Forethought Variable Insurance Trust NPORTP Global Atlantic BlackRock High Yield Portfolio (Sep 2024 report)

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited)

September 30, 2024

	Shares/ Principal		Fair Value
Corporate Bonds and Notes - 98.9%
Advertising - 1.0%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28^(a)		$387,000		$367,359
Neptune Bidco US, Inc., 9.29%, 4/15/29^(a)		122,000		119,670
				487,029
Aerospace & Defense - 0.5%
TransDigm, Inc., 6.75%, 8/15/28^(a)		244,000		251,095
Auto Manufacturers - 1.3%
Aston Martin Capital Holdings Ltd., 10.00%, 3/31/29^(a)		280,000		274,922
Jaguar Land Rover Automotive PLC, 5.88%, 1/15/28^(a)		275,000		274,068
Wabash National Corp., 4.50%, 10/15/28^(a)		102,000		93,445
				642,435
Auto Parts & Equipment - 1.7%
Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 5/31/32^(a)		284,000		290,687
Phinia, Inc.
6.75%, 4/15/29^(a)		26,000		26,838
6.63%, 10/15/32^(a)		170,000		171,630
Titan International, Inc., 7.00%, 4/30/28		328,000		326,449
				815,604
Banks - 1.4%
Freedom Mortgage Corp.
7.63%, 5/1/26^(a)		83,000		83,741
12.00%, 10/1/28^(a)		40,000		43,696
12.25%, 10/1/30^(a)		40,000		44,800
Intesa Sanpaolo SpA
8.25%, (US 1 Year CMT T-Note + 4.40%), 11/21/33^(a),(b)		200,000		232,052
4.95%, (US 1 Year CMT T-Note + 2.75%), 6/1/42^(a),(b)		35,000		28,066
Popular, Inc., 7.25%, 3/13/28		201,000		212,222
Texas Capital Bancshares, Inc., 4.00%, (US 5 Year CMT T-Note + 3.15%), 5/6/31^(b)		52,000		49,389
				693,966
Building Materials - 0.5%
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28^(a)		35,000		36,595
Eco Material Technologies, Inc., 7.88%, 1/31/27^(a)		95,000		96,004
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31^(a)		100,000		107,838
				240,437
Chemicals - 2.4%
Avient Corp., 6.25%, 11/1/31^(a)		50,000		51,263

	Shares/ Principal		Fair Value

Chemicals (continued)
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 6/15/28^(a)		$329,000		$322,217
NOVA Chemicals Corp.
8.50%, 11/15/28^(a)		60,000		64,088
9.00%, 2/15/30^(a)		75,000		81,140
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30^(a)		98,000		90,904
Rain Carbon, Inc., 12.25%, 9/1/29^(a)		342,000		369,404
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 4/1/25^(a)		2,000		1,985
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29^(a)		218,000		209,281
				1,190,282
Coal - 0.7%
Coronado Finance Pty Ltd., 9.25%, 10/1/29^(a)		68,000		69,870
SunCoke Energy, Inc., 4.88%, 6/30/29^(a)		200,000		181,364
Warrior Met Coal, Inc., 7.88%, 12/1/28^(a)		104,000		107,598
				358,832
Commercial Services - 3.6%
Adtalem Global Education, Inc., 5.50%, 3/1/28^(a)		82,000		81,214
CoreCivic, Inc., 8.25%, 4/15/29		224,000		237,115
CPI CG, Inc., 10.00%, 7/15/29^(a)		135,000		142,088
Garda World Security Corp., 7.75%, 2/15/28^(a)		25,000		25,917
GEO Group, Inc. (The)
8.63%, 4/15/29		308,000		320,192
10.25%, 4/15/31		140,000		149,211
Matthews International Corp., 8.63%, 10/1/27^(a)		50,000		50,994
PROG Holdings, Inc., 6.00%, 11/15/29^(a)		312,000		307,811
Service Corp. International, 5.75%, 10/15/32		125,000		125,835
TriNet Group, Inc., 7.13%, 8/15/31^(a)		40,000		41,668
Upbound Group, Inc., 6.38%, 2/15/29^(a)		236,000		228,438
VT Topco, Inc., 8.50%, 8/15/30^(a)		27,000		28,824
				1,739,307
Computers - 0.8%
KBR, Inc., 4.75%, 9/30/28^(a)		134,000		128,119
NCR Atleos Corp., 9.50%, 4/1/29^(a)		177,000		194,859
Seagate HDD Cayman, 9.63%, 12/1/32		59,000		68,510
				391,488
Distribution & Wholesale - 0.2%
Gates Corp. (The), 6.88%, 7/1/29^(a)		40,000		41,433
Windsor Holdings III LLC, 8.50%, 6/15/30^(a)		45,000		48,133
				89,566

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2024

	Shares/ Principal		Fair Value

Diversified Financial Services - 12.9%
AG TTMT Escrow Issuer LLC, 8.63%, 9/30/27^(a)		$75,000		$76,890
Bread Financial Holdings, Inc., 9.75%, 3/15/29^(a)		406,000		429,368
Burford Capital Global Finance LLC
6.88%, 4/15/30^(a)		105,000		104,956
9.25%, 7/1/31^(a)		400,000		430,419
Coinbase Global, Inc., 3.38%, 10/1/28^(a)		601,000		540,521
Credit Acceptance Corp.
6.63%, 3/15/26		28,000		28,012
9.25%, 12/15/28^(a)		333,000		356,076
Encore Capital Group, Inc., 9.25%, 4/1/29^(a)		340,000		365,944
Enova International, Inc.
11.25%, 12/15/28^(a)		216,000		232,510
9.13%, 8/1/29^(a)		235,000		241,151
Freedom Mortgage Holdings LLC
9.25%, 2/1/29^(a)		96,000		99,872
9.13%, 5/15/31^(a)		50,000		51,406
GGAM Finance Ltd.
7.75%, 5/15/26^(a)		30,000		30,675
8.00%, 2/15/27^(a)		55,000		57,472
8.00%, 6/15/28^(a)		28,000		30,014
goeasy Ltd.
9.25%, 12/1/28^(a)		334,000		360,301
7.63%, 7/1/29^(a)		153,000		158,615
Macquarie Airfinance Holdings Ltd., 8.38%, 5/1/28^(a)		25,000		26,310
Nationstar Mortgage Holdings, Inc.
5.00%, 2/1/26^(a)		30,000		29,855
5.50%, 8/15/28^(a)		101,000		99,974
6.50%, 8/1/29^(a)		80,000		81,342
5.75%, 11/15/31^(a)		382,000		374,195
7.13%, 2/1/32^(a)		37,000		38,643
OneMain Finance Corp.
7.13%, 3/15/26		53,000		54,152
9.00%, 1/15/29		70,000		74,178
PennyMac Financial Services, Inc., 7.88%, 12/15/29^(a)		78,000		83,172
StoneX Group, Inc., 7.88%, 3/1/31^(a)		439,000		467,502
Synchrony Financial, 7.25%, 2/2/33		498,000		516,785
United Wholesale Mortgage LLC
5.75%, 6/15/27^(a)		418,000		415,297
5.50%, 4/15/29^(a)		43,000		41,876
VFH Parent LLC / Valor Co.-Issuer, Inc., 7.50%, 6/15/31^(a)		368,000		385,399
				6,282,882
Electric - 0.9%
Talen Energy Supply LLC, 8.63%, 6/1/30^(a)		90,000		98,103

	Shares/ Principal		Fair Value

Electric (continued)
Vistra Operations Co. LLC
5.50%, 9/1/26^(a)		12,000		$11,995
7.75%, 10/15/31^(a)		325,000		349,894
				459,992
Electrical Components & Equipment - 0.1%
Energizer Holdings, Inc., 6.50%, 12/31/27^(a)		39,000		39,637
Electronics - 0.1%
EquipmentShare.com, Inc., 9.00%, 5/15/28^(a)		25,000		26,111
Engineering & Construction - 1.3%
Brand Industrial Services, Inc., 10.38%, 8/1/30^(a)		50,000		53,527
HTA Group Ltd., 7.50%, 6/4/29^(a)		443,000		449,645
MasTec, Inc., 6.63%, 8/15/29^(a)		72,000		72,360
Weekley Homes LLC / Weekley Finance Corp., 4.88%, 9/15/28^(a)		37,000		36,031
				611,563
Entertainment - 1.8%
Affinity Interactive, 6.88%, 12/15/27^(a)		37,000		31,803
Churchill Downs, Inc., 6.75%, 5/1/31^(a)		214,000		220,994
Jacobs Entertainment, Inc., 6.75%, 2/15/29^(a)		45,000		43,765
Lions Gate Capital Holdings 1, Inc., 5.50%, 4/15/29^(a)		345,000		309,712
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 5/1/29^(a)		40,000		38,353
Resorts World Las Vegas LLC / RWLV Capital, Inc., 8.45%, 7/27/30^(a)		200,000		210,946
				855,573
Forest Products & Paper - 0.6%
Domtar Corp., 6.75%, 10/1/28^(a)		320,000		292,630
Gas - 1.0%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.88%, 8/20/26		145,000		143,768
5.75%, 5/20/27		110,000		107,940
9.38%, 6/1/28^(a)		216,000		226,855
				478,563
Healthcare-Services - 1.7%
DaVita, Inc.
4.63%, 6/1/30^(a)		483,000		460,546
6.88%, 9/1/32^(a)		188,000		194,206
LifePoint Health, Inc.
9.88%, 8/15/30^(a)		47,000		51,720
11.00%, 10/15/30^(a)		40,000		45,130
Star Parent, Inc., 9.00%, 10/1/30^(a)		25,000		26,840

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2024

	Shares/ Principal		Fair Value

Healthcare-Services (continued)
Tenet Healthcare Corp., 6.13%, 10/1/28		$48,000		$48,326
				826,768
Holding Companies-Divers - 0.2%
Stena International SA, 7.25%, 1/15/31^(a)		75,000		78,813
Home Builders - 1.7%
Adams Homes, Inc., 9.25%, 10/15/28^(a)		72,000		76,816
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.63%, 1/15/28^(a)		37,000		37,326
4.63%, 4/1/30^(a)		28,000		26,807
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 6.25%, 9/15/27^(a)		90,000		89,857
Installed Building Products, Inc., 5.75%, 2/1/28^(a)		133,000		132,579
LGI Homes, Inc.
8.75%, 12/15/28^(a)		169,000		181,004
4.00%, 7/15/29^(a)		84,000		77,777
Thor Industries, Inc., 4.00%, 10/15/29^(a)		212,000		197,398
				819,564
Insurance - 0.9%
Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 5/15/31^(a)		328,000		345,155
Ryan Specialty LLC, 5.88%, 8/1/32^(a)		90,000		91,706
				436,861
Internet - 3.4%
Cars.com, Inc., 6.38%, 11/1/28^(a)		220,000		220,688
Cogent Communications Group LLC, 7.00%, 6/15/27^(a)		399,000		406,081
Cogent Communications Group, Inc. / Cogent Communications Finance, Inc., 7.00%, 6/15/27^(a)		85,000		86,453
Rakuten Group, Inc.
11.25%, 2/15/27^(a)		420,000		459,305
9.75%, 4/15/29^(a)		225,000		245,531
5.13%, (US 5 Year CMT T-Note + 4.58%), 10/22/72^(a),(b)		50,000		47,650
6.25%, (US 5 Year CMT T-Note + 4.96%), 10/22/72^(a),(b)		50,000		43,750
Wayfair LLC, 7.25%, 10/31/29^(a)		139,000		142,454
				1,651,912
Investment Companies - 0.5%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 9.75%, 1/15/29^(a)		230,000		238,594

	Shares/ Principal		Fair Value

Iron & Steel - 1.5%
Algoma Steel, Inc., 9.13%, 4/15/29^(a)		$189,000		$194,010
Infrabuild Australia Pty Ltd., 14.50%, 11/15/28^(a)		70,000		70,745
Mineral Resources Ltd.
8.13%, 5/1/27^(a)		135,000		136,306
8.00%, 11/1/27^(a)		120,000		123,696
9.25%, 10/1/28^(a)		200,000		212,409
				737,166
Leisure Time - 1.4%
Amer Sports Co., 6.75%, 2/16/31^(a)		91,000		93,286
Carnival Corp., 7.63%, 3/1/26^(a)		288,000		290,789
Royal Caribbean Cruises Ltd., 5.63%, 9/30/31^(a)		35,000		35,513
Sabre GLBL, Inc., 11.25%, 12/15/27^(a)		237,000		245,742
				665,330
Lodging - 0.8%
Genting New York LLC / GENNY Capital, Inc., 7.25%, 10/1/29^(a)		265,000		267,295
Travel + Leisure Co., 6.63%, 7/31/26^(a)		127,000		129,390
				396,685
Machinery-Construction & Mining - 0.2%
Terex Corp., 6.25%, 10/1/32^,,(a)		110,000		110,000
Media - 8.1%
Cable One, Inc., 4.00%, 11/15/30^(a)		235,000		187,322
CCO Holdings LLC / CCO Holdings Capital Corp.
5.13%, 5/1/27^(a)		132,000		129,913
5.00%, 2/1/28^(a)		46,000		44,748
5.38%, 6/1/29^(a)		167,000		160,879
4.75%, 3/1/30^(a)		142,000		130,572
4.50%, 8/15/30^(a)		26,000		23,544
4.25%, 2/1/31^(a)		94,000		82,923
7.38%, 3/1/31^(a)		270,000		276,553
4.75%, 2/1/32^(a)		121,000		106,656
4.50%, 5/1/32		146,000		126,219
4.50%, 6/1/33^(a)		161,000		136,815
Directv Financing LLC, 8.88%, 2/1/30^(a)		40,000		40,232
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.88%, 8/15/27^(a)		573,000		562,836
Gannett Holdings LLC, 6.00%, 11/1/26^(a)		111,000		111,192
GCI LLC, 4.75%, 10/15/28^(a)		405,000		388,770
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27^(a)		55,000		50,314
Nexstar Media, Inc.
5.63%, 7/15/27^(a)		288,000		285,289
4.75%, 11/1/28^(a)		256,000		244,185
Sinclair Television Group, Inc., 4.13%, 12/1/30^(a)		289,000		224,128

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2024

	Shares/ Principal		Fair Value

Media (continued)
Sunrise HoldCo IV BV, 5.50%, 1/15/28^(a)		$25,000		$24,893
TEGNA, Inc.
4.63%, 3/15/28		214,000		204,203
5.00%, 9/15/29		22,000		20,953
Univision Communications, Inc.
8.00%, 8/15/28^(a)		125,000		127,818
7.38%, 6/30/30^(a)		90,000		87,546
Virgin Media Secured Finance PLC, 5.50%, 5/15/29^(a)		150,000		143,839
				3,922,342
Metal Fabricate & Hardware - 0.4%
Vallourec SACA, 7.50%, 4/15/32^(a)		200,000		212,152
Mining - 1.6%
Eldorado Gold Corp., 6.25%, 9/1/29^(a)		307,000		306,422
New Gold, Inc., 7.50%, 7/15/27^(a)		211,000		215,183
Taseko Mines Ltd., 8.25%, 5/1/30^(a)		256,000		268,807
				790,412
Miscellaneous Manufacturing - 0.2%
Calderys Financing LLC, 11.25%, 6/1/28^(a)		54,000		58,048
LSB Industries, Inc., 6.25%, 10/15/28^(a)		22,000		21,478
				79,526
Office & Business Equipment - 1.1%
Pitney Bowes, Inc.
6.88%, 3/15/27^(a)		15,000		14,902
7.25%, 3/15/29^(a)		189,000		184,902
Xerox Holdings Corp.
5.50%, 8/15/28^(a)		114,000		96,946
8.88%, 11/30/29^(a)		281,000		260,625
				557,375
Office Furnishings - 0.6%
Interface, Inc., 5.50%, 12/1/28^(a)		95,000		92,721
Steelcase, Inc., 5.13%, 1/18/29		202,000		198,149
				290,870
Oil & Gas - 14.2%
Aethon United BR LP / Aethon United Finance Corp.
8.25%, 2/15/26^(a)		22,000		22,262
7.50%, 10/1/29^(a)		125,000		126,723
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.88%, 6/30/29^(a)		50,000		49,399
Baytex Energy Corp., 8.50%, 4/30/30^(a)		42,000		43,543
Borr IHC Ltd. / Borr Finance LLC
10.00%, 11/15/28^(a)		168,598		174,941
10.38%, 11/15/30^(a)		274,180		289,808
California Resources Corp., 8.25%, 6/15/29^(a)		479,000		488,549
Chord Energy Corp., 6.38%, 6/1/26^(a)		144,000		144,322

	Shares/ Principal		Fair Value

Oil & Gas (continued)
Civitas Resources, Inc., 8.38%, 7/1/28^(a)		$295,000		$306,699
Comstock Resources, Inc., 6.75%, 3/1/29^(a)		50,000		48,707
CVR Energy, Inc.
5.75%, 2/15/28^(a)		118,000		110,814
8.50%, 1/15/29^(a)		327,000		331,025
Energean PLC, 6.50%, 4/30/27^(a)		200,000		197,754
Greenfire Resources Ltd., 12.00%, 10/1/28^(a)		137,000		148,196
Gulfport Energy Corp., 6.75%, 9/1/29^(a)		364,000		368,931
Ithaca Energy North Sea PLC, 9.00%, 7/15/26^(a)		300,000		306,091
Karoon USA Finance, Inc., 10.50%, 5/14/29^(a)		155,000		159,267
Noble Finance II LLC, 8.00%, 4/15/30^(a)		468,000		482,661
Northern Oil & Gas, Inc.
8.13%, 3/1/28^(a)		273,000		274,990
8.75%, 6/15/31^(a)		244,000		254,247
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 2/15/28		309,000		305,068
7.88%, 9/15/30^(a)		147,000		151,420
Saturn Oil & Gas, Inc., 9.63%, 6/15/29^(a)		185,000		182,766
Seadrill Finance Ltd., 8.38%, 8/1/30^(a)		305,000		318,405
SM Energy Co.
6.75%, 8/1/29^(a)		70,000		70,285
7.00%, 8/1/32^(a)		40,000		40,152
Strathcona Resources Ltd., 6.88%, 8/1/26^(a)		363,000		361,276
Sunoco LP / Sunoco Finance Corp., 7.00%, 9/15/28^(a)		20,000		20,728
Talos Production, Inc.
9.00%, 2/1/29^(a)		225,000		231,729
9.38%, 2/1/31^(a)		272,000		279,644
Valaris Ltd., 8.38%, 4/30/30^(a)		480,000		494,519
Vermilion Energy, Inc., 5.63%, 3/15/25^(a)		15,000		14,974
W&T Offshore, Inc., 11.75%, 2/1/26^(a)		112,000		114,236
				6,914,131
Oil & Gas Services - 2.7%
Bristow Group, Inc., 6.88%, 3/1/28^(a)		101,000		99,767
Enerflex Ltd., 9.00%, 10/15/27^(a)		280,000		289,155
Helix Energy Solutions Group, Inc., 9.75%, 3/1/29^(a)		217,000		232,928
Oceaneering International, Inc., 6.00%, 2/1/28		65,000		65,124
USA Compression Partners LP / USA Compression Finance Corp.
6.88%, 9/1/27		169,000		170,427
7.13%, 3/15/29^(a)		147,000		151,423

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2024

	Shares/ Principal		Fair Value

Oil & Gas Services (continued)
Weatherford International Ltd., 8.63%, 4/30/30^(a)		$310,000		$322,742
				1,331,566
Packaging & Containers - 0.3%
LABL, Inc., 9.50%, 11/1/28^(a)		40,000		41,337
Mauser Packaging Solutions Holding Co., 7.88%, 4/15/27^(a)		97,000		100,102
				141,439
Passenger Airlines - 1.0%
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 11.00%, 4/15/29^(a)		397,211		399,618
United Airlines, Inc., 4.38%, 4/15/26^(a)		38,000		37,421
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 9.50%, 6/1/28^(a)		74,000		72,213
				509,252
Pharmaceuticals - 1.6%
BellRing Brands, Inc., 7.00%, 3/15/30^(a)		251,000		262,714
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 7.88%, 5/15/34^(a)		470,000		497,963
				760,677
Pipelines - 5.3%
CNX Midstream Partners LP, 4.75%, 4/15/30^(a)		186,000		173,865
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31^(a)		50,000		49,027
Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 3/15/29^(a)		265,000		278,343
FTAI Infra Escrow Holdings LLC, 10.50%, 6/1/27^(a)		248,000		264,735
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 2/1/28		219,000		221,730
8.88%, 4/15/30		48,000		50,466
7.88%, 5/15/32		230,000		234,090
Global Partners LP / GLP Finance Corp.
6.88%, 1/15/29		147,000		147,454
8.25%, 1/15/32^(a)		227,000		235,383
Howard Midstream Energy Partners LLC, 8.88%, 7/15/28^(a)		24,000		25,452
New Fortress Energy, Inc.
6.50%, 9/30/26^(a)		466,000		391,654
8.75%, 3/15/29^(a)		64,000		48,157
Prairie Acquiror LP, 9.00%, 8/1/29^(a)		35,000		36,134
Summit Midstream Holdings LLC, 8.63%, 10/31/29^(a)		23,000		24,052
Venture Global LNG, Inc.
8.13%, 6/1/28^(a)		115,000		119,904

	Shares/ Principal		Fair Value

Pipelines (continued)
9.50%, 2/1/29^(a)		123,000		$138,189
9.88%, 2/1/32^(a)		133,000		147,829
				2,586,464
Real Estate - 1.4%
Cushman & Wakefield US Borrower LLC, 8.88%, 9/1/31^(a)		148,000		161,547
Five Point Operating Co. LP / Five Point Capital Corp., 10.50%, 1/15/28^(a),(c)		259,000		264,994
Howard Hughes Corp. (The), 5.38%, 8/1/28^(a)		139,000		136,960
Newmark Group, Inc., 7.50%, 1/12/29		87,000		94,011
				657,512
REITS - 4.8%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 6/15/29^(a)		230,000		205,885
Brandywine Operating Partnership LP, 8.88%, 4/12/29		150,000		165,766
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LLC, 5.75%, 5/15/26^(a)		50,000		49,775
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/27^(a)		231,000		215,351
Iron Mountain, Inc., 7.00%, 2/15/29^(a)		75,000		78,181
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 8/1/26		178,000		169,914
5.00%, 10/15/27		383,000		344,201
Necessity Retail REIT, Inc. (The) / American Finance Operating Partner LP, 4.50%, 9/30/28^(a)		227,000		213,042
Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/29^(a)		45,000		45,294
Rithm Capital Corp.
6.25%, 10/15/25^(a)		32,000		31,984
8.00%, 4/1/29^(a)		266,000		268,598
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
10.50%, 2/15/28^(a)		512,000		546,420
10.50%, 2/15/28^(a)		10,000		10,672
				2,345,083
Retail - 4.7%
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30^(a)		40,000		36,888
Academy Ltd., 6.00%, 11/15/27^(a)		139,000		139,293
Bath & Body Works, Inc.
6.95%, 3/1/33		21,000		21,090
6.88%, 11/1/35		14,000		14,589

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2024

	Shares/ Principal		Fair Value

Retail (continued)
BlueLinx Holdings, Inc., 6.00%, 11/15/29^(a)		$224,000		$214,644
Brinker International, Inc., 8.25%, 7/15/30^(a)		76,000		81,668
FirstCash, Inc.
5.63%, 1/1/30^(a)		131,000		129,816
6.88%, 3/1/32^(a)		265,000		272,743
Foot Locker, Inc., 4.00%, 10/1/29^(a)		197,000		171,776
Gap, Inc. (The)
3.63%, 10/1/29^(a)		343,000		310,265
3.88%, 10/1/31^(a)		95,000		83,050
Kohl's Corp., 5.55%, 7/17/45		40,000		27,353
Macy’s Retail Holdings LLC, 5.88%, 3/15/30^(a)		109,000		106,918
Patrick Industries, Inc., 4.75%, 5/1/29^(a)		181,000		172,176
Victoria's Secret & Co., 4.63%, 7/15/29^(a)		302,000		266,582
Walgreens Boots Alliance, Inc.
3.45%, 6/1/26		64,000		61,562
8.13%, 8/15/29		165,000		164,683
				2,275,096
Software - 0.5%
Dye & Durham Ltd., 8.63%, 4/15/29^(a)		220,000		232,740
Telecommunications - 3.7%
Consolidated Communications, Inc., 6.50%, 10/1/28^(a)		412,000		388,902
Iliad Holding SASU, 7.00%, 10/15/28^(a)		100,000		101,724
Intelsat Jackson Holdings SA, 6.50%, 3/15/30^(a)		86,000		82,290
Level 3 Financing, Inc.
10.50%, 4/15/29^(a)		250,000		272,512
10.75%, 12/15/30^(a)		222,000		243,636
Millicom International Cellular SA, 7.38%, 4/2/32^(a)		219,000		225,024
Windstream Escrow LLC / Windstream Escrow Finance Corp.
7.75%, 8/15/28^(a)		67,000		67,060
8.25%, 10/1/31^(a)		30,000		30,503
Zegona Finance PLC, 8.63%, 7/15/29^(a)		353,000		376,827
				1,788,478
Transportation - 0.5%
Brightline East LLC, 11.00%, 1/31/30^(a)		50,000		42,553
Danaos Corp., 8.50%, 3/1/28^(a)		173,000		178,074
Rand Parent LLC, 8.50%, 2/15/30^(a)		42,000		42,826
				263,453
Trucking & Leasing - 1.1%
Fortress Transportation and Infrastructure Investors LLC
5.50%, 5/1/28^(a)		98,000		97,745
7.88%, 12/1/30^(a)		125,000		134,681

	Shares/ Principal		Fair Value

Trucking & Leasing (continued)
7.00%, 6/15/32^(a)		165,000		$173,234
5.88%, 10/1/50^*,(a)		115,000		114,425
				520,085
Total Corporate Bonds and Notes
(Cost - $46,339,936)				48,087,338
Short-Term Investments - 0.7%
Money Market Funds - 0.7%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.83%^(d) (Cost - $360,955)		360,955		360,955

Total Short-Term Investments (Cost - $360,955)				360,955
Total Investments - 99.6%
(Cost - $46,700,891)				$48,448,293
Other Assets Less Liabilities - Net 0.4%				195,730
Total Net Assets - 100.0%				$48,644,023

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2024

*	Non-income producing security.
(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 $42,818,202 or 88.0% of net assets.
(b)	Variable rate or fixed to variable rate security. The rate shown is the rate in effect at period end.
(c)	Step coupon.
(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 Note Future	J. P. Morgan Securities LLC	10	12/19/2024	$1,142,812	$1,935
U.S. 10 Year Ultra Future	J. P. Morgan Securities LLC	2	12/19/2024	236,594	265
U.S. 2 Year Note Future	Morgan Stanley	1	12/31/2024	208,242	547
U.S. 5 Year Note Future	Morgan Stanley	12	12/31/2024	1,318,594	2,251

TOTAL NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS					$4,998

Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Unaudited) (Continued)

September 30, 2024

AFFILIATED ISSUER TRANSACTIONS

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Fiscal period to date transactions with companies which are or were affiliates are as follows:

	Value at 12/31/23		Purchases Cost		Sales Proceeds			Net Realized Gain/(Loss)		Net Change in Unrealized Appreciation (Depreciation)			Dividend Income		Capital Gain Distributions		Number of Shares at 09/30/24		Value at 09/30/24
Crescent Energy Finance LLC, 9.25%, 2/15/28	$	262,505	$	—	$	(261,918	)	$	8,289	$	(8,876	)	$	10,382	$	—		—	$	—
Crescent Energy Finance LLC, 7.25%, 5/1/26		272,561		—		(269,379	)		8,667		(11,849	)		5,512		—		—		—
	$	535,066	$	—	$	(531,297	)	$	16,956	$	(20,725	)	$	15,894	$	—		—	$	—

Forethought Variable Insurance Trust NPORT-PGlobal Atlantic BlackRock High Yield Portfolio (Sep 2024 report)