N-CSR 1 tm231341d3_ncsr.htm N-CSR

 

 

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).

 

 

 

 

Annual Report

December 31, 2022

Global Atlantic Portfolios

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

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Class I and Class II shares

Each a separate series of the Forethought Variable Insurance Trust

Distributed by Global Atlantic Distributors, LLC
Member FINRA


Dear Shareholders/Contract Owners:

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

 


1


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.


2


Russell Midcap® Growth Index. 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. Securities in this index generally have higher price-to-book and price-to-earnings ratios, lower dividend yields and higher forecasted growth values.

Russell 2000® Index ("Russell 2000"). An index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.

S&P 500 Index ("S&P 500"). A market capitalization weighted price index composed of 500 widely held U.S. common stocks. Frequently used as a measure of U.S. stock market performance.

S&P MidCap 400 Total Return Index ("S&P MidCap 400"). A capitalization-weighted index which measures the performance of the mid-range sector of the U.S. stock market.

S&P Target Risk® Growth Index. An index that increases exposure to equities, while also providing limited fixed income exposure to diversify risk.

S&P U.S. Treasury Bond Current 10-Year Index ("S&P U.S. 10yr Treasury"). An index that holds the most recently issued 10-year U.S. Treasury Note or bond.

5434576.2
3


Table of Contents

       

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

 


4


Global Atlantic BlackRock Allocation Portfolio

Portfolio Review

December 31, 2022 (Unaudited)

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.


5


Global Atlantic BlackRock Allocation Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

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%.

5435687.2
6


Global Atlantic BlackRock Allocation Portfolio

Portfolio of Investments

December 31, 2022

    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

   
    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

   

†  Represents less than 0.05%.

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

See accompanying notes to financial statements.
7


Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio Review

December 31, 2022 (Unaudited)

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.


8


Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

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

%

         

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. 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"

5435687.2
9


Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments

December 31, 2022

    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

   

See accompanying notes to financial statements.
10


Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
11


Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
12


Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
13


Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

*  Non-income producing security.

†  Represents less than 0.05%.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

FUTURES CONTRACTS

 

LONG FUTURES CONTRACTS

 

Counterparty

  Number of
Contracts
 

Expiration Date

 

Notional Value

  Fair Value/
Unrealized
Appreciation
(Depreciation)
 

S&P 500 E-Mini Future

 

Goldman Sachs & Co.

   

43

   

3/17/2023

 

$

8,301,150

   

$

(203,298

)

 

See accompanying notes to financial statements.
14


Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio Review

December 31, 2022 (Unaudited)

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?

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 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.


15


Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

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

%

         

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.

*  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.


16


Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

Holdings by Asset Class

 

% of Net Assets

 

Common Stocks

   

98.3

%

 

Short-Term Investments

   

1.9

%

 

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"

5435687.2
17


Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments

December 31, 2022

    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

   

See accompanying notes to financial statements.
18


Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
19


Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
20


Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

*  Non-income producing security.

†  Represents less than 0.05%.

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

PLC - Public Limited Company

FUTURES CONTRACTS

 

LONG FUTURES CONTRACTS

 

Counterparty

  Number of
Contracts
 

Expiration Date

 

Notional Value

  Fair Value/
Unrealized
Appreciation
(Depreciation)
 

NASDAQ 100 E-Mini Future

 

Goldman Sachs & Co.

   

7

   

3/17/2023

 

$

1,543,115

   

$

(81,724

)

 

See accompanying notes to financial statements.
21


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio Review

December 31, 2022 (Unaudited)

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?

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.

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.


22


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

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

%

         

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. 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


23


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

Holdings by Asset Class

 

% of Net Assets

 

Common Stocks

   

88.0

%

 

Exchange-Traded Funds

   

9.0

%

 

Short-Term Investments

   

1.4

%

 

Preferred Stocks

   

0.8

%

 

Warrants

   

0.0

%^

 

Rights

   

0.0

%^

 

Other Assets less Liabilities - Net

   

0.8

%

 
     

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"

^  Represents less than 0.05%.

5435687.2
24


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments

December 31, 2022

    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

   

See accompanying notes to financial statements.
25


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
26


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
27


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
28


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
29


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
30


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
31


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
32


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
33


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
34


Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    Shares/
Principal
  Fair
Value
 

SHORT-TERM INVESTMENTS - 1.4%

 

MONEY MARKET FUNDS - 1.4%

 
Fidelity Investments Money Market
Fund - Government Portfolio,
Institutional Class, 4.06% (b)
(Cost - $1,893,664)
   

1,893,664

   

$

1,893,664

   
TOTAL INVESTMENTS - 99.2%
(Cost - $131,258,005)
     

$

132,249,705

   
OTHER ASSETS LESS
LIABILITIES - NET 0.8%
       

1,063,246

   

TOTAL NET ASSETS - 100.0%

     

$

133,312,951

   

*  Non-income producing security.

†  Represents less than 0.05%.

(a)  144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of December 31, 2022, these securities amounted to $2,398,803 or 1.8% of net assets.

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

ADR - American Depositary Receipt

CVA - Certificate Van Aandelen (Bearer)

NVDR - Non-Voting Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

FUTURES CONTRACTS

 

LONG FUTURES CONTRACTS

 

Counterparty

  Number of
Contracts
 

Expiration Date

 

Notional Value

  Fair Value/
Unrealized
Appreciation
(Depreciation)
 

MSCI EAFE Future

 

Goldman Sachs & Co.

   

14

   

3/17/2023

 

$

1,364,580

   

$

(38,245

)

 

MSCI Emerging Market Index Future

 

Goldman Sachs & Co.

   

12

   

3/17/2023

   

575,640

     

(10,958

)

 

S&P/TSX 60 Index Future

 

Goldman Sachs & Co.

   

1

   

3/16/2023

   

172,685

     

(5,816

)

 

TOTAL NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS

                 

$

(55,019

)

 

See accompanying notes to financial statements.
35


Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio Review

December 31, 2022 (Unaudited)

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?

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 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.


36


Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

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

%

         

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. 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


37


Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

Holdings by Asset Class

 

% of Net Assets

 

Common Stocks

   

98.8

%

 

Short-Term Investments

   

1.5

%

 

Rights

   

0.0

%^

 

Warrants

   

0.0

%^

 

Other Assets less Liabilities - Net

   

(0.3

)%

 
     

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%.

5435687.2
38


Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments

December 31, 2022

    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

   

See accompanying notes to financial statements.
39


Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
40


Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
41


Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
42


Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

FUTURES CONTRACTS

 

LONG FUTURES CONTRACTS

 

Counterparty

  Number of
Contracts
 

Expiration Date

 

Notional Value

  Fair Value/
Unrealized
Appreciation
(Depreciation)
 

S&P 500 E-Mini Future

 

Goldman Sachs & Co.

   

17

   

3/17/2023

 

$

3,281,850

   

$

(71,275

)

 

See accompanying notes to financial statements.
43


Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio Review

December 31, 2022 (Unaudited)

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?

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 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.


44


Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

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

%

         

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. 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%.

5435687.2
45


Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments

December 31, 2022

    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

   

See accompanying notes to financial statements.
46


Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
47


Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
48


Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
49


Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    Shares/
Principal
  Fair
Value
 

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 0.6%

 

Dell Technologies, Inc., Class C

   

2,923

   

$

117,563

   

Hewlett Packard Enterprise Co.

   

82,116

     

1,310,571

   
             

1,428,134

   

TEXTILES, APPAREL & LUXURY GOODS - 0.2%

 

Deckers Outdoor Corp.*

   

142

     

56,681

   

Lululemon Athletica, Inc.*

   

901

     

288,662

   

Ralph Lauren Corp.

   

793

     

83,796

   

Under Armour, Inc., Class C*

   

2,402

     

21,426

   
             

450,565

   

THRIFTS & MORTGAGE FINANCE - 0.0%†

 

Essent Group Ltd.

   

1,487

     

57,815

   

TOBACCO - 0.5%

 

Altria Group, Inc.

   

13,064

     

597,155

   

Philip Morris International, Inc.

   

4,031

     

407,978

   
             

1,005,133

   

TRADING COMPANIES & DISTRIBUTORS - 0.3%

 

WESCO International, Inc.*

   

340

     

42,568

   

WW Grainger, Inc.

   

1,301

     

723,681

   
             

766,249

   
    Shares/
Principal
  Fair
Value
 

WIRELESS TELECOMMUNICATION SERVICES - 0.1%

 

United States Cellular Corp.*

   

12,339

   

$

257,268

   
TOTAL COMMON STOCKS
(Cost - $206,330,020)
       

221,483,083

   

SHORT-TERM INVESTMENTS - 1.3%

 

MONEY MARKET FUNDS - 1.3%

 
Fidelity Investments Money Market
Fund - Government Portfolio,
Institutional Class, 4.06% (a)
(Cost - $2,906,312)
   

2,906,312

     

2,906,312

   
TOTAL INVESTMENTS - 100.0%
(Cost - $209,236,332)
     

$

224,389,395

   
OTHER ASSETS LESS
LIABILITIES - NET (0.0)%†
       

(43,731

)

 

TOTAL NET ASSETS - 100.0%

     

$

224,345,664

   

*  Non-income producing security.

†  Represents less than 0.05%.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

FUTURES CONTRACTS

 

LONG FUTURES CONTRACTS

 

Counterparty

  Number of
Contracts
 

Expiration Date

 

Notional Value

  Fair Value/
Unrealized
Appreciation
(Depreciation)
 

S&P 500 E-Mini Future

 

Goldman Sachs & Co.

   

18

   

3/17/2023

 

$

3,474,900

   

$

(102,030

)

 

See accompanying notes to financial statements.
50


Global Atlantic BlackRock High Yield Portfolio

Portfolio Review

December 31, 2022 (Unaudited)

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.


51


Global Atlantic BlackRock High Yield Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

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

%

         

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. 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"

5435687.2
52


Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments

December 31, 2022

    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

   

See accompanying notes to financial statements.
53


Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
54


Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
55


Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
56


Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
57


Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
58


Global Atlantic BlackRock High Yield Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   
    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

   

(a)  144A - Security was purchased pursuant to Rule 144a under the Securities Act of 1933 and may not be resold subject to that rule, except to qualified institutional buyers. As of December 31, 2022, these securities amounted to $36,403,040 or 72.9% of net assets.

(b)  PIK - Pay-in-kind security.

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

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

CMT - Treasury Constant Maturity Rate

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

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

)

 

See accompanying notes to financial statements.
59


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio Review

December 31, 2022 (Unaudited)

Investment Objective

The Portfolio seeks to provide total return consisting of capital appreciation and income.

Management Review

The Portfolio is sub-advised by Goldman Sachs Asset Management, L.P. ("GSAM").

How did the Portfolio perform during the period?

During 2022, the Class I shares of Global Atlantic Goldman Sachs Core Fixed Income Portfolio underperformed its reference benchmark, the Bloomberg U.S. Aggregate Bond Index. The Portfolio posted a return of -13.84% compared to a benchmark return of -13.01%, 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?

Overall, the Portfolio's sector positioning and security selection strategies negatively impacted performance in 2022 as all fixed income spread sectors underperformed U.S. Treasuries during the period. A primary detractor to performance was the Portfolio's positioning within securitized debt, specifically its exposure to mortgage-backed securities ("MBS") Passthroughs and overweight positions to Collateralized Loan Obligations ("CLOs") and Commercial Mortgage-Backed Securities ("CMBS"). Furthermore, the Portfolio's overweight position to investment grade corporates detracted from performance, as did the credit hedge strategy, which pairs the overweight investment grade corporates position with a long position in interest rates. Partially offsetting this underperformance was the Portfolio's underweight position to MBS in the first half of the year and an overweight position to MBS in the second half of the year, which added to returns. Also contributing to performance during the year was the Portfolio's duration strategy and yield curve positioning resulting from the systematic auction strategy and discretionary interest rates strategy. Finally, the Portfolio's down quality bias within investment grade corporates positively impacted returns.

How was the Portfolio positioned at period end?

At period end, the Portfolio was underweight U.S. Treasuries and government securities, while being overweight asset-based securities ("ABS"), notably high-quality CLOs, CMBS, MBS, corporate credit, and emerging market debt.


60


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

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

%

                 

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 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


61


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio Review (Continued)

December 31, 2022 (Unaudited)

Holdings by Asset Class

 

% of Net Assets

 

Corporate Bonds and Notes

   

49.9

%

 

Agency Mortgage Backed Securities

   

41.5

%

 

Asset Backed and Commercial Backed Securities

   

8.8

%

 

Short-Term Investments

   

4.8

%

 

U.S. Treasury Securities and Agency Bonds

   

2.5

%

 

Sovereign Debts

   

1.4

%

 

Municipal Bonds

   

1.4

%

 

Other Assets less Liabilities - Net

   

(10.3

)%

 
     

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 and securities sold short is included in "Other Assets less Liabilities - Net"

5435687.2
62


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments

December 31, 2022

    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

   

See accompanying notes to financial statements.
63


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
64


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
65


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
66


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
67


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
68


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   

See accompanying notes to financial statements.
69


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

    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

   
    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.

(c)  Step coupon.

(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

)

 

See accompanying notes to financial statements.
70


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

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

   

See accompanying notes to financial statements.
71


Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio of Investments (Continued)

December 31, 2022

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

See accompanying notes to financial statements.
72


Global Atlantic Portfolios

Statements of Assets and Liabilities

December 31, 2022

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

   

See accompanying notes to financial statements.
73


Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

December 31, 2022

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

   

$

-

   

See accompanying notes to financial statements.
74


Global Atlantic Portfolios

Statements of Operations

For the Year Ended December 31, 2022

    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

   

See accompanying notes to financial statements.
75


Global Atlantic Portfolios

Statements of Operations (Continued)

For the Year Ended December 31, 2022

    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

   

See accompanying notes to financial statements.
76


Global Atlantic Portfolios

Statements of Changes in Net Assets

    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.

See accompanying notes to financial statements.
77


Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

    Global Atlantic BlackRock
Disciplined Growth Portfolio
  Global Atlantic BlackRock
Disciplined International
Core Portfolio
 
    For the
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.

See accompanying notes to financial statements.
78


Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

    Global Atlantic BlackRock
Disciplined Mid Cap
Growth Portfolio
  Global Atlantic BlackRock
Disciplined Value Portfolio
 
    For the
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.

See accompanying notes to financial statements.
79


Global Atlantic Portfolios

Statements of Changes in Net Assets (Continued)

    Global Atlantic BlackRock
High Yield Portfolio
  Global Atlantic Goldman Sachs
Core Fixed Income Portfolio
 
    For the
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

     

-

     

-

   

See accompanying notes to financial statements.
80


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

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.

See accompanying notes to financial statements.
81


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

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.

(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.

See accompanying notes to financial statements.
82


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Core Portfolio

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.

See accompanying notes to financial statements.
83


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Core Portfolio

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.

(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.

See accompanying notes to financial statements.
84


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Growth Portfolio

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

    For the
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.

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

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

(e)  Annualized.

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

(g)  Not annualized.

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

See accompanying notes to financial statements.
85


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Growth Portfolio

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.

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

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

See accompanying notes to financial statements.
86


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined International Core Portfolio

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.

(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, 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.

See accompanying notes to financial statements.
87


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined International Core Portfolio

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.

(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, 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.

See accompanying notes to financial statements.
88


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

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.

(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)  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.

(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.

See accompanying notes to financial statements.
89


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

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.

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

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

See accompanying notes to financial statements.
90


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Value Portfolio

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.

(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.

See accompanying notes to financial statements.
91


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Value Portfolio

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.

(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.

See accompanying notes to financial statements.
92


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock High Yield Portfolio

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.

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

See accompanying notes to financial statements.
93


Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock High Yield Portfolio

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.

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

See accompanying notes to financial statements.
94


Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

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.

(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.

(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.

See accompanying notes to financial statements.
95


Global Atlantic Portfolios

Notes to Financial Statements

December 31, 2022

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".


96


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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


97


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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

   


98


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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

   


99


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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.


100


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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.


101


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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.


102


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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.


103


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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

)

 

$

-

   


104


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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

)

 

$

-

   


105


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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

)

 


106


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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


107


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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.


108


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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  


109


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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.


110


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 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


111


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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

)

 


112


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

  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

)

 


113


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

  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.


114


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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.


115


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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


116


Global Atlantic Portfolios

Notes to Financial Statements (Continued)

December 31, 2022

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.


117


Report of Independent Registered Public Accounting Firm

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


118


Global Atlantic Portfolios

Expense Examples

December 31, 2022 (Unaudited)

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).


119


Global Atlantic Portfolios

Expense Examples (Continued)

December 31, 2022 (Unaudited)

               

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).


120


Global Atlantic Portfolios

Supplemental Information

December 31, 2022 (Unaudited)

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


121


Global Atlantic Portfolios

Supplemental Information (Continued)

December 31, 2022 (Unaudited)

advisory fee charged to each Portfolio, taking into account the impact of the expense cap changes, and the sub-advisory fee paid by the Adviser to each Sub-Adviser, as applicable, were not unreasonable in light of the services provided to each respective Portfolio.

Profitability. The Trustees noted that, based on information received from the Adviser regarding a per Portfolio analysis of the profitability of each Portfolio to the Adviser, they: (i) concluded that the profitability levels for the Adviser were not excessive; and (ii) considered that the sub-advisory fees were negotiated by the Adviser at arm's length. The Trustees also noted that they would continue to monitor the Adviser's profitability in the future.

Economies of Scale. The Trustees concluded that they were satisfied with the extent to which economies of scale, if any, would be shared for the benefit of each Portfolio's shareholders. The Trustees also noted that they would continue to monitor each Portfolio's growth and consider any additional opportunities to realize benefits from economies of scale for shareholders in the future.

Other Benefits. The Trustees noted that they had considered other benefits to the Adviser or Sub-Advisers and their respective affiliates from their relationships with the applicable Portfolios and that they would continue to consider these benefits in connection with future annual renewals.

Conclusion. Having requested and received such information from the Adviser and Sub-Advisers as the Trustees believed to be reasonably necessary to evaluate the terms of the Agreements, and as assisted by the advice of counsel, the Trustees, including all of the Independent Trustees voting separately, unanimously concluded that renewing the Advisory Agreement and Sub-Advisory Agreements was in the best interests of each Portfolio and its shareholders. The Trustees noted that, in considering the Agreements, they did not identify any one factor as all important and each Trustee may have afforded different weight to the various factors.


122


Global Atlantic Portfolios

Supplemental Information (Continued)

December 31, 2022 (Unaudited)

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).

 

16

 

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.

 

16

 

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).

 

16

 

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).

 


123


Global Atlantic Portfolios

Supplemental Information (Continued)

December 31, 2022 (Unaudited)

Interested Trustees and Officers of the Trust

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

 
Robert M.
Arena, Jr.
(1968)2
 

Trustee since 2013

 

Mr. Arena serves as Co-President of The Global Atlantic Financial Group LLC (since 2022); as Director and Co-President of Global Atlantic Financial Group Limited ("GAFGL") (since 2021); as President and Head of Life and Retirement of Ariel Re (Holdings) Limited and Global Atlantic Financial Life Limited (since 2020); as Director and Co-President of Global Atlantic Financial Limited (formerly Commonwealth Re Midco Limited) (since 2019 and 2021, respectively); as Director, Chairman and Co-President of Global Atlantic Financial Company ("GAFC") (since 2017, 2021 and 2021, respectively); as Director and Co-President of Global Atlantic (Fin) Company (since 2017 and 2021, respectively); as Director, Chairman and President of Forethought Life Insurance Company ("FLIC") (since 2016, 2017 and 2016, respectively); as Director, Chairman and President of Commonwealth Annuity and Life Insurance Company ("CWA") and First Allmerica Financial Life Insurance Company ("FAFLIC") (since 2017, 2017 and 2021, respectively); as Director, Chairman and President of Accordia Life and Annuity Company ("Accordia") (since 2016, 2017 and 2021, respectively); as Manager and Chairman of Global Atlantic Investment Advisors, LLC ("GAIA") (since 2016); and as Manager, Chairman and President of Global Atlantic Distributors, LLC ("GAD") (since 2012, 2012 and 2013, respectively). Mr. Arena holds and has previously held comparable positions with GAIA, GAD, FLIC, CWA, and certain other companies affiliated with GAIA.

 

16

 

None

 


124


Global Atlantic Portfolios

Supplemental Information (Continued)

December 31, 2022 (Unaudited)

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 Ribet3
1982
 

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).

 

16

 

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

 

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

 

N/A

 


125


Global Atlantic Portfolios

Supplemental Information (Continued)

December 31, 2022 (Unaudited)

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

 

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

 

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

 

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.


126


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

 


127


WHAT WE DO:

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.
 

DEFINITIONS

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.
 


128


PROXY VOTING POLICY

Information regarding how the Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) on or through the Portfolios' website at http://connect.rightprospectus.com/globalatlanticportfolios and (2) on the U.S. Securities and Exchange Commission's website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Each Portfolio files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Portfolios' Form N-PORTs are available: (i) on the SEC's website at http://www.sec.gov; and (ii) on the Portfolios' website at http://connect.rightprospectus.com/globalatlanticportfolios. Each Portfolio will post to http://connect.rightprospectus.com/globalatlanticportfolios, a complete list of its portfolio holdings as of the last calendar day of each month approximately 30 days following the end of the month. Each Portfolio's portfolio holdings will remain available on the website noted above at least until the next monthly update.

INVESTMENT ADVISER

Global Atlantic Investment Advisors, LLC
10 West Market Street, Suite 2300
Indianapolis, IN 46204

ADMINISTRATOR

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

INVESTMENT SUB-ADVISERS

BlackRock Investment Management, LLC
1 University Square Drive
Princeton, NJ 08540-6455

Goldman Sachs Asset Management, L.P.
200 West Street
New York, NY 10282


 

(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.