Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| Corporate Bonds and Notes - 41.7% | | | | | |
| Aerospace & Defense - 1.5% | | | | | |
| Boeing Co. (The) | | | | | |
| 2.60%, 10/30/25 | | $150,000 | | $145,825 | |
| 3.45%, 11/1/28 | | 100,000 | | 94,107 | |
| 6.53%, 5/1/34(a) | | 25,000 | | 26,835 | |
| 6.86%, 5/1/54(a) | | 58,000 | | 63,629 | |
| Howmet Aerospace, Inc., 4.85%, 10/15/31 | | 46,000 | | 46,887 | |
| L3Harris Technologies, Inc., 5.60%, 7/31/53 | | 25,000 | | 26,258 | |
| Northrop Grumman Corp., 4.75%, 6/1/43 | | 50,000 | | 48,095 | |
| RTX Corp. | | | | | |
| 3.95%, 8/16/25 | | 275,000 | | 273,533 | |
| 6.10%, 3/15/34 | | 130,000 | | 143,393 | |
| 4.05%, 5/4/47 | | 50,000 | | 42,441 | |
| | | | | 911,003 | |
| Agriculture - 0.6% | | | | | |
| Bat Capital Corp., 6.00%, 2/20/34 | | 157,000 | | 167,660 | |
| BAT Capital Corp. | | | | | |
| 2.26%, 3/25/28 | | 75,000 | | 69,750 | |
| 4.76%, 9/6/49 | | 25,000 | | 21,539 | |
| Bunge Ltd. Finance Corp. | | | | | |
| 4.20%, 9/17/29 | | 52,000 | | 51,836 | |
| 4.65%, 9/17/34 | | 53,000 | | 52,889 | |
| | | | | 363,674 | |
| Auto Manufacturers - 0.8% | | | | | |
| General Motors Co., 4.00%, 4/1/25 | | 50,000 | | 49,767 | |
| General Motors Financial Co., Inc. | | | | | |
| 4.30%, 7/13/25 | | 125,000 | | 124,490 | |
| 1.50%, 6/10/26 | | 125,000 | | 118,894 | |
| 2.35%, 1/8/31 | | 125,000 | | 106,790 | |
| Hyundai Capital America, 5.40%, 6/24/31(a) | | 100,000 | | 103,630 | |
| | | | | 503,571 | |
| Banks - 11.3% | | | | | |
| Banco Santander SA, 2.75%, 5/28/25 | | 200,000 | | 197,068 | |
| Bank of America Corp. | | | | | |
| 5.08%, (SOFR + 1.29%), 1/20/27(b) | | 210,000 | | 211,694 | |
| 4.18%, 11/25/27 | | 25,000 | | 24,938 | |
| 3.42%, (3 Month Term SOFR + 1.30%), 12/20/28(b) | | 108,000 | | 105,033 | |
| 5.20%, (SOFR + 1.63%), 4/25/29(b) | | 190,000 | | 195,275 | |
| 4.27%, (3 Month Term SOFR + 1.57%), 7/23/29(b) | | 125,000 | | 124,579 | |
| 2.50%, (3 Month Term SOFR + 1.25%), 2/13/31(b) | | 25,000 | | 22,618 | |
| 2.59%, (SOFR + 2.15%), 4/29/31(b) | | 75,000 | | 67,983 | |
| 1.90%, (SOFR + 1.53%), 7/23/31(b) | | 100,000 | | 86,681 | |
| 2.65%, (SOFR + 1.22%), 3/11/32(b) | | 100,000 | | 89,184 | |
| 2.97%, (SOFR + 1.33%), 2/4/33(b) | | 50,000 | | 44,736 | |
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Banks (continued) | | | | | |
| 4.57%, (SOFR + 1.83%), 4/27/33(b) | | 50,000 | | $49,666 | |
| 2.48%, (US 5 Year CMT T-Note + 1.20%), 9/21/36(b) | | 75,000 | | 63,222 | |
| 6.11%, 1/29/37 | | 100,000 | | 110,285 | |
| Bank of New York Mellon Corp. (The) | | | | | |
| 4.60%, (SOFR + 1.76%), 7/26/30(b) | | 15,000 | | 15,210 | |
| 5.83%, (SOFRINDX + 2.07%), 10/25/33(b) | | 25,000 | | 27,051 | |
| Barclays PLC, 2.85%, (SOFR + 2.71%), 5/7/26(b) | | 200,000 | | 197,364 | |
| BNP Paribas SA | | | | | |
| 3.38%, 1/9/25(a) | | 252,000 | | 250,634 | |
| 1.32%, (SOFR + 1.00%), 1/13/27(a),(b) | | 225,000 | | 215,536 | |
| Citigroup, Inc. | | | | | |
| 4.60%, 3/9/26 | | 75,000 | | 75,193 | |
| 3.40%, 5/1/26 | | 200,000 | | 197,354 | |
| 4.45%, 9/29/27 | | 125,000 | | 125,129 | |
| 3.67%, (3 Month Term SOFR + 1.65%), 7/24/28(b) | | 50,000 | | 49,082 | |
| 2.98%, (SOFR + 1.42%), 11/5/30(b) | | 100,000 | | 93,000 | |
| 3.06%, (SOFR + 1.35%), 1/25/33(b) | | 50,000 | | 44,630 | |
| Fifth Third Bancorp, 2.38%, 1/28/25 | | 85,000 | | 84,312 | |
| HSBC Holdings PLC, 1.65%, (SOFR + 1.54%), 4/18/26(b) | | 225,000 | | 220,804 | |
| Huntington Bancshares, Inc., 4.00%, 5/15/25 | | 150,000 | | 149,050 | |
| ING Groep NV, 4.63%, 1/6/26(a) | | 225,000 | | 225,502 | |
| JPMorgan Chase & Co. | | | | | |
| 2.30%, (SOFR + 1.16%), 10/15/25(b) | | 150,000 | | 149,817 | |
| 3.30%, 4/1/26 | | 225,000 | | 222,151 | |
| 3.96%, (3 Month Term SOFR + 1.51%), 1/29/27(b) | | 175,000 | | 173,980 | |
| 3.51%, (3 Month Term SOFR + 1.21%), 1/23/29(b) | | 125,000 | | 122,004 | |
| 2.96%, (3 Month Term SOFR + 2.52%), 5/13/31(b) | | 25,000 | | 22,977 | |
| 2.96%, (SOFR + 1.26%), 1/25/33(b) | | 150,000 | | 134,735 | |
| 4.59%, (SOFR + 1.80%), 4/26/33(b) | | 21,000 | | 20,982 | |
| 5.34%, (SOFR + 1.62%), 1/23/35(b) | | 50,000 | | 52,210 | |
| M&T Bank Corp., 5.05%, (SOFR + 1.85%), 1/27/34(b) | | 90,000 | | 89,204 | |
| Macquarie Group Ltd., 1.34%, (SOFR + 1.07%), 1/12/27(a),(b) | | 75,000 | | 71,933 | |
| Morgan Stanley | | | | | |
| 3.63%, 1/20/27 | | 200,000 | | 198,053 | |
| 5.05%, (SOFR + 1.30%), 1/28/27(b) | | 263,000 | | 265,433 | |
| 3.95%, 4/23/27 | | 30,000 | | 29,693 | |
| 5.16%, (SOFR + 1.59%), 4/20/29(b) | | 155,000 | | 159,163 | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Banks (continued) | | | | | |
| 4.43%, (3 Month Term SOFR + 1.89%), 1/23/30(b) | | 50,000 | | $50,081 | |
| 2.70%, (SOFR + 1.14%), 1/22/31(b) | | 75,000 | | 68,643 | |
| 1.79%, (SOFR + 1.03%), 2/13/32(b) | | 125,000 | | 105,708 | |
| 5.47%, (SOFR + 1.73%), 1/18/35(b) | | 30,000 | | 31,335 | |
| 2.48%, (SOFR + 1.36%), 9/16/36(b) | | 125,000 | | 104,409 | |
| Toronto-Dominion Bank (The), 4.46%, 6/8/32 | | 125,000 | | 124,044 | |
| Truist Financial Corp., 6.05%, (SOFR + 2.05%), 6/8/27(b) | | 25,000 | | 25,653 | |
| UBS Group AG, 4.55%, 4/17/26 | | 255,000 | | 255,609 | |
| US Bancorp | | | | | |
| 5.78%, (SOFR + 2.02%), 6/12/29(b) | | 70,000 | | 73,330 | |
| 5.85%, (SOFR + 2.09%), 10/21/33(b) | | 50,000 | | 53,279 | |
| Wells Fargo & Co. | | | | | |
| 3.55%, 9/29/25 | | 125,000 | | 123,935 | |
| 3.00%, 10/23/26 | | 325,000 | | 317,586 | |
| 4.30%, 7/22/27 | | 100,000 | | 100,179 | |
| 4.15%, 1/24/29 | | 25,000 | | 24,912 | |
| 4.90%, (SOFR + 2.10%), 7/25/33(b) | | 111,000 | | 112,105 | |
| Westpac Banking Corp., 4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34(b) | | 75,000 | | 72,613 | |
| | | | | 6,718,569 | |
| Beverages - 1.1% | | | | | |
| Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | | 208,000 | | 208,566 | |
| Anheuser-Busch InBev Worldwide, Inc. | | | | | |
| 8.20%, 1/15/39 | | 25,000 | | 33,585 | |
| 5.45%, 1/23/39 | | 35,000 | | 37,399 | |
| Coca-Cola Consolidated, Inc., 5.45%, 6/1/34 | | 40,000 | | 42,112 | |
| Constellation Brands, Inc. | | | | | |
| 3.60%, 2/15/28 | | 100,000 | | 97,741 | |
| 3.15%, 8/1/29 | | 125,000 | | 118,517 | |
| 2.25%, 8/1/31 | | 50,000 | | 43,190 | |
| Keurig Dr Pepper, Inc. | | | | | |
| 3.80%, 5/1/50 | | 25,000 | | 20,180 | |
| 4.50%, 4/15/52 | | 44,000 | | 39,847 | |
| | | | | 641,137 | |
| Biotechnology - 0.8% | | | | | |
| Amgen, Inc. | | | | | |
| 3.13%, 5/1/25 | | 175,000 | | 173,402 | |
| 5.25%, 3/2/30 | | 130,000 | | 135,482 | |
| 5.25%, 3/2/33 | | 108,000 | | 112,336 | |
| Royalty Pharma PLC, 5.40%, 9/2/34 | | 79,000 | | 80,964 | |
| | | | | 502,184 | |
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Building Materials - 0.4% | | | | | |
| Carrier Global Corp. | | | | | |
| 2.72%, 2/15/30 | | 75,000 | | $69,291 | |
| 5.90%, 3/15/34 | | 129,000 | | 140,699 | |
| | | | | 209,990 | |
| Chemicals - 0.2% | | | | | |
| International Flavors & Fragrances, Inc., 1.83%, 10/15/27(a) | | 100,000 | | 92,583 | |
| Commercial Services - 0.7% | | | | | |
| Global Payments, Inc., 2.65%, 2/15/25 | | 75,000 | | 74,296 | |
| PayPal Holdings, Inc., 1.65%, 6/1/25 | | 225,000 | | 220,787 | |
| Quanta Services, Inc., 5.25%, 8/9/34 | | 68,000 | | 69,396 | |
| S&P Global, Inc., 2.95%, 1/22/27 | | 50,000 | | 48,794 | |
| | | | | 413,273 | |
| Computers - 0.2% | | | | | |
| Dell International LLC / EMC Corp. | | | | | |
| 5.85%, 7/15/25 | | 18,000 | | 18,131 | |
| 5.30%, 10/1/29 | | 25,000 | | 26,004 | |
| Hewlett Packard Enterprise Co., 5.00%, 10/15/34 | | 57,000 | | 56,363 | |
| | | | | 100,498 | |
| Diversified Financial Services - 2.5% | | | | | |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26 | | 225,000 | | 216,044 | |
| Air Lease Corp. | | | | | |
| 2.30%, 2/1/25 | | 175,000 | | 173,253 | |
| 3.38%, 7/1/25 | | 100,000 | | 98,828 | |
| 2.88%, 1/15/26 | | 75,000 | | 73,455 | |
| 3.75%, 6/1/26 | | 175,000 | | 173,031 | |
| Ally Financial, Inc., 2.20%, 11/2/28 | | 100,000 | | 89,903 | |
| American Express Co., 3.63%, 12/5/24 | | 175,000 | | 174,504 | |
| Aviation Capital Group LLC, 1.95%, 1/30/26(a) | | 75,000 | | 72,249 | |
| Avolon Holdings Funding Ltd. | | | | | |
| 2.88%, 2/15/25(a) | | 150,000 | | 148,432 | |
| 4.25%, 4/15/26(a) | | 25,000 | | 24,739 | |
| 6.38%, 5/4/28(a) | | 40,000 | | 41,789 | |
| Capital One Financial Corp., 3.30%, 10/30/24 | | 65,000 | | 65,000 | |
| Charles Schwab Corp. (The), 3.45%, 2/13/26 | | 128,000 | | 126,552 | |
| Nasdaq, Inc., 3.25%, 4/28/50 | | 25,000 | | 18,034 | |
| | | | | 1,495,813 | |
| Electric - 1.8% | | | | | |
| Ameren Corp., 3.50%, 1/15/31 | | 25,000 | | 23,636 | |
| American Electric Power Co., Inc., 2.30%, 3/1/30 | | 50,000 | | 44,906 | |
| Avangrid, Inc., 3.20%, 4/15/25 | | 50,000 | | 49,491 | |
| Berkshire Hathaway Energy Co., 6.13%, 4/1/36 | | 74,000 | | 81,644 | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Electric (continued) | | | | | |
| Dominion Energy, Inc., 3.38%, 4/1/30 | | $50,000 | | $47,361 | |
| Duke Energy Carolinas LLC, 3.95%, 3/15/48 | | 25,000 | | 20,788 | |
| Duquesne Light Holdings, Inc., 2.53%, 10/1/30(a) | | 100,000 | | 88,031 | |
| Entergy Corp., 2.95%, 9/1/26 | | 175,000 | | 170,778 | |
| Exelon Corp., 4.05%, 4/15/30 | | 50,000 | | 49,192 | |
| FirstEnergy Corp. | | | | | |
| 2.65%, 3/1/30 | | 150,000 | | 137,167 | |
| 2.25%, 9/1/30 | | 50,000 | | 44,258 | |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | | 80,000 | | 73,734 | |
| Pacific Gas and Electric Co. | | | | | |
| 2.10%, 8/1/27 | | 25,000 | | 23,422 | |
| 2.50%, 2/1/31 | | 50,000 | | 43,776 | |
| 3.30%, 8/1/40 | | 25,000 | | 19,399 | |
| 3.50%, 8/1/50 | | 50,000 | | 36,110 | |
| Southern California Edison Co., 4.20%, 3/1/29 | | 100,000 | | 99,599 | |
| | | | | 1,053,292 | |
| Electronics - 0.1% | | | | | |
| Allegion US Holding Co., Inc., 5.60%, 5/29/34 | | 45,000 | | 46,981 | |
| Engineering & Construction - 0.3% | | | | | |
| Mexico City Airport Trust, 3.88%, 4/30/28(a) | | 200,000 | | 192,730 | |
| Entertainment - 0.3% | | | | | |
| Warnermedia Holdings, Inc., 4.05%, 3/15/29 | | 200,000 | | 189,036 | |
| Environmental Control - 0.5% | | | | | |
| Republic Services, Inc., 4.88%, 4/1/29 | | 50,000 | | 51,365 | |
| Veralto Corp., 5.45%, 9/18/33 | | 180,000 | | 188,685 | |
| Waste Management, Inc., 4.95%, 7/3/31 | | 50,000 | | 52,001 | |
| | | | | 292,051 | |
| Food - 0.9% | | | | | |
| Campbell Soup Co., 5.40%, 3/21/34 | | 117,000 | | 122,417 | |
| J M Smucker Co. (The) | | | | | |
| 5.90%, 11/15/28 | | 83,000 | | 88,342 | |
| 6.20%, 11/15/33 | | 130,000 | | 143,673 | |
| Kroger Co. (The), 5.00%, 9/15/34 | | 81,000 | | 81,608 | |
| Mars, Inc., 2.70%, 4/1/25(a) | | 50,000 | | 49,503 | |
| Sysco Corp. | | | | | |
| 4.45%, 3/15/48 | | 25,000 | | 22,038 | |
| 6.60%, 4/1/50 | | 25,000 | | 29,276 | |
| | | | | 536,857 | |
| Gas - 0.0%† | | | | | |
| NiSource, Inc., 3.60%, 5/1/30 | | 25,000 | | 23,990 | |
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Healthcare-Products - 0.5% | | | | | |
| Solventum Corp. | | | | | |
| 5.40%, 3/1/29(a) | | 120,000 | | $123,393 | |
| 5.60%, 3/23/34(a) | | 60,000 | | 62,079 | |
| STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31 | | 75,000 | | 66,759 | |
| Thermo Fisher Scientific, Inc., 1.75%, 10/15/28 | | 25,000 | | 22,932 | |
| | | | | 275,163 | |
| Healthcare-Services - 2.4% | | | | | |
| Adventist Health System | | | | | |
| 2.95%, 3/1/29 | | 25,000 | | 23,195 | |
| 5.76%, 12/1/34 | | 35,000 | | 36,440 | |
| Banner Health, 2.34%, 1/1/30 | | 145,000 | | 132,191 | |
| Baylor Scott & White Holdings, 1.78%, 11/15/30 | | 50,000 | | 43,489 | |
| Cigna Group (The) | | | | | |
| 5.13%, 5/15/31 | | 35,000 | | 36,348 | |
| 4.80%, 8/15/38 | | 75,000 | | 72,986 | |
| CommonSpirit Health | | | | | |
| 3.91%, 10/1/50 | | 110,000 | | 88,403 | |
| 6.46%, 11/1/52 | | 105,000 | | 121,888 | |
| HCA, Inc., 5.45%, 4/1/31 | | 75,000 | | 78,089 | |
| Humana, Inc. | | | | | |
| 5.95%, 3/15/34 | | 20,000 | | 21,386 | |
| 5.50%, 3/15/53 | | 8,000 | | 7,887 | |
| Rush Obligated Group, 3.92%, 11/15/29 | | 60,000 | | 59,026 | |
| Sutter Health | | | | | |
| 2.29%, 8/15/30 | | 25,000 | | 22,372 | |
| 4.09%, 8/15/48 | | 225,000 | | 194,969 | |
| UnitedHealth Group, Inc. | | | | | |
| 5.30%, 2/15/30 | | 175,000 | | 184,460 | |
| 5.35%, 2/15/33 | | 125,000 | | 132,691 | |
| 5.15%, 7/15/34 | | 49,000 | | 51,076 | |
| 5.88%, 2/15/53 | | 50,000 | | 55,268 | |
| 5.05%, 4/15/53 | | 75,000 | | 74,195 | |
| | | | | 1,436,359 | |
| Home Builders - 0.1% | | | | | |
| Lennar Corp., 4.75%, 11/29/27 | | 45,000 | | 45,559 | |
| Insurance - 0.7% | | | | | |
| AIA Group Ltd., 3.20%, 3/11/25(a) | | 200,000 | | 198,454 | |
| New York Life Insurance Co., 3.75%, 5/15/50(a) | | 50,000 | | 40,020 | |
| Principal Financial Group, Inc. | | | | | |
| 3.10%, 11/15/26 | | 75,000 | | 73,289 | |
| 2.13%, 6/15/30 | | 100,000 | | 88,275 | |
| Willis North America, Inc., 2.95%, 9/15/29 | | 50,000 | | 46,345 | |
| | | | | 446,383 | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Internet - 0.3% | | | | | |
| Amazon.com, Inc., 3.10%, 5/12/51 | | $50,000 | | $37,100 | |
| Expedia Group, Inc., 2.95%, 3/15/31 | | 14,000 | | 12,732 | |
| Netflix, Inc., 5.88%, 11/15/28 | | 95,000 | | 101,191 | |
| Uber Technologies, Inc., 4.80%, 9/15/34 | | 51,000 | | 50,923 | |
| | | | | 201,946 | |
| Iron & Steel - 0.0%† | | | | | |
| Steel Dynamics, Inc., 2.40%, 6/15/25 | | 30,000 | | 29,515 | |
| Lodging - 0.6% | | | | | |
| Choice Hotels International, Inc., 5.85%, 8/1/34 | | 45,000 | | 46,350 | |
| Hyatt Hotels Corp., 5.50%, 6/30/34 | | 147,000 | | 150,030 | |
| Marriott International, Inc. | | | | | |
| 4.90%, 4/15/29 | | 50,000 | | 50,992 | |
| 4.88%, 5/15/29 | | 39,000 | | 39,753 | |
| 2.85%, 4/15/31 | | 100,000 | | 89,941 | |
| | | | | 377,066 | |
| Machinery-Diversified - 0.1% | | | | | |
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | | 45,000 | | 48,176 | |
| Media - 0.4% | | | | | |
| Comcast Corp. | | | | | |
| 3.95%, 10/15/25 | | 125,000 | | 124,685 | |
| 5.30%, 6/1/34 | | 98,000 | | 103,078 | |
| 3.75%, 4/1/40 | | 25,000 | | 21,622 | |
| | | | | 249,385 | |
| Mining - 0.2% | | | | | |
| Newmont Corp., 2.25%, 10/1/30 | | 150,000 | | 134,267 | |
| Oil & Gas - 0.4% | | | | | |
| BP Capital Markets America, Inc., 3.41%, 2/11/26 | | 50,000 | | 49,559 | |
| Marathon Petroleum Corp., 3.80%, 4/1/28 | | 25,000 | | 24,566 | |
| Phillips 66 | | | | | |
| 3.85%, 4/9/25 | | 25,000 | | 24,868 | |
| 3.90%, 3/15/28 | | 150,000 | | 148,370 | |
| | | | | 247,363 | |
| Pharmaceuticals - 0.9% | | | | | |
| AbbVie, Inc. | | | | | |
| 4.95%, 3/15/31 | | 90,000 | | 93,527 | |
| 4.05%, 11/21/39 | | 107,000 | | 98,683 | |
| Bristol-Myers Squibb Co. | | | | | |
| 2.95%, 3/15/32 | | 50,000 | | 45,539 | |
| 5.20%, 2/22/34 | | 46,000 | | 48,468 | |
| 6.25%, 11/15/53 | | 45,000 | | 52,094 | |
| CVS Health Corp., 4.78%, 3/25/38 | | 185,000 | | 174,480 | |
| | | | | 512,791 | |
| Pipelines - 2.0% | | | | | |
| Enbridge, Inc., 5.70%, 3/8/33 | | 55,000 | | 57,920 | |
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Pipelines (continued) | | | | | |
| Energy Transfer LP | | | | | |
| 2.90%, 5/15/25 | | 100,000 | | $98,761 | |
| 5.25%, 4/15/29 | | 100,000 | | 102,767 | |
| 5.30%, 4/15/47 | | 25,000 | | 23,533 | |
| Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40 | | 179,948 | | 151,041 | |
| MPLX LP | | | | | |
| 4.80%, 2/15/29 | | 50,000 | | 50,753 | |
| 2.65%, 8/15/30 | | 125,000 | | 112,413 | |
| 4.50%, 4/15/38 | | 75,000 | | 69,239 | |
| Sabine Pass Liquefaction LLC | | | | | |
| 5.63%, 3/1/25 | | 109,000 | | 109,038 | |
| 5.00%, 3/15/27 | | 100,000 | | 101,277 | |
| Targa Resources Corp., 4.20%, 2/1/33 | | 40,000 | | 37,838 | |
| Williams Cos., Inc. (The) | | | | | |
| 4.00%, 9/15/25 | | 175,000 | | 173,962 | |
| 5.65%, 3/15/33 | | 75,000 | | 78,425 | |
| | | | | 1,166,967 | |
| REITS - 2.4% | | | | | |
| Agree LP, 4.80%, 10/1/32 | | 110,000 | | 108,972 | |
| American Homes 4 Rent LP | | | | | |
| 4.90%, 2/15/29 | | 50,000 | | 50,662 | |
| 2.38%, 7/15/31 | | 30,000 | | 25,742 | |
| 5.50%, 7/15/34 | | 140,000 | | 144,627 | |
| American Tower Corp., 2.40%, 3/15/25 | | 125,000 | | 123,501 | |
| Camden Property Trust, 2.80%, 5/15/30 | | 75,000 | | 69,341 | |
| Crown Castle, Inc., 3.65%, 9/1/27 | | 75,000 | | 73,511 | |
| CubeSmart LP, 2.50%, 2/15/32 | | 15,000 | | 12,975 | |
| Essex Portfolio LP, 3.00%, 1/15/30 | | 75,000 | | 69,612 | |
| Host Hotels & Resorts LP, 2.90%, 12/15/31 | | 42,000 | | 36,894 | |
| Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | | 50,000 | | 45,790 | |
| Kilroy Realty LP, 4.75%, 12/15/28 | | 79,000 | | 78,347 | |
| Prologis LP, 4.63%, 1/15/33 | | 75,000 | | 75,363 | |
| Realty Income Corp. | | | | | |
| 4.88%, 6/1/26 | | 75,000 | | 75,647 | |
| 3.40%, 1/15/30 | | 100,000 | | 94,997 | |
| Regency Centers LP, 2.95%, 9/15/29 | | 125,000 | | 116,848 | |
| Retail Opportunity Investments Partnership LP, 6.75%, 10/15/28 | | 76,000 | | 81,274 | |
| UDR, Inc., 2.10%, 8/1/32 | | 25,000 | | 20,583 | |
| WP Carey, Inc. | | | | | |
| 4.00%, 2/1/25 | | 30,000 | | 29,855 | |
| 3.85%, 7/15/29 | | 75,000 | | 72,809 | |
| 2.40%, 2/1/31 | | 25,000 | | 21,793 | |
| | | | | 1,429,143 | |
| Retail - 0.8% | | | | | |
| 7-Eleven, Inc., 1.30%, 2/10/28(a) | | 100,000 | | 90,239 | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Retail (continued) | | | | | |
| Alimentation Couche-Tard, Inc., 3.55%, 7/26/27(a) | | $50,000 | | $48,924 | |
| AutoNation, Inc., 1.95%, 8/1/28 | | 25,000 | | 22,511 | |
| Dollar Tree, Inc., 4.00%, 5/15/25 | | 75,000 | | 74,565 | |
| Home Depot, Inc. (The), 3.25%, 4/15/32 | | 25,000 | | 23,374 | |
| Lowe's Cos., Inc. | | | | | |
| 1.70%, 9/15/28 | | 75,000 | | 68,291 | |
| 4.25%, 4/1/52 | | 50,000 | | 42,294 | |
| McDonald's Corp., 4.45%, 9/1/48 | | 25,000 | | 22,702 | |
| Starbucks Corp., 4.00%, 11/15/28 | | 75,000 | | 74,666 | |
| | | | | 467,566 | |
| Semiconductors - 1.2% | | | | | |
| Broadcom, Inc. | | | | | |
| 4.15%, 4/15/32(a) | | 53,000 | | 51,377 | |
| 3.42%, 4/15/33(a) | | 150,000 | | 136,145 | |
| 3.47%, 4/15/34(a) | | 165,000 | | 148,437 | |
| Intel Corp. | | | | | |
| 5.20%, 2/10/33 | | 100,000 | | 101,240 | |
| 5.15%, 2/21/34 | | 28,000 | | 28,263 | |
| NXP BV / NXP Funding LLC / NXP USA, Inc. | | | | | |
| 3.40%, 5/1/30 | | 50,000 | | 47,206 | |
| 2.50%, 5/11/31 | | 125,000 | | 109,450 | |
| 2.65%, 2/15/32 | | 75,000 | | 65,078 | |
| | | | | 687,196 | |
| Software - 1.9% | | | | | |
| Cadence Design Systems, Inc., 4.70%, 9/10/34 | | 56,000 | | 56,291 | |
| Constellation Software, Inc., 5.46%, 2/16/34(a) | | 41,000 | | 42,828 | |
| Fiserv, Inc., 4.20%, 10/1/28 | | 100,000 | | 99,588 | |
| Intuit, Inc., 1.65%, 7/15/30 | | 205,000 | | 178,483 | |
| Oracle Corp. | | | | | |
| 4.50%, 5/6/28 | | 75,000 | | 75,894 | |
| 2.95%, 4/1/30 | | 25,000 | | 23,229 | |
| 4.65%, 5/6/30 | | 100,000 | | 101,863 | |
| 2.88%, 3/25/31 | | 225,000 | | 204,492 | |
| 4.90%, 2/6/33 | | 91,000 | | 92,601 | |
| 3.60%, 4/1/40 | | 25,000 | | 20,761 | |
| 6.90%, 11/9/52 | | 100,000 | | 120,438 | |
| VMware LLC | | | | | |
| 1.80%, 8/15/28 | | 25,000 | | 22,722 | |
| 2.20%, 8/15/31 | | 75,000 | | 64,367 | |
| Workday, Inc., 3.80%, 4/1/32 | | 25,000 | | 23,712 | |
| | | | | 1,127,269 | |
| Telecommunications - 2.4% | | | | | |
| AT&T, Inc. | | | | | |
| 2.55%, 12/1/33 | | 123,000 | | 103,561 | |
| 4.90%, 8/15/37 | | 50,000 | | 49,572 | |
| 4.85%, 3/1/39 | | 85,000 | | 83,178 | |
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Telecommunications (continued) | | | | | |
| 3.50%, 6/1/41 | | 100,000 | | $81,777 | |
| 3.65%, 6/1/51 | | 25,000 | | 19,057 | |
| Rogers Communications, Inc., 3.20%, 3/15/27 | | 215,000 | | 209,269 | |
| T-Mobile USA, Inc. | | | | | |
| 3.50%, 4/15/25 | | 82,000 | | 81,403 | |
| 3.75%, 4/15/27 | | 111,000 | | 109,637 | |
| 3.88%, 4/15/30 | | 167,000 | | 162,344 | |
| 5.20%, 1/15/33 | | 150,000 | | 155,298 | |
| Verizon Communications, Inc. | | | | | |
| 4.33%, 9/21/28 | | 232,000 | | 233,088 | |
| 4.02%, 12/3/29 | | 25,000 | | 24,620 | |
| 2.55%, 3/21/31 | | 100,000 | | 89,274 | |
| | | | | 1,402,078 | |
| Transportation - 0.3% | | | | | |
| Burlington Northern Santa Fe LLC, 3.25%, 6/15/27 | | 75,000 | | 73,758 | |
| FedEx Corp., 3.40%, 2/15/28 | | 25,000 | | 24,403 | |
| Union Pacific Corp., 2.80%, 2/14/32 | | 100,000 | | 90,904 | |
| | | | | 189,065 | |
| Trucking & Leasing - 0.1% | | | | | |
| Penske Truck Leasing Co. LP / PTL Finance Corp., 5.25%, 7/1/29(a) | | 48,000 | | 49,407 | |
| Total Corporate Bonds and Notes | | | | | |
| (Cost - $25,378,062) | | | | 24,809,896 | |
| Agency Mortgage Backed Securities - 31.0% | | | | | |
| Federal Home Loan Mortgage Corporation - 3.5% | | | | | |
| Freddie Mac Pool | | | | | |
| 4.00%, 3/1/50 | | 382,654 | | 372,897 | |
| 3.00%, 12/1/50 | | 574,778 | | 524,731 | |
| 2.50%, 9/1/51 | | 778,142 | | 679,982 | |
| 4.50%, 6/1/52 | | 514,874 | | 510,679 | |
| | | | | 2,088,289 | |
| Federal National Mortgage Association - 18.5% | | | | | |
| Fannie Mae or Freddie Mac | | | | | |
| 2.50%, 10/1/54(c) | | 1,000,000 | | 861,563 | |
| 3.00%, 10/1/54(c) | | 1,000,000 | | 896,211 | |
| 6.00%, 10/1/54(c) | | 1,000,000 | | 1,021,445 | |
| Fannie Mae Pool | | | | | |
| 4.50%, 6/1/31 | | 188,611 | | 187,944 | |
| 4.50%, 7/1/48 | | 294,813 | | 294,363 | |
| 5.00%, 11/1/48 | | 206,499 | | 211,423 | |
| 2.00%, 11/1/50 | | 907,652 | | 755,735 | |
| 2.50%, 11/1/50 | | 914,931 | | 801,691 | |
| 2.50%, 3/1/51 | | 70,486 | | 61,833 | |
| 2.50%, 9/1/51 | | 88,117 | | 77,298 | |
| 2.50%, 10/1/51 | | 348,401 | | 305,191 | |
| 2.50%, 11/1/51 | | 204,932 | | 179,511 | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| | | | | | |
| Federal National Mortgage Association (continued) | | | | | |
| 2.50%, 11/1/51 | | 159,435 | | $139,753 | |
| 2.50%, 2/1/52 | | 202,087 | | 174,189 | |
| 5.00%, 11/1/52 | | 900,415 | | 899,637 | |
| 5.50%, 11/1/52 | | 869,662 | | 893,163 | |
| 6.00%, 12/1/52 | | 835,133 | | 865,669 | |
| Freddie Mac Pool, 2.00%, 1/1/52 | | 1,750,569 | | 1,450,100 | |
| Ginnie Mae II Pool, 3.50%, 6/1/52 | | 966,512 | | 908,057 | |
| | | | | 10,984,776 | |
| Government National Mortgage Association - 9.0% | | | | | |
| Ginnie Mae, 2.00%, 8/1/51 | | 389,843 | | 318,293 | |
| Ginnie Mae II Pool | | | | | |
| 4.50%, 2/1/48 | | 103,124 | | 103,296 | |
| 4.50%, 5/1/48 | | 105,843 | | 105,963 | |
| 4.50%, 8/1/48 | | 134,560 | | 134,712 | |
| 5.00%, 8/1/48 | | 27,256 | | 27,696 | |
| 4.50%, 9/1/48 | | 471,420 | | 471,953 | |
| 5.00%, 10/1/48 | | 160,947 | | 162,994 | |
| 5.00%, 11/1/48 | | 98,017 | | 99,263 | |
| 5.00%, 12/1/48 | | 51,446 | | 52,101 | |
| 5.00%, 1/1/49 | | 151,812 | | 154,170 | |
| 4.00%, 2/1/49 | | 136,250 | | 133,368 | |
| 4.50%, 3/1/49 | | 4,512 | | 4,513 | |
| 5.00%, 3/1/49 | | 74,231 | | 74,582 | |
| 4.00%, 5/1/49 | | 123,957 | | 121,143 | |
| 4.50%, 10/1/49 | | 106,693 | | 106,814 | |
| 3.00%, 3/1/50 | | 381,689 | | 350,807 | |
| 3.00%, 11/1/51 | | 765,113 | | 697,660 | |
| 2.00%, 12/1/51 | | 969,958 | | 820,884 | |
| 4.50%, 10/1/52 | | 885,533 | | 874,650 | |
| 5.50%, 5/1/54 | | 536,393 | | 541,617 | |
| | | | | 5,356,479 | |
| Total Agency Mortgage Backed Securities | | | | | |
| (Cost - $18,680,497) | | | | 18,429,544 | |
| Asset Backed and Commercial Backed Securities - 22.2% | | | | | |
| 1988 CLO 5 Ltd., 6.87%, (3 Month Term SOFR + 1.54%), 7/15/37 (a),(b) | | 250,000 | | 250,191 | |
| 3650R 2021-PF1 Commercial Mortgage Trust, 2.78%, 11/1/54 (d) | | 150,000 | | 122,221 | |
| American Express Credit Account Master Trust, 3.39%, 5/15/27 | | 175,000 | | 173,762 | |
| Angel Oak Mortgage Trust 2021-6, 1.46%, 9/1/66 (a),(d) | | 157,279 | | 130,797 | |
| Apidos CLO XV, 6.55%, (3 Month Term SOFR + 1.27%), 4/20/31 (a),(b) | | 126,620 | | 126,768 | |
| ARZ Trust 2024-BILT, 5.77%, 6/1/29 (a) | | 150,000 | | 155,672 | |
| | | Shares/
Principal | | Fair Value | |
| Asset Backed and Commercial Backed Securities (continued) | | | | | |
| ASSURANT CLO LTD., 6.58%, (3 Month Term SOFR + 1.30%), 4/20/31 (a),(b) | | $628,671 | | $629,306 | |
| Bank 2023-BNK46, 5.75%, 8/1/56 | | 150,000 | | 161,282 | |
| Bank 2024-BNK47, 5.72%, 6/1/57 | | 100,000 | | 107,990 | |
| Bank of America Auto Trust 2023-2, 5.85%, 8/17/26 (a) | | 69,112 | | 69,369 | |
| BANK5 2024-5YR7, 5.77%, 6/1/57 | | 100,000 | | 104,650 | |
| BANK5 2024-5YR8, 5.88%, 8/1/57 | | 75,000 | | 78,874 | |
| BANK5 2024-5YR9 | | | | | |
| 5.61%, 8/1/57 | | 150,000 | | 156,287 | |
| 6.18%, 8/1/57(d) | | 150,000 | | 156,192 | |
| Barclays Dryrock Issuance Trust | | | | | |
| 6.24%, (SOFR + 0.90%), 8/15/28(b) | | 100,000 | | 100,477 | |
| 4.72%, 2/15/29 | | 300,000 | | 302,482 | |
| BBCMS Mortgage Trust 2024-5C25 | | | | | |
| 6.15%, 3/1/57(d) | | 150,000 | | 154,102 | |
| 6.36%, 3/1/57(d) | | 100,000 | | 104,658 | |
| Benchmark 2024-V8 Mortgage Trust, 6.19%, 7/1/57 (d) | | 75,000 | | 79,947 | |
| BMO 2023-C7 Mortgage Trust, 6.16%, 12/1/56 | | 100,000 | | 109,566 | |
| BMO 2024-5C4 Mortgage Trust, 6.53%, 2/1/57 (d) | | 125,000 | | 134,666 | |
| BMO 2024-5C6 Mortgage Trust | | | | | |
| 5.32%, 9/15/57 | | 100,000 | | 102,572 | |
| 5.75%, 9/15/57(d) | | 100,000 | | 102,821 | |
| BMO 2024-C9 Mortgage Trust, 5.76%, 7/1/57 | | 125,000 | | 135,133 | |
| BX Commercial Mortgage Trust 2024-XL4, 6.54%, (1 Month Term SOFR + 1.44%), 2/15/39 (a),(b) | | 194,402 | | 194,338 | |
| BX Commercial Mortgage Trust 2024-XL5, 6.49%, (1 Month Term SOFR + 1.39%), 3/15/39 (a),(b) | | 92,457 | | 92,387 | |
| BX Trust 2021-ARIA, 6.86%, (1 Month Term SOFR + 1.76%), 10/15/36 (a),(b) | | 50,000 | | 49,581 | |
| BX Trust 2024-BIO, 6.74%, (1 Month Term SOFR + 1.64%), 2/15/41 (a),(b) | | 200,000 | | 198,981 | |
| Capital One Multi-Asset Execution Trust | | | | | |
| 3.49%, 5/15/27 | | 100,000 | | 99,312 | |
| 4.95%, 10/15/27 | | 200,000 | | 201,403 | |
| Carlyle US CLO 2024-2 Ltd., 7.38%, (3 Month Term SOFR + 2.05%), 4/25/37 (a),(b) | | 250,000 | | 252,337 | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| Asset Backed and Commercial Backed Securities (continued) | | | | | |
| CarVal CLO IX-C Ltd., 7.38%, (3 Month Term SOFR + 2.10%), 4/20/37 (a),(b) | | $250,000 | | $252,697 | |
| Cathedral Lake VIII Ltd., 8.16%, (3 Month Term SOFR + 2.88%), 1/20/35 (a),(b) | | 150,000 | | 150,173 | |
| CBAM 2018-5 Ltd., 6.57%, (3 Month Term SOFR + 1.28%), 4/17/31 (a),(b) | | 229,578 | | 229,679 | |
| CIFC Falcon 2020 Ltd., 6.54%, (3 Month Term SOFR + 1.26%), 1/20/33 (a),(b) | | 300,000 | | 300,061 | |
| Cifc Funding 2023-III Ltd., 6.88%, (3 Month Term SOFR + 1.60%), 1/20/37 (a),(b) | | 300,000 | | 301,292 | |
| Citizens Auto Receivables Trust 2024-1, 5.43%, 10/15/26 (a) | | 179,779 | | 180,190 | |
| COLT 2021-2 Mortgage Loan Trust, 0.92%, 8/1/66 (a),(d) | | 67,797 | | 54,686 | |
| Connecticut Avenue Securities Trust | | | | | |
| 6.93%, (SOFR + 1.65%), 12/25/41(a),(b) | | 34,000 | | 34,245 | |
| 9.18%, (SOFR + 3.90%), 4/25/43(a),(b) | | 10,000 | | 10,733 | |
| 7.08%, (SOFR + 1.80%), 1/25/44(a),(b) | | 50,000 | | 50,362 | |
| 7.08%, (SOFR + 1.80%), 2/25/44(a),(b) | | 100,000 | | 100,583 | |
| 7.21%, (SOFR + 1.95%), 3/25/44(a),(b) | | 50,000 | | 50,416 | |
| Discover Card Execution Note Trust, 4.31%, 3/15/28 | | 200,000 | | 200,379 | |
| DOLP Trust 2021-NYC, 2.96%, 5/1/41 (a) | | 100,000 | | 88,943 | |
| Ford Credit Auto Lease Trust 2024-A, 5.24%, 7/15/26 | | 284,838 | | 285,264 | |
| Ford Credit Auto Owner Trust 2023-C, 5.68%, 9/15/26 | | 139,956 | | 140,401 | |
| Ford Credit Auto Owner Trust 2024-REV1, 4.87%, 8/15/36 (a),(e) | | 150,000 | | 153,519 | |
| Freddie Mac Multifamily Structured Pass Through Certificates | | | | | |
| 5.07%, 10/1/28(d) | | 50,000 | | 51,793 | |
| 6.03%, (SOFR + 0.68%), 2/25/33(b) | | 92,042 | | 92,171 | |
| 4.90%, 10/1/33 | | 150,000 | | 157,288 | |
| Freddie Mac STACR REMIC Trust 2021-DNA5, 6.93%, (SOFR + 1.65%), 1/25/34 (a),(b) | | 14,373 | | 14,460 | |
| | | Shares/
Principal | | Fair Value | |
| Asset Backed and Commercial Backed Securities (continued) | | | | | |
| Freddie Mac STACR REMIC Trust 2024-DNA2, 6.48%, (SOFR + 1.20%), 5/25/44 (a),(b) | | $158,500 | | $158,642 | |
| Freddie Mac STACR REMIC Trust 2024-HQA1 | | | | | |
| 6.53%, (SOFR + 1.25%), 3/25/44(a),(b) | | 108,978 | | 109,128 | |
| 6.53%, (SOFR + 1.25%), 3/25/44(a),(b) | | 72,597 | | 72,597 | |
| 7.28%, (SOFR + 2.00%), 3/25/44(a),(b) | | 50,000 | | 50,232 | |
| Freddie Mac STACR REMIC Trust 2024-HQA2, 6.53%, (SOFR + 1.25%), 8/25/44 (a),(b) | | 347,083 | | 347,083 | |
| GM Financial Consumer Automobile Receivables Trust 2023-4, 5.89%, 11/16/26 | | 92,893 | | 93,281 | |
| GM Financial Consumer Automobile Receivables Trust 2024-1, 5.12%, 2/16/27 | | 159,827 | | 160,122 | |
| GoldenTree Loan Management US CLO 19 Ltd., 6.78%, (3 Month Term SOFR + 1.50%), 4/20/37 (a),(b) | | 250,000 | | 251,438 | |
| Halseypoint CLO 7 Ltd., 7.53%, (3 Month Term SOFR + 2.25%), 7/20/36 (a),(b) | | 250,000 | | 252,125 | |
| Honda Auto Receivables 2023-4 Owner Trust, 5.67%, 6/21/28 | | 250,000 | | 255,638 | |
| Hyundai Auto Lease Securitization Trust 2024-A, 5.15%, 6/15/26 (a) | | 192,804 | | 193,245 | |
| Hyundai Auto Receivables Trust 2023-A, 5.19%, 12/15/25 | | 28,712 | | 28,711 | |
| JP Morgan Chase Commercial Mortgage Securities Trust 2022-OPO, 3.02%, 1/1/39 (a) | | 100,000 | | 91,988 | |
| JP Morgan Mortgage Trust 2021-6, 2.50%, 10/1/51 (a),(d) | | 94,126 | | 79,095 | |
| JP Morgan Mortgage Trust 2023-10, 6.00%, 5/1/54 (a),(d) | | 19,528 | | 19,719 | |
| JP Morgan Mortgage Trust 2024-1, 6.00%, 6/1/54 (a),(d) | | 215,276 | | 217,732 | |
| JP Morgan Mortgage Trust Series 2024-VIS2, 5.85%, 11/1/64 (a),(d),(e) | | 297,006 | | 303,136 | |
| LEX 2024-BBG Mortgage Trust, 4.87%, 10/13/33 (a),(d) | | 150,000 | | 149,718 | |
| Mercedes-Benz Auto Receivables Trust 2023-2, 5.92%, 11/16/26 | | 30,939 | | 31,060 | |
| Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/1/53 | | 250,000 | | 218,638 | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| Asset Backed and Commercial Backed Securities (continued) | | | | | |
| Nissan Auto Lease Trust 2024-A, 5.11%, 10/15/26 | | $307,743 | | $308,760 | |
| Nissan Auto Receivables 2023-A Owner Trust, 5.34%, 2/17/26 | | 29,810 | | 29,824 | |
| Nissan Auto Receivables 2023-B Owner Trust, 5.93%, 3/15/28 | | 50,000 | | 51,068 | |
| OBX 2024-NQM4 Trust, 6.07%, 1/1/64 (a),(e) | | 229,128 | | 232,127 | |
| OBX 2024-NQM6 Trust, 6.45%, 2/1/64 (a),(e) | | 232,135 | | 236,313 | |
| OCP CLO 2019-16 Ltd., 6.57%, (3 Month Term SOFR + 1.26%), 4/10/33 (a),(b) | | 244,258 | | 244,013 | |
| Palmer Square Loan Funding 2022-2 Ltd., 6.57%, (3 Month Term SOFR + 1.27%), 10/15/30 (a),(b) | | 125,183 | | 125,359 | |
| Santander Drive Auto Receivables Trust 2023-6, 6.08%, 5/17/27 | | 71,875 | | 72,128 | |
| Santander Drive Auto Receivables Trust 2024-1, 5.71%, 2/16/27 | | 62,377 | | 62,524 | |
| Starwood Mortgage Residential Trust 2020-2, 3.00%, 4/1/60 (a),(d) | | 150,000 | | 140,132 | |
| TICP CLO X Ltd., 6.54%, (3 Month Term SOFR + 1.26%), 4/20/31 (a),(b) | | 511,846 | | 512,307 | |
| TYSN 2023-CRNR Mortgage Trust, 6.80%, 12/1/33 (a),(d) | | 200,000 | | 210,367 | |
| Wells Fargo Commercial Mortgage Trust 2024-MGP, 6.79%, (1 Month Term SOFR + 1.69%), 8/15/41 (a),(b) | | 100,000 | | 99,960 | |
| Wells Fargo Mortgage Backed Securities Trust 2019-3, 3.50%, 7/1/49 (a),(d) | | 5,348 | | 4,867 | |
| World Omni Auto Receivables Trust 2023-B, 5.25%, 11/16/26 | | 53,593 | | 53,611 | |
| Total Asset Backed and Commercial Backed Securities | | | | | |
| (Cost - $13,189,972) | | | | 13,204,147 | |
| U.S. Treasury Securities and Agency Bonds - 4.9% | | | | | |
| Federal Farm Credit Banks Funding Corp. | | | | | |
| 2.90%, 4/12/32 | | 290,000 | | 270,587 | |
| 3.50%, 9/1/32 | | 40,000 | | 38,795 | |
| 2.85%, 3/28/34 | | 370,000 | | 333,815 | |
| 1.70%, 4/23/35 | | 540,000 | | 427,729 | |
| Federal Home Loan Banks, 4.75%, 12/10/32 | | 80,000 | | 84,410 | |
| | | Shares/
Principal | | Fair Value | |
| U.S. Treasury Securities and Agency Bonds (continued) | | | | | |
| U.S. Treasury Note | | | | | |
| 0.50%, 6/30/27 | | $390,000 | | $358,694 | |
| 3.75%, 5/31/30 | | 290,000 | | 291,699 | |
| 3.75%, 6/30/30 | | 370,000 | | 372,168 | |
| 3.63%, 9/30/31 | | 480,000 | | 478,725 | |
| 4.38%, 5/15/34 | | 74,000 | | 77,411 | |
| U.S. Treasury Strip Coupon | | | | | |
| 0.00%, 11/15/29(f) | | 68,600 | | 56,771 | |
| 0.00%, 8/15/30(f) | | 30,000 | | 24,064 | |
| 0.00%, 11/15/30(f) | | 30,000 | | 23,825 | |
| 0.00%, 11/15/31(f) | | 30,000 | | 22,872 | |
| 0.00%, 5/15/32(f) | | 64,500 | | 48,179 | |
| 0.00%, 8/15/33(f) | | 30,000 | | 21,218 | |
| Total U.S. Treasury Securities and Agency Bonds | | | | | |
| (Cost - $3,075,988) | | | | 2,930,962 | |
| Sovereign Debts - 1.1% | | | | | |
| Chile Government International Bond, 4.95%, 1/5/36 | | 200,000 | | 202,493 | |
| Mexico Government International Bond, 3.25%, 4/16/30 | | 290,000 | | 265,950 | |
| Peruvian Government International Bond, 3.23%, 7/28/21 | | 20,000 | | 11,930 | |
| Republic of Poland Government International Bond, 5.50%, 3/18/54 | | 30,000 | | 30,642 | |
| Romanian Government International Bond | | | | | |
| 3.00%, 2/27/27(a) | | 30,000 | | 28,783 | |
| 2.12%, 7/16/31 | EUR | 30,000 | | 28,016 | |
| 6.38%, 1/30/34 | | 80,000 | | 83,054 | |
| Total Sovereign Debts | | | | | |
| (Cost - $685,594) | | | | 650,868 | |
| Municipal Bonds - 1.0% | | | | | |
| Maryland Economic Development Corp. | | | | | |
| 4.83%, 11/30/30(g) | | 25,000 | | 25,417 | |
| 4.97%, 11/30/32(g) | | 60,000 | | 61,183 | |
| Metropolitan Transportation Authority, 5.18%, 11/15/49 (g) | | 15,000 | | 13,947 | |
| New Jersey Turnpike Authority, 7.10%, 1/1/41 (g) | | 25,000 | | 29,690 | |
| State of California, 7.60%, 11/1/40 | | 175,000 | | 222,898 | |
| State of Illinois, 5.10%, 6/1/33 (g) | | 249,412 | | 253,327 | |
| Total Municipal Bonds | | | | | |
| (Cost - $625,926) | | | | 606,462 | |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| | | Shares/
Principal | | Fair Value | |
| Short-Term Investments - 1.1% | | | | | |
| Money Market Funds - 0.7% | | | | | |
| Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.83%(h) (Cost - $445,679) | | 445,679 | | $445,679 | |
| U.S. Treasury Securities - 0.4% | | | | | |
| U.S. Treasury Bill, 0.00%, 11/26/24 (Cost - $198,413)(f) | | 200,000 | | 198,546 | |
| | | | | | |
Total Short-Term Investments
(Cost - $644,092) | | | | 644,225 | |
| Total Investments - 103.0% | | | | | |
| (Cost - $62,280,131) | | | | $61,276,104 | |
| Other Assets Less Liabilities - Net (3.0)% | | | | (1,785,362) | |
| Total Net Assets - 100.0% | | | | $59,490,742 | |
| † | 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 September 30, 2024, these securities amounted to $10,910,930 or 18.3% of net assets. |
| (b) | Variable rate or fixed to variable rate security. The rate shown is the rate in effect at period end. |
| (c) | When-issued, or delayed delivery. All or a portion may be subject to dollar-roll transactions. |
| (d) | Adjustable rate security with an interest rate that is not based on a published reference index and spread. The rate is based on the structure of the agreement and current market conditions. The coupon rate shown represents the rate at period end. |
| (e) | Step coupon. |
| (f) | Rate shown represents discount rate at the time of purchase. |
| (g) | 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 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| FORWARD SALES CONTRACTS |
| At September 30, 2024, the Fund had the following forward sales contracts: |
| Description | | Interest Rate | | Maturity Date* | | Settlement Date | | Principal Amount | | Value |
| Federal National Mortgage Association | | 5.00% | | TBA - 30yr | | 11/1/2054 | | $(1,000,000) | | $(998,906) |
| Ginnie Mae | | 4.50% | | TBA - 30yr | | 10/20/2054 | | (1,000,000) | | (986,406) |
| (Proceeds Receivable: $(1,988,945)) | | | | $(1,985,312) |
| * | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date.The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
| Futures Contracts | | | | | |
| | | Counterparty | | Number of
Contracts | | Expiration Date | | Notional Value | | Fair
Value/Unrealized
Appreciation
(Depreciation) |
| Long Futures Contracts | | | | | | | | | | |
| ICE 3 Month SONIA Future | | Morgan Stanley | | 3 | | 3/17/2026 | | $971,305 | | $(637) |
| U.S. 10 Year Note Future | | J. P. Morgan Securities LLC | | 3 | | 12/19/2024 | | 342,844 | | (1,781) |
| U.S. 2 Year Note Future | | Morgan Stanley | | 18 | | 12/31/2024 | | 3,748,359 | | 9,399 |
| U.S. 5 Year Note Future | | Morgan Stanley | | 27 | | 12/31/2024 | | 2,966,836 | | (5,149) |
| U.S. Long Bond Future | | Morgan Stanley | | 14 | | 12/19/2024 | | 1,738,625 | | (5,519) |
| U.S. Ultra Bond Future | | Morgan Stanley | | 31 | | 12/19/2024 | | 4,125,906 | | (29,235) |
| | | | | | | | | | | |
| TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS | | | | $(32,922) |
| Interest Rate Swaptions Written | | | | | | | | | | |
| Counterparty | | Description* | | Floating
Rate Index | | Exercise Rate | | Expiration
Date | | Notional Amount | | Fair Value | | Premiums
Received | | Unrealized
Appreciation
(Depreciation) |
| J. P. Morgan Securities LLC | | Put - IRS SWAPTION | | Pay USD SOFR | | Receives 4.31% | | 09/20/27 | | 1,960,000 USD | | $(5,779) | | $(5,096) | | $(683) |
| J. P. Morgan Securities LLC | | Call - IRS SWAPTION | | Pay USD SOFR | | Receives 1.81% | | 09/20/27 | | 1,960,000 USD | | (3,772) | | (3,871) | | 99 |
| TOTAL FAIR VALUE, PREMIUMS RECEIVED AND NET UNREALIZED DEPRECIATION ON INTEREST RATE SWAPTIONS WRITTEN | | $(9,551) | | $(8,967) | | $(584) |
| * | The Fund may receive or pay a variable rate. |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| Interest Rate Swaps | | | |
| Counterparty | | Payment
Frequency | | Fund Receives | | Fund Pays | | Expiration
Date | | Notional
Amount | | Fair Value | | Premiums Paid
(Received) | | Unrealized
Appreciation
(Depreciation) |
| Morgan Stanley | | Annually | | SOFR-COMPOUND | | 3.500% | | 04/21/25 | | 150,000 | USD | $1,962 | | $(38) | | $2,000 |
| Morgan Stanley | | Annuallly | | BOJ | | 0.506% | | 08/13/26 | | 119,518,193 | JPY | 262 | | – | | 262 |
| Morgan Stanley | | Quarterly | | 3.800% | | BBSW | | 09/16/26 | | 1,323,279 | AUD | (2,369) | | (1,756) | | (613) |
| Morgan Stanley | | Annuallly | | SOFR-COMPOUND | | 3.750% | | 12/18/26 | | 1,030,000 | USD | (9,576) | | (11,526) | | 1,950 |
| Morgan Stanley | | Semi-Annually | | 3.500% | | Canadian Overnight Repo Rate Average | | 12/18/26 | | 705,050 | CAD | 8,887 | | 8,817 | | 70 |
| Morgan Stanley | | Annually | | SARON | | 0.500% | | 12/18/26 | | 880,000 | CHF | (2,496) | | 1,980 | | (4,476) |
| Morgan Stanley | | Semi-Annually | | 3.750% | | NIBOR | | 12/18/26 | | 11,460,000 | NOK | 2,542 | | 1,984 | | 558 |
| Morgan Stanley | | Annually | | 4.000% | | SOFR-COMPOUND | | 12/18/26 | | 210,000 | USD | 2,954 | | 2,124 | | 830 |
| Morgan Stanley | | Quarterly | | 3 Month New Zealand Dollar Bank Bill Rate | | 3.500% | | 12/18/26 | | 780,000 | NZD | (1,122) | | (1,317) | | 195 |
| Morgan Stanley | | Annually | | 4.250% | | SONIA | | 12/18/26 | | 90,000 | GBP | 1,156 | | 694 | | 462 |
| Morgan Stanley | | Semi-Annually | | 3.750% | | Canadian Overnight Repo Rate Average | | 12/18/26 | | 210,000 | CAD | 3,392 | | 2,025 | | 1,367 |
| Morgan Stanley | | Quarterly | | 4.000% | | BBSW | | 12/18/26 | | 240,000 | AUD | 1,605 | | 1,133 | | 472 |
| Morgan Stanley | | Semi-Annually | | 3.000% | | 6 Month Euribor | | 12/18/26 | | 130,000 | EUR | 2,415 | | 1,315 | | 1,100 |
| Morgan Stanley | | Annually | | 2.500% | | ESTR | | 12/18/26 | | 770,000 | EUR | 9,351 | | 8,180 | | 1,171 |
| Morgan Stanley | | Annually | | 3.500% | | SONIA | | 08/31/27 | | 2,320,000 | GBP | 1,619 | | 2,376 | | (757) |
| Morgan Stanley | | Annually | | 4.000% | | SONIA | | 12/20/27 | | 430,000 | GBP | 5,747 | | 6,947 | | (1,200) |
| Morgan Stanley | | Annually | | 3.805% | | SOFR-COMPOUND | | 04/13/28 | | 1,030,000 | USD | 14,021 | | 6,330 | | 7,691 |
| Morgan Stanley | | Semi-Annually | | 2.500% | | 6 Month Euribor | | 05/15/28 | | 1,010,000 | EUR | 9,368 | | (1,395) | | 10,763 |
| Morgan Stanley | | Annually | | SONIA | | 3.500% | | 08/31/29 | | 2,130,000 | GBP | (3,894) | | (8,270) | | 4,376 |
| Morgan Stanley | | Annually | | 3.038% | | SOFR-COMPOUND | | 09/13/29 | | 940,000 | USD | (2,180) | | 863 | | (3,043) |
| Morgan Stanley | | Semi-Annually | | Canadian Overnight Repo Rate Average | | 2.458% | | 09/13/29 | | 1,260,000 | CAD | 588 | | (409) | | 997 |
| Morgan Stanley | | Annually | | BOJ | | 0.750% | | 12/18/29 | | 389,000,000 | JPY | (14,918) | | (16,341) | | 1,423 |
| Morgan Stanley | | Semi-Annually | | 3.250% | | Canadian Overnight Repo Rate Average | | 12/18/29 | | 470,000 | CAD | 11,316 | | 9,921 | | 1,395 |
| Morgan Stanley | | Annually | | 2.500% | | ESTR | | 12/18/29 | | 450,000 | EUR | 12,326 | | 10,800 | | 1,526 |
| Morgan Stanley | | Annuallly | | 3.750% | | SOFR-COMPOUND | | 12/18/29 | | 290,000 | USD | 7,289 | | 6,901 | | 388 |
| Morgan Stanley | | Semi-Annually | | 2.801% | | Canadian Overnight Repo Rate Average | | 09/11/31 | | 1,330,000 | CAD | (926) | | 536 | | (1,462) |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| Interest Rate Swaps | | | |
| Counterparty | | Payment
Frequency | | Fund Receives | | Fund Pays | | Expiration
Date | | Notional
Amount | | Fair Value | | Premiums Paid
(Received) | | Unrealized
Appreciation
(Depreciation) |
| Morgan Stanley | | Annually | | SOFR-COMPOUND | | 3.215% | | 09/12/31 | | 1,010,000 | USD | 1,618 | | (832) | | 2,450 |
| Morgan Stanley | | Semi-Annually | | 3.000% | | 6 Month Euribor | | 11/10/33 | | 730,000 | EUR | 19,972 | | 16,781 | | 3,191 |
| Morgan Stanley | | Annually | | 3.789% | | SOFR-COMPOUND | | 05/22/34 | | 790,000 | USD | 12,470 | | 5,443 | | 7,027 |
| Morgan Stanley | | Annuallly | | BOJ | | 1.295% | | 08/02/34 | | 66,450,000 | JPY | (3,223) | | (146) | | (3,077) |
| Morgan Stanley | | Annually | | 3.500% | | SONIA | | 08/28/34 | | 430,000 | GBP | (2,763) | | (597) | | (2,166) |
| Morgan Stanley | | Annually | | SARON | | 0.750% | | 12/18/34 | | 70,000 | CHF | (1,303) | | (824) | | (479) |
| Morgan Stanley | | Annuallly | | SOFR-COMPOUND | | 3.750% | | 12/18/34 | | 90,000 | USD | (3,381) | | (3,153) | | (228) |
| Morgan Stanley | | Semi-Annually | | 3.250% | | Canadian Overnight Repo Rate Average | | 12/18/34 | | 110,000 | CAD | 3,056 | | 2,046 | | 1,010 |
| Morgan Stanley | | Semi-Annually | | BBSW | | 4.500% | | 12/18/34 | | 100,000 | AUD | (2,497) | | (2,928) | | 431 |
| Morgan Stanley | | Quarterly | | 2.250% | | STIBOR | | 12/18/34 | | 1,950,000 | SEK | 696 | | (810) | | 1,506 |
| Morgan Stanley | | Semi-Annually | | NIBOR | | 3.500% | | 12/18/34 | | 490,000 | NOK | (189) | | (144) | | (45) |
| Morgan Stanley | | Semi-Annually | | 2.500% | | 6 Month Euribor | | 12/18/34 | | 320,000 | EUR | 5,448 | | 3,466 | | 1,982 |
| Morgan Stanley | | Quarterly | | 4.000% | | 3 Month New Zealand Dollar Bank Bill Rate | | 12/18/34 | | 140,000 | NZD | 977 | | 1,001 | | (24) |
| Morgan Stanley | | Semi-Annually | | 2.152% | | 6 Month Euribor | | 08/10/37 | | 600,000 | EUR | (13,359) | | (18,979) | | 5,620 |
| Morgan Stanley | | Annually | | 3.391% | | SOFR-COMPOUND | | 05/10/38 | | 260,000 | USD | (2,062) | | (1,566) | | (496) |
| Morgan Stanley | | Semi-Annually | | 3.000% | | 6 Month Euribor | | 01/25/39 | | 370,000 | EUR | 4,467 | | 1,343 | | 3,124 |
| Morgan Stanley | | Semi-Annually | | 6 Month Euribor | | 1.452% | | 08/11/42 | | 1,540,000 | EUR | 64,735 | | 54,177 | | 10,558 |
| Morgan Stanley | | Semi-Annually | | 6 Month Euribor | | 2.500% | | 01/25/44 | | 890,000 | EUR | (2,460) | | (1,026) | | (1,434) |
| Morgan Stanley | | Annuallly | | 2.160% | | BOJ | | 08/02/44 | | 80,140,000 | JPY | (1,376) | | 259 | | (1,635) |
| Morgan Stanley | | Semi-Annually | | 1.051% | | 6 Month Euribor | | 08/12/47 | | 900,000 | EUR | (32,238) | | (22,127) | | (10,111) |
| Morgan Stanley | | Semi-Annually | | 2.000% | | 6 Month Euribor | | 01/25/49 | | 530,000 | EUR | 141 | | (158) | | 299 |
| Morgan Stanley | | Annually | | SOFR-COMPOUND | | 2.564% | | 05/12/53 | | 250,000 | USD | 5,080 | | 7,550 | | (2,470) |
| Morgan Stanley | | Semi-Annually | | 6 Month Euribor | | 2.000% | | 05/19/53 | | 290,000 | EUR | 3,484 | | 2,993 | | 491 |
| Morgan Stanley | | Semi-Annually | | 6 Month Euribor | | 2.500% | | 11/10/53 | | 400,000 | EUR | (16,742) | | (20,244) | | 3,502 |
| Morgan Stanley | | Annually | | SOFR-COMPOUND | | 3.380% | | 04/13/54 | | 340,000 | USD | (4,960) | | (2,129) | | (2,831) |
| Morgan Stanley | | Annually | | SOFR-COMPOUND | | 3.344% | | 05/20/54 | | 510,000 | USD | (6,367) | | (3,301) | | (3,066) |
| Morgan Stanley | | Semi-Annually | | 6 Month Euribor | | 2.250% | | 12/18/54 | | 180,000 | EUR | 304 | | (529) | | 833 |
| TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS | | $88,847 | | $47,440 | | $41,407 |
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Portfolio of Investments (Unaudited) (Continued)
September 30, 2024
| Credit Default Swaps | | | | |
| Counterparty | | 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) |
| Morgan Stanley | | CD General Electric Company | | Quarterly | | Buy | | 1.00% | | – | | BBB+ | | 06/20/26 | | $325,000 | | $5,075 | | $1,517 | | $3,558 |
| Morgan Stanley | | CDX.NA.IG.40 | | Quarterly | | Buy | | 1.00% | | – | | BBB | | 06/20/28 | | 476,577 | | 10,798 | | 5,745 | | 5,053 |
| Morgan Stanley | | CDX.NA.IG.42 | | Quarterly | | Buy | | 1.00% | | – | | BBB | | 06/20/29 | | 1,517,314 | | 34,843 | | 30,754 | | 4,089 |
| TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS | | | | | | $50,716 | | $38,016 | | $12,700 |
| * | Credit ratings for the underlying securities in the credit default swaps are assigned based on the higher ratings of either Moody's or S&P. If both are unrated, then Fitch is used. |
| ** | The maximum potential amount the Portfolio may pay should a negative credit event take place as defined under the terms of the agreement. |
| Forward Foreign Currency Contracts | | | | | | |
| Settlement Date | | Counterparty | | Currency Units to Receive | | | | In Exchange For | | | | Unrealized Appreciation
(Depreciation) |
| 10/24/24 | | Morgan Stanley | | 53,822 | | EUR | | 49,360 | | USD | | $(1,325) |
| TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS | | | | $(1,325) |
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| EUR | - | Euro |
| GBP | - | Pound Sterling |
| JPY | - | Japanese Yen |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| SEK | - | Swedish Krona |
| USD | - | United States Dollar |
