792,011
Elastic NV*		10,715		610,969
Fair Isaac Corp.*		1,351		1,614,148
Fortinet, Inc.*		1,283		197,094
HubSpot, Inc.*		3,924		716,169
Iren Ltd.*		4,687		214,337
Manhattan Associates, Inc.*		6,428		895,099
Microsoft Corp.		1,879		700,905
Palantir Technologies, Inc., Class A*		637		74,319
Procore Technologies, Inc.*		6,762		274,672
RingCentral, Inc., Class A		11,461		446,750
Rubrik, Inc., Class A*		7,513		603,144
Samsara, Inc., Class A*		21,850		708,595
SentinelOne, Inc., Class A*		35,215		597,599
Synopsys, Inc.*		281		125,346
Terawulf, Inc.*		32,739		808,653

See accompanying notes to financial statements.
23

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
SOFTWARE - 7.5% (Continued)
Zscaler, Inc.*		11,554	$	1,630,847
				19,728,780
SPECIALIZED REITS - 0.2%
CubeSmart		5,268		209,508
Digital Realty Trust, Inc.		1,650		296,307
				505,815
SPECIALTY RETAIL - 2.1%
Burlington Stores, Inc.*		5,620		1,780,416
Carvana Co.*		6,449		424,473
Chewy, Inc., Class A*		14,015		275,395
Murphy USA, Inc.		1,712		922,545
O'Reilly Automotive, Inc.*		3,529		324,986
Ross Stores, Inc.		4,046		861,191
Ulta Beauty, Inc.*		394		177,686
Valvoline, Inc.*		8,905		352,104
Wayfair, Inc., Class A*		1,657		153,140
Williams-Sonoma, Inc.		630		146,853
				5,418,789
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.5%
Dell Technologies, Inc., Class C		137		59,110
Hewlett Packard Enterprise Co.		2,677		120,760
NetApp, Inc.		5,371		831,216
Pure Storage, Inc., Class A*		24,590		1,937,446
SanDisk Corp.*		58		131,876
Super Micro Computer, Inc.*		16,977		497,935
Western Digital Corp.		365		233,133
				3,811,476
TEXTILES, APPAREL & LUXURY GOODS - 1.4%
Deckers Outdoor Corp.*		9,188		912,276
On Holding AG, Class A*		19,812		701,741
Tapestry, Inc.		14,157		2,072,302
				3,686,319

	Shares/ Principal		Fair Value
TRADING COMPANIES & DISTRIBUTORS - 3.0%
Applied Industrial Technologies, Inc.		1,589	$	537,320
Core & Main, Inc., Class A*		3,737		180,310
Fastenal Co.		61,608		2,959,032
Ferguson Enterprises, Inc.		1,109		263,199
Watsco, Inc.		246		102,516
WW Grainger, Inc.		2,772		3,771,029
				7,813,406
TOTAL COMMON STOCKS (Cost - $197,713,047)				258,734,506
RIGHTS - 0.0%†
ABIOMED, Inc., CVR, expires 12/31/49		1,883		1,921
Prevail Therapeutics, Inc., CVR, expires 12/31/49		107		53
TOTAL RIGHTS (Cost - $0)				1,974
SHORT-TERM INVESTMENTS - 1.3%
MONEY MARKET FUNDS - 1.3%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53% (a) (Cost - $3,313,709)		3,313,709		3,313,709
TOTAL SHORT-TERM INVESTMENTS (Cost - $3,313,709)				3,313,709
TOTAL INVESTMENTS - 99.8% (Cost - $201,026,756)			$	262,050,189
OTHER ASSETS LESS LIABILITIES - NET 0.2%				401,364
TOTAL NET ASSETS - 100.0%			$	262,451,553

* 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

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

S&P 500 E-Mini Future

Goldman Sachs & Co.

9/18/2026

3,774,125

26,592

See accompanying notes to financial statements.
24

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited)

June 30, 2026

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.6%
AEROSPACE & DEFENSE - 2.7%
General Dynamics Corp.		3,595	$	1,273,493
HEICO Corp., Class A		1,805		465,527
L3Harris Technologies, Inc.		377		109,552
Lockheed Martin Corp.		2,383		1,214,043
Northrop Grumman Corp.		1,767		899,951
RTX Corp.		13,712		2,601,578
				6,564,144
AIR FREIGHT & LOGISTICS - 0.7%
FedEx Corp.		2,682		839,815
United Parcel Service, Inc., Class B		7,159		769,592
				1,609,407
AUTOMOBILE COMPONENTS - 0.2%
BorgWarner, Inc.		4,773		316,927
Lear Corp.		1,137		152,427
QuantumScape Corp., Class A*		13,870		104,857
				574,211
AUTOMOBILES - 0.2%
General Motors Co.		6,314		486,683
BANKS - 7.1%
Bank of America Corp.		64,236		3,660,167
Citigroup, Inc.		17,311		2,422,848
Citizens Financial Group, Inc.		6,868		481,241
Credicorp Ltd.		874		340,493
Huntington Bancshares, Inc.		59,050		1,046,957
JPMorgan Chase & Co.		20,404		6,678,841
KeyCorp		8,466		195,141
Popular, Inc.		2,995		491,719
Wells Fargo & Co.		23,973		1,981,129
Western Alliance Bancorp		487		40,031
				17,338,567
BEVERAGES - 1.4%
Boston Beer Co., Inc. (The), Class A*		335		59,305
Coca-Cola Co. (The)		17,470		1,419,787
Constellation Brands, Inc., Class A		2,204		306,554
Molson Coors Beverage Co., Class B		11,909		463,975
PepsiCo, Inc.		9,283		1,256,918
				3,506,539
BIOTECHNOLOGY - 3.1%
Abbvie, Inc.		7,883		1,983,678
Amgen, Inc.		2,049		741,984
Biogen, Inc.*		1,360		293,842
Exelixis, Inc.*		5,150		280,211
Gilead Sciences, Inc.		9,631		1,216,781
Moderna, Inc.*		1,119		78,364
Natera, Inc.*		449		121,881
Neurocrine Biosciences, Inc.*		1,447		243,870

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 3.1% (Continued)
Nuvalent, Inc., Class A*		256	$	31,616
PTC Therapeutics, Inc.*		763		62,238
Regeneron Pharmaceuticals, Inc.		1,182		737,024
REVOLUTION Medicines, Inc.*		1,261		236,160
Roivant Sciences Ltd.*		1,058		37,443
Ultragenyx Pharmaceutical, Inc.*		4,268		142,508
United Therapeutics Corp.*		834		451,886
Vertex Pharmaceuticals, Inc.*		1,556		772,912
Viking Therapeutics, Inc.*		2,162		84,340
				7,516,738
BROADLINE RETAIL - 5.9%
Amazon.com, Inc.*		59,779		14,247,727
Coupang, Inc.*		4,197		72,902
MercadoLibre, Inc.*		152		258,003
				14,578,632
BUILDING PRODUCTS - 0.5%
A O Smith Corp.		3,876		243,103
Johnson Controls International PLC		2,484		362,937
Owens Corning		2,710		430,782
Trane Technologies PLC		163		80,059
				1,116,881
CAPITAL MARKETS - 4.1%
Blue Owl Capital, Inc.		13,954		122,097
Cboe Global Markets, Inc.		779		189,040
Charles Schwab Corp. (The)		14,431		1,331,548
CME Group, Inc.		3,384		747,289
Evercore, Inc., Class A		169		57,703
Franklin Resources, Inc.		3,305		109,957
Goldman Sachs Group, Inc. (The)		2,366		2,392,901
Hamilton Lane, Inc., Class A		950		74,889
Houlihan Lokey, Inc., Class A		332		44,531
Interactive Brokers Group, Inc., Class A		1,222		106,363
Intercontinental Exchange, Inc.		5,177		637,340
Janus Henderson Group PLC		549		28,521
LPL Financial Holdings, Inc.		704		198,303
Morgan Stanley		13,691		2,861,967
Nasdaq, Inc.		2,835		223,455
StepStone Group, Inc., Class A		4,235		175,160
Stifel Financial Corp.		1,175		81,980
TPG, Inc., Class A		7,976		323,427
Virtu Financial, Inc., Class A		4,735		282,064
XP, Inc., Class A		8,686		141,234
				10,129,769
CHEMICALS - 1.8%
Air Products and Chemicals, Inc.		3,127		916,774
Albemarle Corp.		847		114,370
Celanese Corp.		946		43,516
Dow, Inc.		15,353		420,058

See accompanying notes to financial statements.
25

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
CHEMICALS - 1.8% (Continued)
Dupont de Nemours, Inc.		236	$	32,011
Eastman Chemical Co.		5,745		384,800
Ecolab, Inc.		2,542		708,227
Linde PLC		1,195		620,133
Lyondellbasell Industries NV, Class A		11,355		597,841
Sherwin-Williams Co. (The)		304		104,673
Solstice Advanced Materials, Inc.		4,006		354,932
Westlake Corp.		1,800		131,400
				4,428,735
COMMERCIAL SERVICES & SUPPLIES - 0.9%
Clean Harbors, Inc.*		1,001		299,049
Copart, Inc.*		7,061		199,050
Republic Services, Inc.		5,019		1,069,448
Tetra Tech, Inc.		3,011		86,988
Waste Connections, Inc.		3,102		517,072
				2,171,607
COMMUNICATIONS EQUIPMENT - 1.6%
Ciena Corp.*		100		49,056
Cisco Systems, Inc.		25,640		3,011,675
F5, Inc.*		90		37,436
Lumentum Holdings, Inc.*		268		229,960
Motorola Solutions, Inc.		1,330		552,336
				3,880,463
CONSTRUCTION & ENGINEERING - 0.2%
AECOM		404		28,199
API Group Corp.*		1,847		78,220
EMCOR Group, Inc.		29		24,067
MasTec, Inc.*		705		293,322
				423,808
CONSTRUCTION MATERIALS - 0.2%
CRH PLC		3,782		404,674
Vulcan Materials Co.		383		112,989
				517,663
CONSUMER FINANCE - 1.2%
Ally Financial, Inc.		9,920		455,824
American Express Co.		3,516		1,189,287
Capital One Financial Corp.		4,516		906,000
OneMain Holdings, Inc.		6,337		386,367
				2,937,478
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.3%
BJ's Wholesale Club Holdings, Inc.*		2,282		199,036
Casey's General Stores, Inc.		157		124,782
Costco Wholesale Corp.		1,123		1,050,533
Dollar General Corp.		2,899		333,704
Dollar Tree, Inc.*		709		85,753
Kroger Co. (The)		7,986		443,463

	Shares/ Principal		Fair Value
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.3% (Continued)
Sysco Corp.		9,245	$	772,697
Target Corp.		2,766		361,267
Walgreens Boots Alliance, Inc.*		3,652		1,936
Walmart, Inc.		20,401		2,310,617
				5,683,788
CONTAINERS & PACKAGING - 0.3%
Graphic Packaging Holding Co.		33,567		354,803
International Paper Co.		12,411		472,859
				827,662
DISTRIBUTORS - 0.2%
Genuine Parts Co.		1,531		180,627
LKQ Corp.		7,362		193,842
				374,469
DIVERSIFIED CONSUMER SERVICES - 0.0%†
H&R Block, Inc.		774		29,474
Liberty Live Holdings, Inc., Class C*		778		82,188
				111,662
DIVERSIFIED TELECOMMUNICATION SERVICES - 1.3%
AT&T, Inc.		38,817		803,512
Comcast Corp., Class A		29,920		734,536
Space Exploration Technologies Corp., Class A*		5,297		905,045
Verizon Communications, Inc.		16,870		714,276
				3,157,369
ELECTRIC UTILITIES - 1.8%
Constellation Energy Corp.		388		96,367
FirstEnergy Corp.		9,679		460,140
NextEra Energy, Inc.		11,337		995,048
PG&E Corp.		42,938		722,217
Pinnacle West Capital Corp.		1,459		156,113
Portland General Electric Co.		13,314		690,065
PPL Corp.		24,092		875,744
Xcel Energy, Inc.		5,536		444,541
				4,440,235
ELECTRICAL EQUIPMENT - 1.2%
AMETEK, Inc.		1,653		399,927
Eaton Corp. PLC		393		167,465
Emerson Electric Co.		5,317		761,128
Generac Holdings, Inc.*		674		197,354
Hubbell, Inc.		538		281,482
Innio NV*		4,042		159,861
nVent Electric PLC		679		115,165
Rockwell Automation, Inc.		1,882		931,741
				3,014,123

See accompanying notes to financial statements.
26

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.1%
Advanced Energy Industries, Inc.		498	$	185,689
Amphenol Corp., Class A		2,159		380,675
Arrow Electronics, Inc.*		300		64,023
Avnet, Inc.		680		60,398
Coherent Corp.*		886		349,501
Flex Ltd.*		2,231		361,578
Jabil, Inc.		790		304,529
Keysight Technologies, Inc.*		2,687		940,638
TTM Technologies, Inc.*		459		85,842
				2,732,873
ENERGY EQUIPMENT & SERVICES - 0.3%
Halliburton Co.		17,789		603,936
Schlumberger NV		3,787		176,058
				779,994
ENTERTAINMENT - 0.7%
Electronic Arts, Inc.		771		158,086
Liberty Media Corp.-Liberty Formula One, Class C*		479		45,572
Roku, Inc.*		229		31,634
Spotify Technology SA*		168		77,134
Walt Disney Co. (The)		10,197		981,461
Warner Bros Discovery, Inc.*		11,407		304,111
				1,597,998
FINANCIAL SERVICES - 3.1%
Berkshire Hathaway, Inc., Class B*		13,152		6,581,129
Block, Inc.*		1,750		133,000
Chime Financial, Inc., Class A*		7,188		147,210
Fidelity National Information Services, Inc.		11,308		439,655
Voya Financial, Inc.		2,969		268,784
				7,569,778
FOOD PRODUCTS - 0.7%
Archer-Daniels-Midland Co.		6,741		515,012
Conagra Brands, Inc.		14,306		192,559
General Mills, Inc.		14,574		507,175
Ingredion, Inc.		1,817		172,088
Tyson Foods, Inc., Class A		3,782		216,520
				1,603,354
GROUND TRANSPORTATION - 1.1%
CSX Corp.		3,760		178,713
Fedex Freight Holding Co., Inc.*		1,341		202,491
Knight-Swift Transportation Holdings, Inc.		567		44,152
Landstar System, Inc.		843		174,341
Norfolk Southern Corp.		1,580		497,052
Old Dominion Freight Line, Inc.		1,606		347,859
Ryder System, Inc.		849		223,941
Saia, Inc.*		492		207,211

	Shares/ Principal		Fair Value
GROUND TRANSPORTATION - 1.1% (Continued)
Uber Technologies, Inc.*		2,172	$	156,731
Union Pacific Corp.		1,654		449,888
XPO, Inc.*		1,468		301,366
				2,783,745
HEALTH CARE EQUIPMENT & SUPPLIES - 2.2%
Abbott Laboratories		24,307		2,205,617
Align Technology, Inc.*		205		34,575
Boston Scientific Corp.*		23,746		1,013,479
GE HealthCare Technologies, Inc.		6,556		419,650
Medtronic PLC		16,956		1,326,468
Stryker Corp.		1,498		471,631
				5,471,420
HEALTH CARE PROVIDERS & SERVICES - 3.0%
Cardinal Health, Inc.		2,302		546,863
Centene Corp.*		2,379		152,708
Chemed Corp.		732		340,922
Cigna Group (The)		1,875		516,900
CVS Health Corp.		8,786		908,912
Elevance Health, Inc.		1,806		698,434
HCA Healthcare, Inc.		1,451		565,730
McKesson Corp.		412		311,307
Molina Healthcare, Inc.*		293		67,009
Quest Diagnostics, Inc.		348		73,759
Tenet Healthcare Corp.*		597		111,687
UnitedHealth Group, Inc.		7,373		3,064,440
				7,358,671
HEALTH CARE REITS - 0.1%
Alexandria Real Estate Equities, Inc.		1,166		61,623
Healthpeak Properties, Inc.		8,700		186,180
Ventas, Inc.		1,288		114,375
				362,178
HEALTH CARE TECHNOLOGY - 0.1%
Doximity, Inc., Class A*		5,091		105,587
Veeva Systems, Inc., Class A*		1,233		218,821
				324,408
HOTELS, RESTAURANTS & LEISURE - 1.1%
Aramark		499		28,393
Booking Holdings, Inc.		775		138,136
Carnival Corp. Ltd.		6,799		194,247
Chipotle Mexican Grill, Inc.*		25,707		874,038
McDonald's Corp.		1,073		290,043
Starbucks Corp.		5,638		576,147
Texas Roadhouse, Inc.		1,120		216,417
Viking Holdings Ltd.*		2,695		282,086
Wingstop, Inc.		358		62,081
				2,661,588

See accompanying notes to financial statements.
27

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
HOUSEHOLD DURABLES - 0.8%
Garmin Ltd.		2,228	$	529,239
Installed Building Products, Inc.		2,138		491,398
Meritage Homes Corp.		5,230		438,535
NVR, Inc.*		58		395,177
Toll Brothers, Inc.		386		63,594
				1,917,943
HOUSEHOLD PRODUCTS - 1.5%
Procter & Gamble Co. (The)		24,910		3,652,802
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.0%†
AES Corp. (The)		5,738		84,119
INDUSTRIAL CONGLOMERATES - 0.7%
3M Co.		10,461		1,693,741
INDUSTRIAL REITS - 0.5%
Prologis, Inc.		8,323		1,127,517
STAG Industrial, Inc.		873		33,226
				1,160,743
INSURANCE - 2.8%
American Financial Group, Inc.		4,355		609,439
American International Group, Inc.		10,226		762,144
Arch Capital Group Ltd.*		2,650		257,209
Arthur J Gallagher & Co.		105		24,105
Globe Life, Inc.		580		103,634
Hartford Financial Services Group, Inc. (The)		4,855		643,384
Markel Group, Inc.*		176		343,730
Marsh & McLennan Cos., Inc.		606		101,002
MetLife, Inc.		12,810		1,083,854
Progressive Corp. (The)		757		165,367
Reinsurance Group of America, Inc.		2,599		552,677
Travelers Cos., Inc. (The)		4,597		1,517,562
Unum Group		888		79,387
W R Berkley Corp.		10,571		745,573
				6,989,067
INTERACTIVE MEDIA & SERVICES - 1.0%
Alphabet, Inc., Class A		890		318,059
Alphabet, Inc., Class C		2,224		785,806
Meta Platforms, Inc., Class A		2,482		1,398,086
Snap, Inc., Class A*		12,855		57,076
				2,559,027
IT SERVICES - 1.2%
Accenture PLC, Class A		5,815		723,619
Amdocs Ltd.		3,311		167,338
Applied Digital Corp.*		1,244		46,401
Cognizant Technology Solutions Corp., Class A		3,498		135,477
International Business Machines Corp.		5,779		1,625,113

	Shares/ Principal		Fair Value
IT SERVICES - 1.2% (Continued)
MongoDB, Inc.*		474	$	159,217
Quantinuum, Inc., Class A*		911		74,465
				2,931,630
LIFE SCIENCES TOOLS & SERVICES - 0.8%
Danaher Corp.		3,351		638,298
IQVIA Holdings, Inc.*		710		137,186
Qiagen NV		2,463		96,303
Tempus AI, Inc., Class A*		689		39,914
Thermo Fisher Scientific, Inc.		2,199		1,102,491
				2,014,192
MACHINERY - 2.9%
Caterpillar, Inc.		384		408,922
Cummins, Inc.		308		219,669
Deere & Co.		753		477,651
Donaldson Co., Inc.		338		30,342
Dover Corp.		212		47,547
Illinois Tool Works, Inc.		6,271		1,696,117
Mueller Industries, Inc.		872		107,195
Otis Worldwide Corp.		3,300		236,280
PACCAR, Inc.		7,030		844,444
Parker-Hannifin Corp.		2,290		2,239,895
RBC Bearings, Inc.*		289		186,133
Stanley Black & Decker, Inc.		1,399		131,674
Westinghouse Air Brake Technologies Corp.		879		236,978
Xylem, Inc.		2,183		258,052
				7,120,899
MARINE TRANSPORTATION - 0.0%†
Kirby Corp.*		254		34,536
MEDIA - 0.3%
Fox Corp., Class A		2,946		153,663
Fox Corp., Class B		1,609		75,366
Liberty Broadband Corp., Class C*		519		17,262
Omnicom Group, Inc.		2,893		210,697
Trade Desk, Inc. (The), Class A*		6,677		120,720
Versant Media Group, Inc.		5,051		181,887
				759,595
METALS & MINING - 1.2%
Alcoa Corp.		2,707		141,143
Freeport-McMoRan, Inc.		15,954		1,003,347
Newmont Corp.		11,499		1,074,007
Nucor Corp.		1,716		382,239
Reliance, Inc.		659		246,202
Royal Gold, Inc.		220		43,914
				2,890,852

See accompanying notes to financial statements.
28

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
MULTI-UTILITIES - 1.6%
Ameren Corp.		5,323	$	601,712
Black Hills Corp.		1,132		84,221
Dominion Energy, Inc.		571		38,994
DTE Energy Co.		7,135		1,087,160
NiSource, Inc.		16,661		792,230
Public Service Enterprise Group, Inc.		3,591		291,446
Sempra		6,120		567,385
WEC Energy Group, Inc.		3,474		405,659
				3,868,807
OIL, GAS & CONSUMABLE FUELS - 5.4%
Cheniere Energy, Inc.		2,279		544,704
Chevron Corp.		18,780		3,112,973
ConocoPhillips		13,244		1,376,846
EOG Resources, Inc.		4,013		520,607
Exxon Mobil Corp.		33,273		4,549,085
Kinder Morgan, Inc.		14,022		448,283
Marathon Petroleum Corp.		1,538		393,220
Phillips 66		7,870		1,330,424
Valero Energy Corp.		3,785		985,765
				13,261,907
PASSENGER AIRLINES - 0.2%
Alaska Air Group, Inc.*		2,937		153,311
Southwest Airlines Co.		1,171		60,213
United Airlines Holdings, Inc.*		2,176		295,914
				509,438
PERSONAL CARE PRODUCTS - 0.1%
BellRing Brands, Inc.*		6,014		77,821
Estee Lauder Cos., Inc. (The), Class A		703		55,502
Kenvue, Inc.		8,975		171,512
				304,835
PHARMACEUTICALS - 3.4%
Bristol-Myers Squibb Co.		24,891		1,434,219
Johnson & Johnson		14,970		3,801,931
Merck & Co., Inc.		15,086		1,938,551
Pfizer, Inc.		45,614		1,098,385
				8,273,086
PROFESSIONAL SERVICES - 0.6%
Booz Allen Hamilton Holding Corp.		2,398		145,487
ExlService Holdings, Inc.*		4,966		128,421
Jacobs Solutions, Inc.		2,088		263,088
KBR, Inc.		4,476		154,556
Leidos Holdings, Inc.		3,455		355,761
SS&C Technologies Holdings, Inc.		6,009		372,859
Thomson Reuters Corp.		554		45,245
				1,465,417

	Shares/ Principal		Fair Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
CBRE Group, Inc., Class A*		981	$	132,131
Zillow Group, Inc., Class A*		335		10,509
				142,640
RETAIL REITS - 0.4%
Agree Realty Corp.		1,242		94,069
NNN REIT, Inc.		10,553		491,031
Regency Centers Corp.		5,301		422,702
				1,007,802
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.0%
Analog Devices, Inc.		3,386		1,344,818
Applied Materials, Inc.		1,163		840,849
Broadcom, Inc.		631		238,360
Cerebras Systems, Inc., Class A*		337		74,477
Cirrus Logic, Inc.*		480		71,295
Globalfoundries, Inc.		1,114		91,805
Intel Corp.*		28,653		4,000,818
Lam Research Corp.		1,183		512,629
MACOM Technology Solutions Holdings, Inc.*		126		47,927
Microchip Technology, Inc.		5,237		477,614
Micron Technology, Inc.		53		61,177
NVIDIA Corp.		1,224		244,910
NXP Semiconductors NV		174		48,899
QUALCOMM, Inc.		5,415		1,000,638
Teradyne, Inc.		253		122,412
Texas Instruments, Inc.		1,833		546,362
				9,724,990
SOFTWARE - 5.3%
Adobe, Inc.*		2,366		485,077
Atlassian Corp., Class A*		629		48,930
BitMine Immersion Technologies, Inc.		2,426		32,290
Check Point Software Technologies Ltd.*		2,381		312,935
Dropbox, Inc., Class A*		3,747		102,930
Dynatrace, Inc.*		8,463		371,610
Figma, Inc., Class A*		2,761		49,947
Fortinet, Inc.*		833		127,966
Intuit, Inc.		2,172		566,892
Microsoft Corp.		25,764		9,610,487
MicroStrategy, Inc., Class A*		124		10,779
RingCentral, Inc., Class A		1,549		60,380
Salesforce, Inc.		3,213		503,349
Synopsys, Inc.*		1,160		517,441
UiPath, Inc., Class A*		3,542		38,502
Workday, Inc., Class A*		481		58,884
Zscaler, Inc.*		1,394		196,763
				13,095,162

See accompanying notes to financial statements.
29

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
SPECIALIZED REITS - 1.6%
American Tower Corp.		441	$	72,134
CubeSmart		28,909		1,149,711
Digital Realty Trust, Inc.		5,805		1,042,462
Equinix, Inc.		643		670,257
Extra Space Storage, Inc.		1,851		268,950
Iron Mountain, Inc.		1,560		197,044
VICI Properties, Inc.		19,767		524,814
				3,925,372
SPECIALTY RETAIL - 2.2%
AutoZone, Inc.*		59		188,560
Best Buy Co., Inc.		2,739		207,835
Gap, Inc. (The)		6,193		115,685
Group 1 Automotive, Inc.		251		73,084
Home Depot, Inc. (The)		1,928		679,967
Lowe's Cos., Inc.		3,019		665,659
Murphy USA, Inc.		64		34,488
O'Reilly Automotive, Inc.*		12,385		1,140,535
Ross Stores, Inc.		2,229		474,443
TJX Cos., Inc. (The)		8,551		1,295,476
Tractor Supply Co.		15,491		489,671
				5,365,403
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 5.9%
Apple, Inc.		42,899		12,413,255
Dell Technologies, Inc., Class C		2,143		924,619
Hewlett Packard Enterprise Co.		12,121		546,778
NetApp, Inc.		546		84,499
Pure Storage, Inc., Class A*		1,771		139,537
SanDisk Corp.*		27		61,391
Seagate Technology Holdings PLC		69		66,585
Super Micro Computer, Inc.*		1,259		36,926
Western Digital Corp.		485		309,779
				14,583,369

	Shares/ Principal		Fair Value
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
NIKE, Inc., Class B		9,147	$	375,484
Under Armour, Inc., Class C*		1,291		8,030
				383,514
TOBACCO - 0.5%
Altria Group, Inc.		8,299		597,113
Philip Morris International, Inc.		4,150		750,777
				1,347,890
TRADING COMPANIES & DISTRIBUTORS - 0.6%
Applied Industrial Technologies, Inc.		2,470		835,230
Ferguson Enterprises, Inc.		980		232,583
United Rentals, Inc.		229		259,432
Watsco, Inc.		422		175,860
WESCO International, Inc.		148		51,124
				1,554,229
WIRELESS TELECOMMUNICATION SERVICES - 0.4%
T-Mobile US, Inc.		5,418		908,761
TOTAL COMMON STOCKS (Cost - $201,703,372)				242,168,408
SHORT-TERM INVESTMENTS - 1.3%
MONEY MARKET FUNDS - 1.3%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53% (a) (Cost - $3,218,507)		3,218,507		3,218,507
TOTAL SHORT-TERM INVESTMENTS (Cost - $3,218,507)				3,218,507
TOTAL INVESTMENTS - 99.9% (Cost - $204,921,879)			$	245,386,915
OTHER ASSETS LESS LIABILITIES - NET 0.1%				312,184
TOTAL NET ASSETS - 100.0%			$	245,699,099

* 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

LONG FUTURES CONTRACTS

Counterparty

Number of
Contracts

Expiration Date

Notional Value

Fair Value/
Unrealized
Appreciation
(Depreciation)

S&P 500 E-Mini Future

Goldman Sachs & Co.

9/18/2026

3,774,125

19,213

See accompanying notes to financial statements.
30

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited)

June 30, 2026

	Shares/ Principal		Fair Value
CORPORATE BONDS AND NOTES - 98.4%
ADVERTISING - 0.4%
Advantage Sales & Marketing, Inc., 9.00%, 11/15/30 (a)	$	25,000	$	22,250
Clear Channel Outdoor Holdings, Inc.
7.88%, 4/1/30 (a)		41,000		42,709
7.13%, 2/15/31 (a)		41,000		42,453
7.50%, 3/15/33 (a)		40,000		42,118
Lamar Media Corp., 5.38%, 11/1/33 (a)		32,000		31,375
				180,905
AEROSPACE & DEFENSE - 2.8%
ATI, Inc., 5.88%, 6/15/33		15,000		15,211
Bombardier, Inc.
7.25%, 7/1/31 (a)		141,000		147,525
6.75%, 6/15/33 (a)		207,000		214,452
7.45%, 5/1/34 (a)		40,000		44,150
Moog, Inc., 5.50%, 10/15/34 (a)		45,000		44,330
TransDigm, Inc.
6.75%, 8/15/28 (a)		21,000		21,208
6.38%, 3/1/29 (a)		64,000		64,975
6.88%, 12/15/30 (a)		202,000		207,622
7.13%, 12/1/31 (a)		210,000		217,460
6.63%, 3/1/32 (a)		46,000		47,185
6.38%, 5/31/33 (a)		115,000		116,106
6.25%, 1/31/34 (a)		5,000		5,102
6.75%, 1/31/34 (a)		15,000		15,387
				1,160,713
AGRICULTURE - 0.2%
Turning Point Brands, Inc., 7.63%, 3/15/32 (a)		101,000		104,512
APPAREL - 0.0%†
VF Corp., 6.45%, 11/1/37		3,000		2,844
AUTO MANUFACTURERS - 2.7%
Ford Motor Credit Co. LLC, 7.12%, 11/7/33		125,000		133,165
New Flyer Holdings, Inc., 9.25%, 7/1/30 (a)		229,000		246,180
Nissan Motor Acceptance Co. LLC
6.95%, 9/15/26 (a)		60,000		60,126
7.05%, 9/15/28 (a)		68,000		69,656
6.13%, 9/30/30 (a)		105,000		103,244
Nissan Motor Co. Ltd.
7.50%, 7/17/30 (a)		100,000		103,072
7.75%, 7/17/32 (a)		150,000		155,496
8.13%, 7/17/35 (a)		172,000		182,191
Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 1/15/31 (a)		88,000		87,631
				1,140,761
AUTO PARTS & EQUIPMENT - 2.0%
Adient Global Holdings Ltd., 8.25%, 4/15/31 (a)		21,000		21,936

	Shares/ Principal		Fair Value
AUTO PARTS & EQUIPMENT - 2.0% (Continued)
Aptiv Swiss Holdings Ltd., 6.88%, (US 5 Year CMT T-Note + 3.39%), 12/15/54 (b)	$	40,000	$	40,881
Cooper-Standard Automotive, Inc., 9.25%, 3/1/31 (a)		60,000		60,578
Cyprium Corp. / Cyprium Holdings Luxembourg Sarl
6.13%, 4/15/31 (a)		35,000		34,994
6.38%, 4/15/34 (a)		45,000		44,910
Dorman Products, Inc., 6.25%, 6/15/34 (a)		125,000		126,406
Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 5/31/32 (a)		314,000		329,696
Phinia, Inc.
6.75%, 4/15/29 (a)		88,000		90,107
6.63%, 10/15/32 (a)		64,000		65,374
				814,882
BANKS - 2.1%
Canadian Imperial Bank of Commerce, 6.95%, (US 5 Year CMT T-Note + 2.83%), 1/28/85 (b)		301,000		306,767
HSBC Holdings PLC
6.75%, (US 5 Year CMT T-Note + 2.91%), 9/24/74 (b)		104,000		104,886
7.00%, (US 5 Year CMT T-Note + 2.80%), 9/24/74 (b)		104,000		106,672
Intesa Sanpaolo SpA, 8.25%, (US 1 Year CMT T-Note + 4.40%), 11/21/33 (a),(b)		200,000		231,335
Popular, Inc., 7.25%, 3/13/28		122,000		125,707
				875,367
BIOTECHNOLOGY - 0.9%
Genmab A/S/Genmab Finance LLC
6.25%, 12/15/32 (a)		85,000		86,626
7.25%, 12/15/33 (a)		290,000		303,071
				389,697
CHEMICALS - 3.4%
Celanese US Holdings LLC
7.33%, 7/15/29		27,000		28,223
7.55%, 11/15/30		34,000		36,041
7.00%, 2/15/31		27,000		27,789
7.38%, 7/15/32		34,000		35,755
7.70%, 11/15/33		27,000		28,856
Chemours Co. (The)
8.00%, 1/15/33 (a)		138,000		139,761
7.88%, 3/15/34 (a)		156,000		156,762
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 6/15/28 (a)		219,000		218,412
FMC Corp.
5.65%, 5/18/33		78,000		69,964
6.38%, 5/18/53		43,000		33,800

See accompanying notes to financial statements.
31

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
CHEMICALS - 3.4% (Continued)
8.45%, (US 5 Year CMT T-Note + 4.37%), 11/1/55 (b)	$	50,000	$	36,404
NOVA Chemicals Corp., 9.00%, 2/15/30 (a)		19,000		19,888
Perimeter Holdings LLC, 6.25%, 1/15/34 (a)		86,000		85,856
Rain Carbon, Inc., 12.25%, 9/1/29 (a)		108,000		115,182
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29 (a)		261,000		255,377
Tronox, Inc., 9.13%, 9/30/30 (a)		133,000		133,445
				1,421,515
COAL - 0.1%
Warrior Met Coal, Inc., 7.88%, 12/1/28 (a)		36,000		36,449
COMMERCIAL SERVICES - 1.6%
Adt Security Corp. (The), 5.88%, 10/15/33 (a)		70,000		68,762
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.38%, 6/15/32 (a)		23,000		23,172
Belron UK Finance PLC, 5.75%, 10/15/29 (a)		157,000		157,722
Cimpress PLC, 7.38%, 9/15/32 (a)		130,000		131,301
Composecure Holdings LLC, 5.63%, 2/1/33 (a)		35,000		34,165
CoreCivic, Inc., 8.25%, 4/15/29		3,000		3,125
Deluxe Corp., 8.13%, 9/15/29 (a)		60,000		62,121
EquipmentShare.Com, Inc., 7.13%, 7/1/34 (a)		40,000		39,395
Graham Holdings Co., 5.63%, 12/1/33 (a)		65,000		64,466
United Rentals North America, Inc., 5.38%, 11/15/33 (a)		51,000		50,284
VT Topco, Inc., 8.50%, 8/15/30 (a)		27,000		27,395
				661,908
COMPUTERS - 2.4%
CACI International, Inc., 6.38%, 6/15/33 (a)		236,000		239,356
Diebold Nixdorf, Inc., 7.75%, 3/31/30 (a)		83,000		86,444
Insight Enterprises, Inc., 6.63%, 5/15/32 (a)		37,000		37,618
NCR Atleos Corp., 9.50%, 4/1/29 (a)		148,000		157,689
Pitney Bowes, Inc., 7.25%, 3/15/29 (a)		46,000		46,563
Seagate Data Storage Technology Pte Ltd.
8.25%, 12/15/29 (a)		29,000		30,328
5.88%, 7/15/30		70,000		71,243
9.63%, 12/1/32 (a)		215,000		237,082
Unisys Corp., 10.63%, 1/15/31 (a)		82,000		77,014
				983,337
DISTRIBUTION & WHOLESALE - 0.2%
ADI Escrow Issuer LLC, 7.13%, 7/15/34 (a)		20,000		20,366
Windsor Holdings III LLC, 8.50%, 6/15/30 (a)		45,000		46,832
				67,198
DIVERSIFIED FINANCIAL SERVICES - 9.7%
Ally Financial, Inc.
6.65%, (US 5 Year CMT T-Note + 2.45%), 1/17/40 (b)		32,000		31,698
7.10%, (US 5 Year CMT T-Note + 3.15%), 8/15/74 (b)		97,000		98,314

	Shares/ Principal		Fair Value
DIVERSIFIED FINANCIAL SERVICES - 9.7% (Continued)
Atlanticus Holdings Corp., 9.75%, 9/1/30 (a)	$	124,000	$	125,510
Bread Financial Holdings, Inc. 6.75%, 5/15/31 (a)		60,000		61,354
8.38%, (US 5 Year CMT T-Note + 4.30%), 6/15/35 (a),(b)		71,000		74,111
Coinbase Global, Inc., 3.38%, 10/1/28 (a)		362,000		343,676
Credit Acceptance Corp.
9.25%, 12/15/28 (a)		96,000		99,962
6.63%, 3/15/30 (a)		39,000		39,059
Encore Capital Group, Inc.
8.50%, 5/15/30 (a)		160,000		169,925
6.63%, 4/15/31 (a)		170,000		171,955
Enova International, Inc.
11.25%, 12/15/28 (a)		157,000		165,437
9.13%, 8/1/29 (a)		147,000		153,846
EZCORP, Inc., 7.38%, 4/1/32 (a)		87,000		91,196
Freedom Mortgage Holdings LLC
9.25%, 2/1/29 (a)		96,000		99,205
9.13%, 5/15/31 (a)		50,000		51,697
GGAM Finance Ltd., 8.00%, 6/15/28 (a)		28,000		28,969
Jane Street Group / JSG Finance, Inc.
7.13%, 4/30/31 (a)		42,000		43,423
6.75%, 5/1/33 (a)		90,000		92,440
Onemain Finance Corp., 6.75%, 9/15/33		40,000		39,598
OneMain Finance Corp.
6.63%, 5/15/29		87,000		88,707
7.88%, 3/15/30		129,000		134,308
7.50%, 5/15/31		187,000		193,236
7.13%, 11/15/31		64,000		65,118
7.13%, 9/15/32		64,000		65,080
Osaic Holdings, Inc., 6.75%, 8/1/32 (a)		55,000		55,089
Pennymac Financial Services, Inc., 6.88%, 5/15/32 (a)		19,000		18,591
PennyMac Financial Services, Inc., 7.88%, 12/15/29 (a)		20,000		20,799
Rocket Cos., Inc.
6.50%, 8/1/29 (a)		70,000		71,449
6.13%, 8/1/30 (a)		109,000		110,882
6.13%, 8/1/31 (a)		20,000		20,429
7.13%, 2/1/32 (a)		166,000		172,312
6.50%, 6/15/34 (a)		15,000		15,380
SLM Corp., 6.50%, 1/31/30		34,000		34,457
Stonex Escrow Issuer LLC, 6.88%, 7/15/32 (a)		45,000		46,280
StoneX Group, Inc., 7.88%, 3/1/31 (a)		220,000		230,992
Synchrony Financial, 7.25%, 2/2/33		295,000		307,823
Velocity Commercial Capital LLC, 9.38%, 2/15/31 (a)		45,000		46,632
VFH Parent LLC / Valor Co.-Issuer, Inc., 7.50%, 6/15/31 (a)		209,000		218,600
WS Escrow LLC, 7.75%, 6/1/33 (a)		134,000		137,621
				4,035,160

See accompanying notes to financial statements.
32

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
ELECTRIC - 2.3%
AES Corp. (The)
7.60%, (US 5 Year CMT T-Note + 3.20%), 1/15/55 (b)	$	43,000	$	44,033
6.95%, (US 5 Year CMT T-Note + 2.89%), 7/15/55 (b)		45,000		44,430
Alpha Generation LLC, 6.25%, 1/15/34 (a)		31,000		30,501
Edison International
8.13%, (US 5 Year CMT T-Note + 3.86%), 6/15/53 (b)		66,000		67,821
7.88%, (US 5 Year CMT T-Note + 3.66%), 6/15/54 (b)		64,000		65,829
Electricite de France SA, 9.13%, (US 5 Year CMT T-Note + 5.41%), 12/15/74 (a),(b)		93,000		107,999
PG&E Corp.
5.00%, 7/1/28		43,000		42,756
5.25%, 7/1/30		51,000		50,236
Southern Co. (The), 6.00%, (US 5 Year CMT T-Note + 1.99%), 4/1/58 (b)		180,000		180,437
Talen Energy Supply LLC
6.25%, 2/1/34 (a)		135,000		134,321
6.50%, 2/1/36 (a)		169,000		170,396
Vistra Operations Co. LLC, 7.75%, 10/15/31 (a)		1,000		1,046
				939,805
ELECTRICAL COMPONENTS & EQUIPMENT - 0.1%
WESCO Distribution, Inc., 6.38%, 3/15/33 (a)		25,000		25,648
ENGINEERING & CONSTRUCTION - 1.6%
Granite Construction, Inc., 6.38%, 6/15/34 (a)		187,000		190,151
HTA Group Ltd., 7.50%, 6/4/29 (a)		330,000		337,954
Tutor Perini Corp., 6.63%, 7/15/33 (a)		135,000		135,844
				663,949
ENTERTAINMENT - 1.2%
Caesars Entertainment, Inc.
7.00%, 2/15/30 (a)		244,000		245,464
6.50%, 2/15/32 (a)		70,000		68,354
Churchill Downs, Inc., 6.75%, 5/1/31 (a)		48,000		48,832
Light & Wonder International, Inc., 7.50%, 9/1/31 (a)		85,000		88,105
Resorts World Las Vegas LLC / RWLV Capital, Inc., 8.45%, 7/27/30 (a)		65,000		64,182
				514,937
FOOD - 1.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.75%, 3/31/34 (a)		100,000		95,222
Post Holdings, Inc.
6.38%, 3/1/33 (a)		268,000		265,966
6.50%, 3/15/36 (a)		44,000		43,533

	Shares/ Principal		Fair Value
FOOD - 1.8% (Continued)
US Foods, Inc.
6.88%, 9/15/28 (a)	$	60,000	$	61,309
7.25%, 1/15/32 (a)		130,000		134,905
5.75%, 4/15/33 (a)		167,000		167,278
				768,213
GAS - 0.5%
AltaGas Ltd., 7.20%, (US 5 Year CMT T-Note + 3.57%), 10/15/54 (a),(b)		107,000		112,149
AmeriGas Partners LP / AmeriGas Finance Corp.
9.38%, 6/1/28 (a)		43,000		43,971
9.50%, 6/1/30 (a)		65,000		69,747
				225,867
HEALTHCARE-PRODUCTS - 0.0%†
DENTSPLY Sirona, Inc., 8.38%, (US 5 Year CMT T-Note + 4.38%), 9/12/55 (b)		5,000		5,003
HEALTHCARE-SERVICES - 1.4%
DaVita, Inc., 6.88%, 9/1/32 (a)		91,000		93,849
Encompass Health Corp., 5.88%, 6/1/34 (a)		30,000		29,923
Fortrea Holdings, Inc., 7.50%, 7/1/30 (a)		48,000		48,673
Select Medical Corp., 6.25%, 12/1/32 (a)		181,000		175,831
Sotera Health Holdings LLC, 7.38%, 6/1/31 (a)		100,000		103,439
Tenet Healthcare Corp.
6.13%, 6/15/30		95,000		95,696
5.50%, 11/15/32 (a)		55,000		54,685
				602,096
HOME BUILDERS - 0.1%
Installed Building Products, Inc., 5.63%, 2/1/34 (a)		30,000		29,537
Thor Industries, Inc., 4.00%, 10/15/29 (a)		17,000		16,138
				45,675
HOME FURNISHINGS - 0.5%
Whirlpool Corp.
6.13%, 6/15/30		53,000		48,982
7.50%, 7/1/31 (a)		5,000		5,064
5.50%, 3/1/33		16,000		12,563
6.50%, 6/15/33		78,000		67,597
7.88%, 7/1/34 (a)		10,000		10,054
5.15%, 3/1/43		16,000		9,997
4.50%, 6/1/46		31,000		18,444
4.60%, 5/15/50		33,000		19,697
				192,398
INSURANCE - 1.2%
Acrisure LLC / Acrisure Finance, Inc.
7.50%, 11/6/30 (a)		36,000		34,115
6.75%, 7/1/32 (a)		17,000		15,278
American National Group, Inc., 7.00%, (US 5 Year CMT T-Note + 3.18%), 12/1/55 (b)		43,000		41,989

See accompanying notes to financial statements.
33

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
INSURANCE - 1.2% (Continued)
Assurant, Inc., 7.00%, (3 Month US Libor + 4.14%), 3/27/48 (b)	$	98,000	$	99,816
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 5/15/31 (a)		153,000		153,668
Hub International Ltd., 7.25%, 6/15/30 (a)		47,000		48,230
Panther Escrow Issuer LLC, 7.13%, 6/1/31 (a)		109,000		108,507
				501,603
INTERNET - 3.7%
Gen Digital, Inc.
7.13%, 9/30/30 (a)		56,000		56,961
6.25%, 4/1/33 (a)		98,000		96,587
Getty Images, Inc.
11.25%, 2/21/30 (a)		29,787		24,545
10.50%, 11/15/30 (a)		23,000		19,175
Match Group Holdings II LLC
5.63%, 2/15/29 (a)		73,000		72,771
6.13%, 9/15/33 (a)		233,000		230,264
Rakuten Group, Inc.
11.25%, 2/15/27 (a)		175,000		180,802
9.75%, 4/15/29 (a)		222,000		241,225
Snap, Inc., 6.88%, 3/1/33 (a)		245,000		238,801
Wayfair LLC
7.25%, 10/31/29 (a)		253,000		261,105
7.75%, 9/15/30 (a)		115,000		120,871
				1,543,107
INVESTMENT COMPANIES - 1.2%
HA Sustainable Infrastructure Capital, Inc., 7.13%, (US 5 Year CMT T-Note + 3.48%), 11/15/56 (b)		150,000		152,274
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
9.75%, 1/15/29		176,000		172,540
10.00%, 11/15/29 (a)		188,000		185,407
				510,221
IRON & STEEL - 1.9%
Algoma Steel, Inc., 9.13%, 4/15/29 (a)		20,000		18,699
Champion Iron Canada, Inc., 7.88%, 7/15/32 (a)		32,000		33,119
Commercial Metals Co.
5.75%, 11/15/33 (a)		30,000		29,821
6.00%, 12/15/35 (a)		192,000		191,537
FMG Resources August 2006 Pty Ltd., 6.13%, 4/15/32 (a)		246,000		253,011
Mineral Resources Ltd.
8.50%, 5/1/30 (a)		41,000		42,332
7.00%, 4/1/31 (a)		133,000		137,775
6.00%, 5/1/32 (a)		40,000		39,579
6.25%, 5/1/34 (a)		40,000		39,394
				785,267

	Shares/ Principal		Fair Value
LEISURE TIME - 1.0%
Acushnet Co., 5.63%, 12/1/33 (a)	$	38,000	$	37,792
Kingpin Intermediate Holdings LLC, 7.25%, 10/15/32 (a)		24,000		20,241
Life Time, Inc., 6.00%, 11/15/31 (a)		64,000		64,989
Lindblad Expeditions LLC, 7.00%, 9/15/30 (a)		20,000		20,679
Patrick Industries, Inc., 6.38%, 11/1/32 (a)		38,000		37,841
Sabre Financial Borrower LLC, 11.13%, 6/15/29 (a)		78,000		82,462
Sabre GLBL, Inc.
10.75%, 11/15/29 (a)		18,000		17,295
11.13%, 7/15/30 (a)		45,000		43,080
Viking Cruises Ltd., 5.88%, 10/15/33 (a)		83,000		83,173
				407,552
LODGING - 1.2%
Genting New York LLC / GENNY Capital, Inc., 7.25%, 10/1/29 (a)		177,000		182,131
Hilton Domestic Operating Co., Inc., 6.13%, 4/1/32 (a)		169,000		171,255
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 6.63%, 1/15/32 (a)		35,000		35,521
MGM Resorts International, 6.13%, 9/15/29		31,000		31,289
Wynn Macau Ltd., 6.75%, 2/15/34 (a)		63,000		62,711
				482,907
MACHINERY-CONSTRUCTION & MINING - 0.2%
Manitowoc Co., Inc. (The), 9.25%, 10/1/31 (a)		49,000		52,677
Solaris Energy Infrastructure LLC, 6.38%, 5/15/31 (a)		40,000		40,484
				93,161
MACHINERY-DIVERSIFIED - 0.0%†
Esab Corp., 6.25%, 4/15/29 (a)		11,000		11,151
MEDIA - 7.8%
AMC Networks, Inc., 10.50%, 7/15/32 (a)		152,000		156,238
CCO Holdings LLC / CCO Holdings Capital Corp.
5.38%, 6/1/29 (a)		50,000		48,886
4.75%, 3/1/30 (a)		100,000		94,830
7.38%, 3/1/31 (a)		307,000		307,747
4.50%, 5/1/32		15,000		13,286
7.00%, 2/1/33 (a)		55,000		54,038
7.38%, 2/1/36 (a)		70,000		68,646
Directv Financing LLC, 8.88%, 2/1/30 (a)		45,000		45,800
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 2/15/31 (a)		89,000		92,346
Discovery Communications LLC, 5.00%, 9/20/37		95,000		74,575
Discovery Global Holdings, Inc.
4.05%, 3/15/29		69,000		68,315
4.28%, 3/15/32		267,000		239,592
5.05%, 3/15/42		254,000		186,073

See accompanying notes to financial statements.
34

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
MEDIA - 7.8% (Continued)
5.14%, 3/15/52	$	104,000	$	69,680
Dotdash Meredith, Inc., 7.63%, 6/15/32 (a)		64,000		60,706
Echostar Corp., 10.75%, 11/30/29		200,000		216,057
Gray Media, Inc., 10.50%, 7/15/29 (a)		19,000		20,057
Nexstar Media, Inc.
4.75%, 11/1/28 (a)		200,000		195,912
6.50%, 9/15/33 (a)		177,000		176,956
7.25%, 4/15/34 (a)		95,000		94,692
Paramount Global
7.88%, 7/30/30		233,000		244,789
6.88%, 4/30/36		157,000		147,497
4.38%, 3/15/43		58,000		37,566
5.85%, 9/1/43		95,000		71,405
4.90%, 8/15/44		28,000		18,497
Sinclair Television Group, Inc., 8.13%, 2/15/33 (a)		63,000		64,851
Sirius XM Radio LLC, 5.88%, 4/15/32 (a)		34,000		33,601
Sirius XM Radio, Inc. 5.50%, 7/1/29 (a)		45,000		44,898
4.13%, 7/1/30 (a)		103,000		96,942
Univision Communications, Inc., 8.88%, 4/15/33 (a)		30,000		29,532
Versant Media Group, Inc., 7.25%, 1/30/31 (a)		174,000		180,019
				3,254,029
METAL FABRICATE & HARDWARE - 0.8%
Advanced Drainage Systems, Inc., 5.38%, 3/1/34 (a)		25,000		24,428
Vallourec SACA, 7.50%, 4/15/32 (a)		290,000		303,097
				327,525
MINING - 2.4%
Century Aluminum Co., 6.88%, 8/1/32 (a)		183,000		188,105
Coeur Mining, Inc., 6.88%, 4/1/32 (a)		81,000		83,025
Eldorado Gold Corp., 6.25%, 9/1/29 (a)		199,000		198,620
Novelis Corp., 6.88%, 1/30/30 (a)		165,000		169,189
Perenti Finance Pty Ltd., 7.50%, 4/26/29 (a)		120,000		123,578
PLS Group Ltd., 6.88%, 5/1/31 (a)		25,000		25,631
Taseko Mines Ltd., 8.25%, 5/1/30 (a)		186,000		194,128
				982,276
MISCELLANEOUS MANUFACTURING - 0.4%
EnPro, Inc., 6.13%, 6/1/33 (a)		174,000		176,279
OIL & GAS - 8.4%
Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/1/29 (a)		125,000		129,999
BKV Upstream Midstream LLC, 7.50%, 10/15/30 (a)		192,000		192,689
California Resources Corp.
7.00%, 1/15/34 (a)		84,000		83,080
7.25%, 1/15/35 (a)		65,000		64,543

	Shares/ Principal		Fair Value
OIL & GAS - 8.4% (Continued)
Chord Energy Corp.
6.00%, 10/1/30 (a)	$	40,000	$	40,169
6.75%, 3/15/33 (a)		256,000		259,905
CNX Resources Corp.
7.38%, 1/15/31 (a)		43,000		44,003
7.25%, 3/1/32 (a)		144,000		148,375
CVR Energy, Inc.
7.50%, 2/15/31 (a)		35,000		34,837
7.88%, 2/15/34 (a)		50,000		49,456
EnQuest PLC, 9.88%, 4/30/31 (a)		160,000		163,445
Gulfport Energy Operating Corp., 6.75%, 9/1/29 (a)		273,000		278,466
Infinity Natural Resources LLC, 7.63%, 4/1/31 (a)		2,000		1,986
Ithaca Energy North Sea PLC, 8.13%, 10/15/29 (a)		200,000		206,945
Karoon USA Finance, Inc., 10.50%, 5/14/29 (a)		76,000		78,129
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/1/32 (a)		225,000		229,158
Murphy Oil Corp., 6.50%, 2/15/34		127,000		125,878
Nabors Industries, Inc.
9.13%, 1/31/30 (a)		19,000		19,856
7.63%, 11/15/32 (a)		45,000		46,037
Noble Finance II LLC
8.00%, 4/15/30 (a)		212,000		219,554
6.25%, 6/15/34 (a)		115,000		112,620
Par Petroleum LLC, 7.38%, 6/1/34 (a)		40,000		40,480
PBF Holding Co. LLC / PBF Finance Corp.
9.88%, 3/15/30 (a)		37,000		39,560
7.88%, 9/15/30 (a)		105,000		107,003
Seadrill Finance Ltd., 8.38%, 8/1/30 (a)		65,000		67,940
Sunoco LP, 7.00%, 5/1/29 (a)		25,000		25,687
Talos Production, Inc.
9.00%, 2/1/29 (a)		53,000		55,222
9.38%, 2/1/31 (a)		182,000		191,153
Valaris Ltd., 8.38%, 4/30/30 (a)		269,000		279,333
Vermilion Energy, Inc., 7.25%, 2/15/33 (a)		146,000		143,163
				3,478,671
OIL & GAS SERVICES - 1.9%
Archrock Services LP / Archrock Partners Finance Corp., 6.00%, 2/1/34 (a)		40,000		39,754
Bristow Group, Inc., 6.75%, 2/1/33 (a)		130,000		130,427
Enerflex, Inc., 6.88%, 1/15/31 (a)		35,000		35,833
Kodiak Gas Services LLC
5.88%, 4/1/31 (a)		30,000		30,051
6.50%, 10/1/33 (a)		15,000		15,204
6.75%, 10/1/35 (a)		15,000		15,394
Tidewater, Inc., 9.13%, 7/15/30 (a)		203,000		217,458

See accompanying notes to financial statements.
35

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
OIL & GAS SERVICES - 1.9% (Continued)
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 3/15/29 (a)	$	62,000	$	63,508
Viridien, 10.00%, 10/15/30 (a)		170,000		180,382
Weatherford International Ltd., 6.75%, 10/15/33 (a)		65,000		66,295
				794,306
PACKAGING & CONTAINERS - 0.2%
Ardagh Group SA, 9.50%, 12/1/30 (a)		69,000		73,758
PHARMACEUTICALS - 2.0%
Amneal Pharmaceuticals LLC, 6.88%, 8/1/32 (a)		237,000		246,105
CVS Health Corp.
6.75%, (US 5 Year CMT T-Note + 2.52%), 12/10/54 (b)		142,000		147,934
7.00%, (US 5 Year CMT T-Note + 2.89%), 3/10/55 (b)		150,000		155,739
Harrow, Inc., 8.63%, 9/15/30 (a)		94,000		95,257
HLF Financing Sarl LLC / Herbalife International, Inc., 7.75%, 5/1/33 (a)		110,000		111,502
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 7.88%, 5/15/34 (a)		55,000		58,882
				815,419
PIPELINES - 3.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.75%, 10/15/33 (a)		21,000		20,800
5.75%, 7/1/34 (a)		45,000		44,438
CNX Midstream Partners LP, 4.75%, 4/15/30 (a)		68,000		64,826
Delek Logistics Partners LP / Delek Logistics Finance Corp.
8.63%, 3/15/29 (a)		141,000		146,498
7.38%, 6/30/33 (a)		50,000		50,936
6.88%, 6/1/34 (a)		40,000		39,809
Energy Transfer LP
8.00%, (US 5 Year CMT T-Note + 4.02%), 5/15/54 (b)		48,000		50,932
7.13%, (US 5 Year CMT T-Note + 2.83%), 10/1/54 (b)		82,000		84,374
6.50%, (US 5 Year CMT T-Note + 2.68%), 2/15/56 (b)		67,000		67,562
6.75%, (US 5 Year CMT T-Note + 2.48%), 2/15/56 (b)		66,000		67,427
Global Partners LP / GLP Finance Corp., 8.25%, 1/15/32 (a)		87,000		91,117
Golar LNG Ltd., 7.50%, 10/2/30 (a)		172,000		174,902
NGL Energy Operating LLC / NGL Energy Finance Corp.
8.13%, 2/15/29 (a)		63,000		65,132
8.38%, 2/15/32 (a)		213,000		221,744

	Shares/ Principal		Fair Value
PIPELINES - 3.8% (Continued)
Prairie Acquiror LP, 9.00%, 8/1/29 (a)	$	35,000	$	36,354
South Bow Canadian Infrastructure Holdings Ltd.
7.50%, (US 5 Year CMT T-Note + 3.67%), 3/1/55 (b)		46,000		49,128
7.63%, (US 5 Year CMT T-Note + 3.95%), 3/1/55 (b)		47,000		49,198
Venture Global LNG, Inc.
9.50%, 2/1/29 (a)		112,000		120,652
9.88%, 2/1/32 (a)		127,000		135,580
				1,581,409
REAL ESTATE - 1.2%
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., 7.00%, 4/15/30 (a)		106,000		106,836
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 9.75%, 4/15/30 (a)		144,000		154,808
Cushman & Wakefield US Borrower LLC, 8.88%, 9/1/31 (a)		99,000		103,628
Five Point Operating Co. LP, 8.00%, 10/1/30 (a)		110,000		112,615
Howard Hughes Corp. (The), 4.13%, 2/1/29 (a)		9,000		8,696
				486,583
REITS - 4.6%
Blackstone Mortgage Trust, Inc.
7.75%, 12/1/29 (a)		208,000		215,567
6.25%, 6/1/31 (a)		115,000		111,247
Diversified Healthcare Trust
7.25%, 10/15/30 (a)		15,000		15,440
4.38%, 3/1/31		134,000		122,664
EF Holdco / EF Cayman Hold / Ellington Finance REIT Cayman / TRS / EF Cayman NON-MTM, 7.38%, 9/30/30 (a)		44,000		43,783
Iron Mountain, Inc.
5.25%, 3/15/28 (a)		35,000		34,956
5.63%, 7/15/32 (a)		86,000		85,004
6.25%, 1/15/33 (a)		191,000		192,848
6.25%, 1/15/35 (a)		75,000		75,322
Millrose Properties, Inc.
6.38%, 8/1/30 (a)		128,000		129,735
6.25%, 9/15/32 (a)		149,000		150,305
RHP Hotel Properties LP / RHP Finance Corp., 5.75%, 3/15/34 (a)		20,000		19,814
Rithm Capital Corp.
8.00%, 4/1/29 (a)		227,000		227,923
8.00%, 7/15/30 (a)		43,000		42,893
Service Properties Trust, 8.88%, 6/15/32		133,000		136,968
Starwood Property Trust, Inc.
7.25%, 4/1/29 (a)		132,000		136,302
6.00%, 4/15/30 (a)		49,000		49,180

See accompanying notes to financial statements.
36

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
REITS - 4.6% (Continued)
6.50%, 7/1/30 (a)	$	61,000	$	62,295
6.50%, 10/15/30 (a)		50,000		51,133
6.13%, 6/1/31 (a)		5,000		5,026
				1,908,405
RETAIL - 4.1%
Academy Ltd., 5.88%, 5/15/31 (a)		40,000		40,028
Advance Auto Parts, Inc.
7.00%, 8/1/30 (a)		21,000		21,536
7.38%, 8/1/33 (a)		21,000		21,766
Carvana Co.
9.00% Cash, 6/1/30 (a),(c)		163,000		168,509
9.00% Cash, 6/1/31 (a),(c)		47,490		52,468
FirstCash, Inc.
5.63%, 1/1/30 (a)		21,000		20,879
6.88%, 3/1/32 (a)		226,000		232,251
6.13%, 5/1/34 (a)		115,000		114,470
Gap, Inc. (The), 3.63%, 10/1/29 (a)		130,000		122,494
Kohl's Corp.
10.00%, 6/1/30 (a)		43,000		46,514
5.13%, 5/1/31		24,000		21,422
Macy's Retail Holdings LLC, 7.38%, 8/1/33 (a)		182,000		191,085
Murphy Oil USA, Inc., 5.88%, 6/1/34 (a)		170,000		170,543
Nordstrom, Inc.
4.00%, 3/15/27		21,000		20,790
4.38%, 4/1/30		93,000		89,515
4.25%, 8/1/31		24,000		22,541
5.00%, 1/15/44		91,000		64,220
QXO Building Products, Inc.
6.50%, 7/15/31 (a)		10,000		10,193
6.75%, 4/30/32 (a)		240,000		247,834
6.88%, 7/15/34 (a)		15,000		15,413
				1,694,471
SEMICONDUCTORS - 0.6%
Amkor Technology, Inc., 5.88%, 10/1/33 (a)		85,000		85,265
Kioxia Holdings Corp.
6.25%, 7/24/30 (a)		60,000		61,919
6.63%, 7/24/33 (a)		95,000		99,444
				246,628
SOFTWARE - 2.6%
Cloud Software Group, Inc., 8.25%, 6/30/32 (a)		138,000		129,504
Coreweave, Inc., 9.75%, 10/1/31 (a)		75,000		74,930
CoreWeave, Inc.
9.25%, 6/1/30 (a)		257,000		258,973
9.00%, 2/1/31 (a)		53,000		52,338
9.63%, 7/15/32 (a)		40,000		39,455
Elastic NV, 4.13%, 7/15/29 (a)		111,000		105,901
Fair Isaac Corp., 6.25%, 9/15/34 (a)		210,000		206,851
Open Text Holdings, Inc., 4.13%, 2/15/30 (a)		38,000		34,807
Pagaya US Holdings Co. LLC, 8.88%, 8/1/30 (a)		36,000		30,866

	Shares/ Principal		Fair Value
SOFTWARE - 2.6% (Continued)
SS&C Technologies, Inc., 6.50%, 6/1/32 (a)	$	55,000	$	55,470
UKG, Inc., 6.88%, 2/1/31 (a)		101,000		98,113
				1,087,208
TELECOMMUNICATIONS - 7.6%
APLD ComputeCo 2 LLC, 6.75%, 3/15/31 (a)		68,000		68,245
APLD ComputeCo 3 LLC, 7.00%, 6/15/31 (a)		35,000		34,971
APLD ComputeCo LLC, 9.25%, 12/15/30 (a)		363,000		391,743
Bell Telephone Co. of Canada Or Bell Canada
6.88%, (US 5 Year CMT T-Note + 2.39%), 9/15/55 (b)		50,000		51,108
7.00%, (US 5 Year CMT T-Note + 2.36%), 9/15/55 (b)		99,000		102,303
Connect Finco Sarl / Connect US Finco LLC, 9.00%, 9/15/29 (a)		360,000		378,818
Core Scientific Finance I LLC, 7.75%, 5/15/31 (a)		100,000		101,412
Elk Grove Village Property LLC, 7.50%, 6/15/31 (a)		35,000		35,284
Flash Compute LLC, 7.25%, 12/31/30 (a)		55,000		56,596
Level 3 Financing, Inc.
6.88%, 6/30/33 (a)		274,728		282,253
7.50%, 2/15/37 (a)		20,000		20,516
Meridian Arc Holdco LLC, 6.25%, 4/30/31 (a)		40,000		40,097
Millicom International Cellular SA
6.25%, 3/25/29 (a)		135,000		135,522
7.38%, 4/2/32 (a)		175,000		180,719
PR RNO Property Owner 1 LLC, 6.50%, 5/1/31 (a)		125,000		124,900
RD Michigan Property Owner I LLC, 7.50%, 3/30/45 (a)		70,000		69,821
Rogers Communications, Inc.
7.00%, (US 5 Year CMT T-Note + 2.65%), 4/15/55 (b)		41,000		41,995
7.13%, (US 5 Year CMT T-Note + 2.62%), 4/15/55 (b)		40,000		41,108
Telecom Italia Capital SA
6.38%, 11/15/33		34,000		35,563
6.00%, 9/30/34		22,000		22,471
7.20%, 7/18/36		82,000		89,675
7.72%, 6/4/38		186,000		213,588
TELUS Corp.
7.00%, (US 5 Year CMT T-Note + 2.71%), 10/15/55 (b)		41,000		42,398
6.63%, (US 5 Year CMT T-Note + 2.52%), 6/9/56 (b)		43,000		42,894
Uniti Services LLC, 7.50%, 10/15/33 (a)		54,000		56,828
Viasat, Inc., 5.63%, 4/15/27 (a)		22,000		21,979
Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/1/31 (a)		79,000		83,313
WULF Compute LLC, 7.75%, 10/15/30 (a)		151,000		158,602
Zegona Finance PLC, 8.63%, 7/15/29 (a)		228,000		238,102
				3,162,824

See accompanying notes to financial statements.
37

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
TRANSPORTATION - 0.8%
Danaos Corp., 6.88%, 10/15/32 (a)	$	175,000	$	180,828
RXO, Inc., 6.38%, 5/15/31 (a)		136,000		137,842
				318,670
TRUCKING & LEASING - 0.8%
Fortress Transportation and Infrastructure Investors LLC
7.88%, 12/1/30 (a)		125,000		130,606
7.00%, 6/15/32 (a)		105,000		108,445
FTAI Aviation Investors LLC, 7.00%, 5/1/31 (a)		85,000		88,043
				327,094
TOTAL CORPORATE BONDS AND NOTES (Cost - $40,218,988)				40,909,363
SHORT-TERM INVESTMENTS - 0.4%
MONEY MARKET FUNDS - 0.4%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53% (d) (Cost - $184,001)		184,001		184,001
TOTAL SHORT-TERM INVESTMENTS (Cost - $184,001)				184,001
TOTAL INVESTMENTS - 98.8% (Cost - $40,402,989)			$	41,093,364
OTHER ASSETS LESS LIABILITIES - NET 1.2%				493,269
TOTAL NET ASSETS - 100.0%			$	41,586,633

† Represents less than 0.05%.

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

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

CMT - Treasury Constant Maturity Rate

Libor - London Interbank Offer Rate

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.
38

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited)

June 30, 2026

	Shares/ Principal		Fair Value
CORPORATE BONDS AND NOTES - 35.6%
AEROSPACE & DEFENSE - 0.8%
Boeing Co. (The)
3.45%, 11/1/28	$	100,000	$	97,396
5.15%, 5/1/30		66,000		66,822
6.53%, 5/1/34		63,000		68,615
6.86%, 5/1/54		94,000		106,056
Howmet Aerospace, Inc., 4.85%, 10/15/31		46,000		46,193
Northrop Grumman Corp., 4.75%, 6/1/43		25,000		22,863
RTX Corp., 4.05%, 5/4/47		50,000		40,366
				448,311
AGRICULTURE - 0.4%
BAT Capital Corp.
2.26%, 3/25/28		75,000		72,175
6.00%, 2/20/34		157,000		165,788
				237,963
AUTO MANUFACTURERS - 0.3%
General Motors Financial Co., Inc., 2.35%, 1/8/31		125,000		111,877
Hyundai Capital America, 5.40%, 6/24/31 (a)		50,000		50,753
				162,630
BANKS - 7.5%
Banco Santander SA, 5.57%, 1/17/30		200,000		205,123
Bank of America Corp.
3.42%, (3 Month Term SOFR + 1.30%), 12/20/28 (b)		108,000		106,217
4.27%, (3 Month Term SOFR + 1.57%), 7/23/29 (b)		125,000		124,049
2.59%, (SOFR + 2.15%), 4/29/31 (b)		75,000		69,251
1.90%, (SOFR + 1.53%), 7/23/31 (b)		100,000		89,252
2.65%, (SOFR + 1.22%), 3/11/32 (b)		100,000		90,734
2.97%, (SOFR + 1.33%), 2/4/33 (b)		50,000		45,173
4.57%, (SOFR + 1.83%), 4/27/33 (b)		50,000		49,055
5.51%, (SOFR + 1.31%), 1/24/36 (b)		25,000		25,565
2.48%, (US 5 Year CMT T-Note + 1.20%), 9/21/36 (b)		75,000		65,451
5.05%, (SOFR + 1.13%), 2/6/37 (b)		225,000		221,979
5.49%, (SOFR + 1.57%), 4/23/37 (b)		145,000		144,613
Barclays PLC, 5.79%, (SOFR + 1.59%), 2/25/36 (b)		200,000		204,055
Canadian Imperial Bank of Commerce, 5.25%, (SOFR + 1.11%), 1/13/31 (b)		100,000		101,574
Citigroup, Inc.
4.45%, 9/29/27		125,000		124,819
3.67%, (3 Month Term SOFR + 1.65%), 7/24/28 (b)		50,000		49,566
2.98%, (SOFR + 1.42%), 11/5/30 (b)		100,000		94,469
3.06%, (SOFR + 1.35%), 1/25/33 (b)		50,000		45,335
6.02%, (SOFR + 1.83%), 1/24/36 (b)		60,000		61,899

	Shares/ Principal		Fair Value
BANKS - 7.5% (Continued)
First Horizon Corp., 5.51%, (SOFR + 1.77%), 3/7/31 (b)	$	55,000	$	55,725
JPMorgan Chase & Co.
3.51%, (3 Month Term SOFR + 1.21%), 1/23/29 (b)		125,000		122,960
2.96%, (3 Month Term SOFR + 2.52%), 5/13/31 (b)		25,000		23,361
4.35%, (SOFR + 0.84%), 1/22/32 (b)		90,000		88,240
2.96%, (SOFR + 1.26%), 1/25/33 (b)		50,000		45,304
5.57%, (SOFR + 1.68%), 4/22/36 (b)		145,000		149,249
4.90%, (SOFR + 1.07%), 1/22/37 (b)		120,000		117,040
5.19%, (SOFR + 1.30%), 2/5/37 (b)		75,000		73,874
M&T Bank Corp., 5.05%, (SOFR + 1.85%), 1/27/34 (b)		90,000		89,341
Morgan Stanley
3.63%, 1/20/27		50,000		49,803
3.95%, 4/23/27		30,000		29,905
5.16%, (SOFR + 1.59%), 4/20/29 (b)		155,000		156,260
4.43%, (3 Month Term SOFR + 1.89%), 1/23/30 (b)		50,000		49,559
2.70%, (SOFR + 1.14%), 1/22/31 (b)		75,000		69,701
1.79%, (SOFR + 1.03%), 2/13/32 (b)		125,000		108,811
5.47%, (SOFR + 1.73%), 1/18/35 (b)		30,000		30,494
5.66%, (SOFR + 1.76%), 4/17/36 (b)		50,000		51,406
Toronto-Dominion Bank (The), 4.46%, 6/8/32		25,000		24,597
US Bancorp
5.78%, (SOFR + 2.02%), 6/12/29 (b)		70,000		71,476
4.97%, (SOFR + 2.11%), 7/22/33 (b)		140,000		138,860
5.85%, (SOFR + 2.09%), 10/21/33 (b)		50,000		52,201
Wells Fargo & Co.
3.00%, 10/23/26		325,000		323,766
4.30%, 7/22/27		100,000		99,932
4.15%, 1/24/29		25,000		24,775
4.90%, (SOFR + 2.10%), 7/25/33 (b)		11,000		10,927
Westpac Banking Corp.
4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34 (b)		75,000		73,102
5.62%, (US 1 Year CMT T-Note + 1.20%), 11/20/35 (b)		114,000		115,116
				4,163,964
BEVERAGES - 1.2%
Anheuser-Busch InBev Worldwide, Inc.
8.20%, 1/15/39		25,000		31,455
5.45%, 1/23/39		35,000		35,661
Coca-Cola Consolidated, Inc., 5.45%, 6/1/34		40,000		41,081
Constellation Brands, Inc.
3.60%, 2/15/28		100,000		98,460
3.15%, 8/1/29		125,000		119,659
2.25%, 8/1/31		50,000		44,165

See accompanying notes to financial statements.
39

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
BEVERAGES - 1.2% (Continued)
Keurig Dr Pepper, Inc., 3.80%, 5/1/50	$	19,000	$	13,665
Pernod Ricard International Finance LLC, 1.63%, 4/1/31 (a)		330,000		285,792
				669,938
BIOTECHNOLOGY - 0.6%
Amgen, Inc.
5.25%, 3/2/30		130,000		132,517
5.25%, 3/2/33		84,000		85,575
Royalty Pharma PLC
2.20%, 9/2/30		70,000		63,301
5.40%, 9/2/34		79,000		79,834
				361,227
BUILDING MATERIALS - 0.3%
Carrier Global Corp.
2.70%, 2/15/31		75,000		68,810
5.90%, 3/15/34		101,000		106,644
				175,454
CHEMICALS - 0.0%†
International Flavors & Fragrances, Inc., 1.83%, 10/15/27 (a)		27,000		26,077
COMMERCIAL SERVICES - 0.6%
Cornell University, 4.73%, 6/15/35		130,000		128,203
Global Payments, Inc., 5.55%, 11/15/35		80,000		77,670
Quanta Services, Inc., 5.25%, 8/9/34		68,000		68,878
S&P Global, Inc., 2.95%, 1/22/27		50,000		49,654
				324,405
COMPUTERS - 0.1%
Dell International LLC / EMC Corp., 5.30%, 10/1/29		25,000		25,427
Hewlett Packard Enterprise Co., 5.00%, 10/15/34		57,000		55,893
				81,320
DIVERSIFIED FINANCIAL SERVICES - 1.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
2.45%, 10/29/26		225,000		223,643
5.38%, 12/15/31		150,000		152,768
Ally Financial, Inc., 2.20%, 11/2/28		100,000		94,458
Avolon Holdings Funding Ltd.
6.38%, 5/4/28 (a)		40,000		41,036
5.15%, 1/15/30 (a)		26,000		26,099
Capital One Financial Corp., 6.18%, (SOFR + 2.04%), 1/30/36 (b)		120,000		122,897
Nasdaq, Inc., 3.25%, 4/28/50		25,000		17,004
Synchrony Financial, 4.95%, (SOFR + 1.53%), 2/25/32 (b)		80,000		78,044
				755,949

	Shares/ Principal		Fair Value
ELECTRIC - 1.4%
Ameren Corp., 3.50%, 1/15/31	$	25,000	$	23,713
American Electric Power Co., Inc., 2.30%, 3/1/30		50,000		45,976
Dominion Energy, Inc., 3.38%, 4/1/30		50,000		47,757
Duke Energy Carolinas LLC, 3.95%, 3/15/48		25,000		19,567
Duquesne Light Holdings, Inc., 2.53%, 10/1/30 (a)		100,000		89,634
Entergy Corp., 2.95%, 9/1/26		175,000		174,631
Exelon Corp., 4.05%, 4/15/30		50,000		48,823
FirstEnergy Corp., 2.25%, 9/1/30		50,000		45,025
NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28		80,000		76,118
Pacific Gas and Electric Co.
2.10%, 8/1/27		25,000		24,343
2.50%, 2/1/31		50,000		44,869
3.30%, 8/1/40		25,000		18,783
Southern California Edison Co., 4.20%, 3/1/29		100,000		98,507
				757,746
ELECTRONICS - 0.1%
Allegion US Holding Co., Inc., 5.60%, 5/29/34		45,000		46,013
ENGINEERING & CONSTRUCTION - 0.4%
Mexico City Airport Trust, 3.88%, 4/30/28 (a)		200,000		195,131
ENVIRONMENTAL CONTROL - 0.1%
Republic Services, Inc., 4.88%, 4/1/29		50,000		50,485
FOOD - 1.4%
Campbell's Co. (The), 4.75%, 3/23/35		39,000		36,515
J M Smucker Co. (The)
5.90%, 11/15/28		83,000		85,472
6.20%, 11/15/33		47,000		50,183
Mars, Inc.
4.80%, 3/1/30 (a)		150,000		150,548
5.00%, 3/1/32 (a)		125,000		125,991
5.20%, 3/1/35 (a)		200,000		201,090
Sysco Corp., 4.45%, 3/15/48		25,000		20,439
The Campbell's Co., 5.40%, 3/21/34		117,000		115,452
				785,690
GAS - 0.0%†
NiSource, Inc., 3.60%, 5/1/30		25,000		24,011
HEALTHCARE-PRODUCTS - 0.3%
Solventum Corp.
5.40%, 3/1/29		47,000		47,832
5.60%, 3/23/34		60,000		61,488
STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31		75,000		68,251
				177,571

See accompanying notes to financial statements.
40

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
HEALTHCARE-SERVICES - 3.2%
Adventist Health System/West
2.95%, 3/1/29	$	25,000	$	23,725
4.74%, 12/1/30		155,000		153,668
5.76%, 12/1/34		35,000		35,711
Ascension Health, 4.92%, 11/15/35		75,000		74,192
Banner Health, 2.34%, 1/1/30		145,000		134,427
Baylor Scott & White Holdings, 1.78%, 11/15/30		50,000		44,388
Cigna Group (The)
5.13%, 5/15/31		85,000		86,504
4.80%, 8/15/38		75,000		71,225
CommonSpirit Health
4.35%, 9/1/30		40,000		39,135
4.98%, 9/1/35		65,000		63,145
3.91%, 10/1/50		110,000		82,010
6.46%, 11/1/52		105,000		113,038
Elevance Health, Inc., 4.60%, 9/15/32		150,000		147,367
HCA, Inc.
4.50%, 2/15/27		100,000		99,958
5.45%, 4/1/31		125,000		127,808
Humana, Inc., 5.95%, 3/15/34		20,000		20,731
Laboratory Corp. of America Holdings, 4.80%, 10/1/34		35,000		34,151
PeaceHealth Obligated Group, 4.34%, 11/15/28		55,000		54,553
Rush System for Health Obligated Group, 3.92%, 11/15/29		60,000		58,625
Sutter Health
2.29%, 8/15/30		25,000		22,764
4.09%, 8/15/48		225,000		180,994
UnitedHealth Group, Inc.
5.88%, 2/15/53		50,000		50,504
5.05%, 4/15/53		50,000		45,097
				1,763,720
HOME BUILDERS - 0.1%
Lennar Corp., 4.75%, 11/29/27		45,000		45,080
INSURANCE - 0.8%
Assurant, Inc., 3.70%, 2/22/30		191,000		182,792
Chubb INA Holdings LLC, 6.80%, 11/15/31		49,000		53,479
Principal Financial Group, Inc.
3.10%, 11/15/26		75,000		74,615
2.13%, 6/15/30		100,000		90,640
Willis North America, Inc., 2.95%, 9/15/29		50,000		47,372
				448,898
INTERNET - 1.4%
Alphabet, Inc., 4.10%, 11/15/30		250,000		246,084
Expedia Group, Inc.
3.25%, 2/15/30		28,000		26,608

	Shares/ Principal		Fair Value
INTERNET - 1.4% (Continued)
2.95%, 3/15/31	$	14,000	$	12,886
5.40%, 2/15/35		50,000		49,607
Meta Platforms, Inc.
4.20%, 11/15/30		100,000		98,464
4.88%, 11/15/35		225,000		219,296
Netflix, Inc., 5.88%, 11/15/28		95,000		98,036
Uber Technologies, Inc., 4.50%, 8/15/29 (a)		50,000		49,638
				800,619
INVESTMENT COMPANIES - 0.0%†
Blackstone Secured Lending Fund, 5.88%, 11/15/27		25,000		25,182
LEISURE TIME - 0.2%
Royal Caribbean Cruises Ltd., 5.25%, 2/27/38		90,000		87,328
LODGING - 1.0%
Choice Hotels International, Inc.
3.70%, 1/15/31		94,000		88,734
5.85%, 8/1/34		45,000		45,783
Hyatt Hotels Corp., 5.50%, 6/30/34		147,000		148,918
Marriott International, Inc.
4.90%, 4/15/29		50,000		50,434
4.88%, 5/15/29		39,000		39,324
2.85%, 4/15/31		175,000		160,939
4.50%, 5/1/33		50,000		48,455
				582,587
MACHINERY-CONSTRUCTION & MINING - 0.2%
Vertiv Holdings Co., 4.85%, 3/15/36		100,000		97,277
MACHINERY-DIVERSIFIED - 0.1%
IDEX Corp., 2.63%, 6/15/31		25,000		22,532
Ingersoll Rand, Inc., 5.70%, 8/14/33		45,000		46,846
				69,378
MEDIA - 0.7%
Comcast Corp.
5.30%, 6/1/34		98,000		98,549
3.75%, 4/1/40		25,000		20,032
Space Exploration Technologies Corp.
5.35%, 7/15/31 (a)		125,000		124,774
5.88%, 7/15/36 (a)		125,000		123,560
				366,915
OIL & GAS - 0.3%
Marathon Petroleum Corp., 3.80%, 4/1/28		25,000		24,672
Phillips 66, 3.90%, 3/15/28		150,000		148,328
				173,000

See accompanying notes to financial statements.
41

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
PHARMACEUTICALS - 0.5%
Cencora, Inc., 2.70%, 3/15/31	$	117,000	$	106,733
CVS Health Corp., 4.78%, 3/25/38		160,000		150,301
				257,034
PIPELINES - 1.0%
Energy Transfer LP
5.25%, 4/15/29		100,000		101,371
5.30%, 4/15/47		25,000		22,525
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40		169,782		141,025
MPLX LP
4.80%, 2/15/29		50,000		50,123
2.65%, 8/15/30		125,000		115,137
Targa Resources Corp., 4.20%, 2/1/33		40,000		37,956
Williams Cos., Inc. (The), 5.65%, 3/15/33		75,000		77,298
				545,435
REITS - 2.0%
Agree LP, 4.80%, 10/1/32		35,000		34,621
American Homes 4 Rent LP
4.90%, 2/15/29		50,000		50,162
2.38%, 7/15/31		30,000		26,559
Camden Property Trust, 2.80%, 5/15/30		75,000		70,104
Crown Castle, Inc.
3.65%, 9/1/27		75,000		74,278
3.30%, 7/1/30		204,000		192,364
CubeSmart LP, 2.50%, 2/15/32		15,000		13,229
Essex Portfolio LP, 3.00%, 1/15/30		75,000		70,818
Host Hotels & Resorts LP, 2.90%, 12/15/31		42,000		37,654
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28		50,000		47,341
Kilroy Realty LP, 4.75%, 12/15/28		79,000		78,437
Prologis LP, 4.63%, 1/15/33		75,000		74,196
Realty Income Corp., 3.40%, 1/15/30		100,000		95,803
Regency Centers LP, 2.95%, 9/15/29		125,000		118,803
UDR, Inc., 2.10%, 8/1/32		25,000		21,281
WP Carey, Inc.
3.85%, 7/15/29		75,000		73,332
2.40%, 2/1/31		25,000		22,501
				1,101,483
RETAIL - 0.6%
7-Eleven, Inc., 1.30%, 2/10/28 (a)		100,000		94,985
Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (a)		50,000		49,567
AutoNation, Inc., 1.95%, 8/1/28		25,000		23,583
Lowe's Cos., Inc., 1.70%, 9/15/28		75,000		70,596
O'reilly Automotive, Inc., 5.10%, 3/12/36		40,000		39,695
Starbucks Corp., 4.00%, 11/15/28		75,000		74,156
				352,582

	Shares/ Principal		Fair Value
SEMICONDUCTORS - 1.0%
Broadcom, Inc.
3.42%, 4/15/33	$	150,000	$	136,922
3.47%, 4/15/34		40,000		35,966
Intel Corp.
5.20%, 2/10/33		100,000		101,239
5.15%, 2/21/34		28,000		28,023
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.40%, 5/1/30		50,000		47,653
2.50%, 5/11/31		125,000		112,252
2.65%, 2/15/32		75,000		66,512
				528,567
SOFTWARE - 3.3%
Constellation Software, Inc., 5.46%, 2/16/34 (a)		41,000		40,252
Electronic Arts, Inc., 2.95%, 2/15/51		54,000		42,046
Fidelity National Information Services, Inc., 4.80%, 3/10/31		100,000		98,962
Fiserv, Inc., 4.20%, 10/1/28		100,000		98,672
Oracle Corp.
2.95%, 4/1/30		25,000		23,023
4.65%, 5/6/30		100,000		98,124
2.88%, 3/25/31		225,000		201,158
5.25%, 2/3/32		90,000		88,796
4.80%, 9/26/32		165,000		157,121
4.90%, 2/6/33		91,000		86,381
5.35%, 5/4/33		80,000		77,859
5.20%, 9/26/35		105,000		98,402
5.70%, 2/4/36		80,000		77,591
3.60%, 4/1/40		25,000		18,267
6.00%, 8/3/55		25,000		21,363
6.70%, 2/4/56		40,000		37,776
Salesforce, Inc.
4.90%, 9/15/31		230,000		229,687
5.55%, 3/15/36		209,000		208,735
Synopsys, Inc., 5.00%, 4/1/32		55,000		55,144
VMware LLC
1.80%, 8/15/28		25,000		23,660
2.20%, 8/15/31		75,000		66,106
				1,849,125
TELECOMMUNICATIONS - 1.9%
AT&T, Inc.
4.90%, 8/15/37		50,000		47,780
4.85%, 3/1/39		85,000		79,080
Beacon Point DC LLC, 6.13%, 11/30/42 (a)		125,000		126,313
QTS Fayetteville I Dc1-2 LLC / QTS TRS Fayetteville I DC1-2 LLC, 5.70%, 4/15/36 (a)		245,000		233,144
Rogers Communications, Inc., 3.20%, 3/15/27		215,000		213,017

See accompanying notes to financial statements.
42

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
TELECOMMUNICATIONS - 1.9% (Continued)
T-Mobile USA, Inc.
3.75%, 4/15/27	$	111,000	$	110,438
5.20%, 1/15/33		150,000		151,934
Verizon Communications, Inc.
4.02%, 12/3/29		25,000		24,545
2.55%, 3/21/31		100,000		90,845
				1,077,096
TRANSPORTATION - 0.3%
Burlington Northern Santa Fe LLC, 3.25%, 6/15/27		75,000		74,327
FedEx Corp., 3.40%, 2/15/28		25,000		24,578
Union Pacific Corp., 2.80%, 2/14/32		100,000		91,100
				190,005
TRUCKING & LEASING - 0.1%
Penske Truck Leasing Co. LP / PTL Finance Corp., 5.25%, 7/1/29 (a)		48,000		48,615
TOTAL CORPORATE BONDS AND NOTES (Cost - $20,362,156)				19,853,811
AGENCY MORTGAGE BACKED SECURITIES - 31.6%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.3%
Freddie Mac Pool
4.00%, 3/1/50		323,165		307,561
3.00%, 12/1/50		488,780		435,604
2.50%, 9/1/51		663,522		565,480
2.00%, 1/1/52		1,552,224		1,249,346
4.50%, 6/1/52		424,732		412,619
				2,970,610
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.3%
Fannie Mae or Freddie Mac
4.50%, 7/1/41 (c)		1,000,000		988,594
5.50%, 7/1/56 (c)		2,250,000		2,259,492
6.00%, 7/1/56 (c)		1,000,000		1,022,031
Fannie Mae Pool
4.50%, 6/1/31		116,026		116,147
4.50%, 7/1/48		243,000		235,915
5.00%, 11/1/48		166,361		167,361
2.00%, 11/1/50		805,277		649,721
2.50%, 11/1/50		774,353		662,565
2.50%, 3/1/51		60,146		51,327
2.50%, 9/1/51		75,360		64,319
2.50%, 10/1/51		297,545		253,951
2.50%, 11/1/51		173,737		148,277
2.50%, 11/1/51		137,075		117,164
2.50%, 2/1/52		182,184		153,554
5.00%, 11/1/52		751,048		746,162
5.50%, 11/1/52		731,316		744,859
6.00%, 12/1/52		643,991		671,133
				9,052,572

	Shares/ Principal		Fair Value
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 10.0%
Ginnie Mae
2.00%, 8/20/51 (c)	$	328,667	$	275,074
6.00%, 7/20/56 (c)		500,000		510,156
Ginnie Mae II Pool
4.50%, 2/20/48		83,870		81,910
4.50%, 5/20/48		88,735		86,898
4.50%, 8/20/48		111,208		108,664
5.00%, 8/20/48		22,380		22,425
4.50%, 9/20/48		391,813		383,698
5.00%, 10/20/48		129,691		130,380
5.00%, 11/20/48		80,233		80,658
5.00%, 12/20/48		42,749		42,829
5.00%, 1/20/49		125,150		125,320
4.00%, 2/20/49		115,301		108,820
4.50%, 3/20/49		3,730		3,653
5.00%, 3/20/49		59,320		58,761
4.00%, 5/20/49		103,253		98,023
4.50%, 10/20/49		88,374		86,546
3.00%, 3/20/50		320,447		285,391
3.00%, 11/20/51		638,841		568,051
2.00%, 12/20/51		830,747		681,392
3.50%, 6/20/52		809,529		743,439
4.50%, 10/20/52		732,847		710,832
5.50%, 5/20/54		386,892		389,649
				5,582,569
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $18,112,199)				17,605,751
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 22.9%
720 East CLO IV Ltd., 4.93%, (3 Month Term SOFR + 1.26%), 7/15/39 (a),(b)		290,000		290,049
Aligned Data Centers Issuer LLC, 5.91%, 6/15/56 (a)		100,000		100,223
Angel Oak Mortgage Trust 2021-7, 1.98%, 10/25/66 (a),(d)		63,121		54,821
Angel Oak Mortgage Trust 2025-12, 5.04%, 12/25/70 (a)		140,411		139,876
Bain Capital Credit CLO 2019-1, 5.08%, (3 Month Term SOFR + 1.40%), 4/19/34 (a),(b)		200,000		200,056
BANK 2025-BNK51, 5.29%, 12/25/67		100,000		101,220
BANK5 2024-5YR9, 6.18%, 8/15/57 (d)		150,000		153,625
BANK5 2026-5YR22, 5.71%, 6/15/59		100,000		103,382
Barclays Dryrock Issuance Trust, 3.97%, 7/15/31		125,000		123,837
Barings CLO Ltd. 2024-I, 4.85%, (3 Month Term SOFR + 1.17%), 1/20/39 (a),(b)		250,000		249,499
BBCMS Mortgage Trust 2024-5C25, 6.36%, 3/15/57 (d)		100,000		102,733

See accompanying notes to financial statements.
43

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 22.9% (Continued)
Birch Grove CLO 3 Ltd., 4.94%, (3 Month Term SOFR + 1.26%), 1/19/38 (a),(b)	$	250,000	$	250,944
Birch Grove CLO 8 Ltd., 4.97%, (3 Month Term SOFR + 1.29%), 4/20/39 (a),(b)		250,000		250,141
BMO 2023-C7 Mortgage Trust, 6.16%, 12/15/56		100,000		105,605
BMO 2024-5C4 Mortgage Trust, 6.53%, 5/15/57 (d)		125,000		129,889
BX Commercial Mortgage Trust 2024-XL4, 5.07%, (1 Month Term SOFR + 1.44%), 2/15/39 (a),(b)		74,845		74,979
BX Commercial Mortgage Trust 2026-CSMO, 5.03%, (1 Month Term SOFR + 1.40%), 2/15/43 (a),(b)		100,000		100,208
BX Commercial Mortgage Trust 2026-LP3, 5.01%, (1 Month Term SOFR + 1.38%), 4/15/43 (a),(b)		198,122		198,717
BX Commercial Mortgage Trust 2026-Vlt10, 5.36%, 7/13/58 (a),(d)		100,000		97,390
BX Trust 2024-BIO, 5.27%, (1 Month Term SOFR + 1.64%), 2/15/41 (a),(b)		150,000		150,081
Carlyle US CLO 2025-3 Ltd., 5.05%, (3 Month Term SOFR + 1.38%), 7/25/38 (a),(b)		250,000		250,848
CBAMR 2017-4 Ltd., 5.09%, (3 Month Term SOFR + 1.42%), 3/31/38 (a),(b)		250,000		250,972
Chase Home Lending Mortgage Trust 2026-4, 4.93%, (SOFR + 1.30%), 2/25/57 (a),(b)		122,457		122,003
COLT 2021-2 Mortgage Loan Trust, 0.92%, 8/25/66 (a),(d)		51,208		44,037
COLT 2025-8 Mortgage Loan Trust, 5.48%, 8/25/70 (a),(e)		145,035		144,661
Connecticut Avenue Securities Trust
5.28%, (SOFR + 1.65%), 12/25/41 (a),(b)		32,270		32,377
5.43%, (SOFR + 1.80%), 1/25/44 (a),(b)		50,000		50,308
5.58%, (SOFR + 1.95%), 3/25/44 (a),(b)		50,000		50,373
4.48%, (SOFR + 0.85%), 1/25/46 (a),(b)		146,811		146,769
Csmc 2021-Nqm6 Trust, 1.17%, 7/25/66 (a),(d)		71,089		60,884
Dryden 108 CLO Ltd., 5.04%, (3 Month Term SOFR + 1.36%), 7/18/37 (a),(b)		300,000		300,000
Durst Commercial Mortgage Trust 2025-151, 5.32%, 8/10/42 (a),(d)		150,000		150,474
EFMT 2026-NQM4, 5.47%, 4/25/71 (a),(e)		120,553		120,655
Fannie Mae Remics, 4.63%, (SOFR + 1.00%), 3/25/55 (b)		126,585		127,049

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 22.9% (Continued)
Fidelity Grand Harbour Clo 2023-1 DAC, 4.03%, 2/15/38 (a)	$	250,000	$	286,165
Freddie Mac Multifamily Structured Pass Through Certificates
5.07%, 10/25/28 (d)		50,000		50,532
4.27%, (SOFR + 0.68%), 2/25/33 (b)		75,339		75,424
4.90%, 10/25/33 (d)		150,000		152,748
Freddie Mac STACR REMIC Trust 2021-DNA5, 5.28%, (SOFR + 1.65%), 1/25/34 (a),(b)		4,298		4,303
Freddie Mac STACR REMIC Trust 2024-DNA2, 4.83%, (SOFR + 1.20%), 5/25/44 (a),(b)		63,319		63,376
Freddie Mac STACR REMIC Trust 2024-DNA3, 4.58%, (SOFR + 0.95%), 9/25/45 (a),(b)		125,875		126,010
Henley CLO XVII DAC, 0.00%, 7/15/38		300,000		343,092
HLTN Commercial Mortgage Trust 2026-DPLO, 5.33%, (1 Month Term SOFR + 1.70%), 4/15/41 (a),(b)		150,000		150,447
Honda Auto Receivables 2023-4 Owner Trust, 5.67%, 6/21/28		103,035		103,652
IRV Trust 2025-200P
5.47%, 3/14/47 (a),(d)		200,000		201,842
5.62%, 3/14/47 (a),(d)		150,000		148,357
J.P. Morgan Mortgage Trust 2024-1, 6.00%, 6/25/54 (a),(d)		30,585		30,577
JP Morgan Mortgage Trust 2021-6, 2.50%, 10/25/51 (a),(d)		83,490		68,775
JP Morgan Mortgage Trust Series 2024-VIS2, 5.85%, 11/25/64 (a),(e)		223,221		223,358
Kennedy Lewis CLO 22 Ltd., 5.01%, (3 Month Term SOFR + 1.33%), 7/20/38 (a),(b)		250,000		250,439
LEX 2024-BBG Mortgage Trust, 5.04%, 10/13/33 (a),(d)		150,000		149,507
Madison Park Funding XL-R Ltd., 4.97%, (3 Month Term SOFR + 1.29%), 10/16/38 (a),(b)		275,000		275,113
Manhattan West 2026-2MW Mortgage Trust
5.50%, 6/10/48 (a),(d)		200,000		201,616
5.72%, 6/10/48 (a),(d)		200,000		200,103
Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/15/53		250,000		225,686
Morgan Stanley Residential Mortgage Loan Trust 2025-NQM4, 5.59%, 6/25/70 (a),(e)		160,889		160,758
Neuberger Berman CLO XVII Ltd., 4.86%, (3 Month Term SOFR + 1.22%), 7/22/40 (a),(b)		300,000		299,998
Nissan Auto Receivables 2023-B Owner Trust, 5.93%, 3/15/28		12,533		12,610
NYC Commercial Mortgage Trust 2025-11X, 5.37%, (1 Month Term SOFR + 1.74%), 10/15/40 (a),(b)		100,000		100,428

See accompanying notes to financial statements.
44

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 22.9% (Continued)
NYC Trust 2026-9W57 5.05%, 6/6/40 (a),(d)	$	200,000	$	199,350
5.35%, 6/6/40 (a),(d)		100,000		99,678
OBX 2024-NQM14 Trust, 4.94%, 9/25/64 (a),(e)		109,709		109,052
OBX 2025-NQM11 Trust, 5.42%, 5/25/65 (a),(e)		112,865		112,523
OCP CLO 2017-14 Ltd., 5.05%, (3 Month Term SOFR + 1.37%), 7/20/37 (a),(b)		350,000		350,259
OCP CLO 2020-18 Ltd., 0.00%, (3 Month Term SOFR + 1.22%), 7/21/39 (a),(b)		300,000		299,998
OHA Credit Funding 7 Ltd., 4.96%, (3 Month Term SOFR + 1.28%), 7/19/38 (a),(b)		275,000		275,196
Pikes Peak CLO 19 2025, 5.02%, (3 Month Term SOFR + 1.34%), 7/20/38 (a),(b)		250,000		250,567
PRKCM 2021-AFC2 Trust, 2.07%, 11/25/56 (a),(d)		168,669		142,987
RAD CLO 27 Ltd., 4.99%, (3 Month Term SOFR + 1.32%), 1/15/38 (a),(b)		150,000		150,126
Regatta 30 Funding Ltd., 4.99%, (3 Month Term SOFR + 1.32%), 1/25/38 (a),(b)		275,000		275,619
ROCK TRUST 2024-CNTR
5.39%, 11/13/41 (a)		150,000		151,538
5.93%, 11/13/41 (a)		100,000		101,736
Santander Drive Auto Receivables Trust 2025-1, 4.74%, 1/16/29		73,101		73,196
Sixth Street CLO XVI Ltd., 4.84%, (3 Month Term SOFR + 1.17%), 1/21/39 (a),(b)		300,000		299,400
Sound Point Euro Clo 14 funding DAC, 3.84%, 4/20/39 (a)		250,000		284,969
Starwood Mortgage Residential Trust 2020-2, 3.00%, 4/25/60 (a),(d)		150,000		146,954
Verus Securitization Trust 2021-7, 2.83%, 10/25/66 (a),(e)		69,482		61,147
Verus Securitization Trust 2022-1, 3.29%, 1/25/67 (a),(d)		92,767		85,870
Warwick Capital CLO 1 Ltd., 4.96%, (3 Month Term SOFR + 1.28%), 10/20/38 (a),(b)		250,000		250,430
Wells Fargo Mortgage Backed Securities Trust 2019-3, 3.50%, 7/25/49 (a),(d)		4,669		4,241
Wonder Lake Park CLO Ltd., 4.96%, (3 Month Term SOFR + 1.29%), 7/24/38 (a),(b)		325,000		325,358
TOTAL ASSET BACKED AND COMMERCIAL BACKED SECURITIES (Cost - $12,773,974)				12,783,795

	Shares/ Principal		Fair Value
U.S. TREASURY SECURITIES AND AGENCY BONDS - 14.1%
Federal Farm Credit Banks Funding Corp. 2.90%, 4/12/32	$	290,000	$	269,675
3.50%, 9/1/32		40,000		38,221
2.85%, 3/28/34		370,000		332,641
1.70%, 4/23/35		540,000		424,017
Federal Home Loan Banks, 4.75%, 12/10/32		80,000		81,442
U.S. Treasury Bond 4.75%, 2/15/41		1,560,000		1,565,058
4.63%, 5/15/44		1,440,000		1,396,406
5.00%, 5/15/46		120,000		121,369
3.13%, 5/15/48		260,000		196,168
3.38%, 11/15/48		250,000		196,328
2.88%, 5/15/49		260,000		185,494
4.75%, 5/15/55		170,000		165,650
4.75%, 8/15/55		160,000		155,956
5.00%, 5/15/56		410,000		416,214
U.S. Treasury Note
4.50%, 4/15/27		680,000		682,440
3.75%, 6/30/30		370,000		364,204
4.13%, 3/31/31		80,000		79,759
4.13%, 6/30/31		590,000		588,387
4.13%, 3/31/32		520,000		517,197
U.S. Treasury Strip Coupon
0.00%, 8/15/30 (f)		30,000		25,220
0.00%, 11/15/30 (f)		30,000		24,951
0.00%, 8/15/33 (f)		30,000		22,025
TOTAL U.S. TREASURY SECURITIES AND AGENCY BONDS (Cost - $8,061,091)				7,848,822
SOVEREIGN DEBTS - 1.4%
Chile Government International Bond, 4.95%, 1/5/36		200,000		197,780
Eagle Funding Luxco Sarl, 5.50%, 8/17/30 (a)		250,000		251,013
Indonesia Government International Bond, 4.10%, 3/4/34	EUR	100,000		112,298
Peruvian Government International Bond, 3.23%, 7/28/2121		20,000		11,082
Republic of Poland Government International Bond, 5.50%, 3/18/54		30,000		28,486
Romanian Government International Bond 3.00%, 2/27/27 (a)		30,000		29,589
2.12%, 7/16/31	EUR	30,000		30,574
6.38%, 1/30/34		80,000		81,002
5.75%, 7/4/36 (a)		20,000		19,153
TOTAL SOVEREIGN DEBTS (Cost - $783,871)				760,977

See accompanying notes to financial statements.
45

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

	Shares/ Principal		Fair Value
MUNICIPAL BONDS - 1.0%
Maryland Economic Development Corp. 4.83%, 11/30/30 (g)	$	25,000	$	25,237
4.97%, 11/30/32 (g)		60,000		60,770
Metropolitan Transportation Authority, 5.18%, 11/15/49 (g)		15,000		13,874
New Jersey Turnpike Authority, 7.10%, 1/1/41 (g)		25,000		28,529
State of California, 7.60%, 11/1/40 (g)		175,000		209,532
State of Illinois, 5.10%, 6/1/33 (g)		211,307		213,471
TOTAL MUNICIPAL BONDS (Cost - $583,567)				551,413
SHORT-TERM INVESTMENTS - 0.5%
MONEY MARKET FUNDS - 0.5%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 3.53% (h) (Cost - $295,190)		295,190		295,190
TOTAL SHORT-TERM INVESTMENTS (Cost - $295,190)				295,190
TOTAL INVESTMENTS - 107.1% (Cost - $60,972,048)			$	59,699,759
OTHER ASSETS LESS LIABILITIES - NET (7.1)%				(3,956,407	)
TOTAL NET ASSETS - 100.0%			$	55,743,352

† Represents less than 0.05%.

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

(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

At June 30, 2026, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date*	Settlement Date	Principal Amount			Value
Fannie Mae or Freddie Mac		2.00	%	TBA - 30yr	7/1/2056	$	(1,250,000	)	$	(998,437	)
Fannie Mae or Freddie Mac		4.50	%	TBA - 30yr	7/1/2056		(500,000	)		(479,766	)
Fannie Mae or Freddie Mac		5.00	%	TBA - 30yr	7/1/2056		(750,000	)		(737,813	)
Ginnie Mae		4.50	%	TBA - 30yr	7/20/2055		(1,000,000	)		(960,938	)
(Proceeds Receivable: $(3,167,871))									$	(3,176,954	)

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

See accompanying notes to financial statements.
46

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
EURO-BOBL Future	Morgan Stanley		8	9/8/2026	$	1,055,312	$	4,391
EURO-BUXL 30Y Bond Future	Morgan Stanley		1	9/8/2026		127,158		2,104
EURO-SCHATZ Future	Morgan Stanley		8	9/8/2026		969,153		2,401
ICE 3 Month SONIA Future	Morgan Stanley		6	3/16/2027		1,911,539		(8,362	)
ICE 3 Month SONIA Future	Morgan Stanley		3	9/14/2027		955,073		2,837
U.S. 10 Year Note Future	Morgan Stanley		19	9/21/2026		2,087,922		6,361
U.S. 2 Year Note Future	Morgan Stanley		32	9/30/2026		6,596,250		(3,847	)
U.S. 5 Year Note Future	Morgan Stanley		32	9/30/2026		3,425,500		4,945
U.S. Long Bond Future	Morgan Stanley		11	9/21/2026		1,248,500		18,406
U.S. Long Gilt Future	Morgan Stanley		2	9/28/2026		236,808		2,588
U.S. Ultra Bond Future	Morgan Stanley		28	9/21/2026		3,252,375		86,566
								118,390
SHORT FUTURES CONTRACTS
3 Month SOFR Future	Morgan Stanley		12	3/16/2027		2,878,800		(1,447	)
EURO-BUND Future	Morgan Stanley		2	9/8/2026		291,176		(2,264	)
U.S. 10 Year Ultra Future	Morgan Stanley		26	9/21/2026		2,924,188		(25,186	)
								(28,897	)
TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	89,493

OVER THE COUNTER ("OTC") INTEREST RATE SWAPTIONS PURCHASED

Counterparty

Description

Call/Put

Exercise
Rate

Expiration
Date

Notional
Amount

Fair
Value

Premiums
Paid

Unrealized
Appreciation
(Depreciation)

JP Morgan Chase, NA

Tokyo
Overnight
Average Rate

Put

Receives 1.69%

06/23/27

481,230,000

JPY

4,764

5,473

(709

)

TOTAL FAIR VALUE, PREMIUMS PAID AND NET UNREALIZED
DEPRECIATION ON INTEREST RATE SWAPTIONS PURCHASED

4,764

5,473

(709

)

CENTRALLY CLEARED INTEREST RATE SWAPS
Payment Frequency	Fund Receives	Fund Pays	Expiration Date	Notional Amount			Fair Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Annually	Tokyo Overnight Average Rate	1.250%	12/15/27		436,730,000	JPY	$	4,315		$	973		$	3,342
Semi-Annually	SOFR- COMPOUND	3.415%	04/24/28		460,000			2,635			247			2,388
Annually	Euro Short-Term Rate	2.500%	06/14/28		110,000			(146	)		312			(458	)
Annually	SOFR- COMPOUND	3.927%	06/30/28		680,000			935			(183	)		1,118
Annually	6 Month Euribor	2.500%	09/11/28		7,650,000	EUR		17,515			(14,369	)		31,884
Semi-Annually	2.000%	Euro Short-Term Rate	09/11/28		7,650,000	EUR		(35,045	)		(6,364	)		(28,681	)
Annually	Canadian Overnight Index	2.500%	09/18/28		2,080,000			6,095			8,688			(2,593	)
Annually	SOFR- COMPOUND	3.000%	09/18/28		2,780,000			52,756			49,922			2,834
Quarterly	5.000%	6 Month Norway Ibor	09/18/28		6,720,000			2,288			966			1,322
Semi-Annually	3 Month Australian Bill	4.750%	09/18/28		1,240,000			(5,665	)		(5,351	)		(314	)
Semi-Annually	2.000%	Euro Short-Term Rate	09/18/28		30,000			(290	)		(409	)		119
Annually	2.500%	3 Month Stockholm Interbank Offered Rate	09/18/28		13,130,000			4,646			3,158			1,488
Annually	3.500%	Sterling Overnight Index Average	09/18/28		2,080,000			(27,888	)		(30,899	)		3,011

See accompanying notes to financial statements.
47

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

Payment Frequency	Fund Receives	Fund Pays	Expiration Date	Notional Amount			Fair Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Quarterly	SOFR- COMPOUND	3.250%	09/18/28		290,000		$	4,124		$	3,720		$	404
Annually	6 Month Euribor	2.500%	09/18/28		290,000			1,456			1,763			(307	)
Semi-Annually	Sterling Overnight Index Average	3.750%	09/18/28		170,000			1,222			1,449			(227	)
Semi-Annually	3 Month Australian Bill	5.000%	09/18/28		480,000			(3,767	)		(3,396	)		(371	)
Annually	6 Month Euribor	2.250%	09/18/28		450,000			4,734			6,061			(1,327	)
Annually	3.500%	Sterling Overnight Index Average	09/17/29		20,000			(393	)		(458	)		65
Semi-Annually	Tokyo Overnight Average Rate	1.250%	09/17/29		88,000,000			6,998			7,567			(569	)
Annually	SOFR- COMPOUND	3.902%	12/02/30		1,590,000			(456	)		(603	)		147
Quarterly	Euro Short- Term Rate	2.500%	04/16/31		230,000			(381	)		1,917			(2,298	)
Annually	6 Month Euribor	3.000%	05/21/31		2,590,000			(12,110	)		(4,984	)		(7,126	)
Semi-Annually	2.800%	Euro Short-Term Rate	05/21/31		2,590,000			14,415			6,994			7,421
Annually	Tokyo Overnight Average Rate	1.500%	09/16/31		623,000,000			90,276			88,435			1,841
Annually	3.750%	Sterling Overnight Index Average	09/16/31		630,000			(12,639	)		(14,472	)		1,833
Semi-Annually	2.500%	6 Month Euribor	09/16/31		770,000			(10,124	)		(13,052	)		2,928
Semi-Annually	4.000%	3 Month New Zealand Dollar Bank Bill Rate	09/16/31		1,980,000			14,962			6,593			8,369
Annually	3.583%	SOFR-COMPOUND	04/22/32		670,000			(8,819	)		(748	)		(8,071	)
Annually	Tokyo Overnight Average Rate	2.000%	01/11/33		51,067,551	JPY		5,731			(794	)		6,525
Annually	SOFR- COMPOUND	3.975%	05/02/33		850,000			(2,765	)		(185	)		(2,580	)
Annually	Tokyo Overnight Average Rate	2.500%	05/23/33		39,000,000			(83	)		(792	)		709
Annually	2.800%	Euro Short-Term Rate	08/15/35		250,000			3,218			1,094			2,124
Annually	3.300%	6 Month Euribor	04/21/36		410,000			3,810			1,230			2,580
Semi-Annually	3.000%	Euro Short-Term Rate	06/19/36		1,170,000			3,112			(917	)		4,029
Annually	6 Month Euribor	3.200%	06/19/36		1,170,000			(4,522	)		(429	)		(4,093	)
Annually	Sterling Overnight Index Average	4.000%	09/16/36		70,000			2,728			3,540			(812	)
Semi-Annually	5.000%	3 Month Australian Bill	09/16/36		170,000			1,496			762			734
Semi-Annually	6 Month Euribor	2.750%	09/16/36		950,000			17,046			26,103			(9,057	)
Annually	1.750%	Tokyo Overnight Average Rate	09/16/36		88,000,000			(39,700	)		(36,364	)		(3,336	)
Annually	0.750%	Swiss Average Rate Overnight	09/16/36		240,000			5,750			2,081			3,669
Annually	SOFR- COMPOUND	3.750%	09/16/36		450,000			9,621			11,221			(1,600	)
Annually	3 Month Stockholm Interbank Offered Rate	3.000%	09/16/36		1,720,000			(3,435	)		(576	)		(2,859	)
Semi-Annually	3.000%	Canadian Overnight Index	09/16/36		110,000			(1,037	)		(1,676	)		639
Semi-Annually	4.500%	6 Month Norway Ibor	09/16/36		840,000			1,602			927			675

See accompanying notes to financial statements.
48

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Unaudited) (Continued)

June 30, 2026

Payment Frequency	Fund Receives	Fund Pays	Expiration Date	Notional Amount			Fair Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Annually	SOFR- COMPOUND	3.893%	04/22/37		410,000		$	4,380		$	(46	)	$	4,426
Annually	4.629%	SOFR-COMPOUND	04/15/41		700,000			2,290			414			1,876
Annually	2.160%	Tokyo Overnight Average Rate	08/02/44		90,426,319	JPY		(35,553	)		(29,314	)		(6,239	)
Semi-Annually	6 Month Euribor	3.600%	04/23/46		290,000			(3,517	)		(1,452	)		(2,065	)
Annually	4.500%	Tokyo Overnight Average Rate	05/21/46		49,000,000			1,424			2,816			(1,392	)
Annually	2.500%	Tokyo Overnight Average Rate	09/17/46		17,000,000			(11,415	)		(9,568	)		(1,847	)
Semi-Annually	Euro Short- Term Rate	3.100%	08/17/54		110,000			(2,897	)		(1,544	)		(1,353	)
Annually	SOFR- COMPOUND	4.047%	04/13/56		650,000			(854	)		(202	)		(652	)
Annually	3.000%	6 Month Euribor	06/19/56		10,000			(178	)		(351	)		173
							$	67,901		$	59,455		$	8,446

CENTRALLY CLEARED CREDIT DEFAULT SWAPS
Reference Obligation/ Index	Payment Frequency	Buy/Sell Protection	Fixed Rate Received			Fixed Rate Paid		Credit Rating*	Expiration Date	Notional Amount**		Fair Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.IG.43	Quarterly	Buy		1.00	%		-	BBB	12/20/29	$	250,000	$	2,865	$	3,914	$	(1,049	)
CDX.NA.IG.44	Quarterly	Buy		1.00	%		-	BBB	06/20/30		325,000		6,872		4,966		1,906
CDX.NA.IG.45	Quarterly	Buy		1.00	%		-	BBB	12/20/30		2,244,196		49,271		43,026		6,245
												$	59,008	$	51,906	$	7,102

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

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

FORWARD FOREIGN CURRENCY CONTRACTS

Settlement Date

Counterparty

Currency Units to
Receive

In Exchange For

Unrealized Appreciation
(Depreciation)

07/31/26

Morgan Stanley

342,797

USD

299,999

EUR

(637

)

07/31/26

Morgan Stanley

725,886

USD

624,159

EUR

11,360

TOTAL NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS

10,723

EUR - Euro

JPY - Japanese Yen

USD - United States Dollar

See accompanying notes to financial statements.
49

Global Atlantic Portfolios

Statements of Assets and Liabilities

June 30, 2026 (Unaudited)

Assets:	Global Atlantic BlackRock Allocation Portfolio		Global Atlantic BlackRock Disciplined Core Portfolio		Global Atlantic BlackRock Disciplined Growth Portfolio		Global Atlantic BlackRock Disciplined International Core Portfolio
Investments in securities, at cost	$	43,338,768	$	374,954,362	$	53,797,306	$	102,536,263
Investments in securities, at fair value	$	55,016,415	$	688,625,180	$	103,802,157	$	151,620,294
Cash		–		14,794		1,549		179,667
Foreign cash (cost $-, $-, $- and $437,322, respectively)		–		–		–		442,409
Deposit with broker for futures contracts		–		918,949		187,953		810,338
Unrealized appreciation on futures contracts, net		–		–		21,158		–
Receivable for securities sold		158,350		3,036,685		1,040,505		1,249,915
Receivable for portfolio shares sold		6,822		–		–		–
Interest and dividends receivable		1,346		276,817		18,128		215,381
Dividend tax reclaim receivable		–		2,848		–		485,522
Prepaid expenses		1,555		16,590		2,633		29,185
Total Assets		55,184,488		692,891,863		105,074,083		155,032,711
Liabilities:
Unrealized depreciation on futures contracts, net		–		56,459		–		2,440
Payable for securities purchased		–		2,833,332		1,541,834		552,519
Payable for portfolio shares redeemed		497		768,787		140,977		62,191
Accrued distribution (12b-1) fees		2,700		8,076		5,704		10,648
Accrued investment advisory fees		9,970		220,829		31,318		76,669
Regulatory and compliance fees payable		224		1,690		319		377
Administrative service fees payable		9,163		108,837		16,575		25,892
Accrued expenses and other liabilities		14,298		165,785		28,331		103,288
Total Liabilities		36,852		4,163,795		1,765,058		834,024
Net Assets	$	55,147,636	$	688,728,068	$	103,309,025	$	154,198,687
Composition of Net Assets:
Paid-in capital	$	36,010,049	$	283,694,158	$	39,356,731	$	88,264,543
Total distributable earnings		19,137,587		405,033,910		63,952,294		65,934,144
Net Assets	$	55,147,636	$	688,728,068	$	103,309,025	$	154,198,687
Class I Shares:
Net assets	$	41,949,282	$	650,050,561	$	75,396,731	$	103,203,137
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		3,269,719		34,447,896		3,452,509		6,625,416
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.83	$	18.87	$	21.84	$	15.58
Class II Shares:
Net assets	$	13,198,354	$	38,677,507	$	27,912,294	$	50,995,550
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		1,032,304		2,056,192		1,281,879		3,281,966
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.79	$	18.81	$	21.77	$	15.54

See accompanying notes to financial statements.
50

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2026 (Unaudited)

Assets:	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
Investments in securities, at cost	$	201,026,756	$	204,921,879	$	40,402,989		$	60,972,048
Investments in securities, at fair value	$	262,050,189	$	245,386,915	$	41,093,364		$	59,699,759
Swaptions purchased, at fair value (premiums paid $-, $-, $- and $5,473, respectively)		–		–		–			4,764
Premiums paid on open swap contracts, net		–		–		–			111,360
Cash		42,059		33,644		–			–
Foreign cash (cost $-, $-, $- and $7,165, respectively)		–		–		–			7,094
Deposit with broker for futures contracts		234,349		250,143		–			362,378
Unrealized appreciation on forward foreign currency contracts		–		–		–			11,360
Unrealized appreciation on futures contracts, net		26,592		19,213		–			89,493
Unrealized appreciation on swap contracts, net		–		–		–			15,547
Receivable for securities sold		1,459,945		1,257,046		–			3,167,871
Receivable for portfolio shares sold		–		–		–			267,497
Interest and dividends receivable		84,111		190,841		728,326			436,945
Dividend tax reclaim receivable		2,151		–		753			475
Prepaid expenses		6,748		5,635		1,110			1,419
Total Assets		263,906,144		247,143,437		41,823,553			64,175,962
Liabilities:
Forward sale contracts, at fair value (proceeds receivable $-, $-, $- and $(3,167,871) , respectively)		–		–		–			3,176,954
Unrealized depreciation on forward foreign currency contracts		–		–		–			637
Due to custodian		–		–		–			37,471
Payable for securities purchased		1,011,066		1,120,057		175,000			5,167,117
Payable for portfolio shares redeemed		187,193		128,822		22,931			–
Accrued distribution (12b-1) fees		23,193		1,316		110			–
Accrued investment advisory fees		113,686		90,551		17,132			15,414
Regulatory and compliance fees payable		1,353		727		255			299
Administrative service fees payable		43,472		38,274		6,881			9,055
Accrued expenses and other liabilities		74,628		64,591		14,611			25,663
Total Liabilities		1,454,591		1,444,338		236,920			8,432,610
Net Assets	$	262,451,553	$	245,699,099	$	41,586,633		$	55,743,352
Composition of Net Assets:
Paid-in capital	$	166,116,833	$	149,907,631	$	46,124,594		$	62,537,768
Total distributable earnings (losses)		96,334,720		95,791,468		(4,537,961	)		(6,794,416	)
Net Assets	$	262,451,553	$	245,699,099	$	41,586,633		$	55,743,352
Class I Shares:
Net assets	$	146,618,128	$	239,234,755	$	41,060,233		$	55,743,352
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		8,962,197		17,394,179		4,494,957			6,356,662
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	16.36	$	13.75	$	9.13		$	8.77
Class II Shares:
Net assets	$	115,833,425	$	6,464,344	$	526,400		$	–
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		7,151,091		469,274		57,655			–
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	16.20	$	13.78	$	9.13		$	–

See accompanying notes to financial statements.
51

Global Atlantic Portfolios

Statements of Operations

For the Six Months Ended June 30, 2026 (Unaudited)

	Global Atlantic BlackRock Allocation Portfolio		Global Atlantic BlackRock Disciplined Core Portfolio			Global Atlantic BlackRock Disciplined Growth Portfolio			Global Atlantic BlackRock Disciplined International Core Portfolio
Investment Income:
Dividend income *	$	533,436	$	3,918,219		$	286,720		$	1,895,445
Interest income		8,479		173,980			35,139			172,069
Total Investment Income		541,915		4,092,199			321,859			2,067,514
Expenses:
Investment advisory fee		59,194		1,292,167			182,033			449,656
Distribution fees (12b-1) - Class II Shares		15,776		47,216			33,053			62,629
Administrative service fees		8,938		110,062			16,342			24,896
Legal fees		8,165		100,458			15,395			21,711
Trustees fees		2,993		35,337			5,461			7,890
Custody fees		1,902		22,879			6,642			72,658
Regulatory and compliance fees		1,339		15,909			2,463			3,509
Miscellaneous expenses		9,928		126,334			19,463			42,498
Total Expenses		108,235		1,750,362			280,852			685,447
Expenses waived		–		–			–			(30,770	)
Net Expenses		108,235		1,750,362			280,852			654,677
Net Investment Income		433,680		2,341,837			41,007			1,412,837
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on
Investments		2,679,641		35,932,375			7,170,694			9,965,490
Futures contracts		–		808,449			274,807			260,113
Forward foreign currency contracts		–		–			(11	)		–
Foreign currency translations		–		(327	)		–			(11,420	)
		2,679,641		36,740,497			7,445,490			10,214,183
Net change in unrealized appreciation/(depreciation) on:
Investments		1,351,199		30,827,833			557,634			9,765,187
Futures contracts		–		(46,981	)		11,594			(153,487	)
Foreign currency translations		–		–			–			(31,029	)
		1,351,199		30,780,852			569,228			9,580,671
Net Realized and Change in Unrealized Gain		4,030,840		67,521,349			8,014,718			19,794,854
Net Increase in Net Assets Resulting from Operations	$	4,464,520	$	69,863,186		$	8,055,725		$	21,207,691
* Foreign taxes withheld	$	–	$	971		$	361		$	282,313

See accompanying notes to financial statements.
52

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2026 (Unaudited)

	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
Investment Income:
Dividend income *	$	855,223		$	2,177,477		$	–		$	–
Interest income **		66,693			59,819			1,480,739			1,208,545
Total Investment Income		921,916			2,237,296			1,480,739			1,208,545
Expenses:
Investment advisory fee		674,594			526,047			105,868			94,418
Distribution fees (12b-1) - Class II Shares		137,019			7,541			717			–
Administrative service fees		41,512			38,834			7,034			9,226
Legal fees		39,218			34,490			6,594			8,533
Trustees fees		14,696			12,425			2,488			3,185
Custody fees		15,222			14,812			4,164			12,384
Regulatory and compliance fees		6,602			5,569			1,110			1,418
Miscellaneous expenses		49,860			43,036			7,949			10,341
Total Expenses		978,723			682,754			135,924			139,505
Net Expenses		978,723			682,754			135,924			139,505
Net Investment Income (Loss)		(56,807	)		1,554,542			1,344,815			1,069,040
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on
Investments		3,544,462			37,160,176			109,980			26,356
Futures contracts		163,924			206,629			(12,445	)		(376,982	)
Swap contracts		–			–			–			126,207
Swaptions		–			–			–			(1,043	)
Forward foreign currency contracts		(143	)		(152	)		–			6,714
Foreign currency translations		–			–			–			15,938
		3,708,243			37,366,653			97,535			(202,810	)
Net change in unrealized appreciation/(depreciation) on:
Investments		16,343,571			(270,084	)		(596,217	)		(604,497	)
Futures contracts		25,074			22,220			2,305			137,318
Swap contracts		–			–			–			(93,017	)
Swaptions		–			–			–			250
Forward foreign currency contracts		–			–			–			13,155
Foreign currency translations		–			–			–			2,595
		16,368,645			(247,864	)		(593,912	)		(544,196	)
Net Realized and Change in Unrealized Gain/ (Loss)		20,076,888			37,118,789			(496,377	)		(747,006	)
Net Increase in Net Assets Resulting from Operations	$	20,020,081		$	38,673,331		$	848,438		$	322,034
* Foreign taxes withheld	$	4,524		$	958		$	–		$	–
** Foreign taxes withheld	$	–		$	–		$	1,845		$	–

See accompanying notes to financial statements.
53

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic BlackRock Allocation Portfolio						Global Atlantic BlackRock Disciplined Core Portfolio
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	433,680		$	1,144,038		$	2,341,837		$	4,471,706
Net realized gain		2,679,641			4,088,170			36,740,497			54,126,701
Net change in unrealized appreciation		1,351,199			2,579,208			30,780,852			59,009,498
Net increase in net assets resulting from operations		4,464,520			7,811,416			69,863,186			117,607,905
From Distributions to Shareholders:
Class I		–			(4,441,867	)		–			(81,300,718	)
Class II		–			(1,272,810	)		–			(4,899,855	)
Total distributions paid		–			(5,714,677	)		–			(86,200,573	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		497,602			2,409,434			2,345,588			1,633,793
Class II		777,905			1,178,431			180,263			1,147,462
Reinvestment of distributions
Class I		–			4,441,867			–			81,300,718
Class II		–			1,272,810			–			4,899,855
Cost of shares redeemed
Class I		(4,078,201	)		(9,488,791	)		(51,660,867	)		(83,204,568	)
Class II		(1,494,044	)		(2,061,302	)		(3,889,613	)		(5,876,152	)
Net decrease in net assets from share transactions of beneficial interest		(4,296,738	)		(2,247,551	)		(53,024,629	)		(98,892	)
Total increase (decrease) in net assets		167,782			(150,812	)		16,838,557			31,308,440
Net Assets:
Beginning of period		54,979,854			55,130,666			671,889,511			640,581,071
End of period	$	55,147,636		$	54,979,854		$	688,728,068		$	671,889,511
Share Activity:
Class I
Shares sold		40,968			202,781			135,805			95,489
Shares reinvested		–			374,841			–			4,802,169
Shares redeemed		(334,883	)		(797,301	)		(2,936,616	)		(4,953,369	)
Net decrease in shares of beneficial interest outstanding		(293,915	)		(219,679	)		(2,800,811	)		(55,711	)
Share Activity:
Class II
Shares sold		65,339			99,729			10,032			69,976
Shares reinvested		–			107,592			–			289,932
Shares redeemed		(124,771	)		(175,108	)		(219,938	)		(350,191	)
Net increase (decrease) in shares of beneficial interest outstanding		(59,432	)		32,213			(209,906	)		9,717

See accompanying notes to financial statements.
54

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Disciplined Growth Portfolio						Global Atlantic BlackRock Disciplined International Core Portfolio
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	41,007		$	106,837		$	1,412,837		$	2,602,713
Net realized gain		7,445,490			7,867,609			10,214,183			10,172,239
Net change in unrealized appreciation		569,228			12,317,771			9,580,671			25,777,222
Net increase in net assets resulting from operations		8,055,725			20,292,217			21,207,691			38,552,174
From Distributions to Shareholders:
Class I		–			(17,083,413	)		–			(2,024,909	)
Class II		–			(6,351,112	)		–			(908,773	)
Total distributions paid		–			(23,434,525	)		–			(2,933,682	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		688,287			680,158			285,034			2,515,373
Class II		967,531			971,330			311,222			963,358
Reinvestment of distributions
Class I		–			17,083,413			–			2,024,909
Class II		–			6,351,112			–			908,773
Cost of shares redeemed
Class I		(6,192,580	)		(13,337,539	)		(8,620,595	)		(16,075,607	)
Class II		(2,964,987	)		(5,776,764	)		(5,315,999	)		(7,309,429	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(7,501,749	)		5,971,710			(13,340,338	)		(16,972,623	)
Total increase in net assets		553,976			2,829,402			7,867,353			18,645,869
Net Assets:
Beginning of period		102,755,049			99,925,647			146,331,334			127,685,465
End of period	$	103,309,025		$	102,755,049		$	154,198,687		$	146,331,334
Share Activity:
Class I
Shares sold		32,798			30,942			18,962			221,093
Shares reinvested		–			819,741			–			153,286
Shares redeemed		(306,379	)		(630,416	)		(589,195	)		(1,353,145	)
Net increase (decrease) in shares of beneficial interest outstanding		(273,581	)		220,267			(570,233	)		(978,766	)
Share Activity:
Class II
Shares sold		45,021			45,674			21,962			80,501
Shares reinvested		–			305,195			–			68,846
Shares redeemed		(145,275	)		(271,024	)		(362,645	)		(606,960	)
Net increase (decrease) in shares of beneficial interest outstanding		(100,254	)		79,845			(340,683	)		(457,613	)

See accompanying notes to financial statements.
55

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio						Global Atlantic BlackRock Disciplined Value Portfolio
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(56,807	)	$	(491,446	)	$	1,554,542		$	3,143,920
Net realized gain		3,708,243			34,835,580			37,366,653			16,740,065
Net change in unrealized appreciation (depreciation)		16,368,645			(8,571,067	)		(247,864	)		15,498,858
Net increase in net assets resulting from operations		20,020,081			25,773,067			38,673,331			35,382,843
From Distributions to Shareholders:
Class I		–			(5,732,660	)		–			(35,271,295	)
Class II		–			(4,410,432	)		–			(911,875	)
Total distributions paid		–			(10,143,092	)		–			(36,183,170	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		849,956			562,538			553,191			295,941
Class II		483,244			875,020			–			3,734
Reinvestment of distributions
Class I		–			5,732,661			–			35,271,294
Class II		–			4,410,432			–			911,875
Cost of shares redeemed
Class I		(10,753,196	)		(26,016,767	)		(22,326,967	)		(31,445,792	)
Class II		(5,861,044	)		(14,655,326	)		(403,491	)		(1,499,185	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(15,281,040	)		(29,091,442	)		(22,177,267	)		3,537,867
Total increase (decrease) in net assets		4,739,041			(13,461,467	)		16,496,064			2,737,540
Net Assets:
Beginning of period		257,712,512			271,173,979			229,203,035			226,465,495
End of period	$	262,451,553		$	257,712,512		$	245,699,099		$	229,203,035
Share Activity:
Class I
Shares sold		54,869			36,395			41,561			23,526
Shares reinvested		–			367,008			–			3,146,413
Shares redeemed		(705,849	)		(1,732,464	)		(1,771,942	)		(2,577,544	)
Net increase (decrease) in shares of beneficial interest outstanding		(650,980	)		(1,329,061	)		(1,730,381	)		592,395
Share Activity:
Class II
Shares sold		32,231			61,459			–			306
Shares reinvested		–			284,728			–			81,056
Shares redeemed		(389,386	)		(976,013	)		(32,301	)		(126,783	)
Net decrease in shares of beneficial interest outstanding		(357,155	)		(629,826	)		(32,301	)		(45,421	)

See accompanying notes to financial statements.
56

Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

	Global Atlantic BlackRock High Yield Portfolio						Global Atlantic Goldman Sachs Core Fixed Income Portfolio
	For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025			For the Six Months Ended June 30, 2026 (Unaudited)			For the Year Ended December 31, 2025
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	1,344,815		$	3,018,729		$	1,069,040		$	2,208,538
Net realized gain (loss)		97,535			(236,466	)		(202,810	)		(161,273	)
Net change in unrealized appreciation (depreciation)		(593,912	)		204,932			(544,196	)		2,238,727
Net increase in net assets resulting from operations		848,438			2,987,195			322,034			4,285,992
From Distributions to Shareholders:
Class I		–			(3,441,177	)		–			(2,428,484	)
Class II		–			(62,524	)		–			–
Total distributions paid		–			(3,503,701	)		–			(2,428,484	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		377,039			342,229			2,213,003			4,203,162
Class II		4,567			6,890			–			–
Reinvestment of distributions
Class I		–			3,441,177			–			2,428,484
Class II		–			62,524			–			–
Cost of shares redeemed
Class I		(3,641,455	)		(5,811,107	)		(4,286,716	)		(10,801,057	)
Class II		(102,424	)		(273,903	)		–			–
Net decrease in net assets from share transactions of beneficial interest		(3,362,273	)		(2,232,190	)		(2,073,713	)		(4,169,411	)
Total decrease in net assets		(2,513,835	)		(2,748,696	)		(1,751,679	)		(2,311,903	)
Net Assets:
Beginning of period		44,100,468			46,849,164			57,495,031			59,806,934
End of period	$	41,586,633		$	44,100,468		$	55,743,352		$	57,495,031
Share Activity:
Class I
Shares sold		41,504			37,018			253,925			484,533
Shares reinvested		–			387,957			–			279,457
Shares redeemed		(403,132	)		(632,228	)		(491,502	)		(1,244,528	)
Net decrease in shares of beneficial interest outstanding		(361,628	)		(207,253	)		(237,577	)		(480,538	)
Share Activity:
Class II
Shares sold		507			751			–			–
Shares reinvested		–			7,041			–			–
Shares redeemed		(11,421	)		(30,549	)		–			–
Net decrease in shares of beneficial interest outstanding		(10,914	)		(22,757	)		–			–

See accompanying notes to financial statements.
57

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

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

	For the Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	11.82		$	11.39		$	10.73		$	9.78		$	13.17		$	12.45
Income from investment operations:
Net investment income (a,b)		0.10			0.26			0.24			0.23			0.22			0.20
Net realized and unrealized gain (loss) (c)		0.91			1.54			1.00			1.20			(2.01	)		1.20
Total income (loss) from investment operations		1.01			1.80			1.24			1.43			(1.79	)		1.40
Less distributions from:
Net investment income		-			(0.28	)		(0.27	)		(0.24	)		(0.23	)		(0.23	)
Net realized gains		-			(1.09	)		(0.31	)		(0.24	)		(1.37	)		(0.45	)
Total distributions from net investment income and net realized gains		-			(1.37	)		(0.58	)		(0.48	)		(1.60	)		(0.68	)
Net asset value, end of period	$	12.83		$	11.82		$	11.39		$	10.73		$	9.78		$	13.17
Total return (d)		8.54	%		15.77	%		11.46	%		15.26	%		(13.42	)%		11.33	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	41,949		$	42,108		$	43,087		$	45,130		$	45,106		$	61,826
Ratio of net expenses to average net assets (e)		0.34	% (f)		0.37	%		0.34	%		0.34	%		0.33	%		0.31	%
Ratio of gross expenses to average net assets (e,g)		0.34	% (f)		0.37	%		0.34	%		0.34	%		0.33	%		0.32	%
Ratio of net investment income to average net assets (b,e)		1.67	% (f)		2.18	%		2.09	%		2.22	%		1.91	%		1.52	%
Portfolio turnover rate		28	% (h)		44	%		57	%		73	%		62	%		73	%

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

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

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

(d) Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account. Total returns 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.
58

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

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

	For the Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	11.79		$	11.37		$	10.71		$	9.76		$	13.13		$	12.41
Income from investment operations:
Net investment income (a,b)		0.09			0.23			0.21			0.20			0.19			0.17
Net realized and unrealized gain (loss) (c)		0.91			1.53			1.00			1.20			(2.00	)		1.19
Total income (loss) from investment operations		1.00			1.76			1.21			1.40			(1.81	)		1.36
Less distributions from:
Net investment income		-			(0.25	)		(0.24	)		(0.21	)		(0.19	)		(0.19	)
Net realized gains		-			(1.09	)		(0.31	)		(0.24	)		(1.37	)		(0.45	)
Total distributions from net investment income and net realized gains		-			(1.34	)		(0.55	)		(0.45	)		(1.56	)		(0.64	)
Net asset value, end of period	$	12.79		$	11.79		$	11.37		$	10.71		$	9.76		$	13.13
Total return (d)		8.48	%		15.42	%		11.21	%		14.93	%		(13.58	)%		11.04	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	13,198		$	12,872		$	12,043		$	11,782		$	12,060		$	15,826
Ratio of net expenses to average net assets (e)		0.59	% (f)		0.62	%		0.59	%		0.59	%		0.58	%		0.56	%
Ratio of gross expenses to average net assets (e,g)		0.59	% (f)		0.62	%		0.59	%		0.59	%		0.58	%		0.57	%
Ratio of net investment income to average net assets (b,e)		1.43	% (f)		1.94	%		1.85	%		1.96	%		1.68	%		1.28	%
Portfolio turnover rate		28	% (h)		44	%		57	%		73	%		62	%		73	%

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

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

(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.
59

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	17.01		$	16.19		$	13.56		$	10.86		$	17.10		$	13.98
Income from investment operations:
Net investment income (a)		0.06			0.12			0.13			0.13			0.16			0.13
Net realized and unrealized gain (loss) (b)		1.80			3.14			3.43			2.71			(3.35	)		3.84
Total income (loss) from investment operations		1.86			3.26			3.56			2.84			(3.19	)		3.97
Less distributions from:
Net investment income		-			(0.14	)		(0.14	)		(0.14	)		(0.16	)		(0.15	)
Net realized gains		-			(2.30	)		(0.79	)		-			(2.89	)		(0.70	)
Total distributions from net investment income and net realized gains		-			(2.44	)		(0.93	)		(0.14	)		(3.05	)		(0.85	)
Net asset value, end of period	$	18.87		$	17.01		$	16.19		$	13.56		$	10.86		$	17.10
Total return (c)		10.94	%		20.22	%		26.30	%		26.36	%		(18.89	)%		28.67	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	650,051		$	633,429		$	604,098		$	550,048		$	487,420		$	674,859
Ratio of net expenses to average net assets		0.51	% (d)		0.53	%		0.51	%		0.51	%		0.50	%		0.49	%
Ratio of gross expenses to average net assets (e)		0.51	% (d)		0.53	%		0.51	%		0.52	%		0.50	%		0.49	%
Ratio of net investment income to average net assets		0.72	% (d)		0.72	%		0.84	%		1.06	%		1.12	%		0.79	%
Portfolio turnover rate		47	% (f)		100	%		104	%		111	%		106	%		109	% (g)

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

(b) 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.
60

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	16.97		$	16.17		$	13.55		$	10.84		$	17.07		$	13.96
Income from investment operations:
Net investment income (a)		0.04			0.08			0.09			0.10			0.12			0.09
Net realized and unrealized gain (loss) (b)		1.80			3.12			3.42			2.72			(3.34	)		3.83
Total income (loss) from investment operations		1.84			3.20			3.51			2.82			(3.22	)		3.92
Less distributions from:
Net investment income		-			(0.10	)		(0.10	)		(0.11	)		(0.12	)		(0.11	)
Net realized gains		-			(2.30	)		(0.79	)		-			(2.89	)		(0.70	)
Total distributions from net investment income and net realized gains		-			(2.40	)		(0.89	)		(0.11	)		(3.01	)		(0.81	)
Net asset value, end of period	$	18.81		$	16.97		$	16.17		$	13.55		$	10.84		$	17.07
Total return (c)		10.84	%		19.83	%		25.96	%		26.17	%		(19.12	)%		28.35	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	38,678		$	38,460		$	36,483		$	33,749		$	29,662		$	42,672
Ratio of net expenses to average net assets		0.76	% (d)		0.78	%		0.76	%		0.76	%		0.75	%		0.74	%
Ratio of gross expenses to average net assets (e)		0.76	% (d)		0.78	%		0.76	%		0.77	%		0.75	%		0.74	%
Ratio of net investment income to average net assets		0.47	% (d)		0.47	%		0.59	%		0.81	%		0.87	%		0.54	%
Portfolio turnover rate		47	% (f)		100	%		104	%		111	%		106	%		109	% (g)

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

(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.
61

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Period Ended December 31, 2021 (a)
Net asset value, beginning of period	$	20.12		$	20.79		$	16.10		$	11.48		$	20.21		$	18.80
Income from investment operations:
Net investment income (b)		0.02			0.04			0.05			0.07			0.07			0.03
Net realized and unrealized gain (loss) (c)		1.70			4.84			4.94			4.63			(5.96	)		1.67
Total income (loss) from investment operations		1.72			4.88			4.99			4.70			(5.89	)		1.70
Less distributions from:
Net investment income		-			(0.04	)		(0.06	)		(0.08	)		(0.07	)		-
Net realized gains		-			(5.51	)		(0.24	)		-			(2.77	)		(0.29	)
Total distributions from net investment income and net realized gains		-			(5.55	)		(0.30	)		(0.08	)		(2.84	)		(0.29	)
Net asset value, end of period	$	21.84		$	20.12		$	20.79		$	16.10		$	11.48		$	20.21
Total return (d)		8.55	%		22.55	%		31.09	%		41.07	%		(29.76	)%		9.12	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	75,397		$	74,986		$	72,869		$	67,851		$	57,785		$	97,770
Ratio of net expenses to average net assets		0.50	% (e)		0.52	%		0.49	%		0.50	%		0.48	%		0.48	% (e)
Ratio of gross expenses to average net assets (f)		0.50	% (e)		0.52	%		0.49	%		0.50	%		0.49	%		0.48	% (e)
Ratio of net investment income to average net assets		0.15	% (e)		0.18	%		0.29	%		0.48	%		0.46	%		0.36	% (e)
Portfolio turnover rate		50	% (g)		106	%		146	%		130	%		120	%		130	% (g,h)

(a) Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017.

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

(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.
62

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	20.09		$	20.78		$	16.10		$	11.48		$	20.19		$	16.10
Income from investment operations:
Net investment income (loss) (a)		(0.01	)		(0.02	)		0.01			0.03			0.03			(0.00	) (b)
Net realized and unrealized gain (loss) (c)		1.69			4.84			4.93			4.64			(5.95	)		4.38
Total income (loss) from investment operations		1.68			4.82			4.94			4.67			(5.92	)		4.38
Less distributions from:
Net investment income		-			-			(0.02	)		(0.05	)		(0.02	)		-
Net realized gains		-			(5.51	)		(0.24	)		-			(2.77	)		(0.29	)
Total distributions from net investment income and net realized gains		-			(5.51	)		(0.26	)		(0.05	)		(2.79	)		(0.29	)
Net asset value, end of period	$	21.77		$	20.09		$	20.78		$	16.10		$	11.48		$	20.19
Total return (d)		8.36	%		22.27	%		30.73	%		40.71	%		(29.90	)%		27.29	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	27,912		$	27,769		$	27,056		$	23,137		$	18,196		$	27,579
Ratio of net expenses to average net assets		0.75	% (e)		0.77	%		0.74	%		0.75	%		0.73	%		0.77	%
Ratio of gross expenses to average net assets (f)		0.75	% (e)		0.77	%		0.74	%		0.75	%		0.74	%		0.80	%
Ratio of net investment income (loss) to average net assets		(0.10	)% (e)		(0.07	)%		0.04	%		0.22	%		0.21	%		(0.00	)% (b)
Portfolio turnover rate		50	% (g)		106	%		146	%		130	%		120	%		130	% (h)

(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.

(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.

See accompanying notes to financial statements.
63

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	13.53		$	10.42		$	10.10		$	8.98		$	11.55		$	10.78
Income from investment operations:
Net investment income (a,b)		0.14			0.24			0.23			0.17			0.27			0.22
Net realized and unrealized gain (loss) (c)		1.91			3.15			0.37			1.20			(2.11	)		0.73
Total income (loss) from investment operations		2.05			3.39			0.60			1.37			(1.84	)		0.95
Less distributions from:
Net investment income		-			(0.28	)		(0.28	)		(0.25	)		(0.32	)		(0.18	)
Net realized gains		-			-			-			-			(0.41	)		-
Total distributions from net investment income and net realized gains		-			(0.28	)		(0.28	)		(0.25	)		(0.73	)		(0.18	)
Net asset value, end of period	$	15.58		$	13.53		$	10.42		$	10.10		$	8.98		$	11.55
Total return (d)		15.15	%		32.60	%		5.80	%		15.63	%		(15.24	)%		8.77	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	103,203		$	97,371		$	85,201		$	92,699		$	91,317		$	120,258
Ratio of net expenses to average net assets (e)		0.79	% (f)		0.79	%		0.79	%		0.77	%		0.73	%		0.72	%
Ratio of gross expenses to average net assets (e)		0.83	% (f)		0.88	%		0.87	%		0.81	%		0.81	%		0.82	%
Ratio of net investment income to average net assets (b,e)		1.97	% (f)		1.97	%		2.15	%		1.72	%		2.69	%		1.87	%
Portfolio turnover rate		23	% (g)		56	%		52	%		50	%		59	%		117	% (h)

(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.

(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.
64

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	13.51		$	10.41		$	10.09		$	8.97		$	11.53		$	10.77
Income from investment operations:
Net investment income (a,b)		0.12			0.21			0.20			0.14			0.24			0.19
Net realized and unrealized gain (loss) (c)		1.91			3.14			0.37			1.20			(2.09	)		0.72
Total income (loss) from investment operations		2.03			3.35			0.57			1.34			(1.85	)		0.91
Less distributions from:
Net investment income		-			(0.25	)		(0.25	)		(0.22	)		(0.30	)		(0.15	)
Net realized gains		-			-			-			-			(0.41	)		-
Total distributions from net investment income and net realized gains		-			(0.25	)		(0.25	)		(0.22	)		(0.71	)		(0.15	)
Net asset value, end of period	$	15.54		$	13.51		$	10.41		$	10.09		$	8.97		$	11.53
Total return (d)		14.94	%		32.33	%		5.54	%		15.34	%		(15.45	)%		8.47	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	50,996		$	48,960		$	42,484		$	44,624		$	41,996		$	54,227
Ratio of net expenses to average net assets (e)		1.04	% (f)		1.04	%		1.04	%		1.02	%		0.98	%		0.97	%
Ratio of gross expenses to average net assets (e)		1.08	% (f)		1.13	%		1.12	%		1.06	%		1.06	%		1.07	%
Ratio of net investment income to average net assets (b,e)		1.72	% (f)		1.71	%		1.86	%		1.48	%		2.45	%		1.63	%
Portfolio turnover rate		23	% (g)		56	%		52	%		50	%		59	%		117	% (h)

(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.

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

(f) Annualized.

(g) Not annualized.

See accompanying notes to financial statements.
65

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	15.11		$	14.25		$	11.73		$	9.45		$	17.68		$	16.49
Income from investment operations:
Net investment income (loss) (a)		0.00	(b)		(0.01	)		0.01			0.03			0.03			(0.02	)
Net realized and unrealized gain (loss) (c)		1.25			1.47			2.52			2.27			(4.69	)		2.41
Total income (loss) from investment operations		1.25			1.46			2.53			2.30			(4.66	)		2.39
Less distributions from:
Net investment income		-			-			(0.01	)		(0.02	)		(0.04	)		(0.00	) (b)
Net realized gains		-			(0.60	)		-			-			(3.53	)		(1.20	)
Total distributions from net investment income and net realized gains		-			(0.60	)		(0.01	)		(0.02	)		(3.57	)		(1.20	)
Net asset value, end of period	$	16.36		$	15.11		$	14.25		$	11.73		$	9.45		$	17.68
Total return (d)		8.27	%		10.12	%		21.55	%		24.42	%		(26.44	)%		14.29	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	146,618		$	145,249		$	155,903		$	147,344		$	136,926		$	212,083
Ratio of net expenses to average net assets		0.67	% (e)		0.69	%		0.66	%		0.67	%		0.65	%		0.64	%
Ratio of gross expenses to average net assets (f)		0.67	% (e)		0.69	%		0.66	%		0.66	%		0.66	%		0.65	%
Ratio of net investment income (loss) to average net assets		0.06	% (e)		(0.08	)%		0.05	%		0.27	%		0.23	%		(0.11	)%
Portfolio turnover rate		66	% (g)		115	%		130	%		122	%		110	%		179	% (h)

(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.

(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.
66

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	14.98		$	14.16		$	11.68		$	9.42		$	17.62		$	16.48
Income from investment operations:
Net investment income (loss) (a)		(0.01	)		(0.05	)		(0.02	)		0.00	(b)		(0.00	) (b)		(0.06	)
Net realized and unrealized gain (loss) (c)		1.23			1.47			2.50			2.26			(4.67	)		2.40
Total income (loss) from investment operations		1.22			1.42			2.48			2.26			(4.67	)		2.34
Less distributions from:
Net investment income		-			-			-			(0.00	) (b)		-			-
Net realized gains		-			(0.60	)		-			-			(3.53	)		(1.20	)
Total distributions from net investment income and net realized gains		-			(0.60	)		-			0.00	(b)		(3.53	)		(1.20	)
Net asset value, end of period	$	16.20		$	14.98		$	14.16		$	11.68		$	9.42		$	17.62
Total return (d)		8.15	%		9.90	%		21.23	%		24.02	%		(26.58	)%		13.96	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	115,833		$	112,464		$	115,271		$	108,170		$	99,066		$	148,539
Ratio of net expenses to average net assets		0.92	% (e)		0.94	%		0.91	%		0.92	%		0.90	%		0.89	%
Ratio of gross expenses to average net assets (f)		0.92	% (e)		0.94	%		0.91	%		0.91	%		0.91	%		0.90	%
Ratio of net investment income (loss) to average net assets		(0.19	)% (e)		(0.33	)%		(0.17	)%		0.02	%		(0.02	)%		(0.35	)%
Portfolio turnover rate		66	% (g)		115	%		130	%		122	%		110	%		179	% (h)

(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.

(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.

See accompanying notes to financial statements.
67

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	11.68		$	11.87		$	11.00		$	9.90		$	13.98		$	11.19
Income from investment operations:
Net investment income (a)		0.08			0.17			0.19			0.18			0.20			0.16
Net realized and unrealized gain (loss) (b)		1.99			1.78			1.58			1.16			(1.42	)		2.81
Total income (loss) from investment operations		2.07			1.95			1.77			1.34			(1.22	)		2.97
Less distributions from:
Net investment income		-			(0.20	)		(0.20	)		(0.18	)		(0.22	)		(0.18	)
Net realized gains		-			(1.94	)		(0.70	)		(0.06	)		(2.64	)		-
Total distributions from net investment income and net realized gains		-			(2.14	)		(0.90	)		(0.24	)		(2.86	)		(0.18	)
Net asset value, end of period	$	13.75		$	11.68		$	11.87		$	11.00		$	9.90		$	13.98
Total return (c)		17.72	%		17.17	%		15.96	%		13.95	%		(8.37	)%		26.58	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	239,235		$	223,329		$	219,959		$	219,354		$	217,898		$	271,801
Ratio of net expenses to average net assets		0.58	% (d)		0.60	%		0.57	%		0.57	%		0.56	%		0.55	%
Ratio of gross expenses to average net assets (e)		0.58	% (d)		0.60	%		0.57	%		0.58	%		0.57	%		0.55	%
Ratio of net investment income to average net assets		1.34	% (d)		1.41	%		1.55	%		1.71	%		1.65	%		1.27	%
Portfolio turnover rate		63	% (f)		112	%		112	%		116	%		116	%		120	%

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

(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.
68

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	11.71		$	11.89		$	11.03		$	9.92		$	14.00		$	11.21
Income from investment operations:
Net investment income (a)		0.07			0.14			0.16			0.15			0.17			0.13
Net realized and unrealized gain (loss) (b)		2.00			1.78			1.57			1.18			(1.42	)		2.81
Total income (loss) from investment operations		2.07			1.92			1.73			1.33			(1.25	)		2.94
Less distributions from:
Net investment income		-			(0.16	)		(0.17	)		(0.16	)		(0.19	)		(0.15	)
Net realized gains		-			(1.94	)		(0.70	)		(0.06	)		(2.64	)		-
Total distributions from net investment income and net realized gains		-			(2.10	)		(0.87	)		(0.22	)		(2.83	)		(0.15	)
Net asset value, end of period	$	13.78		$	11.71		$	11.89		$	11.03		$	9.92		$	14.00
Total return (c)		17.68	%		16.90	%		15.54	%		13.71	%		(8.62	)%		26.23	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	6,464		$	5,874		$	6,506		$	6,596		$	6,448		$	7,978
Ratio of net expenses to average net assets		0.83	% (d)		0.85	%		0.82	%		0.82	%		0.81	%		0.80	%
Ratio of gross expenses to average net assets (e)		0.83	% (d)		0.85	%		0.82	%		0.83	%		0.82	%		0.80	%
Ratio of net investment income to average net assets		1.09	% (d)		1.17	%		1.30	%		1.46	%		1.40	%		1.02	%
Portfolio turnover rate		63	% (f)		112	%		112	%		116	%		116	%		120	%

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

(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.
69

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	8.95		$	9.09		$	9.00		$	8.57		$	10.06		$	10.17
Income from investment operations:
Net investment income (a)		0.28			0.62			0.67			0.61			0.50			0.46
Net realized and unrealized gain (loss) (b)		(0.10	)		-			0.10			0.40			(1.48	)		(0.06	)
Total income (loss) from investment operations		0.18			0.62			0.77			1.01			(0.98	)		0.40
Less distributions from:
Net investment income		-			(0.76	)		(0.68	)		(0.58	)		(0.51	)		(0.51	)
Net asset value, end of period	$	9.13		$	8.95		$	9.09		$	9.00		$	8.57		$	10.06
Total return (c)		2.01	%		6.87	%		8.59	%		12.37	%		(9.64	)%		4.00	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	41,060		$	43,486		$	46,018		$	49,035		$	49,354		$	64,219
Ratio of net expenses to average net assets		0.64	% (d)		0.66	%		0.63	%		0.62	%		0.61	%		0.60	%
Ratio of gross expenses to average net assets (e)		0.64	% (d)		0.66	%		0.63	%		0.63	%		0.62	%		0.61	%
Ratio of net investment income to average net assets		6.35	% (d)		6.74	%		7.22	%		6.88	%		5.41	%		4.51	%
Portfolio turnover rate		37	% (f)		76	%		73	%		89	%		86	%		62	%

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

(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.
70

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	8.96		$	9.10		$	9.02		$	8.58		$	10.06		$	10.16
Income from investment operations:
Net investment income (a)		0.27			0.60			0.65			0.59			0.47			0.44
Net realized and unrealized gain (loss) (b)		(0.10	)		-			0.09			0.40			(1.47	)		(0.06	)
Total income (loss) from investment operations		0.17			0.60			0.74			0.99			(1.00	)		0.38
Less distributions from:
Net investment income		-			(0.74	)		(0.66	)		(0.55	)		(0.48	)		(0.48	)
Net asset value, end of period	$	9.13		$	8.96		$	9.10		$	9.02		$	8.58		$	10.06
Total return (c)		1.90	%		6.64	%		8.28	%		12.11	%		(9.84	)%		3.74	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	526		$	614		$	831		$	530		$	590		$	793
Ratio of net expenses to average net assets		0.89	% (d)		0.91	%		0.88	%		0.87	%		0.86	%		0.85	%
Ratio of gross expenses to average net assets (e)		0.89	% (d)		0.91	%		0.88	%		0.88	%		0.87	%		0.86	%
Ratio of net investment income to average net assets		6.10	% (d)		6.49	%		6.98	%		6.63	%		5.16	%		4.26	%
Portfolio turnover rate		37	% (f)		76	%		73	%		89	%		86	%		62	%

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

(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.
71

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 Six Months Ended June 30, 2026 (unaudited)			For the Year Ended December 31, 2025			For the Year Ended December 31, 2024			For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Net asset value, beginning of period	$	8.72		$	8.45		$	8.71		$	8.47		$	10.07		$	11.07
Income from investment operations:
Net investment income (a)		0.17			0.34			0.34			0.32			0.23			0.20
Net realized and unrealized gain (loss) (b)		(0.12	)		0.32			(0.24	)		0.15			(1.63	)		(0.42	)
Total income (loss) from investment operations		0.05			0.66			0.10			0.47			(1.40	)		(0.22	)
Less distributions from:
Net investment income		-			(0.39	)		(0.36	)		(0.23	)		(0.19	)		(0.28	)
Net realized gains		-			-			-			-			(0.01	)		(0.50	)
Total distributions from net investment income and net realized gains		-			(0.39	)		(0.36	)		(0.23	)		(0.20	)		(0.78	)
Net asset value, end of period	$	8.77		$	8.72		$	8.45		$	8.71		$	8.47		$	10.07
Total return (c)		0.57	%		7.80	%		1.16	%		5.73	%		(13.84	)%		(1.98	)%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	55,743		$	57,495		$	59,807		$	59,835		$	61,051		$	80,361
Ratio of net expenses to average net assets		0.50	% (d)		0.52	%		0.51	%		0.47	%		0.45	%		0.43	%
Ratio of gross expenses to average net assets		0.50	% (d)		0.52	%		0.51	%		0.48	% (e)		0.47	% (e)		0.45	% (e)
Ratio of net investment income to average net assets		3.85	% (d)		3.79	%		3.93	%		3.72	%		2.55	%		1.83	%
Portfolio turnover rate		30	% (f,g)		58	% (g)		66	% (g)		70	% (g)		77	% (g)		85	% (g)

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

(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) The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2026 and years ended December 31, 2025, December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021. If these were included in the calculation, the portfolio turnover would be 100%, 130%, 188%, 369%, 549% and 474%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.
72

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited)

June 30, 2026

1. ORGANIZATION

As of June 30, 2026, 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, 2026, each Portfolio offered Class I and Class II shares at net asset value, except the Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offered Class I shares). All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Portfolio's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based on the relative net assets of each class.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

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 futures 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 takes into account appropriate factors such as trading activity, readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost to the extent it is determined that amortized cost approximates fair value. Forward currency contracts are valued at the forward currency contract rates, determined at 11:00 am Eastern Time or the nearest time prior to the close of the New York Stock Exchange. Exchange listed swaps are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Other swaps are valued by a pricing service provider covering the specific type of swap. When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

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

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

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

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

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

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 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, 2026 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	$	54,624,623	$	-	$	-	$	54,624,623
Short-Term Investments		391,792		-		-		391,792
Total	$	55,016,415	$	-	$	-	$	55,016,415

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

Global Atlantic BlackRock Disciplined Core Portfolio

Assets	Level 1			Level 2		Level 3		Total
Common Stocks	$	679,147,150		$	-	$	-	$	679,147,150
Short-Term Investments		9,478,030			-		-		9,478,030
Total	$	688,625,180		$	-	$	-	$	688,625,180
Liabilities	Level 1			Level 2		Level 3		Total
Futures Contracts*	$	(56,459	)	$	-	$	-	$	(56,459	)
Total	$	(56,459	)	$	-	$	-	$	(56,459	)

Global Atlantic BlackRock Disciplined Growth Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	101,353,958	$	-	$	-	$	101,353,958
Short-Term Investments		2,448,199		-		-		2,448,199
Futures Contracts*		21,158		-		-		21,158
Total	$	103,823,315	$	-	$	-	$	103,823,315

Global Atlantic BlackRock Disciplined International Core Portfolio

Assets	Level 1			Level 2		Level 3		Total
Common Stocks	$	131,546,079		$	-	$	-	$	131,546,079
Exchange-Traded Funds		8,912,869			-		-		8,912,869
Preferred Stocks		1,266,051			-		-		1,266,051
Rights		-			5,438		-		5,438
Short-Term Investments		9,889,857			-		-		9,889,857
Futures Contracts*		19,618			-		-		19,618
Total	$	151,634,474		$	5,438	$	-	$	151,639,912
Liabilities	Level 1			Level 2		Level 3		Total
Futures Contracts*	$	(22,058	)	$	-	$	-	$	(22,058	)
Total	$	(22,058	)	$	-	$	-	$	(22,058	)

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	258,734,506	$	-	$	-	$	258,734,506
Rights		-		1,974		-		1,974
Short-Term Investments		-		3,313,709		-		3,313,709
Futures Contracts*		26,592		-		-		26,592
Total	$	258,761,098	$	3,315,683	$	-	$	262,076,781

Global Atlantic BlackRock Disciplined Value Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	242,166,472	$	1,936	$	-	$	242,168,408
Short-Term Investments		-		3,218,507		-		3,218,507
Futures Contracts*		19,213		-		-		19,213
Total	$	242,185,685	$	3,220,443	$	-	$	245,406,128

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

Global Atlantic BlackRock High Yield Portfolio

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds and Notes	$	-	$	40,909,363	$	-	$	40,909,363
Short-Term Investments		-		184,001		-		184,001
Total	$	-	$	41,093,364	$	-	$	41,093,364

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Assets	Level 1			Level 2			Level 3		Total
Corporate Bonds and Notes	$	-		$	19,853,812		$	-	$	19,853,812
Agency Mortgage Backed Securities		-			15,389,735			-		15,389,735
Asset Backed and Commercial Backed Securities		-			12,783,795			-		12,783,795
U.S. Treasury Securities and Agency Bonds		-			7,848,822			-		7,848,822
Sovereign Debts		-			760,977			-		760,977
Municipal Bonds		-			551,413			-		551,413
Short-Term Investments		-			295,190			-		295,190
Futures Contracts*		130,599			-			-		130,599
Swap Contracts*		-			108,042			-		108,042
Forward Foreign Exchange Contracts*		-			11,360			-		11,360
Total	$	130,599		$	57,603,146		$	-	$	57,733,745
Liabilities	Level 1			Level 2			Level 3		Total
Securities Sold Short	$	-		$	(960,938	)	$	-	$	(960,938	)
Swap Contracts*		-			(90,227	)		-		(90,227	)
Futures Contracts*		(41,106	)		-			-		(41,106	)
Forward Foreign Exchange Contracts*		-			(637	)		-		(637	)
Swaptions*		-			(709	)		-		(709	)
Total	$	(41,106	)	$	(1,052,511	)	$	-	$	(1,093,617	)

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

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

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

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

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

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

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 2024 and 2025 tax returns, or is expected to be taken in each Portfolio's 2026 tax return. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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, 2026, 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 Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				$	6,714			$	13,155

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

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

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

The Portfolios may purchase and sell options on the same types of futures in which they 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, 2026, 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 Appreciation/(Depreciation)
Global Atlantic BlackRock Disciplined Core Portfolio	Equity	$	808,449	$	(46,981	)
Global Atlantic BlackRock Disciplined Growth Portfolio	Equity		274,807		11,594
Global Atlantic BlackRock Disciplined International Core Portfolio	Equity		260,113		(153,487	)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	Equity		163,924		25,074

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

	Risk Type	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic BlackRock Disciplined Value Portfolio	Equity	$	206,629		$	22,220
Global Atlantic BlackRock High Yield Portfolio	Interest Rate		(12,445	)		2,305
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate		(376,982	)		137,318

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

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

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

For the six-month period ended June 30, 2026, 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 Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate	$	118,961	$	(85,591	)
	Credit		7,246		(7,426	)

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, 2026, 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 Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				Interest Rate				$	(1,043	)		$	250

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, 2026. Derivatives not subject to a master netting arrangement, such as centrally cleared swaps, are not included in the table.

Global Atlantic BlackRock Disciplined Core Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	56,459	$	-	$	56,459	$	(56,459	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	56,459	$	-	$	56,459	$	(56,459	)	$	-

Global Atlantic BlackRock Disciplined Growth Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	21,158	$	-	$	21,158	$	-	$	21,158	$	-	$	-	$	-	$	-	$	-
Total	$	21,158	$	-	$	21,158	$	-	$	21,158	$	-	$	-	$	-	$	-	$	-

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

Global Atlantic BlackRock Disciplined International Core Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities			Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	19,618	$	(19,618	)	$	-	$	-	$	-	$	22,058	$	(19,618	)	$	(2,440	)	$	-	$	-
Total	$	19,618	$	(19,618	)	$	-	$	-	$	-	$	22,058	$	(19,618	)	$	(2,440	)	$	-	$	-

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	26,592	$	-	$	26,592	$	-	$	26,592	$	-	$	-	$	-	$	-	$	-
Total	$	26,592	$	-	$	26,592	$	-	$	26,592	$	-	$	-	$	-	$	-	$	-

Global Atlantic BlackRock Disciplined Value Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾		Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	19,213	$	-	$	19,213	$	-	$	19,213	$		$	-	$	-	$	-	$	-
Total	$	19,213	$	-	$	19,213	$	-	$	19,213	$	-	$	-	$	-	$	-	$	-

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
JP Morgan Chase	$	-	$	-		$	-	$	-	$	-	$	709	$	-		$	709	$	(709	)	$	-
Morgan Stanley		141,959		(41,743	)		100,216		-		100,216		41,743		(41,743	)		-		-			-
Total	$	141,959	$	(41,743	)	$	100,216	$	-	$	100,216	$	42,452	$	(41,743	)	$	709	$	(709	)	$	-

(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.

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

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, 2026:

Global Atlantic BlackRock Disciplined Core Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(56,459	)	$	-	$	-	$	-	$	(56,459	)
Total	$	(56,459	)	$	-	$	-	$	-	$	(56,459	)

Global Atlantic BlackRock Disciplined Growth Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	21,158	$	-	$	-	$	-	$	21,158
Total	$	21,158	$	-	$	-	$	-	$	21,158

Global Atlantic BlackRock Disciplined International Core Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	19,618		$	-	$	-	$	-	$	19,618
Liabilities
Unrealized depreciation on Futures Contracts		(22,058	)		-		-		-		(22,058	)
Total	$	(2,440	)	$	-	$	-	$	-	$	(2,440	)

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	26,592	$	-	$	-	$	-	$	26,592
Total	$	26,592	$	-	$	-	$	-	$	26,592

Global Atlantic BlackRock Disciplined Value Portfolio

	Equity		Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	19,213	$	-	$	-	$	-	$	19,213
Total	$	19,213	$	-	$	-	$	-	$	19,213

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

	Equity			Interest Rate Contracts			Credit Contracts		Currency Contracts			Total
Assets
Unrealized appreciation on Futures Contracts	$	130,599		$	-		$	-	$	-		$	130,599
Unrealized appreciation on Swap Contracts		-			98,672			9,370		-			108,042
Unrealized appreciation on Forward Foreign Exchange Contracts		-			-			-		11,360			11,360
Liabilities
Unrealized depreciation on Futures Contracts		(41,106	)		-			-		-			(41,106	)
Unrealized depreciation on Swap Contracts		-			(90,227	)		-		-			(90,227	)
Unrealized depreciation on Swaptions		-			(709	)		-		-			-
Unrealized depreciation on Forward Foreign Exchange Contracts		-			-			-		(637	)		(637	)
Total	$	89,493		$	7,736		$	9,370	$	10,723		$	117,322

The notional value of the derivative instruments outstanding as of June 30, 2026, 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, 2026, the relevant values for each derivative type were as follows:

	Average Number of Contracts or Notional Amounts*
Fund	Long Futures Contracts		Long Futures Notional Value		Short Futures Contracts		Short Futures Notional Value		Forward Contracts Notional Value**		Swap Agreements Notional Value**		Swaptions Notional Value**
Global Atlantic BlackRock Allocation Portfolio		-	$	-		-	$	-	$	-	$	-	$	-
Global Atlantic BlackRock Disciplined Core Portfolio		30		10,706,360		-		-		-		-		-
Global Atlantic BlackRock Disciplined Growth Portfolio		4		1,981,523		-		-		-		-		-
Global Atlantic BlackRock Disciplined International Core Portfolio		82		9,968,891		-		-		-		-		-
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		11		3,798,348		-		-		-		-		-
Global Atlantic BlackRock Disciplined Value Portfolio		10		3,625,179		-		-		-		-		-
Global Atlantic BlackRock High Yield Portfolio		3		362,572		-		-		-		-		-
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		140		20,319,578		25		3,131,487		290,976		71,197,493		970,349

* Amounts disclosed represent average month-end number of contracts or notional amounts held for the six-month period ended June 30, 2026, 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, 2026

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, 2026, 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, 2026

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, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:

	Purchases (Excluding U.S. Government Securities)		Purchases U.S. Government Securities		Sales (Excluding U.S. Government Securities)		Sales U.S. Government Securities
Global Atlantic BlackRock Allocation Portfolio	$	15,242,556	$	-	$	18,782,637	$	-
Global Atlantic BlackRock Disciplined Core Portfolio		307,400,750		-		357,496,968		-
Global Atlantic BlackRock Disciplined Growth Portfolio		48,672,452		-		55,798,616		-
Global Atlantic BlackRock Disciplined International Core Portfolio		32,069,776		-		44,421,021		-
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		165,224,100		-		180,411,061		-
Global Atlantic BlackRock Disciplined Value Portfolio		145,930,095		-		166,583,043		-
Global Atlantic BlackRock High Yield Portfolio		15,506,174		-		17,213,557		-
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		12,311,165		46,637,682		7,823,820		45,714,848

During the six-month period ended June 30, 2026, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio purchased securities from underwriting syndicates whose members include affiliated persons of the purchasing Fund. These transactions complied with Rule 10f-3 under the 1940 Act. These transactions were as follows:

Acquisition Date	Description	Coupon Rate			Maturity Date	Par Amount		Acquisition Price		Acquisition Cost
1/22/2026	Citizens Financial Group Inc		5.30	%	1/29/2036		10,000	$	100.00	$	10,000
2/2/2026	Oracle Corporation		5.35	%	5/04/2033		80,000		99.951		79,961
2/2/2026	Oracle Corporation		5.70	%	2/04/2036		80,000		99.782		79,826
2/2/2026	Oracle Corporation		6.70	%	2/04/2056		65,000		99.820		64,883
2/12/2026	Royal Caribbean Cruises		5.25	%	2/27/2038		90,000		99.833		89,850
2/18/2026	Marriott International, Inc.		4.50	%	5/01/2033		50,000		99.078		49,539
2/23/2026	Vertiv Holdings Co		4.85	%	3/15/2036		15,000		99.773		14,966
3/4/2026	Fidelity National Information		4.80	%	3/10/2032		100,000		99.930		99,930
3/10/2026	Amazon.com Inc.		4.875	%	3/13/2036		80,000		99.804		79,843
3/11/2026	Salesforce Inc.		4.90	%	9/15/2031		230,000		99.809		229,561
3/11/2026	Salesforce Inc.		5.55	%	3/15/2036		235,000		99.969		234,927
6/23/2026	Spacex		5.35	%	7/15/2031		125,000		99.917		124,896
6/23/2026	Spacex		5.875	%	7/15/2036		125,000		99.830		124,788

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

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.

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, 2026.

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 Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

Portfolio				Advisory Fee*
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, 2026, 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.

Operating Expense Limitations

Portfolio

Class I

Class II

Expiration Date

Global Atlantic BlackRock Disciplined International Core Portfolio

0.79

1.04

May 1, 2027

For the six-month period ended June 30, 2026, the Adviser waived, reimbursed, or recaptured fees as follows:

				Investment Advisory Fee Waiver				Investment Advisory Fee Reimbursed				Total
Global Atlantic BlackRock Disciplined International Core Portfolio				$	(30,770	)		$	-			$	(30,770	)

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

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

				December 31, 2026				December 31, 2027				December 31, 2028				December 31, 2029
Global Atlantic BlackRock Disciplined International Core Portfolio				$	55,889			$	110,702			$	129,408			$	30,770

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, 2026.

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

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, 2026, 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, 2026, the Portfolios expensed the following distribution fees:

	Fees Paid
Global Atlantic BlackRock Allocation Portfolio	$	15,776
Global Atlantic BlackRock Disciplined Core Portfolio		47,216
Global Atlantic BlackRock Disciplined Growth Portfolio		33,053
Global Atlantic BlackRock Disciplined International Core Portfolio		62,629
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		137,019
Global Atlantic BlackRock Disciplined Value Portfolio		7,541
Global Atlantic BlackRock High Yield Portfolio		717
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		-

For the six-month period ended June 30, 2026, the Trustees received fees in the amounts as follows:

	Fees Received
Global Atlantic BlackRock Allocation Portfolio	$	2,993
Global Atlantic BlackRock Disciplined Core Portfolio		35,337
Global Atlantic BlackRock Disciplined Growth Portfolio		5,461
Global Atlantic BlackRock Disciplined International Core Portfolio		7,890
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		14,696
Global Atlantic BlackRock Disciplined Value Portfolio		12,425
Global Atlantic BlackRock High Yield Portfolio		2,488
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		3,185

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, 2026, 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.

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

As of December 31, 2025, the aggregate cost of investments for federal income tax purposes, the gross unrealized appreciation and depreciation and the aggregated net unrealized appreciation (depreciation) on investments, inclusive of foreign currency and derivatives, were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global Atlantic BlackRock Allocation Portfolio	$	45,285,951	$	10,345,447	$	(1,014,085	)	$	9,331,362
Global Atlantic BlackRock Disciplined Core Portfolio		393,035,555		287,866,993		(9,109,905	)		278,757,088
Global Atlantic BlackRock Disciplined Growth Portfolio		55,093,914		49,752,151		(2,083,072	)		47,669,079
Global Atlantic BlackRock Disciplined International Core Portfolio		106,983,779		43,674,420		(5,909,456	)		37,764,964
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		217,185,852		54,266,208		(13,652,560	)		40,613,648
Global Atlantic BlackRock Disciplined Value Portfolio		189,723,940		46,589,149		(7,133,256	)		39,455,893
Global Atlantic BlackRock High Yield Portfolio		42,118,577		1,394,445		(114,614	)		1,279,831
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		61,546,694		701,798		(1,310,313	)		(608,515	)

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

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

For fiscal year ended 12/31/2025	Ordinary Income		Long-Term Capital Gains		Total
Global Atlantic BlackRock Allocation Portfolio	$	2,807,611	$	2,907,066	$	5,714,677
Global Atlantic BlackRock Disciplined Core Portfolio		43,869,246		42,331,327		86,200,573
Global Atlantic BlackRock Disciplined Growth Portfolio		8,230,205		15,204,320		23,434,525
Global Atlantic BlackRock Disciplined International Core Portfolio		2,933,682		-		2,933,682
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		-		10,143,092		10,143,092
Global Atlantic BlackRock Disciplined Value Portfolio		21,558,389		14,624,781		36,183,170
Global Atlantic BlackRock High Yield Portfolio		3,503,701		-		3,503,701
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		2,428,484		-		2,428,484
For fiscal year ended 12/31/2024	Ordinary Income		Long-Term Capital Gains		Total
Global Atlantic BlackRock Allocation Portfolio	$	1,231,896	$	1,460,570	$	2,692,466
Global Atlantic BlackRock Disciplined Core Portfolio		17,463,483		17,993,984		35,457,467
Global Atlantic BlackRock Disciplined Growth Portfolio		256,699		1,184,011		1,440,710
Global Atlantic BlackRock Disciplined International Core Portfolio		3,236,098		-		3,236,098
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		82,615		217		82,832
Global Atlantic BlackRock Disciplined Value Portfolio		11,010,176		5,365,869		16,376,045
Global Atlantic BlackRock High Yield Portfolio		3,364,709		-		3,364,709
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		2,385,974		-		2,385,974

As of December 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Post-October Loss and Late Year Loss		Capital Loss Carryforward		Unrealized Appreciation/ (Depreciation)		Total Accumulated Earnings/ (Deficits)
Global Atlantic BlackRock Allocation Portfolio	$	1,525,004	$	3,816,701	$	-	$	-	$	9,331,362	$	14,673,067
Global Atlantic BlackRock Disciplined Core Portfolio		17,740,561		38,673,075		-		-		278,757,088		335,170,724
Global Atlantic BlackRock Disciplined Growth Portfolio		1,643,456		6,584,034		-		-		47,669,079		55,896,569

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Post-October Loss and Late Year Loss		Capital Loss Carryforward			Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/ (Deficits)
Global Atlantic BlackRock Disciplined International Core Portfolio	$	1,182,292	$	5,779,197	$	-	$	-		$	37,764,964		$	44,726,453
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		12,192,459		23,508,532		-		-			40,613,648			76,314,639
Global Atlantic BlackRock Disciplined Value Portfolio		6,226,863		11,435,381		-		-			39,455,893			57,118,137
Global Atlantic BlackRock High Yield Portfolio		3,018,726		-		-		(9,684,956	)		1,279,831			(5,386,399	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		2,232,086		-		-		(8,740,021	)		(608,515	)		(7,116,450	)

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on passive foreign investment companies, open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) and unrealized derivative gains (losses) of $70,049, and $93,515 for Global Atlantic BlackRock Disciplined International Core Portfolio and Global Atlantic Goldman Sachs Core Fixed Income Portfolio, respectively.

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

	Non-Expiring Short-Term		Non-Expiring Long-Term		Total
Global Atlantic BlackRock Allocation Portfolio	$	-	$	-	$	-
Global Atlantic BlackRock Disciplined Core Portfolio		-		-		-
Global Atlantic BlackRock Disciplined Growth Portfolio		-		-		-
Global Atlantic BlackRock Disciplined International Core Portfolio		-		-		-
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		-		-		-
Global Atlantic BlackRock Disciplined Value Portfolio		-		-		-
Global Atlantic BlackRock High Yield Portfolio		4,815,321		4,869,635		9,684,956
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		4,526,895		4,213,126		8,740,021

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

				Utilized
Global Atlantic BlackRock Disciplined International Core Portfolio				$	4,136,825

8. OPERATING SEGMENTS

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

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

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.

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

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

risks associated with real estate investments and natural resources. ETFs in which a Portfolio invests will not be able to replicate exactly the performance of the indices they track, if any, because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, ETFs in which a Portfolio invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. An investment in an ETF presents the risk that the ETF may no longer meet the listing requirements of any applicable exchanges on which the ETF is listed.

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

Global Atlantic Portfolios

Notes to Financial Statements (Unaudited) (Continued)

June 30, 2026

10. SUBSEQUENT EVENTS

The Portfolios evaluated subsequent events from June 30, 2026 through the date these financial statements were issued. There were no significant events that would have a material impact on the Portfolios' financial statements, other than discussed below:

Reorganization of Global Atlantic Goldman Sachs Core Fixed Income Portfolio into the Global Atlantic BlackRock High Yield Portfolio

At a meeting held on May 7, 2026 (the "Meeting"), the Board approved an Agreement and Plan of Reorganization (the "Plan") that provides for the reorganization of Global Atlantic Goldman Sachs Core Fixed Income Portfolio (the "Acquired Portfolio") into the Global Atlantic BlackRock High Yield Portfolio (to be renamed Global Atlantic BlackRock Multi-Sector Fixed Income Portfolio) (the "Acquiring Portfolio") (the "Reorganization"). The Reorganization is expected to close after the close of business on or about October 2, 2026 (the "Closing Date"). Pursuant to the terms of the Plan, on the Closing Date, the Acquired Portfolio will transfer all of its assets to the Acquiring Portfolio, in exchange for shares of the Acquiring Portfolio and the assumption of all of the liabilities of the Acquired Portfolio by the Acquiring Portfolio.

The Board also approved changes to the Acquiring Portfolio's contractual investment management fee schedule. Effective September 30, 2026, the new contractual investment management fee schedule for the Acquiring Portfolio will be as follows:

Average Daily Net Assets	Annual Rate
First $250 million		0.34	%
Next $250 million		0.32	%
Over $500 million		0.26	%

The Board also approved a reduction to the contractual investment sub-advisory management fee schedule for the Acquiring Portfolio effective September 30, 2026.

In addition, effective September 30, 2026 and at least until October 31, 2027, the Adviser has contractually agreed to establish an expense limitation arrangement applicable to the Acquiring Portfolio, under which the Adviser will reimburse such Portfolio's expenses such that the total annual operating expense ratio of the Acquiring Portfolio will not exceed 0.52%, 0.77%, and 0.67% of average daily net assets attributable to Class I, Class II and Class III shares of the Acquiring Portfolio, respectively.

Repositioning of the Global Atlantic BlackRock High Yield Portfolio

At a meeting held on May 7, 2026, the Board approved the change of the Acquiring Portfolio's name to the Global Atlantic BlackRock Multi-Sector Fixed Income Portfolio and also approved changes to the Acquiring Portfolio's 80% investment policy, investment strategy, investment risks and certain other changes. The Acquiring Portfolio's 80% investment policy will be changed to the following: "[u]nder normal market conditions, the Portfolio seeks to achieve its investment objective primarily through investing at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments that provide exposure to fixed-income securities." These changes will go into effect on or about September 30, 2026.

Fund net assets	$55,743,352
Total number of portfolio holdings	405
Period portfolio turnover rate	96%

		Page
•	Global Atlantic Portfolio of Investments
	Global Atlantic BlackRock Allocation Portfolio		2
	Global Atlantic BlackRock Disciplined Core Portfolio		3
	Global Atlantic BlackRock Disciplined Growth Portfolio		8
	Global Atlantic BlackRock Disciplined International Core Portfolio		11
	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		20
	Global Atlantic BlackRock Disciplined Value Portfolio		25
	Global Atlantic BlackRock High Yield Portfolio		31
	Global Atlantic Goldman Sachs Core Fixed Income Portfolio		39
•	Financial Statements:
	Statements of Assets and Liabilities		50
	Statements of Operations		52
	Statements of Changes in Net Assets		54
	Financial Highlights		58
•	Notes to Financial Statements		73
•	Proxy Voting Policy	Back Cover
•	Portfolio Holdings	Back Cover

By (Signature and Title)^*	/s/ Trent Statczar
	Trent Statczar, Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

By (Signature and Title)^*	/s/ Deborah Schunder
	Deborah Schunder, President
	(Principal Executive Officer)

Global Atlantic BlackRock Allocation Portfolio - Class I

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Global Atlantic BlackRock Disciplined Core Portfolio - Class I

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Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio - Class I

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Global Atlantic BlackRock High Yield Portfolio - Class I

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Global Atlantic Goldman Sachs Core Fixed Income Portfolio - Class I

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