UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22865

Forethought Variable Insurance Trust

(Exact name of registrant as specified in charter)

10 West Market Street, Suite 2300

Indianapolis, Indiana 46204

(Address of principal executive offices) (Zip code)

The Corporation Trust Company
1209 Orange Street Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: 877-355-1820

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

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

Since the COVID-19 Pandemic (the "Pandemic") began nearly three years ago, the financial markets have experienced a prolonged period of heightened volatility driven by the global economic uncertainties posed under the circumstances and central banks' responses to rapidly changing conditions. In 2020 and 2021, the additional Pandemic-related easing of monetary policy from an already accommodative position helped fuel a two-year broad-based equity rally. In 2022, however, the decade-long accommodative policies from global central banks that fueled the bull market led to a rise in inflation. When combined with already challenging supply chains made worse by China's zero COVID policy and Russia's invasion of Ukraine, which drove food and energy prices higher (Ukraine a large wheat supplier, Russia a large energy supplier), inflation rose to levels not seen in decades. As a consequence, central banks quickly pivoted to an aggressive tightening schedule in an attempt to curb inflation, which led to concerns over slowing growth and the possibility of a recession.

The result was meaningfully negative returns in both equity and fixed income markets in 2022, as shown in the chart below. International equity indices generally fared better than U.S. indices, particularly the U.S. technology-focused Nasdaq and U.S. small cap-oriented Russell 2000, both of which finished the year in a bear market (defined as down 20% or more). Within fixed income, the Federal Reserve increased interest rates on seven occasions in 2022 by a total of 425 basis points which resulted in fixed income volatility levels not seen since the 2008 Global Financial Crisis. To illustrate the impact, the U.S. 10-year Treasury peaked in October 2022 at 4.33% and finished the year at 3.88%, compared to ending 2021 and 2020 at 1.51% and 0.92%, respectively. This rapid rise in rates, which has not been experienced since the early 1980s, led to some of the weakest returns in history across much of fixed income, with the S&P U.S. 10-year Treasury Index ("S&P US 10yr Treasury") down -16.47% and the Bbg US Agg down -13.01% in 2022. Unlike many historical periods when fixed income returns helped partially offset negative equity returns in diversified portfolios, this did not happen in 2022.

We expect inflation, interest rates, and the Ukraine/Russia conflict to be the key concerns surrounding economic growth in 2023, particularly given the lag effect that interest rate changes typically have on the economy, and therefore, economic data. In addition, while the Pandemic has eased somewhat with the greater adoption of vaccines globally, COVID-19 has not been eliminated and may continue to pose a risk if new variants and/or regional outbreaks emerge.

Given the hardships endured in recent years, we hope this shareholder letter finds you healthy and wish you all the best for 2023 and beyond.

Thank you for investing in the Global Atlantic Portfolios.

Sincerely,

Eric D. Todd, CFA				Cameron Jeffreys, CFA
President				Senior Vice President
Global Atlantic Investment Advisors, LLC				Global Atlantic Investment Advisors, LLC

Portfolio				Benchmark
Global Atlantic BlackRock Allocation Portfolio				S&P Target Risk^® Growth Index
Global Atlantic BlackRock Disciplined Core Portfolio				S&P 500^® Index
Global Atlantic BlackRock Disciplined Growth Portfolio				Russell 1000^® Growth Index
Global Atlantic BlackRock Disciplined International Core Portfolio				MSCI ACWI ex-USA Index
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio				Russell Midcap^® Growth Index
Global Atlantic BlackRock Disciplined Value Portfolio				Russell 1000^® Value Index
Global Atlantic BlackRock High Yield Portfolio				ICE BofA BB-B U.S. High Yield Constrained Index
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				Bloomberg U.S. Aggregate Bond Index

The indices shown are for informational purposes only and are not reflective of any investment. As it is not possible to invest directly in the indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Past performance is no guarantee of future results.

This report contains the current opinions of Global Atlantic Investment Advisors, LLC and/or sub-advisers at the time of its publication and should not be considered investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, a Portfolio's portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed.

Index Definitions:

Bloomberg U.S. Aggregate Bond Index ("Bbg US Agg"). An index weighted according to market capitalization and includes, among other categories, Treasury securities, mortgage-backed securities, government agency bonds and corporate bonds. To be included in the index, bonds must be rated investment grade by Moody's and S&P Global Ratings.

ICE BofA BB-B U.S. High Yield Constrained Index. An index that contains all securities in the ICE BofA U.S. High Yield Index rated BB1 through B3, based on an average of Moody's, S&P, and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%.

ICE BofA U.S. Bond Market Option Volatility Estimate Index ("MOVE"). The MOVE Index is a yield curve weighted index that measures U.S. bond market yield volatility by tracking a basket of over-the-counter options on U.S. Treasury notes and bonds.

MSCI ACWI ex-USA Index. A free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging market countries, excluding the United States.

MSCI EAFE Total Return Index ("MSCI EAFE"). An index created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major developed international equity markets as represented by 21 major MSCI indexes from Europe, Australasia and the Far East.

Nasdaq Composite ("Nasdaq"). A broad-based market capitalization-weighted index of over 3,700 stocks listed on the Nasdaq Stock Exchange. As a broad index that is heavily weighted toward the technology sector, the Nasdaq serves as a benchmark for technology stocks in the United States.

Russell 1000^® Growth Index. An unmanaged index of common stock prices that measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000^® Value Index. An index that measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is a subset of the Russell 1000^® Index, which measures the performance of the large-capitalization sector of the U.S. equity market.

		Page
•	Global Atlantic Portfolio Review and Portfolio of Investments
	Global Atlantic BlackRock Allocation Portfolio		5 – 7
	Global Atlantic BlackRock Disciplined Core Portfolio		8 – 14
	Global Atlantic BlackRock Disciplined Growth Portfolio		15 – 21
	Global Atlantic BlackRock Disciplined International Core Portfolio		22 – 35
	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		36 – 43
	Global Atlantic BlackRock Disciplined Value Portfolio		44 – 50
	Global Atlantic BlackRock High Yield Portfolio		51 – 59
	Global Atlantic Goldman Sachs Core Fixed Income Portfolio		60 – 72
•	Financial Statements:
	Statements of Assets and Liabilities		73 – 74
	Statements of Operations		75 – 76
	Statements of Changes in Net Assets		77 – 80
	Financial Highlights		81 – 95
•	Notes to Financial Statements		96 – 117
•	Report of Independent Registered Accounting Firm		118
•	Expense Examples		119 – 120
•	Supplemental Information		121 – 122
•	Trustee and Officer Table		123 – 126
•	Privacy Notice		127 – 128
•	Proxy Voting Policy	Back Cover
•	Portfolio Holdings	Back Cover

Investment Objective

The Portfolio seeks to provide total return.

Management Review

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

How did the Portfolio perform during the period?

During 2022, the Class I shares of Global Atlantic BlackRock Allocation Portfolio outperformed its reference benchmark, the S&P Target Risk^® Growth Index. The Portfolio posted a return of -13.42% compared to a benchmark return of -15.27%, a difference of 185 basis points. The following discussion of relative performance pertains to this benchmark.

What factors and allocation decisions influenced the Portfolio's performance?

The past year was very challenging, with continued inflation pressures leading to faster than expected tightening by the U.S. Federal Reserve (the "Fed"), which in turn spurred fears of a recession. These dynamics posed headwinds for both equity and fixed income markets, with almost all asset classes delivering negative returns in 2022. Certain inflation sensitive asset classes such as commodities and energy sector equities, however, performed well given the inflationary environment. In this vein, the Portfolio's overweight to energy equities was the biggest contributor to performance.

From an asset allocation perspective, the Portfolio benefited from its underweight to fixed income despite being hurt by this positioning early in the year as equities rallied. Within equities, the Portfolio benefited from a relative overweight to U.S. equity markets and a relative overweight to value within non-U.S. developed markets. Factor exposure across value, minimum volatility, and momentum in the U.S. helped the Portfolio as well. A relative overweight to environmental, social, and governance ("ESG") equities detracted as ESG equities underperformed the broad market. Sector overweight positions were mixed during the year, with energy and global financial stocks performing well while global technology stocks and high dividend stocks detracted from performance.

Within fixed income, the Portfolio was hurt by a relative overweight to longer duration fixed income as the Fed continued to raise interest rates in the U.S. In addition, positions in high yield also detracted from performance.

How was the Portfolio positioned at period end?

In BlackRock's view, outsized Fed influence, recession risk, and inflation uncertainty vastly widens the range of outcomes, and thus diminishes risk-taking appetite. In this environment, BlackRock sought to de-risk the Portfolio by reducing active positions relative to the benchmark in order to create the ability to be nimble at a later date. These proactive moves have generally served the Portfolio well amidst this challenging period. Given the continued uncertainty, the Portfolio ended the period neutral to equities and slightly underweight to fixed income.

Within equities, the Portfolio is slightly overweight to U.S. relative to non-U.S. developed markets and emerging markets. BlackRock reduced this relative overweight to the U.S. equity markets over the period. Within U.S. equities, the Portfolio maintains an overweight to ESG equities, but BlackRock reduced that overweight in the period as well. From a sector and factor perspective, the Portfolio is overweight momentum stocks, minimum volatility stocks, infrastructure stocks, and energy stocks. Within non-U.S. developed markets, the Portfolio is overweight value, and within emerging markets, the Portfolio holds minimum volatility stocks.

Within fixed income, BlackRock's investment team believes the increase in yields has uncovered new opportunities, namely in mortgages and shorter-term credit where the Portfolio is now overweight. BlackRock reduced the Portfolio's underweight to fixed income over the period and also removed the allocation to treasury inflation-protected securities ("TIPS") given BlackRock's view that inflation should moderate into 2023. The Portfolio is also overweight to convertible bonds, as convertibles are generally less rate sensitive and offer exposure to technology companies.

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

					Annualized						Operating Expense**
	Inception Date*	One Year			Five Years			Since Inception			Gross Ratio			Net Ratio
Global Atlantic BlackRock Allocation Portfolio
Class I	November 1, 2017		-13.42	%		4.85	%		5.08	%		0.49	%		0.49	%
Class II	November 1, 2017		-13.58	%		4.61	%		4.82	%		0.74	%		0.74	%
S&P Target Risk^® Growth Index^			-15.27	%		3.48	%		3.78	%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Total returns would have been lower absent fee waivers by the Adviser. Performance figures for periods greater than one year are annualized. The returns shown do not reflect the deduction of taxes that a shareholder may pay on Portfolio distributions or on the redemption of Portfolio shares, as well as other charges and expenses of the insurance contract or separate account.

* Commencement of operations is November 6, 2017.

** The estimated operating expense ratios for Class I and Class II shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. Gross operating expense ratio reflects the ratio of expenses absent waivers and/or reimbursements by the Adviser. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The S&P Target Risk^® Growth Index provides increased exposure to equities, while also using some fixed income exposure to dampen risk. It is not possible to invest directly in an index.

Comparison of the Change in Value of a $10,000 Investment

Holdings by Asset Class	% of Net Assets
Exchange-Traded Funds		99.1	%
Short-Term Investments		0.9	%
Other Assets less Liabilities - Net		0.0	%^
		100.0	%

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

^ Represents less than 0.05%.

	Shares/ Principal		Fair Value
EXCHANGE TRADED FUNDS - 99.1%
DEBT FUNDS - 38.5%
iShares 0-5 Year High Yield Corporate Bond ETF		41,043	$	1,678,248
iShares 10-20 Year Treasury Bond ETF		12,215		1,321,419
iShares 1-5 Year Investment Grade Corporate Bond ETF		12,672		631,319
iShares Convertible Bond ETF		8,157		566,667
iShares Core Total USD Bond Market ETF		262,061		11,774,401
iShares Fallen Angels USD Bond ETF		25,948		638,580
iShares MBS ETF		36,671		3,401,235
iShares U.S. Treasury Bond ETF		88,767		2,016,786
TOTAL DEBT FUNDS				22,028,655
EQUITY FUNDS - 60.6%
iShares Core S&P 500 ETF		36,455		14,006,376
iShares Core S&P Small-Cap ETF		9,757		923,402
iShares ESG Aware MSCI USA ETF		77,297		6,550,921
iShares MSCI EAFE Growth ETF		33,970		2,845,327
iShares MSCI EAFE Value ETF		87,432		4,011,380
iShares MSCI Emerging Markets Min Vol Factor ETF		47,110		2,499,186
iShares MSCI USA Min Vol Factor ETF		14,907		1,074,795

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

How did the Portfolio perform during the period?

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined Core Portfolio underperformed its reference benchmark, the S&P 500^® Index. The Portfolio posted a return of -18.89% compared to a benchmark return of -18.11%, a difference of -78 basis points. The following discussion of relative performance pertains to this benchmark.

What factors and allocation decisions influenced the Portfolio's performance?

BlackRock's Scientific Active Equity ("SAE") process systematically tracks and ranks the characteristics of companies in order to seek to construct a portfolio that has the best trade-off between returns, risk and costs. The SAE investment model groups the universe of securities based on an analysis of a wide range of factors, such as relative value ("Value"), earnings quality ("Quality"), market sentiment ("Sentiment"), and thematic insights. Value insights seek to incorporate, where appropriate, asset value, sales, earnings and cash flow forecasts over short and long periods. Quality measures aim to assess the sustainability of earnings and the quality of corporate management by investigating company financials as well as other company statements. Sentiment criteria seek to infer information about a company's value from changes in analysts' forecasts, linkages between companies, management decisions and the behavior of other market participants in equities and other securities markets. And lastly, thematic insights seek to identify and exploit commonalities among groups of stocks that are believed to drive prices but that currently appear to be less obvious to the market.

Portfolio underperformance during 2022 was driven by weakness in the first quarter. Fundamental insights struggled in the first half of the year, driven by environmental, social, and governance ("ESG") and growth-related measures that only partially recovered in the second half of 2022. Within Fundamental insights, Quality measures with a growth tilt led underperformance in the first half amid the market selloff, with the largest detractors measures of company culture, founder involvement, and company benefits. ESG-related measures also struggled in the first half of the year, particularly environmental-related insights such as those that evaluate green patents and emissions levels, as energy related firms outperformed their lower emissions counterparts. On the positive side, Fundamental Value insights, namely insights evaluating company earnings yield, sales, and other financial statement metrics, were strong contributors, particularly in the first and fourth quarters. Defensive Quality measures also performed well, particularly those related to stability, balance sheet quality, and internal financing ability, which BlackRock's investment team believes was due to the market's focus on corporate financial health. Macro thematic stock selection insights detracted from performance, specifically those designed to track news sentiment in the energy sector, which was negative for much of the year. Sentiment-based measures provided ballast throughout the year. Specifically, informed investor sentiment insights as well as measures designed to capture sentiment from bond markets contributed, as did trending measures evaluating conference call text, job posting data, and social media trends, all of which helped to correctly position the Portfolio amid the changeable market backdrop.

How was the Portfolio positioned at period end?

At year-end, from a sector positioning perspective, the Portfolio remained largely sector neutral. The Portfolio had slight overweight positions in health care and consumer staples companies and maintains slight underweights in communication services and consumer discretionary stocks at the end of the year. The SAE team seeks to maintain a style neutral approach, so the Portfolio did not have any outsized active exposures to any particular style or factor.

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

					Annualized						Operating Expense**
	Inception Date*	One Year			Five Years			Since Inception			Gross Ratio			Net Ratio
Global Atlantic BlackRock Disciplined Core Portfolio
Class I	November 1, 2017		-18.89	%		8.98	%		9.47	%		0.49	%		0.49	%
Class II	November 1, 2017		-19.12	%		8.70	%		9.18	%		0.74	%		0.74	%
S&P 500^® Index^			-18.11	%		9.42	%		9.95	%

* Commencement of operations is November 6, 2017.

** The estimated operating expense ratios for Class I and Class II shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The S&P 500^® Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees, and other expenses. Investors cannot invest directly in an index.

Comparison of the Change in Value of a $10,000 Investment

Holdings by Asset Class	% of Net Assets
Common Stocks		98.4	%
Short-Term Investments		1.4	%
Other Assets less Liabilities - Net		0.2	%
		100.0	%

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.4%
AEROSPACE & DEFENSE - 2.2%
Boeing Co. (The)*		2,258	$	430,126
Curtiss-Wright Corp.		1,965		328,135
General Dynamics Corp.		9,673		2,399,968
HEICO Corp.		3,931		603,959
Lockheed Martin Corp.		11,550		5,618,959
Northrop Grumman Corp.		1,978		1,079,217
Textron, Inc.		11,832		837,706
				11,298,070
AIR FREIGHT & LOGISTICS - 0.6%
United Parcel Service, Inc., Class B		14,853		2,582,046
ZTO Express Cayman, Inc., ADR		14,481		389,104
				2,971,150
AIRLINES - 0.2%
Southwest Airlines Co.*		15,981		538,080
United Airlines Holdings, Inc.*		6,354		239,546
				777,626
AUTO COMPONENTS - 0.3%
Aptiv PLC*		5,376		500,667
BorgWarner, Inc.		6,363		256,111
Lear Corp.		7,424		920,724
				1,677,502
AUTOMOBILES - 1.1%
General Motors Co.		21,131		710,847
NIO, Inc., ADR*		10,085		98,329
Tesla, Inc.*		40,161		4,947,032
XPeng, Inc., Class A, ADR*		14,882		147,927
				5,904,135
BANKS - 2.5%
Bank of America Corp.		105,135		3,482,071
Bank of Nova Scotia. (The)		31,967		1,565,744
Citigroup, Inc.		48,573		2,196,957
Huntington Bancshares, Inc.		10,851		152,999
JPMorgan Chase & Co.		12,355		1,656,805
US Bancorp		33,460		1,459,191
Wells Fargo & Co.		57,825		2,387,594
				12,901,361
BEVERAGES - 2.4%
Brown-Forman Corp., Class B		2,859		187,779
Coca-Cola Co. (The)		37,783		2,403,376
Coca-Cola Europacific Partners PLC		3,956		218,846
PepsiCo, Inc.		52,686		9,518,253
				12,328,254
BIOTECHNOLOGY - 2.4%
AbbVie, Inc.		20,389		3,295,066
Amgen, Inc.		15,225		3,998,694

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 2.4% (Continued)
Biogen, Inc.*		2,642	$	731,623
BioMarin Pharmaceutical, Inc.*		2,730		282,528
Blueprint Medicines Corp.*		1,332		58,355
Exact Sciences Corp.*		5,880		291,119
Exelixis, Inc.*		4,122		66,117
Gilead Sciences, Inc.		24,191		2,076,797
Moderna, Inc.*		1,580		283,800
Novavax, Inc.*		2,728		28,044
Regeneron Pharmaceuticals, Inc.*		462		333,328
Seagen, Inc.*		2,008		258,048
Ultragenyx Pharmaceutical, Inc.*		1,516		70,236
Vertex Pharmaceuticals, Inc.*		2,750		794,145
				12,567,900
BUILDING PRODUCTS - 0.3%
Johnson Controls International PLC		10,350		662,400
Trane Technologies PLC		5,558		934,244
				1,596,644
CAPITAL MARKETS - 1.6%
Bank of New York Mellon Corp. (The)		55,325		2,518,394
Carlyle Group, Inc. (The)		14,871		443,751
Cboe Global Markets, Inc.		9,923		1,245,039
Charles Schwab Corp. (The)		6,900		574,494
CME Group, Inc.		11,019		1,852,955
Intercontinental Exchange, Inc.		2,585		265,195
LPL Financial Holdings, Inc.		613		132,512
S&P Global, Inc.		3,413		1,143,150
Tradeweb Markets, Inc., Class A		914		59,346
				8,234,836
CHEMICALS - 2.3%
Albemarle Corp.		959		207,969
Corteva, Inc.		33,830		1,988,527
Ecolab, Inc.		24,491		3,564,910
FMC Corp.		11,049		1,378,915
Linde PLC		9,729		3,173,405
Mosaic Co. (The)		4,546		199,433
Sherwin-Williams Co. (The)		6,303		1,495,891
Valvoline, Inc.		2,424		79,144
				12,088,194
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Cintas Corp.		2,353		1,062,662
Republic Services, Inc.		4,587		591,677
Tetra Tech, Inc.		2,890		419,599
				2,073,938
COMMUNICATIONS EQUIPMENT - 0.3%
Juniper Networks, Inc.		52,289		1,671,156
CONSTRUCTION & ENGINEERING - 0.1%
AECOM		7,432		631,200

	Shares/ Principal		Fair Value
CONSUMER FINANCE - 2.1%
Ally Financial, Inc.		17,324	$	423,572
American Express Co.		47,798		7,062,154
Capital One Financial Corp.		14,023		1,303,578
Discover Financial Services		13,243		1,295,563
Synchrony Financial		22,922		753,217
				10,838,084
DISTRIBUTORS - 0.1%
Genuine Parts Co.		2,909		504,741
DIVERSIFIED CONSUMER SERVICES - 0.0%†
New Oriental Education & Technology Group, Inc., ADR*		3,201		111,459
DIVERSIFIED FINANCIAL SERVICES - 1.7%
Berkshire Hathaway, Inc., Class B*		22,221		6,864,067
Voya Financial, Inc.		34,941		2,148,522
				9,012,589
DIVERSIFIED TELECOMMUNICATION - 0.8%
AT&T, Inc.		53,144		978,381
BCE, Inc.		33,004		1,450,526
TELUS Corp.		10,145		195,900
Verizon Communications, Inc.		38,386		1,512,408
				4,137,215
ELECTRIC UTILITIES - 0.7%
Edison International		4,596		292,398
Evergy, Inc.		32,353		2,035,974
NextEra Energy, Inc.		6,438		538,217
NRG Energy, Inc.		7,070		224,967
Xcel Energy, Inc.		4,500		315,495
				3,407,051
ELECTRICAL EQUIPMENT - 0.5%
Eaton Corp. PLC		16,240		2,548,868
Rockwell Automation, Inc.		772		198,844
				2,747,712
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.8%
Flex Ltd.*		130,345		2,797,204
TE Connectivity Ltd.		10,303		1,182,784
				3,979,988
ENERGY EQUIPMENT & SERVICES - 0.7%
Halliburton Co.		49,874		1,962,542
Patterson-UTI Energy, Inc.		5,074		85,446
Schlumberger NV		26,217		1,401,561
				3,449,549
ENTERTAINMENT - 0.4%
Activision Blizzard, Inc.		3,923		300,305
Bilibili, Inc., ADR*		11,014		260,922

	Shares/ Principal		Fair Value
ENTERTAINMENT - 0.4% (Continued)
Live Nation Entertainment, Inc.*		7,609	$	530,652
Walt Disney Co. (The)*		7,871		683,832
Warner Bros Discovery, Inc.*		20,985		198,938
				1,974,649
EQUITY REAL ESTATE INVESTMENT - 2.7%
American Tower Corp.		1,555		329,442
Brixmor Property Group, Inc.		2,836		64,292
Crown Castle, Inc.		4,721		640,356
Equity Residential		47,103		2,779,077
Essex Property Trust, Inc.		11,262		2,386,643
Lamar Advertising Co., Class A		4,332		408,941
Prologis, Inc.		30,027		3,384,944
SBA Communications Corp.		3,945		1,105,823
Simon Property Group, Inc.		25,056		2,943,579
				14,043,097
FOOD & STAPLES RETAILING - 1.4%
Costco Wholesale Corp.		6,664		3,042,116
Kroger Co. (The)		27,299		1,216,990
Sysco Corp.		4,940		377,663
Walmart, Inc.		20,123		2,853,240
				7,490,009
FOOD PRODUCTS - 1.9%
Archer-Daniels-Midland Co.		5,373		498,883
Hershey Co. (The)		16,996		3,935,764
Kellogg Co.		1,040		74,090
Mondelez International, Inc., Class A		49,653		3,309,372
Tyson Foods, Inc., Class A		35,401		2,203,712
				10,021,821
HEALTH CARE EQUIPMENT & SUPPLIES - 2.6%
Abbott Laboratories		25,035		2,748,593
Becton Dickinson and Co.		17,878		4,546,375
Boston Scientific Corp.*		38,165		1,765,895
Edwards Lifesciences Corp.*		8,199		611,727
IDEXX Laboratories, Inc.*		2,046		834,686
Medtronic PLC		35,125		2,729,915
				13,237,191
HEALTH CARE PROVIDERS & SERVICES - 4.5%
AmerisourceBergen Corp.		9,236		1,530,498
Cigna Corp.		21,649		7,173,180
CVS Health Corp.		21,569		2,010,015
Elevance Health, Inc.		6,949		3,564,628
Humana, Inc.		1,121		574,165
UnitedHealth Group, Inc.		15,980		8,472,276
				23,324,762

	Shares/ Principal		Fair Value
HEALTH CARE TECHNOLOGY - 0.2%
Teladoc Health, Inc.*		21,035	$	497,478
Veeva Systems, Inc., Class A*		2,696		435,080
				932,558
HOTELS, RESTAURANTS & LEISURE - 1.3%
Darden Restaurants, Inc.		5,696		787,928
H World Group Ltd., ADR		2,161		91,670
McDonald's Corp.		6,921		1,823,891
Starbucks Corp.		14,460		1,434,432
Travel + Leisure Co.		62,340		2,269,176
Trip.com Group Ltd., ADR*		3,312		113,933
Yum! Brands, Inc.		1,444		184,947
				6,705,977
HOUSEHOLD DURABLES - 0.3%
Toll Brothers, Inc.		4,561		227,685
TopBuild Corp.*		2,360		369,316
Whirlpool Corp.		5,117		723,851
				1,320,852
HOUSEHOLD PRODUCTS - 1.9%
Colgate-Palmolive Co.		73,070		5,757,185
Procter & Gamble Co. (The)		27,972		4,239,437
				9,996,622
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.2%
Vistra Corp.		53,208		1,234,426
INDUSTRIAL CONGLOMERATES - 0.1%
Honeywell International, Inc.		2,621		561,680
INSURANCE - 3.3%
Allstate Corp. (The)		6,044		819,566
Aon PLC, Class A		1,175		352,665
Hartford Financial Services Group, Inc. (The)		22,306		1,691,464
Marsh & McLennan Cos., Inc.		39,123		6,474,074
MetLife, Inc.		83,408		6,036,237
Travelers Cos., Inc. (The)		9,078		1,702,034
W R Berkley Corp.		2,530		183,602
				17,259,642
INTERACTIVE MEDIA & SERVICES - 4.1%
Alphabet, Inc., Class A*		102,225		9,019,312
Alphabet, Inc., Class C*		84,032		7,456,159
Baidu, Inc., ADR*		2,768		316,604
Meta Platforms, Inc., Class A*		34,240		4,120,442
Snap, Inc., Class A*		28,596		255,934
				21,168,451
INTERNET & DIRECT MARKETING RETAIL - 2.8%
Amazon.com, Inc.*		145,818		12,248,712
eBay, Inc.		48,029		1,991,763
				14,240,475

	Shares/ Principal		Fair Value
IT SERVICES - 4.3%
Accenture PLC, Class A		10,210	$	2,724,436
Automatic Data Processing, Inc.		9,891		2,362,564
Cognizant Technology Solutions Corp., Class A		37,735		2,158,065
Fidelity National Information Services, Inc.		4,985		338,232
Gartner, Inc.*		4,219		1,418,175
Mastercard, Inc., Class A		15,867		5,517,432
Paychex, Inc.		2,418		279,424
PayPal Holdings, Inc.*		35,165		2,504,451
Visa, Inc., Class A		24,735		5,138,944
				22,441,723
LIFE SCIENCES TOOLS & SERVICES - 2.7%
Agilent Technologies, Inc.		19,093		2,857,267
Danaher Corp.		18,379		4,878,154
Mettler-Toledo International, Inc.*		366		529,035
PerkinElmer, Inc.		1,975		276,935
Thermo Fisher Scientific, Inc.		9,345		5,146,198
West Pharmaceutical Services, Inc.		716		168,511
				13,856,100
MACHINERY - 2.8%
Caterpillar, Inc.		1,173		281,004
Deere & Co.		10,786		4,624,605
Illinois Tool Works, Inc.		7,115		1,567,434
PACCAR, Inc.		12,972		1,283,839
Snap-on, Inc.		10,171		2,323,972
Timken Co. (The)		27,627		1,952,400
Xylem, Inc.		23,500		2,598,395
				14,631,649
MEDIA - 1.3%
Comcast Corp., Class A		79,325		2,773,995
Fox Corp., Class A		121,112		3,678,172
Fox Corp., Class B		2,791		79,404
				6,531,571
METALS & MINING - 0.4%
Commercial Metals Co.		5,666		273,668
Newmont Corp.		17,421		822,271
Reliance Steel & Aluminum Co.		863		174,706
Steel Dynamics, Inc.		6,587		643,550
				1,914,195
MULTILINE RETAIL - 0.2%
Target Corp.		5,531		824,340
MULTI-UTILITIES - 1.7%
CMS Energy Corp.		42,121		2,667,523
DTE Energy Co.		50,341		5,916,578
				8,584,101

	Shares/ Principal		Fair Value
OIL, GAS & CONSUMABLE FUELS - 4.8%
Chevron Corp.		42,755	$	7,674,095
ConocoPhillips		12,274		1,448,332
EOG Resources, Inc.		17,894		2,317,631
Exxon Mobil Corp.		75,972		8,379,711
Imperial Oil Ltd.		4,162		202,856
Marathon Oil Corp.		30,054		813,562
Marathon Petroleum Corp.		27,523		3,203,402
Valero Energy Corp.		5,186		657,896
Williams Cos., Inc. (The)		1,490		49,021
				24,746,506
PERSONAL PRODUCTS - 0.0%†
Haleon PLC, ADR*		1,521		12,168
PHARMACEUTICALS - 4.2%
Bristol-Myers Squibb Co.		25,485		1,833,646
Eli Lilly and Co.		16,706		6,111,723
GSK PLC, ADR		9,427		331,265
Johnson & Johnson		34,967		6,176,920
Merck & Co., Inc.		30,259		3,357,236
Pfizer, Inc.		75,066		3,846,382
				21,657,172
PROFESSIONAL SERVICES - 0.0%†
CoStar Group, Inc.*		1,635		126,353
ROAD & RAIL - 0.9%
Canadian National Railway Co.		1,289		153,236
CSX Corp.		76,131		2,358,539
Lyft, Inc., Class A*		8,946		98,585
Schneider National, Inc., Class B		14,165		331,461
Uber Technologies, Inc.*		17,052		421,696
Union Pacific Corp.		6,561		1,358,586
				4,722,103
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%
Advanced Micro Devices, Inc.*		11,740		760,400
Analog Devices, Inc.		41,495		6,806,425
Applied Materials, Inc.		9,902		964,257
Broadcom, Inc.		1,262		705,622
Cirrus Logic, Inc.*		1,473		109,709
Enphase Energy, Inc.*		3,087		817,931
Intel Corp.		127,151		3,360,601
KLA Corp.		4,003		1,509,251
Lam Research Corp.		5,229		2,197,749
NVIDIA Corp.		35,660		5,211,352
NXP Semiconductors NV		6,043		954,975
QUALCOMM, Inc.		14,923		1,640,635
Silicon Laboratories, Inc.*		3,147		426,953
Texas Instruments, Inc.		5,239		865,588
				26,331,448

	Shares/ Principal		Fair Value
SOFTWARE - 8.7%
Adobe, Inc.*		10,324	$	3,474,336
ANSYS, Inc.*		1,229		296,914
Autodesk, Inc.*		4,053		757,384
Bill.com Holdings, Inc.*		1,393		151,781
Box, Inc., Class A*		3,471		108,052
Cadence Design Systems, Inc.*		2,768		444,651
DocuSign, Inc.*		1,157		64,121
Fortinet, Inc.*		8,765		428,521
HubSpot, Inc.*		486		140,517
Intuit, Inc.		6,053		2,355,949
Manhattan Associates, Inc.*		451		54,751
Microsoft Corp.		125,910		30,195,736
Paycom Software, Inc.*		557		172,843
Paylocity Holding Corp.*		801		155,602
Rapid7, Inc.*		3,260		110,775
Salesforce, Inc.*		26,301		3,487,250
ServiceNow, Inc.*		5,426		2,106,753
Workday, Inc., Class A*		2,887		483,082
				44,989,018
SPECIALTY RETAIL - 2.4%
AutoNation, Inc.*		947		101,613
AutoZone, Inc.*		222		547,492
Best Buy Co., Inc.		6,474		519,280
Home Depot, Inc. (The)		21,770		6,876,272
Lowe's Cos., Inc.		17,389		3,464,584
Ulta Beauty, Inc.*		2,063		967,692
				12,476,933
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.3%
Apple, Inc.		230,923		30,003,825
Dell Technologies, Inc., Class C		7,082		284,838
Hewlett Packard Enterprise Co.		122,186		1,950,089
HP, Inc.		7,921		212,837
				32,451,589
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
Deckers Outdoor Corp.*		810		323,320
Lululemon Athletica, Inc.*		2,435		780,125
NIKE, Inc., Class B		8,500		994,585
Ralph Lauren Corp.		5,390		569,561
				2,667,591
TOBACCO - 0.1%
Altria Group, Inc.		11,268		515,060
TRADING COMPANIES & DISTRIBUTORS - 0.2%
WW Grainger, Inc.		2,055		1,143,094

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

How did the Portfolio perform during the period?

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined Growth Portfolio underperformed its reference benchmark, the Russell 1000^® Growth Index. The Portfolio posted a return of -29.76% compared to a benchmark return of -29.14%, a difference of -62 basis points. The following discussion of relative performance pertains to this benchmark.

What factors and allocation decisions influenced the Portfolio's performance?

Portfolio underperformance during 2022 was driven by weakness in the first quarter. Fundamental insights struggled in the first half of the year, driven by environmental, social, and governance ("ESG") and growth-related measures that only partially recovered in the second half of 2022. Within Fundamental insights, Quality measures with a growth tilt led underperformance in the first half amid the market selloff, with the largest detractors being measures of company culture, founder involvement, and company benefits. ESG-related measures also struggled in the first half of the year, particularly environmental-related insights such as those that evaluate green patents and emissions levels, as energy related firms outperformed their lower emissions counterparts. On the positive side, Fundamental Value insights, namely insights evaluating company earnings yield, sales, and other financial statement metrics, were strong contributors, particularly in the first and fourth quarters. Defensive Quality measures also performed well, particularly those related to stability, balance sheet quality, and internal financing ability, which BlackRock's investment team believes was due to the market's focus on corporate financial health. Macro thematic stock selection insights, specifically insights designed to track the impact of monetary policy normalization, incorrectly positioned the Portfolio and thus detracted from performance. Sentiment-based measures, particularly those related to informed investors and bond markets, provided ballast throughout the year.

How was the Portfolio positioned at period end?

From a sector positioning perspective, the Portfolio remained largely sector neutral at the end of the period. The Portfolio had slight overweight positions in health care and utilities companies and maintains slight underweights in industrials and real estate stocks at the end of the year. The SAE Team seeks to maintain a style neutral approach, so the Portfolio did not have any outsized active exposures to any particular style or factor.

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

					Annualized						Operating Expense**
	Inception Date*	One Year			Five Years			Since Inception			Gross Ratio			Net Ratio
Global Atlantic BlackRock Disciplined Growth Portfolio
Class I	August 20, 2021		-29.76	%		-			-17.71	%		0.51	%		0.48	%
Class II	November 1, 2017		-29.90	%		9.23	%		9.59	%		0.76	%		0.73	%
Russell 1000^® Growth Index^			-29.14	%		10.96	%		11.41	%

* Class I commenced operations on August 20, 2021 as a result of a reorganization. Class II commenced operations on November 6, 2017.

** The estimated operating expense ratios for Class I and Class II shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The Russell 1000^® Growth Index is an unmanaged index of common stock prices that measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. It is not possible to invest directly in an index.

Comparison of the Change in Value of a $10,000 Investment*

* Since the inception date for Class I Shares is August 20, 2021, the performance comparison of the change in value of a $10,000 investment is not shown.

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.3%
AEROSPACE & DEFENSE - 1.2%
HEICO Corp.		871	$	133,820
Lockheed Martin Corp.		1,528		743,357
Textron, Inc.		309		21,877
				899,054
AIR FREIGHT & LOGISTICS - 0.8%
United Parcel Service, Inc., Class B		3,627		630,518
AUTO COMPONENTS - 0.2%
Aptiv PLC*		423		39,394
Lear Corp.		893		110,750
				150,144
AUTOMOBILES - 1.8%
Tesla, Inc.*		11,210		1,380,848
BEVERAGES - 2.3%
PepsiCo, Inc.		9,613		1,736,685
BIOTECHNOLOGY - 3.2%
AbbVie, Inc.		4,992		806,757
Amgen, Inc.		2,660		698,622
Biogen, Inc.*		67		18,554
BioMarin Pharmaceutical, Inc.*		422		43,673
Blueprint Medicines Corp.*		1,197		52,440
Exact Sciences Corp.*		1,511		74,810
Exelixis, Inc.*		2,006		32,176
Horizon Therapeutics PLC*		897		102,079
Neurocrine Biosciences, Inc.*		1,094		130,667
Novavax, Inc.*		1,960		20,149
Seagen, Inc.*		1,042		133,907
Ultragenyx Pharmaceutical, Inc.*		1,688		78,205
Vertex Pharmaceuticals, Inc.*		829		239,399
				2,431,438
BUILDING PRODUCTS - 0.2%
Trane Technologies PLC		845		142,036
CAPITAL MARKETS - 0.5%
Carlyle Group, Inc. (The)		994		29,661
Cboe Global Markets, Inc.		1,472		184,692
CME Group, Inc.		63		10,594
LPL Financial Holdings, Inc.		576		124,514
				349,461
CHEMICALS - 1.4%
Albemarle Corp.		49		10,626
Corteva, Inc.		1,468		86,289
Ecolab, Inc.		3,851		560,552
FMC Corp.		39		4,867
Sherwin-Williams Co. (The)		1,483		351,961
Valvoline, Inc.		1,659		54,166
				1,068,461

	Shares/ Principal		Fair Value
COMMERCIAL SERVICES & SUPPLIES - 0.5%
Cintas Corp.		341	$	154,002
Tetra Tech, Inc.		1,308		189,909
				343,911
COMMUNICATIONS EQUIPMENT - 0.0%†
Juniper Networks, Inc.		521		16,651
CONSTRUCTION & ENGINEERING - 0.1%
AECOM		1,183		100,472
CONSUMER FINANCE - 1.3%
American Express Co.		5,863		866,258
Discover Financial Services		1,207		118,081
				984,339
DISTRIBUTORS - 0.0%†
Genuine Parts Co.		65		11,278
DIVERSIFIED CONSUMER SERVICES - 0.0%†
H&R Block, Inc.		878		32,056
ELECTRICAL EQUIPMENT - 0.3%
Eaton Corp. PLC		816		128,071
Rockwell Automation, Inc.		286		73,665
				201,736
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.3%
CDW Corp.		747		133,399
Flex Ltd.*		28,398		609,421
Jabil, Inc.		186		12,685
TE Connectivity Ltd.		1,798		206,411
				961,916
ENERGY EQUIPMENT & SERVICES - 0.3%
Halliburton Co.		4,477		176,170
Patterson-UTI Energy, Inc.		603		10,155
Schlumberger NV		731		39,079
				225,404
ENTERTAINMENT - 0.3%
Live Nation Entertainment, Inc.*		1,198		83,548
Spotify Technology SA*		2,027		160,032
				243,580
EQUITY REAL ESTATE INVESTMENT - 1.3%
Crown Castle, Inc.		95		12,886
Equity Residential		3,073		181,307
Essex Property Trust, Inc.		804		170,384
Prologis, Inc.		759		85,562
SBA Communications Corp.		779		218,361
Simon Property Group, Inc.		2,957		347,388
				1,015,888

	Shares/ Principal		Fair Value
FOOD & STAPLES RETAILING - 1.2%
Costco Wholesale Corp.		1,923	$	877,849
Kroger Co. (The)		286		12,750
				890,599
Food Products - 0.9%
Hershey Co. (The)		2,540		588,188
Tyson Foods, Inc., Class A		1,250		77,812
				666,000
HEALTH CARE EQUIPMENT & SUPPLIES - 1.6%
Becton Dickinson and Co.		2,426		616,932
Dexcom, Inc.*		1,047		118,562
Edwards Lifesciences Corp.*		2,678		199,806
IDEXX Laboratories, Inc.*		651		265,582
Medtronic PLC		268		20,829
				1,221,711
HEALTH CARE PROVIDERS & SERVICES - 4.6%
AmerisourceBergen Corp.		1,696		281,044
Cigna Corp.		2,657		880,370
Elevance Health, Inc.		415		212,883
Humana, Inc.		141		72,219
UnitedHealth Group, Inc.		3,899		2,067,172
				3,513,688
HEALTH CARE TECHNOLOGY - 0.5%
Teladoc Health, Inc.*		2,980		70,477
Veeva Systems, Inc., Class A*		1,997		322,276
				392,753
HOTELS, RESTAURANTS & LEISURE - 1.3%
Caesars Entertainment, Inc.*		1,376		57,242
Domino's Pizza, Inc.		159		55,078
DraftKings, Inc., Class A*		1,229		13,998
Hilton Grand Vacations, Inc.*		175		6,744
Hilton Worldwide Holdings, Inc.		246		31,084
Marriott International, Inc., Class A		893		132,959
Starbucks Corp.		1,493		148,106
Travel + Leisure Co.		11,968		435,635
Yum! Brands, Inc.		923		118,218
				999,064
HOUSEHOLD DURABLES - 0.3%
TopBuild Corp.*		892		139,589
Whirlpool Corp.		538		76,105
				215,694
HOUSEHOLD PRODUCTS - 1.5%
Colgate-Palmolive Co.		12,441		980,226
Procter & Gamble Co. (The)		953		144,437
				1,124,663

	Shares/ Principal		Fair Value
INSURANCE - 1.9%
Aon PLC, Class A		401	$	120,356
Marsh & McLennan Cos., Inc.		6,823		1,129,070
MetLife, Inc.		3,085		223,262
				1,472,688
INTERACTIVE MEDIA & SERVICES - 5.3%
Alphabet, Inc., Class A*		21,775		1,921,208
Alphabet, Inc., Class C*		20,237		1,795,629
Match Group, Inc.*		290		12,032
Meta Platforms, Inc., Class A*		1,969		236,949
Snap, Inc., Class A*		8,985		80,416
				4,046,234
INTERNET & DIRECT MARKETING RETAIL - 5.1%
Amazon.com, Inc.*		40,464		3,398,976
Coupang, Inc.*		2,722		40,041
eBay, Inc.		7,699		319,277
Etsy, Inc.*		680		81,450
MercadoLibre, Inc.*		83		70,238
				3,909,982
IT SERVICES - 6.6%
Accenture PLC, Class A		2,489		664,165
Automatic Data Processing, Inc.		1,589		379,549
Cognizant Technology Solutions Corp., Class A		3,827		218,866
Gartner, Inc.*		906		304,543
Mastercard, Inc., Class A		4,255		1,479,591
MongoDB, Inc.*		242		47,635
Paychex, Inc.		1,441		166,522
PayPal Holdings, Inc.*		5,843		416,138
Visa, Inc., Class A		6,456		1,341,299
				5,018,308
LIFE SCIENCES TOOLS & SERVICES - 2.4%
Agilent Technologies, Inc.		4,242		634,815
Danaher Corp.		1,910		506,952
Mettler-Toledo International, Inc.*		99		143,100
PerkinElmer, Inc.		292		40,944
Thermo Fisher Scientific, Inc.		742		408,612
Waters Corp.*		28		9,592
West Pharmaceutical Services, Inc.		414		97,435
				1,841,450
MACHINERY - 2.6%
Caterpillar, Inc.		450		107,802
Deere & Co.		2,326		997,296
Illinois Tool Works, Inc.		589		129,757
Snap-on, Inc.		634		144,863
Timken Co. (The)		2,174		153,636
Xylem, Inc.		4,001		442,390
				1,975,744

	Shares/ Principal		Fair Value
MEDIA - 0.7%
Fox Corp., Class A		15,934	$	483,916
Trade Desk, Inc. (The), Class A*		293		13,135
				497,051
MULTILINE RETAIL - 0.2%
Dollar General Corp.		231		56,884
Target Corp.		677		100,900
				157,784
MULTI-UTILITIES - 0.5%
DTE Energy Co.		3,222		378,682
OIL, GAS & CONSUMABLE FUELS - 1.4%
Chevron Corp.		1,215		218,080
EOG Resources, Inc.		3,849		498,523
Marathon Petroleum Corp.		2,947		343,001
Ovintiv, Inc.		356		18,053
				1,077,657
PHARMACEUTICALS - 1.8%
Eli Lilly and Co.		3,787		1,385,436
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†
Zillow Group, Inc., Class A*		49		1,529
ROAD & RAIL - 1.0%
CSX Corp.		7,588		235,076
Lyft, Inc., Class A*		3,686		40,620
Uber Technologies, Inc.*		10,300		254,719
Union Pacific Corp.		983		203,550
				733,965
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7%
Advanced Micro Devices, Inc.*		2,695		174,555
Analog Devices, Inc.		5,453		894,456
Applied Materials, Inc.		2,336		227,480
Broadcom, Inc.		572		319,822
Enphase Energy, Inc.*		883		233,960
Intel Corp.		5,246		138,652
KLA Corp.		880		331,786
Lam Research Corp.		1,103		463,591
Lattice Semiconductor Corp.*		1,807		117,238
Monolithic Power Systems, Inc.		181		64,003
NVIDIA Corp.		10,653		1,556,829
NXP Semiconductors NV		122		19,280
QUALCOMM, Inc.		4,070		447,456
Texas Instruments, Inc.		531		87,732
				5,076,840
SOFTWARE - 17.1%
Adobe, Inc.*		2,628		884,401
Alteryx, Inc., Class A*		867		43,931

	Shares/ Principal		Fair Value
SOFTWARE - 17.1% (Continued)
ANSYS, Inc.*		594	$	143,504
Autodesk, Inc.*		1,603		299,553
Bill.com Holdings, Inc.*		627		68,318
Box, Inc., Class A*		1,690		52,610
Cadence Design Systems, Inc.*		1,952		313,569
Crowdstrike Holdings, Inc., Class A*		1,057		111,292
DocuSign, Inc.*		2,490		137,996
Dynatrace, Inc.*		1,544		59,135
Fortinet, Inc.*		3,727		182,213
HubSpot, Inc.*		650		187,935
Intuit, Inc.		1,743		678,410
Manhattan Associates, Inc.*		1,399		169,839
Microsoft Corp.		30,891		7,408,280
Palo Alto Networks, Inc.*		1,350		188,379
Paycom Software, Inc.*		704		218,458
Paylocity Holding Corp.*		742		144,141
Rapid7, Inc.*		1,198		40,708
RingCentral, Inc., Class A*		2,468		87,367
Salesforce, Inc.*		3,017		400,024
ServiceNow, Inc.*		1,387		538,530
Splunk, Inc.*		238		20,489
Synopsys, Inc.*		238		75,991
VMware, Inc., Class A*		449		55,119
Workday, Inc., Class A*		2,137		357,584
Zscaler, Inc.*		802		89,744
				12,957,520
SPECIALTY RETAIL - 3.4%
AutoZone, Inc.*		87		214,558
Best Buy Co., Inc.		947		75,959
Home Depot, Inc. (The)		3,646		1,151,625
Lowe's Cos., Inc.		3,857		768,469
TJX Cos., Inc. (The)		1,345		107,062
Ulta Beauty, Inc.*		488		228,906
				2,546,579
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 10.8%
Apple, Inc.		61,216		7,953,795
Dell Technologies, Inc., Class C		1,763		70,908
HP, Inc.		5,362		144,077
Pure Storage, Inc., Class A*		317		8,483
				8,177,263
TEXTILES, APPAREL & LUXURY GOODS - 1.3%
Deckers Outdoor Corp.*		398		158,866
Lululemon Athletica, Inc.*		1,263		404,640
NIKE, Inc., Class B		3,445		403,099
Ralph Lauren Corp.		92		9,722
				976,327

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

How did the Portfolio perform during the period?

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined International Core Portfolio outperformed its reference benchmark, the MSCI ACWI ex USA Index. The Portfolio posted a return of -15.24% compared to a benchmark return of -16.00%, a difference of 76 basis points. The following discussion of relative performance pertains to this benchmark.

What factors and allocation decisions influenced the Portfolio's performance?

Fundamental measures drove positive performance for the year, as both traditional Value insights as well as contrarian Quality measures drove returns. In addition to fundamental top-down themes, such as inflation, contribution from bottom-up stock selection insights also benefitted the Portfolio. Contrarian Quality insights, which evaluate if a company's growth is "too good to be true," did well, led by measures evaluating internal financing ability and asset usage. Traditional valuation measures tracking financial statement metrics such as company sales, amongst others, also contributed to gains. Sentiment measures were also additive throughout the period, as these were able to help correctly position the Portfolio around the changeable market backdrop. Trend-based momentum measures specifically were able to help correctly identify companies that beat or missed consensus estimates during earnings season.

In what BlackRock's investment team believes was ultimately a macro-led market for much of the year, select macro thematic insights struggled. Measures designed to evaluate policy normalization themes proved wrong-footed amid rate volatility, while insights that look toward informed investor positioning and the avoidance of highly-shorted stocks detracted amid the market volatility. Performance from environmental, social, and governance ("ESG") related measures were mixed in 2022. In the first half of the year, these insights struggled as many environmental-focused measures ran against the market's focus on exposure to defense names amid the Russian invasion of Ukraine. However, in the fourth quarter of the year, both diversity measures (such as those evaluating army vet hires) as well as efficiency-related insights that track water and input usage proved additive.

How was the Portfolio positioned at period end?

From a sector positioning perspective, the Portfolio remained largely sector neutral at the end of the period. There was a limited overweight exposure to communication services and industrials, and the Portfolio was moderately underweight financials and consumer discretionary. The Portfolio also targeted a generally country neutral approach. As of year-end, the Portfolio was underweight Switzerland and Sweden and had small overweight positions in French and Canadian equities.

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

					Annualized						Operating Expense**
	Inception Date*	One Year			Five Years			Since Inception			Gross Ratio			Net Ratio
Global Atlantic BlackRock Disciplined International Core Portfolio
Class I	November 1, 2017		-15.24	%		0.87	%		1.23	%		0.87	%		0.79	%
Class II	November 1, 2017		-15.45	%		0.63	%		0.98	%		1.12	%		1.04	%
MSCI ACWI ex-USA Index^			-16.00	%		0.88	%		1.36	%

* Commencement of operations is November 6, 2017.

** The estimated operating expense ratios for Class I and Class II shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The MSCI ACWI ex-USA Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging market countries, excluding the United States. It is not possible to invest directly in an index.

Comparison of the Change in Value of a $10,000 Investment

	Shares/ Principal		Fair Value
COMMON STOCKS - 88.0%
AEROSPACE & DEFENSE - 1.1%
Airbus SE		2,500	$	296,215
BAE Systems PLC		5,478		56,406
Embraer SA*		9,191		24,911
Kongsberg Gruppen ASA		1,489		62,819
Leonardo SpA		3,593		30,907
MTU Aero Engines AG		300		64,739
Rolls-Royce Holdings PLC*		54,158		60,717
Saab AB, Class B		5,878		231,690
Safran SA		3,065		382,459
Thales SA		1,674		213,139
				1,424,002
AIR FREIGHT & LOGISTICS - 0.7%
CJ Logistics Corp.*		69		5,113
Deutsche Post AG		12,789		480,174
DSV A/S		1,840		289,553
JD Logistics, Inc*,(a)		4,000		7,749
Mainfreight Ltd.		267		11,398
SF Holding Co. Ltd., Class A		2,600		21,603
SG Holdings Co. Ltd.		2,300		31,900
ZTO Express Cayman, Inc., ADR		4,120		110,704
				958,194
AIRLINES - 0.2%
Air China Ltd., Class H*		20,000		17,809
China Eastern Airlines Corp. Ltd., Class A*		18,600		14,796
Deutsche Lufthansa AG*		2,282		18,911
Jin Air Co. Ltd.*		1,154		15,013
Korean Air Lines Co. Ltd.*		1,051		19,075
Qantas Airways Ltd.*		8,587		34,998
Singapore Airlines Ltd.		26,400		108,852
				229,454
AUTO COMPONENTS - 0.2%
Denso Corp.		500		24,768
HL Mando Co. Ltd.*		497		15,839
Hyundai Mobis Co. Ltd.		743		117,811
Pirelli & C SpA (a)		26,219		112,041
Valeo		1,969		35,094
				305,553
AUTOMOBILES - 2.6%
BAIC Motor Corp. Ltd., Class H (a)		40,500		10,741
Bayerische Motoren Werke AG		3,529		314,036
BYD Co. Ltd., Class A		7,826		289,288
BYD Co. Ltd., Class H		10,500		259,105
Ferrari NV		798		170,503
Geely Automobile Holdings Ltd.		73,000		106,625
Great Wall Motor Co. Ltd., Class A		3,300		14,061
Great Wall Motor Co. Ltd., Class H		55,000		71,596
Honda Motor Co. Ltd.		23,700		544,609

	Shares/ Principal		Fair Value
AUTOMOBILES - 2.6% (Continued)
Hyundai Motor Co.		228	$	27,227
Kia Corp.*		907		42,535
Li Auto, Inc., Class A*		1,700		16,728
Mercedes-Benz Group AG		8,785		575,674
NIO, Inc., ADR*		5,867		57,203
NIO, Inc., Class A*		1,700		17,098
Nissan Motor Co. Ltd.		7,100		22,498
Renault SA*		2,222		74,166
Stellantis NV*		22,196		314,207
Suzuki Motor Corp.		3,400		110,056
Toyota Motor Corp.		33,300		457,435
Volkswagen AG		163		25,685
XPeng, Inc., Class A*		1,200		5,896
				3,526,972
BANKS - 10.1%
ABN AMRO Bank NV, CVA (a)		3,073		42,390
Absa Group Ltd.		8,658		98,665
Agricultural Bank of China Ltd., Class H		47,000		16,138
ANZ Group Holdings Ltd.*		18,362		294,619
Banco Bilbao Vizcaya Argentaria SA		48,355		290,753
Banco Bradesco SA		14,933		38,098
Banco do Brasil SA		4,536		29,838
Banco Santander Brasil SA		9,764		52,133
Banco Santander SA		118,299		353,829
Bank Central Asia TBK PT		656,000		360,289
Bank Hapoalim BM		20,682		185,924
Bank Mandiri Persero TBK PT		115,300		73,509
Bank Negara Indonesia Persero Tbk PT		43,900		26,014
Bank of China Ltd., Class H		229,000		83,327
Bank of Nova Scotia (The)		23,473		1,149,267
Bank of Queensland Ltd.		2,806		13,130
Bank Rakyat Indonesia Persero TBK PT		438,800		139,243
Barclays PLC		98,127		187,112
BAWAG Group AG*,(a)		427		22,695
BNP Paribas SA		7,878		447,715
BOC Hong Kong Holdings Ltd.		57,500		195,965
BPER Banca		20,354		41,675
Capitec Bank Holdings Ltd.		595		64,993
China CITIC Bank Corp. Ltd., Class H		119,000		52,754
China Construction Bank Corp., Class H		581,000		364,011
China Merchants Bank Co. Ltd., Class A		1,800		9,648
China Merchants Bank Co. Ltd., Class H		41,500		232,093
CIMB Group Holdings BHD		53,200		70,048
Commonwealth Bank of Australia		5,846		406,754
DNB Bank ASA		25,961		512,447
Erste Group Bank AG		2,504		79,905
Grupo Financiero Banorte SAB de CV, Class O		33,407		240,413
Hana Financial Group, Inc.		697		23,178
Hong Leong Bank BHD		4,200		19,603

	Shares/ Principal		Fair Value
BANKS - 10.1% (Continued)
HSBC Holdings PLC		87,136	$	540,536
Industrial & Commercial Bank of China Ltd., Class H		355,000		182,845
ING Groep NV		4,143		50,353
Intesa Sanpaolo SpA		65,912		146,176
Israel Discount Bank Ltd., Class A		9,854		51,609
Japan Post Bank Co. Ltd.		17,200		147,043
KakaoBank Corp.*		1,396		26,827
KB Financial Group, Inc.		616		23,627
KBC Group NV		1,456		93,359
Lloyds Banking Group PLC		547,300		298,955
Malayan Banking BHD		146,400		289,144
Mediobanca Banca di Credito Finanziario SpA		23,063		221,132
Mitsubishi UFJ Financial Group, Inc.		50,800		342,273
Mizrahi Tefahot Bank Ltd.		1,969		63,559
National Australia Bank Ltd.		15,856		323,228
National Bank of Canada		806		54,269
Nedbank Group Ltd.		2,444		30,535
OTP Bank Nyrt		4,889		131,731
Oversea-Chinese Banking Corp. Ltd.		10,400		94,447
Postal Savings Bank of China Co. Ltd., Class H (a)		40,000		24,856
Public Bank BHD		211,900		207,811
RHB Bank BHD		99,400		130,653
Royal Bank of Canada		13,678		1,285,073
Shinhan Financial Group Co. Ltd.		2,179		60,657
Societe Generale SA		11,247		281,839
Standard Bank Group Ltd.		19,329		190,609
Standard Chartered PLC		12,625		94,521
Sumitomo Mitsui Financial Group, Inc.		10,100		405,393
TMBThanachart Bank PCL, NVDR		488,400		19,883
Toronto-Dominion Bank (The)		7,999		517,563
UniCredit SpA		11,586		164,110
United Overseas Bank Ltd.		7,200		164,808
Westpac Banking Corp.		38,961		616,940
				13,494,539
BEVERAGES - 2.5%
Ambev SA		65,559		180,296
Anheuser-Busch InBev SA		15,269		916,967
Arca Continental SAB de CV		13,978		113,360
Budweiser Brewing Co. APAC Ltd. (a)		5,700		17,929
Carlsberg A/S, Class B		571		75,654
China Resources Beer Holdings Co. Ltd.		4,000		27,957
Coca-Cola Femsa SAB de CV		6,091		41,224
Davide Campari-Milano NV		4,817		48,757
Diageo PLC		20,560		902,704
Fomento Economico Mexicano SAB de CV		15,714		122,851
Heineken NV		1,246		116,862
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		1,000		23,088
Kweichow Moutai Co. Ltd., Class A		400		99,371

	Shares/ Principal		Fair Value
BEVERAGES - 2.5% (Continued)
Luzhou Laojiao Co. Ltd., Class A		900	$	29,036
Pernod Ricard SA		1,771		347,306
Remy Cointreau SA		546		91,837
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		990		40,586
Suntory Beverage & Food Ltd.		3,100		105,726
Treasury Wine Estates Ltd.		8,581		79,199
				3,380,710
BIOTECHNOLOGY - 0.9%
3SBio, Inc. (a)		7,500		7,976
Akeso, Inc., Class B*,(a)		3,000		16,528
Argenx SE*		162		60,219
BeiGene Ltd.*		1,600		27,511
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		2,940		53,584
Bloomage Biotechnology Corp. Ltd., Class A		2,119		41,236
Celltrion, Inc.		758		96,231
CSL Ltd.		2,491		486,105
Galapagos NV*		971		42,851
Genmab A/S*		552		232,989
Grifols SA*		770		8,850
Imeik Technology Development Co. Ltd., Class A		400		32,588
Innovent Biologics, Inc.*,(a)		7,000		30,045
SK Bioscience Co. Ltd.*		79		4,592
Zai Lab Ltd., ADR*		403		12,372
				1,153,677
BUILDING PRODUCTS - 0.2%
Assa Abloy AB, Class B		1,389		29,821
Belimo Holding AG		32		15,218
Cie de Saint-Gobain		962		46,869
Daikin Industries Ltd.		200		30,619
Kingspan Group PLC		1,598		86,262
Sanwa Holdings Corp.		1,300		12,030
				220,819
CAPITAL MARKETS - 2.0%
Amundi SA (a)		1,875		106,058
B3 SA - Brasil Bolsa Balcao		88,416		221,218
China International Capital Corp. Ltd., Class H (a)		20,000		38,181
Deutsche Bank AG		15,614		176,439
Deutsche Boerse AG		1,111		191,374
DWS Group GmbH & Co. KGaA (a)		2,084		67,525
East Money Information Co. Ltd., Class A		19,437		54,243
EQT AB		954		20,198
Futu Holdings Ltd., ADR*		303		12,317
Hithink RoyalFlush Information Network Co. Ltd., Class A		2,800		39,718
Hong Kong Exchanges & Clearing Ltd.		3,400		146,891
IG Group Holdings PLC		5,422		51,003

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 2.0% (Continued)
IGM Financial, Inc.		862	$	24,048
Insignia Financial Ltd.		19,449		44,184
Macquarie Group Ltd.		6,102		690,892
Perpetual Ltd.		1,866		31,130
Reinet Investments SCA		690		13,275
UBS Group AG		36,978		687,642
				2,616,336
CHEMICALS - 2.2%
Air Liquide SA		3,015		426,031
Arkema SA		351		31,422
Croda International PLC		1,561		124,005
Dongyue Group Ltd.		6,000		6,603
Evonik Industries AG		9,463		181,133
Givaudan SA		50		153,102
Hyosung Advanced Materials Corp.*		30		7,912
Israel Corp. Ltd. (The)		27		9,488
Johnson Matthey PLC		1,862		47,641
K+S AG		1,321		25,906
Koninklijke DSM NV		1,161		141,627
Kuraray Co. Ltd.		2,200		17,641
LG Chem Ltd.*		453		214,947
Mitsubishi Gas Chemical Co., Inc.		6,300		87,043
Nippon Shokubai Co. Ltd.		1,100		44,018
Nitto Denko Corp.		2,300		133,351
Novozymes A/S, Class B		2,290		115,653
Nutrien Ltd.		1,292		94,258
OCI NV		652		23,255
Shanghai Putailai New Energy Technology Co. Ltd., Class A		3,300		24,632
Shenzhen Capchem Technology Co. Ltd., Class A		7,380		46,148
Sika AG		201		48,164
Solvay SA		2,179		219,670
Sumitomo Chemical Co. Ltd.		147,100		528,443
Tosoh Corp.		1,600		19,038
Wacker Chemie AG		648		82,574
Wanhua Chemical Group Co. Ltd., Class A		2,700		35,985
Weihai Guangwei Composites Co. Ltd., Class A		1,800		18,708
Yunnan Energy New Material Co. Ltd., Class A		500		9,443
				2,917,841
COMMERCIAL SERVICES & SUPPLIES - 0.0%†
Sohgo Security Services Co. Ltd.		600		16,348
COMMUNICATIONS EQUIPMENT - 0.3%
Nokia Oyj		55,245		255,121
Telefonaktiebolaget LM Ericsson, Class B		17,059		99,706
ZTE Corp., Class A		8,200		30,504
				385,331

	Shares/ Principal		Fair Value
CONSTRUCTION & ENGINEERING - 0.3%
Ackermans & van Haaren NV		77	$	13,165
EXEO Group, Inc.		1,000		17,037
HOCHTIEF AG		999		56,167
JGC Holdings Corp.		1,600		20,348
Kajima Corp.		5,700		66,355
Kandenko Co. Ltd.		3,900		25,449
Obayashi Corp.		2,900		21,935
Stantec, Inc.		622		29,784
Vinci SA		1,035		103,048
				353,288
CONSTRUCTION MATERIALS - 0.3%
Cemex SAB de CV*		113,453		46,110
CRH PLC		1,866		74,050
Holcim Ltd.*		2,148		111,161
James Hardie Industries PLC		8,341		149,330
				380,651
CONSUMER FINANCE - 0.0%†
Acom Co. Ltd.		7,300		17,483
JMT Network Services PCL, NVDR		11,800		23,508
Muangthai Capital PCL, NVDR		8,800		9,655
				50,646
CONTAINERS & PACKAGING - 0.0%†
Orora Ltd.		7,034		13,786
Smurfit Kappa Group PLC		767		28,290
				42,076
DIVERSIFIED CONSUMER SERVICES - 0.2%
Benesse Holdings, Inc.		11,700		177,879
Cogna Educacao*		29,080		11,676
YDUQS Participacoes SA		6,220		11,981
				201,536
DIVERSIFIED FINANCIAL SERVICES - 1.1%
Banca Mediolanum SpA		11,426		95,092
Challenger Ltd.		8,543		44,146
FirstRand Ltd.		37,438		136,682
Groupe Bruxelles Lambert NV		2,040		162,375
Industrivarden AB, Class A		3,472		84,472
Industrivarden AB, Class C		11,145		270,616
Investor AB, Class A		2,067		38,456
Investor AB, Class B		29,290		530,056
L E Lundbergforetagen AB, Class B		1,692		72,116
Mitsubishi HC Capital, Inc.		4,100		20,167
				1,454,178
DIVERSIFIED TELECOMMUNICATION - 1.6%
Bezeq The Israeli Telecommunication Corp. Ltd.		22,695		39,009
BT Group PLC		114,713		154,616
China Tower Corp. Ltd., Class H (a)		112,000		12,054

	Shares/ Principal		Fair Value
DIVERSIFIED TELECOMMUNICATION - 1.6% (Continued)
Deutsche Telekom AG		26,626	$	529,629
KT Corp.		2,015		53,861
Nippon Telegraph & Telephone Corp.		22,000		627,261
Orange SA		9,693		96,011
PCCW Ltd.		129,000		58,178
Singapore Telecommunications Ltd.		114,900		220,171
Telecom Italia SpA/Milano* (Common share)		58,235		13,443
Telecom Italia SpA/Milano* (Savings share)		21,617		4,806
Telekom Malaysia BHD		38,800		47,564
Telenor ASA		3,662		34,051
Telia Co AB		7,949		20,339
Telstra Group Ltd.		100,475		271,867
				2,182,860
ELECTRIC UTILITIES - 1.1%
Acciona SA		990		181,626
CLP Holdings Ltd.		3,500		25,538
CPFL Energia SA		16,341		102,755
Enel SpA		33,303		178,779
Energisa SA		4,781		40,034
Hydro One Ltd. (a)		482		12,902
Iberdrola SA		21,221		247,544
Light SA		4,100		3,595
Shikoku Electric Power Co., Inc.		6,600		38,266
SSE PLC		17,215		354,520
Tenaga Nasional BHD		101,000		220,801
Tohoku Electric Power Co., Inc.		4,900		25,662
				1,432,022
ELECTRICAL EQUIPMENT - 1.5%
ABB Ltd.		13,449		407,889
Accelleron Industries AG*		536		11,091
Contemporary Amperex Technology Co. Ltd., Class A		4,924		278,666
Eve Energy Co. Ltd., Class A		10,100		127,708
Legrand SA		670		53,501
Mitsubishi Electric Corp.		5,300		52,761
Schneider Electric SE		4,777		666,444
Siemens Energy AG		6,084		114,117
Signify NV (a)		473		15,841
Sunwoda Electronic Co. Ltd., Class A		18,400		55,980
WEG SA		21,229		154,842
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		6,200		5,521
				1,944,361
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0%
AAC Technologies Holdings, Inc.*		3,500		8,000
Avary Holding Shenzhen Co. Ltd., Class A		4,900		19,341
Canon Marketing Japan, Inc.		700		15,857
Delta Electronics Thailand PCL, NVDR		2,300		55,118
GoerTek, Inc., Class A		2,900		7,021
Halma PLC		1,846		43,834

	Shares/ Principal		Fair Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 1.0% (Continued)
Hana Microelectronics PCL, NVDR		8,400	$	12,490
Horiba Ltd.		700		30,399
KCE Electronics PCL, NVDR		13,900		18,662
LG Innotek Co. Ltd.*		177		35,344
Luxshare Precision Industry Co. Ltd., Class A		22,400		102,306
Murata Manufacturing Co. Ltd.		3,400		169,762
Omron Corp.		5,200		252,423
Samsung Electro-Mechanics Co. Ltd.*		893		92,160
Samsung SDI Co. Ltd.		378		176,669
Shimadzu Corp.		3,000		85,149
Spectris PLC		636		22,967
Sunny Optical Technology Group Co. Ltd.		5,400		64,240
TDK Corp.		1,700		55,853
				1,267,595
ENERGY EQUIPMENT & SERVICES - 0.0%†
Dialog Group BHD		15,700		8,732
Worley Ltd.		3,820		38,858
				47,590
ENTERTAINMENT - 0.6%
Bilibili, Inc., Class Z*		660		15,796
Krafton, Inc.*		54		7,174
NCSoft Corp.*		161		57,041
NetEase, Inc.		18,960		278,147
Netmarble Corp.*,(a)		287		13,709
Nexon Co. Ltd.		1,200		26,939
Sea Ltd., ADR*		5,411		281,534
Tencent Music Entertainment Group, ADR*		3,441		28,491
Ubisoft Entertainment SA*		1,957		55,160
				763,991
EQUITY REAL ESTATE INVESTMENT - 0.5%
Champion REIT		23,000		9,076
Charter Hall Group		1,883		15,298
First Capital Real Estate Investment Trust		1,897		23,535
Goodman Group		1,062		12,502
GPT Group (The)		14,419		41,069
Klepierre SA*		3,875		89,039
Link REIT		13,300		97,642
Mapletree Commercial Trust		20,100		25,028
Mirvac Group		36,337		52,487
Scentre Group		86,363		168,673
Stockland		26,847		66,089
				600,438
FOOD & STAPLES RETAILING - 1.3%
Alimentation Couche-Tard, Inc.		3,118		136,921
Berli Jucker PCL, NVDR		86,400		87,934
Clicks Group Ltd.		2,219		35,222
Coles Group Ltd.		1,784		20,228

	Shares/ Principal		Fair Value
FOOD & STAPLES RETAILING - 1.3% (Continued)
Cosmos Pharmaceutical Corp.		300	$	30,331
Empire Co. Ltd., Class A		4,664		122,749
George Weston Ltd.		470		58,272
Koninklijke Ahold Delhaize NV		5,703		163,362
Lawson, Inc.		8,100		308,788
Loblaw Cos. Ltd.		46		4,064
Raia Drogasil SA		5,133		23,061
Sendas Distribuidora SA		11,898		43,876
Seven & i Holdings Co. Ltd.		400		17,159
Sundrug Co. Ltd.		2,700		80,113
Tesco PLC		101,630		274,086
Tsuruha Holdings, Inc.		3,900		301,489
Wal-Mart de Mexico SAB de CV		21,019		74,294
				1,781,949
FOOD PRODUCTS - 1.8%
AVI Ltd.		2,983		13,186
Chocoladefabriken Lindt & Spruengli AG		21		214,040
Dali Foods Group Co. Ltd. (a)		66,000		30,104
Grupo Bimbo SAB de CV, Series A		23,733		100,231
Itoham Yonekyu Holdings, Inc.		2,300		12,219
JDE Peet's NV		1,076		31,029
Kerry Group PLC, Class A		559		50,257
Kuala Lumpur Kepong BHD		6,300		31,979
Minerva SA/Brazil		8,446		20,732
Nestle SA		16,144		1,869,507
QL Resources BHD		10,350		12,946
Strauss Group Ltd.		750		19,829
Uni-President China Holdings Ltd.		21,000		21,014
				2,427,073
GAS UTILITIES - 0.4%
Beijing Enterprises Holdings Ltd.		10,000		32,031
China Resources Gas Group Ltd.		4,000		15,016
ENN Energy Holdings Ltd.		6,200		87,063
Italgas SpA		16,710		92,557
Korea Gas Corp.*		1,943		55,624
Kunlun Energy Co. Ltd.		22,000		15,700
Perusahaan Gas Negara TBK PT		194,400		21,978
Snam SpA		30,078		145,320
				465,289
HEALTH CARE EQUIPMENT & SUPPLIES - 1.1%
Alcon, Inc.		365		24,925
Carl Zeiss Meditec AG		286		35,987
Coloplast A/S, Class B		886		103,250
Demant A/S*		353		9,755
Fisher & Paykel Healthcare Corp. Ltd.		4,194		59,946
Hartalega Holdings BHD		31,600		12,195
Hoya Corp.		2,500		240,725
Koninklijke Philips NV		34,466		515,121
Olympus Corp.		1,200		21,391

	Shares/ Principal		Fair Value
HEALTH CARE EQUIPMENT & SUPPLIES - 1.1% (Continued)
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,500	$	113,631
Straumann Holding AG		65		7,419
Sysmex Corp.		1,000		60,616
Terumo Corp.		8,000		227,125
				1,432,086
HEALTH CARE PROVIDERS & SERVICES - 0.2%
Aier Eye Hospital Group Co. Ltd., Class A		2,988		13,355
Alfresa Holdings Corp.		2,900		36,837
Amplifon SpA		935		27,761
Celltrion Healthcare Co. Ltd.		415		19,033
Fleury SA		4,972		14,549
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		3,500		39,372
IHH Healthcare BHD		81,600		115,222
Medipal Holdings Corp.		1,300		17,153
Sonic Healthcare Ltd.		996		20,243
				303,525
HEALTH CARE TECHNOLOGY - 0.0%†
M3, Inc.		1,400		37,964
HOTELS, RESTAURANTS & LEISURE - 1.0%
Accor SA*		2,237		55,747
Aristocrat Leisure Ltd.		20,138		416,799
Compass Group PLC		3,776		87,096
Flight Centre Travel Group Ltd.*		11,841		116,354
Greggs PLC		2,961		83,559
Jiumaojiu International Holdings Ltd. (a)		10,000		26,714
Oriental Land Co. Ltd./Japan		1,700		246,860
Trip.com Group Ltd., ADR*		1,195		41,108
Trip.com Group Ltd.*		600		21,033
Whitbread PLC		4,192		129,594
Wynn Macau Ltd.*		38,400		42,804
				1,267,668
HOUSEHOLD DURABLES - 0.2%
Barratt Developments PLC		1,752		8,362
Bellway PLC		1,378		31,619
Casio Computer Co. Ltd.		11,400		116,035
LG Electronics, Inc.		378		25,858
Nikon Corp.		5,400		48,129
Persimmon PLC		981		14,361
Sony Group Corp.		400		30,422
Taylor Wimpey PLC		26,811		32,783
				307,569
HOUSEHOLD PRODUCTS - 0.2%
Lion Corp.		4,300		49,340
Pigeon Corp.		2,200		36,148
Reckitt Benckiser Group PLC		1,296		89,703
Unicharm Corp.		800		30,728
				205,919

	Shares/ Principal		Fair Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.1%
B Grimm Power PCL		10,800	$	12,395
China Longyuan Power Group Corp. Ltd., Class H		28,000		34,225
Energy Absolute PCL, NVDR		50,800		142,272
				188,892
INDUSTRIAL CONGLOMERATES - 2.2%
Aker ASA, Class A		213		15,557
Alfa SAB de CV, Class A		18,300		11,673
CK Hutchison Holdings Ltd.		42,500		255,111
GS Holdings Corp.		764		26,464
Hitachi Ltd.		5,200		263,695
Jardine Cycle & Carriage Ltd.		27,700		590,680
Jardine Matheson Holdings Ltd.		4,600		234,140
NWS Holdings Ltd.		9,000		7,783
Samsung C&T Corp.*		646		57,984
Siemens AG		8,861		1,225,993
SM Investments Corp.		920		14,858
Smiths Group PLC		10,696		205,666
Toshiba Corp.		2,300		80,237
				2,989,841
INSURANCE - 3.7%
AIA Group Ltd.		106,000		1,178,842
ASR Nederland NV		6,274		296,964
Assicurazioni Generali SpA		787		13,955
Aviva PLC		5,500		29,295
AXA SA		5,929		164,869
China Life Insurance Co. Ltd., Class H		64,000		109,879
Dai-ichi Life Holdings, Inc.		6,900		156,570
Direct Line Insurance Group PLC		4,188		11,149
Fairfax Financial Holdings Ltd.		246		145,621
Great-West Lifeco, Inc., Class Common Subscription Receipt		15,356		354,731
Legal & General Group PLC		15,393		46,198
Manulife Financial Corp., Class Common Subscription Receipt		29,739		530,054
Medibank Pvt Ltd.		54,688		109,406
MS&AD Insurance Group Holdings, Inc.		4,400		140,859
Old Mutual Ltd.		29,187		17,943
Phoenix Group Holdings PLC		3,233		23,668
PICC Property & Casualty Co. Ltd., Class H		8,000		7,595
Ping An Insurance Group Co. of China Ltd., Class H		62,000		410,291
Porto Seguro SA		3,608		15,820
Poste Italiane SpA (a)		7,923		77,168
Power Corp. of Canada		6,274		147,479
QBE Insurance Group Ltd.		25,464		231,915
Samsung Fire & Marine Insurance Co. Ltd.*		77		12,179
Samsung Life Insurance Co. Ltd.*		645		36,216
Sanlam Ltd.		25,363		72,623

	Shares/ Principal		Fair Value
INSURANCE - 3.7% (Continued)
Sun Life Financial, Inc.		1,390	$	64,476
T&D Holdings, Inc.		2,600		37,479
Tokio Marine Holdings, Inc.		7,300		156,434
Tryg A/S		12,182		289,084
Zurich Insurance Group AG		85		40,635
				4,929,397
INTERACTIVE MEDIA & SERVICES - 2.2%
Autohome, Inc., ADR		1,989		60,863
Baidu, Inc., Class A*		16,338		233,820
JOYY, Inc., ADR		348		10,993
Kakaku.com, Inc.		2,200		35,215
Kakao Corp.		2,067		86,799
Kuaishou Technology*,(a)		12,400		112,880
NAVER Corp.		1,204		169,008
REA Group Ltd.		2,703		203,101
Rightmove PLC		9,331		57,401
Scout24 SE (a)		5,372		269,062
Tencent Holdings Ltd.		41,100		1,758,807
				2,997,949
INTERNET & DIRECT MARKETING RETAIL - 2.0%
Alibaba Group Holding Ltd.*		97,200		1,074,126
JD Health International, Inc.*,(a)		1,550		14,170
JD.com, Inc., Class A		13,350		376,642
Meituan, Class B*,(a)		24,600		550,627
Naspers Ltd., Class N		2,245		372,650
Pinduoduo, Inc., ADR*		803		65,485
Prosus NV*		1,758		120,923
Vipshop Holdings Ltd., ADR*		4,960		67,654
				2,642,277
IT SERVICES - 1.1%
Adyen NV*,(a)		25		34,376
Capgemini SE		2,098		349,186
CGI, Inc.*		2,915		251,087
Cielo SA		53,228		52,827
Fujitsu Ltd.		1,000		133,503
GDS Holdings Ltd., Class A*		3,100		8,142
NEC Corp.		7,300		256,436
NET One Systems Co. Ltd.		500		12,998
Nomura Research Institute Ltd.		3,300		77,907
Obic Co. Ltd.		400		58,843
Otsuka Corp.		1,100		34,639
Reply SpA		100		11,420
Samsung SDS Co. Ltd.*		746		72,565
Shopify, Inc., Class A*		5,121		177,673
				1,531,602
LEISURE PRODUCTS - 0.1%
Sega Sammy Holdings, Inc.		7,800		118,054

	Shares/ Principal		Fair Value
LIFE SCIENCES TOOLS & SERVICES - 0.3%
Pharmaron Beijing Co. Ltd., Class H (a)		5,700	$	39,546
Samsung Biologics Co. Ltd.*,(a)		93		60,382
Sartorius Stedim Biotech		11		3,551
WuXi AppTec Co. Ltd., Class H (a)		11,400		120,428
Wuxi Biologics Cayman, Inc.*,(a)		29,000		222,378
				446,285
MACHINERY - 1.6%
Aalberts NV		409		15,815
Amada Co. Ltd.		35,100		275,065
ANDRITZ AG		1,787		102,129
Daifuku Co. Ltd.		800		37,470
Daimler Truck Holding AG*		1,562		48,253
DMG Mori Co. Ltd.		3,100		41,233
Ebara Corp.		900		32,195
FANUC Corp.		1,300		195,426
Fluidra SA		799		12,382
Hino Motors Ltd.*		3,600		13,724
IHI Corp.		1,300		37,883
IMI PLC		3,274		50,725
Kone Oyj, Class B		2,042		105,261
Kubota Corp.		5,600		77,117
Mitsubishi Heavy Industries Ltd.		3,200		126,938
Nabtesco Corp.		1,000		25,503
Ningbo Deye Technology Co. Ltd., Class A		400		19,057
NSK Ltd.		6,700		35,596
Shenzhen Inovance Technology Co. Ltd., Class A		5,300		52,987
SMC Corp.		300		126,371
Spirax-Sarco Engineering PLC		548		69,973
Sumitomo Heavy Industries Ltd.		1,100		22,043
Techtronic Industries Co. Ltd.		14,000		156,234
Toyota Industries Corp.		1,800		98,768
Trelleborg AB, Class B		1,322		30,552
VAT Group AG (a)		261		71,315
Volvo AB, Class B		9,813		177,509
Yaskawa Electric Corp.		1,100		35,223
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		15,200		7,186
				2,099,933
MARINE - 0.3%
AP Moller - Maersk A/S, Class A		9		19,852
AP Moller - Maersk A/S, Class B		124		277,974
COSCO SHIPPING Holdings Co. Ltd., Class H		58,550		59,713
Precious Shipping PCL, NVDR		37,300		17,339
SITC International Holdings Co. Ltd.		4,000		8,897
				383,775
MEDIA - 0.3%
MultiChoice Group		1,493		10,288
Nippon Television Holdings, Inc.		3,900		30,799

	Shares/ Principal		Fair Value
MEDIA - 0.3% (Continued)
Publicis Groupe SA		2,526	$	160,189
RTL Group SA		2,645		111,334
WPP PLC		13,713		135,295
				447,905
METALS & MINING - 4.4%
Agnico Eagle Mines Ltd.		2,646		137,402
Allkem Ltd.*		7,188		54,790
Aluminum Corp. of China Ltd., Class H		146,000		62,104
Anglo American Platinum Ltd.		982		82,235
Anglo American PLC, ADR		12,447		484,585
Anglo American PLC		6,705		261,398
AngloGold Ashanti Ltd.		5,485		106,131
ArcelorMittal SA		15,038		394,412
B2Gold Corp.		5,484		19,468
Barrick Gold Corp.		4,186		71,705
BHP Group Ltd.		2,965		91,662
BHP Group Ltd., ADR		35,467		1,097,490
Boliden AB		1,144		42,957
CMOC Group Ltd., Class H		51,000		23,524
CSN Mineracao SA		25,133		19,422
Dongkuk Steel Mill Co. Ltd.*		1,506		13,279
Fortescue Metals Group Ltd.		9,237		128,476
Franco-Nevada Corp.		2,840		386,862
Ganfeng Lithium Co. Ltd., Class A		6,000		59,994
Ganfeng Lithium Co. Ltd., Class H (a)		5,600		41,830
Glencore PLC		41,644		276,717
Gold Fields Ltd.		8,302		85,948
Grupo Mexico SAB de CV, Series B		25,451		89,724
Impala Platinum Holdings Ltd.		6,903		86,471
Mineral Resources Ltd.		905		47,380
MMG Ltd.*		40,000		10,250
Nippon Steel Corp.		3,300		57,324
OZ Minerals Ltd.		2,287		43,271
POSCO Holdings, Inc.		655		143,225
Press Metal Aluminium Holdings BHD		102,200		113,220
Rio Tinto Ltd.		732		57,787
Shandong Nanshan Aluminum Co. Ltd., Class A		29,400		13,829
Sibanye Stillwater Ltd.		10,987		28,877
Sims Ltd.		5,303		47,075
South32 Ltd.		38,635		104,801
Teck Resources Ltd., Class B		8,754		330,597
thyssenkrupp AG*		3,546		21,556
Vale SA		18,511		311,617
Wheaton Precious Metals Corp.		5,056		197,396
Zhaojin Mining Industry Co. Ltd., Class H*		15,000		16,682
Zhejiang Huayou Cobalt Co. Ltd., Class A		1,900		15,204
Zijin Mining Group Co. Ltd., Class A		34,900		50,204
Zijin Mining Group Co. Ltd., Class H		88,000		119,288
				5,848,169

	Shares/ Principal		Fair Value
MULTILINE RETAIL - 0.1%
Woolworths Holdings Ltd./South Africa		22,801	$	89,020
MULTI-UTILITIES - 1.4%
A2A SpA		14,391		19,122
AGL Energy Ltd.		15,060		82,418
Algonquin Power & Utilities Corp.		3,940		25,647
Atco Ltd., Class I		17,609		550,773
Canadian Utilities Ltd., Class A		3,360		90,885
Centrica PLC		25,587		29,707
E.ON SE		12,905		128,556
Engie SA		45,663		652,449
National Grid PLC		25,069		300,771
				1,880,328
OIL, GAS & CONSUMABLE FUELS - 5.7%
Aker BP ASA		2,443		75,415
Ampol Ltd.		3,842		73,682
ARC Resources Ltd.		11,558		155,676
BP PLC		191,905		1,096,271
Cameco Corp.		549		12,435
Canadian Natural Resources Ltd.		16,619		922,235
Cenovus Energy, Inc.		6,725		130,385
China Petroleum & Chemical Corp., Class H		144,000		69,556
China Suntien Green Energy Corp. Ltd., Class H		31,000		12,909
Crescent Point Energy Corp.		19,361		138,033
Ecopetrol SA		174,971		87,325
Enbridge, Inc.		498		19,450
Enerplus Corp.		883		15,575
Eni SpA		12,943		183,525
Equinor ASA		8,457		302,017
Imperial Oil Ltd.		9,110		443,415
Inpex Corp.		5,100		53,959
Koninklijke Vopak NV		1,698		50,288
Parex Resources, Inc.		1,344		19,987
PetroChina Co. Ltd., Class H		322,000		147,283
Petronas Dagangan BHD		14,500		75,709
PTT Exploration & Production PCL, NVDR		14,800		75,421
PTT PCL, NVDR		146,900		141,026
Repsol SA		9,762		154,715
Shell PLC		47,894		1,340,048
SK Innovation Co. Ltd.*		616		75,021
S-Oil Corp.		753		49,664
Star Petroleum Refining PCL, NVDR		47,400		14,644
Suncor Energy, Inc.		12,463		395,060
TC Energy Corp.		10,162		404,845
TotalEnergies SE		10,009		626,506
Tourmaline Oil Corp.		2,592		130,695
Ultrapar Participacoes SA		30,797		73,555
Var Energi ASA		4,360		14,873
				7,581,203

	Shares/ Principal		Fair Value
PAPER & FOREST PRODUCTS - 0.0%†
West Fraser Timber Co. Ltd.		529	$	38,171
PERSONAL PRODUCTS - 1.4%
Fancl Corp.		800		16,298
Haleon PLC*		16,304		64,200
LG H&H Co. Ltd.*		67		38,255
L'Oreal SA		2,248		800,366
Pola Orbis Holdings, Inc.		6,000		84,581
Shiseido Co. Ltd.		1,600		78,469
Unilever PLC		8,507		425,537
Unilever PLC, ADR		7,661		385,389
				1,893,095
PHARMACEUTICALS - 7.4%
Aspen Pharmacare Holdings Ltd.		3,918		31,392
Astellas Pharma, Inc.		29,300		445,568
AstraZeneca PLC		7,944		1,071,974
Asymchem Laboratories Tianjin Co. Ltd., Class A		386		8,218
Bayer AG		7,903		407,596
CSPC Pharmaceutical Group Ltd.		153,040		160,786
Daiichi Sankyo Co. Ltd.		8,200		264,125
GSK PLC		43,570		753,451
H Lundbeck A/S		2,780		10,393
Hansoh Pharmaceutical Group Co. Ltd. (a)		4,000		7,606
Hisamitsu Pharmaceutical Co., Inc.		500		14,874
Novartis AG		17,032		1,538,808
Novo Nordisk A/S, Class B		11,409		1,535,860
Roche Holding AG (Common share)		273		105,753
Roche Holding AG (Common share, participation certificates)		3,483		1,093,614
Sanofi		13,388		1,283,665
Santen Pharmaceutical Co. Ltd.		9,300		75,700
Sawai Group Holdings Co. Ltd.		400		12,505
Sino Biopharmaceutical Ltd.		84,000		49,184
Takeda Pharmaceutical Co. Ltd.		29,200		909,782
Teva Pharmaceutical Industries Ltd.*		4,036		37,735
UCB SA		803		63,041
				9,881,630
PROFESSIONAL SERVICES - 1.8%
Experian PLC		9,417		318,648
Intertek Group PLC		7,494		363,646
Nihon M&A Center Holdings, Inc.		3,200		39,507
Randstad NV		386		23,465
Recruit Holdings Co. Ltd.		14,300		452,697
RELX PLC		20,949		576,566
Teleperformance		483		114,798
Wolters Kluwer NV		5,343		557,459
				2,446,786
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2%
China Overseas Land & Investment Ltd.		25,000		65,984
China Resources Land Ltd.		12,000		54,965

	Shares/ Principal		Fair Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.2% (Continued)
CK Asset Holdings Ltd.		17,000	$	104,658
Country Garden Holdings Co. Ltd.		32,000		10,947
Country Garden Services Holdings Co. Ltd.		11,000		27,398
Daiwa House Industry Co. Ltd.		1,700		39,155
FirstService Corp.		1,473		180,256
Hysan Development Co. Ltd.		9,000		29,174
KE Holdings, Inc., ADR*		4,032		56,287
Kerry Properties Ltd.		56,000		121,974
Longfor Group Holdings Ltd. (a)		2,500		7,784
Mitsubishi Estate Co. Ltd.		5,600		72,618
Mitsui Fudosan Co. Ltd.		10,200		186,846
New World Development Co. Ltd.		40,000		112,749
Poly Property Services Co. Ltd., Class H		3,000		17,700
PSP Swiss Property AG		311		36,472
Relo Group, Inc.		1,500		24,146
Seazen Group Ltd.*		20,000		7,406
Sino Land Co. Ltd.		14,000		17,507
SM Prime Holdings, Inc.		21,800		13,887
Sun Hung Kai Properties Ltd.		9,500		129,994
Sunac China Holdings Ltd.*		35,000		7,134
Swire Properties Ltd.		102,200		259,790
Tricon Residential, Inc.		1,654		12,744
Wharf Holdings Ltd. (The)		5,000		14,702
Wharf Real Estate Investment Co. Ltd.		7,000		40,807
				1,653,084
ROAD & RAIL - 1.0%
ALD SA (a)		967		11,105
Canadian National Railway Co.		5,487		651,337
Canadian Pacific Railway Ltd.		3,228		240,501
Central Japan Railway Co.		2,400		294,759
East Japan Railway Co.		800		45,595
Localiza Rent a Car SA		8,415		84,791
				1,328,088
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
Advantest Corp.		1,000		64,269
ams-OSRAM AG*		5,935		43,300
ASML Holding NV		2,399		1,289,896
ASMPT Ltd.		4,500		32,085
Daqo New Energy Corp., ADR*		586		22,625
Inari Amertron BHD		82,400		48,823
Infineon Technologies AG		9,857		299,080
LONGi Green Energy Technology Co. Ltd., Class A		22,300		135,564
NAURA Technology Group Co. Ltd., Class A		2,400		77,782
SCREEN Holdings Co. Ltd.		300		19,235
SG Micro Corp., Class A		950		23,587

	Shares/ Principal		Fair Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0% (Continued)
Shenzhen SC New Energy Technology Corp.		1,000	$	16,402
SK Hynix, Inc.		3,865		229,241
StarPower Semiconductor Ltd., Class A		400		18,948
STMicroelectronics NV		1,737		61,167
Tokyo Electron Ltd.		600		176,801
Tower Semiconductor Ltd.*		1,206		52,430
Xinyi Solar Holdings Ltd.		12,000		13,284
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A		6,000		45,399
				2,669,918
SOFTWARE - 1.5%
Dassault Systemes SE		7,873		281,440
Kingdee International Software Group Co. Ltd.*		25,000		53,620
Nemetschek SE		1,520		77,364
Nice Ltd.*		282		54,346
Oracle Corp. Japan		200		12,915
Sangfor Technologies, Inc., Class A		5,100		82,570
SAP SE		11,599		1,193,215
Temenos AG		1,375		75,408
TOTVS SA		4,800		25,110
Trend Micro, Inc./Japan		2,200		102,376
WiseTech Global Ltd.		1,713		58,955
				2,017,319
SPECIALTY RETAIL - 0.6%
Fast Retailing Co. Ltd.		700		427,231
Foschini Group Ltd. (The)		1,691		10,038
Hikari Tsushin, Inc.		300		42,336
Industria de Diseno Textil SA		3,002		79,616
Pepkor Holdings Ltd. (a)		15,484		18,200
Shimamura Co. Ltd.		200		19,857
Via S/A*		13,381		6,083
Yamada Holdings Co. Ltd.		61,800		218,732
				822,093
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.5%
FUJIFILM Holdings Corp.		5,200		261,094
Lenovo Group Ltd.		120,000		98,553
Ricoh Co. Ltd.		5,200		39,686
Samsung Electronics Co. Ltd.		33,658		1,471,955
Xiaomi Corp., Class B*,(a)		88,400		123,908
				1,995,196
TEXTILES, APPAREL & LUXURY GOODS - 2.4%
adidas AG		1,521		206,904
ANTA Sports Products Ltd.		9,800		128,449
Cie Financiere Richemont SA, Class A		2,240		290,290
Hermes International		438		675,473

	Shares/ Principal		Fair Value
TEXTILES, APPAREL & LUXURY GOODS - 2.4% (Continued)
Kering SA		235	$	119,257
Li Ning Co. Ltd.		17,500		151,907
LVMH Moet Hennessy Louis Vuitton SE		1,638		1,188,571
Moncler SpA		650		34,339
PRADA SpA		2,200		12,431
Shenzhou International Group Holdings Ltd.		1,300		14,624
Swatch Group AG (The)		1,014		288,242
Xtep International Holdings Ltd.		22,000		24,495
				3,134,982
TOBACCO - 1.0%
British American Tobacco PLC		24,639		972,579
Imperial Brands PLC		6,070		151,216
Japan Tobacco, Inc.		9,600		193,608
				1,317,403
TRADING COMPANIES & DISTRIBUTORS - 1.9%
Ashtead Group PLC		3,218		182,708
IMCD NV		865		122,920
ITOCHU Corp.		19,500		612,733
Mitsubishi Corp.		20,800		675,178
Mitsui & Co. Ltd.		13,300		388,381
MonotaRO Co. Ltd.		1,500		21,111
Rexel SA*		4,652		91,552
Sumitomo Corp.		22,900		381,131
				2,475,714
TRANSPORTATION INFRASTRUCTURE - 0.1%
Flughafen Zurich AG*		120		18,560
Fraport AG Frankfurt Airport Services Worldwide*		598		24,284
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		1,800		13,839
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,161		30,984
Kamigumi Co. Ltd.		1,100		22,401
Transurban Group		1,451		12,772
				122,840
WATER UTILITIES - 0.0%†
Cia de Saneamento de Minas Gerais-COPASA		6,708		19,934
WIRELESS TELECOMMUNICATION SERVICES - 1.3%
1&1 AG		503		6,227
Advanced Info Service PCL, NVDR		2,500		14,076
Freenet AG		3,892		84,819
KDDI Corp.		25,100		757,499
MTN Group Ltd.		10,247		76,664
SK Telecom Co. Ltd.		2,043		76,582
SoftBank Corp.		16,900		190,589
SoftBank Group Corp.		7,100		303,705
Tele2 AB, Class B		18,885		154,241

	Shares/ Principal		Fair Value
WIRELESS TELECOMMUNICATION SERVICES - 1.3% (Continued)
Vodacom Group Ltd.		2,599	$	18,742
Vodafone Group PLC		29,489		29,882
				1,713,026
TOTAL COMMON STOCKS (Cost - $116,859,993)				117,283,959
EXCHANGE TRADED FUNDS - 9.0%
EQUITY FUNDS - 9.0%
iShares MSCI India ETF*		124,277		5,187,322
iShares MSCI Saudi Arabia ETF		42,375		1,598,385
iShares MSCI Taiwan ETF		128,743		5,170,319
TOTAL EXCHANGE TRADED FUNDS (Cost - $11,061,011)				11,956,026
PREFERRED STOCKS - 0.8%
AIRLINES - 0.1%
Azul SA*		20,517		42,784
Gol Linhas Aereas Inteligentes SA*		9,948		13,830
				56,614
AUTOMOBILES - 0.3%
Volkswagen AG		3,157		392,255
BANKS - 0.3%
Banco Bradesco SA		72,731		208,698
Bancolombia SA		1,950		13,493
Itau Unibanco Holding SA		41,705		197,476
				419,667
CHEMICALS - 0.0%†
FUCHS PETROLUB SE		276		9,644
METALS & MINING - 0.0%†
Gerdau SA		3,563		19,820
Usinas Siderurgicas de Minas Gerais SA Usiminas		17,187		23,308
				43,128
OIL, GAS & CONSUMABLE FUELS - 0.0%†
Petroleo Brasileiro SA		7,890		36,612
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.1%
Samsung Electronics Co. Ltd.		3,956		157,990
TOTAL PREFERRED STOCKS (Cost - $1,443,338)				1,115,910
RIGHTS - 0.0%†
Localiza Rent a Car SA, expires 1/31/23* (Cost - $0)		37		75
WARRANTS - 0.0%†
TMBThanachart Bank PCL, expires 5/10/25* (Cost - $0)		4,884		71

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

How did the Portfolio perform during the period?

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio outperformed its reference benchmark, the Russell Midcap^® Growth Index. The Portfolio posted a return of -26.44% compared to a benchmark return of -26.72%, a difference of 28 basis points. The following discussion of relative performance pertains to this benchmark.

What factors and allocation decisions influenced the Portfolio's performance?

Portfolio outperformance was driven by strength in the second and fourth quarters. Sentiment-based measures were the greatest drivers of performance, consistently contributing to performance throughout the year. Specifically, measures designed to capture Sentiment from bond markets, as well as trending measures that evaluated news data and management Sentiment through conference call text, both helped to correctly position the Portfolio amid the changeable market backdrop. Fundamental Value insights also performed well. Specifically, insights evaluating company earnings yield, sales, and other financial statement metrics were strong contributors, particularly in the first and fourth quarters. Defensive Quality measures also performed well, particularly those related to stability, balance sheet quality, and internal financing ability, which BlackRock's investment team believes was due to the market's focus on corporate financial health.

Nontraditional fundamental insights generally detracted during the year, particularly those related to environmental, social, and governance ("ESG") and human capital, which evaluates employee benefits and corporate culture. Also detracting in 2022 were measures that relate to informed investor positioning and the avoidance of highly shorted stocks, both of which struggled amidst the market volatility.

How was the Portfolio positioned at period end?

From a sector positioning perspective, the Portfolio remained largely sector neutral at the end of the period. The Portfolio had slight overweight positions in consumer discretionary and health care companies and maintains slight underweights in materials and industrials stocks at the end of the year. The SAE team seeks to maintain a style neutral approach, so the Portfolio did not have any outsized active exposures to any particular style or factor.

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

					Annualized						Operating Expense**
	Inception Date*	One Year			Five Years			Since Inception			Gross Ratio			Net Ratio
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Class I	November 1, 2017		-26.44	%		8.10	%		8.55	%		0.65	%		0.65	%
Class II	November 1, 2017		-26.58	%		7.84	%		8.30	%		0.90	%		0.90	%
Russell Midcap^® Growth Index^			-26.72	%		7.64	%		8.26	%

* Commencement of operations is November 6, 2017.

** The estimated operating expense ratios for Class I and Class II shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The Russell Midcap^® Growth Index (Total Return) is an unmanaged index that consists of the bottom 800 securities of the Russell 1000^® Index with greater-than-average growth orientation as ranked by total market capitalization. It is not possible to invest directly in an index.

Comparison of the Change in Value of a $10,000 Investment

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.8%
AEROSPACE & DEFENSE - 1.3%
Axon Enterprise, Inc.*		1,852	$	307,302
HEICO Corp.		10,383		1,595,244
HEICO Corp., Class A		6,943		832,119
Textron, Inc.		1,999		141,529
TransDigm Group, Inc.		290		182,599
				3,058,793
AIR FREIGHT & LOGISTICS - 0.0%†
GXO Logistics, Inc.*		2,396		102,285
AIRLINES - 0.2%
Delta Air Lines, Inc.*		13,976		459,251
AUTO COMPONENTS - 0.6%
Aptiv PLC*		9,641		897,866
BorgWarner, Inc.		1,186		47,737
Lear Corp.		3,652		452,921
				1,398,524
BANKS - 0.4%
Mid Penn Bancorp., Inc.		1		30
SVB Financial Group*		3,957		910,664
				910,694
BEVERAGES - 0.9%
Brown-Forman Corp., Class B		11,581		760,640
PepsiCo, Inc.		7,777		1,404,993
				2,165,633
BIOTECHNOLOGY - 4.1%
Alnylam Pharmaceuticals, Inc.*		7,196		1,710,129
Blueprint Medicines Corp.*		2,842		124,508
Exact Sciences Corp.*		11,853		586,842
Exelixis, Inc.*		41,972		673,231
Horizon Therapeutics PLC*		14,702		1,673,087
Incyte Corp.*		5,971		479,591
Ionis Pharmaceuticals, Inc.*		7,257		274,097
Natera, Inc.*		4,589		184,340
Neurocrine Biosciences, Inc.*		9,631		1,150,327
Novavax, Inc.*		11,030		113,388
Sarepta Therapeutics, Inc.*		4,138		536,202
Seagen, Inc.*		12,437		1,598,279
Ultragenyx Pharmaceutical, Inc.*		13,103		607,062
Verve Therapeutics, Inc.*		568		10,991
				9,722,074
BUILDING PRODUCTS - 2.0%
Advanced Drainage Systems, Inc.		2,304		188,859
Allegion PLC		11,163		1,175,017
Carlisle Cos., Inc.		3,289		775,053
Masterbrand, Inc.*		15,366		116,013
Trane Technologies PLC		13,956		2,345,864
Trex Co., Inc.*		2,648		112,090
				4,712,896

	Shares/ Principal		Fair Value
CAPITAL MARKETS - 2.5%
Carlyle Group, Inc. (The)		6,173	$	184,202
Cboe Global Markets, Inc.		3,406		427,351
FactSet Research Systems, Inc.		1,386		556,077
LPL Financial Holdings, Inc.		7,522		1,626,031
MarketAxess Holdings, Inc.		1,865		520,130
Morningstar, Inc.		161		34,871
MSCI, Inc.		3,319		1,543,899
Raymond James Financial, Inc.		4,147		443,107
Tradeweb Markets, Inc., Class A		9,484		615,796
				5,951,464
CHEMICALS - 2.1%
Albemarle Corp.		4,607		999,074
Amyris, Inc.*		11,231		17,184
CF Industries Holdings, Inc.		11,337		965,912
Corteva, Inc.		1,366		80,294
Ecolab, Inc.		5,270		767,101
FMC Corp.		7,444		929,011
Ginkgo Bioworks Holdings, Inc.*		18,390		31,079
Mosaic Co. (The)		6,716		294,631
Valvoline, Inc.		29,297		956,547
				5,040,833
COMMERCIAL SERVICES & SUPPLIES - 2.6%
Cintas Corp.		7,765		3,506,829
Copart, Inc.*		1,430		87,073
Republic Services, Inc.		4,250		548,208
Rollins, Inc.		14,618		534,142
Tetra Tech, Inc.		9,218		1,338,361
				6,014,613
COMMUNICATIONS EQUIPMENT - 0.3%
Arista Networks, Inc.*		5,220		633,447
Juniper Networks, Inc.		4,456		142,414
				775,861
CONSTRUCTION & ENGINEERING - 0.8%
AECOM		19,548		1,660,212
Valmont Industries, Inc.		448		148,140
				1,808,352
CONSTRUCTION MATERIALS - 0.4%
Vulcan Materials Co.		4,645		813,386
CONSUMER FINANCE - 1.3%
Ally Financial, Inc.		2,076		50,758
American Express Co.		16,108		2,379,957
Discover Financial Services		3,061		299,458
Synchrony Financial		7,190		236,263
				2,966,436

	Shares/ Principal		Fair Value
CONTAINERS & PACKAGING - 0.6%
Avery Dennison Corp.		2,628	$	475,668
Crown Holdings, Inc.		7,552		620,850
Graphic Packaging Holding Co.		17,510		389,597
				1,486,115
DISTRIBUTORS - 0.6%
Genuine Parts Co.		3,745		649,795
Pool Corp.		2,160		653,033
				1,302,828
DIVERSIFIED CONSUMER SERVICES - 0.2%
H&R Block, Inc.		15,296		558,457
DIVERSIFIED FINANCIAL SERVICES - 0.2%
Apollo Global Management, Inc.		3,980		253,884
Voya Financial, Inc.		4,164		256,045
				509,929
ELECTRICAL EQUIPMENT - 0.8%
Generac Holdings, Inc.*		2,144		215,815
Rockwell Automation, Inc.		6,440		1,658,751
				1,874,566
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 2.7%
Arrow Electronics, Inc.*		399		41,724
CDW Corp.		12,061		2,153,853
Flex Ltd.*		80,783		1,733,603
Jabil, Inc.		19,855		1,354,111
Keysight Technologies, Inc.*		6,584		1,126,325
				6,409,616
ENERGY EQUIPMENT & SERVICES - 0.8%
Halliburton Co.		48,299		1,900,566
Parker Drilling Co.*		2		14
Patterson-UTI Energy, Inc.		1,569		26,422
				1,927,002
ENTERTAINMENT - 1.8%
Live Nation Entertainment, Inc.*		9,547		665,808
ROBLOX Corp., Class A*		26,106		742,977
Roku, Inc.*		5,510		224,257
Spotify Technology SA*		15,470		1,221,356
Take-Two Interactive Software, Inc.*		6,773		705,272
Warner Bros Discovery, Inc.*		60,379		572,393
				4,132,063
EQUITY REAL ESTATE INVESTMENT - 2.1%
Equity LifeStyle Properties, Inc.		6,999		452,135
Equity Residential		1,355		79,945
Essex Property Trust, Inc.		529		112,106
Lamar Advertising Co., Class A		6,159		581,410
SBA Communications Corp.		4,779		1,339,601
Simon Property Group, Inc.		19,727		2,317,528
				4,882,725

	Shares/ Principal		Fair Value
FOOD & STAPLES RETAILING - 0.1%
BJ's Wholesale Club Holdings, Inc.*		1,528	$	101,092
Performance Food Group Co.*		3,164		184,746
				285,838
FOOD PRODUCTS - 1.9%
Hershey Co. (The)		17,158		3,973,278
Kellogg Co.		5,442		387,688
Tyson Foods, Inc., Class A		2,609		162,410
				4,523,376
HEALTH CARE EQUIPMENT & SUPPLIES - 4.5%
Align Technology, Inc.*		4,016		846,974
Becton Dickinson and Co.		4,705		1,196,481
Dexcom, Inc.*		27,032		3,061,104
IDEXX Laboratories, Inc.*		7,640		3,116,814
Insulet Corp.*		4,168		1,227,018
Masimo Corp.*		663		98,091
Novocure Ltd.*		957		70,196
ResMed, Inc.		3,400		707,642
Tandem Diabetes Care, Inc.*		4,487		201,691
				10,526,011
HEALTH CARE PROVIDERS & SERVICES - 2.1%
AmerisourceBergen Corp.		17,275		2,862,640
Cigna Corp.		4,508		1,493,681
Guardant Health, Inc.*		4,186		113,859
Molina Healthcare, Inc.*		1,273		420,370
				4,890,550
HEALTH CARE TECHNOLOGY - 1.3%
Teladoc Health, Inc.*		27,394		647,868
Veeva Systems, Inc., Class A*		14,970		2,415,859
				3,063,727
HOTELS, RESTAURANTS & LEISURE - 4.7%
Boyd Gaming Corp.		1,821		99,299
Caesars Entertainment, Inc.*		19,682		818,771
Chipotle Mexican Grill, Inc.*		1,284		1,781,537
Choice Hotels International, Inc.		3,613		406,968
Darden Restaurants, Inc.		8,783		1,214,952
Domino's Pizza, Inc.		2,493		863,575
DraftKings, Inc., Class A*		31,896		363,296
Expedia Group, Inc.*		8,594		752,835
Hilton Grand Vacations, Inc.*		1,431		55,151
Hilton Worldwide Holdings, Inc.		13,200		1,667,952
Norwegian Cruise Line Holdings Ltd.*		4,846		59,315
Travel + Leisure Co.		53,675		1,953,770
Wyndham Hotels & Resorts, Inc.		7,903		563,563
Yum! Brands, Inc.		4,090		523,847
				11,124,831

	Shares/ Principal		Fair Value
HOUSEHOLD DURABLES - 1.4%
NVR, Inc.*		207	$	954,804
PulteGroup, Inc.		7,835		356,727
Toll Brothers, Inc.		10,805		539,386
TopBuild Corp.*		7,186		1,124,537
Whirlpool Corp.		2,195		310,505
				3,285,959
HOUSEHOLD PRODUCTS - 0.1%
Church & Dwight Co., Inc.		1,447		116,643
Colgate-Palmolive Co.		2,783		219,272
				335,915
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.4%
Vistra Corp.		42,567		987,554
INSURANCE - 0.7%
American Financial Group, Inc./OH		176		24,161
Arthur J Gallagher & Co.		440		82,957
Everest Re Group Ltd.		2,071		686,060
Marsh & McLennan Cos., Inc.		4,645		768,655
MetLife, Inc.		1,280		92,634
				1,654,467
INTERACTIVE MEDIA & SERVICES - 0.7%
Match Group, Inc.*		23,222		963,481
Snap, Inc., Class A*		19,564		175,098
ZoomInfo Technologies, Inc.*		12,765		384,354
				1,522,933
INTERNET & DIRECT MARKETING RETAIL - 1.4%
Amazon.com, Inc.*		771		64,764
Coupang, Inc.*		3,367		49,529
DoorDash, Inc., Class A*		12,145		592,919
eBay, Inc.		29,667		1,230,290
Etsy, Inc.*		10,445		1,251,102
MercadoLibre, Inc.*		34		28,772
Wayfair, Inc., Class A*		1,411		46,408
				3,263,784
IT SERVICES - 5.6%
Broadridge Financial Solutions, Inc.		8,303		1,113,681
Cloudflare, Inc., Class A*		16,416		742,167
Cognizant Technology Solutions Corp., Class A		6,579		376,253
EPAM Systems, Inc.*		3,396		1,113,005
FleetCor Technologies, Inc.*		3,884		713,413
Gartner, Inc.*		8,806		2,960,049
Globant SA*		1,798		302,352
MongoDB, Inc.*		4,879		960,382
Okta, Inc.*		4,848		331,264
Paychex, Inc.		24,455		2,826,020
PayPal Holdings, Inc.*		8,770		624,599

	Shares/ Principal		Fair Value
IT SERVICES - 5.6% (Continued)
Shift4 Payments, Inc., Class A*		2,158	$	120,697
StoneCo Ltd., Class A*		8,347		78,796
Twilio, Inc., Class A*		11,639		569,846
Wix.com Ltd.*		3,607		277,126
				13,109,650
LEISURE PRODUCTS - 0.1%
Mattel, Inc.*		13,295		237,183
LIFE SCIENCES TOOLS & SERVICES - 6.2%
Adaptive Biotechnologies Corp.*		18,396		140,545
Agilent Technologies, Inc.		28,845		4,316,654
Avantor, Inc.*		26,638		561,795
Bruker Corp.		8,570		585,760
Charles River Laboratories International, Inc.*		732		159,503
Danaher Corp.		2,100		557,382
IQVIA Holdings, Inc.*		10,375		2,125,734
Mettler-Toledo International, Inc.*		1,754		2,535,319
PerkinElmer, Inc.		610		85,534
Repligen Corp.*		1,353		229,076
Syneos Health, Inc.*		6,410		235,119
Waters Corp.*		4,521		1,548,804
West Pharmaceutical Services, Inc.		7,022		1,652,628
				14,733,853
MACHINERY - 2.7%
Allison Transmission Holdings, Inc.		16,511		686,858
Deere & Co.		915		392,315
Donaldson Co., Inc.		10,429		613,955
Graco, Inc.		19,823		1,333,295
Otis Worldwide Corp.		918		71,889
Snap-on, Inc.		790		180,507
Timken Co. (The)		11,669		824,648
Xylem, Inc.		20,547		2,271,882
				6,375,349
MEDIA - 1.1%
Fox Corp., Class A		44,446		1,349,825
Liberty Broadband Corp., Class C*		569		43,398
Liberty Media Corp.-Liberty SiriusXM, Class A*		668		26,259
Trade Desk, Inc. (The), Class A*		26,922		1,206,913
				2,626,395
METALS & MINING - 0.0%†
Commercial Metals Co.		528		25,502
MULTILINE RETAIL - 0.1%
Dollar Tree, Inc.*		489		69,164
Nordstrom, Inc.		2,853		46,048
				115,212
MULTI-UTILITIES - 0.0%†
DTE Energy Co.		416		48,893

	Shares/ Principal		Fair Value
OIL, GAS & CONSUMABLE FUELS - 3.9%
Cheniere Energy, Inc.		2,893	$	433,834
Devon Energy Corp.		28,362		1,744,547
Diamondback Energy, Inc.		6,372		871,562
EOG Resources, Inc.		588		76,158
Hess Corp.		7,399		1,049,326
Marathon Petroleum Corp.		7,686		894,574
Ovintiv, Inc.		24,021		1,218,105
PDC Energy, Inc.		1,569		99,600
Range Resources Corp.		18,026		451,010
Targa Resources Corp.		24,159		1,775,686
Texas Pacific Land Corp.		255		597,779
				9,212,181
PERSONAL PRODUCTS - 0.0%†
Olaplex Holdings, Inc.*		8,837		46,041
PHARMACEUTICALS - 0.1%
Catalent, Inc.*		2,689		121,032
PROFESSIONAL SERVICES - 1.1%
Booz Allen Hamilton Holding Corp.		11,871		1,240,757
CoStar Group, Inc.*		4,311		333,154
KBR, Inc.		13,110		692,208
TransUnion		4,627		262,582
Verisk Analytics, Inc.		774		136,549
				2,665,250
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Zillow Group, Inc., Class A*		4,686		146,250
ROAD & RAIL - 0.9%
JB Hunt Transport Services, Inc.		5,877		1,024,714
Landstar System, Inc.		3,452		562,331
Lyft, Inc., Class A*		30,668		337,961
Old Dominion Freight Line, Inc.		185		52,499
RXO, Inc.*		1,977		34,005
Uber Technologies, Inc.*		7,719		190,891
				2,202,401
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.4%
Allegro MicroSystems, Inc.*		2,667		80,063
Analog Devices, Inc.		9,192		1,507,764
Enphase Energy, Inc.*		10,699		2,834,807
Entegris, Inc.		2,928		192,048
Intel Corp.		8,934		236,126
Lam Research Corp.		411		172,743
Lattice Semiconductor Corp.*		19,211		1,246,410
MaxLinear, Inc.*		1,031		35,003
Microchip Technology, Inc.		20,169		1,416,872
Monolithic Power Systems, Inc.		3,938		1,392,516
ON Semiconductor Corp.*		4,971		310,041
Teradyne, Inc.		11,715		1,023,305
				10,447,698

	Shares/ Principal		Fair Value
SOFTWARE - 13.0%
Alteryx, Inc., Class A*		10,076	$	510,551
ANSYS, Inc.*		5,726		1,383,344
Bill.com Holdings, Inc.*		1,353		147,423
Cadence Design Systems, Inc.*		23,493		3,773,916
Ceridian HCM Holding, Inc.*		6,839		438,722
Confluent, Inc., Class A*		7,362		163,731
Coupa Software, Inc.*		2,253		178,370
Crowdstrike Holdings, Inc., Class A*		15,848		1,668,636
Datadog, Inc., Class A*		15,726		1,155,861
DocuSign, Inc.*		21,375		1,184,603
Dropbox, Inc., Class A*		3,381		75,667
Dynatrace, Inc.*		23,958		917,591
Elastic NV*		4,832		248,848
Fair Isaac Corp.*		1,103		660,234
Five9, Inc.*		3,091		209,755
Fortinet, Inc.*		50,805		2,483,856
HubSpot, Inc.*		5,354		1,548,002
Jamf Holding Corp.*		2,489		53,016
Manhattan Associates, Inc.*		8,865		1,076,211
New Relic, Inc.*		4,831		272,710
Nutanix, Inc., Class A*		9,117		237,498
Palantir Technologies, Inc., Class A*		115,555		741,863
Paycom Software, Inc.*		5,992		1,859,378
Paylocity Holding Corp.*		6,074		1,179,935
PTC, Inc.*		6,398		768,016
Rapid7, Inc.*		4,527		153,827
RingCentral, Inc., Class A*		17,428		616,951
Salesforce, Inc.*		2,480		328,823
SentinelOne, Inc., Class A*		3,280		47,855
ServiceNow, Inc.*		673		261,306
Smartsheet, Inc., Class A*		5,895		232,027
Splunk, Inc.*		12,036		1,036,179
Synopsys, Inc.*		9,662		3,084,980
Teradata Corp.*		10,163		342,087
Unity Software, Inc.*		5,391		154,129
Workday, Inc., Class A*		1,037		173,521
Zoom Video Communications, Inc., Class A*		3,472		235,193
Zscaler, Inc.*		9,052		1,012,919
				30,617,534
SPECIALTY RETAIL - 4.7%
Advance Auto Parts, Inc.		813		119,536
AutoNation, Inc.*		370		39,701
AutoZone, Inc.*		1,535		3,785,586
Best Buy Co., Inc.		12,421		996,289
Carvana Co.*		8,041		38,114
Five Below, Inc.*		183		32,367
Floor & Decor Holdings, Inc., Class A*		800		55,704
Home Depot, Inc. (The)		384		121,290
Lowe's Cos., Inc.		1,275		254,031
O'Reilly Automotive, Inc.*		538		454,088

	Shares/ Principal		Fair Value
SPECIALTY RETAIL - 4.7% (Continued)
Ross Stores, Inc.		2,960	$	343,567
Tractor Supply Co.		8,606		1,936,092
Ulta Beauty, Inc.*		5,366		2,517,030
Williams-Sonoma, Inc.		3,818		438,765
				11,132,160
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 1.5%
Dell Technologies, Inc., Class C		9,088		365,519
Hewlett Packard Enterprise Co.		16,947		270,474
HP, Inc.		51,866		1,393,640
NetApp, Inc.		13,549		813,753
Pure Storage, Inc., Class A*		26,932		720,700
				3,564,086
TEXTILES, APPAREL & LUXURY GOODS - 2.0%
Deckers Outdoor Corp.*		3,482		1,389,875
Lululemon Athletica, Inc.*		10,270		3,290,302
Tapestry, Inc.		3,384		128,863
				4,809,040
TRADING COMPANIES & DISTRIBUTORS - 2.7%
SiteOne Landscape Supply, Inc.*		6,800		797,776
United Rentals, Inc.*		3,783		1,344,554
WESCO International, Inc.*		6,609		827,447
WW Grainger, Inc.		6,127		3,408,143
				6,377,920
TOTAL COMMON STOCKS (Cost - $228,667,872)				233,062,971

	Shares/ Principal		Fair Value
RIGHTS - 0.0%†
ABIOMED, Inc.*		1,883	$	1,921
Achillion Pharmaceuticals, Inc., CVR*		1,183		544
Prevail Therapeutics, CVR*		107		53
TOTAL RIGHTS (Cost - $0)				2,518
WARRANTS - 0.0%†
Chord Energy Corp., expires 12/31/25*		24		1,512
Parker Drilling Co., expires 9/16/24*		20		1
Valaris Ltd., expires 12/31/28*		61		726
TOTAL WARRANTS (Cost - $744)				2,239
SHORT-TERM INVESTMENTS - 1.5%
MONEY MARKET FUNDS - 1.5%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.06% (a) (Cost - $3,587,935)		3,587,935		3,587,935
TOTAL INVESTMENTS - 100.3% (Cost - $232,256,551)			$	236,655,663
OTHER ASSETS LESS LIABILITIES - NET (0.3)%				(663,596	)
TOTAL NET ASSETS - 100.0%			$	235,992,067

* Non-income producing security.

† Represents less than 0.05%.

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

CVR - Contingent Value Rights

PLC - Public Limited Company

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

How did the Portfolio perform during the period?

During 2022, the Class I shares of Global Atlantic BlackRock Disciplined Value Portfolio underperformed its reference benchmark, the Russell 1000^® Value Index. The Portfolio posted a return of -8.37% compared to a benchmark return of -7.54%, a difference of -83 basis points. The following discussion of relative performance pertains to this benchmark.

What factors and allocation decisions influenced the Portfolio's performance?

Portfolio underperformance during 2022 was driven by weakness in the first quarter. Fundamental insights struggled in the first half of the year, driven by environmental, social, and governance ("ESG") and growth-related measures that only partially recovered in the second half of 2022. Within Fundamental insights, Quality measures with a growth tilt led underperformance in the first half amid the market selloff, with the largest detractors being measures of company culture, founder involvement, and company benefits. ESG-related measures also struggled in the first half of the year, particularly environmental-related insights such as those that evaluate green patents and emissions levels, as energy related firms outperformed their lower emissions counterparts. On the positive side, Fundamental Value insights, namely insights evaluating company earnings yield, sales, and other financial statement metrics, were strong contributors, particularly in the first and fourth quarters. Defensive Quality measures also performed well, particularly those related to stability, balance sheet quality, and internal financing ability, which BlackRock's investment team believes was due to the market's focus on corporate financial health. Macro thematic stock selection insights detracted from performance, specifically those designed to track news Sentiment in the energy sector, which was negative for much of the year. Sentiment-based measures provided ballast throughout the year. Specifically, informed investor Sentiment insights as well as measures designed to capture Sentiment from bond markets contributed, as did those measures evaluating credit default swap data amidst the increase in market focus on corporate financial health.

How was the Portfolio positioned at period end?

From a sector positioning perspective, the Portfolio remained largely sector neutral at the end of the period. The Portfolio had slight overweight positions in the information technology and health care sectors and slight underweights in communication services and utilities stocks at the end of the year. The SAE team seeks to maintain a style neutral approach, so the Portfolio did not have any outsized active exposures to any particular style or factor.

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

					Annualized						Operating Expense**
	Inception Date*	One Year			Five Years			Since Inception			Gross Ratio			Net Ratio
Global Atlantic BlackRock Disciplined Value Portfolio
Class I	November 1, 2017		-8.37	%		6.85	%		7.52	%		0.55	%		0.55	%
Class II	November 1, 2017		-8.62	%		6.58	%		7.28	%		0.80	%		0.80	%
Russell 1000^® Value Index^			-7.54	%		6.67	%		7.31	%

* Commencement of operations is November 6, 2017.

** The estimated operating expense ratios for Class I and Class II shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The Russell 1000^® Value Index (Total Return) measures the performance of large- and mid-capitalization value sectors of the U.S. equity market. It is not possible to invest directly in an index.

Comparison of the Change in Value of a $10,000 Investment

Holdings by Asset Class	% of Net Assets
Common Stocks		98.7	%
Short-Term Investments		1.3	%
Other Assets less Liabilities - Net		0.0	%^
		100.0	%

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

^ Represents less than 0.05%.

	Shares/ Principal		Fair Value
COMMON STOCKS - 98.7%
AEROSPACE & DEFENSE - 2.8%
Boeing Co. (The)*		206	$	39,241
Curtiss-Wright Corp.		2,897		483,770
General Dynamics Corp.		7,217		1,790,610
HEICO Corp.		2,906		446,478
Lockheed Martin Corp.		3,779		1,838,445
Northrop Grumman Corp.		2,012		1,097,767
Textron, Inc.		9,461		669,839
				6,366,150
AIR FREIGHT & LOGISTICS - 0.2%
United Parcel Service, Inc., Class B		2,251		391,314
AIRLINES - 0.2%
JetBlue Airways Corp.*		21,854		141,614
Southwest Airlines Co.*		9,588		322,828
United Airlines Holdings, Inc.*		1,464		55,193
				519,635
AUTO COMPONENTS - 0.7%
Aptiv PLC*		2,081		193,803
BorgWarner, Inc.		11,367		457,522
Goodyear Tire & Rubber Co. (The)*		14,055		142,658
Lear Corp.		5,689		705,550
				1,499,533
AUTOMOBILES - 0.2%
General Motors Co.		15,604		524,919
BANKS - 6.2%
Bank of America Corp.		82,337		2,727,001
Citigroup, Inc.		49,414		2,234,995
East West Bancorp, Inc.		501		33,016
Huntington Bancshares, Inc.		38,933		548,955
JPMorgan Chase & Co.		20,125		2,698,763
KeyCorp		17,897		311,766
Pinnacle Financial Partners, Inc.		1,153		84,630
PNC Financial Services Group, Inc. (The)		2,959		467,345
Regions Financial Corp.		33,806		728,857
SVB Financial Group*		497		114,380
Truist Financial Corp.		3,113		133,952
US Bancorp		34,200		1,491,462
Wells Fargo & Co.		58,501		2,415,506
				13,990,628
BEVERAGES - 1.4%
Brown-Forman Corp., Class B		4,253		279,337
Coca-Cola Europacific Partners PLC		7,549		417,611
PepsiCo, Inc.		13,423		2,424,999
				3,121,947

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 1.9%
Amgen, Inc.		2,970	$	780,041
Biogen, Inc.*		1,480		409,841
BioMarin Pharmaceutical, Inc.*		4,077		421,929
Blueprint Medicines Corp.*		1,385		60,677
Exact Sciences Corp.*		7,957		393,951
Exelixis, Inc.*		4,384		70,319
Gilead Sciences, Inc.		14,636		1,256,501
Moderna, Inc.*		1,626		292,062
Regeneron Pharmaceuticals, Inc.*		243		175,322
Seagen, Inc.*		1,386		178,115
Ultragenyx Pharmaceutical, Inc.*		3,016		139,731
				4,178,489
BUILDING PRODUCTS - 0.7%
Allegion PLC		821		86,419
Builders FirstSource, Inc.*		3,557		230,778
Johnson Controls International PLC		9,225		590,400
Masterbrand, Inc.*		860		6,493
Owens Corning		2,831		241,484
Trane Technologies PLC		1,778		298,864
				1,454,438
CAPITAL MARKETS - 2.9%
Bank of New York Mellon Corp. (The)		39,361		1,791,713
Carlyle Group, Inc. (The)		19,938		594,950
Cboe Global Markets, Inc.		8,005		1,004,387
CME Group, Inc.		8,214		1,381,266
Intercontinental Exchange, Inc.		6,615		678,633
LPL Financial Holdings, Inc.		445		96,196
S&P Global, Inc.		2,345		785,434
Tradeweb Markets, Inc., Class A		1,142		74,150
				6,406,729
CHEMICALS - 2.7%
Albemarle Corp.		132		28,625
Corteva, Inc.		23,669		1,391,264
DuPont de Nemours, Inc.		1,274		87,435
Ecolab, Inc.		8,960		1,304,217
FMC Corp.		6,099		761,155
Huntsman Corp.		6,208		170,596
Linde PLC		5,155		1,681,458
Mosaic Co. (The)		3,978		174,515
Sherwin-Williams Co. (The)		1,200		284,796
Valvoline, Inc.		5,203		169,878
				6,053,939
COMMERCIAL SERVICES & SUPPLIES - 0.4%
Cintas Corp.		428		193,293
Rentokil Initial PLC, ADR		1,823		56,167
Republic Services, Inc.		2,241		289,067
Tetra Tech, Inc.		1,905		276,587
				815,114

	Shares/ Principal		Fair Value
COMMUNICATIONS EQUIPMENT - 0.7%
Cisco Systems, Inc.		7,751	$	369,258
Juniper Networks, Inc.		38,877		1,242,509
				1,611,767
CONSTRUCTION & ENGINEERING - 0.5%
AECOM		12,802		1,087,274
CONSUMER FINANCE - 2.9%
Ally Financial, Inc.		30,253		739,686
American Express Co.		20,494		3,027,988
Capital One Financial Corp.		13,300		1,236,368
Discover Financial Services		8,537		835,175
Synchrony Financial		17,505		575,214
				6,414,431
DISTRIBUTORS - 0.0%†
Genuine Parts Co.		534		92,654
DIVERSIFIED FINANCIAL SERVICES - 3.2%
Berkshire Hathaway, Inc., Class B*		19,337		5,973,199
Voya Financial, Inc.		20,557		1,264,050
				7,237,249
DIVERSIFIED TELECOMMUNICATION - 1.6%
AT&T, Inc.		79,800		1,469,118
Lumen Technologies, Inc.		10,076		52,597
Verizon Communications, Inc.		50,347		1,983,672
				3,505,387
ELECTRIC UTILITIES - 2.5%
Edison International		11,901		757,142
Evergy, Inc.		28,650		1,802,944
NextEra Energy, Inc.		12,249		1,024,016
NRG Energy, Inc.		4,936		157,064
Pinnacle West Capital Corp.		3,895		296,176
Portland General Electric Co.		2,456		120,344
Southern Co. (The)		363		25,922
Xcel Energy, Inc.		18,637		1,306,640
				5,490,248
ELECTRICAL EQUIPMENT - 0.9%
AMETEK, Inc.		1,258		175,768
Eaton Corp. PLC		10,514		1,650,172
Sunrun, Inc.*		4,825		115,897
				1,941,837
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.9%
Flex Ltd.*		72,345		1,552,524
TD SYNNEX Corp.		2,661		252,023
TE Connectivity Ltd.		2,689		308,697
				2,113,244

	Shares/ Principal		Fair Value
ENERGY EQUIPMENT & SERVICES - 1.0%
Halliburton Co.		26,287	$	1,034,393
Patterson-UTI Energy, Inc.		14,197		239,078
Schlumberger NV		19,653		1,050,649
				2,324,120
ENTERTAINMENT - 0.8%
Activision Blizzard, Inc.		5,688		435,416
Live Nation Entertainment, Inc.*		5,027		350,583
Spotify Technology SA*		1,103		87,082
Walt Disney Co. (The)*		10,294		894,343
Warner Bros Discovery, Inc.*		7,546		71,536
				1,838,960
EQUITY REAL ESTATE INVESTMENT - 4.6%
Brixmor Property Group, Inc.		28,980		656,976
Crown Castle, Inc.		515		69,855
Equity Residential		37,981		2,240,879
Essex Property Trust, Inc.		8,441		1,788,817
Kimco Realty Corp.		4		85
Lamar Advertising Co., Class A		3,663		345,787
Park Hotels & Resorts, Inc.		5,090		60,011
Prologis, Inc.		20,328		2,291,575
Regency Centers Corp.		7,631		476,937
SBA Communications Corp.		1,573		440,928
Simon Property Group, Inc.		15,129		1,777,355
Ventas, Inc.		4,599		207,185
				10,356,390
FOOD & STAPLES RETAILING - 1.4%
Kroger Co. (The)		19,679		877,290
Walmart, Inc.		15,486		2,195,760
				3,073,050
FOOD PRODUCTS - 2.8%
Archer-Daniels-Midland Co.		6,552		608,353
Bunge Ltd.		1,156		115,334
General Mills, Inc.		272		22,807
Hershey Co. (The)		6,835		1,582,781
Kellogg Co.		4,685		333,760
Mondelez International, Inc., Class A		27,384		1,825,144
Tyson Foods, Inc., Class A		27,297		1,699,238
				6,187,417
HEALTH CARE EQUIPMENT & SUPPLIES - 3.5%
Abbott Laboratories		15,352		1,685,496
Becton Dickinson and Co.		11,202		2,848,669
Boston Scientific Corp.*		22,326		1,033,024
Enovis Corp.*		3,025		161,898
IDEXX Laboratories, Inc.*		443		180,726
Medtronic PLC		24,074		1,871,031
				7,780,844

	Shares/ Principal		Fair Value
HEALTH CARE PROVIDERS & SERVICES - 3.6%
AmerisourceBergen Corp.		4,885	$	809,493
Cigna Corp.		9,038		2,994,651
CVS Health Corp.		20,651		1,924,467
Elevance Health, Inc.		3,259		1,671,769
Humana, Inc.		424		217,168
UnitedHealth Group, Inc.		1,043		552,978
				8,170,526
HEALTH CARE TECHNOLOGY - 0.4%
Teladoc Health, Inc.*		22,352		528,625
Veeva Systems, Inc., Class A*		2,163		349,065
				877,690
HOTELS, RESTAURANTS & LEISURE - 1.3%
Caesars Entertainment, Inc.*		1,954		81,286
Darden Restaurants, Inc.		1,963		271,542
Hilton Grand Vacations, Inc.*		2,521		97,159
McDonald's Corp.		2,648		697,827
MGM Resorts International		721		24,175
Royal Caribbean Cruises Ltd.*		1,572		77,704
Starbucks Corp.		5,314		527,149
Travel + Leisure Co.		28,779		1,047,556
				2,824,398
HOUSEHOLD DURABLES - 0.7%
Garmin Ltd.		369		34,055
Lennar Corp., Class A		2,921		264,350
Toll Brothers, Inc.		1,953		97,494
TopBuild Corp.*		1,506		235,674
Whirlpool Corp.		5,735		811,273
				1,442,846
HOUSEHOLD PRODUCTS - 2.0%
Colgate-Palmolive Co.		28,915		2,278,213
Procter & Gamble Co. (The)		14,796		2,242,482
				4,520,695
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS - 0.5%
Brookfield Renewable Corp., Class A		4,450		122,553
Clearway Energy, Inc., Class C		2,035		64,855
Vistra Corp.		38,649		896,657
				1,084,065
INDUSTRIAL CONGLOMERATES - 0.4%
Honeywell International, Inc.		4,369		936,277
INSURANCE - 4.1%
Allstate Corp. (The)		6,749		915,164
American Financial Group, Inc./OH		807		110,785
Assured Guaranty Ltd.		445		27,706
Everest Re Group Ltd.		313		103,688
Hartford Financial Services Group, Inc. (The)		17,493		1,326,494

	Shares/ Principal		Fair Value
INSURANCE - 4.1% (Continued)
Marsh & McLennan Cos., Inc.		11,333	$	1,875,385
MetLife, Inc.		35,441		2,564,865
Reinsurance Group of America, Inc.		222		31,544
Travelers Cos., Inc. (The)		9,889		1,854,089
Unum Group		4,659		191,159
W R Berkley Corp.		3,878		281,426
				9,282,305
INTERACTIVE MEDIA & SERVICES - 2.0%
Alphabet, Inc., Class A*		10,878		959,766
Alphabet, Inc., Class C*		8,433		748,260
Meta Platforms, Inc., Class A*		21,284		2,561,317
Snap, Inc., Class A*		21,860		195,647
				4,464,990
INTERNET & DIRECT MARKETING RETAIL - 0.4%
Amazon.com, Inc.*		1,548		130,032
eBay, Inc.		18,736		776,982
				907,014
IT SERVICES - 2.0%
Accenture PLC, Class A		96		25,617
Automatic Data Processing, Inc.		1,744		416,572
Block, Inc.*		3,325		208,943
Cognizant Technology Solutions Corp., Class A		21,241		1,214,773
Fidelity National Information Services, Inc.		9,050		614,042
Gartner, Inc.*		921		309,585
Okta, Inc.*		1,186		81,039
PayPal Holdings, Inc.*		19,618		1,397,194
StoneCo Ltd., Class A*		9,270		87,509
Twilio, Inc., Class A*		3,032		148,447
				4,503,721
LIFE SCIENCES TOOLS & SERVICES - 3.3%
Agilent Technologies, Inc.		7,229		1,081,820
Danaher Corp.		10,993		2,917,762
PerkinElmer, Inc.		2,824		395,981
Syneos Health, Inc.*		799		29,307
Thermo Fisher Scientific, Inc.		5,446		2,999,058
				7,423,928
MACHINERY - 3.7%
Allison Transmission Holdings, Inc.		1,455		60,528
Deere & Co.		2,928		1,255,409
Illinois Tool Works, Inc.		1,790		394,337
PACCAR, Inc.		13,126		1,299,080
Snap-on, Inc.		7,001		1,599,659
Stanley Black & Decker, Inc.		4,425		332,406
Timken Co. (The)		22,244		1,571,983
Xylem, Inc.		16,642		1,840,106
				8,353,508

	Shares/ Principal		Fair Value
MEDIA - 1.9%
Comcast Corp., Class A		62,109	$	2,171,952
Fox Corp., Class A		69,396		2,107,557
Fox Corp., Class B		1,872		53,258
Liberty Media Corp.-Liberty SiriusXM, Class A*		649		25,512
				4,358,279
METALS & MINING - 0.9%
Commercial Metals Co.		3,756		181,415
Newmont Corp.		18,917		892,882
Reliance Steel & Aluminum Co.		1,917		388,078
Steel Dynamics, Inc.		6,349		620,297
				2,082,672
MULTILINE RETAIL - 0.1%
Target Corp.		1,836		273,637
MULTI-UTILITIES - 2.0%
Ameren Corp.		324		28,810
Black Hills Corp.		3,461		243,447
CMS Energy Corp.		29,450		1,865,068
Dominion Energy, Inc.		741		45,438
DTE Energy Co.		19,132		2,248,584
				4,431,347
OIL, GAS & CONSUMABLE FUELS - 7.7%
Chevron Corp.		30,742		5,517,882
ConocoPhillips		6,724		793,432
EOG Resources, Inc.		8,032		1,040,305
Exxon Mobil Corp.		54,375		5,997,563
Marathon Oil Corp.		19,535		528,812
Marathon Petroleum Corp.		16,592		1,931,143
Ovintiv, Inc.		1,489		75,507
Phillips 66		1,942		202,123
Valero Energy Corp.		4,840		614,002
Williams Cos., Inc. (The)		14,858		488,828
				17,189,597
PHARMACEUTICALS - 5.4%
Bristol-Myers Squibb Co.		20,274		1,458,714
Eli Lilly and Co.		2,697		986,671
Johnson & Johnson		28,939		5,112,074
Merck & Co., Inc.		10,303		1,143,118
Perrigo Co. PLC		4,013		136,803
Pfizer, Inc.		63,566		3,257,122
Viatris, Inc.		10,307		114,717
				12,209,219
PROFESSIONAL SERVICES - 0.2%
CoStar Group, Inc.*		287		22,179
KBR, Inc.		3,957		208,930
ManpowerGroup, Inc.		2,324		193,380
				424,489

	Shares/ Principal		Fair Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%†
Zillow Group, Inc., Class A*		685	$	21,379
ROAD & RAIL - 0.8%
CSX Corp.		33,557		1,039,596
Lyft, Inc., Class A*		5,032		55,453
Ryder System, Inc.		1,087		90,841
Schneider National, Inc., Class B		18,811		440,177
Uber Technologies, Inc.*		9,910		245,074
				1,871,141
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
Analog Devices, Inc.		16,910		2,773,747
Cirrus Logic, Inc.*		694		51,689
Enphase Energy, Inc.*		135		35,770
Intel Corp.		77,584		2,050,545
Lam Research Corp.		193		81,118
Silicon Laboratories, Inc.*		1,347		182,748
				5,175,617
SOFTWARE - 2.0%
Adobe, Inc.*		1,103		371,193
Alteryx, Inc., Class A*		797		40,384
ANSYS, Inc.*		353		85,281
Autodesk, Inc.*		115		21,490
Bill.com Holdings, Inc.*		2,136		232,738
Box, Inc., Class A*		2,311		71,941
DocuSign, Inc.*		292		16,183
HubSpot, Inc.*		204		58,982
Intuit, Inc.		76		29,581
Manhattan Associates, Inc.*		1,040		126,256
Microsoft Corp.		2,186		524,246
Paycom Software, Inc.*		57		17,688
Paylocity Holding Corp.*		434		84,309
Rapid7, Inc.*		3,522		119,678
RingCentral, Inc., Class A*		2,309		81,739
Salesforce, Inc.*		14,079		1,866,735
ServiceNow, Inc.*		785		304,792
VMware, Inc., Class A*		1,081		132,704
Workday, Inc., Class A*		1,741		291,321
				4,477,241
SPECIALTY RETAIL - 1.7%
AutoNation, Inc.*		1,297		139,168
AutoZone, Inc.*		34		83,850
Best Buy Co., Inc.		4,607		369,527
Dick's Sporting Goods, Inc.		780		93,826
Home Depot, Inc. (The)		7,003		2,211,968
Lowe's Cos., Inc.		3,023		602,303
Penske Automotive Group, Inc.		1,326		152,397
Ulta Beauty, Inc.*		385		180,592
				3,833,631

Investment Objective

The Portfolio seeks to provide total return.

Management Review

The Portfolio is sub-advised by BlackRock Investment Management, LLC ("BlackRock").

How did the Portfolio perform during the period?

During 2022, the Class I shares of Global Atlantic BlackRock High Yield Portfolio outperformed its reference benchmark, the ICE BofA BB-B U.S. High Yield Constrained Index. The Portfolio posted a return of -9.64% compared to a benchmark return of -10.58%, a difference of 94 basis points. The following discussion of relative performance pertains to this benchmark.

What factors and allocation decisions influenced the Portfolio's performance?

The high yield ("HY") fixed income market began 2022 significantly weaker than in the recent past, posting its second largest monthly loss since 2015 in January. Lower-quality HY bonds outperformed higher-quality HY, with distressed and the highest spread quartile being the best performing segments of credit. From a sector-perspective, energy and transportation were the main outperformers. The HY market remained weak in the second quarter, with single-B-rated companies and energy continuing to outperform BB- and CCC-rated companies as investors avoided duration-sensitive BB-rated companies and low-quality CCC-rated companies. While energy outperformed throughout the year, there was a very notable trend reversal in BB vs B/CCC performance in May, where over a 1-week period BB spreads moved 20% tighter while CCC spreads lagged at only 7% tighter. While the third quarter started well given the strong rally in treasuries, particularly in BB-rated bonds as investors seemed to prefer larger, more liquid, higher-quality companies, the rally was short-lived as the ICE BofA U.S. Bond Market Option Volatility Estimate ("MOVE") Index hit a peak at 155, a level not seen since 2008. The HY market ended the year with a stronger fourth quarter, although it varied by credit rating. BB- and B-rated companies each produced over 2% total returns while CCC-rated companies were flat, as there was a clear bias from investors for higher-quality risk.

With the steep rise in interest rates, HY bond new issuance fell nearly 80% to $103 billion in 2022, down from $470 billion in 2021, while the default rate of 0.99% was higher than the 0.29% posted in 2021 but still well below the long-term average of 3.2%.

The primary contributor to the Portfolio's performance during the period was security selection in the media sector, particularly within cable & satellite TV and media content. Security selection within the healthcare and leisure sectors, specifically in the pharmaceuticals and recreation & travel sub-sectors, were also beneficial to performance. The primary detractor to the Portfolio's performance during the period was security selection in financial services, particularly within the lease financing sub-sector. Security selection within the basic industry and automotive sectors also detracted from performance, particularly the chemicals and auto manufacturers sub-sectors.

How was the Portfolio positioned at period end?

At period end, the Portfolio was overweight financial services, basic industry, and energy. The largest sector underweights were healthcare, media, and technology & electronics. The Portfolio increased its underweight to the healthcare sector, primarily driven by increasing the underweight in health facilities. Within media, the Portfolio increased its underweight, mainly driven by increasing the underweight in the media content subsector. Over the period, the Portfolio moved from underweight to overweight banking.

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

					Annualized						Operating Expense**
	Inception Date*	One Year			Five Years			Since Inception			Gross Ratio			Net Ratio
Global Atlantic BlackRock High Yield Portfolio
Class I	November 1, 2017		-9.64	%		1.82	%		1.61	%		0.61	%		0.61	%
Class II	November 1, 2017		-9.84	%		1.57	%		1.36	%		0.86	%		0.86	%
ICE BofA BB-B U.S. High Yield Constrained Index^			-10.58	%		2.31	%		2.21	%

* Commencement of operations is November 6, 2017.

** The estimated operating expense ratios for Class I and Class II shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The ICE BofA BB-B U.S. High Yield Constrained Index contains all securities in the ICE BofA U.S. High Yield Index rated BB1 through B3, based on an average of Moody's, S&P, and Fitch, but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. It is not possible to invest directly in an index.

Comparison of the Change in Value of a $10,000 Investment

Holdings by Asset Class	% of Net Assets
Corporate Bonds and Notes		97.9	%
Short-Term Investments		0.3	%
Other Assets less Liabilities - Net		1.8	%
		100.0	%

Please refer to the Portfolio of Investments in this annual report for more information regarding the Portfolio's holdings as of December 31, 2022.

Derivative exposure is included in "Other Assets less Liabilities - Net"

	Shares/ Principal		Fair Value
CORPORATE BONDS AND NOTES - 97.9%
ADVERTISING - 0.3%
Stagwell Global LLC, 5.63%, 8/15/29 (a)	$	200,000	$	164,916
AEROSPACE & DEFENSE - 3.2%
Bombardier, Inc.
7.13%, 6/15/26 (a)		115,000		111,569
7.88%, 4/15/27 (a)		275,000		266,749
Howmet Aerospace, Inc.
5.90%, 2/1/27		150,000		148,875
6.75%, 1/15/28		90,000		91,125
Rolls-Royce PLC, 5.75%, 10/15/27 (a)		200,000		190,500
Spirit AeroSystems, Inc., 9.38%, 11/30/29 (a)		80,000		84,216
TransDigm, Inc.
6.25%, 3/15/26 (a)		207,000		204,141
7.50%, 3/15/27		250,000		247,345
5.50%, 11/15/27		185,000		173,612
Triumph Group, Inc., 8.88%, 6/1/24 (a)		78,000		79,365
				1,597,497
AGRICULTURE - 0.9%
Vector Group Ltd., 5.75%, 2/1/29 (a)		520,000		450,871
AIRLINES - 3.1%
American Airlines, Inc., 11.75%, 7/15/25 (a)		165,000		176,959
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 4/20/26 (a)		220,000		211,503
5.75%, 4/20/29 (a)		484,000		441,501
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
8.00%, 9/20/25 (a)		95,000		95,488
8.00%, 9/20/25 (a)		60,000		60,193
United Airlines Holdings, Inc., 4.88%, 1/15/25		25,000		23,875
United Airlines, Inc.
4.38%, 4/15/26 (a)		436,000		404,140
4.63%, 4/15/29 (a)		140,000		121,897
				1,535,556
AUTO MANUFACTURERS - 2.5%
Allison Transmission, Inc.
5.88%, 6/1/29 (a)		105,000		98,605
3.75%, 1/30/31 (a)		46,000		37,835
Ford Motor Co.
9.63%, 4/22/30		140,000		158,372
6.10%, 8/19/32		105,000		97,138
4.75%, 1/15/43		48,000		34,476
Ford Motor Credit Co. LLC
7.35%, 11/4/27		259,000		265,397
5.11%, 5/3/29		115,000		104,138
Jaguar Land Rover Automotive PLC
7.75%, 10/15/25 (a)		55,000		50,600
5.88%, 1/15/28 (a)		275,000		209,054
Wabash National Corp., 4.50%, 10/15/28 (a)		203,000		172,800
				1,228,415

	Shares/ Principal		Fair Value
AUTO PARTS & EQUIPMENT - 1.1%
IHO Verwaltungs GmbH, 4.75% Cash, or 5.50% PIK, 9/15/26 (a),(b)	$	200,000	$	173,073
Titan International, Inc., 7.00%, 4/30/28		380,000		358,766
				531,839
BANKS - 1.4%
Deutsche Bank AG/New York NY, 5.88%, (SOFR + 5.44%), 7/8/31 (c)		200,000		173,228
Intesa Sanpaolo SpA
4.20%, (US 1 Year CMT T-Note + 2.60%), 6/1/32 (a),(c)		330,000		243,185
8.25%, (US 1 Year CMT T-Note + 4.40%), 11/21/33 (a),(c)		200,000		203,594
4.95%, (US 1 Year CMT T-Note + 2.75%), 6/1/42 (a),(c)		100,000		64,530
				684,537
BIOTECHNOLOGY - 0.1%
Emergent BioSolutions, Inc., 3.88%, 8/15/28 (a)		85,000		42,251
BUILDING MATERIALS - 1.0%
Boise Cascade Co., 4.88%, 7/1/30 (a)		135,000		117,501
Eco Material Technologies, Inc., 7.88%, 1/31/27 (a)		95,000		90,412
Griffon Corp., 5.75%, 3/1/28		25,000		22,875
Louisiana-Pacific Corp., 3.63%, 3/15/29 (a)		325,000		280,750
				511,538
CHEMICALS - 2.2%
Ashland LLC, 3.38%, 9/1/31 (a)		216,000		172,607
CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 6/15/28 (a)		455,000		408,117
Mativ Holdings, Inc., 6.88%, 10/1/26 (a)		183,000		161,498
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.00%, 1/27/30 (a)		186,000		160,425
Rayonier AM Products, Inc., 7.63%, 1/15/26 (a)		142,000		135,440
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29 (a)		18,000		14,760
Valvoline, Inc., 3.63%, 6/15/31 (a)		48,000		39,385
				1,092,232
COAL - 0.9%
SunCoke Energy, Inc., 4.88%, 6/30/29 (a)		282,000		242,065
Warrior Met Coal, Inc., 7.88%, 12/1/28 (a)		205,000		201,615
				443,680
COMMERCIAL SERVICES - 6.7%
ADT Security Corp. (The)
4.13%, 8/1/29 (a)		62,000		52,728
4.88%, 7/15/32 (a)		163,000		138,522
Adtalem Global Education, Inc., 5.50%, 3/1/28 (a)		286,000		259,545
Alta Equipment Group, Inc., 5.63%, 4/15/26 (a)		83,000		74,708

	Shares/ Principal		Fair Value
COMMERCIAL SERVICES - 6.7% (Continued)
AMN Healthcare, Inc., 4.63%, 10/1/27 (a)	$	55,000	$	50,714
APX Group, Inc., 6.75%, 2/15/27 (a)		55,000		52,940
ASGN, Inc., 4.63%, 5/15/28 (a)		213,000		192,808
CoreCivic, Inc., 8.25%, 4/15/26		175,000		179,463
CPI CG, Inc., 8.63%, 3/15/26 (a)		226,000		222,085
Deluxe Corp., 8.00%, 6/1/29 (a)		250,000		205,625
Gartner, Inc.
4.50%, 7/1/28 (a)		188,000		175,278
3.63%, 6/15/29 (a)		50,000		43,936
3.75%, 10/1/30 (a)		80,000		68,955
GEO Group, Inc. (The), 10.50%, 6/30/28		165,000		166,617
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75%, 4/15/26 (a)		195,000		187,127
6.25%, 1/15/28 (a)		449,000		408,662
Rent-A-Center, Inc./TX, 6.38%, 2/15/29 (a)		210,000		169,879
Sabre GLBL, Inc., 11.25%, 12/15/27 (a)		30,000		30,881
Service Corp. International
5.13%, 6/1/29		70,000		65,629
4.00%, 5/15/31		243,000		204,773
Williams Scotsman International, Inc.
6.13%, 6/15/25 (a)		42,000		41,580
4.63%, 8/15/28 (a)		329,000		296,923
ZipRecruiter, Inc., 5.00%, 1/15/30 (a)		100,000		82,442
				3,371,820
COMPUTERS - 1.1%
Booz Allen Hamilton, Inc.
3.88%, 9/1/28 (a)		30,000		26,579
4.00%, 7/1/29 (a)		119,000		104,737
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/1/29 (a)		23,000		18,791
KBR, Inc., 4.75%, 9/30/28 (a)		128,000		113,064
Science Applications International Corp., 4.88%, 4/1/28 (a)		187,000		172,973
Unisys Corp., 6.88%, 11/1/27 (a)		135,000		103,619
				539,763
COSMETICS & PERSONAL CARE - 0.8%
Coty, Inc., 5.00%, 4/15/26 (a)		235,000		222,844
Coty, Inc./HFC Prestige Products, Inc./ HFC Prestige International US LLC, 4.75%, 1/15/29 (a)		210,000		190,050
				412,894
DISTRIBUTION & WHOLESALE - 0.2%
G-III Apparel Group Ltd., 7.88%, 8/15/25 (a)		100,000		93,270
DIVERSIFIED FINANCIAL SERVICES - 3.5%
AG TTMT Escrow Issuer LLC, 8.63%, 9/30/27 (a)		75,000		75,375
Coinbase Global, Inc., 3.38%, 10/1/28 (a)		290,000		153,294
Credit Acceptance Corp., 6.63%, 3/15/26		45,000		42,644

	Shares/ Principal		Fair Value
DIVERSIFIED FINANCIAL SERVICES - 3.5% (Continued)
Enova International, Inc., 8.50%, 9/15/25 (a)	$	395,000	$	365,295
LPL Holdings, Inc.
4.63%, 11/15/27 (a)		93,000		86,870
4.38%, 5/15/31 (a)		48,000		40,807
Nationstar Mortgage Holdings, Inc.
6.00%, 1/15/27 (a)		65,000		58,175
5.50%, 8/15/28 (a)		140,000		114,158
5.75%, 11/15/31 (a)		440,000		342,100
OneMain Finance Corp., 7.13%, 3/15/26		100,000		95,088
United Wholesale Mortgage LLC
5.50%, 11/15/25 (a)		140,000		126,087
5.75%, 6/15/27 (a)		311,000		267,737
				1,767,630
ELECTRIC - 3.0%
Clearway Energy Operating LLC
4.75%, 3/15/28 (a)		120,000		110,649
3.75%, 1/15/32 (a)		80,000		64,020
DPL, Inc.
4.13%, 7/1/25		55,000		51,700
4.35%, 4/15/29		110,000		98,866
NextEra Energy Operating Partners LP, 4.25%, 7/15/24 (a)		50,000		48,500
NRG Energy, Inc., 5.25%, 6/15/29 (a)		272,000		239,205
PG&E Corp., 5.25%, 7/1/30		595,000		541,450
Vistra Operations Co. LLC
5.63%, 2/15/27 (a)		115,000		109,225
4.38%, 5/1/29 (a)		275,000		237,264
				1,500,879
ELECTRONICS - 0.4%
Atkore, Inc., 4.25%, 6/1/31 (a)		55,000		47,163
Flex Ltd., 6.00%, 1/15/28		130,000		130,248
TTM Technologies, Inc., 4.00%, 3/1/29 (a)		25,000		21,439
				198,850
ENERGY-ALTERNATE SOURCES - 0.2%
TerraForm Power Operating LLC, 5.00%, 1/31/28 (a)		100,000		89,480
ENGINEERING & CONSTRUCTION - 0.7%
AECOM, 5.13%, 3/15/27		190,000		182,875
Dycom Industries, Inc., 4.50%, 4/15/29 (a)		9,000		7,834
MasTec, Inc., 6.63%, 8/15/29 (a)		161,000		144,095
				334,804
ENTERTAINMENT - 1.2%
Boyne USA, Inc., 4.75%, 5/15/29 (a)		82,000		72,574
CDI Escrow Issuer, Inc., 5.75%, 4/1/30 (a)		35,000		31,375
Churchill Downs, Inc., 5.50%, 4/1/27 (a)		55,000		52,115
Cinemark USA, Inc., 5.88%, 3/15/26 (a)		57,000		47,478
International Game Technology PLC, 6.50%, 2/15/25 (a)		100,000		100,609

	Shares/ Principal		Fair Value
ENTERTAINMENT - 1.2% (Continued)
Jacobs Entertainment, Inc., 6.75%, 2/15/29 (a)	$	45,000	$	40,618
Live Nation Entertainment, Inc., 4.88%, 11/1/24 (a)		200,000		193,649
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 5/1/29 (a)		40,000		34,035
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25 (a)		30,000		29,834
				602,287
ENVIRONMENTAL CONTROL - 0.8%
Covanta Holding Corp., 5.00%, 9/1/30		195,000		157,470
GFL Environmental, Inc., 5.13%, 12/15/26 (a)		35,000		33,473
Harsco Corp., 5.75%, 7/31/27 (a)		211,000		166,599
Tervita Corp., 11.00%, 12/1/25 (a)		50,000		53,753
				411,295
FOOD - 2.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.88%, 2/15/28 (a)		145,000		137,849
Ingles Markets, Inc., 4.00%, 6/15/31 (a)		163,000		137,090
Lamb Weston Holdings, Inc.
4.88%, 5/15/28 (a)		50,000		47,375
4.13%, 1/31/30 (a)		166,000		146,611
4.38%, 1/31/32 (a)		346,000		302,300
Pilgrim's Pride Corp., 5.88%, 9/30/27 (a)		190,000		184,295
Post Holdings, Inc.
5.75%, 3/1/27 (a)		106,000		102,510
5.63%, 1/15/28 (a)		175,000		164,735
5.50%, 12/15/29 (a)		170,000		153,836
				1,376,601
FOOD SERVICE - 0.2%
Aramark Services, Inc.
6.38%, 5/1/25 (a)		41,000		40,496
5.00%, 2/1/28 (a)		78,000		72,769
				113,265
FOREST PRODUCTS & PAPER - 1.0%
Domtar Corp., 6.75%, 10/1/28 (a)		344,000		301,208
Resolute Forest Products, Inc., 4.88%, 3/1/26 (a)		160,000		157,541
Sylvamo Corp., 7.00%, 9/1/29 (a)		69,000		65,668
				524,417
GAS - 1.0%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.63%, 5/20/24		150,000		145,602
5.88%, 8/20/26		165,000		156,702
5.75%, 5/20/27		194,000		180,297
				482,601

	Shares/ Principal		Fair Value
HEALTHCARE-PRODUCTS - 0.3%
Garden Spinco Corp., 8.63%, 7/20/30 (a)	$	82,000	$	86,920
Hologic, Inc.
4.63%, 2/1/28 (a)		25,000		23,558
3.25%, 2/15/29 (a)		75,000		64,402
				174,880
HEALTHCARE-SERVICES - 1.8%
Acadia Healthcare Co., Inc.
5.50%, 7/1/28 (a)		300,000		284,550
5.00%, 4/15/29 (a)		200,000		183,940
DaVita, Inc., 4.63%, 6/1/30 (a)		64,000		51,373
Encompass Health Corp., 4.63%, 4/1/31		211,000		181,358
Molina Healthcare, Inc.
4.38%, 6/15/28 (a)		160,000		146,014
3.88%, 5/15/32 (a)		38,000		31,557
				878,792
HOME BUILDERS - 1.1%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
6.25%, 9/15/27 (a)		90,000		79,929
5.00%, 6/15/29 (a)		85,000		66,416
Century Communities, Inc., 6.75%, 6/1/27		25,000		23,875
Installed Building Products, Inc., 5.75%, 2/1/28 (a)		99,000		89,015
KB Home, 7.25%, 7/15/30		50,000		48,585
Thor Industries, Inc., 4.00%, 10/15/29 (a)		77,000		60,471
Winnebago Industries, Inc., 6.25%, 7/15/28 (a)		179,000		166,953
				535,244
INSURANCE - 0.2%
MGIC Investment Corp., 5.25%, 8/15/28		128,000		118,027
INTERNET - 1.4%
Cars.com, Inc., 6.38%, 11/1/28 (a)		190,000		168,813
Cogent Communications Group, Inc., 7.00%, 6/15/27 (a)		170,000		166,588
Gen Digital, Inc., 6.75%, 9/30/27 (a)		165,000		161,700
GrubHub Holdings, Inc., 5.50%, 7/1/27 (a)		67,000		48,518
Ziff Davis, Inc., 4.63%, 10/15/30 (a)		197,000		166,697
				712,316
INVESTMENT COMPANIES - 2.1%
Compass Group Diversified Holdings LLC, 5.00%, 1/15/32 (a)		95,000		75,056
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.75%, 9/15/24		250,000		239,649
6.38%, 12/15/25		200,000		194,020
6.25%, 5/15/26		190,000		182,570
5.25%, 5/15/27		200,000		183,120
4.38%, 2/1/29		210,000		177,587
				1,052,002

	Shares/ Principal		Fair Value
IRON & STEEL - 2.1%
ATI, Inc.
5.88%, 12/1/27	$	139,000	$	132,924
5.13%, 10/1/31		122,000		107,433
Carpenter Technology Corp., 7.63%, 3/15/30		250,000		250,597
Commercial Metals Co.
4.13%, 1/15/30		28,000		24,776
4.38%, 3/15/32		115,000		100,041
Mineral Resources Ltd.
8.13%, 5/1/27 (a)		135,000		135,936
8.00%, 11/1/27 (a)		75,000		76,689
8.50%, 5/1/30 (a)		210,000		212,841
				1,041,237
LEISURE TIME - 3.3%
Carnival Corp.
7.63%, 3/1/26 (a)		379,000		300,393
5.75%, 3/1/27 (a)		35,000		24,991
9.88%, 8/1/27 (a)		90,000		85,050
6.00%, 5/1/29 (a)		193,000		128,612
10.50%, 6/1/30 (a)		146,000		118,764
Royal Caribbean Cruises Ltd.
11.50%, 6/1/25 (a)		148,000		158,730
5.50%, 8/31/26 (a)		359,000		301,566
11.63%, 8/15/27 (a)		373,000		373,932
Vista Outdoor, Inc., 4.50%, 3/15/29 (a)		229,000		168,141
				1,660,179
LODGING - 1.3%
Hilton Domestic Operating Co., Inc.
4.88%, 1/15/30		175,000		158,587
3.63%, 2/15/32 (a)		180,000		144,144
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 4/1/27		200,000		190,365
Marriott Ownership Resorts, Inc., 6.13%, 9/15/25 (a)		36,000		37,103
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25 (a)		100,000		94,935
				625,134
MACHINERY-CONSTRUCTION & MINING - 0.2%
BWX Technologies, Inc., 4.13%, 6/30/28 (a)		125,000		112,344
MACHINERY-DIVERSIFIED - 0.2%
Chart Industries, Inc.
7.50%, 1/1/30 (a)		45,000		45,193
9.50%, 1/1/31 (a)		63,000		64,502
				109,695
MEDIA - 5.5%
Altice Financing SA, 5.75%, 8/15/29 (a)		75,000		58,992
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 2/1/28 (a)		46,000		41,573

	Shares/ Principal		Fair Value
MEDIA - 5.5% (Continued)
5.38%, 6/1/29 (a)	$	162,000	$	145,888
4.75%, 3/1/30 (a)		115,000		98,044
DIRECTV Financing LLC / DIRECTV Financing Co.-Obligor, Inc., 5.88%, 8/15/27 (a)		635,000		568,109
DISH DBS Corp.
7.75%, 7/1/26		152,000		122,846
7.38%, 7/1/28		461,000		326,158
GCI LLC, 4.75%, 10/15/28 (a)		90,000		75,607
Liberty Interactive LLC, 8.50%, 7/15/29		25,000		12,268
Nexstar Media, Inc., 4.75%, 11/1/28 (a)		143,000		123,695
Scripps Escrow II, Inc., 5.38%, 1/15/31 (a)		17,000		13,626
Scripps Escrow, Inc., 5.88%, 7/15/27 (a)		76,000		67,830
Sirius XM Radio, Inc.
3.13%, 9/1/26 (a)		25,000		22,198
4.00%, 7/15/28 (a)		95,000		82,678
5.50%, 7/1/29 (a)		369,000		336,816
4.13%, 7/1/30 (a)		46,000		37,960
3.88%, 9/1/31 (a)		112,000		87,379
Univision Communications, Inc., 7.38%, 6/30/30 (a)		50,000		47,785
Virgin Media Finance PLC, 5.00%, 7/15/30 (a)		300,000		240,353
Virgin Media Secured Finance PLC, 5.50%, 5/15/29 (a)		200,000		179,156
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 7/15/28 (a)		25,000		21,866
VZ Secured Financing BV, 5.00%, 1/15/32 (a)		75,000		60,947
				2,771,774
MINING - 2.1%
Arconic Corp., 6.13%, 2/15/28 (a)		76,000		71,308
Eldorado Gold Corp., 6.25%, 9/1/29 (a)		307,000		268,573
FMG Resources August 2006 Pty Ltd.
5.88%, 4/15/30 (a)		206,000		191,895
6.13%, 4/15/32 (a)		75,000		69,945
Hecla Mining Co., 7.25%, 2/15/28		103,000		101,417
Taseko Mines Ltd., 7.00%, 2/15/26 (a)		398,000		349,977
				1,053,115
MISCELLANEOUS MANUFACTURING - 0.1%
LSB Industries, Inc., 6.25%, 10/15/28 (a)		44,000		40,258
OFFICE & BUSINESS EQUIPMENT - 1.1%
Pitney Bowes, Inc.
6.88%, 3/15/27 (a)		10,000		8,549
7.25%, 3/15/29 (a)		277,000		216,616
Xerox Holdings Corp., 5.50%, 8/15/28 (a)		406,000		324,973
				550,138
OIL & GAS - 10.2%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26 (a)		20,000		19,839
Antero Resources Corp., 7.63%, 2/1/29 (a)		54,000		54,310

	Shares/ Principal		Fair Value
OIL & GAS - 10.2% (Continued)
Apache Corp.
4.25%, 1/15/30	$	15,000	$	13,274
6.00%, 1/15/37		50,000		46,082
5.10%, 9/1/40		147,000		121,821
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
8.25%, 12/31/28 (a)		20,000		19,604
5.88%, 6/30/29 (a)		50,000		44,581
Athabasca Oil Corp., 9.75%, 11/1/26 (a)		44,000		46,420
Baytex Energy Corp., 8.75%, 4/1/27 (a)		145,000		147,533
Berry Petroleum Co. LLC, 7.00%, 2/15/26 (a)		180,000		165,318
California Resources Corp., 7.13%, 2/1/26 (a)		185,000		177,792
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.25%, 7/15/24 (a)		40,000		40,400
Chesapeake Energy Corp., 5.50%, 2/1/26 (a)		10,000		9,650
Chord Energy Corp., 6.38%, 6/1/26 (a)		355,000		345,745
CNX Resources Corp., 7.25%, 3/14/27 (a)		7,000		6,948
Crescent Energy Finance LLC, 7.25%, 5/1/26 (a)		85,000		80,099
CVR Energy, Inc.
5.25%, 2/15/25 (a)		135,000		124,200
5.75%, 2/15/28 (a)		25,000		21,763
Energean PLC, 6.50%, 4/30/27 (a)		300,000		276,944
EnQuest PLC, 11.63%, 11/1/27 (a)		170,000		159,844
Harbour Energy PLC, 5.50%, 10/15/26 (a)		115,000		103,054
Ithaca Energy North Sea PLC, 9.00%, 7/15/26 (a)		200,000		196,584
Laredo Petroleum, Inc.
9.50%, 1/15/25		100,000		98,571
10.13%, 1/15/28		50,000		48,758
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.00%, 8/1/26 (a)		50,000		48,375
Matador Resources Co., 5.88%, 9/15/26		170,000		163,370
MEG Energy Corp., 5.88%, 2/1/29 (a)		185,000		174,460
Northern Oil and Gas, Inc., 8.13%, 3/1/28 (a)		335,000		321,784
Occidental Petroleum Corp., 6.45%, 9/15/36		65,000		66,300
PBF Holding Co. LLC / PBF Finance Corp.
7.25%, 6/15/25		60,000		59,287
6.00%, 2/15/28		474,000		423,045
PDC Energy, Inc., 5.75%, 5/15/26		205,000		195,687
Permian Resources Operating LLC, 5.88%, 7/1/29 (a)		45,000		38,649
Petrofac Ltd., 9.75%, 11/15/26 (a)		90,000		50,850
Precision Drilling Corp.
7.13%, 1/15/26 (a)		50,000		48,375
6.88%, 1/15/29 (a)		14,000		13,034
ROCC Holdings LLC, 9.25%, 8/15/26 (a)		180,000		179,171
SM Energy Co., 6.50%, 7/15/28		100,000		95,877

	Shares/ Principal		Fair Value
OIL & GAS - 10.2% (Continued)
Sunoco LP / Sunoco Finance Corp.
6.00%, 4/15/27	$	220,000	$	216,634
4.50%, 5/15/29		110,000		96,217
Talos Production, Inc., 12.00%, 1/15/26		250,000		262,916
Vermilion Energy, Inc., 6.88%, 5/1/30 (a)		205,000		187,543
Viper Energy Partners LP, 5.38%, 11/1/27 (a)		75,000		71,213
				5,081,921
OIL & GAS SERVICES - 1.4%
CGG SA, 8.75%, 4/1/27 (a)		150,000		121,153
Enerflex Ltd., 9.00%, 10/15/27 (a)		190,000		189,477
Oceaneering International, Inc., 4.65%, 11/15/24		60,000		57,302
Weatherford International Ltd., 8.63%, 4/30/30 (a)		364,000		349,552
				717,484
PACKAGING & CONTAINERS - 0.5%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 4.13%, 8/15/26 (a)		100,000		86,622
Berry Global, Inc., 5.63%, 7/15/27 (a)		82,000		80,012
TriMas Corp., 4.13%, 4/15/29 (a)		110,000		95,975
				262,609
PHARMACEUTICALS - 1.8%
180 Medical, Inc., 3.88%, 10/15/29 (a)		85,000		73,075
Bausch Health Cos., Inc.
5.50%, 11/1/25 (a)		60,000		50,971
6.13%, 2/1/27 (a)		133,000		91,701
11.00%, 9/30/28 (a)		50,000		38,992
BellRing Brands, Inc., 7.00%, 3/15/30 (a)		210,000		202,072
Embecta Corp.
5.00%, 2/15/30 (a)		265,000		224,256
6.75%, 2/15/30 (a)		60,000		54,150
Jazz Securities DAC, 4.38%, 1/15/29 (a)		105,000		93,571
Perrigo Finance Unlimited Co., 4.40%, 6/15/30		110,000		93,722
				922,510
PIPELINES - 3.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 1/15/28 (a)		20,000		18,552
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31 (a)		195,000		170,334
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
5.75%, 4/1/25		100,000		97,280
5.63%, 5/1/27 (a)		55,000		51,150
8.00%, 4/1/29 (a)		135,000		134,337
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.13%, 6/1/28 (a)		224,000		202,048
EQM Midstream Partners LP
7.50%, 6/1/27 (a)		105,000		102,822
7.50%, 6/1/30 (a)		55,000		52,994

	Shares/ Principal		Fair Value
PIPELINES - 3.9% (Continued)
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27	$	94,000	$	88,616
Global Partners LP / GLP Finance Corp.
7.00%, 8/1/27		50,000		47,481
6.88%, 1/15/29		379,000		347,191
Harvest Midstream I LP, 7.50%, 9/1/28 (a)		25,000		23,861
Howard Midstream Energy Partners LLC, 6.75%, 1/15/27 (a)		85,000		81,476
New Fortress Energy, Inc.
6.75%, 9/15/25 (a)		90,000		85,122
6.50%, 9/30/26 (a)		450,000		417,915
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 8.50%, 10/15/26 (a)		35,000		33,217
				1,954,396
REAL ESTATE - 0.2%
Howard Hughes Corp. (The), 5.38%, 8/1/28 (a)		95,000		85,569
REITS - 4.0%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 6/15/29 (a)		182,000		146,510
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 4/1/27 (a)		51,000		42,627
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LLC, 5.75%, 5/15/26 (a)		80,000		72,915
Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32 (a)		45,000		37,382
Iron Mountain, Inc.
4.88%, 9/15/27 (a)		50,000		45,980
5.25%, 7/15/30 (a)		370,000		321,530
5.63%, 7/15/32 (a)		395,000		342,313
Office Properties, Income Trust, 2.65%, 6/15/26		147,000		114,058
Service Properties Trust
4.65%, 3/15/24		50,000		47,756
5.25%, 2/15/26		194,000		162,007
4.75%, 10/1/26		209,000		164,473
4.95%, 2/15/27		114,000		89,786
5.50%, 12/15/27		45,000		38,752
4.38%, 2/15/30		60,000		39,642
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 7.88%, 2/15/25 (a)		150,000		145,179
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28 (a)		150,000		119,187
XHR LP, 6.38%, 8/15/25 (a)		65,000		62,495
				1,992,592

	Shares/ Principal		Fair Value
RETAIL - 6.7%
1011778 BC ULC / New Red Finance, Inc.
3.88%, 1/15/28 (a)	$	50,000	$	44,727
4.38%, 1/15/28 (a)		105,000		94,018
4.00%, 10/15/30 (a)		619,000		500,870
Academy Ltd., 6.00%, 11/15/27 (a)		146,000		139,776
Arko Corp., 5.13%, 11/15/29 (a)		94,000		73,809
Bath & Body Works, Inc.
9.38%, 7/1/25 (a)		9,000		9,587
6.88%, 11/1/35		150,000		133,335
Beacon Roofing Supply, Inc., 4.13%, 5/15/29 (a)		110,000		91,409
BlueLinx Holdings, Inc., 6.00%, 11/15/29 (a)		473,000		392,590
FirstCash, Inc.
4.63%, 9/1/28 (a)		204,000		179,104
5.63%, 1/1/30 (a)		260,000		231,417
Gap, Inc. (The), 3.63%, 10/1/29 (a)		262,000		184,815
Macy's Retail Holdings LLC
5.88%, 4/1/29 (a)		321,000		284,214
5.13%, 1/15/42		50,000		32,672
4.30%, 2/15/43		30,000		18,081
Murphy Oil USA, Inc.
4.75%, 9/15/29		205,000		187,581
3.75%, 2/15/31 (a)		148,000		122,181
Nordstrom, Inc., 5.00%, 1/15/44		21,000		12,757
Yum! Brands, Inc.
4.75%, 1/15/30 (a)		280,000		256,900
3.63%, 3/15/31		100,000		83,850
5.38%, 4/1/32		241,000		223,226
6.88%, 11/15/37		25,000		25,354
				3,322,273
SEMICONDUCTORS - 0.1%
Entegris, Inc., 4.38%, 4/15/28 (a)		50,000		44,212
SOFTWARE - 1.1%
Fair Isaac Corp., 4.00%, 6/15/28 (a)		55,000		49,913
MSCI, Inc.
4.00%, 11/15/29 (a)		110,000		95,814
3.63%, 9/1/30 (a)		105,000		87,281
3.88%, 2/15/31 (a)		95,000		78,985
3.63%, 11/1/31 (a)		60,000		49,619
3.25%, 8/15/33 (a)		45,000		34,752
PTC, Inc.
3.63%, 2/15/25 (a)		75,000		71,318
4.00%, 2/15/28 (a)		68,000		61,202
				528,884
TELECOMMUNICATIONS - 4.4%
Frontier Communications Corp.
5.88%, 10/15/27 (a)		15,000		13,928
5.00%, 5/1/28 (a)		40,000		34,733

	Shares/ Principal		Fair Value
TELECOMMUNICATIONS - 4.4% (Continued)
Frontier Communications Holdings LLC
6.75%, 5/1/29 (a)	$	95,000	$	78,589
8.75%, 5/15/30 (a)		45,000		45,754
Hughes Satellite Systems Corp.
5.25%, 8/1/26		235,000		225,412
6.63%, 8/1/26		100,000		93,274
Level 3 Financing, Inc., 4.25%, 7/1/28 (a)		58,000		45,687
Lumen Technologies, Inc.
4.50%, 1/15/29 (a)		64,000		44,173
5.38%, 6/15/29 (a)		226,000		162,707
7.60%, 9/15/39		50,000		34,131
7.65%, 3/15/42		60,000		39,893
Nokia Oyj, 4.38%, 6/12/27		100,000		94,473
Sable International Finance Ltd., 5.75%, 9/7/27 (a)		25,000		23,062
Sprint Capital Corp.
6.88%, 11/15/28		235,000		244,397
8.75%, 3/15/32		275,000		327,278
Sprint LLC
7.63%, 2/15/25		125,000		129,068
7.63%, 3/1/26		125,000		131,523
Viasat, Inc.
5.63%, 4/15/27 (a)		250,000		227,088
6.50%, 7/15/28 (a)		193,000		144,793
Vmed O2 UK Financing I PLC, 4.75%, 7/15/31 (a)		65,000		53,033
				2,192,996
TRANSPORTATION - 0.3%
Danaos Corp., 8.50%, 3/1/28 (a)		173,000		166,080

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
U.S. 2 Year Note Future	Goldman Sachs & Co.		3	3/31/2023	$	615,234	$	(472	)
U.S. Long Bond Future	Goldman Sachs & Co.		2	3/22/2023		250,688		(7,362	)
								(7,834	)
SHORT FUTURES CONTRACTS
U.S. 10 Year Note Future	Goldman Sachs & Co.		2	3/22/2023		224,594		1,935
U.S. 10 Year Ultra Future	Goldman Sachs & Co.		1	3/22/2023		118,281		696
U.S. 5 Year Note Future	Goldman Sachs & Co.		7	3/31/2023		755,508		3,320
								5,951
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS							$	(1,883	)

The Portfolio's performance figures for the periods ended December 31, 2022 as compared to its benchmark:

					Annualized						Operating Expense**
	Inception Date*	One Year			Five Years			Since Inception			Gross Ratio			Net Ratio
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Class I	November 1, 2017		-13.84	%		0.14	%		0.09	%		0.46	%		0.46	%
Bloomberg U.S. Aggregate Bond Index^			-13.01	%		0.02	%		0.09	%

* Commencement of operations is November 6, 2017.

** The estimated operating expense ratios for Class I shares, as disclosed in the most recent prospectus dated May 1, 2022. Ratios include Acquired Fund Fees and Expenses indirectly incurred by the Portfolio. The operating expense ratios presented here may differ from the expense ratios disclosed in the Financial Highlights table in this report.

^ The Bloomberg U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. It is not possible to invest directly in an index.

Comparison of the Change in Value of a $10,000 Investment

	Shares/ Principal		Fair Value
CORPORATE BONDS AND NOTES - 49.9%
AEROSPACE & DEFENSE - 1.4%
Boeing Co. (The)
2.60%, 10/30/25	$	150,000	$	139,512
3.45%, 11/1/28		100,000		89,629
Lockheed Martin Corp., 5.25%, 1/15/33		100,000		103,284
Northrop Grumman Corp.
3.25%, 1/15/28		150,000		138,580
4.75%, 6/1/43		50,000		46,501
Raytheon Technologies Corp.
3.95%, 8/16/25		275,000		268,975
4.05%, 5/4/47		50,000		41,301
				827,782
AGRICULTURE - 0.3%
BAT Capital Corp.
2.26%, 3/25/28		75,000		62,440
4.76%, 9/6/49		25,000		18,233
Philip Morris International, Inc.
5.63%, 11/17/29		25,000		25,437
5.75%, 11/17/32		50,000		51,128
				157,238
AUTO MANUFACTURERS - 0.7%
General Motors Co., 4.00%, 4/1/25		50,000		48,801
General Motors Financial Co., Inc.
4.30%, 7/13/25		125,000		121,177
1.50%, 6/10/26		125,000		108,692
5.65%, 1/17/29		25,000		24,583
2.35%, 1/8/31		125,000		94,533
				397,786
BANKS - 13.2%
Banco Santander SA
2.75%, 5/28/25		200,000		187,189
4.25%, 4/11/27		200,000		190,054
Bank of America Corp.
3.86%, (3 Month US Libor + 0.94%), 7/23/24 (a)		50,000		49,547
4.20%, 8/26/24		165,000		162,534
4.18%, 11/25/27		25,000		23,748
3.42%, (3 Month US Libor + 1.04%), 12/20/28 (a)		108,000		97,805
4.27%, (3 Month US Libor + 1.31%), 7/23/29 (a)		125,000		116,774
2.88%, (3 Month US Libor + 1.19%), 10/22/30 (a)		100,000		83,886
2.50%, (3 Month US Libor + 0.99%), 2/13/31 (a)		25,000		20,378
2.59%, (SOFR + 2.15%), 4/29/31 (a)		75,000		61,262
1.90%, (SOFR + 1.53%), 7/23/31 (a)		100,000		76,988
2.97%, (SOFR + 1.33%), 2/4/33 (a)		50,000		40,437
4.57%, (SOFR + 1.83%), 4/27/33 (a)		50,000		45,922

	Shares/ Principal		Fair Value
BANKS - 13.2% (Continued)
2.48%, (US 5 Year CMT T-Note + 1.20%), 9/21/36 (a)	$	75,000	$	55,295
6.11%, 1/29/37		100,000		101,407
Bank of New York Mellon Corp. (The)
4.60%, (SOFR + 1.76%), 7/26/30 (a)		15,000		14,511
5.83%, (SOFRINDX + 2.07%), 10/25/33 (a)		25,000		26,003
Barclays PLC, 2.85%, (SOFR + 2.71%), 5/7/26 (a)		200,000		185,986
BNP Paribas SA
3.38%, 1/9/25 (b)		252,000		242,664
1.32%, (SOFR + 1.00%), 1/13/27 (a),(b)		225,000		196,592
BPCE SA, 4.00%, 9/12/23 (b)		250,000		246,775
Citigroup, Inc.
4.04%, (3 Month US Libor + 1.02%), 6/1/24 (a)		105,000		104,312
4.60%, 3/9/26		75,000		73,812
3.40%, 5/1/26		200,000		189,764
4.45%, 9/29/27		125,000		119,450
3.67%, (3 Month US Libor + 1.39%), 7/24/28 (a)		50,000		46,032
4.13%, 7/25/28		100,000		93,262
2.98%, (SOFR + 1.42%), 11/5/30 (a)		100,000		84,312
3.06%, (SOFR + 1.35%), 1/25/33 (a)		50,000		40,565
Comerica Bank, 2.50%, 7/23/24		300,000		287,996
Credit Suisse Group AG, 4.55%, 4/17/26		255,000		225,150
Deutsche Bank AG
2.22%, (SOFR + 2.16%), 9/18/24 (a)		150,000		144,901
2.13%, (SOFR + 1.87%), 11/24/26 (a)		225,000		198,682
Fifth Third Bancorp, 2.38%, 1/28/25		85,000		80,611
HSBC Holdings PLC, 1.65%, (SOFR + 1.54%), 4/18/26 (a)		225,000		203,493
Huntington Bancshares, Inc., 4.00%, 5/15/25		150,000		146,233
ING Groep NV, 4.63%, 1/6/26 (b)		225,000		219,950
JPMorgan Chase & Co.
3.56%, (3 Month US Libor + 0.73%), 4/23/24 (a)		40,000		39,740
3.80%, (3 Month US Libor + 0.89%), 7/23/24 (a)		50,000		49,501
4.02%, (3 Month US Libor + 1.00%), 12/5/24 (a)		125,000		123,166
2.30%, (SOFR + 1.16%), 10/15/25 (a)		150,000		141,509
3.30%, 4/1/26		225,000		213,506
3.96%, (3 Month US Libor + 1.25%), 1/29/27 (a)		175,000		166,995
3.51%, (3 Month US Libor + 0.95%), 1/23/29 (a)		125,000		113,633
2.96%, (SOFR + 2.52%), 5/13/31 (a)		25,000		20,659
2.96%, (SOFR + 1.26%), 1/25/33 (a)		150,000		122,331
4.59%, (SOFR + 1.80%), 4/26/33 (a)		21,000		19,506
Macquarie Group Ltd., 1.34%, (SOFR + 1.07%), 1/12/27 (a),(b)		75,000		65,437

	Shares/ Principal		Fair Value
BANKS - 13.2% (Continued)
Mitsubishi UFJ Financial Group, Inc., 3.75%, 7/18/39	$	225,000	$	183,520
Morgan Stanley
3.74%, (3 Month US Libor + 0.85%), 4/24/24 (a)		50,000		49,734
3.70%, 10/23/24		275,000		268,535
2.72%, (SOFR + 1.15%), 7/22/25 (a)		75,000		71,731
3.63%, 1/20/27		400,000		377,672
3.95%, 4/23/27		30,000		28,380
4.43%, (3 Month US Libor + 1.63%), 1/23/30 (a)		50,000		46,795
2.70%, (SOFR + 1.14%), 1/22/31 (a)		75,000		62,151
1.79%, (SOFR + 1.03%), 2/13/32 (a)		125,000		94,256
2.48%, (SOFR + 1.36%), 9/16/36 (a)		125,000		90,949
NatWest Group PLC, 4.52%, (3 Month US Libor + 1.55%), 6/25/24 (a)		300,000		297,250
Toronto-Dominion Bank (The), 4.46%, 6/8/32		125,000		119,114
US Bancorp, 5.85%, (SOFR + 2.09%), 10/21/33 (a)		50,000		52,083
Wells Fargo & Co.
3.75%, 1/24/24		55,000		54,267
3.55%, 9/29/25		125,000		120,316
3.00%, 10/23/26		325,000		300,752
4.30%, 7/22/27		100,000		96,399
4.15%, 1/24/29		25,000		23,555
4.90%, (SOFR + 2.10%), 7/25/33 (a)		120,000		113,625
Westpac Banking Corp., 4.11%, (US 5 Year CMT T-Note + 2.00%), 7/24/34 (a)		75,000		64,414
				8,075,763
BEVERAGES - 1.7%
Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc.
4.70%, 2/1/36		200,000		189,433
4.90%, 2/1/46		206,000		188,806
Anheuser-Busch InBev Worldwide, Inc., 3.50%, 6/1/30		75,000		68,476
Constellation Brands, Inc.
4.40%, 11/15/25		200,000		196,802
3.60%, 2/15/28		100,000		92,828
3.15%, 8/1/29		125,000		109,789
2.25%, 8/1/31		50,000		39,851
4.75%, 5/9/32		39,000		37,651
Keurig Dr Pepper, Inc.
3.80%, 5/1/50		25,000		18,916
4.50%, 4/15/52		75,000		62,850
				1,005,402
BIOTECHNOLOGY - 0.7%
Amgen, Inc.
3.13%, 5/1/25		175,000		168,063
4.20%, 3/1/33		75,000		69,626

	Shares/ Principal		Fair Value
BIOTECHNOLOGY - 0.7% (Continued)
CSL Finance PLC, 4.25%, 4/27/32 (b)	$	75,000	$	70,864
Royalty Pharma PLC, 1.20%, 9/2/25		100,000		89,571
				398,124
BUILDING MATERIALS - 0.5%
Carrier Global Corp.
2.49%, 2/15/27		225,000		203,107
2.72%, 2/15/30		75,000		63,284
Johnson Controls International PLC / Tyco Fire & Security Finance SCA, 4.90%, 12/1/32		25,000		24,676
Masco Corp., 1.50%, 2/15/28		50,000		41,469
				332,536
CHEMICALS - 0.1%
International Flavors & Fragrances, Inc., 1.83%, 10/15/27 (b)		100,000		84,058
COMMERCIAL SERVICES - 0.8%
Emory University, 2.14%, 9/1/30		160,000		132,807
Global Payments, Inc., 2.65%, 2/15/25		75,000		70,613
PayPal Holdings, Inc., 1.65%, 6/1/25		225,000		208,701
S&P Global, Inc., 2.95%, 1/22/27		50,000		46,840
				458,961
COMPUTERS - 1.2%
Apple, Inc., 3.25%, 2/23/26		175,000		168,243
Dell International LLC / EMC Corp.
5.45%, 6/15/23		54,000		54,034
5.85%, 7/15/25		18,000		18,205
6.02%, 6/15/26		175,000		178,917
5.30%, 10/1/29		25,000		24,512
Hewlett Packard Enterprise Co.
4.45%, 10/2/23		225,000		223,656
4.90%, 10/15/25		50,000		49,566
				717,133
COSMETICS/PERSONAL CARE - 0.5%
Colgate-Palmolive Co., 3.25%, 8/15/32		75,000		67,951
GSK Consumer Healthcare Capital US LLC, 3.38%, 3/24/27		250,000		233,095
				301,046
DIVERSIFIED FINANCIAL SERVICES - 2.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.88%, 1/16/24		175,000		173,332
2.45%, 10/29/26		225,000		196,981
Air Lease Corp.
2.30%, 2/1/25		175,000		163,001
3.38%, 7/1/25		100,000		94,697
2.88%, 1/15/26		75,000		69,459
3.75%, 6/1/26		175,000		164,028
Ally Financial, Inc., 2.20%, 11/2/28		100,000		78,120

	Shares/ Principal		Fair Value
DIVERSIFIED FINANCIAL SERVICES - 2.8% (Continued)
American Express Co.
2.50%, 7/30/24	$	35,000	$	33,674
3.63%, 12/5/24		175,000		170,461
Aviation Capital Group LLC, 1.95%, 1/30/26 (b)		75,000		65,394
Avolon Holdings Funding Ltd.
3.95%, 7/1/24 (b)		75,000		71,848
2.88%, 2/15/25 (b)		150,000		138,500
4.25%, 4/15/26 (b)		25,000		22,701
Capital One Financial Corp.
3.50%, 6/15/23		75,000		74,545
3.30%, 10/30/24		65,000		62,765
Intercontinental Exchange, Inc., 3.00%, 6/15/50		50,000		33,669
Nasdaq, Inc., 3.25%, 4/28/50		25,000		16,947
Visa, Inc., 3.15%, 12/14/25		100,000		96,419
				1,726,541
ELECTRIC - 3.8%
Alliant Energy Finance LLC, 3.75%, 6/15/23 (b)		50,000		49,653
Ameren Corp., 3.50%, 1/15/31		25,000		22,160
American Electric Power Co., Inc., 2.30%, 3/1/30		50,000		41,086
Avangrid, Inc., 3.20%, 4/15/25		50,000		47,808
Berkshire Hathaway Energy Co., 6.13%, 4/1/36		74,000		77,959
Dominion Energy, Inc.
3.07%, 8/15/24 (c)		175,000		168,699
3.38%, 4/1/30		50,000		44,181
Duke Energy Carolinas LLC, 3.95%, 3/15/48		25,000		20,194
Duke Energy Corp., 3.15%, 8/15/27		200,000		184,835
Duquesne Light Holdings, Inc., 2.53%, 10/1/30 (b)		100,000		79,671
Entergy Corp., 2.95%, 9/1/26		175,000		162,662
Exelon Corp., 4.05%, 4/15/30		50,000		46,536
FirstEnergy Corp.
2.65%, 3/1/30		150,000		122,301
2.25%, 9/1/30		50,000		39,685
Korea Hydro & Nuclear Power Co. Ltd., 4.25%, 7/27/27 (b)		220,000		211,541
NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28		80,000		68,429
NRG Energy, Inc., 3.75%, 6/15/24 (b)		150,000		144,526
Pacific Gas and Electric Co.
2.10%, 8/1/27		25,000		21,364
2.50%, 2/1/31		50,000		39,069
3.30%, 8/1/40		25,000		17,022
3.50%, 8/1/50		50,000		31,596
Sempra Energy, 3.40%, 2/1/28		125,000		116,187
Southern California Edison Co., 4.20%, 3/1/29		100,000		95,364

	Shares/ Principal		Fair Value
ELECTRIC - 3.8% (Continued)
Southern Co. (The), 3.25%, 7/1/26	$	350,000	$	329,478
Xcel Energy, Inc., 3.35%, 12/1/26		150,000		141,062
				2,323,068
ENGINEERING & CONSTRUCTION - 0.3%
Mexico City Airport Trust, 3.88%, 4/30/28 (b)		200,000		182,602
ENTERTAINMENT - 0.3%
Warnermedia Holdings, Inc., 4.05%, 3/15/29 (b)		200,000		173,356
ENVIRONMENTAL CONTROL - 0.5%
Republic Services, Inc., 2.50%, 8/15/24		150,000		143,806
Waste Connections, Inc., 4.20%, 1/15/33		42,000		39,075
Waste Management, Inc.
3.15%, 11/15/27		50,000		46,719
4.15%, 4/15/32		50,000		47,734
				277,334
FOOD - 0.4%
General Mills, Inc., 4.20%, 4/17/28		50,000		48,345
Mars, Inc., 2.70%, 4/1/25 (b)		50,000		47,632
Sysco Corp.
4.45%, 3/15/48		25,000		20,640
6.60%, 4/1/50		25,000		27,428
Tyson Foods, Inc., 3.90%, 9/28/23		125,000		123,861
				267,906
GAS - 0.7%
East Ohio Gas Co. (The), 1.30%, 6/15/25 (b)		50,000		45,350
NiSource, Inc.
3.49%, 5/15/27		400,000		377,277
3.60%, 5/1/30		25,000		22,337
				444,964
HEALTHCARE-PRODUCTS - 0.4%
Baxter International, Inc., 2.27%, 12/1/28		75,000		63,993
DH Europe Finance II SARL, 2.20%, 11/15/24		125,000		119,016
STERIS Irish FinCo UnLtd Co., 2.70%, 3/15/31		75,000		61,114
Thermo Fisher Scientific, Inc., 1.75%, 10/15/28		25,000		21,217
				265,340
HEALTHCARE-SERVICES - 1.7%
Adventist Health System, 2.95%, 3/1/29		25,000		21,456
Banner Health, 2.34%, 1/1/30		145,000		122,267
Baylor Scott & White Holdings, 1.78%, 11/15/30		50,000		38,742

	Shares/ Principal		Fair Value
HEALTHCARE-SERVICES - 1.7% (Continued)
CommonSpirit Health
3.91%, 10/1/50	$	110,000	$	82,024
6.46%, 11/1/52		105,000		112,825
Rush Obligated Group, 3.92%, 11/15/29		60,000		55,280
Stanford Health Care, 3.31%, 8/15/30		35,000		31,354
Sutter Health
2.29%, 8/15/30		25,000		20,280
4.09%, 8/15/48		225,000		183,262
UnitedHealth Group, Inc.
5.30%, 2/15/30		175,000		180,747
5.35%, 2/15/33		125,000		129,343
5.88%, 2/15/53		50,000		54,100
				1,031,680
HOME BUILDERS - 0.1%
Lennar Corp., 4.75%, 11/29/27		45,000		43,360
INSURANCE - 0.7%
AIA Group Ltd., 3.20%, 3/11/25 (b)		200,000		191,912
New York Life Insurance Co., 3.75%, 5/15/50 (b)		50,000		38,530
Principal Financial Group, Inc.
3.10%, 11/15/26		75,000		70,144
2.13%, 6/15/30		100,000		82,189
Willis North America, Inc., 2.95%, 9/15/29		50,000		42,152
				424,927
INTERNET - 0.4%
Amazon.com, Inc., 3.10%, 5/12/51		50,000		35,887
Expedia Group, Inc., 2.95%, 3/15/31		14,000		11,303
Meta Platforms, Inc.
3.50%, 8/15/27		175,000		163,370
3.85%, 8/15/32		66,000		58,517
				269,077
IRON & STEEL - 0.0%†
Steel Dynamics, Inc., 2.40%, 6/15/25		30,000		28,154
LODGING - 0.3%
Marriott International, Inc.
5.00%, 10/15/27		75,000		74,121
2.85%, 4/15/31		100,000		80,948
				155,069
MEDIA - 1.1%
Comcast Corp.
3.70%, 4/15/24		150,000		147,768
3.95%, 10/15/25		125,000		122,523
3.30%, 4/1/27		125,000		117,968
3.75%, 4/1/40		25,000		20,738
Fox Corp., 4.03%, 1/25/24		75,000		74,152
Walt Disney Co. (The), 3.70%, 9/15/24		200,000		195,745
				678,894

	Shares/ Principal		Fair Value
MINING - 0.7%
Glencore Funding LLC
4.63%, 4/29/24 (b)	$	250,000	$	247,050
1.63%, 4/27/26 (b)		75,000		66,352
Newcrest Finance Pty Ltd., 3.25%, 5/13/30 (b)		25,000		20,924
Newmont Corp., 2.25%, 10/1/30		150,000		120,962
				455,288
MISCELLANEOUS MANUFACTURING - 0.2%
Eaton Corp., 4.15%, 3/15/33		75,000		69,882
General Electric Co., 6.75%, 3/15/32		50,000		55,426
				125,308
OIL & GAS - 0.5%
BP Capital Markets America, Inc., 3.41%, 2/11/26		50,000		48,052
Marathon Petroleum Corp.
3.63%, 9/15/24		50,000		48,678
3.80%, 4/1/28		25,000		23,100
Phillips 66
3.85%, 4/9/25		25,000		24,409
1.30%, 2/15/26		25,000		22,433
3.90%, 3/15/28		150,000		141,809
				308,481
PHARMACEUTICALS - 0.9%
AbbVie, Inc.
4.05%, 11/21/39		125,000		107,612
4.88%, 11/14/48		25,000		22,940
AmerisourceBergen Corp., 3.45%, 12/15/27		50,000		46,707
Bristol-Myers Squibb Co., 2.95%, 3/15/32		50,000		43,754
Cigna Corp., 3.40%, 3/15/50		100,000		71,427
CVS Health Corp.
2.63%, 8/15/24		30,000		28,819
1.88%, 2/28/31		50,000		39,370
2.13%, 9/15/31		100,000		79,565
4.78%, 3/25/38		75,000		68,563
5.13%, 7/20/45		25,000		22,685
				531,442
PIPELINES - 2.7%
Energy Transfer LP
4.20%, 9/15/23		175,000		173,925
2.90%, 5/15/25		100,000		94,305
5.25%, 4/15/29		100,000		96,991
5.30%, 4/15/47		25,000		20,858
5.40%, 10/1/47		50,000		42,268
Enterprise Products Operating LLC, 3.70%, 2/15/26		300,000		289,465
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40		193,306		155,205

	Shares/ Principal		Fair Value
PIPELINES - 2.7% (Continued)
MPLX LP
4.80%, 2/15/29	$	50,000	$	47,968
2.65%, 8/15/30		125,000		101,997
4.50%, 4/15/38		75,000		63,516
Sabine Pass Liquefaction LLC
5.63%, 3/1/25		275,000		275,509
5.00%, 3/15/27		100,000		98,173
Targa Resources Corp., 4.20%, 2/1/33		40,000		34,543
Williams Cos., Inc. (The), 4.00%, 9/15/25		175,000		170,251
				1,664,974
REITS - 2.9%
Agree LP, 4.80%, 10/1/32		110,000		102,116
American Homes 4 Rent LP
4.90%, 2/15/29		50,000		47,366
2.38%, 7/15/31		30,000		23,218
American Tower Corp.
3.38%, 5/15/24		200,000		194,691
2.40%, 3/15/25		125,000		117,623
Camden Property Trust, 2.80%, 5/15/30		75,000		64,695
Crown Castle, Inc.
3.15%, 7/15/23		100,000		98,878
3.65%, 9/1/27		75,000		69,774
CubeSmart LP, 2.50%, 2/15/32		50,000		38,361
Essex Portfolio LP, 3.00%, 1/15/30		75,000		63,603
Federal Realty Investment Trust, 3.25%, 7/15/27		150,000		138,064
Host Hotels & Resorts LP, 2.90%, 12/15/31		75,000		57,569
Invitation Homes Operating Partnership LP, 2.30%, 11/15/28		50,000		41,426
Kilroy Realty LP, 4.75%, 12/15/28		100,000		91,120
National Retail Properties, Inc., 3.90%, 6/15/24		45,000		43,945
Prologis LP, 4.63%, 1/15/33		75,000		72,720
Realty Income Corp.
4.88%, 6/1/26		75,000		74,678
2.85%, 12/15/32		75,000		61,053
Regency Centers LP, 2.95%, 9/15/29		125,000		105,196
Spirit Realty LP, 3.40%, 1/15/30		100,000		83,283
UDR, Inc., 2.10%, 8/1/32		25,000		18,436
WP Carey, Inc.
4.60%, 4/1/24		25,000		24,786
4.00%, 2/1/25		30,000		29,252
3.85%, 7/15/29		75,000		67,536
2.40%, 2/1/31		25,000		19,984
				1,749,373
RETAIL - 1.8%
7-Eleven, Inc., 1.30%, 2/10/28 (b)		100,000		83,015
Alimentation Couche-Tard, Inc., 3.55%, 7/26/27 (b)		50,000		46,285

	Shares/ Principal		Fair Value
RETAIL - 1.8% (Continued)
AutoNation, Inc.
4.50%, 10/1/25	$	55,000	$	53,536
1.95%, 8/1/28		25,000		19,984
Dollar Tree, Inc., 4.00%, 5/15/25		75,000		73,262
Home Depot, Inc. (The), 4.50%, 9/15/32		75,000		73,486
Lowe's Cos., Inc.
3.10%, 5/3/27		25,000		23,317
1.70%, 9/15/28		75,000		63,115
3.75%, 4/1/32		225,000		200,799
5.00%, 4/15/33		75,000		73,443
4.25%, 4/1/52		50,000		39,963
McDonald's Corp.
4.60%, 9/9/32		59,000		57,899
4.45%, 9/1/48		25,000		21,907
Starbucks Corp.
3.80%, 8/15/25		150,000		146,772
4.00%, 11/15/28		75,000		71,533
3.00%, 2/14/32		75,000		64,109
				1,112,425
SEMICONDUCTORS - 1.0%
Broadcom, Inc.
4.15%, 4/15/32 (b)		90,000		79,283
3.42%, 4/15/33 (b)		150,000		120,664
3.47%, 4/15/34 (b)		165,000		132,216
Intel Corp., 3.05%, 8/12/51		75,000		48,965
Micron Technology, Inc., 2.70%, 4/15/32		50,000		37,691
NXP BV / NXP Funding LLC / NXP USA, Inc.
3.40%, 5/1/30		50,000		43,331
2.50%, 5/11/31		125,000		99,886
2.65%, 2/15/32		75,000		58,901
				620,937
SOFTWARE - 1.2%
Fiserv, Inc.
2.75%, 7/1/24		150,000		144,475
4.20%, 10/1/28		100,000		94,784
Oracle Corp.
2.95%, 4/1/30		25,000		21,421
2.88%, 3/25/31		225,000		187,209
3.60%, 4/1/40		25,000		18,582
6.90%, 11/9/52		125,000		134,916
VMware, Inc.
1.80%, 8/15/28		25,000		20,459
2.20%, 8/15/31		75,000		57,099
Workday, Inc.
3.50%, 4/1/27		50,000		46,807
3.80%, 4/1/32		25,000		22,152
				747,904

	Shares/ Principal		Fair Value
TELECOMMUNICATIONS - 2.8%
AT&T, Inc.
2.30%, 6/1/27	$	120,000	$	106,937
2.55%, 12/1/33		175,000		135,011
4.90%, 8/15/37		50,000		46,242
4.85%, 3/1/39		85,000		76,638
3.50%, 6/1/41		100,000		75,083
3.65%, 6/1/51		50,000		35,460
3.50%, 9/15/53		25,000		16,859
T-Mobile USA, Inc.
3.50%, 4/15/25		125,000		120,291
1.50%, 2/15/26		50,000		44,839
3.75%, 4/15/27		200,000		188,635
2.05%, 2/15/28		200,000		172,102
3.88%, 4/15/30		167,000		151,671
5.20%, 1/15/33		150,000		149,261
Verizon Communications, Inc.
4.33%, 9/21/28		313,000		301,506
4.02%, 12/3/29		25,000		23,473
3.15%, 3/22/30		100,000		88,445
				1,732,453
TRANSPORTATION - 0.6%
Burlington Northern Santa Fe LLC, 3.25%, 6/15/27		75,000		71,021
Canadian Pacific Railway Co., 2.45%, 12/2/31		50,000		41,561
CSX Corp.
3.80%, 3/1/28		100,000		95,565
4.10%, 11/15/32		75,000		70,555
FedEx Corp., 3.40%, 2/15/28		25,000		23,131
Union Pacific Corp., 2.80%, 2/14/32		100,000		86,427
				388,260
TOTAL CORPORATE BONDS AND NOTES (Cost - $33,218,909)				30,484,946
AGENCY MORTGAGE BACKED SECURITIES - 41.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 9.4%
Federal Home Loan Mortgage Corporation
4.50%, 6/1/52		584,980		568,572
4.50%, 6/1/52		358,080		348,935
Freddie Mac Pool
4.00%, 1/1/49		287,549		277,216
4.00%, 3/1/50		453,123		435,295
3.00%, 12/1/50		671,355		601,706
2.50%, 9/1/51		901,467		766,271
2.00%, 1/1/52		2,999,701		2,454,803
2.00%, 3/1/52		362,746		295,951
				5,748,749

	Shares/ Principal		Fair Value
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.2%
Fannie Mae Pool
4.50%, 6/1/31	$	280,839	$	276,348
4.00%, 8/1/45		796,699		768,541
4.00%, 1/1/46		454,286		436,862
4.50%, 7/1/48		353,601		347,011
5.00%, 11/1/48		260,091		259,908
2.50%, 3/1/51		79,543		68,540
2.50%, 9/1/51		101,260		86,832
2.50%, 10/1/51		403,091		345,720
2.50%, 11/1/51		234,782		201,333
2.50%, 11/1/51		181,325		155,608
2.00%, 2/1/52		1,000,000		816,008
2.00%, 3/1/52		999,999		815,890
2.00%, 3/1/52		637,155		519,884
5.50%, 11/1/52		993,622		1,011,653
Federal National Mortgage Association
3.00%, 1/1/52 (d)		1,000,000		879,375
3.50%, 1/1/53 (d)		1,000,000		910,156
5.00%, 1/1/53 (d)		2,000,000		1,972,188
				9,871,857
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 15.9%
Ginnie Mae
2.50%, 1/20/53 (d)		1,000,000		867,500
5.50%, 1/20/53 (d)		1,000,000		1,005,312
6.00%, 1/20/53 (d)		1,000,000		1,016,094
Ginnie Mae II Pool
3.50%, 4/20/47		198,590		185,435
3.50%, 12/20/47		245,747		229,477
4.50%, 2/20/48		129,207		127,587
4.50%, 5/20/48		130,512		128,644
4.50%, 8/20/48		164,813		162,454
5.00%, 8/20/48		34,304		34,119
4.50%, 9/20/48		576,854		568,601
5.00%, 10/20/48		194,964		197,598
5.00%, 11/20/48		123,640		125,312
5.00%, 12/20/48		64,270		65,139
5.00%, 1/20/49		188,800		191,355
4.00%, 2/20/49		168,751		163,092
4.50%, 3/20/49		5,581		5,501
5.00%, 3/20/49		91,007		90,515
4.00%, 5/20/49		150,214		144,096
4.50%, 10/20/49		133,537		131,625
3.00%, 3/20/50		460,317		413,157
3.00%, 2/20/52		539,682		481,855
4.50%, 9/20/52		994,966		966,713
4.50%, 10/20/52		993,880		965,674

	Shares/ Principal		Fair Value
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 15.9% (Continued)
Government National Mortgage Association
3.00%, 9/20/49	$	711,308	$	636,037
3.00%, 11/20/51		898,477		803,853
				9,706,745
TOTAL AGENCY MORTGAGE BACKED SECURITIES (Cost - $26,270,868)				25,327,351
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 8.8%
3650R 2021-PF1 Commercial Mortgage Trust, 2.78%, 11/15/54 (e)		150,000		115,047
Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd., 5.26%, (SOFR + 1.45%), 1/15/37 (a),(b)		200,000		193,605
ASSURANT CLO LTD., 5.28%, (3 Month US Libor + 1.04%), 4/20/31 (a),(b)		1,500,000		1,474,434
Benchmark 2018-B1 Mortgage Trust, 2.75%, 1/15/51 (b)		100,000		67,627
BX Trust 2021-ARIA, 5.96%, (1 Month US Libor + 1.65%), 10/15/36 (a),(b)		150,000		139,800
Cathedral Lake VIII Ltd., 6.86%, (3 Month US Libor + 2.62%), 1/20/35 (a),(b)		150,000		138,510
CBAM 2018-5 Ltd., 5.10%, (3 Month US Libor + 1.02%), 4/17/31 (a),(b)		350,000		344,100
COMM 2017-COR2 Mortgage Trust, 3.00%, 9/10/50 (b)		100,000		73,128
Connecticut Avenue Securities Trust, 5.58%, (SOFR + 1.65%), 12/25/41 (a),(b)		34,000		32,068
DOLP Trust 2021-NYC, 2.96%, 5/10/41 (b)		200,000		158,536
Freddie Mac STACR REMIC Trust 2021-DNA5, 5.58%, (SOFR + 1.65%), 1/25/34 (a),(b)		24,333		23,952
Freddie Mac STACR REMIC Trust 2022-DNA1, 4.93%, (SOFR + 1.00%), 1/25/42 (a),(b)		66,514		64,754
Freddie Mac STACR REMIC Trust 2022-DNA3, 5.93%, (SOFR + 2.00%), 4/25/42 (a),(b)		25,911		25,623
JP Morgan Mortgage Trust 2021-6, 2.50%, 10/25/51 (b),(e)		103,409		82,614
Morgan Stanley Capital I Trust 2020-HR8, 2.04%, 7/15/53		250,000		200,619
Morgan Stanley Capital I Trust 2020-L4, 2.70%, 2/15/53		500,000		420,489
PHEAA Student Loan Trust 2012-1, 4.94%, (1 Month US Libor + 0.55%), 5/25/57 (a),(b)		156,639		153,325
TICP CLO X Ltd., 5.24%, (3 Month US Libor + 1.00%), 4/20/31 (a),(b)		1,550,000		1,525,178
Wells Fargo Commercial Mortgage Trust 2022-C62, 4.00%, 4/15/55 (e)		150,000		135,728

	Shares/ Principal		Fair Value
ASSET BACKED AND COMMERCIAL BACKED SECURITIES - 8.8% (Continued)
Wells Fargo Mortgage Backed Securities Trust 2019-3, 3.50%, 7/25/49 (b),(e)	$	6,317	$	5,899
TOTAL ASSET BACKED AND COMMERCIAL BACKED SECURITIES (Cost - $5,797,579)				5,375,036
U.S. TREASURY SECURITIES AND AGENCY BONDS - 2.5%
Federal Farm Credit Banks Funding Corp.
2.90%, 4/12/32		600,000		539,117
3.30%, 5/19/32		170,000		157,545
3.50%, 9/1/32		40,000		37,213
2.85%, 3/28/34		370,000		324,614
1.70%, 4/23/35		540,000		395,842
Federal Home Loan Banks, 4.75%, 12/10/32		80,000		82,198
TOTAL U.S. TREASURY SECURITIES AND AGENCY BONDS (Cost - $1,777,223)				1,536,529
SOVEREIGN DEBTS - 1.4%
Mexico Government International Bond, 3.25%, 4/16/30		290,000		252,609
Perusahaan Penerbit SBSN Indonesia III, 4.55%, 3/29/26		520,000		518,803
Peruvian Government International Bond, 3.23%, 7/28/2121		20,000		11,597
Romanian Government International Bond
3.00%, 2/27/27 (b)		30,000		26,542
2.12%, 7/16/31	EUR	30,000		21,976
2.00%, 1/28/32 (b)	EUR	70,000		49,681
TOTAL SOVEREIGN DEBTS (Cost - $978,090)				881,208
MUNICIPAL BONDS - 1.4%
Bay Area Toll Authority, 1.63%, 4/1/28		10,000		8,551
California Statewide Communities Development Authority, 1.88%, 2/1/31		30,000		22,790
City of Tucson
1.46%, 7/1/28		5,000		4,070
1.93%, 7/1/31		30,000		22,814
Metropolitan Transportation Authority
5.99%, 11/15/30 (f)		25,000		25,861
5.18%, 11/15/49		160,000		138,080
Municipal Improvement Corp. of Los Angeles
1.65%, 11/1/28		35,000		28,919
2.07%, 11/1/30		95,000		75,726
New Jersey Turnpike Authority
1.48%, 1/1/28		5,000		4,244
7.10%, 1/1/41		25,000		30,145
San Francisco Municipal Transportation Agency, 1.30%, 3/1/28		25,000		20,597
State of California, 7.60%, 11/1/40		175,000		224,203

	Shares/ Principal			Fair Value
SECURITIES SOLD SHORT - (7.4)%
AGENCY MORTGAGE BACKED SECURITIES - (7.4)%
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - (3.2)%
Ginnie Mae, 4.50%, 1/20/53 (d)	$	(2,000,000	)	$	(1,942,812	)
FEDERAL NATIONAL MORTGAGE ASSOCIATION - (4.2)%
Federal National Mortgage Association
2.00%, 1/1/53 (d)		(2,000,000	)		(1,631,875	)
4.00%, 1/1/53 (d)		(1,000,000	)		(939,844	)
					(2,571,719	)
TOTAL SECURITIES SOLD SHORT (Proceeds - $(4,576,250))					$(4,514,531)

† Represents less than 0.05%.

(a) Variable rate security. The rate shown is the rate in effect at period end.

(b) 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 December 31, 2022, these securities amounted to $7,964,721 or 13.0% of net assets.

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

(e) 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.

(f) Sinking bond security.

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

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

CLO - Collateralized Loan Obligation

CMT - Treasury Constant Maturity Rate

EUR - EURO

Libor - London Interbank Offer Rate

PLC - Public Limited Company

REMIC - Real Estate Mortgage Investment Conduit

SOFR - Secured Overnight Financing Rate

FUTURES CONTRACTS
LONG FUTURES CONTRACTS	Counterparty	Number of Contracts		Expiration Date	Notional Value		Fair Value/ Unrealized Appreciation (Depreciation)
Euro-Bund Future	Morgan Stanley		1	3/8/2023	$	141,870	$	(6,233	)
Long Gilt Future	Morgan Stanley		1	3/29/2023		120,170		(6,676	)
U.S. 10 Year Note Future	Morgan Stanley		13	3/22/2023		1,459,859		(6,832	)
U.S. 2 Year Note Future	Morgan Stanley		10	3/31/2023		2,050,781		2,629
U.S. Long Bond Future	Morgan Stanley		11	3/22/2023		1,378,781		(18,496	)
U.S. Ultra Bond Future	Morgan Stanley		34	3/22/2023		4,566,625		(86,770	)
								(122,378	)
SHORT FUTURES CONTRACTS
Euro-Bobl Future	Morgan Stanley		2	3/8/2023		247,068		7,812
U.S. 10 Year Ultra Future	Morgan Stanley		4	3/22/2023		473,125		5,215
U.S. 5 Year Note Future	Morgan Stanley		15	3/31/2023		1,618,945		1,623
								14,650
TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS							$	(107,728	)

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	4.43%	SOFR-COMPOUND	12/31/24		940,000	USD	$	(178	)	$	(174	)	$	(4	)
Morgan Stanley	Semi-Annually	4.00%	3 Month Canadian Dollar Offered Rate	03/17/25		850,000	CAD		(4,241	)		591			(4,832	)
Morgan Stanley	Semi-Annually	6 Month Australian Bill	4.00%	03/17/25		960,000	AUD		3,588			(95	)		3,683
Morgan Stanley	Semi-Annually	6 Month Euribor	3.00%	03/15/28		40,000	EUR		524			(797	)		1,321
Morgan Stanley	Annually	3.50%	Sterling Overnight Interbank Average Rate	03/15/28		180,000	GBP		(5,545	)		(1,704	)		(3,841	)
Morgan Stanley	Annually	Tokyo Overnight Weighted Average Rate	0.25%	03/15/28		172,300,000	JPY		25,242			7,060			18,182
Morgan Stanley	Semi-Annually	6 Month Norway Ibor	3.50%	03/15/28		3,250,000	NOK		(4,049	)		(3,736	)		(313	)
Morgan Stanley	Annually	3.75%	SOFR-COMPOUND	03/15/33		240,000	USD		4,328			9,196			(4,868	)
Morgan Stanley	Semi-Annually	6 Month Euribor	3.00%	03/15/33		180,000	EUR		3,517			(4,087	)		7,604
Morgan Stanley	Annually	3.00%	Sterling Overnight Interbank Average Rate	03/15/33		30,000	GBP		(2,167	)		(619	)		(1,548	)
Morgan Stanley	Semi-Annually	3 Month Canadian Dollar Offered Rate	3.50%	03/15/33		270,000	CAD		3,437			(3,699	)		7,136
Morgan Stanley	Semi-Annually	4.50%	6 Month Australian Bill	03/15/33		640,000	AUD		(2,784	)		13,876			(16,660	)
Morgan Stanley	Annuallly	Tokyo Overnight Weighted Average Rate	0.50%	03/15/33		28,000,000	JPY		8,765			6,350			2,415
Morgan Stanley	Quarterly	3 Month Stockholm Interbank Offered Rate	3.00%	03/15/33		630,000	SEK		688			(2,420	)		3,108
Morgan Stanley	Semi-Annually	6 Month Norway Ibor	3.50%	03/15/33		2,200,000	NOK		(4,621	)		(7,666	)		3,045
TOTAL FAIR VALUE, PREMIUMS PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON INTEREST RATE SWAPS								$	26,504		$	12,076		$	14,428

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 The Boeing Company	Quarterly	Buy		1.00	%		-	BBB-	06/20/24	$	100,000	$	95	$	704	$	(609	)
Morgan Stanley	CD CD.NA.IG.34	Quarterly	Buy		1.00	%		-	BBB	06/20/25		625,000		4,194		4,401		(207	)
Morgan Stanley	CD General Electric Company	Quarterly	Buy		1.00	%		-	BBB+	06/20/26		325,000		2,362		3,062		(700	)
Morgan Stanley	CD CDX.IG.37	Quarterly	Buy		1.00	%		-	BBB	12/20/26		1,225,000		13,924		17,134		(3,210	)
Morgan Stanley	CD Prudential Financial	Quarterly	Buy		1.00	%		-	A-	06/21/27		175,000		1,623		569		1,054
Morgan Stanley	CD CDX.NA.IG.38	Quarterly	Buy		1.00	%		-	BBB	06/21/27		1,850,000		20,075		9,396		10,679
TOTAL FAIR VALUE PREMIUM PAID (RECEIVED) AND NET UNREALIZED APPRECIATION ON CREDIT DEFAULT SWAPS													$	42,273	$	35,266	$	7,007

* Using S&P's rating of the issuer or the underlying securities of the index.

FORWARD FOREIGN CURRENCY CONTRACTS

Settlement Date

Counterparty

Currency Units to
Receive

In Exchange For

Unrealized Appreciation
(Depreciation)

02/23/23

Morgan Stanley

110,536

GBP

136,263

USD

(3,109

)

TOTAL NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS

(3,109

)

AUD - Australian Dollar

CAD - Canadian Dollar

EUR - Euro

GBP - Pound Sterling

JPY - Japanese Yen

NOK - Norwegian Krone

SEK - Swedish Krona

USD - United States Dollar

Assets:	Global Atlantic BlackRock Allocation Portfolio		Global Atlantic BlackRock Disciplined Core Portfolio		Global Atlantic BlackRock Disciplined Growth Portfolio			Global Atlantic BlackRock Disciplined International Core Portfolio
Investments in securities, at cost	$	55,450,317	$	441,771,469	$	63,070,925		$	131,258,005
Investments in securities, at fair value	$	57,176,619	$	516,152,029	$	76,107,016		$	132,249,705
Cash		-		2		-			6
Foreign cash (cost $-, $-, $- and $305,897, respectively)		-		-		-			306,809
Deposit with broker		-		697,359		203,259			142,556
Receivable for securities sold		-		2,408,844		915,674			-
Receivable for portfolio shares sold		11,736		-		-			-
Interest and dividends receivable		1,408		656,550		43,481			863,647
Prepaid expenses		2,722		24,333		3,718			68,899
Total Assets		57,192,485		519,939,117		77,273,148			133,631,622
Liabilities:
Unrealized depreciation on futures contracts		-		203,298		81,724			55,019
Payable for securities purchased		-		2,070,722		891,671			12,053
Payable for portfolio shares redeemed		490		300,812		270,983			134,738
Accrued distribution (12b-1) fees		2,618		6,462		3,987			9,079
Accrued investment advisory fees		12,464		186,545		27,010			59,265
Administrative service fees payable		3,422		27,857		4,553			8,277
Accrued expenses and other liabilities		6,908		60,813		11,909			40,240
Total Liabilities		25,902		2,856,509		1,291,837			318,671
Net Assets	$	57,166,583	$	517,082,608	$	75,981,311		$	133,312,951
Composition of Net Assets:
Paid-in capital	$	53,586,174	$	453,092,226	$	106,546,882		$	150,969,403
Total distributable earnings (losses)		3,580,409		63,990,382		(30,565,571	)		(17,656,452	)
Net Assets	$	57,166,583	$	517,082,608	$	75,981,311		$	133,312,951
Class I Shares:
Net Assets	$	45,106,476	$	487,420,488	$	57,785,432		$	91,317,370
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		4,610,988		44,899,589		5,032,398			10,167,813
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	9.78	$	10.86	$	11.48		$	8.98
Class II Shares:
Net Assets	$	12,060,107	$	29,662,120	$	18,195,879		$	41,995,581
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		1,235,748		2,736,269		1,585,012			4,681,532
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	9.76	$	10.84	$	11.48		$	8.97

Assets:	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio			Global Atlantic BlackRock Disciplined Value Portfolio		Global Atlantic BlackRock High Yield Portfolio			Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Investments in securities, at cost	$	232,256,551		$	209,236,332	$	52,390,463		$	71,923,934
Investments in securities, at fair value	$	236,655,663		$	224,389,395	$	49,069,665		$	67,362,618
Premiums paid on open swap contracts, net		-			-		-			47,342
Cash		2			3		-			-
Foreign cash (cost $-, $-, $- and $4,195, respectively)		-			-		-			4,182
Deposit with broker		272,326			304,369		17,047			797,912
Unrealized appreciation on swap contracts		-			-		-			21,435
Receivable for securities sold		739,289			1,086,354		178,935			9,051,624
Receivable for portfolio shares sold		-			-		-			62,775
Interest and dividends receivable		98,195			366,924		934,580			470,780
Prepaid expenses		10,934			10,193		2,421			2,910
Total Assets		237,776,409			226,157,238		50,202,648			77,821,578
Liabilities:
Investments in securities sold short, proceeds	$	-		$	-	$	-		$	4,576,250
Investments in securities sold short, at fair value	$	-		$	-	$	-		$	4,514,531
Unrealized depreciation on futures contracts		71,275			102,030		1,883			107,728
Unrealized depreciation on forward foreign currency contracts		-			-		-			3,109
Due to custodian		-			-		1			111
Payable for securities purchased		1,314,789			983,956		140,735			12,119,851
Payable for portfolio shares redeemed		215,279			590,606		83,093			-
Accrued distribution (12b-1) fees		21,547			1,369		129			-
Accrued investment advisory fees		117,019			89,247		22,174			16,389
Administrative service fees payable		15,281			11,937		2,679			3,163
Accrued expenses and other liabilities		29,152			32,429		7,416			5,823
Total Liabilities		1,784,342			1,811,574		258,110			16,770,705
Net Assets	$	235,992,067		$	224,345,664	$	49,944,538		$	61,050,873
Composition of Net Assets:
Paid-in capital	$	295,243,418		$	208,466,595	$	58,101,364		$	70,116,106
Total distributable earnings (losses)		(59,251,351	)		15,879,069		(8,156,826	)		(9,065,233	)
Net Assets	$	235,992,067		$	224,345,664	$	49,944,538		$	61,050,873
Class I Shares:
Net Assets	$	136,925,699		$	217,897,954	$	49,354,397		$	61,050,873
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		14,486,131			22,009,908		5,759,047			7,209,458
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	9.45		$	9.90	$	8.57		$	8.47
Class II Shares:
Net Assets	$	99,066,368		$	6,447,710	$	590,141		$	-
Total shares outstanding at end of period ($0 par value, unlimited shares authorized)		10,517,736			650,179		68,803			-
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	9.42		$	9.92	$	8.58		$	-

	Global Atlantic BlackRock Allocation Portfolio			Global Atlantic BlackRock Disciplined Core Portfolio			Global Atlantic BlackRock Disciplined Growth Portfolio			Global Atlantic BlackRock Disciplined International Core Portfolio
Investment Income:
Dividend income*	$	1,456,637		$	9,320,328		$	845,322		$	4,875,911
Interest income		6,573			113,080			23,449			32,521
Total Investment Income		1,463,210			9,433,408			868,771			4,908,432
Expenses:
Investment advisory fee		143,545			2,267,518			342,476			861,102
Distribution fees (12b-1) - Class II Shares		34,080			84,838			53,047			112,722
Administrative service fees		21,125			188,237			29,954			46,464
Legal fees		16,633			150,857			23,605			36,190
Trustees fees		6,947			61,871			10,148			15,105
Custody fees		3,008			27,055			13,490			108,346
Miscellaneous expenses		24,829			226,408			35,269			91,294
Total Expenses		250,167			3,006,784			507,989			1,271,223
Expenses waived		(770	)		(14,871	)		(10,649	)		(116,619	)
Net Expenses		249,397			2,991,913			497,340			1,154,604
Net Investment Income		1,213,813			6,441,495			371,431			3,753,828
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		793,183			(1,149,211	)		(6,015,665	)		(7,959,296	)
Futures contracts		-			(1,890,292	)		(707,156	)		(474,263	)
Foreign currency translations		-			206			-			(48,602	)
		793,183			(3,039,297	)		(6,722,821	)		(8,482,161	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(12,157,208	)		(134,313,116	)		(29,560,646	)		(21,297,497	)
Futures contracts		-			(330,906	)		(94,148	)		(109,778	)
Foreign currency translations		-			(1,036	)		-			(28,592	)
		(12,157,208	)		(134,645,058	)		(29,654,794	)		(21,435,867	)
Net Realized and Change in Unrealized Gain (Loss)		(11,364,025	)		(137,684,355	)		(36,377,615	)		(29,918,028	)
Net Decrease in Net Assets Resulting from Operations	$	(10,150,212	)	$	(131,242,860	)	$	(36,006,184	)	$	(26,164,200	)
* Foreign taxes withheld	$	-		$	24,310		$	498		$	578,778

	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio			Global Atlantic BlackRock Disciplined Value Portfolio			Global Atlantic BlackRock High Yield Portfolio			Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Investment Income:
Dividend income*	$	2,268,279		$	5,273,633		$	-		$	-
Interest income**		52,528			47,205			3,342,252			2,047,949
Total Investment Income		2,320,807			5,320,838			3,342,252			2,047,949
Expenses:
Investment advisory fee		1,427,896			1,082,931			277,409			232,167
Distribution fees (12b-1) - Class II Shares		274,461			17,362			1,677			-
Administrative service fees		85,552			77,930			17,968			22,112
Legal fees		66,298			62,579			14,445			17,700
Trustees fees		28,776			25,236			5,837			7,253
Custody fees		23,414			21,591			6,417			13,265
Miscellaneous expenses		103,092			95,027			21,696			27,245
Total Expenses		2,009,489			1,382,656			345,449			319,742
Expenses waived		(17,584	)		(17,647	)		(5,333	)		(12,462	)
Net Expenses		1,991,905			1,365,009			340,116			307,280
Net Investment Income		328,902			3,955,829			3,002,136			1,740,669
Net Realized and Change in Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(45,203,699	)		1,927,941			(3,491,751	)		(4,172,650	)
Short sales		-			-			-			355
Futures contracts		(967,699	)		(752,590	)		(141,266	)		(1,883,522	)
Swap contracts		-			-			-			(52,294	)
Swaptions		-			-			-			(7,676	)
Forward foreign currency contracts		-			-			-			3,745
Foreign currency translations		-			-			-			(3,183	)
		(46,171,398	)		1,175,351			(3,633,017	)		(6,115,225	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(48,122,774	)		(28,195,689	)		(5,476,223	)		(6,423,130	)
Short Sales		-			-			-			61,719
Futures contracts		(132,781	)		(148,383	)		(13,210	)		(160,725	)
Swap contracts		-			-			-			(10,406	)
Swaptions		-			-			-			1,628
Forward foreign currency contracts		-			-			-			(5,997	)
Foreign currency translations		-			-			-			2,450
		(48,255,555	)		(28,344,072	)		(5,489,433	)		(6,534,461	)
Net Realized and Change in Unrealized Gain (Loss)		(94,426,953	)		(27,168,721	)		(9,122,450	)		(12,649,686	)
Net Decrease in Net Assets Resulting from Operations	$	(94,098,051	)	$	(23,212,892	)	$	(6,120,314	)	$	(10,909,017	)
* Foreign taxes withheld	$	793		$	2,265		$	-		$	-
** Foreign taxes withheld	$	-		$	-		$	-		$	1,761

	Global Atlantic BlackRock Allocation Portfolio						Global Atlantic BlackRock Disciplined Core Portfolio
	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	1,213,813		$	1,158,810		$	6,441,495		$	5,178,458
Net realized gain (loss)		793,183			7,447,427			(3,039,297	)		111,729,756
Net change in unrealized appreciation (depreciation)		(12,157,208	)		(189,980	)		(134,645,058	)		49,303,876
Net increase (decrease) in net assets resulting from operations		(10,150,212	)		8,416,257			(131,242,860	)		166,212,090
From Distributions to Shareholders:
Total distributions paid		(8,274,158	)		(3,880,297	)		(116,104,855	)		(34,691,795	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		398,375			1,841,622			1,200,135			23,825,395	*
Class II		1,199,359			1,120,778			1,564,468			5,169,859	*
Reinvestment of distributions
Class I		6,535,741			3,136,835			109,478,151			32,715,715
Class II		1,738,417			743,463			6,626,704			1,976,080
Cost of shares redeemed
Class I		(9,079,238	)		(11,584,403	)		(65,193,764	)		(80,674,613	)
Class II		(2,853,910	)		(3,138,099	)		(6,776,509	)		(8,827,419	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(2,061,256	)		(7,879,804	)		46,899,185			(25,814,983	)
Total increase (decrease) in net assets		(20,485,626	)		(3,343,844	)		(200,448,530	)		105,705,312
Net Assets:
Beginning of year		77,652,209			80,996,053			717,531,138			611,825,826
End of year	$	57,166,583		$	77,652,209		$	517,082,608		$	717,531,138
Share Activity:
Class I
Shares sold		34,056			140,020			87,681			1,430,902	**
Shares reinvested		679,391			240,740			9,952,559			1,998,517
Shares redeemed		(796,557	)		(889,588	)		(4,612,976	)		(5,101,518	)
Net increase (decrease) in shares of beneficial interest outstanding		(83,110	)		(508,828	)		5,427,264			(1,672,099	)
Share Activity:
Class II
Shares sold		95,487			85,829			111,406			312,152	**
Shares reinvested		181,085			57,190			602,976			120,861
Shares redeemed		(245,735	)		(243,437	)		(478,269	)		(564,297	)
Net increase (decrease) in shares of beneficial interest outstanding		30,837			(100,418	)		236,113			(131,284	)

* Includes the value received from shares issued in connection with the reorganization of Global Atlantic BlackRock Disciplined U.S. Core Portfolio into Global Atlantic BlackRock Disciplined Core Portfolio on August 20, 2021.

** Includes shares issued in connection with the reorganization of Global Atlantic BlackRock Disciplined U.S. Core Portfolio into Global Atlantic BlackRock Disciplined Core Portfolio on August 20, 2021.

	Global Atlantic BlackRock Disciplined Growth Portfolio						Global Atlantic BlackRock Disciplined International Core Portfolio
	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	371,431		$	127,484		$	3,753,828		$	2,901,706
Net realized gain (loss)		(6,722,821	)		15,076,207			(8,482,161	)		17,866,588
Net change in unrealized depreciation		(29,654,794	)		(1,221,192	)		(21,435,867	)		(7,578,519	)
Net increase (decrease) in net assets resulting from operations		(36,006,184	)		13,982,499			(26,164,200	)		13,189,775
From Distributions to Shareholders:
Total distributions paid		(15,343,989	)		(1,872,995	)		(10,109,807	)		(2,551,441	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		1,165,133			97,856,259	*		938,711			16,738,187	**
Class II		2,578,210			7,299,576	*		1,126,903			13,978,820	**
Reinvestment of distributions
Class I		11,793,023			1,467,358			6,979,467			1,833,625
Class II		3,550,966			405,637			3,130,340			717,816
Cost of shares redeemed
Class I		(13,335,585	)		(8,649,029	)		(11,938,368	)		(12,100,080	)
Class II		(3,769,685	)		(5,314,796	)		(5,135,004	)		(5,878,741	)
Net increase (decrease) in net assets from share transactions of beneficial interest		1,982,062			93,065,005			(4,897,951	)		15,289,627
Total increase (decrease) in net assets		(49,368,111	)		105,174,509			(41,171,958	)		25,927,961
Net Assets:
Beginning of year		125,349,422			20,174,913			174,484,909			148,556,948
End of year	$	75,981,311		$	125,349,422		$	133,312,951		$	174,484,909
Share Activity:
Class I
Shares sold		77,829			5,204,444	***		101,754			1,458,438	****
Shares reinvested		983,572			75,481			858,483			158,072
Shares redeemed		(867,484	)		(441,444	)		(1,204,122	)		(1,053,285	)
Net increase (decrease) in shares of beneficial interest outstanding		193,917			4,838,481			(243,885	)		563,225
Share Activity:
Class II
Shares sold		175,354			389,649	***		119,743			1,221,987	****
Shares reinvested		296,161			20,877			385,036			61,987
Shares redeemed		(252,501	)		(297,713	)		(526,345	)		(511,655	)
Net increase (decrease) in shares of beneficial interest outstanding		219,014			112,813			(21,566	)		772,319

* Includes the value received from shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio into Global Atlantic BlackRock Disciplined Growth Portfolio on August 20, 2021.

** Includes the value received from shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Global Equity Insights Portfolio into Global Atlantic BlackRock Disciplined International Core Portfolio on August 20, 2021.

*** Includes shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio into Global Atlantic BlackRock Disciplined Growth Portfolio on August 20, 2021.

**** Includes shares issued in connection with the reorganization of Global Atlantic Goldman Sachs Global Equity Insights Portfolio into Global Atlantic BlackRock Disciplined International Core Portfolio on August 20, 2021.

	Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio						Global Atlantic BlackRock Disciplined Value Portfolio
	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	328,902		$	(539,671	)	$	3,955,829		$	3,457,492
Net realized gain (loss)		(46,171,398	)		66,324,123			1,175,351			52,191,066
Net change in unrealized appreciation (depreciation)		(48,255,555	)		(33,219,750	)		(28,344,072	)		7,828,433
Net increase (decrease) in net assets resulting from operations		(94,098,051	)		32,564,702			(23,212,892	)		63,476,991
From Distributions to Shareholders:
Total distributions paid		(65,904,530	)		(23,682,050	)		(51,258,959	)		(3,594,121	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		1,565,862			55,813,006	*		1,564,086			614,623
Class II		1,517,655			90,838,795	*		361,860			188,856
Reinvestment of distributions
Class I		38,441,483			13,977,471			49,799,004			3,509,478
Class II		27,463,047			9,704,578			1,459,955			84,643
Cost of shares redeemed
Class I		(21,541,667	)		(29,299,309	)		(32,942,173	)		(35,365,378	)
Class II		(12,073,607	)		(11,805,579	)		(1,204,603	)		(1,094,831	)
Net increase (decrease) in net assets from share transactions of beneficial interest		35,372,773			129,228,962			19,038,129			(32,062,609	)
Total increase (decrease) in net assets		(124,629,808	)		138,111,614			(55,433,722	)		27,820,261
Net Assets:
Beginning of year		360,621,875			222,510,261			279,779,386			251,959,125
End of year	$	235,992,067		$	360,621,875		$	224,345,664		$	279,779,386
Share Activity:
Class I
Shares sold		132,285			3,012,584	**		137,935			46,837
Shares reinvested		4,055,009			765,469			5,107,590			259,194
Shares redeemed		(1,697,476	)		(1,640,482	)		(2,673,760	)		(2,741,658	)
Net increase (decrease) in shares of beneficial interest outstanding		2,489,818			2,137,571			2,571,765			(2,435,627	)
Share Activity:
Class II
Shares sold		108,585			4,915,247	**		29,599			15,149
Shares reinvested		2,906,142			532,633			149,433			6,242
Shares redeemed		(925,028	)		(656,427	)		(98,896	)		(85,508	)
Net increase (decrease) in shares of beneficial interest outstanding		2,089,699			4,791,453			80,136			(64,117	)

* Includes the value received from shares issued in connection with the reorganization of Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio into Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio on August 20, 2021.

** Includes shares issued in connection with the reorganization of Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio into Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio on August 20, 2021.

	Global Atlantic BlackRock High Yield Portfolio						Global Atlantic Goldman Sachs Core Fixed Income Portfolio
	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2022			For the Year Ended December 31, 2021
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	3,002,136		$	2,965,054		$	1,740,669		$	1,544,534
Net realized gain (loss)		(3,633,017	)		1,439,189			(6,115,225	)		(281,299	)
Net change in unrealized depreciation		(5,489,433	)		(1,849,061	)		(6,534,461	)		(2,986,141	)
Net increase (decrease) in net assets resulting from operations		(6,120,314	)		2,555,182			(10,909,017	)		(1,722,906	)
From Distributions to Shareholders:
Total distributions paid		(2,964,053	)		(3,219,040	)		(1,427,091	)		(5,827,630	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		4,900,006			6,056,458			3,203,890			3,742,962
Class II		23,448			38,887			-			-
Reinvestment of distributions
Class I		2,931,278			3,182,155			1,427,091			5,827,630
Class II		32,775			36,885			-			-
Cost of shares redeemed
Class I		(13,719,094	)		(10,554,711	)		(11,605,222	)		(13,200,885	)
Class II		(150,761	)		(75,165	)		-			-
Net decrease in net assets from share transactions of beneficial interest		(5,982,348	)		(1,315,491	)		(6,974,241	)		(3,630,293	)
Total decrease in net assets		(15,066,715	)		(1,979,349	)		(19,310,349	)		(11,180,829	)
Net Assets:
Beginning of year		65,011,253			66,990,602			80,361,222			91,542,051
End of year	$	49,944,538		$	65,011,253		$	61,050,873		$	80,361,222
Share Activity:
Class I
Shares sold		529,301			591,243			356,607			353,421
Shares reinvested		346,078			318,854			174,248			579,287
Shares redeemed		(1,502,116	)		(1,035,993	)		(1,297,997	)		(1,226,960	)
Net decrease in shares of beneficial interest outstanding		(626,737	)		(125,896	)		(767,142	)		(294,252	)
Share Activity:
Class II
Shares sold		2,575			3,773			-			-
Shares reinvested		3,865			3,696			-			-
Shares redeemed		(16,442	)		(7,361	)		-			-
Net increase (decrease) in shares of beneficial interest outstanding		(10,002	)		108			-			-

Selected data for a Class I share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	13.17		$	12.45		$	11.42		$	9.62		$	10.19
Income from investment operations:
Net investment income (a,b)		0.22			0.20			0.19			0.23			0.21
Net realized and unrealized gain (loss) (c)		(2.01	)		1.20			1.40			1.79			(0.73	)
Total income (loss) from investment operations		(1.79	)		1.40			1.59			2.02			(0.52	)
Less distributions from:
Net investment income		(0.23	)		(0.23	)		(0.27	)		(0.22	)		(0.05	)
Net realized gains		(1.37	)		(0.45	)		(0.29	)		-			0.00	(d)
Total distributions from net investment income and net realized gains		(1.60	)		(0.68	)		(0.56	)		(0.22	)		(0.05	)
Net asset value, end of year	$	9.78		$	13.17		$	12.45		$	11.42		$	9.62
Total return (e)		(13.42	)%		11.33	%		14.46	%		21.09	%		(5.14	)% (f)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	45,106		$	61,826		$	64,791		$	66,410		$	63,462
Ratio of net expenses to average net assets (g)		0.33	%		0.31	%		0.31	%		0.31	%		0.31	%
Ratio of gross expenses to average net assets (g,h)		0.33	%		0.32	%		0.33	%		0.34	%		0.32	%
Ratio of net investment income to average net assets (b,g)		1.91	%		1.52	%		1.69	%		2.15	%		2.06	%
Portfolio turnover rate		62	%		73	%		85	%		61	%		54	%

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

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

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

(d) Less than $0.005 or 0.005% per share.

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

(f) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

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

Selected data for a Class II share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	13.13		$	12.41		$	11.39		$	9.61		$	10.18
Income from investment operations:
Net investment income (a,b)		0.19			0.17			0.17			0.21			0.20
Net realized and unrealized gain (loss) (c)		(2.00	)		1.19			1.38			1.78			(0.74	)
Total income (loss) from investment operations		(1.81	)		1.36			1.55			1.99			(0.54	)
Less distributions from:
Net investment income		(0.19	)		(0.19	)		(0.24	)		(0.21	)		(0.03	)
Net realized gains		(1.37	)		(0.45	)		(0.29	)		-			0.00	(d)
Total distributions from net investment income and net realized gains		(1.56	)		(0.64	)		(0.53	)		(0.21	)		(0.03	)
Net asset value, end of year	$	9.76		$	13.13		$	12.41		$	11.39		$	9.61
Total return (e)		(13.58	)%		11.04	%		14.13	%		20.82	%		(5.33	)% (f)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	12,060		$	15,826		$	16,205		$	15,568		$	13,806
Ratio of net expenses to average net assets (g)		0.58	%		0.56	%		0.56	%		0.56	%		0.56	%
Ratio of gross expenses to average net assets (g,h)		0.58	%		0.57	%		0.58	%		0.59	%		0.57	%
Ratio of net investment income to average net assets (b,g)		1.68	%		1.28	%		1.45	%		1.91	%		1.99	%
Portfolio turnover rate		62	%		73	%		85	%		61	%		54	%

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

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

(d) Less than $0.005 or 0.005% per share.

(f) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

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

Selected data for a Class I share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	17.10		$	13.98		$	12.39		$	9.74		$	10.38
Income from investment operations:
Net investment income (a)		0.16			0.13			0.15			0.17			0.16
Net realized and unrealized gain (loss) (b)		(3.35	)		3.84			2.19			2.66			(0.64	)
Total income (loss) from investment operations		(3.19	)		3.97			2.34			2.83			(0.48	)
Less distributions from:
Net investment income		(0.16	)		(0.15	)		(0.20	)		(0.18	)		(0.12	)
Net realized gains		(2.89	)		(0.70	)		(0.55	)		-			(0.04	)
Total distributions from net investment income and net realized gains		(3.05	)		(0.85	)		(0.75	)		(0.18	)		(0.16	)
Net asset value, end of year	$	10.86		$	17.10		$	13.98		$	12.39		$	9.74
Total return (c)		(18.89	)%		28.67	%		19.69	%		29.21	%		(4.75	)% (d)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	487,420		$	674,859		$	575,095		$	547,724		$	486,491
Ratio of net expenses to average net assets		0.50	%		0.49	%		0.48	%		0.48	%		0.48	%
Ratio of gross expenses to average net assets (e)		0.50	%		0.49	%		0.50	%		0.50	%		0.49	%
Ratio of net investment income to average net assets		1.12	%		0.79	%		1.23	%		1.53	%		1.51	%
Portfolio turnover rate		106	%		109	% (f)		122	%		130	%		156	%

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

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

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

(d) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

(f) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined U.S. Core Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

Selected data for a Class II share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	17.07		$	13.96		$	12.37		$	9.72		$	10.37
Income from investment operations:
Net investment income (a)		0.12			0.09			0.12			0.14			0.13
Net realized and unrealized gain (loss) (b)		(3.34	)		3.83			2.18			2.66			(0.65	)
Total income (loss) from investment operations		(3.22	)		3.92			2.30			2.80			(0.52	)
Less distributions from:
Net investment income		(0.12	)		(0.11	)		(0.16	)		(0.15	)		(0.09	)
Net realized gains		(2.89	)		(0.70	)		(0.55	)		-			(0.04	)
Total distributions from net investment income and net realized gains		(3.01	)		(0.81	)		(0.71	)		(0.15	)		(0.13	)
Net asset value, end of year	$	10.84		$	17.07		$	13.96		$	12.37		$	9.72
Total return (c)		(19.12	)%		28.35	%		19.42	%		28.94	%		(5.06	)% (d)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	29,662		$	42,672		$	36,731		$	35,116		$	32,442
Ratio of net expenses to average net assets		0.75	%		0.74	%		0.73	%		0.73	%		0.73	%
Ratio of gross expenses to average net assets (e)		0.75	%		0.74	%		0.75	%		0.75	%		0.74	%
Ratio of net investment income to average net assets		0.87	%		0.54	%		0.98	%		1.28	%		1.24	%
Portfolio turnover rate		106	%		109	% (f)		122	%		130	%		156	%

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

(d) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

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

	For the Year Ended December 31, 2022			For the Period Ended December 31, 2021 (a)
Net asset value, beginning of period	$	20.21		$	18.80
Income from investment operations:
Net investment income (b)		0.07			0.03
Net realized and unrealized gain (loss) (c)		(5.96	)		1.67
Total income (loss) from investment operations		(5.89	)		1.70
Less distributions from:
Net investment income		(0.07	)		-
Net realized gains		(2.77	)		(0.29	)
Total distributions from net investment income and net realized gains		(2.84	)		(0.29	)
Net asset value, end of period	$	11.48		$	20.21
Total return (d)		(29.76	)%		9.12	%
Ratios and Supplemental Data:
Net assets, end of period (in 000's)	$	57,785		$	97,770
Ratio of net expenses to average net assets		0.48	%		0.48	% (e)
Ratio of gross expenses to average net assets (f)		0.49	%		0.48	% (e)
Ratio of net investment income to average net assets		0.46	%		0.36	% (e)
Portfolio turnover rate		120	%		130	% (g,h)

(a) Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. The Fund commenced operations on November 6, 2017. Class I commenced operations on August 20, 2021 as a result of a reorganization.

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

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

(e) Annualized.

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

(g) Not annualized.

(h) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

Selected data for a Class II share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	20.19		$	16.10		$	12.66		$	9.85		$	10.32
Income from investment operations:
Net investment income (loss) (a)		0.03			(0.00	) (b)		0.03			0.07			0.08
Net realized and unrealized gain (loss) (c)		(5.95	)		4.38			4.26			3.18			(0.38	)
Total income (loss) from investment operations		(5.92	)		4.38			4.29			3.25			(0.30	)
Less distributions from:
Net investment income		(0.02	)		-			(0.06	)		(0.06	)		(0.08	)
Net realized gains		(2.77	)		(0.29	)		(0.79	)		(0.38	)		(0.09	)
Total distributions from net investment income and net realized gains		(2.79	)		(0.29	)		(0.85	)		(0.44	)		(0.17	)
Net asset value, end of year	$	11.48		$	20.19		$	16.10		$	12.66		$	9.85
Total return (d)		(29.90	)%		27.29	%		34.68	%		33.38	%		(2.98	)%
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	18,196		$	27,579		$	20,175		$	18,077		$	15,807
Ratio of net expenses to average net assets		0.73	%		0.77	%		0.79	%		0.79	%		0.79	%
Ratio of gross expenses to average net assets (e)		0.74	%		0.80	%		0.87	%		0.85	%		0.81	%
Ratio of net investment income to average net assets		0.21	%		(0.00	)% (b)		0.21	%		0.58	%		0.75	%
Portfolio turnover rate		120	%		130	% (f)		133	%		144	%		156	%

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

(b) Less than $0.005 or 0.005% per share.

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

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

(f) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

Selected data for a Class I share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	11.55		$	10.78		$	9.98		$	8.50		$	10.20
Income from investment operations:
Net investment income (a,b)		0.27			0.22			0.14			0.25			0.23
Net realized and unrealized gain (loss) (c)		(2.11	)		0.73			0.85			1.48			(1.74	)
Total income (loss) from investment operations		(1.84	)		0.95			0.99			1.73			(1.51	)
Less distributions from:
Net investment income		(0.32	)		(0.18	)		(0.19	)		(0.25	)		(0.19	)
Net realized gains		(0.41	)		-			-			-			0.00	(d)
Total distributions from net investment income and net realized gains		(0.73	)		(0.18	)		(0.19	)		(0.25	)		(0.19	)
Net asset value, end of year	$	8.98		$	11.55		$	10.78		$	9.98		$	8.50
Total return (e)		(15.24	)%		8.77	%		10.32	%		20.50	%		(14.80	)% (f)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	91,317		$	120,258		$	106,216		$	105,876		$	98,694
Ratio of net expenses to average net assets (g)		0.73	%		0.72	%		0.69	%		0.69	%		0.69	%
Ratio of gross expenses to average net assets (g,h)		0.81	%		0.82	%		0.84	%		0.72	%		0.70	%
Ratio of net investment income to average net assets (b,g)		2.69	%		1.87	%		1.55	%		2.61	%		2.30	%
Portfolio turnover rate		59	%		117	% (i)		161	%		86	%		67	%

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

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

(d) Less than $0.005 or 0.005% per share.

(f) For the year ended December 31, 2018, 0.10% of the Portfolio's total return consisted of a reimbursement from an affiliate. Excluding this item, the total return would have been (14.90)%.

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

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

(i) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Global Equity Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

Selected data for a Class II share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	11.53		$	10.77		$	9.97		$	8.49		$	10.19
Income from investment operations:
Net investment income (a,b)		0.24			0.19			0.12			0.22			0.22
Net realized and unrealized gain (loss) (c)		(2.09	)		0.72			0.85			1.48			(1.74	)
Total income (loss) from investment operations		(1.85	)		0.91			0.97			1.70			(1.52	)
Less distributions from:
Net investment income		(0.30	)		(0.15	)		(0.17	)		(0.22	)		(0.18	)
Net realized gains		(0.41	)		-			-			-			0.00	(d)
Total distributions from net investment income and net realized gains		(0.71	)		(0.15	)		(0.17	)		(0.22	)		(0.18	)
Net asset value, end of year	$	8.97		$	11.53		$	10.77		$	9.97		$	8.49
Total return (e)		(15.45	)%		8.47	%		10.05	%		20.22	%		(14.95	)% (f)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	41,996		$	54,227		$	42,341		$	42,714		$	41,052
Ratio of net expenses to average net assets (g)		0.98	%		0.97	%		0.94	%		0.94	%		0.94	%
Ratio of gross expenses to average net assets (g)		1.06	%		1.07	%		1.09	%		0.97	%		0.95	%
Ratio of net investment income to average net assets (b,g)		2.45	%		1.63	%		1.30	%		2.36	%		2.23	%
Portfolio turnover rate		59	%		117	% (h)		161	%		86	%		67	%

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

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

(d) Less than $0.005 or 0.005% per share.

(f) For the year ended December 31, 2018, 0.10% of the Portfolio's total return consisted of a reimbursement from an affiliate. Excluding this item, the total return would have been (15.05)%.

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

(h) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic Goldman Sachs Global Equity Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

Selected data for a Class I share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	17.68		$	16.49		$	13.06		$	9.91		$	10.35
Income from investment operations:
Net investment income (loss) (a)		0.03			(0.02	)		0.01			0.05			0.11
Net realized and unrealized gain (loss) (b)		(4.69	)		2.41			4.58			3.18			(0.43	)
Total income (loss) from investment operations		(4.66	)		2.39			4.59			3.23			(0.32	)
Less distributions from:
Net investment income		(0.04	)		(0.00	) (c)		(0.04	)		(0.03	)		(0.09	)
Net realized gains		(3.53	)		(1.20	)		(1.12	)		(0.05	)		(0.03	)
Total distributions from net investment income and net realized gains		(3.57	)		(1.20	)		(1.16	)		(0.08	)		(0.12	)
Net asset value, end of year	$	9.45		$	17.68		$	16.49		$	13.06		$	9.91
Total return (d)		(26.44	)%		14.29	%		36.52	%		32.68	%		(3.07	)% (e)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	136,926		$	212,083		$	162,580		$	141,289		$	126,149
Ratio of net expenses to average net assets		0.65	%		0.64	%		0.63	%		0.63	%		0.63	%
Ratio of gross expenses to average net assets (f)		0.66	%		0.65	%		0.67	%		0.66	%		0.65	%
Ratio of net investment income (loss) to average net assets		0.23	%		(0.11	)%		0.09	%		0.44	%		0.99	%
Portfolio turnover rate		110	%		179	% (g)		139	%		148	%		168	%

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

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

(e) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

(g) During the year ended December 31, 2021, the Portfolio engaged in security transactions associated with the transition of assets from Global Atlantic BlackRock Disciplined Small Cap Portfolio and Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio, which merged into the Portfolio on August 20, 2021. Certain security transactions were excluded from the portfolio turnover rate calculation. If these transactions were included, portfolio turnover would have been higher.

Selected data for a Class II share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	17.62		$	16.48		$	13.06		$	9.90		$	10.35
Income from investment operations:
Net investment income (loss) (a)		(0.00	) (b)		(0.06	)		(0.02	)		0.02			0.08
Net realized and unrealized gain (loss) (c)		(4.67	)		2.40			4.56			3.19			(0.43	)
Total income (loss) from investment operations		(4.67	)		2.34			4.54			3.21			(0.35	)
Less distributions from:
Net investment income		-			-			(0.00	) (b)		(0.00	) (b)		(0.07	)
Net realized gains		(3.53	)		(1.20	)		(1.12	)		(0.05	)		(0.03	)
Total distributions from net investment income and net realized gains		(3.53	)		(1.20	)		(1.12	)		(0.05	)		(0.10	)
Net asset value, end of year	$	9.42		$	17.62		$	16.48		$	13.06		$	9.90
Total return (d)		(26.58	)%		13.96	%		36.13	%		32.48	%		(3.35	)% (e)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	99,066		$	148,539		$	59,930		$	50,446		$	43,290
Ratio of net expenses to average net assets		0.90	%		0.89	%		0.88	%		0.88	%		0.88	%
Ratio of gross expenses to average net assets (f)		0.91	%		0.90	%		0.92	%		0.91	%		0.90	%
Ratio of net investment income (loss) to average net assets		(0.02	)%		(0.35	)%		(0.12	)%		0.19	%		0.77	%
Portfolio turnover rate		110	%		179	% (g)		139	%		148	%		168	%

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

(b) Less than $0.005 or 0.005% per share.

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

(e) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

Selected data for a Class I share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	13.98		$	11.19		$	11.51		$	9.39		$	10.44
Income from investment operations:
Net investment income (a)		0.20			0.16			0.19			0.23			0.20
Net realized and unrealized gain (loss) (b)		(1.42	)		2.81			0.17			2.13			(1.02	)
Total income (loss) from investment operations		(1.22	)		2.97			0.36			2.36			(0.82	)
Less distributions from:
Net investment income		(0.22	)		(0.18	)		(0.24	)		(0.24	)		(0.16	)
Net realized gains		(2.64	)		-			(0.44	)		-			(0.07	)
Total distributions from net investment income and net realized gains		(2.86	)		(0.18	)		(0.68	)		(0.24	)		(0.23	)
Net asset value, end of year	$	9.90		$	13.98		$	11.19		$	11.51		$	9.39
Total return (c)		(8.37	)%		26.58	%		4.14	%		25.28	%		(7.97	)% (d)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	217,898		$	271,801		$	244,853		$	266,399		$	248,141
Ratio of net expenses to average net assets		0.56	%		0.55	%		0.54	%		0.54	%		0.54	%
Ratio of gross expenses to average net assets (e)		0.57	%		0.55	%		0.57	%		0.56	%		0.55	%
Ratio of net investment income to average net assets		1.65	%		1.27	%		1.87	%		2.11	%		1.93	%
Portfolio turnover rate		116	%		120	%		125	%		132	%		140	%

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

(d) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

Selected data for a Class II share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	14.00		$	11.21		$	11.52		$	9.40		$	10.45
Income from investment operations:
Net investment income (a)		0.17			0.13			0.17			0.20			0.18
Net realized and unrealized gain (loss) (b)		(1.42	)		2.81			0.18			2.13			(1.02	)
Total income (loss) from investment operations		(1.25	)		2.94			0.35			2.33			(0.84	)
Less distributions from:
Net investment income		(0.19	)		(0.15	)		(0.22	)		(0.21	)		(0.14	)
Net realized gains		(2.64	)		-			(0.44	)		-			(0.07	)
Total distributions from net investment income and net realized gains		(2.83	)		(0.15	)		(0.66	)		(0.21	)		(0.21	)
Net asset value, end of year	$	9.92		$	14.00		$	11.21		$	11.52		$	9.40
Total return (c)		(8.62	)%		26.23	%		3.94	%		24.92	%		(8.16	)% (d)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	6,448		$	7,978		$	7,106		$	7,370		$	7,160
Ratio of net expenses to average net assets		0.81	%		0.80	%		0.79	%		0.79	%		0.79	%
Ratio of gross expenses to average net assets (e)		0.82	%		0.80	%		0.82	%		0.81	%		0.80	%
Ratio of net investment income to average net assets		1.40	%		1.02	%		1.62	%		1.86	%		1.68	%
Portfolio turnover rate		116	%		120	%		125	%		132	%		140	%

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

(d) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

Selected data for a Class I share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	10.06		$	10.17		$	10.21		$	9.43		$	9.92
Income from investment operations:
Net investment income (a)		0.50			0.46			0.49			0.52			0.52
Net realized and unrealized gain (loss) (b)		(1.48	)		(0.06	)		0.07			0.89			(0.95	)
Total income (loss) from investment operations		(0.98	)		0.40			0.56			1.41			(0.43	)
Less distributions from:
Net investment income		(0.51	)		(0.51	)		(0.60	)		(0.63	)		(0.06	)
Net asset value, end of year	$	8.57		$	10.06		$	10.17		$	10.21		$	9.43
Total return (c)		(9.64	)%		4.00	%		5.79	%		15.06	%		(4.32	)%
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	49,354		$	64,219		$	66,191		$	70,727		$	69,255
Ratio of net expenses to average net assets		0.61	%		0.60	%		0.59	%		0.59	%		0.59	%
Ratio of gross expenses to average net assets (d)		0.62	%		0.61	%		0.62	%		0.62	%		0.60	%
Ratio of net investment income to average net assets		5.41	%		4.51	%		4.93	%		5.11	%		5.24	%
Portfolio turnover rate		86	%		62	%		52	%		45	%		36	%

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

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

Selected data for a Class II share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	10.06		$	10.16		$	10.19		$	9.41		$	9.92
Income from investment operations:
Net investment income (a)		0.47			0.44			0.46			0.50			0.49
Net realized and unrealized gain (loss) (b)		(1.47	)		(0.06	)		0.08			0.87			(0.94	)
Total income (loss) from investment operations		(1.00	)		0.38			0.54			1.37			(0.45	)
Less distributions from:
Net investment income		(0.48	)		(0.48	)		(0.57	)		(0.59	)		(0.06	)
Net asset value, end of year	$	8.58		$	10.06		$	10.16		$	10.19		$	9.41
Total return (c)		(9.84	)%		3.74	%		5.57	%		14.70	%		(4.56	)%
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	590		$	793		$	799		$	900		$	1,071
Ratio of net expenses to average net assets		0.86	%		0.85	%		0.84	%		0.84	%		0.84	%
Ratio of gross expenses to average net assets (d)		0.87	%		0.86	%		0.87	%		0.87	%		0.85	%
Ratio of net investment income to average net assets		5.16	%		4.26	%		4.68	%		4.86	%		4.99	%
Portfolio turnover rate		86	%		62	%		52	%		45	%		36	%

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

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

Selected data for a Class I share outstanding throughout each year

	For the Year Ended December 31, 2022			For the Year Ended December 31, 2021			For the Year Ended December 31, 2020			For the Year Ended December 31, 2019			For the Year Ended December 31, 2018
Net asset value, beginning of year	$	10.07		$	11.07		$	10.60		$	9.92		$	9.98
Income from investment operations:
Net investment income (a,b)		0.23			0.20			0.24			0.27			0.25
Net realized and unrealized gain (loss) (c)		(1.63	)		(0.42	)		0.76			0.67			(0.31	)
Total income (loss) from investment operations		(1.40	)		(0.22	)		1.00			0.94			(0.06	)
Less distributions from:
Net investment income		(0.19	)		(0.28	)		(0.27	)		(0.26	)		0.00	(d)
Net realized gains		(0.01	)		(0.50	)		(0.26	)		-			-
Total distributions from net investment income and net realized gains		(0.20	)		(0.78	)		(0.53	)		(0.26	)		0.00	(d)
Net asset value, end of year	$	8.47		$	10.07		$	11.07		$	10.60		$	9.92
Total return (e)		(13.84	)%		(1.98	)%		9.49	%		9.49	%		(0.55	)% (f)
Ratios and Supplemental Data:
Net assets, end of year (in 000's)	$	61,051		$	80,361		$	91,542		$	90,506		$	92,760
Ratio of net expenses to average net assets (g)		0.45	%		0.43	%		0.43	%		0.43	%		0.43	%
Ratio of gross expenses to average net assets (g,h)		0.47	%		0.45	%		0.47	%		0.46	%		0.44	%
Ratio of net investment income to average net assets (b,g)		2.55	%		1.83	%		2.18	%		2.61	%		2.51	%
Portfolio turnover rate		77	% (i)		85	% (i)		151	% (i)		150	% (i)		248	% (i)

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

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

(d) Less than $0.005 or 0.005% per share.

(f) For the year ended December 31, 2018, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio's total return.

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

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

(i) The portfolio turnover rate excludes mortgage dollar roll transactions for the years ended December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019 and December 31, 2018. If these were included in the calculation, the portfolio turnover would be 549%, 474%, 701%, 689% and 486%, respectively. See Note 3 in the accompanying notes to financial statements.

1. ORGANIZATION

As of December 31, 2022, the Global Atlantic Portfolios were comprised of sixteen different actively managed portfolios, eight of which are discussed in this report (each, a "Portfolio" and collectively, the "Portfolios"). Each Portfolio is a series of shares of beneficial interest of Forethought Variable Insurance Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open- end management investment company.

	Commencement Date*	Investment Objective
Global Atlantic BlackRock Allocation Portfolio	November 6, 2017	Total return.
Global Atlantic BlackRock Disciplined Core Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined Growth Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined International Core Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock Disciplined Value Portfolio	November 6, 2017	Long-term capital appreciation.
Global Atlantic BlackRock High Yield Portfolio	November 6, 2017	Total return.
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	November 6, 2017	Total return consisting of capital appreciation and income.

* The Portfolios' inception date is November 1, 2017. The Portfolios commenced operations on November 6, 2017.

Each Portfolio is diversified. Certain of the Portfolios operate as "fund of funds." A "fund of funds" typically invests in multiple underlying funds and the level of its interest in any particular underlying fund may fluctuate. The Portfolios are intended to be funding vehicles for variable annuity and variable life insurance contracts offered by separate accounts of insurance companies. The assets of each Portfolio are segregated and a shareholder's interest is limited to the Portfolio in which shares are held. Each Portfolio pays its own expenses.

As of December 31, 2022, the Portfolios offered Class I and Class II shares at net asset value, except the Global Atlantic Goldman Sachs Core Fixed Income Portfolio (which only offered Class I shares). All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. Each Portfolio's income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Valuation Designee and Valuation Process – Prior to September 8, 2022, when the price of a security was not readily available or deemed unreliable, the fair market value was determined using the valuation procedures approved by the Board. The Board had delegated execution of these procedures to the Trust's Fair Value Committee. As of September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Global Atlantic Investment Advisors, LLC (the "Adviser"), investment adviser to the Portfolios, as the Portfolios' Valuation Designee (the "Designee") with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable. Such investments will be valued at their fair market value as determined using the valuation procedures established by the Designee and approved by the Board. The Adviser carries out its designated activities through the Adviser's Fair Value Committee.

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

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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2022 for each Portfolio's investments measured at fair value:

Global Atlantic BlackRock Allocation Portfolio

Assets	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	56,639,692	$	-	$	-	$	56,639,692
Short-Term Investments		536,927		-		-		536,927
Total	$	57,176,619	$	-	$	-	$	57,176,619

Global Atlantic BlackRock Disciplined Core Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	509,166,856	$	-	$	-	$	509,166,856
Short-Term Investments		6,985,173		-		-		6,985,173
Total	$	516,152,029	$	-	$	-	$	516,152,029
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	203,298	$	-	$	-	$	203,298
Total	$	203,298	$	-	$	-	$	203,298

Global Atlantic BlackRock Disciplined Growth Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	74,640,549	$	-	$	-	$	74,640,549
Short-Term Investments		1,466,467		-		-		1,466,467
Total	$	76,107,016	$	-	$	-	$	76,107,016
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	81,724	$	-	$	-	$	81,724
Total	$	81,724	$	-	$	-	$	81,724

Global Atlantic BlackRock Disciplined International Core Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	117,264,430	$	19,529	$	-	$	117,283,959
Exchange-Traded Funds		11,956,026		-		-		11,956,026
Preferred Stocks		1,115,910		-		-		1,115,910
Warrants		-		71		-		71
Rights		-		75		-		75
Short-Term Investments		1,893,664		-		-		1,893,664
Total	$	132,230,030	$	19,675	$	-	$	132,249,705
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	55,019	$	-	$	-	$	55,019
Total	$	55,019	$	-	$	-	$	55,019

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	233,062,957	$	14	$	-	$	233,062,971
Rights		-		2,518		-		2,518
Warrants		-		2,239		-		2,239
Short-Term Investments		3,587,935		-		-		3,587,935
Total	$	236,650,892	$	4,771	$	-	$	236,655,663
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	71,275	$	-	$	-	$	71,275
Total	$	71,275	$	-	$	-	$	71,275

Global Atlantic BlackRock Disciplined Value Portfolio

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	221,483,083	$	-	$	-	$	221,483,083
Short-Term Investments		2,906,312		-		-		2,906,312
Total	$	224,389,395	$	-	$	-	$	224,389,395
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	102,030	$	-	$	-	$	102,030
Total	$	102,030	$	-	$	-	$	102,030

Global Atlantic BlackRock High Yield Portfolio

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	-	$	48,910,099	$	-	$	48,910,099
Short-Term Investments		159,566		-		-		159,566
Futures Contracts*		5,951		-		-		5,951
Total	$	165,517	$	48,910,099	$	-	$	49,075,616
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts*	$	7,834	$	-	$	-	$	7,834
Total	$	7,834	$	-	$	-	$	7,834

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	-	$	30,484,946	$	-	$	30,484,946
Agency Mortgage Backed Securities		-		25,327,351		-		25,327,351
Asset Backed and Commercial Backed Securities		-		5,375,036		-		5,375,036
Short-Term Investments		404,602		2,492,615		-		2,897,217
U.S. Treasury Securities and Agency Bonds		-		1,536,529		-		1,536,529
Sovereign Debts		-		881,208		-		881,208
Municipal Bonds		-		860,331		-		860,331
Swap Contracts*		-		58,227		-		58,227
Futures Contracts*		17,279		-		-		17,279
Total	$	421,881	$	67,016,243	$	-	$	67,438,124
Liabilities	Level 1		Level 2		Level 3		Total
Securities Sold Short	$	-	$	4,514,531	$	-	$	4,514,531
Futures Contracts*		125,007		-		-		125,007
Swap Contracts*		-		36,792		-		36,792
Forward Foreign Exchange Contracts*		-		3,109		-		3,109
Total	$	125,007	$	4,554,432	$	-	$	4,679,439

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

The Portfolios did not hold any Level 3 securities during the year.

Security Transactions and Related Income – Security transactions are accounted for on a trade date basis. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

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

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

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

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in each Portfolio's 2020 and 2021 tax returns, or is expected to be taken in each Portfolio's 2022 tax return. Each Portfolio identified its major tax jurisdictions as U.S. Federal and foreign jurisdictions where the Portfolios make significant investments; however, the Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Foreign Currency Translation – The accounting records of the Portfolios are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in foreign currencies, are translated into U.S. dollars using exchange rates deemed appropriate by the investment adviser. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Net realized gains and losses on foreign currency transactions represent net gains and losses from currency realized between the trade and settlement dates on securities transactions and the difference between income accrued versus income received. The effects of changes in foreign currency exchange rates on investments in securities are included with the net realized and change in unrealized gain or loss on foreign currency translations.

Forward Foreign Currency Contracts – As foreign securities are purchased, a Portfolio may enter into forward currency contracts in order to hedge against foreign currency exchange rate risks. A forward involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Portfolio as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and a Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Statements of Operations.

For the year ended December 31, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on forward foreign currency contracts subject to currency risk, as disclosed in the Statements of Operations, is as follows:

				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				$	3,745			$	(5,997	)

Options Transactions – Certain Portfolios are subject to equity price risk, interest rate risk and foreign currency risk in the normal course of pursuing their investment objectives and may purchase or sell options to help hedge against this risk.

A Portfolio may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or securities indices, including ETFs, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. A call option for a particular security gives the purchaser of the option, in return for a premium, the right, but not the obligation, to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option for American options or only at expiration for European options, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right, but not the obligation, to sell the security at the stated exercise price at any time prior to the expiration date of the option for American options or only at expiration for European options, regardless of the market price of the security.

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

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

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

For the year ended December 31, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts by risk type, as disclosed in the Statements of Operations, is as follows:

	Risk Type	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic BlackRock Disciplined Core Portfolio	Equity	$	(1,890,292	)	$	(330,906	)
Global Atlantic BlackRock Disciplined Growth Portfolio	Equity		(707,156	)		(94,148	)
Global Atlantic BlackRock Disciplined International Core Portfolio	Equity		(474,263	)		(109,778	)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	Equity		(967,699	)		(132,781	)
Global Atlantic BlackRock Disciplined Value Portfolio	Equity		(752,590	)		(148,383	)
Global Atlantic BlackRock High Yield Portfolio	Interest Rate		(141,266	)		(13,210	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate		(1,883,522	)		(155,628	)
	Currency		-			(5,097	)

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

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

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

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

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

For the year ended December 31, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap agreements by risk type, as disclosed in the Statements of Operations, is as follows:

	Risk Type	Realized Gain/(Loss)			Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate	$	(85,419	)	$	500
	Credit		33,125			(10,906	)

For the year ended December 31, 2022, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swaptions, as disclosed in the Statements of Operations, is as follows:

				Risk Type				Realized Gain/(Loss)				Change in Unrealized Appreciation/(Depreciation)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				Interest Rate				$	(7,676	)		$	1,628

Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities – The following tables present certain of the Portfolios' asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of December 31, 2022.

Global Atlantic BlackRock Disciplined Core Portfolio

Counterparty	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	203,298	$	-	$	203,298	$	(203,298	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	203,298	$	-	$	203,298	$	(203,298	)	$	-

Global Atlantic BlackRock Disciplined Growth Portfolio

Counterparty	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	81,724	$	-	$	81,724	$	(81,724	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	81,724	$	-	$	81,724	$	(81,724	)	$	-

Global Atlantic BlackRock Disciplined International Core Portfolio

Counterparty	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	55,019	$	-	$	55,019	$	(55,019	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	55,019	$	-	$	55,019	$	(55,019	)	$	-

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Counterparty	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	71,275	$	-	$	71,275	$	(71,275	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	71,275	$	-	$	71,275	$	(71,275	)	$	-

Global Atlantic BlackRock Disciplined Value Portfolio

Counterparty	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset		Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	-	$	-	$	-	$	-	$	-	$	102,030	$	-	$	102,030	$	(102,030	)	$	-
Total	$	-	$	-	$	-	$	-	$	-	$	102,030	$	-	$	102,030	$	(102,030	)	$	-

Global Atlantic BlackRock High Yield Portfolio

Counterparty	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Goldman Sachs & Co.	$	5,951	$	(5,951	)	$	-	$	-	$	-	$	7,834	$	(5,951	)	$	1,883	$	(1,883	)	$	-
Total	$	5,951	$	(5,951	)	$	-	$	-	$	-	$	7,834	$	(5,951	)	$	1,883	$	(1,883	)	$	-

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Counterparty	Gross Amounts of Recognized Assets ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Assets Presented in the Statements of Assets & Liabilities		Collateral Received ⁽²⁾		Net Amount of Recognized Assets		Gross Amounts of Recognized Liabilities ⁽¹⁾		Financial Instruments and Derivatives Available for Offset			Net Amount of Liabilities Presented in the Statements of Assets & Liabilities		Collateral Pledged ⁽²⁾			Net Amount of Recognized Liabilities
Morgan Stanley	$	75,506	$	(75,506	)	$	-	$	-	$	-	$	164,908	$	(75,506	)	$	89,402	$	(89,402	)	$	-
Total	$	75,506	$	(75,506	)	$	-	$	-	$	-	$	164,908	$	(75,506	)	$	89,402	$	(89,402	)	$	-

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

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

Impact of Derivatives on the Statements of Assets and Liabilities – The following table presents a summary of the location of derivative investments categorized by primary risk exposure on the Portfolios' Statements of Assets and Liabilities as of December 31, 2022:

Global Atlantic BlackRock Disciplined Core Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(203,298	)	$	-	$	-	$	-	$	(203,298	)
Total	$	(203,298	)	$	-	$	-	$	-	$	(203,298	)

Global Atlantic BlackRock Disciplined Growth Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(81,724	)	$	-	$	-	$	-	$	(81,724	)
Total	$	(81,724	)	$	-	$	-	$	-	$	(81,724	)

Global Atlantic BlackRock Disciplined International Core Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(55,019	)	$	-	$	-	$	-	$	(55,019	)
Total	$	(55,019	)	$	-	$	-	$	-	$	(55,019	)

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(71,275	)	$	-	$	-	$	-	$	(71,275	)
Total	$	(71,275	)	$	-	$	-	$	-	$	(71,275	)

Global Atlantic BlackRock Disciplined Value Portfolio

	Equity			Interest Rate Contracts		Credit Contracts		Currency Contracts		Total
Liabilities
Unrealized depreciation on Futures Contracts	$	(102,030	)	$	-	$	-	$	-	$	(102,030	)
Total	$	(102,030	)	$	-	$	-	$	-	$	(102,030	)

Global Atlantic BlackRock High Yield Portfolio

	Equity		Interest Rate Contracts			Credit Contracts		Currency Contracts		Total
Assets
Unrealized appreciation on Futures Contracts	$	-	$	5,951		$	-	$	-	$	5,951
Liabilities
Unrealized depreciation on Futures Contracts		-		(7,834	)		-		-		(7,834	)
Total	$	-	$	(1,883	)	$	-	$	-	$	(1,883	)

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

	Equity			Interest Rate Contracts			Credit Contracts			Currency Contracts			Total
Assets
Unrealized appreciation on Futures Contracts	$	9,467		$	-		$	-		$	7,812		$	17,279
Unrealized appreciation on Swap Contracts		-			46,494			11,733			-			58,227
Liabilities
Unrealized depreciation on Futures Contracts		(112,098	)		-			-			(12,909	)		(125,007	)
Unrealized depreciation on Swap Contracts		-			(32,066	)		(4,726	)		-			(36,792	)
Unrealized depreciation on Forward Foreign Exchange Contracts		-			-			-			(3,109	)		(3,109	)
Total	$	(102,631	)	$	14,428		$	7,007		$	(8,206	)	$	(89,402	)

The notional value of the derivative instruments outstanding as of December 31, 2022, as disclosed in the Portfolios of Investments, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed above and within in the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios.

Short Sales – A Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities; (ii) to increase the flexibility of the Portfolio; (iii) for investment return; (iv) as part of a risk arbitrage strategy; and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a transaction in which a Portfolio sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When a Portfolio makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Portfolio is required to make a margin deposit in connection

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

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

As of December 31, 2022, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio held short sales of securities which are included in the Portfolio of Investments.

When-Issued and Delayed-Delivery Transactions – The Portfolios may engage in when-issued or delayed-delivery transactions. The Portfolios record when-issued securities on the trade date. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Real Estate Investment Trusts – Certain Portfolios may invest in real estate investment trusts ("REITs"). REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so a Portfolio that invests in REITs will bear its proportionate share of the costs of the REITs' operations. Along with the risks common to different types of real estate-related securities, such as loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value, and possible environmental liabilities, REITs involve additional risk factors. These include poor performance by the REIT's manager, changes to the tax laws, and failure by the REIT to qualify for tax free distribution of income or exemption under the 1940 Act. In addition, REITs are not diversified and are heavily dependent on cash flow.

Distributions from a Portfolio's investments in REITs may be characterized as ordinary income, a net capital gain or a return of capital. The Portfolios record distributions that represent a net capital gain as a realized gain and distributions that represent a return of capital as a reduction of the cost of investment. REITs report information on the source of their distributions annually in the following calendar year. As a result, a Portfolio may estimate the source of REIT distributions for accounting purposes and then makes adjustments when the actual source information is reported by the REIT. These estimates are based on the most recent REIT distribution information available.

Mortgage Dollar Roll Transactions – A mortgage dollar roll transaction involves a sale by a Portfolio of mortgage related securities that it holds with an agreement by the Portfolio to repurchase similar securities at an agreed upon price and date.

The securities purchased will bear the same interest rate as those sold, but generally will be collateralized by pools of mortgages with different prepayment histories than those securities sold. The Portfolios account for mortgage dollar rolls as purchases and sales transactions.

Expenses – Expenses of the Trust that are directly identifiable to a specific Portfolio are charged to that Portfolio. Expenses, which are not readily identifiable to a specific Portfolio, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the Portfolios in the Trust.

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

3. INVESTMENT TRANSACTIONS

For the year ended December 31, 2022, cost of purchases and proceeds from sales of portfolio securities, other than short- term investments, were as follows:

	Purchases		Sales
Global Atlantic BlackRock Allocation Portfolio	$	40,355,114	$	49,611,859
Global Atlantic BlackRock Disciplined Core Portfolio		610,309,459		672,498,284
Global Atlantic BlackRock Disciplined Growth Portfolio		110,819,079		124,832,086
Global Atlantic BlackRock Disciplined International Core Portfolio		83,001,421		93,354,523
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		293,496,552		322,474,910
Global Atlantic BlackRock Disciplined Value Portfolio		276,465,032		304,333,116
Global Atlantic BlackRock High Yield Portfolio		46,689,588		51,656,375
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		367,352,176		370,149,119

4. AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES

The Adviser serves as the Portfolios' investment adviser. The Adviser has engaged the following sub-advisers for the Portfolios:

Portfolio				Sub-Adviser
Global Atlantic BlackRock Allocation Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Core Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Growth Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined International Core Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined Value Portfolio				BlackRock Investment Management, LLC
Global Atlantic BlackRock High Yield Portfolio				BlackRock Investment Management, LLC
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				Goldman Sachs Asset Management, L.P.

The Bank of New York Mellon serves as the Administrator, Fund Accountant and Custodian for the Portfolios and BNY Mellon Investment Servicing (US) Inc. (together with The Bank of New York Mellon, "BNYM") serves as the Transfer Agent for the Portfolios.

Pursuant to an investment advisory agreement between the Trust, on behalf of the Portfolios and the Adviser, the Adviser, under the oversight of the Board, directs the daily investment operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Adviser, the Portfolios pay the Adviser an advisory fee, computed on average daily net assets and accrued daily and paid monthly.

The following chart details the annual advisory fee for each Portfolio for the year ended December 31, 2022.

Portfolio				Advisory Fee*
Global Atlantic BlackRock Allocation Portfolio				0.22% on first $1 billion
				0.21% on next $1 billion
				0.20% over $2 billion
Global Atlantic BlackRock Disciplined Core Portfolio				0.39% on first $1 billion
				0.37% on next $1 billion
				0.35% over $2 billion
Global Atlantic BlackRock Disciplined Growth Portfolio				0.37% on first $250 million
				0.35% on next $250 million
				0.34% on next $500 million
				0.32% over $1 billion

Portfolio				Advisory Fee*
Global Atlantic BlackRock Disciplined International Core Portfolio				0.60% on first $500 million
				0.58% on next $500 million
				0.55% over $1 billion
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio				0.54% on first $250 million
				0.53% on next $250 million
				0.51% on next $500 million
				0.48% over $1 billion
Global Atlantic BlackRock Disciplined Value Portfolio				0.45% on first $1 billion
				0.43% on next $1 billion
				0.41% over $2 billion
Global Atlantic BlackRock High Yield Portfolio				0.50% on first $1 billion
				0.48% on next $1 billion
				0.46% over $2 billion
Global Atlantic Goldman Sachs Core Fixed Income Portfolio				0.34% on first $250 million
				0.32% on next $250 million
				0.26% over $500 million

* Calculated daily based on the average daily net assets.

During the year ended December 31, 2022, with respect to each Portfolio, the Adviser contractually agreed to waive its fees and to reimburse expenses, at least until the expiration dates listed below, to ensure that total annual portfolio operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary expenses, such as litigation) will not exceed the average daily net asset percentages attributable to the Portfolio's shares listed below ("Waiver Agreements"). The expense reimbursement is subject to possible recoupment from the Portfolio in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the expense limits listed below and any expense limits applicable at the time of recoupment. The agreements may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the Adviser.

	Operating Expense Limitations
Portfolio	Class I			Class II			Expiration Date
Global Atlantic BlackRock Allocation Portfolio		0.33	%		0.58	%	May 1, 2023
Global Atlantic BlackRock Disciplined Core Portfolio		0.50	%		0.75	%	May 1, 2023
Global Atlantic BlackRock Disciplined Growth Portfolio*		0.48	%		0.73	%	May 1, 2023
Global Atlantic BlackRock Disciplined International Core Portfolio**		0.74	%		0.99	%	May 1, 2023
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		0.65	%		0.90	%	May 1, 2023
Global Atlantic BlackRock Disciplined Value Portfolio		0.56	%		0.81	%	May 1, 2023
Global Atlantic BlackRock High Yield Portfolio		0.61	%		0.86	%	May 1, 2023
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		0.45	%		N/A		May 1, 2023

* The Portfolio was also subject to a Total Expense Limit of 0.48% and 0.73% for Class I and Class II shares, respectively, which included Acquired Fund Fees and Expenses as defined in the Portfolio's prospectus, that expired September 1, 2022.

** The Portfolio was also subject to a Total Expense Limit of 0.77% and 1.02% for Class I and Class II shares, respectively, which included Acquired Fund Fees and Expenses as defined in the Portfolio's prospectus, that expired September 1, 2022.

For the year ended December 31, 2022, the Adviser waived, reimbursed, or recaptured fees as follows:

Portfolio	Investment Advisory Fee Waiver		Investment Advisory Fee Reimbursed		Investment Advisory Fee Recaptured		Total
Global Atlantic BlackRock Allocation Portfolio	$	770	$	-	$	-	$	770
Global Atlantic BlackRock Disciplined Core Portfolio		14,871		-		-		14,871
Global Atlantic BlackRock Disciplined Growth Portfolio		10,649		-		-		10,649
Global Atlantic BlackRock Disciplined International Core Portfolio		96,476		20,143		-		116,619
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		17,584		-		-		17,584
Global Atlantic BlackRock Disciplined Value Portfolio		17,647		-		-		17,647
Global Atlantic BlackRock High Yield Portfolio		5,333		-		-		5,333
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		12,462		-		-		12,462

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

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

Portfolio	December 31, 2023		December 31, 2024		December 31, 2025
Global Atlantic BlackRock Allocation Portfolio	$	14,847	$	3,906	$	770
Global Atlantic BlackRock Disciplined Core Portfolio		107,215		26,103		14,871
Global Atlantic BlackRock Disciplined Growth Portfolio		14,202		6,246		10,649
Global Atlantic BlackRock Disciplined International Core Portfolio		186,121		151,178		96,476
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		68,221		21,503		17,584
Global Atlantic BlackRock Disciplined Value Portfolio		62,633		13,916		17,647
Global Atlantic BlackRock High Yield Portfolio		16,144		4,298		5,333
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		31,294		8,039		12,462

The following amounts expired unrecouped as of the date listed below:

Portfolio	December 31, 2022
Global Atlantic BlackRock Allocation Portfolio	$	19,679
Global Atlantic BlackRock Disciplined Core Portfolio		93,032
Global Atlantic BlackRock Disciplined Growth Portfolio		10,039
Global Atlantic BlackRock Disciplined International Core Portfolio		48,584
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		55,910
Global Atlantic BlackRock Disciplined Value Portfolio		49,384
Global Atlantic BlackRock High Yield Portfolio		22,317
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		26,065

On May 23, 2017, the U.S. Securities and Exchange Commission ("SEC") granted an order allowing Commonwealth Annuity and Life Insurance Company ("Commonwealth") to substitute certain variable investment options in which subaccounts of its Separate Accounts invest with the Portfolios included in this report.

As a condition of this order, the SEC required that Commonwealth or an affiliate thereof (other than the Trust) pay all expenses and transaction costs of the substitutions, including legal and accounting expenses, any applicable brokerage expenses and other fees and expenses so that no fees or charges were assessed to the affected contract owners to effect the substitutions. There were no substitution-related expenses for the year ended December 31, 2022.

The Trust, on behalf of the Portfolios, has adopted a distribution and shareholder servicing plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act for Class II shares. The fee charged under the Plan is calculated at an annual rate of 0.25% of

the average daily net assets attributable to each Portfolio's Class II shares and, for the year ended December 31, 2022, was paid to Global Atlantic Distributors, LLC ("GAD") to provide compensation for ongoing distribution-related activities or services and/or maintenance of the Portfolios' shareholder accounts, not otherwise required to be provided by the Adviser. GAD is an affiliate of the Adviser.

For the year ended December 31, 2022, the Portfolios expensed the following distribution fees:

Portfolio	Fees Paid
Global Atlantic BlackRock Allocation Portfolio	$	34,080
Global Atlantic BlackRock Disciplined Core Portfolio		84,838
Global Atlantic BlackRock Disciplined Growth Portfolio		53,047
Global Atlantic BlackRock Disciplined International Core Portfolio		112,722
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		274,461
Global Atlantic BlackRock Disciplined Value Portfolio		17,362
Global Atlantic BlackRock High Yield Portfolio		1,677
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		-

For the year ended December 31, 2022, the Trustees received fees in the amounts as follows:

Portfolio	Fees Received
Global Atlantic BlackRock Allocation Portfolio	$	6,947
Global Atlantic BlackRock Disciplined Core Portfolio		61,871
Global Atlantic BlackRock Disciplined Growth Portfolio		10,148
Global Atlantic BlackRock Disciplined International Core Portfolio		15,105
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		28,776
Global Atlantic BlackRock Disciplined Value Portfolio		25,236
Global Atlantic BlackRock High Yield Portfolio		5,837
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		7,253

5. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates a presumption of the control of the Portfolio, under section 2(a)(9) of the 1940 Act. As of December 31, 2022, Commonwealth owned 100% of the voting securities of each Portfolio. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

Shareholder Concentration Risk – Commonwealth, certain accounts, or the Adviser's affiliates may from time to time own (beneficially or of record) or control a significant percentage of a Portfolio's shares. Redemptions by these entities of their holdings in a Portfolio may impact the Portfolio's liquidity and NAV. These redemptions may also force a Portfolio to sell securities.

6. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

As of December 31, 2022, the aggregate cost of investments for federal income tax purposes, the gross unrealized appreciation and depreciation and the aggregated net unrealized appreciation (depreciation) on investments were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global Atlantic BlackRock Allocation Portfolio	$	56,058,222	$	4,517,305	$	(3,398,906	)	$	1,118,399
Global Atlantic BlackRock Disciplined Core Portfolio		444,921,303		97,522,643		(33,735,041	)		63,787,602
Global Atlantic BlackRock Disciplined Growth Portfolio		64,517,739		15,346,252		(40,566,513	)		(25,220,261	)
Global Atlantic BlackRock Disciplined International Core Portfolio		133,644,128		16,018,690		(23,260,637	)		(7,241,947	)

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	$	236,091,080	$	30,153,723	$	(45,852,038	)	$	(15,698,315	)
Global Atlantic BlackRock Disciplined Value Portfolio		210,599,910		27,483,992		(13,796,537	)		13,687,455
Global Atlantic BlackRock High Yield Portfolio		52,411,439		183,977		(3,527,633	)		(3,343,656	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		71,851,303		408,660		(4,922,398	)		(4,513,738	)

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the years ended December 31, 2022 and 2021 were as follows:

For fiscal year ended 12/31/2022	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic BlackRock Allocation Portfolio	$	2,653,124	$	5,621,034	$	-	$	8,274,158
Global Atlantic BlackRock Disciplined Core Portfolio		59,068,044		57,036,811		-		116,104,855
Global Atlantic BlackRock Disciplined Growth Portfolio		4,408,349		10,935,640		-		15,343,989
Global Atlantic BlackRock Disciplined International Core Portfolio		8,905,156		1,204,651		-		10,109,807
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		26,473,780		39,430,750		-		65,904,530
Global Atlantic BlackRock Disciplined Value Portfolio		32,186,803		19,072,156		-		51,258,959
Global Atlantic BlackRock High Yield Portfolio		2,964,053		-		-		2,964,053
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		1,342,238		84,853		-		1,427,091
For fiscal year ended 12/31/2021	Ordinary Income		Long-Term Capital Gains		Return of Capital		Total
Global Atlantic BlackRock Allocation Portfolio	$	1,737,400	$	2,142,897	$	-	$	3,880,297
Global Atlantic BlackRock Disciplined Core Portfolio		12,830,306		21,861,489		-		34,691,795
Global Atlantic BlackRock Disciplined Growth Portfolio		699,793		1,173,202		-		1,872,995
Global Atlantic BlackRock Disciplined International Core Portfolio		2,551,441		-		-		2,551,441
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		6,491,316		17,190,734		-		23,682,050
Global Atlantic BlackRock Disciplined Value Portfolio		3,594,121		-		-		3,594,121
Global Atlantic BlackRock High Yield Portfolio		3,219,040		-		-		3,219,040
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		4,071,545		1,756,085		-		5,827,630

As of December 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Post-October Loss and Late Year Loss		Capital Loss Carryforward			Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/ (Deficits)
Global Atlantic BlackRock Allocation Portfolio	$	1,213,806	$	1,248,204	$	-	$	-		$	1,118,399		$	3,580,409
Global Atlantic BlackRock Disciplined Core Portfolio		1,689,063		-		-		(1,486,283	)		63,787,602			63,990,382
Global Atlantic BlackRock Disciplined Growth Portfolio		132,106		-		-		(5,477,416	)		(25,220,261	)		(30,565,571	)
Global Atlantic BlackRock Disciplined International Core Portfolio		1,395,699		-		-		(11,810,204	)		(7,241,947	)		(17,656,452	)

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Post-October Loss and Late Year Loss		Capital Loss Carryforward			Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/ (Deficits)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	$	-	$	-	$	-	$	(43,553,036	)	$	(15,698,315	)	$	(59,251,351	)
Global Atlantic BlackRock Disciplined Value Portfolio		973,213		1,218,401		-		-			13,687,455			15,879,069
Global Atlantic BlackRock High Yield Portfolio		3,002,132				-		(7,815,302	)		(3,343,656	)		(8,156,826	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		1,538,200				-		(6,089,695	)		(4,513,738	)		(9,065,233	)

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed ordinary income (loss) and accumulated net realized gain (loss) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on passive foreign investment companies, open 1256 options and futures contracts, forward foreign currency contracts and swaps. The unrealized appreciation (depreciation) in the table above includes unrealized foreign currency gains (losses) of $(12,053) and $(765) for Global Atlantic BlackRock Disciplined International Core Portfolio and Global Atlantic BlackRock Disciplined Core Portfolio, respectively.

At December 31, 2022, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring Short-Term		Non-Expiring Long-Term		Total
Global Atlantic BlackRock Allocation Portfolio	$	-	$	-	$	-
Global Atlantic BlackRock Disciplined Core Portfolio		1,486,283		-		1,486,283
Global Atlantic BlackRock Disciplined Growth Portfolio		5,477,416		-		5,477,416
Global Atlantic BlackRock Disciplined International Core Portfolio		6,340,611		5,469,593		11,810,204
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		41,376,119		2,176,917		43,553,036
Global Atlantic BlackRock Disciplined Value Portfolio		-		-		-
Global Atlantic BlackRock High Yield Portfolio		4,308,524		3,506,778		7,815,302
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		3,890,022		2,199,673		6,089,695

During the year ended December 31, 2022, the portfolios did not utilize capital loss carryforwards.

Permanent book and tax differences, primarily attributable to the reclassification of Portfolio distributions, resulted in reclassifications for the Portfolios for the fiscal year ended December 31, 2022 as follows:

	Paid In Capital			Accumulated Earnings/(Losses)
Global Atlantic BlackRock Disciplined Core Portfolio	$	19,594		$	(19,594	)
Global Atlantic BlackRock Disciplined Growth Portfolio		47,501			(47,501	)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		(91,409	)		91,409
Global Atlantic BlackRock Disciplined Value Portfolio		(2,785	)		2,785

8. NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued Accounting Standards Update No. 2020-04 ("ASU 2020-04"), "Reference Rate Reform (Topic 840): Facilitation of the Effects of Reference Rate Reform on Financial Reporting". ASU 2020-04 provides entities with optional guidance to ease the potential accounting burden associated with transitioning away from reference rates (e.g., LIBOR) that are expected to be discontinued. ASU 2020-04 allows, among other things, certain contract modifications to be accounted as a continuation of the existing contract. This ASU was effective upon the issuance and its optional relief can be applied through December 31, 2024. Management has reviewed the requirements and believes the adoption of this ASU will not have a material impact on the financial statements.

9. OTHER RISKS

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

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

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

Derivatives Risk – The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives may increase costs, reduce a Portfolio's returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. Many types of derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. A risk of a Portfolio's use of derivatives is that the fluctuations in their values may not correlate perfectly with, and may be more sensitive to market events than, the overall securities markets. The possible lack of a liquid secondary market for derivatives and the resulting inability to sell or otherwise close-out a derivatives position at an advantageous time or price could expose a Portfolio to losses and could make derivatives more difficult to value accurately. Derivatives typically give rise to a form of leverage and may expose a Portfolio to greater risk and increase its costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments require the clearing and exchange-trading of many standardized over-the-counter ("OTC") derivative instruments deemed to be "swaps." The Commodity Futures Trading Commission ("CFTC") has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Uncleared swaps are subject to margin requirements that are being implemented on a phase-in basis. Rule 18f-4 under the 1940 Act requires, among other things, that certain entities adopt a derivatives risk management program, comply with limitations on leveraged-related risk based on a relative "value-at-risk" test and update reporting and disclosure procedures. The regulation of the derivatives markets has increased over the past several years, and there can be no assurance that any new governmental regulation will not adversely affect a Portfolio's ability to achieve its investment result.

Exchange-Traded Funds Risk – The Portfolios may invest in ETFs. Disruptions to the creations and redemptions process through which market makers directly purchase and sell ETF shares, the existence of extreme market volatility or potential lack of an active trading market, or changes in the liquidity of the market for an ETF's underlying portfolio holdings, may result in the ETF's shares trading at significantly above (at a premium to) or below (at a discount to) net asset value, which may result in a Portfolio paying significantly more or receiving significantly less for ETF shares than the value of the relevant ETF's underlying holdings. An ETF's shares could also trade at a premium or discount to net asset value when an ETF's underlying securities trade on a foreign exchange that is closed when the securities exchange on which the ETF trades is open. The current price of the ETF's underlying securities and the last quoted price for the underlying security are likely to deviate in such circumstances. There can be no assurance that an active trading market for an ETF's shares will develop or be maintained. Trading may be halted, for example, due to market conditions. Because the value of ETF shares depends on the demand in the market, a Portfolio's holdings may not be able to be liquidated at the most optimal time, adversely affecting performance.

There can be no assurance that an ETF's investment objectives will be achieved. Each ETF is subject to specific risks, depending on the nature of the ETF. These risks could include liquidity risk, sector risk, foreign and emerging market risk, as well as risks associated with real estate investments and natural resources. ETFs in which a Portfolio invests will not be able to replicate exactly the performance of the indices they track, if any, because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition, ETFs in which a Portfolio invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices. An investment in an ETF presents the risk that the ETF may no longer meet the listing requirements of any applicable exchanges on which the ETF is listed.

Market Risk – The market prices of securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, limited dealer capacity, lack of liquidity in the markets or adverse investor sentiment. Each Portfolio has exposure to instruments that may be more volatile and carry more risk than some other forms of investment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, natural disasters, recessions, or other events could also have a significant impact on the Portfolio and its investments. The market prices of securities may also be negatively impacted by trading activity and investor interest, including interest driven by factors unrelated to market conditions or financial performance. In these circumstances, the value of the Portfolio's investments, particularly any short positions or exposures, may fluctuate dramatically.

A Portfolio may experience a substantial or complete loss on any individual security.

Policy and legislative changes in the U.S. and abroad affect many aspects of financial regulation and may, in some cases, contribute to decreased liquidity and increased volatility in the financial markets. Economies and financial markets around the world are becoming increasingly interconnected. As a result, whether or not a Portfolio has exposure to securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Portfolio's investments may be negatively affected.

In addition, market prices of securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. An increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Portfolio investments, adversely affect values of portfolio holdings and increase a Portfolio's costs. If dealer capacity in fixed income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed income markets. The spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as "COVID-19") has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and operations. The transmission of COVID-19 and efforts to contain its spread could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments.

Quantitative Investing Risk – Investments selected using quantitative analysis or "models" may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). In addition, investments selected using models may react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. There is no

guarantee that the use of quantitative analysis will result in effective investment decisions for a Portfolio. Additionally, commonality of holdings across quantitative money managers may amplify losses.

10. OTHER RECENT DEVELOPMENTS

Ongoing concerns regarding the economies of certain countries in Europe, as well as the possibility that one or more countries could leave the European Union (the "EU"), create risks for investing in the European markets. For example, the United Kingdom ("UK") withdrew from the EU in January 2020 (commonly known as "Brexit"). This commenced a transition period that lasted until December 31, 2020. On December 30, 2020, the EU and UK signed the EU-UK Trade and Cooperation Agreement ("TCA"), an agreement on the terms governing certain aspects of the EU's and the UK's relationship following the end of the transition period. Notwithstanding the TCA, there continues to be considerable uncertainty as to the UK's post-transition framework. Although the full impact of Brexit is not yet known, the impact on the UK, EU and global markets could include increased volatility and illiquidity, potentially lower economic growth and decreased asset valuations. Brexit may have a destabilizing impact on the EU to the extent other member states similarly seek to withdraw from the union. Brexit may also have a negative impact on the economy and currency of the UK as a result of anticipated, or actual changes to the UK's economic and political relations with the EU. Any or all of these challenges may affect the value of a Portfolio's investments economically tied to the UK or the EU.

On March 5, 2021, the United Kingdom's Financial Conduct Authority ("FCA") and ICE Benchmark Authority formally announced the dates after which the LIBORs will no longer be representative and subsequently cease publication. Certain LIBORs ceased publication on December 31, 2021, and others will cease publication after June 30, 2023. However, the FCA, the LIBOR administrator and other regulators also announced that certain sterling and yen LIBOR settings would be calculated on a "synthetic" basis through the end of 2022. In connection with supervisory guidance from regulators, certain regulated entities have ceased to enter into certain new LIBOR contracts after January 1, 2022. The unavailability or replacement of LIBOR presents risks to applicable Portfolios, including the risk that any pricing adjustments to a Portfolio's investments resulting from a substitute reference rate may adversely affect the Portfolio's performance and/or NAV. The impact of a substitute reference rate, if any, will vary on an investment-by-investment basis. The Adviser or Sub-Adviser may have discretion to determine a substitute reference rate, including any price or other adjustments to account for differences between the substitute reference rate and the previous rate. The substitute reference rate and any adjustments selected could negatively impact a Portfolio's investment performance or financial condition, including in ways unforeseen by the Adviser or Sub-Adviser.

In addition, the outbreak of COVID-19, a respiratory illness caused by a novel strain of coronavirus, has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios' investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place and greater overall volatility. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. The COVID-19 crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

11. SUBSEQUENT EVENTS

The Portfolios evaluated subsequent events from December 31, 2022 through the date these financial statements were issued. There were no significant events that would have a material impact on the Portfolios' financial statements.

Board of Trustees of Forethought Variable Insurance Trust
and the Shareholders of each of the Separate Series of Forethought Variable Insurance Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Global Atlantic BlackRock Allocation Portfolio, Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined Growth Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio, Global Atlantic BlackRock Disciplined Value Portfolio, Global Atlantic BlackRock High Yield Portfolio, and Global Atlantic Goldman Sachs Core Fixed Income Portfolio (collectively, the Portfolios), including the portfolio of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Portfolios not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of December 31, 2022, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from custodians or brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more investment companies advised by Global Atlantic Investment Advisors, LLC since 2013.

Denver, Colorado
February 23, 2023

As a shareholder of the Portfolios, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022.

Actual Expenses

The "Actual" expenses set of columns in the table below provides information about actual account values and actual expenses. You may use the information below together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The "Hypothetical" expenses set of columns in the table below provides information about hypothetical account values and hypothetical expenses based on each Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example for a specific Portfolio with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or redemption fees or other expenses charged by your insurance contract or separate account. Therefore, the Hypothetical columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

							*Actual*				*Hypothetical* (5% return before expenses)
	Class	Portfolio's Annualized Expense Ratio			Beginning Account Value 7-1-22		Ending Account Value 12-31-22		Expenses Paid During Period*		Ending Account Value 12-31-22		Expenses Paid During Period*
Global Atlantic BlackRock Allocation Portfolio	I		0.33	%	$	1,000	$	1,008.30	$	1.67	$	1,023.54	$	1.68
Global Atlantic BlackRock Allocation Portfolio	II		0.58	%	$	1,000	$	1,006.90	$	2.93	$	1,022.28	$	2.96
Global Atlantic BlackRock Disciplined Core Portfolio	I		0.50	%	$	1,000	$	1,017.60	$	2.54	$	1,022.68	$	2.55
Global Atlantic BlackRock Disciplined Core Portfolio	II		0.75	%	$	1,000	$	1,015.90	$	3.81	$	1,021.42	$	3.82
Global Atlantic BlackRock Disciplined Growth Portfolio	I		0.48	%	$	1,000	$	980.40	$	2.40	$	1,022.79	$	2.45
Global Atlantic BlackRock Disciplined Growth Portfolio	II		0.73	%	$	1,000	$	979.40	$	3.64	$	1,021.53	$	3.72
Global Atlantic BlackRock Disciplined International Core Portfolio	I		0.73	%	$	1,000	$	1,031.70	$	3.74	$	1,021.53	$	3.72

* Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).

							*Actual*				*Hypothetical* (5% return before expenses)
	Class	Portfolio's Annualized Expense Ratio			Beginning Account Value 7-1-22		Ending Account Value 12-31-22		Expenses Paid During Period*		Ending Account Value 12-31-22		Expenses Paid During Period*
Global Atlantic BlackRock Disciplined International Core Portfolio	II		0.98	%	$	1,000	$	1,030.60	$	5.02	$	1,020.27	$	4.99
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	I		0.64	%	$	1,000	$	1,067.80	$	3.34	$	1,021.98	$	3.26
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	II		0.90	%	$	1,000	$	1,067.40	$	4.69	$	1,020.67	$	4.58
Global Atlantic BlackRock Disciplined Value Portfolio	I		0.56	%	$	1,000	$	1,061.30	$	2.91	$	1,022.38	$	2.85
Global Atlantic BlackRock Disciplined Value Portfolio	II		0.81	%	$	1,000	$	1,060.80	$	4.21	$	1,021.12	$	4.13
Global Atlantic BlackRock High Yield Portfolio	I		0.61	%	$	1,000	$	1,043.70	$	3.14	$	1,022.13	$	3.11
Global Atlantic BlackRock High Yield Portfolio	II		0.86	%	$	1,000	$	1,042.60	$	4.43	$	1,020.87	$	4.38
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	I		0.45	%	$	1,000	$	970.50	$	2.24	$	1,022.94	$	2.29

* Expenses are equal to the Portfolio's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).

Approval of Renewal of Investment Advisory Agreement and Sub-Advisory Agreements for Global Atlantic BlackRock Allocation Portfolio, Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined Growth Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio, Global Atlantic BlackRock Disciplined Value Portfolio, Global Atlantic BlackRock High Yield Portfolio, and Global Atlantic Goldman Sachs Core Fixed Income Portfolio.

At an in-person meeting held on November 3, 2022, the Board of Trustees (the "Trustees" or the "Board") of Forethought Variable Insurance Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" (the "Independent Trustees"), as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"), considered the renewal of: (i) the existing investment advisory agreement between Global Atlantic Investment Advisors, LLC (the "Adviser") and the Trust, on behalf of each of Global Atlantic BlackRock Allocation Portfolio ("GA BlackRock Allocation"), Global Atlantic BlackRock Disciplined Core Portfolio ("GA BlackRock Core"), Global Atlantic BlackRock Disciplined Growth Portfolio ("GA BlackRock Growth"), Global Atlantic BlackRock Disciplined International Core Portfolio ("GA BlackRock International"), Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio ("GA BlackRock Mid Cap Growth"), Global Atlantic BlackRock Disciplined Value Portfolio ("GA BlackRock Value"), Global Atlantic BlackRock High Yield Portfolio ("GA BlackRock High Yield") and Global Atlantic Goldman Sachs Core Fixed Income Portfolio ("GA Goldman Core Fixed") (each a "Portfolio" and collectively the "Portfolios") (the "Advisory Agreement"); (ii) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA BlackRock Core, GA BlackRock Growth, GA BlackRock International, GA BlackRock Mid Cap Growth, GA BlackRock Value, and GA BlackRock High Yield, and BlackRock Investment Management, LLC ("BIM"); (iii) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA BlackRock Allocation, and BIM; and (iv) the existing sub-advisory agreement between the Adviser, the Trust, on behalf of GA Goldman Core Fixed, and Goldman Sachs Asset Management, L.P. ("GSAM" and together with BIM, the "Sub-Advisers") (collectively the sub-advisory agreements listed in items (ii) through (iv) above, the "Sub-Advisory Agreements").

To discuss and review the materials relating to the proposed renewal of the Advisory Agreement and Sub-Advisory Agreements (collectively, the "Agreements") in advance of the November 3, 2022 meeting, the Independent Trustees met via videoconference on October 27, 2022 with independent counsel to the Independent Trustees ("Independent Counsel") and with representatives of the Adviser in attendance and counsel to the Trust ("Trust Counsel").

Prior to the meetings, the Trustees requested, received and reviewed written responses from the Adviser and the Sub-Advisers to questions posed to the Adviser and the Sub-Advisers by counsel, on behalf of the Trustees. Following the meeting on October 27, 2022, the Independent Trustees requested additional information on certain items and the Adviser provided such information prior to the November 3, 2022 meeting. The Trustees also received a memorandum from Independent Counsel describing the legal standards for their consideration of the renewal of the Agreements. During the meetings, the Board and the Adviser discussed information relating to the Board's consideration of the Gartenberg factors with respect to each Portfolio. The Trustees also reviewed comparative information relating to advisory fees and total expenses and received presentations concerning the services provided under the Agreements from personnel of the Adviser at the meetings. Prior to voting on the renewal of the Agreements at the November 3, 2022 meeting, the Independent Trustees met in executive session with Independent Counsel and Trust Counsel present.

The Trustees relied upon the advice of counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Agreements.

Nature, Extent, and Quality of Services. The Trustees noted that they were generally satisfied with the nature, extent and quality of the services provided by the Adviser and Sub-Advisers.

Performance. The Trustees requested and reviewed information regarding the investment performance of the Portfolios over 1-year, 3-year and since inception periods as compared to their respective benchmark indices and peer groups. The Trustees noted that they were generally satisfied with the Adviser's and Sub-Advisers' investment performance.

Fees and Expenses. The Trustees reviewed the Portfolios' fees and expenses, including the fees paid to the Adviser and Sub-Advisers. The Trustees noted that, effective May 1, 2023, the expense cap for GA BlackRock International would increase by 5 basis points and that the expense caps for the other Portfolios would be eliminated. The Trustees concluded that the

Trustees and Officers

The Trustees and officers of the Trust, together with information as to their principal business occupations during the past five years and other information, are shown below. Unless otherwise noted, the address of each Trustee and Officer is c/o Global Atlantic Investment Advisors, LLC, 10 West Market Street, Suite 2300, Indianapolis, Indiana 46204.

Independent Trustees

Name and Year of Birth

Position/ Term of Office¹

Principal Occupation During the Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee

Other Directorships held by Trustee During the Past Five Years

Mark Garbin
(1951)

Trustee since 2013

Mr. Garbin serves as Managing Principal of Coherent Capital Management LLC (since 2007).

Mr. Garbin serves as Director of OHA CLO Enhanced Equity II Genpar LLP (since 2021), Carlyle Tactical Private Credit Fund (since 2018), iCapital KKR Private Markets Fund (Formerly Altegris KKR Commitments Fund) (since 2014), Two Roads Shared Trust (since 2012), Northern Lights Fund Trust (since 2013), and Northern Lights Variable Trust (since 2013). Previously, Mr. Garbin served as Director of Oak Hill Advisors Mortgage Strategies Fund (Offshore) (2014–2017).

Mitchell E. Appel
(1970)

Trustee since 2013

Mr. Appel serves as President of Value Line Funds (since 2008), as Chief Financial Officer (since 2008) and President (since 2009) of EULAV Securities LLC, and as Chief Executive Officer (since 2009) of EULAV Asset Management.

Mr. Appel serves as Director of Value Line Funds (since 2010) and EULAV Asset Management (since 2010).

Joseph E. Breslin
(1953)

Trustee since 2013

Mr. Breslin serves as Senior Counsel of White Oak Global Advisors, LLC (since 2016) and has provided consultant services to investment managers (since 2009). Previously, Mr. Breslin served as Counsel of Common fund (2014–2016).

Mr. Breslin serves as Director of Kinetics Mutual Funds, Inc. (since 2000), Kinetics Portfolios Trust (since 2000) and Northern Lights Fund Trust IV (since 2015). Previously, Mr. Breslin served as Director of BlueArc Multi-Strategy Fund (2014–2017) and Hatteras Trust (2004–2016).

Name and Year of Birth

Position/ Term of Office¹

Principal Occupation During the Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee

Other Directorships held by Trustee During the Past Five Years

Barrie Ribet³1982

Trustee since 2021

Ms. Ribet serves as Managing Director of GAFC (since 2017); as Managing Director of FLIC, CWA, Accordia, and FAFLIC (since 2019); as Managing Director of Global Atlantic Equipment Management, LLC (since 2021); as Director and Chief Executive Officer of Emporium Holdco Inc. and eRESI Holdings, Inc. (since 2021); as Manager and Chief Executive Officer of eRESI Capital Holdco LLC (since 2021); as Chief Executive Officer of eRESI Capital LLC (since 2021) and as Director of Infinity Transportation Equipment Leasing, LLC (since 2021). Previously, Ms. Ribet served as Senior Vice President, Head of Asset Origination of GAFC (from 2015 to 2017).

None

Eric Todd
1969

President and Chief Executive Officer since 2021

Mr. Todd is currently Chief Product Officer of GAFC, he also serves as Managing Director of GAFC (since 2015); Manager, President and Chief Investment Officer of GAIA (since 2013); Manager of GAD (since 2016); Director and Managing Director of FLIC (since 2014 and 2018, respectively); and Director and Managing Director of CWA, FAFLIC and Accordia (since 2017 and 2018, respectively).

N/A

Deborah Schunder
(1967)

Vice President since 2014

Ms. Schunder serves as Senior Vice President, Head of Investment Product Management, Sales Planning and Sales Compensation of GAFC (since 2022). Previously, Ms. Schunder served as Senior Vice President, Head of Investment Product Management, Sales Reporting, Analytics and Compensation of GAFC (2020–2022). Previously, Ms. Schunder served as Vice President of Investment Product Management of GAFC (2013–2020).

Trent M. Statczar
(1971)

Treasurer and Principal Financial Officer since 2019
Principal Accounting Officer since 2021

Mr. Statczar serves as Senior Director of Foreside Management Services, LLC (since 2008).

N/A

Name and Year of Birth

Position/ Term of Office¹

Principal Occupation During the Past Five Years

Number of Portfolios in Fund Complex Overseen by Trustee

Other Directorships held by Trustee During the Past Five Years

Sarah M. Patterson
(1976)

Secretary/Chief Legal Officer since 2013

Ms. Patterson serves as Managing Director, General Counsel for Individual Markets and Assistant Secretary for FLIC, Accordia, FAFLIC, CWA and GAFC (since 2019, 2020, and 2014, respectively); as Secretary of GAIA (since 2016); as Managing Director, General Counsel and Secretary of Global Atlantic Insurance Network (since 2019); and as Assistant Secretary of GAD (since 2016). Previously Ms. Patterson served as Associate General Counsel of FLIC, Accordia, FAFLIC, CWA and GAFC (2014–2020), Senior Vice President (2016–2019).

N/A

David Capalbo
(1968)

Chief Compliance Officer since 2018

Mr. Capalbo serves as Vice President of Investment Compliance of GAFC (since 2022); Vice President of Compliance Operations of GAFC (since 2021); as Chief Compliance Officer and Vice President of GAIA (since 2018 and 2022, respectively); as Vice President, SEC 38a-1 Chief Compliance Officer and Deputy Anti-Money Laundering Officer of CWA, FAFLIC and FLIC (since 2021, 2021 and 2022, respectively); and Vice President of Accordia (since 2021). Previously, Mr. Capalbo served as Assistant Vice President of GAIA (2018–2022) and Assistant Vice President and Senior Compliance Officer of GAFC (2016–2021).

N/A

Elizabeth Constant
(1976)

Assistant Secretary since 2017

Ms. Constant serves as Vice President and Assistant General Counsel of GAFC (since 2020) and Vice President, Assistant General Counsel and Assistant Secretary of FLIC (since 2021). Previously, Ms. Constant served as Assistant Vice President and Legal Counsel (2016–2020) and Associate Counsel (2014–2016) of GAFC.

N/A

¹ The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

² Mr. Arena is an interested person of the Trust because he is an officer of GAFGL.

³ Ms. Ribet is an interested person of the Trust because she is Managing Director of GAFC.

PRIVACY NOTICE

FACTS				WHAT DOES FORETHOUGHT VARIABLE INSURANCE TRUST DO WITH YOUR PERSONAL INFORMATION?
WHY?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT?				The types of personal information we collect and share depends on the product or service that you have with us. This information can include: ◼ Social Security number and wire transfer instructions ◼ account transactions and transaction history ◼ investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice.
HOW?				All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Forethought Variable Insurance Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Forethought Variable Insurance Trust share information?	Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	Yes	No
For our marketing purposes – to offer our products and services to you.	No	We don't share
For joint marketing with other financial companies.	No	We don't share
For our affiliates' everyday business purposes – information about your transactions and records.	No	We don't share
For our affiliates' everyday business purposes – information about your credit worthiness.	No	We don't share
For nonaffiliates to market to you	No	We don't share

(b)

Not applicable.

Item 2. Code of Ethics.

(a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c)

Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d)

Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e)

The Code of Ethics is not posted on the registrant’s website.

(f)

A copy of the Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The board of Trustees of the registrant has determined that the registrant has at least one “audit committee financial expert” as defined by Item 3 of Form N-CSR serving on its audit committee. Joseph E. Breslin is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a)

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are:

2021				2022
$	300,000			$	330,000

Audit-Related Fees

(b)

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are:

2021				2022
$	0			$	0

Tax Fees

(c)

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are:

2021				2022
$	78,250			$	60,000

Preparation of Federal & State income tax returns, assistance with calculation of required income and capital gain distributions.

All Other Fees

(d)

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are:

2021				2022
$	24,000			$	17,500

Review of annual registration statement filings for 2021 and 2022 and a fee for review of portfolio reorganization activities in 2021.

Audit Committee’s Pre-Approval Policies

(e)(1)

The registrant’s Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant’s Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

Percentages of Services Approved by the Audit Committee

(e)(2)

The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

All services described in paragraphs (b) through (d) of Item 4 were pre-approved by the Audit Committee.

(f)

During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g)

The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant for the fiscal year ended December 31, 2022 were $75,500 and $0, respectively and for the fiscal year ended December 31, 2021, were $102,250 and $0, respectively.

(h)

The audit committee considered the non-audit services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser, and believes the services are compatible with the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is filed herewith.

(a)(2)

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

(a)(2)(1)

Not applicable.

(a)(2)(2)

Not applicable.

(b)

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

SIGNATURES

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

(Registrant)

Forethought Variable Insurance Trust

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

Date

2/27/2023

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

By (Signature and Title)*	/s/ Eric D. Todd
	Eric D. Todd President
	President (Principal Executive Officer)

Date

2/27/2023

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

Date

2/27/2023

^* Print the name and title of each signing officer under his or her signature.

	Shares/ Principal		Fair Value
EQUITY FUNDS - 60.6% (Continued)
iShares MSCI USA Momentum Factor ETF		7,867	$	1,148,031
iShares U.S. Energy ETF		20,627		958,949
iShares U.S. Infrastructure ETF		16,345		592,670
TOTAL EQUITY FUNDS				34,611,037
TOTAL EXCHANGE TRADED FUNDS (Cost - $54,913,390)				56,639,692
SHORT-TERM INVESTMENTS - 0.9%
MONEY MARKET FUNDS - 0.9%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.06% (a) (Cost - $536,927)		536,927		536,927
TOTAL INVESTMENTS - 100.0% (Cost - $55,450,317)			$	57,176,619
OTHER ASSETS LESS LIABILITIES - NET (0.0)%†				(10,036)
TOTAL NET ASSETS - 100.0%			$	57,166,583

	Shares/ Principal		Fair Value
WIRELESS TELECOMMUNICATION SERVICES - 0.0%†
America Movil SAB de CV, Class L, ADR		6,680	$	121,576
TOTAL COMMON STOCKS (Cost - $434,786,296)				509,166,856
SHORT-TERM INVESTMENTS - 1.4%
MONEY MARKET FUNDS - 1.4%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.06% (a) (Cost - $6,985,173)		6,985,173		6,985,173
TOTAL INVESTMENTS - 99.8% (Cost - $441,771,469)			$	516,152,029
OTHER ASSETS LESS LIABILITIES - NET 0.2%				930,579
TOTAL NET ASSETS - 100.0%			$	517,082,608

	Shares/ Principal		Fair Value
TRADING COMPANIES & DISTRIBUTORS - 0.6%
WW Grainger, Inc.		826	$	459,462
TOTAL COMMON STOCKS (Cost - $61,604,458)				74,640,549
SHORT-TERM INVESTMENTS - 1.9%
MONEY MARKET FUNDS - 1.9%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.06% (a) (Cost - $1,466,467)		1,466,467		1,466,467
TOTAL INVESTMENTS - 100.2% (Cost - $63,070,925)			$	76,107,016
OTHER ASSETS LESS LIABILITIES - NET (0.2)%				(125,705)
TOTAL NET ASSETS - 100.0%			$	75,981,311

	Shares/ Principal		Fair Value
TRUCKING & LEASING - 0.2%
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 8/1/27 (a)	$	100,000	$	100,250
TOTAL CORPORATE BONDS AND NOTES (Cost - $52,230,897)				48,910,099
SHORT-TERM INVESTMENTS - 0.3%
MONEY MARKET FUNDS - 0.3%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.06% (d) (Cost - $159,566)		159,566		159,566
TOTAL INVESTMENTS - 98.2% (Cost - $52,390,463)			$	49,069,665
OTHER ASSETS LESS LIABILITIES - NET 1.8%				874,873
TOTAL NET ASSETS - 100.0%			$	49,944,538

	Shares/ Principal		Fair Value
MUNICIPAL BONDS - 1.4% (Continued)
State of Illinois, 5.10%, 6/1/33 (f)	$	265,000	$	254,331
TOTAL MUNICIPAL BONDS (Cost - $974,186)				860,331
SHORT-TERM INVESTMENTS - 4.8%
CERTIFICATE OF DEPOSIT - 2.2%
BFCEN 4.45 2023-01-31, 4.45%, 1/31/23		364,000		364,023
CITIB, 3.80%, 1/8/23		1,000,000		991,362
TOTAL CERTIFICATE OF DEPOSIT (Cost - $1,364,000)				1,355,385
U.S. TREASURY SECURITIES - 1.5%
U.S. Treasury Bill, 4.29%, 3/2/23 (Cost - $893,610) (g)		900,000		893,854
MONEY MARKET FUNDS - 0.7%
Fidelity Investments Money Market Fund - Government Portfolio, Institutional Class, 4.06% (h) (Cost - $404,602)		404,602		404,602
COMMERCIAL PAPER - 0.4%
Bank of Montreal, 0.00%, 7/12/23 (Cost - $244,867) (g)		250,000		243,376
TOTAL SHORT-TERM INVESTMENTS (Cost - $2,907,079)				2,897,217
TOTAL INVESTMENTS BEFORE SECURITIES SOLD SHORT - 110.3% (Cost - $71,923,934)			$	67,362,618
OTHER ASSETS LESS LIABILITIES - NET (10.3)%				(6,311,745)
TOTAL NET ASSETS - 100.0%			$	61,050,873

How does Forethought Variable Insurance Trust protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Forethought Variable Insurance Trust collect my personal information?				We collect your personal information, for example, when you ◼ open an account or deposit money ◼ direct us to buy securities or direct us to sell your securities ◼ seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?				Federal law gives you the right to limit only: ◼ sharing for affiliates' everyday business purposes – information about your creditworthiness. ◼ affiliates from using your information to market to you. ◼ sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. ◼ Forethought Variable Insurance Trust has no affiliates.
Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◼ Forethought Variable Insurance Trust does not share with nonaffiliates so they can market to you.
Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◼ Forethought Variable Insurance Trust does not jointly market.