Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited)
September 30, 2023
Shares/ Principal | Fair Value | |||
Corporate Bonds and Notes - 97.9% | ||||
Advertising - 0.8% | ||||
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(a) | $372,000 | $320,334 | ||
Clear Channel Outdoor Holdings, Inc., 9.00%, 9/15/28(a) | 40,000 | 39,613 | ||
359,947 | ||||
Aerospace & Defense - 2.8% | ||||
Bombardier, Inc., 7.13%, 6/15/26(a) | 115,000 | 111,415 | ||
Rolls-Royce PLC, 5.75%, 10/15/27(a) | 355,000 | 342,593 | ||
TransDigm, Inc. | ||||
6.25%, 3/15/26(a) | 207,000 | 203,996 | ||
5.50%, 11/15/27 | 373,000 | 350,182 | ||
6.75%, 8/15/28(a) | 311,000 | 306,192 | ||
1,314,378 | ||||
Agriculture - 0.9% | ||||
Turning Point Brands, Inc., 5.63%, 2/15/26(a) | 6,000 | 5,580 | ||
Vector Group Ltd., 5.75%, 2/1/29(a) | 520,000 | 441,992 | ||
447,572 | ||||
Apparel - 0.2% | ||||
Crocs, Inc., 4.25%, 3/15/29(a) | 142,000 | 117,505 | ||
Auto Manufacturers - 2.7% | ||||
Allison Transmission, Inc. | ||||
5.88%, 6/1/29(a) | 105,000 | 99,007 | ||
3.75%, 1/30/31(a) | 46,000 | 37,186 | ||
Ford Motor Co., 9.63%, 4/22/30 | 140,000 | 159,922 | ||
Ford Motor Credit Co. LLC | ||||
7.35%, 11/4/27 | 299,000 | 303,778 | ||
7.35%, 3/6/30 | 276,000 | 279,473 | ||
Jaguar Land Rover Automotive PLC | ||||
7.75%, 10/15/25(a) | 55,000 | 55,122 | ||
5.88%, 1/15/28(a) | 275,000 | 247,255 | ||
5.50%, 7/15/29(a) | 50,000 | 42,751 | ||
Wabash National Corp., 4.50%, 10/15/28(a) | 102,000 | 85,921 | ||
1,310,415 | ||||
Auto Parts & Equipment - 1.5% | ||||
Adient Global Holdings Ltd., 7.00%, 4/15/28(a) | 60,000 | 59,515 | ||
IHO Verwaltungs GmbH | ||||
4.75% Cash, 9/15/26(a),(b) | 200,000 | 183,181 | ||
6.00% Cash, 5/15/27(a),(b) | 75,000 | 69,624 | ||
Tenneco, Inc., 8.00%, 11/17/28(a) | 121,000 | 98,464 | ||
Titan International, Inc., 7.00%, 4/30/28 | 328,000 | 306,550 | ||
717,334 | ||||
Banks - 0.9% | ||||
Freedom Mortgage Corp. | ||||
7.63%, 5/1/26(a) | 83,000 | 77,340 | ||
12.00%, 10/1/28(a) | 40,000 | 40,678 | ||
12.25%, 10/1/30(a) | 40,000 | 40,696 |
Shares/ Principal | Fair Value | |||
Banks (continued) | ||||
Intesa Sanpaolo SpA | ||||
8.25%, (US 1 Year CMT T-Note + 4.40%), 11/21/33(a),(c) | $200,000 | $201,513 | ||
4.95%, (US 1 Year CMT T-Note + 2.75%), 6/1/42(a),(c) | 35,000 | 21,691 | ||
Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 5/6/31(c) | 52,000 | 43,172 | ||
425,090 | ||||
Building Materials - 2.2% | ||||
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28(a) | 50,000 | 49,437 | ||
Boise Cascade Co., 4.88%, 7/1/30(a) | 135,000 | 118,294 | ||
Builders FirstSource, Inc. | ||||
4.25%, 2/1/32(a) | 88,000 | 72,157 | ||
6.38%, 6/15/32(a) | 346,000 | 326,184 | ||
Eco Material Technologies, Inc., 7.88%, 1/31/27(a) | 95,000 | 90,562 | ||
Louisiana-Pacific Corp., 3.63%, 3/15/29(a) | 275,000 | 231,688 | ||
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 2/1/30(a) | 42,000 | 34,702 | ||
Standard Industries, Inc., 4.75%, 1/15/28(a) | 131,000 | 118,160 | ||
1,041,184 | ||||
Chemicals - 2.8% | ||||
Ashland, Inc., 3.38%, 9/1/31(a) | 41,000 | 31,884 | ||
Cerdia Finanz GmbH, 10.50%, 2/15/27(a) | 35,000 | 34,417 | ||
Chemours Co. (The) | ||||
5.38%, 5/15/27 | 27,000 | 24,904 | ||
5.75%, 11/15/28(a) | 109,000 | 94,569 | ||
4.63%, 11/15/29(a) | 28,000 | 22,531 | ||
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 6/15/28(a) | 316,000 | 284,004 | ||
Mativ Holdings, Inc., 6.88%, 10/1/26(a) | 125,000 | 114,063 | ||
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30(a) | 98,000 | 86,485 | ||
Rain Carbon, Inc., 12.25%, 9/1/29(a) | 342,000 | 358,673 | ||
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 4/1/25(a) | 2,000 | 1,937 | ||
Rayonier AM Products, Inc., 7.63%, 1/15/26(a) | 142,000 | 120,700 | ||
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29(a) | 5,000 | 4,007 | ||
Tronox, Inc., 4.63%, 3/15/29(a) | 99,000 | 79,853 | ||
Valvoline, Inc., 3.63%, 6/15/31(a) | 37,000 | 28,692 | ||
WR Grace Holdings LLC, 7.38%, 3/1/31(a) | 45,000 | 43,481 | ||
1,330,200 |
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Coal - 0.6% | ||||
SunCoke Energy, Inc., 4.88%, 6/30/29(a) | $200,000 | $169,945 | ||
Warrior Met Coal, Inc., 7.88%, 12/1/28(a) | 104,000 | 104,296 | ||
274,241 | ||||
Commercial Services - 5.9% | ||||
Adtalem Global Education, Inc., 5.50%, 3/1/28(a) | 39,000 | 35,843 | ||
AMN Healthcare, Inc., 4.63%, 10/1/27(a) | 42,000 | 37,958 | ||
APX Group, Inc. | ||||
6.75%, 2/15/27(a) | 101,000 | 96,984 | ||
5.75%, 7/15/29(a) | 278,000 | 234,210 | ||
CPI CG, Inc., 8.63%, 3/15/26(a) | 226,000 | 222,610 | ||
Garda World Security Corp., 7.75%, 2/15/28(a) | 25,000 | 24,519 | ||
Gartner, Inc. | ||||
4.50%, 7/1/28(a) | 138,000 | 125,906 | ||
3.63%, 6/15/29(a) | 13,000 | 11,119 | ||
3.75%, 10/1/30(a) | 80,000 | 67,128 | ||
GEO Group, Inc. (The), 10.50%, 6/30/28 | 20,000 | 20,052 | ||
Hertz Corp. (The) | ||||
4.63%, 12/1/26(a) | 23,000 | 20,384 | ||
5.00%, 12/1/29(a) | 63,000 | 49,316 | ||
Mobius Merger Sub, Inc., 9.00%, 6/1/30(a) | 28,000 | 25,898 | ||
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(a) | 104,000 | 88,346 | ||
Neptune Bidco US, Inc., 9.29%, 4/15/29(a) | 190,000 | 172,202 | ||
PROG Holdings, Inc., 6.00%, 11/15/29(a) | 298,000 | 261,397 | ||
Sabre GLBL, Inc., 11.25%, 12/15/27(a) | 430,000 | 396,803 | ||
TriNet Group, Inc., 7.13%, 8/15/31(a) | 80,000 | 79,200 | ||
Upbound Group, Inc., 6.38%, 2/15/29(a) | 236,000 | 209,450 | ||
VT Topco, Inc., 8.50%, 8/15/30(a) | 27,000 | 26,745 | ||
Williams Scotsman International, Inc., 4.63%, 8/15/28(a) | 329,000 | 294,455 | ||
Williams Scotsman, Inc., 7.38%, 10/1/31(a) | 60,000 | 59,644 | ||
WW International, Inc., 4.50%, 4/15/29(a) | 232,000 | 162,980 | ||
ZipRecruiter, Inc., 5.00%, 1/15/30(a) | 134,000 | 105,225 | ||
2,828,374 | ||||
Computers - 0.8% | ||||
KBR, Inc., 4.75%, 9/30/28(a) | 134,000 | 117,920 | ||
NCR Atleos Escrow Corp., 9.50%, 4/1/29(a) | 60,000 | 58,281 | ||
Science Applications International Corp., 4.88%, 4/1/28(a) | 98,000 | 88,940 |
Shares/ Principal | Fair Value | |||
Computers (continued) | ||||
Seagate HDD Cayman, 9.63%, 12/1/32(a) | $19,000 | $20,472 | ||
Unisys Corp., 6.88%, 11/1/27(a) | 111,000 | 83,111 | ||
368,724 | ||||
Distribution & Wholesale - 0.3% | ||||
G-III Apparel Group Ltd., 7.88%, 8/15/25(a) | 100,000 | 99,302 | ||
Windsor Holdings III LLC, 8.50%, 6/15/30(a) | 45,000 | 44,398 | ||
143,700 | ||||
Diversified Financial Services - 5.6% | ||||
AG TTMT Escrow Issuer LLC, 8.63%, 9/30/27(a) | 75,000 | 75,460 | ||
Burford Capital Global Finance LLC | ||||
6.88%, 4/15/30(a) | 125,000 | 113,886 | ||
9.25%, 7/1/31(a) | 200,000 | 201,997 | ||
Coinbase Global, Inc., 3.38%, 10/1/28(a) | 428,000 | 308,304 | ||
Credit Acceptance Corp., 6.63%, 3/15/26 | 43,000 | 41,455 | ||
Enova International, Inc., 8.50%, 9/15/25(a) | 395,000 | 386,112 | ||
GGAM Finance Ltd. | ||||
7.75%, 5/15/26(a) | 30,000 | 29,700 | ||
8.00%, 6/15/28(a) | 28,000 | 27,945 | ||
Macquarie Airfinance Holdings Ltd., 8.38%, 5/1/28(a) | 25,000 | 25,344 | ||
Nationstar Mortgage Holdings, Inc. | ||||
6.00%, 1/15/27(a) | 33,000 | 31,183 | ||
5.50%, 8/15/28(a) | 159,000 | 140,249 | ||
5.75%, 11/15/31(a) | 255,000 | 210,946 | ||
Navient Corp., 6.75%, 6/15/26 | 72,000 | 69,660 | ||
NFP Corp., 8.50%, 10/1/31(a) | 55,000 | 55,083 | ||
OneMain Finance Corp. | ||||
7.13%, 3/15/26 | 257,000 | 251,816 | ||
9.00%, 1/15/29 | 70,000 | 69,774 | ||
PennyMac Financial Services, Inc. | ||||
5.38%, 10/15/25(a) | 30,000 | 28,520 | ||
5.75%, 9/15/31(a) | 2,000 | 1,636 | ||
Synchrony Financial, 7.25%, 2/2/33 | 34,000 | 30,018 | ||
United Wholesale Mortgage LLC | ||||
5.50%, 11/15/25(a) | 145,000 | 137,729 | ||
5.75%, 6/15/27(a) | 428,000 | 387,383 | ||
5.50%, 4/15/29(a) | 43,000 | 36,335 | ||
2,660,535 | ||||
Electric - 2.5% | ||||
NRG Energy, Inc., 5.25%, 6/15/29(a) | 138,000 | 121,809 | ||
Pacific Gas and Electric Co., 6.15%, 1/15/33 | 30,000 | 28,461 | ||
PG&E Corp., 5.25%, 7/1/30 | 618,000 | 537,082 |
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Electric (continued) | ||||
Talen Energy Supply LLC, 8.63%, 6/1/30(a) | $90,000 | $92,259 | ||
Vistra Operations Co. LLC | ||||
5.50%, 9/1/26(a) | 86,000 | 81,990 | ||
5.63%, 2/15/27(a) | 138,000 | 130,881 | ||
5.00%, 7/31/27(a) | 15,000 | 13,790 | ||
7.75%, 10/15/31(a) | 165,000 | 162,742 | ||
1,169,014 | ||||
Electrical Components & Equipments - 0.2% | ||||
Energizer Holdings, Inc. | ||||
6.50%, 12/31/27(a) | 36,000 | 34,088 | ||
4.75%, 6/15/28(a) | 13,000 | 11,228 | ||
4.38%, 3/31/29(a) | 3,000 | 2,504 | ||
EnerSys, 4.38%, 12/15/27(a) | 69,000 | 62,704 | ||
110,524 | ||||
Electronics - 0.2% | ||||
Atkore, Inc., 4.25%, 6/1/31(a) | 102,000 | 85,425 | ||
Energy-Alternate Sources - 0.3% | ||||
Enviva Partners LP / Enviva Partners Finance Corp., 6.50%, 1/15/26(a) | 69,000 | 56,236 | ||
TerraForm Power Operating LLC, 5.00%, 1/31/28(a) | 100,000 | 90,750 | ||
146,986 | ||||
Engineering & Construction - 1.6% | ||||
AECOM, 5.13%, 3/15/27 | 190,000 | 179,938 | ||
Arcosa, Inc., 4.38%, 4/15/29(a) | 65,000 | 56,726 | ||
Brand Industrial Services, Inc., 10.38%, 8/1/30(a) | 50,000 | 50,350 | ||
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(a) | 17,000 | 16,171 | ||
MasTec, Inc., 6.63%, 8/15/29(a) | 161,000 | 153,353 | ||
TopBuild Corp. | ||||
3.63%, 3/15/29(a) | 119,000 | 101,350 | ||
4.13%, 2/15/32(a) | 136,000 | 110,500 | ||
VM Consolidated, Inc., 5.50%, 4/15/29(a) | 75,000 | 67,500 | ||
Weekley Homes LLC / Weekley Finance Corp., 4.88%, 9/15/28(a) | 37,000 | 31,903 | ||
767,791 | ||||
Entertainment - 1.6% | ||||
Affinity Interactive, 6.88%, 12/15/27(a) | 37,000 | 31,365 | ||
Boyne USA, Inc., 4.75%, 5/15/29(a) | 82,000 | 71,723 | ||
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(a) | 72,000 | 65,044 | ||
Churchill Downs, Inc., 6.75%, 5/1/31(a) | 272,000 | 257,040 | ||
Jacobs Entertainment, Inc., 6.75%, 2/15/29(a) | 45,000 | 39,938 | ||
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 5/1/29(a) | 40,000 | 34,005 |
Shares/ Principal | Fair Value | |||
Entertainment (continued) | ||||
Penn Entertainment, Inc., 4.13%, 7/1/29(a) | $45,000 | $36,773 | ||
Resorts World Las Vegas LLC / RWLV Capital, Inc., 8.45%, 7/27/30(a) | 200,000 | 192,517 | ||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 3/1/30(a) | 15,000 | 12,938 | ||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.13%, 2/15/31(a) | 37,000 | 35,097 | ||
776,440 | ||||
Environmental Control - 0.1% | ||||
Covanta Holding Corp., 5.00%, 9/1/30 | 57,000 | 45,956 | ||
Tervita Corp., 11.00%, 12/1/25(a) | 18,000 | 18,819 | ||
64,775 | ||||
Food - 0.8% | ||||
Ingles Markets, Inc., 4.00%, 6/15/31(a) | 27,000 | 22,174 | ||
Lamb Weston Holdings, Inc., 4.13%, 1/31/30(a) | 89,000 | 76,102 | ||
Post Holdings, Inc. | ||||
5.63%, 1/15/28(a) | 107,000 | 101,140 | ||
5.50%, 12/15/29(a) | 146,000 | 132,438 | ||
United Natural Foods, Inc., 6.75%, 10/15/28(a) | 63,000 | 48,025 | ||
379,879 | ||||
Forest Products & Paper - 0.6% | ||||
Domtar Corp., 6.75%, 10/1/28(a) | 344,000 | 284,756 | ||
Gas - 0.9% | ||||
AmeriGas Partners LP / AmeriGas Finance Corp. | ||||
5.88%, 8/20/26 | 125,000 | 120,245 | ||
5.75%, 5/20/27 | 96,000 | 89,985 | ||
9.38%, 6/1/28(a) | 208,000 | 210,860 | ||
421,090 | ||||
Healthcare-Products - 0.7% | ||||
Bausch & Lomb Escrow Corp., 8.38%, 10/1/28(a) | 45,000 | 45,158 | ||
Embecta Corp. | ||||
5.00%, 2/15/30(a) | 279,000 | 217,620 | ||
6.75%, 2/15/30(a) | 60,000 | 49,050 | ||
Hologic, Inc., 4.63%, 2/1/28(a) | 25,000 | 23,001 | ||
334,829 | ||||
Healthcare-Services - 4.2% | ||||
Acadia Healthcare Co., Inc., 5.50%, 7/1/28(a) | 254,000 | 236,213 | ||
DaVita, Inc., 4.63%, 6/1/30(a) | 535,000 | 439,327 | ||
Encompass Health Corp. | ||||
4.50%, 2/1/28 | 24,000 | 21,874 | ||
4.63%, 4/1/31 | 479,000 | 405,924 | ||
Fortrea Holdings, Inc., 7.50%, 7/1/30(a) | 75,000 | 72,937 |
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Healthcare-Services (continued) | ||||
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 4/30/28(a) | $44,000 | $44,275 | ||
LifePoint Health, Inc. | ||||
9.88%, 8/15/30(a) | 47,000 | 45,502 | ||
11.00%, 10/15/30(a) | 40,000 | 40,000 | ||
Molina Healthcare, Inc., 4.38%, 6/15/28(a) | 145,000 | 129,927 | ||
Star Parent, Inc., 9.00%, 10/1/30(a) | 25,000 | 25,261 | ||
Tenet Healthcare Corp. | ||||
6.13%, 10/1/28 | 319,000 | 299,461 | ||
6.75%, 5/15/31(a) | 181,000 | 174,572 | ||
6.88%, 11/15/31 | 65,000 | 62,317 | ||
1,997,590 | ||||
Home Builders - 3.2% | ||||
Adams Homes, Inc., 9.25%, 10/15/28(a) | 72,000 | 71,888 | ||
Ashton Woods USA LLC / Ashton Woods Finance Co. | ||||
6.63%, 1/15/28(a) | 37,000 | 34,907 | ||
4.63%, 4/1/30(a) | 28,000 | 22,936 | ||
Beazer Homes USA, Inc. | ||||
5.88%, 10/15/27 | 58,000 | 53,087 | ||
7.25%, 10/15/29 | 21,000 | 19,731 | ||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 6.25%, 9/15/27(a) | 90,000 | 81,029 | ||
Empire Communities Corp., 7.00%, 12/15/25(a) | 34,000 | 32,394 | ||
Forestar Group, Inc., 5.00%, 3/1/28(a) | 117,000 | 105,036 | ||
Installed Building Products, Inc., 5.75%, 2/1/28(a) | 170,000 | 156,474 | ||
LGI Homes, Inc., 4.00%, 7/15/29(a) | 107,000 | 85,370 | ||
M/I Homes, Inc. | ||||
4.95%, 2/1/28 | 203,000 | 182,953 | ||
3.95%, 2/15/30 | 2,000 | 1,628 | ||
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 4/1/29 | 43,000 | 37,300 | ||
Taylor Morrison Communities, Inc. | ||||
5.75%, 1/15/28(a) | 246,000 | 229,149 | ||
5.13%, 8/1/30(a) | 78,000 | 68,153 | ||
Thor Industries, Inc., 4.00%, 10/15/29(a) | 252,000 | 207,585 | ||
Tri Pointe Homes, Inc., 5.70%, 6/15/28 | 169,000 | 155,072 | ||
1,544,692 | ||||
Home Furnishings - 0.1% | ||||
Tempur Sealy International, Inc., 4.00%, 4/15/29(a) | 66,000 | 55,081 | ||
Shares/ Principal | Fair Value | |||
Insurance - 0.2% | ||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 6.75%, 4/15/28(a) | $93,000 | $89,743 | ||
Internet - 1.3% | ||||
Cars.com, Inc., 6.38%, 11/1/28(a) | 220,000 | 199,925 | ||
Cogent Communications Group, Inc., 7.00%, 6/15/27(a) | 399,000 | 381,045 | ||
EquipmentShare.com, Inc., 9.00%, 5/15/28(a) | 25,000 | 24,068 | ||
605,038 | ||||
Iron & Steel - 1.4% | ||||
ATI, Inc., 5.13%, 10/1/31 | 41,000 | 35,362 | ||
Carpenter Technology Corp., 7.63%, 3/15/30 | 95,000 | 95,119 | ||
Cleveland-Cliffs, Inc., 6.75%, 4/15/30(a) | 36,000 | 33,659 | ||
Mineral Resources Ltd. | ||||
8.13%, 5/1/27(a) | 135,000 | 133,175 | ||
8.00%, 11/1/27(a) | 120,000 | 117,750 | ||
9.25%, 10/1/28(a) | 30,000 | 30,225 | ||
8.50%, 5/1/30(a) | 215,000 | 210,925 | ||
656,215 | ||||
Leisure Time - 3.6% | ||||
Carnival Corp. | ||||
7.63%, 3/1/26(a) | 513,000 | 498,952 | ||
5.75%, 3/1/27(a) | 35,000 | 31,677 | ||
6.00%, 5/1/29(a) | 135,000 | 114,873 | ||
10.50%, 6/1/30(a) | 236,000 | 243,050 | ||
NCL Corp. Ltd., 8.38%, 2/1/28(a) | 49,000 | 49,694 | ||
Royal Caribbean Cruises Ltd. | ||||
5.50%, 8/31/26(a) | 359,000 | 339,269 | ||
11.63%, 8/15/27(a) | 353,000 | 383,046 | ||
Vista Outdoor, Inc., 4.50%, 3/15/29(a) | 92,000 | 76,973 | ||
1,737,534 | ||||
Lodging - 0.3% | ||||
Hilton Domestic Operating Co., Inc., 4.88%, 1/15/30 | 58,000 | 52,871 | ||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | ||||
5.00%, 6/1/29(a) | 40,000 | 34,700 | ||
4.88%, 7/1/31(a) | 34,000 | 27,712 | ||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(a) | 42,000 | 41,296 | ||
156,579 | ||||
Machinery-Construction & Mining - 0.3% | ||||
BWX Technologies, Inc., 4.13%, 6/30/28(a) | 68,000 | 60,119 | ||
Vertiv Group Corp., 4.13%, 11/15/28(a) | 91,000 | 80,326 | ||
140,445 | ||||
Machinery-Diversified - 0.8% | ||||
ATS Corp., 4.13%, 12/15/28(a) | 218,000 | 192,657 |
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Machinery-Diversified (continued) | ||||
GrafTech Global Enterprises, Inc., 9.88%, 12/15/28(a) | $214,000 | $202,765 | ||
395,422 | ||||
Media - 7.0% | ||||
Belo Corp., 7.75%, 6/1/27 | 4,000 | 3,976 | ||
Cable One, Inc., 4.00%, 11/15/30(a) | 25,000 | 19,045 | ||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||
5.00%, 2/1/28(a) | 46,000 | 41,774 | ||
5.38%, 6/1/29(a) | 162,000 | 145,373 | ||
4.75%, 3/1/30(a) | 72,000 | 60,442 | ||
4.50%, 8/15/30(a) | 26,000 | 21,342 | ||
4.25%, 2/1/31(a) | 94,000 | 74,824 | ||
7.38%, 3/1/31(a) | 340,000 | 328,453 | ||
4.75%, 2/1/32(a) | 121,000 | 97,103 | ||
4.50%, 5/1/32 | 146,000 | 114,600 | ||
4.50%, 6/1/33(a) | 161,000 | 123,297 | ||
4.25%, 1/15/34(a) | 39,000 | 28,723 | ||
CSC Holdings LLC, 11.25%, 5/15/28(a) | 90,000 | 89,646 | ||
DIRECTV Financing LLC / DIRECTV Financing Co.-Obligor, Inc., 5.88%, 8/15/27(a) | 635,000 | 562,394 | ||
DISH DBS Corp., 5.75%, 12/1/28(a) | 70,000 | 53,812 | ||
DISH Network Corp., 11.75%, 11/15/27(a) | 25,000 | 25,189 | ||
GCI LLC, 4.75%, 10/15/28(a) | 266,000 | 229,425 | ||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a) | 55,000 | 50,517 | ||
Nexstar Media, Inc. | ||||
5.63%, 7/15/27(a) | 51,000 | 45,385 | ||
4.75%, 11/1/28(a) | 206,000 | 170,499 | ||
TEGNA, Inc., 4.63%, 3/15/28 | 214,000 | 185,110 | ||
Univision Communications, Inc. | ||||
8.00%, 8/15/28(a) | 15,000 | 14,543 | ||
7.38%, 6/30/30(a) | 90,000 | 82,206 | ||
UPC Broadband Finco BV, 4.88%, 7/15/31(a) | 60,000 | 48,689 | ||
UPC Holding BV, 5.50%, 1/15/28(a) | 25,000 | 22,250 | ||
Urban One, Inc., 7.38%, 2/1/28(a) | 175,000 | 148,811 | ||
Virgin Media Finance PLC, 5.00%, 7/15/30(a) | 400,000 | 314,442 | ||
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(a) | 150,000 | 133,646 | ||
VZ Secured Financing BV, 5.00%, 1/15/32(a) | 125,000 | 98,192 | ||
3,333,708 | ||||
Mining - 2.7% | ||||
Arsenal AIC Parent LLC, 8.00%, 10/1/30(a) | 32,000 | 31,841 | ||
Eldorado Gold Corp., 6.25%, 9/1/29(a) | 307,000 | 265,029 |
Shares/ Principal | Fair Value | |||
Mining (continued) | ||||
FMG Resources August 2006 Pty Ltd. | ||||
5.88%, 4/15/30(a) | $445,000 | $406,845 | ||
6.13%, 4/15/32(a) | 120,000 | 109,042 | ||
New Gold, Inc., 7.50%, 7/15/27(a) | 135,000 | 126,015 | ||
Taseko Mines Ltd., 7.00%, 2/15/26(a) | 398,000 | 371,784 | ||
1,310,556 | ||||
Miscellaneous Manufacturing - 0.2% | ||||
Calderys Financing LLC, 11.25%, 6/1/28(a) | 54,000 | 55,308 | ||
LSB Industries, Inc., 6.25%, 10/15/28(a) | 48,000 | 43,519 | ||
98,827 | ||||
Office & Business Equipment - 0.2% | ||||
Pitney Bowes, Inc., 7.25%, 3/15/29(a) | 75,000 | 55,017 | ||
Xerox Holdings Corp., 5.50%, 8/15/28(a) | 29,000 | 24,383 | ||
79,400 | ||||
Office Furnishings - 0.2% | ||||
Interface, Inc., 5.50%, 12/1/28(a) | 62,000 | 52,707 | ||
Steelcase, Inc., 5.13%, 1/18/29 | 33,000 | 29,256 | ||
81,963 | ||||
Oil & Gas - 13.2% | ||||
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(a) | 39,000 | 38,692 | ||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | ||||
8.25%, 12/31/28(a) | 20,000 | 19,792 | ||
5.88%, 6/30/29(a) | 50,000 | 44,962 | ||
Athabasca Oil Corp., 9.75%, 11/1/26(a) | 44,000 | 45,540 | ||
Baytex Energy Corp. | ||||
8.75%, 4/1/27(a) | 151,000 | 153,389 | ||
8.50%, 4/30/30(a) | 105,000 | 106,221 | ||
Berry Petroleum Co. LLC, 7.00%, 2/15/26(a) | 180,000 | 172,406 | ||
Chesapeake Energy Corp., 5.88%, 2/1/29(a) | 28,000 | 26,349 | ||
Chord Energy Corp., 6.38%, 6/1/26(a) | 355,000 | 348,085 | ||
Civitas Resources, Inc. | ||||
8.38%, 7/1/28(a) | 295,000 | 300,162 | ||
8.75%, 7/1/31(a) | 192,000 | 196,009 | ||
CNX Resources Corp. | ||||
7.25%, 3/14/27(a) | 7,000 | 6,908 | ||
7.38%, 1/15/31(a) | 30,000 | 29,410 | ||
Comstock Resources, Inc., 6.75%, 3/1/29(a) | 91,000 | 83,713 | ||
Crescent Energy Finance LLC | ||||
7.25%, 5/1/26(a) | 271,000 | 265,580 | ||
9.25%, 2/15/28(a) | 253,000 | 258,300 | ||
CVR Energy, Inc., 5.75%, 2/15/28(a) | 118,000 | 106,790 | ||
Diamond Foreign Asset Co. / Diamond Finance LLC, 8.50%, 10/1/30(a) | 54,000 | 54,006 |
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Oil & Gas (continued) | ||||
Earthstone Energy Holdings LLC, 9.88%, 7/15/31(a) | $34,000 | $37,187 | ||
Encino Acquisition Partners Holdings LLC, 8.50%, 5/1/28(a) | 37,000 | 35,526 | ||
Energean PLC, 6.50%, 4/30/27(a) | 200,000 | 181,500 | ||
Harbour Energy PLC, 5.50%, 10/15/26(a) | 115,000 | 107,239 | ||
Ithaca Energy North Sea PLC, 9.00%, 7/15/26(a) | 200,000 | 194,004 | ||
MEG Energy Corp., 5.88%, 2/1/29(a) | 332,000 | 310,019 | ||
Noble Finance II LLC, 8.00%, 4/15/30(a) | 235,000 | 238,065 | ||
Northern Oil and Gas, Inc. | ||||
8.13%, 3/1/28(a) | 266,000 | 265,681 | ||
8.75%, 6/15/31(a) | 34,000 | 34,252 | ||
Parkland Corp. | ||||
4.50%, 10/1/29(a) | 75,000 | 64,241 | ||
4.63%, 5/1/30(a) | 246,000 | 209,800 | ||
PBF Holding Co. LLC / PBF Finance Corp. | ||||
6.00%, 2/15/28 | 317,000 | 298,985 | ||
7.88%, 9/15/30(a) | 96,000 | 95,613 | ||
Petrofac Ltd., 9.75%, 11/15/26(a) | 90,000 | 69,012 | ||
Precision Drilling Corp., 6.88%, 1/15/29(a) | 14,000 | 13,240 | ||
Seadrill Finance Ltd., 8.38%, 8/1/30(a) | 305,000 | 310,527 | ||
Strathcona Resources Ltd., 6.88%, 8/1/26(a) | 30,000 | 28,275 | ||
Sunoco LP / Sunoco Finance Corp., 7.00%, 9/15/28(a) | 65,000 | 64,264 | ||
Talos Production, Inc., 12.00%, 1/15/26 | 111,000 | 115,743 | ||
Transocean Aquila Ltd., 8.00%, 9/30/28(a) | 40,000 | 40,000 | ||
Transocean Titan Financing Ltd., 8.38%, 2/1/28(a) | 45,000 | 45,788 | ||
Transocean, Inc., 8.75%, 2/15/30(a) | 323,000 | 330,268 | ||
Valaris Ltd., 8.38%, 4/30/30(a) | 475,000 | 476,366 | ||
Vermilion Energy, Inc., 6.88%, 5/1/30(a) | 85,000 | 80,400 | ||
Vital Energy, Inc. | ||||
9.50%, 1/15/25 | 107,000 | 107,874 | ||
10.13%, 1/15/28 | 110,000 | 112,023 | ||
7.75%, 7/31/29(a) | 41,000 | 38,140 | ||
9.75%, 10/15/30 | 80,000 | 81,764 | ||
W&T Offshore, Inc., 11.75%, 2/1/26(a) | 59,000 | 60,841 | ||
6,302,951 | ||||
Oil & Gas Services - 1.7% | ||||
Bristow Group, Inc., 6.88%, 3/1/28(a) | 101,000 | 94,700 | ||
CGG SA, 8.75%, 4/1/27(a) | 150,000 | 134,173 | ||
Oceaneering International, Inc. | ||||
6.00%, 2/1/28(a) | 65,000 | 61,234 | ||
6.00%, 2/1/28 | 11,000 | 10,363 |
Shares/ Principal | Fair Value | |||
Oil & Gas Services (continued) | ||||
USA Compression Partners LP / USA Compression Finance Corp. | ||||
6.88%, 4/1/26 | $58,000 | $56,817 | ||
6.88%, 9/1/27 | 169,000 | 163,852 | ||
Weatherford International Ltd., 8.63%, 4/30/30(a) | 310,000 | 312,370 | ||
833,509 | ||||
Packaging & Containers - 0.5% | ||||
LABL, Inc., 9.50%, 11/1/28(a) | 40,000 | 41,000 | ||
Mauser Packaging Solutions Holding Co., 7.88%, 8/15/26(a) | 130,000 | 125,428 | ||
TriMas Corp., 4.13%, 4/15/29(a) | 73,000 | 62,575 | ||
229,003 | ||||
Passenger Airlines - 1.5% | ||||
American Airlines, Inc. | ||||
11.75%, 7/15/25(a) | 90,000 | 96,729 | ||
7.25%, 2/15/28(a) | 291,000 | 278,233 | ||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29(a) | 187,000 | 173,785 | ||
United Airlines, Inc. | ||||
4.38%, 4/15/26(a) | 3,000 | 2,774 | ||
4.63%, 4/15/29(a) | 96,000 | 82,816 | ||
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 6/1/28(a) | 74,000 | 64,958 | ||
699,295 | ||||
Pharmaceuticals - 1.2% | ||||
180 Medical, Inc., 3.88%, 10/15/29(a) | 85,000 | 71,823 | ||
Bausch Health Cos., Inc. | ||||
5.50%, 11/1/25(a) | 60,000 | 53,137 | ||
6.13%, 2/1/27(a) | 215,000 | 134,176 | ||
11.00%, 9/30/28(a) | 50,000 | 33,735 | ||
BellRing Brands, Inc., 7.00%, 3/15/30(a) | 187,000 | 184,160 | ||
Jazz Securities DAC, 4.38%, 1/15/29(a) | 105,000 | 91,539 | ||
568,570 | ||||
Pipelines - 3.4% | ||||
CNX Midstream Partners LP, 4.75%, 4/15/30(a) | 148,000 | 123,201 | ||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31(a) | 135,000 | 119,654 | ||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.63%, 5/1/27(a) | 4,000 | 3,836 | ||
FTAI Infra Escrow Holdings LLC, 10.50%, 6/1/27(a) | 248,000 | 246,760 | ||
Global Partners LP / GLP Finance Corp., 6.88%, 1/15/29 | 170,000 | 158,214 | ||
Harvest Midstream I LP, 7.50%, 9/1/28(a) | 25,000 | 24,160 |
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Pipelines (continued) | ||||
Howard Midstream Energy Partners LLC | ||||
6.75%, 1/15/27(a) | $85,000 | $80,750 | ||
8.88%, 7/15/28(a) | 49,000 | 49,429 | ||
New Fortress Energy, Inc. | ||||
6.75%, 9/15/25(a) | 82,000 | 78,267 | ||
6.50%, 9/30/26(a) | 466,000 | 429,050 | ||
Venture Global Calcasieu Pass LLC, 6.25%, 1/15/30(a) | 115,000 | 109,686 | ||
Venture Global LNG, Inc. | ||||
8.13%, 6/1/28(a) | 115,000 | 113,857 | ||
8.38%, 6/1/31(a) | 65,000 | 63,890 | ||
1,600,754 | ||||
Real Estate - 0.8% | ||||
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., 7.00%, 4/15/30(a) | 208,000 | 187,720 | ||
Cushman & Wakefield US Borrower LLC, 8.88%, 9/1/31(a) | 10,000 | 9,675 | ||
Five Point Operating Co. LP / Five Point Capital Corp., 7.88%, 11/15/25(a) | 46,000 | 43,401 | ||
Greystar Real Estate Partners LLC, 7.75%, 9/1/30(a) | 25,000 | 24,697 | ||
Howard Hughes Corp. (The) | ||||
5.38%, 8/1/28(a) | 95,000 | 83,702 | ||
4.13%, 2/1/29(a) | 13,000 | 10,400 | ||
4.38%, 2/1/31(a) | 2,000 | 1,534 | ||
Kennedy-Wilson, Inc. | ||||
4.75%, 3/1/29 | 31,000 | 23,793 | ||
4.75%, 2/1/30 | 7,000 | 5,214 | ||
5.00%, 3/1/31 | 8,000 | 5,835 | ||
395,971 | ||||
REITS - 3.7% | ||||
Apollo Commercial Real Estate Finance, Inc., 4.63%, 6/15/29(a) | 92,000 | 69,377 | ||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LLC, 5.75%, 5/15/26(a) | 57,000 | 52,296 | ||
Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32(a) | 45,000 | 36,978 | ||
Iron Mountain, Inc. | ||||
7.00%, 2/15/29(a) | 95,000 | 92,962 | ||
5.25%, 7/15/30(a) | 370,000 | 323,329 | ||
5.63%, 7/15/32(a) | 395,000 | 341,015 | ||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(a) | 30,000 | 24,230 | ||
Necessity Retail REIT, Inc. (The) / American Finance Operating Partner LP, 4.50%, 9/30/28(a) | 193,000 | 146,921 |
Shares/ Principal | Fair Value | |||
REITS (continued) | ||||
Rithm Capital Corp., 6.25%, 10/15/25(a) | $54,000 | $51,236 | ||
Service Properties Trust | ||||
7.50%, 9/15/25 | 73,000 | 71,717 | ||
5.25%, 2/15/26 | 194,000 | 176,740 | ||
4.75%, 10/1/26 | 11,000 | 9,434 | ||
5.50%, 12/15/27 | 21,000 | 17,944 | ||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 2/15/28(a) | 382,000 | 374,151 | ||
1,788,330 | ||||
Retail - 5.4% | ||||
1011778 BC ULC / New Red Finance, Inc. | ||||
4.38%, 1/15/28(a) | 105,000 | 94,639 | ||
4.00%, 10/15/30(a) | 619,000 | 513,649 | ||
Academy Ltd., 6.00%, 11/15/27(a) | 68,000 | 64,274 | ||
Bath & Body Works, Inc., 6.88%, 11/1/35 | 14,000 | 12,503 | ||
Beacon Roofing Supply, Inc. | ||||
4.13%, 5/15/29(a) | 99,000 | 84,645 | ||
6.50%, 8/1/30(a) | 60,000 | 58,147 | ||
BlueLinx Holdings, Inc., 6.00%, 11/15/29(a) | 473,000 | 416,928 | ||
Brinker International, Inc., 8.25%, 7/15/30(a) | 64,000 | 61,600 | ||
Evergreen Acqco 1 LP / TVI, Inc., 9.75%, 4/26/28(a) | 163,000 | 167,825 | ||
FirstCash, Inc., 5.63%, 1/1/30(a) | 131,000 | 117,854 | ||
Gap, Inc. (The) | ||||
3.63%, 10/1/29(a) | 190,000 | 140,583 | ||
3.88%, 10/1/31(a) | 122,000 | 85,717 | ||
GYP Holdings III Corp., 4.63%, 5/1/29(a) | 16,000 | 13,783 | ||
LCM Investments Holdings II LLC, 8.25%, 8/1/31(a) | 25,000 | 24,251 | ||
Macy’s Retail Holdings LLC, 5.88%, 3/15/30(a) | 66,000 | 55,605 | ||
Murphy Oil USA, Inc., 3.75%, 2/15/31(a) | 132,000 | 107,812 | ||
Nordstrom, Inc. | ||||
4.38%, 4/1/30 | 11,000 | 8,455 | ||
4.25%, 8/1/31 | 4,000 | 2,901 | ||
Patrick Industries, Inc., 4.75%, 5/1/29(a) | 303,000 | 251,975 | ||
Specialty Building Products Holdings LLC / SBP Finance Corp., 6.38%, 9/30/26(a) | 40,000 | 37,406 | ||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 6/1/31(a) | 37,000 | 30,885 | ||
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(a) | 49,000 | 42,581 | ||
Yum! Brands, Inc., 4.75%, 1/15/30(a) | 206,000 | 185,033 | ||
2,579,051 |
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
Shares/ Principal | Fair Value | |||
Software - 0.8% | ||||
Alteryx, Inc., 8.75%, 3/15/28(a) | $54,000 | $53,761 | ||
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 6/15/29(a) | 15,000 | 14,963 | ||
Elastic NV, 4.13%, 7/15/29(a) | 26,000 | 22,143 | ||
Fair Isaac Corp., 4.00%, 6/15/28(a) | 70,000 | 62,827 | ||
MicroStrategy, Inc., 6.13%, 6/15/28(a) | 202,000 | 179,404 | ||
PTC, Inc., 4.00%, 2/15/28(a) | 48,000 | 43,020 | ||
376,118 | ||||
Telecommunications - 1.1% | ||||
C&W Senior Financing DAC, 6.88%, 9/15/27(a) | 60,000 | 52,737 | ||
Consolidated Communications, Inc., 6.50%, 10/1/28(a) | 78,000 | 60,937 | ||
Frontier Communications Holdings LLC, 8.75%, 5/15/30(a) | 90,000 | 85,453 | ||
Hughes Satellite Systems Corp., 6.63%, 8/1/26 | 30,000 | 25,650 | ||
Iliad Holding SASU, 7.00%, 10/15/28(a) | 100,000 | 91,028 | ||
Intelsat Jackson Holdings SA, 6.50%, 3/15/30(a) | 86,000 | 76,268 | ||
Sable International Finance Ltd., 5.75%, 9/7/27(a) | 25,000 | 22,687 | ||
Vodafone Group PLC | ||||
7.00%, (USD 5 Year Swap + 4.87%), 4/4/79(c) | 64,000 | 63,570 | ||
5.13%, (US 5 Year CMT T-Note + 3.07%), 6/4/81(c) | 56,000 | 37,995 | ||
516,325 | ||||
Transportation - 0.7% | ||||
Danaos Corp., 8.50%, 3/1/28(a) | 173,000 | 174,940 | ||
Forward Air Corp., 9.50%, 10/15/31(a) | 15,000 | 14,990 | ||
Rand Parent LLC, 8.50%, 2/15/30(a) | 105,000 | 97,133 | ||
XPO CNW, Inc., 6.70%, 5/1/34 | 40,000 | 38,478 | ||
325,541 | ||||
Trucking & Leasing - 0.7% | ||||
Fortress Transportation and Infrastructure Investors LLC | ||||
9.75%, 8/1/27(a) | 122,000 | 126,189 | ||
5.50%, 5/1/28(a) | 230,000 | 208,517 | ||
334,706 | ||||
Total Corporate Bonds and Notes | ||||
(Cost - $48,338,045) | 46,713,625 | |||
Short-Term Investments - 0.2% | ||||
Money Market Funds - 0.2% | ||||
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 5.23%(d) (Cost - $73,851) | 73,851 | 73,851 | ||
Shares/ Principal | Fair Value | |||
Total Investments - 98.1% | ||||
(Cost - $48,411,896) | $46,787,476 | |||
Other Assets Less Liabilities - Net 1.9% | 885,373 | |||
Total Net Assets - 100.0% | $47,672,849 |
Global Atlantic BlackRock High Yield Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2023
(a) | 144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of September 30, 2023, these securities amounted to $40,399,697 or 84.7% of net assets. |
(b) | PIK - Pay-in-kind security. |
(c) | 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 |
PLC | - | Public Limited Company |
REIT | - | Real Estate Investment Trust |
Futures Contracts | |||||||||||
Counterparty | Number of Contracts | Expiration Date | Notional Value | Fair Value/Unrealized Appreciation (Depreciation) | |||||||
Long Futures Contracts | |||||||||||
U.S. 10 Year Ultra Future | Morgan Stanley | 1 | 12/19/2023 | $111,563 | $(2,219) | ||||||
U.S. 2 Year Note Future | JP Morgan Chase Bank | 6 | 12/29/2023 | 1,216,266 | (4,181) | ||||||
U.S. Long Bond Future | Morgan Stanley | 2 | 12/19/2023 | 227,562 | (12,994) | ||||||
(19,394) | |||||||||||
Short Futures Contracts | |||||||||||
U.S. 10 Year Note Future | Morgan Stanley | 4 | 12/19/2023 | 432,250 | 8,215 | ||||||
U.S. 5 Year Note Future | JP Morgan Chase Bank | 7 | 12/29/2023 | 737,516 | 6,524 | ||||||
14,739 | |||||||||||
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | $(4,655) |