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: 317-223-2703

Date of fiscal year end: 12/31

Date of reporting period: 6/30/19

Item 1. Reports to Stockholders.

Semi-Annual Report

June 30, 2019

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 Small Cap Portfolio
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Global Atlantic BlackRock Disciplined Value Portfolio
Global Atlantic BlackRock High Yield Portfolio

Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Global Atlantic Goldman Sachs Mid Cap Value Insights 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:

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. The resulting concerns over global growth, as well as some weakness in U.S. manufacturing, housing, and consumer spending data, caused U.S. bond yields to drop significantly lower, with the U.S. 10-year treasury yield finishing the first half of the year at 2.00%, a level not seen since 2016 and down from a recent high of 3.24% in November 2018, a decline of 124 basis points. Equity markets recovered significantly in June, again eliminating most, if not all, of the declines experienced in May.

After raising interest rates three times in 2017 and four times in 2018, the U.S. Federal Reserve (the “Fed”) has yet to raise rates in 2019. While the Fed indicated in December 2018 that it might raise rates on two occasions in 2019, it has since changed its position and is now unlikely, in our view, to raise rates for the remainder of this year. Domestic investment grade bonds, as measured by the Bbg Barclays US Agg Bond Index, were up 6.11% in the first half of 2019 (as compared to up 0.01% in 2018), while the ICE BofAML U.S. High Yield Index rose 10.16% during the period (as compared to down -2.26% in 2018).

U.S. equity indices fared better than international markets generally, led by the S&P 500 up 18.54% (as compared to down -4.38% in 2018), followed by the S&P MidCap 400 and the Russell 2000 up 17.97% and 16.98%, respectively (as compared to down -11.08% and -11.01%, respectively in 2018). Internationally, the MSCI EAFE and the MSCI Emerging Markets were up 14.03% and 10.58%, respectively (as compared to down -13.79% and -14.57%, respectively in 2018).

Commodities, as measured by the S&P GSCI Index, were up 13.34% in the first six months of 2019 (as compared to down -13.82% in 2018), led by a rise of 22.84% in oil (as compared to down -14.57% in 2018) and an increase of 9.86% in gold (as compared to down -1.94% in 2018). The U.S. dollar was down marginally (-0.04%) during the period (as compared to an increase of 4.40% in 2018).

For asset allocation funds, periods of significant fluctuations in volatility and returns meant that asset allocation decisions, and the timing of those decisions, were important drivers of performance during the period. The following pages contain Management’s discussion of recent Portfolio performance. 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

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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 Small Cap Portfolio	Russell 2000® Index
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	S&P 500® Index
Global Atlantic BlackRock Disciplined Value Portfolio	Russell 1000® Value Index
Global Atlantic BlackRock High Yield Portfolio	ICE BofAML BB-B U.S. High Yield Constrained Index
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Bloomberg Barclays US Aggregate Bond Index
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	MSCI World Standard Index
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	Russell 1000® Growth Index
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	Russell Midcap® Value 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 to be 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:

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

Bloomberg Barclays US Aggregate Bond Index (“Bbg Barclays US Agg Bond”). 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 Standard and Poor’s.

ICE BofAML BB-B U.S. High Yield Constrained Index. An index that contains all securities in the ICE BofAML 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 BofAML High Yield Cash Pay MV USI Index (“ICE BofAML U.S. High Yield”). An index that tracks the performance of US dollar denominated, below investment grade corporate debt, currently in a coupon paying period, which is publically issued in the US domestic market.

Chicago Board Options Exchange S&P 500 Volatility Index (“VIX”). An index that reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of strikes.

MSCI ACWI ex-USA Total Return 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.

MSCI Emerging Markets Total Return Index (“MSCI Emerging Markets”). An index created by MSCI that is designed to measure equity market performance in global emerging markets. The index is unmanaged and not available for direct investment. The Emerging Markets Index is a float-adjusted market capitalization index that consists of indices in 24

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emerging economies: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

MSCI World Standard Index. An index that represents large- and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each. The index offers a broad global equity benchmark, without emerging markets exposure.

Russell 1000^® Growth Total Return 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 2000 Total Return Index (“Russell 2000”). An index measuring the performance 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.

Russell 3000 Total Return Index. An index measuring the performance of approximately 3,000 of the largest U.S. companies.

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

Russell 1000^® Value Total Return 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.

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 500 Total Return 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 GSCI Total Return Index (“S&P GSCI”). A broad based, production weighted index meant to be representative of the global commodity market beta. The S&P Goldman Sachs Commodity Index (GSCI) consists of 24 commodity futures on physical commodities across five sectors; energy, agriculture, livestock, industrial metals, and precious metals.

U.S. Dollar Index. An index that indicates the general international value of the U.S. Dollar by averaging the exchange rates between the U.S. Dollar and major world currencies.

2644719.1

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Table of Contents
■	Global Atlantic Portfolio Reviews	5 – 30
■	Financial Statements:
	Portfolios of Investments	31 – 161
	Statements of Assets and Liabilities	162 – 165
	Statements of Operations	166 – 169
	Statements of Changes in Net Assets	170 – 176
	Financial Highlights	177 – 201
■	Notes to Financial Statements	202 – 225
■	Expense Examples	226 – 227
■	Privacy Notice	228 – 229
■	Proxy Voting Policy	Back Cover
■	Portfolio Holdings	Back Cover

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Global Atlantic BlackRock Allocation Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, 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 13.20% compared to a benchmark return of 11.91%, a difference of 129 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The fixed income market also rallied, highlighted by significant decline in the 10-year U.S. Treasury yield to 2.00% at period end, a level not seen since 2016 and down from a recent high of 3.24% in November 2018. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. While bond yields remained low during this volatile period, equity markets recovered significantly in June, again eliminating most, if not all, of the declines experienced in May.

The Portfolio retained an overweight stance to equities over fixed income resulting from the portfolio management team’s expectation of a sharp upward reversal in equities in the first half of 2019 following the sharp selloff in the fourth quarter of 2018. Within equities, the Portfolio was biased towards U.S. equities relative to developed market and emerging markets (EM) equities, which contributed to performance during the period. Within U.S. equities, the Portfolio was biased toward technology stocks as well as minimum volatility and momentum factors, all of which outperformed the S&P 500 during the first 6 months of 2019. Internationally, the Portfolio increased its allocation to emerging market equities during the period, effectively removing the Portfolio’s underweight position, however the resumption of trade tensions in May caused EM equities to decline significantly, thus detracting from performance. Developed market international equities was the Portfolio’s largest underweight during the period, driven by a negative view on the future earnings growth potential of the sector.

Within fixed income, the Portfolio was underweight duration and higher in credit quality where possible. The portfolio management team’s view is that given the significant decline in interest rates during the period, there is a greater risk that rates, particularly long-term rates, could rise meaningfully with a small improvement in U.S. economic data, a policy change by the U.S. Federal Reserve, or other factors, which would have a negative impact on fixed income performance. This view detracted from performance during the first six months of 2019 as interest rates remained low, resulting in a rally in longer duration and lower rated bonds.

How was the Portfolio positioned at period end?

At period end, the Portfolio was positioned with 60.5% in equities, and 39.5% in fixed income securities. Of the equity weights, international stocks commanded a 14.1% allocation, which broke down into 5.4% EM and 8.7% developed markets ex-US stocks. Of the remaining equity allocation, 46.3% was dedicated to U.S. equities, primarily large cap, with the largest portion of this (25.3%) in S&P 500 stocks. The fixed income portion of the Portfolio reflected an underweight position in mortgages (3.9%) and overweight positions in credit (20.6%, all investment grade) and U.S. Treasuries (15%). The U.S. Treasury allocation was spread across the curve, with no specific overweight positions.

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Global Atlantic BlackRock Allocation Portfolio

Portfolio Review

June 30, 2019 (Unaudited)

The Portfolio’s performance figures^* for the periods ended June 30, 2019 as compared to its benchmark:

			Annualized
	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock Allocation Portfolio
Class I	13.20%	7.49%	5.57%
Class II	13.11%	7.19%	5.34%
S&P Target Risk® Growth Index (Total Return)	11.91%	6.25%	4.60%

^* 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.44% and 0.69% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

^** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The S&P Target Risk^® Growth Index (Total Return) 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.

Holdings by Asset Class	% of Net Assets
Exchange Traded Funds - Equity Funds		60.6	%
Exchange Traded Funds - Debt Funds		39.2	%
Money Market Fund		0.0	% ^
Other Assets Less Liabilities - Net		0.2	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

^ Amount is less than 0.05%

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Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, 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 18.28% compared to a benchmark return of 18.54%, a difference of -26 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

Value based signals detracted most from performance during the period, as investors generally traded away from more value- oriented areas of the market throughout the first half of the year. A quality and risk management signal positioning the Portfolio away from companies with higher degrees of leverage was the highest individual detractor, given the continued decline in U.S. interest rates.

On the positive side, contributions from sentiment based signals, particularly within the consumer staples and real estate sectors, were notable. The strong performance of the Portfolio’s more traditional trend-based and quality signals during the period was unsurprising given investors’ preference for growth-oriented companies with sustainable businesses. Several signals derived from machine learned text-analysis proved particularly beneficial, most specifically to identify trends in long- term company fundamentals as well as sell-side sentiment towards each company. A signal that evaluates the tightness of every industry’s labor market as an indication of the availability and cost of labor for each company was additive, as was a quality signal that evaluates companies based on a series of long-term sustainability measures. These signals provided stability to the portfolio amidst increased market volatility.

Elsewhere, the Portfolio’s macro thematic signals resulted in mixed returns over the period. Among macro themes, certain industry timing signals proved beneficial, as an underweight position in the materials sector added to relative performance for the period. In contrast, a signal that measures sensitivity to changes in foreign exchange rates detracted, given the heightened volatility across currency markets.

How was the Portfolio positioned at period end?

At period end the Portfolio remains largely sector neutral. The Portfolio had slight overweight positions in the utilities and industrials sectors and slight underweight positions in the energy and consumer staples sectors. The Portfolio seeks to maintain a style neutral approach, therefore it did not have any outsized active exposures to any particular style or factor.

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Global Atlantic BlackRock Disciplined Core Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock Disciplined Core Portfolio
Class I	18.28%	9.29%	9.88%
Class II	18.21%	9.07%	9.57%
S&P 500® Index (Total Return)	18.54%	10.42%	10.44%

^* 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.48% and 0.73% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The S&P 500^® Index (Total Return) 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.

Holdings by Asset Class	% of Net Assets
Common Stocks		98.5	%
Money Market Fund		1.3	%
Other Assets Less Liabilities - Net		0.2	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

8

Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, the Class II shares of Global Atlantic BlackRock Disciplined Growth Portfolio underperformed its reference benchmark, the Russell 1000 Growth Index. The Portfolio posted a return of 21.02% compared to a benchmark return of 21.49%, a difference of -47 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

Value based signals detracted most from performance during the period, as investors generally traded away from more value- oriented areas of the market throughout the first half of the year. On the positive side, contributions from sentiment based signals, particularly within the consumer staples and real estate sectors, were notable. The strong performance of the Portfolio’s more traditional trend-based and quality signals during the period was unsurprising given investors’ preference for growth-oriented companies with sustainable businesses. Several signals derived from machine learned text-analysis proved particularly beneficial, most specifically to identify trends in long-term company fundamentals as well as sell-side sentiment towards each company. A signal that evaluates the tightness of every industry’s labor market as an indication of the availability and cost of labor for each company was additive, as was a quality signal that evaluates companies based on a series of long-term sustainability measures. These signals provided stability to the portfolio amidst increased market volatility.

Elsewhere, the Portfolio’s macro thematic signals resulted in mixed returns over the period. Among macro themes, certain industry timing signals proved beneficial, as an off-benchmark position in the utilities sector added to relative performance for the period. In contrast, a signal that measures sensitivity to changes in foreign exchange rates detracted, given the heightened volatility across currency markets.

How was the Portfolio positioned at period end?

At period end, the Portfolio remains largely sector neutral. The Portfolio had slight overweight positions in the utilities and financials sectors and slight underweight positions in the consumer discretionary and consumer staples sectors. The Portfolio seeks to maintain a style neutral approach, therefore it did not have any outsized active exposures to any particular style or factor.

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Global Atlantic BlackRock Disciplined Growth Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock Disciplined Growth Portfolio
Class II	21.02%	9.56%	12.26%
Russell 1000® Growth Index (Total Return)	21.49%	11.56%	14.00%

^* 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.79% for Class II shares, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The Russell 1000^® Growth Index (Total Return) 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.

Holdings by Asset Class	% of Net Assets
Common Stocks		97.8	%
Money Market Fund		1.9	%
Other Assets Less Liabilities - Net		0.3	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

10

Global Atlantic BlackRock Disciplined International Core Portfolio
Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, 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 14.00% compared to a benchmark return of 13.60%, a difference of 40 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

The Portfolio’s macro thematic signals contributed most significantly during the period, particularly those that positioned the Portfolio towards a pro-growth stance given investor preference for high-growth companies, and those related to country timing within France and Germany. Remaining underweight Emerging Markets (EM) countries helped bolster relative performance, as EM markets continued to underperform amid ongoing global trade disputes, a relatively strong dollar, and weak economic/manufacturing activity. Maintaining an underweight position in Japan was also beneficial, as Japan continued to underperform due to sluggish economic growth and investor concern around the strength of the Yen. In contrast, the Portfolio’s underweight position in Russia was a drag on relative returns, as the Russian market significantly outpaced global markets throughout the first half of the year. The Portfolio’s industry timing signals resulted in mixed returns, as an underweight to the financials sector contributed to performance while an underweight to the information technology sector detracted noticeably from relative returns.

Quality-based signals also contributed to performance during the period. The strong performance of the Portfolio’s more traditional trend-based and quality signals during the period was unsurprising given investors’ preference for growth-oriented companies with sustainable businesses. A signal that rewards companies with attractive dividend growth trends was particularly additive, as were signals derived from machine learned text-analysis to identify trends in long-term company fundamentals as well as sell-side sentiment towards each company.

Value-based signals detracted from returns as investors generally traded away from more value-oriented areas of the market throughout the first half of the year. A Quality-based signal evaluating earnings management and efficiency of capital spend was also a notable detractor during the period.

How was the Portfolio positioned at period end?

At period end, the Portfolio remains largely sector neutral. The Portfolio had slight overweight positions in the communication services and healthcare sectors and slight underweight positions in the financials and information technology sectors. While the Portfolio generally targets a country neutral approach, it had a modestly overweight Australia and China position and modestly underweight Japan and Russia position at period end. The Portfolio seeks to maintain a style neutral approach, therefore it did not have any outsized active exposures to any particular style or factor.

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11

Global Atlantic BlackRock Disciplined International Core Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock Disciplined International Core Portfolio
Class I	14.00%	0.48%	(0.56)%
Class II	13.90%	0.21%	(0.78)%
MSCI ACWI ex-USA Index	13.60%	1.29%	0.00%

^* 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.74% and 0.99% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

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.

Holdings by Asset Class	% of Net Assets
Common Stocks		90.1	%
Exchange Traded Funds - Equity Funds		6.3	%
Money Market Fund		0.6	%
Right		0.0	% ^
Other Assets Less Liabilities - Net		3.0	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

^ Amount is less than 0.05%

12

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, the Class I shares of Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio underperformed its reference benchmark, the Russell Midcap Growth Index. The Portfolio posted a return of 25.53% compared to a benchmark return of 26.08%, a difference of -55 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

Value based signals detracted most from performance during the period, as investors generally traded away from more value- oriented areas of the market throughout the first half of the year. Although quality signals were additive in aggregate, a signal rewarding companies with higher operating asset efficiency detracted notably from performance for the period, as did a signal positioning the Portfolio away from companies with higher degrees of leverage given the continued decline in U.S. interest rates.

On the positive side, contributions from sentiment based signals, particularly within the consumer staples and health care sectors, were notable. The strong performance of the Portfolio’s more traditional trend-based and quality signals during the period was unsurprising given investors’ preference for growth-oriented companies with sustainable businesses. A signal that evaluates the tightness of every industry’s labor market as an indication of the availability and cost of labor for each company contributed most to returns. Several signals derived from machine learned text-analysis proved particularly beneficial, most specifically to identify trends in long-term company fundamentals to gauge changes in management and sell-side sentiment towards each company. A signal identifying investor sentiment based on short positions of hedge funds further contributed, a reversal of the signal’s underperformance in the fourth quarter of 2018 and unsurprising given the relative success of hedge funds throughout the period.

Elsewhere, the Portfolio’s macro thematic signals were slightly negative over the period. Among macro themes, aa signal that measures sensitivity to changes in foreign exchange rates detracted, given the heightened volatility across currency markets. The Portfolio’s industry timing signals resulted in mixed returns, as maintaining an underweight in the energy sector contributed while initiating a small off-benchmark position in the utilities sector detracted.

How was the Portfolio positioned at period end?

At period end, the Portfolio remains largely sector neutral. The Portfolio had slight overweight positions in the financials and communication services sectors and slight underweight positions in the consumer discretionary and information technology sectors. The Portfolio seeks to maintain a style neutral approach, therefore it did not have any outsized active exposures to any particular style or factor.

2658352.2

13

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Class I	25.53%	14.07%	14.90%
Class II	25.45%	13.78%	14.66%
Russell Midcap® Growth Index (Total Return)	26.08%	13.94%	14.48%

^* 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.63% and 0.88% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

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.

Holdings by Asset Class	% of Net Assets
Common Stocks		98.2	%
Money Market Fund		1.4	%
Other Assets Less Liabilities - Net		0.4	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

14

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, the Class I shares of Global Atlantic BlackRock Disciplined Small Cap Growth Portfolio outperformed its reference benchmark, the Russell 2000 Index. The Portfolio posted a return of 18.50% compared to a benchmark return of 16.98%, a difference of 152 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

Quality based signals contributed meaningfully to performance during the period, particularly in the financials and healthcare sectors. The strong performance of the Portfolio’s more traditional trend-based and quality signals during the period was unsurprising given investors’ preference for growth-oriented companies with sustainable businesses. A signal that rewards companies with attractive dividend growth trends was particularly additive, as were insights related to quality management, specifically founder-led management structures, technology driven text analysis of company 8-K filings, and measures of long- term sustainability. These signals provided stability to the Portfolio amidst increased market volatility. A signal identifying investor sentiment based on short positions of hedge funds further contributed, a reversal of the signal’s underperformance in the fourth quarter of 2018 and unsurprising given the relative success of hedge funds throughout the period.

Elsewhere, the Portfolio’s macro thematic signals contributed modestly over the period. Among macro themes, a signal measuring sensitivity to changes in foreign exchange rates was slightly positive, while the Portfolio’s industry timing signals resulted in mixed returns.

Value-based signals detracted from returns as investors generally traded away from more value-oriented areas of the market throughout the first half of the year. A quality-based signal preferring companies with lower risk profiles also detracted, given the strong performance of small cap stocks throughout the first half of the year.

How was the Portfolio positioned at period end?

At period end, the Portfolio remains largely sector neutral. The Portfolio had slight overweight positions in the information technology and communication services sectors and slight underweight positions in the financials and healthcare sectors. The Portfolio seeks to maintain a style neutral approach, therefore it did not have any outsized active exposures to any particular style or factor.

2658352.2

15

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock Disciplined Small Cap Portfolio
Class I	18.50%	(0.71)%	5.69%
Class II	18.41%	(0.98)%	5.45%
Russell 2000® Index (Total Return)	16.98%	(3.31)%	4.38%

^* 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.63% and 0.88% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The Russell 2000^® Index (Total Return) measures the performance of the small-capitalization sector of the U.S. equity market. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Common Stocks		97.4	%
Money Market Fund		2.5	%
Warrant		0.0	% ^
Other Assets Less Liabilities - Net		0.1	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

^ Amount is less than 0.05%

16

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, the Class I shares of Global Atlantic BlackRock Disciplined U.S. Core Portfolio underperformed its reference benchmark, the S&P 500 Index. The Portfolio posted a return of 18.32% compared to a benchmark return of 18.54%, a difference of -22 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

Value based signals detracted most from performance during the period, as investors generally traded away from more value- oriented areas of the market throughout the first half of the year. On the positive side, contributions from sentiment based signals, particularly within the consumer staples sector, were notable. The strong performance of the Portfolio’s more traditional trend-based and quality signals during the period was unsurprising given investors’ preference for growth-oriented companies with sustainable businesses. A signal that evaluates the tightness of every industry’s labor market as an indication of the availability and cost of labor for each company was particularly additive. Several signals derived from machine learned text-analysis to identify trends in long-term company fundamentals as well as sell-side sentiment towards each company, together with a quality signal that evaluates companies based on a series of long-term sustainability measures, contributed to performance. These signals provided stability to the Portfolio amidst increased market volatility.

Elsewhere, the Portfolio’s macro thematic signals resulted in mixed returns over the period. Among macro themes, certain industry timing signals proved beneficial, as an underweight position in the Industrials sector added to relative performance for the period. In contrast, a signal that measures sensitivity to changes in foreign exchange rates was challenged, given the heightened volatility across currency markets.

How was the Portfolio positioned at period end?

At period end, the Portfolio remains largely sector neutral. The Portfolio had slight overweight positions in the utilities and industrials sectors and slight underweight positions in the consumer discretionary and consumer staples sectors. The Portfolio seeks to maintain a style neutral approach, therefore it did not have any outsized active exposures to any particular style or factor.

2658352.2

17

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Class I	18.32%	9.33%	9.85%
Class II	18.13%	8.98%	9.57%
S&P 500® Index (Total Return)	18.54%	10.42%	10.44%

^* 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.48% and 0.73% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The S&P 500^® Index (Total Return) 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.

Holdings by Asset Class	% of Net Assets
Common Stocks		97.2	%
Money Market Fund		1.9	%
Other Assets Less Liabilities - Net		0.9	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

18

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, the Class I shares of Global Atlantic BlackRock Disciplined Value Portfolio outperformed its reference benchmark, the Russell 1000 Value Index. The Portfolio posted a return of 16.40% compared to a benchmark return of 16.24%, a difference of 16 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

While quality based signals contributed meaningfully to performance during the period, this was largely offset by value based insights, which detracted from returns as investors generally traded away from more value-oriented areas of the market throughout the first half of the year. The strong performance of the Portfolio’s more traditional trend-based and quality signals during the period was unsurprising given investors’ preference for growth-oriented companies with sustainable businesses. A signal that evaluates the tightness of every industry’s labor market as an indication of the availability and cost of labor for each company was additive, as were several signals derived from machine learned text-analysis to identify trends in long-term company fundamentals as well as to gauge changes in management sentiment. Other quality based insights that contributed to performance were those rewarding companies with attractive dividend growth trends as well as one that evaluates companies based on a series of long-term sustainability measures. These signals provided stability to the Portfolio amidst increased market volatility.

Elsewhere, the Portfolio’s macro thematic signals contributed modestly over the period. Among macro themes, certain industry timing signals proved beneficial, as an underweight position in the materials sector added to relative performance for the period. In contrast, a signal that measures sensitivity to changes in foreign exchange rates detracted, given the heightened volatility across currency markets.

How was the Portfolio positioned at period end?

At period end, the Portfolio remains largely sector neutral. The Portfolio had slight overweight positions in the information technology and utilities sectors and slight underweight positions in the consumer discretionary and consumer staples sectors. The Portfolio seeks to maintain a style neutral approach, therefore it did not have any outsized active exposures to any particular style or factor.

2658352.2

19

Global Atlantic BlackRock Disciplined Value Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock Disciplined Value Portfolio
Class I	16.40%	8.37%	6.97%
Class II	16.17%	8.03%	6.77%
Russell 1000® Value Index (Total Return)	16.24%	8.46%	6.58%

^* 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.54% and 0.79% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

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.

Holdings by Asset Class	% of Net Assets
Common Stocks		98.5	%
Money Market Fund		1.2	%
Other Assets Less Liabilities - Net		0.3	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

20

Global Atlantic BlackRock High Yield Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, the Class I shares of Global Atlantic BlackRock High Yield Portfolio outperformed its reference benchmark, the ICE BofAML BB-B U.S. High Yield Constrained Index. The Portfolio posted a return of 10.60% compared to a benchmark return of 10.33%, a difference of 27 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The fixed income market also rallied, highlighted by significant decline in the 10-year U.S. Treasury yield to 2.00% at period end, a level not seen since 2016 and down from a recent high of 3.24% in November 2018. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. While bond yields remained low during this volatile period, equity markets recovered significantly in June, again eliminating most, if not all, of the declines experienced in May.

The primary contributor during the period was an overweight to the consumer non-cyclical sector, particularly pharmaceutical and healthcare companies. Security selection within the communications sector, notably an overweight position within cable, contributed to performance as did an overweight position in home construction companies within the consumer cyclicals sector.

The primary detractor during the period were underweight positions within the capital goods sector, particularly within the construction materials and building materials industries. An overweight to technology also detracted from performance, as did an underweight position within the electrics sector.

How was the Portfolio positioned at period end?

At period end, the Portfolio was overweight basic materials, finance companies, and communications. The largest sector underweights were energy, capital goods, and banking.

2658352.2

21

Global Atlantic BlackRock High Yield Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic BlackRock High Yield Portfolio
Class I	10.60%	7.12%	2.97%
Class II	10.41%	6.78%	2.71%
ICE BofAML BB-B U.S. High Yield Constrained Index^	10.33%	8.58%	4.71%
ICE BofA ML U.S. High Yield Master II Index+	10.12%	7.54%	4.50%

^* 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.59% and 0.84% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

^ Effective January 1, 2019, the Portfolio’s benchmark is the ICE BofAML BB-B U.S. High Yield Constrained Index. The ICE BofAML BB-B US High Yield Constrained Index contains all securities in the ICE BofAML US 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.

⁺ The ICE BofA ML U.S. High Yield Master II Index is an unmanaged market value-weighted index comprised of over 2,300 domestic and yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Corporate Bonds and Notes		96.3	%
Money Market Fund		0.9	%
Other Assets Less Liabilities - Net		2.8	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

22

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio Review (Unaudited)

June 30, 2019

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 the first six months of 2019, the Class I shares of Global Atlantic Goldman Sachs Core Fixed Income Portfolio outperformed its reference benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Portfolio posted a return of 6.85% compared to a benchmark return of 6.11%, a difference of 74 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The fixed income market also rallied, highlighted by significant decline in the 10-year U.S. Treasury yield to 2.00% at period end, a level not seen since 2016 and down from a recent high of 3.24% in November 2018. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. While bond yields remained low during this volatile period, equity markets recovered significantly in June, again eliminating most, if not all, of the declines experienced in May.

The Portfolio’s duration strategy contributed to performance over the reporting period, due to its U.S. rates positioning and tactical U.S. duration positioning. The Portfolio’s relative value country strategy was also additive for results, driven by long positions in European rates versus short positions in Japanese, Norwegian and UK rates. Furthermore, a long position in 10- year Treasury Inflation-Protected Securities versus short position in UK rates was additive for returns. The Portfolio’s currency strategy contributed to performance, due to short positions in the euro and the British pound, coupled with long positions in the Norwegian Krone and the Australian dollar. These gains were partially offset by long positions in the New Zealand dollar and the Japanese yen. Cross-sector positioning contributed to returns, driven by allocations to corporate credit and paired duration trades, as well as the Portfolio’s exposure to collateralized loan obligations (CLOs). An overweight to emerging market sovereign debt further contributed to performance. These gains were partially offset by an underweight position in emerging market corporate debt, as well as exposure to government/swaps.

Overall, the Portfolio’s security selection strategies were beneficial for returns, due to exposure to investment-grade credit, primarily positions in the utilities and financials sectors. Within the securitized sector, the Portfolio’s mortgage-backed security (MBS) holdings also contributed to performance. Selection of external emerging market debt from Mexico, Indonesia and Brazil also benefited returns. These were partially offset by selections of U.S. government debt.

How was the Portfolio positioned at period end?

At period end, the Portfolio was overweight U.S. rates, whereas it was short European and UK rates versus long Norwegian and Australian rates. The Portfolio had underweight positions in agency MBS and commercial mortgage-backed securities (CMBS). Elsewhere, the Portfolio was overweight asset-backed securities (ABS), corporate credit and emerging market sovereign debt.

2658352.2

23

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Class I	6.85%	8.00%	3.60%
Class II	6.85%	7.94%	3.57%
Bloomberg Barclays U.S. Aggregate Bond Index	6.11%	7.87%	3.86%

^* 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. 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.44% and 0.69% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The Bloomberg Barclays 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.

Holdings by Asset Class	% of Net Assets
Corporate Bonds & Notes		40.9	%
Mortgage Backed Securities		32.5	%
U.S. Treasury Securities		17.0	%
Commercial Paper		1.1	%
Money Market Fund		14.8	%
Asset Backed Securities		7.7	%
Municipal Bonds		1.4	%
Other Assets Less Liabilities - Net		(15.4	)%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

Derivative exposure is included in “Other Assets Less Liabilities - Net”.

24

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Portfolio Review (Unaudited)

June 30, 2019

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

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

How did the Portfolio perform during the period?

During the first six months of 2019, the Class I shares of Global Atlantic Goldman Sachs Global Equity Insights Portfolio underperformed its reference benchmark, the MSCI World Standard Index. The Portfolio posted a return of 14.16% compared to a benchmark return of 16.98%, a difference of -282 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

All four investment themes detracted from performance, with High-Quality Business Models detracting most from results followed by Fundamental Mispricings, Market Themes & Trends, and Sentiment Analysis. Country selection contributed to performance during the period. Among sectors, the Portfolio’s health care holdings detracted the most from returns, particularly underweight positions in the health care equipment & supplies and pharmaceutical industries. On the positive side, holdings in the financials sector contributed the most to returns, mainly driven by underweight positions in banks and diversified financial services.

At an individual stock level, an overweight position in Mylan NV detracted the most from returns despite scoring highly on Sentiment Analysis and Fundamental Mispricing related factors. Conversely, an overweight position in Chipotle Mexican Grill, Inc. (0.5%) contributed the most to returns as the stock scored highly on Sentiment Analysis and High-Quality Business Model related factors.

Among countries, an overweight position in the U.S., held primarily for supportive momentum characteristics detracted the most from returns. Conversely, an underweight position in France, held primarily for its less supportive macroeconomic conditions, contributed most to performance during the period.

How was the Portfolio positioned at period end?

At the end of the period, against the MSCI World Standard Index, the Portfolio had its largest overweight positions in the information technology and industrials sectors, driven primarily by investments in the electronic equipment, instruments & components and road & rail industries. Conversely, the Portfolio’s largest underweight positions were in the financials and communication services industries, driven by underweight positions in the capital markets and diversified telecommunication services industries.

At a country level, the Portfolio had its largest overweight positions in the U.S., primarily for its relatively strong momentum characteristics. The Portfolio held its second largest overweight position in Sweden, primarily for its relatively inexpensive valuations. Conversely, the Portfolio’s largest underweight positions were in the UK and Canada, primarily for their relatively weak momentum characteristics.

2658352.2

25

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Class I	14.16%	0.76%	3.27%
Class II	14.08%	0.48%	2.98%
MSCI World Standard Index (Net)	16.98%	6.33%	6.11%

^* 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.72% and 0.97% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The MSCI World Standard Index (Net) represents large- and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Common Stocks		98.9	%
Other Assets Less Liabilities - Net		1.1	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

26

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Portfolio Review (Unaudited)

June 30, 2019

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

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

How did the Portfolio perform during the period?

During the first six months of 2019, the Class I shares of Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio underperformed its reference benchmark, the Russell 1000 Growth Index. The Portfolio posted a return of 19.36% compared to a benchmark return of 21.49%, a difference of -213 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

All four investment themes detracted from performance, with Fundamental Mispricings detracting most from results followed by High-Quality Business Models, Market Themes & Trends, and Sentiment Analysis. Among sectors, the Portfolio’s health care holdings detracted the most from returns, particularly an overweight position in the biotechnology and an underweight position in the health care equipment & supplies industries. On the positive side, holdings in the Industrials sector contributed the most to performance, mainly driven by underweight positions in the air freight & logistics and industrial conglomerate industries.

At an individual stock level, an overweight position in State Street Corp. detracted the most from returns despite scoring highly on Sentiment Analysis and Fundamental Mispricing related factors. Conversely, an overweight position in Chipotle Mexican Grill, Inc. (0.9%) contributed the most to returns as the stock scored highly on Sentiment Analysis and High-Quality Business Model related factors.

How was the Portfolio positioned at period end?

At the end of the period, against the Russell 1000 Growth Index, the Portfolio had its largest overweight positions in the information technology and utilities sectors, driven primarily by investments in the software and independent power and renewable electricity producers industries. Conversely, the Portfolio’s largest underweight positions were in the consumer staples and communication services industries, driven by underweight positions in the beverages and entertainment industries.

2658352.2

27

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Class I	19.36%	7.62%	10.58%
Class II	19.20%	7.29%	10.25%
Russell 1000® Growth Index (Total Return)	21.49%	11.56%	14.00%

^* 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.46% and 0.71% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The Russell 1000^® Growth Index (Total Return) 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.

Holdings by Asset Class	% of Net Assets
Common Stocks		99.1	%
Money Market Fund		0.3	%
Other Assets Less Liabilities - Net		0.6	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

28

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Portfolio Review (Unaudited)

June 30, 2019

Investment Objective

The Portfolio seeks to provide long-term capital appreciation.

Management Review

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

How did the Portfolio perform during the period?

During the first six months of 2019, the Class I shares of Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio underperformed its reference benchmark, the Russell Midcap Value Index. The Portfolio posted a return of 13.55% compared to a benchmark return of 18.02%, a difference of -447 basis points. The following discussion of relative performance pertains to this benchmark.

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

While many global equity markets finished 2018 in correction territory (a decline of greater than 20%), most markets erased those losses during the first six months of 2019 with the S&P 500 posting its strongest first half return (up 18.54%) since 1997. The S&P MidCap 400 and the Russell 2000 indices were both up 17-18% during the period, while the MSCI EAFE and MSCI Emerging Markets indices also posted strong returns, up 11-14%. The first half of 2019 was not without market volatility, however, as May saw a significant decline in major equity markets driven primarily by continued trade tensions between the U.S. and its major trading partners, mainly China and Mexico. Equity markets recovered significantly in June however, again eliminating most, if not all, of the declines experienced in May.

All four investment themes detracted from performance, with High-Quality Business Models detracting most from results, followed by Market Themes & Trends, Fundamental Mispricings, and Sentiment Analysis. Among sectors, the Portfolio’s health care holdings detracted the most from returns, particularly overweight positions in the pharmaceuticals and biotechnology industries. On the positive side, holdings in the consumer discretionary sector contributed the most to performance, mainly driven by an underweight position in the multiline retail industry.

At an individual stock level, an overweight position in Mylan NV (0.4%) detracted the most from returns despite scoring highly on Sentiment Analysis and Fundamental Mispricing related factors. Conversely, an overweight position in ManpowerGroup, Inc. (0.3%) contributed the most to returns as the stock scored highly on Fundamental Mispricing related factors.

How was the Portfolio positioned at period end?

At the end of the period, against the Russell Mid Cap Value Index, the Portfolio had its largest overweight positions in the health care and financials sectors, mainly driven by overweight positions in the biotechnology and banking industries respectively. Conversely, the Portfolio’s largest underweight positions were in the real estate and communication services sectors, driven by underweight positions in the equity real estate investment trusts (REITs) and entertainment industries respectively.

2658352.2

29

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Portfolio Review (Continued)

June 30, 2019 (Unaudited)

The Portfolio’s performance figures* for the periods ended June 30, 2019 as compared to its benchmark:

	Six	One	Performance
	Months	Year	Since Inception**
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Class I	13.55%	(0.10)%	2.45%
Class II	13.23%	(0.47)%	2.10%
Russell Midcap® Value Index (Total Return)	18.02%	3.68%	4.89%

^* 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. The Portfolio’s total annual operating expenses, after fee waiver and/or reimbursement, were 0.64% and 0.89% for Class I and Class II shares, respectively, per the May 1, 2019 prospectus.

** The Portfolio’s inception date is November 1, 2017. The Portfolio commenced operations on November 6, 2017.

The Russell Midcap^® Value Index (Total Return) is an unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index.

Holdings by Asset Class	% of Net Assets
Common Stocks		98.9	%
Money Market Fund		0.6	%
Other Assets Less Liabilities - Net		0.5	%
		100.0	%

Please refer to the Portfolio of Investments in this semi-annual report for more information regarding the Portfolio’s holdings as of June 30, 2019.

30

Global Atlantic BlackRock Allocation Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		EXCHANGE TRADED FUNDS - 99.8%
		DEBT FUNDS - 39.2%
	35,734	iShares iBoxx $ Investment Grade Corporate Bond ETF	$	4,444,238
	102,353	iShares Intermediate-Term Corporate Bond ETF		5,829,003
	30,078	iShares MBS ETF		3,236,393
	133,061	iShares Short Maturity Bond ETF		6,696,960
	477,636	iShares U.S. Treasury Bond ETF		12,330,173
				32,536,767
		EQUITY FUNDS - 60.6%
	118,616	iShares Core MSCI EAFE ETF		7,283,022
	87,638	iShares Core MSCI Emerging Markets ETF		4,508,099
	68,727	iShares Core S&P 500 ETF		20,257,283
	124,643	iShares Core S&P Total U.S. Stock Market ETF		8,304,963
	58,256	iShares Edge MSCI Min Vol USA ETF		3,596,143
	23,428	iShares Edge MSCI USA Momentum Factor ETF		2,778,561
	19,934	iShares Global Tech ETF		3,578,751
				50,306,822
		TOTAL EXCHANGE TRADED FUNDS (Cost $78,167,139)		82,843,589
		SHORT-TERM INVESTMENT - 0.0%^
		MONEY MARKET FUND - 0.0%^
	33,265	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $33,265)		33,265
		TOTAL INVESTMENTS - 99.8% (Cost - $78,200,404)	$	82,876,854
		OTHER ASSETS LESS LIABILITES - NET - 0.2%		172,209
		TOTAL NET ASSETS - 100.0%	$	83,049,063

(a) Money market rate shown represents the rate at June 30, 2019.

^ Represents less than 0.05%.

ETF - Exchange Traded Fund

See accompanying notes to financial statements.

31

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 98.5%
		ADVERTISING - 0.5%
	129,991	Interpublic Group of Cos, Inc.	$	2,936,497
		AEROSPACE/DEFENSE - 2.0%
	15,205	L3 Harris Technologies, Inc. *		2,875,722
	15,544	Lockheed Martin Corp.		5,650,866
	17,803	Raytheon Co.		3,095,586
				11,622,174
		AGRICULTURE - 0.6%
	33,958	Archer-Daniels-Midland Co.		1,385,486
	24,198	Philip Morris International, Inc.		1,900,269
				3,285,755
		AIRLINES - 0.1%
	7,700	Delta Air Lines, Inc.		436,975
		APPAREL - 0.6%
	4,920	Levi Strauss & Co. *		102,730
	42,335	NIKE, Inc.		3,554,023
				3,656,753
		AUTO MANUFACTURERS - 1.2%
	96,057	PACCAR, Inc.		6,883,445
	1,192	Toyota Motor Corp. (ADR)		147,796
				7,031,241
		AUTO PARTS & EQUIPMENT - 0.1%
	26,527	Dana, Inc.		528,948
	10,448	Goodyear Tire & Rubber Co. (The)		159,854
				688,802
		BANKS - 5.5%
	172,898	Bank of America Corp.		5,014,042
	3,599	Citigroup, Inc.		252,038
	97,166	Citizens Financial Group, Inc.		3,435,790
	2,075	East West Bancorp, Inc.		97,048
	14,815	First Republic Bank		1,446,685
	109,194	JP Morgan Chase & Co.		12,207,889
	82,885	Morgan Stanley		3,631,192
	6,229	Royal Bank of Canada		494,583
	4,776	SunTrust Banks, Inc.		300,172
	81,843	Wells Fargo & Co.		3,872,811
	8,348	Western Alliance Bancorp *		373,323
	9,737	Zions Bancorp NA		447,707
				31,573,280

See accompanying notes to financial statements.

32

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BEVERAGES - 1.8%
	34,584	Diageo PLC (ADR)	$	5,959,515
	4,371	Molson Coors Brewing Co.		244,776
	16,359	Monster Beverage Corp. *		1,044,195
	21,173	PepsiCo, Inc.		2,776,415
				10,024,901
		BIOTECHNOLOGY - 2.7%
	32,389	Amgen, Inc.		5,968,645
	2,614	Biogen, Inc. *		611,336
	16,278	Celgene Corp. *		1,504,738
	73,302	Gilead Sciences, Inc.		4,952,283
	4,298	Regeneron Pharmaceuticals, Inc. *		1,345,274
	5,719	Vertex Pharmaceuticals, Inc. *		1,048,750
				15,431,026
		CHEMICALS - 2.0%
	17,288	Air Products & Chemicals, Inc.		3,913,485
	52,839	Dow, Inc.		2,605,491
	14,616	Dupont de Numours, Inc.		1,097,223
	5,553	Ecolab, Inc.		1,096,384
	32,679	LyondellBasell Industries NV		2,814,642
				11,527,225
		COMMERCIAL SERVICES - 2.6%
	34,423	Automatic Data Processing, Inc.		5,691,155
	33	Booz Allen Hamilton Holding Corp.		2,185
	2,314	CoStar Group, Inc. *		1,282,095
	12,142	H&R Block, Inc.		355,761
	19,039	Insperity, Inc.		2,325,423
	17,299	PayPal Holdings, Inc. *		1,980,044
	6,193	S&P Global, Inc.		1,410,703
	14,647	Square, Inc. *		1,062,347
	8,221	TriNet Group, Inc. *		557,384
				14,667,097
		COMPUTERS - 4.5%
	94,684	Apple, Inc.		18,739,857
	22,738	Dell Technologies, Inc. Class C*		1,155,090
	1	EPAM Systems, Inc. *		173
	90,203	HP, Inc.		1,875,320
	27,281	International Business Machines Corp.		3,762,050
				25,532,490
		COSMETICS/PERSONAL CARE - 1.3%
	18,224	Colgate-Palmolive Co.		1,306,114
	9,456	Estee Lauder Cos, Inc.		1,731,488
	38,413	Procter & Gamble Co.		4,211,985
				7,249,587

See accompanying notes to financial statements.

33

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		DISTRIBUTION/WHOLESALE - 0.1%
	2,071	WW Grainger, Inc.	$	555,504
		DIVERSIFIED FINANCIAL SERVICES - 4.6%
	31,378	American Express Co.		3,873,300
	5,770	Capital One Financial Corp.		523,570
	164,268	Charles Schwab Corp.		6,601,931
	36,899	Discover Financial Services		2,862,993
	3,217	Evercore, Inc.		284,930
	8,538	Franklin Resources, Inc.		297,122
	9,929	Mastercard, Inc.		2,626,518
	11,269	Synchrony Financial		390,696
	21,420	TD Ameritrade Holding Corp.		1,069,286
	45,199	Visa, Inc.		7,844,286
				26,374,632
		ELECTRIC - 3.3%
	62,787	Alliant Energy Corp.		3,081,586
	11,912	Avista Corp.		531,275
	10,612	Black Hills Corp.		829,540
	42,084	Consolidated Edison, Inc.		3,689,925
	17,887	Dominion Energy, Inc.		1,383,023
	18,602	DTE Energy Co.		2,378,824
	19,799	Evergy, Inc.		1,190,910
	12,281	IDACORP, Inc.		1,233,381
	15,901	Pinnacle West Capital Corp.		1,496,125
	51,176	Xcel Energy, Inc.		3,044,460
				18,859,049
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.2%
	4,086	AMETEK, Inc.		371,172
	2,736	Generac Holdings, Inc. *		189,906
	6,088	Hubbell, Inc.		793,875
				1,354,953
		ELECTRONICS - 1.8%
	31,108	ADT, Inc.		190,381
	26,608	Allegion PLC		2,941,514
	8,479	Fortive Corp.		691,208
	28,742	Honeywell International, Inc.		5,018,066
	34,316	National Instruments Corp.		1,440,929
				10,282,098
		ENGINEERING & CONSTRUCTION - 0.1%
	4,663	frontdoor, Inc. *		203,074
	3,181	MasTec, Inc. *		163,917
				366,991
		ENTERTAINMENT - 0.1%
	25,685	International Game Technology PLC		333,134

See accompanying notes to financial statements.

34

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		ENVIRONMENTAL CONTROL - 0.6%
	9,363	Waste Connections, Inc.	$	894,916
	22,860	Waste Management, Inc.		2,637,358
				3,532,274
		FOOD - 1.4%
	59,983	General Mills, Inc.		3,150,307
	20,338	Hershey Co.		2,725,902
	6,858	JM Smucker Co. (The)		789,973
	3,560	McCormick & Co, Inc.		551,836
	15,538	Performance Food Group Co. *		621,986
				7,840,004
		GAS - 0.2%
	9,839	Southwest Gas Holdings, Inc.		881,771
		HAND/MACHINE TOOLS - 0.4%
	14,948	Snap-on, Inc.		2,475,987
		HEALTHCARE PRODUCTS - 2.3%
	545	Align Technology, Inc. *		149,167
	12,757	Danaher Corp.		1,823,230
	1,272	Hill-Rom Holdings, Inc.		133,077
	241	IDEXX Laboratories, Inc. *		66,355
	69,352	Medtronic PLC		6,754,191
	14,693	Stryker Corp.		3,020,587
	4,577	Thermo Fisher Scientific, Inc.		1,344,173
				13,290,780
		HEALTHCARE - SERVICES - 1.5%
	11,027	Anthem, Inc.		3,111,930
	318	Humana, Inc.		84,365
	20,653	UnitedHealth Group, Inc.		5,039,539
	1,156	WellCare Health Plans, Inc. *		329,541
				8,565,375
		HOME BUILDERS - 0.0% **
	1,310	Thor Industries, Inc.		76,570
		HOUSEHOLD PRODUCTS/WARES - 0.3%
	20,714	Church & Dwight Co., Inc.		1,513,365
	1,150	Kimberly-Clark Corp.		153,272
				1,666,637
		INSURANCE - 5.2%
	29,401	Allstate Corp.		2,989,788
	21,717	Arthur J Gallagher & Co.		1,902,192
	53,382	Berkshire Hathaway, Inc. *		11,379,441
	2,569	Cincinnati Financial Corp.		266,328

See accompanying notes to financial statements.

35

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		INSURANCE - 5.2% (Continued)
	19,658	First American Financial Corp.	$	1,055,635
	22,786	Lincoln National Corp.		1,468,558
	23,092	Loews Corp.		1,262,440
	53,871	MetLife, Inc.		2,675,773
	51,396	Prudential Financial, Inc.		5,190,996
	8,135	Travelers Cos., Inc.		1,216,345
	3,330	Unum Group		111,722
				29,519,218
		INTERNET - 10.3%
	5,467	Alibaba Group Holding Ltd. (ADR) *		926,383
	3,075	Alphabet, Inc. - Class A *		3,329,610
	7,067	Alphabet, Inc. - Class C *		7,638,791
	10,984	Amazon.com, Inc. *		20,799,632
	17,473	Baidu, Inc. * (ADR)		2,050,631
	13,987	CDW Corp.		1,552,557
	2,899	Etsy, Inc. *		177,912
	62,632	Facebook, Inc. *		12,087,976
	25,156	GoDaddy, Inc. *		1,764,693
	20,633	Lyft, Inc. *		1,355,794
	7,282	Netflix, Inc. *		2,674,824
	12,307	Pinterest, Inc. *		334,996
	13,692	Twitter, Inc. *		477,851
	37,825	Uber Technologies, Inc. *		1,754,324
	9,842	VeriSign, Inc. *		2,058,553
				58,984,527
		LEISURE - 0.3%
	12,771	Norwegian Cruise Line Holdings Ltd. *		684,909
	8,531	Royal Caribbean Cruises Ltd.		1,034,043
				1,718,952
		LODGING - 0.6%
	92,946	Extended Stay America, Inc.		1,569,858
	28,020	Las Vegas Sands Corp.		1,655,702
				3,225,560
		MACHINERY - CONSTRUCTION & MINING - 0.4%
	10,046	Caterpillar, Inc.		1,369,169
	8,270	Oshkosh Corp.		690,462
				2,059,631

See accompanying notes to financial statements.

36

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		MACHINERY - DIVERSIFIED - 1.7%
	44,974	Crane Co.	$	3,752,631
	6,465	Cummins, Inc.		1,107,713
	3,621	Curtiss-Wright Corp.		460,338
	21,086	Rockwell Automation, Inc.		3,454,519
	3,288	Roper Technologies, Inc.		1,204,263
				9,979,464
		MEDIA - 1.7%
	2	AMC Networks, Inc. *		109
	21,989	CBS Corp.		1,097,251
	149,484	Comcast Corp.		6,320,183
	1,148	Discovery, Inc. *		32,661
	9,667	Fox Corp. - Class A		354,199
	3,904	Fox Corp. - Class B		142,613
	7,702	Liberty Media Corp-Liberty SiriusXM *		291,213
	8,379	Sinclair Broadcast Group, Inc.		449,366
	37,856	Sirius XM Holdings, Inc.		211,236
	22,606	Viacom, Inc.		675,241
				9,574,072
		MINING - 0.1%
	1,464	Franco-Nevada Corp.		124,264
	9,634	Newmont Mining Corp.		370,620
				494,884
		MISCELLANEOUS MANUFACTURING - 0.1%
	9,137	AO Smith Corp.		430,901
	16,496	ArcelorMittal (ADR)		297,423
				728,324
		OIL & GAS - 3.3%
	11,534	Anadarko Petroleum Corp.		813,839
	28,077	Chevron Corp.		3,493,902
	14,473	CNOOC Ltd. (ADR)		2,465,476
	86,550	ConocoPhillips		5,279,550
	16,464	EOG Resources, Inc.		1,533,786
	19,805	Equinor ASA (ADR)		391,743
	36,078	Exxon Mobil Corp.		2,764,657
	4,550	Helmerich & Payne, Inc.		230,321
	4,400	Petroleo Brasileiro SA (ADR)		68,508
	21,741	Royal Dutch Shell PLC (ADR)		1,414,687
	4,822	Valero Energy Corp.		412,811
				18,869,280

See accompanying notes to financial statements.

37

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		OIL & GAS SERVICES - 0.5%
	90,416	Halliburton Co.	$	2,056,060
	13,954	Schlumberger Ltd.		554,532
				2,610,592
		PACKAGING & CONTAINERS - 0.5%
	79,267	WestRock Co.		2,890,867
		PHARMACEUTICALS - 7.3%
	55,282	AbbVie, Inc.		4,020,107
	10,332	AmerisourceBergen Corp.		880,906
	72,644	Bristol-Myers Squibb Co.		3,294,405
	10,699	Cigna Corp.		1,685,627
	42,070	CVS Health Corp.		2,292,394
	2,532	DexCom, Inc. *		379,395
	12,209	Eli Lilly & Co.		1,352,635
	9,006	Herbalife Nutrition Ltd. *		385,097
	95,674	Johnson & Johnson		13,325,475
	6,094	McKesson Corp.		818,973
	132,784	Merck & Co., Inc.		11,133,938
	52,992	Pfizer, Inc.		2,295,613
				41,864,565
		PIPELINES - 0.2%
	10,452	Antero Midstream Corp.		119,780
	37,288	Williams Cos., Inc.		1,045,556
				1,165,336
		REAL ESTATE INVESTMENT TRUSTS - 2.9%
	24,893	Equity LifeStyle Properties, Inc.		3,020,517
	26,783	Outfront Media, Inc.		690,734
	47,675	Park Hotels & Resorts, Inc.		1,313,923
	63,369	Prologis, Inc.		5,075,857
	62,714	RLJ Lodging Trust		1,112,546
	11,054	Ryman Hospitality Properties, Inc.		896,369
	28,787	Simon Property Group, Inc.		4,599,011
				16,708,957
		RETAIL - 4.5%
	8,141	Advance Auto Parts, Inc.		1,254,854
	922	AutoZone, Inc. *		1,013,711
	757	Chipotle Mexican Grill, Inc. *		554,790
	11,387	Costco Wholesale Corp.		3,009,129
	31,903	Darden Restaurants, Inc.		3,883,552
	3,424	Dollar General Corp.		462,788
	2,270	Domino’s Pizza, Inc.		631,696
	13,662	Home Depot, Inc.		2,841,286
	7,353	Lululemon Athletica, Inc. *		1,325,084

See accompanying notes to financial statements.

38

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		RETAIL - 4.5% (Continued)
	15,082	McDonald’s Corp.	$	3,131,928
	1,126	O’Reilly Automotive, Inc. *		415,854
	27,473	Target Corp.		2,379,436
	27,561	TJX Cos., Inc.		1,457,426
	2,028	Ulta Beauty, Inc. *		703,493
	17,305	Walmart, Inc.		1,912,029
	9,466	Yum! Brands, Inc.		1,047,602
				26,024,658
		SEMICONDUCTORS - 2.8%
	3,306	Advanced Micro Devices, Inc. *		100,403
	35,449	Applied Materials, Inc.		1,592,015
	5,166	Broadcom, Inc.		1,487,085
	1	Cabot Microelectronics Corp.		110
	9,308	Cirrus Logic, Inc. *		406,760
	69,027	Intel Corp.		3,304,322
	3,407	Lam Research Corp.		639,971
	11,573	NVIDIA Corp.		1,900,634
	14,902	QUALCOMM, Inc.		1,133,595
	36,252	Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)		1,419,991
	19,801	Texas Instruments, Inc.		2,272,363
	14,710	Xilinx, Inc.		1,734,603
				15,991,852
		SOFTWARE - 9.0%
	18,961	Activision Blizzard, Inc.		894,959
	17,303	Adobe, Inc. *		5,098,329
	18,453	Dropbox, Inc. *		462,248
	3,061	Electronic Arts, Inc. *		309,957
	35,981	Fidelity National Information Services, Inc.		4,414,149
	11,434	Intuit, Inc.		2,988,047
	131,791	Microsoft Corp.		17,654,722
	2,086	NetEase, Inc. (ADR)		533,536
	37,007	Oracle Corp.		2,108,289
	50,296	Paychex, Inc.		4,138,858
	2,581	Red Hat, Inc. *		484,609
	48,713	salesforce.com, Inc. *		7,391,223
	8,124	ServiceNow, Inc. *		2,230,607
	10,778	Veeva Systems, Inc. *		1,747,222
	4,576	Workday, Inc. *		940,734
				51,397,489
		TELECOMMUNICATIONS - 3.4%
	15,331	AT&T, Inc.		513,742
	94,940	BCE, Inc.		4,317,871
	41,878	China Mobile Ltd. (ADR)		1,896,655

See accompanying notes to financial statements.

39

Global Atlantic BlackRock Disciplined Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		TELECOMMUNICATIONS - 3.4% (Continued)
	13,980	Ciena Corp. *	$	574,997
	134,716	Cisco Systems, Inc.		7,373,007
	3	Telephone & Data Systems, Inc.		91
	84,908	Verizon Communications, Inc.		4,850,794
				19,527,157
		TRANSPORTATION - 0.5%
	4,802	CSX Corp.		371,531
	13,158	Landstar System, Inc.		1,420,932
	14,015	Ryder System, Inc.		817,074
				2,609,537
		TRUCKING & LEASING - 0.0% **
	3,519	GATX Corp.		279,021
		WATER - 0.8%
	38,988	American Water Works Co., Inc.		4,522,608
		TOTAL COMMON STOCKS (Cost - $510,878,561)		562,866,113
		SHORT-TERM INVESTMENT - 1.3%
		MONEY MARKET FUND - 1.3%
	7,507,530	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $7,507,530)		7,507,530
		TOTAL INVESTMENTS - 99.8% (Cost - $518,386,091)	$	570,373,643
		OTHER ASSETS LESS LIABILITIES - NET - 0.2%		1,313,715
		TOTAL NET ASSETS - 100.0%	$	571,687,358

* Non-income producing security.

** Amount is less than 0.05%

ADR - American Depository Receipt

PLC - Public Limited Company

(a) Money market rate shown represents the rate at June 30, 2019.

FUTURES CONTRACTS
	Description	Counterparty	Contracts	Expiration Date	Notional Value		Unrealized Appreciation
LONG
	S&P 500 E-mini Future	Goldman Sachs	62	September-19	$	9,127,020	$	136,280
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							$	136,280

See accompanying notes to financial statements.

40

Global Atlantic BlackRock Disciplined Growth Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 97.8%
		ADVERTISING - 0.7%
	5,036	Interpublic Group of Cos, Inc.	$	113,763
	141	Omnicom Group, Inc.		11,555
				125,318
		AEROSPACE/DEFENSE - 2.7%
	178	Boeing Co.		64,794
	490	L3 Harris Technologies, Inc. *		92,674
	163	Heico Corp.		16,849
	582	Lockheed Martin Corp.		211,580
	371	Raytheon Co.		64,509
	42	Teledyne Technologies, Inc. *		11,503
				461,909
		APPAREL - 1.0%
	84	Levi Strauss & Co. *		1,754
	2,109	Nike, Inc.		177,051
				178,805
		AUTO MANUFACTURERS - 0.6%
	1,228	PACCAR, Inc.		87,998
	36	Tesla, Inc. *		8,045
				96,043
		AUTO PARTS & EQUIPMENT - 0.0% ^
	274	Dana, Inc.		5,464
		BEVERAGES - 2.2%
	132	Brown-Forman Corp. - Class A		7,260
	337	Brown-Forman Corp. - Class B		18,680
	226	Keurig Dr. Pepper, Inc.		6,531
	1,371	Monster Beverage Corp. *		87,511
	2,050	PepsiCo., Inc.		268,817
				388,799
		BIOTECHNOLOGY - 3.9%
	1,273	Amgen, Inc.		234,588
	159	Biogen, Inc. *		37,185
	870	Celgene Corp. *		80,423
	2,207	Gilead Sciences, Inc.		149,105
	23	Illumina, Inc. *		8,467
	209	Incyte Corp. *		17,757
	267	Regeneron Pharmaceuticals, Inc. *		83,571
	383	Vertex Pharmaceuticals, Inc. *		70,235
				681,331
		BUILDING MATERIALS - 0.0% ^
	30	Vulcan Materials Co.		4,119

See accompanying notes to financial statements.

41

Global Atlantic BlackRock Disciplined Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		CHEMICALS - 0.8%
	293	Air Products & Chemicals, Inc.	$	66,326
	320	Ecolab, Inc.		63,181
	55	LyondellBasell Industries NV		4,737
				134,244
		COMMERCIAL SERVICES - 5.0%
	1,454	Automatic Data Processing, Inc.		240,390
	464	Booz Allen Hamilton Holding Corp.		30,721
	205	CoStar Group, Inc. *		113,582
	511	H&R Block, Inc.		14,972
	666	Insperity, Inc.		81,345
	563	Paylocity Holding Corp. *		52,821
	1,308	PayPal Holdings, Inc. *		149,714
	377	S&P Global, Inc.		85,877
	848	Square, Inc. *		61,505
	688	TriNet Group, Inc. *		46,646
				877,573
		COMPUTERS - 7.5%
	304	Accenture PLC		56,170
	5,510	Apple, Inc.		1,090,539
	572	Dell Technologies, Inc. - Class C *		29,058
	38	Fortinet, Inc. *		2,920
	903	International Business Machines Corp.		124,524
	65	NetApp, Inc.		4,011
				1,307,222
		COSMETICS/PERSONAL CARE - 0.3%
	304	Estee Lauder Cos, Inc.		55,665
		DISTRIBUTION/WHOLESALE - 0.2%
	104	WW Grainger, Inc.		27,896
		DIVERSIFIED FINANCIAL SERVICES - 6.1%
	701	American Express Co.		86,531
	3,806	Charles Schwab Corp.		152,963
	955	Discover Financial Services		74,098
	268	Franklin Resources, Inc.		9,326
	841	Mastercard, Inc.		222,470
	1,223	TD Ameritrade Holding Corp.		61,052
	2,606	Visa, Inc.		452,271
				1,058,711
		ELECTRIC - 0.4%
	569	Alliant Energy Corp.		27,927
	45	Consolidated Edison, Inc.		3,946
	293	IDACORP, Inc.		29,426
				61,299

See accompanying notes to financial statements.

42

Global Atlantic BlackRock Disciplined Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.4%
	312	Generac Holdings, Inc. *	$	21,656
	384	Hubbell, Inc.		50,074
				71,730
		ELECTRONICS - 2.5%
	1,248	ADT, Inc.		7,638
	1,166	Allegion PLC		128,901
	159	Fortive Corp.		12,962
	993	Honeywell International, Inc.		173,368
	22	Mettler-Toledo International, Inc. *		18,480
	2,254	National Instruments Corp.		94,645
				435,994
		ENGINEERING & CONSTRUCTION - 0.1%
	485	Frontdoor, Inc. *		21,122
		ENTERTAINMENT - 0.1%
	537	International Game Technology PLC		6,965
	103	Six Flags Entertainment Corp.		5,117
	13	Vail Resorts, Inc.		2,901
				14,983
		ENVIRONMENTAL CONTROL - 0.5%
	324	Waste Connections, Inc.		30,968
	462	Waste Management, Inc.		53,301
				84,269
		FOOD - 0.7%
	778	General Mills, Inc.		40,861
	500	Hershey Co. (The)		67,015
	311	Performance Food Group Co. *		12,449
				120,325
		GAS - 0.1%
	148	Southwest Gas Holdings, Inc.		13,264
		HAND/MACHINE TOOLS - 0.2%
	242	Snap-On, Inc.		40,085
		HEALTHCARE PRODUCTS - 1.6%
	96	Align Technology, Inc. *		26,275
	441	Hill-Rom Holdings, Inc.		46,137
	232	IDEXX Laboratories, Inc. *		63,877
	622	Stryker Corp.		127,871
	56	Thermo Fisher Scientific, Inc.		16,446
				280,606

See accompanying notes to financial statements.

43

Global Atlantic BlackRock Disciplined Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		HEALTHCARE - SERVICES - 2.1%
	126	Anthem, Inc.	$	35,558
	12	Humana, Inc.		3,184
	1,244	UnitedHealth Group, Inc.		303,548
	54	WellCare Health Plans, Inc. *		15,394
				357,684
		HOUSEHOLD PRODUCTS/WARES - 0.4%
	922	Church & Dwight Co., Inc.		67,361
	35	Kimberly-Clark Corp.		4,665
				72,026
		INSURANCE - 1.4%
	377	Berkshire Hathaway, Inc. *		80,365
	1,040	First American Financial Corp.		55,848
	308	Loews Corp.		16,838
	164	Progressive Corp. (The)		13,109
	774	Prudential Financial, Inc.		78,174
				244,334
		INTERNET - 17.8%
	254	Alphabet, Inc. - Class A *		275,031
	374	Alphabet, Inc. - Class C *		404,260
	565	Amazon.com, Inc. *		1,069,901
	14	Booking Holdings, Inc. *		26,246
	100	Cargurus, Inc. *		3,611
	658	CDW Corp.		73,038
	194	Etsy, Inc. *		11,906
	3,176	Facebook, Inc. *		612,968
	1,461	GoDaddy, Inc. *		102,489
	1,008	Lyft, Inc. *		66,236
	484	Netflix, Inc. *		177,783
	117	Palo Alto Networks, Inc. *		23,840
	594	Pinterest, Inc. *		16,169
	202	RingCentral, Inc. *		23,214
	855	Twitter, Inc. *		29,840
	1,161	Uber Technologies, Inc. *		53,847
	474	VeriSign, Inc. *		99,142
	298	Zendesk, Inc.		26,531
				3,096,052
		LEISURE TIME - 0.3%
	329	Norwegian Cruise Line Holdings Ltd. *		17,644
	66	Planet Fitness, Inc. *		4,781
	213	Royal Caribbean Cruises Ltd.		25,818
				48,243
		LODGING - 0.9%
	4,199	Extended Stay America, Inc.		70,921
	1,508	Las Vegas Sands Corp.		89,108
	96	Wyndham Destinations, Inc.		4,214
				164,243

See accompanying notes to financial statements.

44

Global Atlantic BlackRock Disciplined Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		MACHINERY - CONSTRUCTION & MINING - 0.2%
	514	Oshkosh Corp.	$	42,914
		MACHINERY - DIVERSIFIED - 1.5%
	823	Crane Co.		68,671
	194	Cummins, Inc.		33,240
	82	Curtiss-Wright Corp.		10,425
	120	IDEX Corp.		20,657
	668	Rockwell Automation, Inc.		109,438
	29	Roper Technologies, Inc.		10,622
				253,053
		MEDIA - 0.7%
	814	CBS Corp.		40,619
	869	Comcast Corp.		36,741
	205	Sinclair Broadcast Group, Inc.		10,994
	5,476	Sirius XM Holdings, Inc.		30,556
				118,910
		OFFICE/BUSINESS EQUIPMENT - 0.0% ^
	13	Zebra Technologies Corp. *		2,723
		OIL & GAS - 0.3%
	731	ConocoPhillips		44,591
		PACKAGING & CONTAINERS - 0.2%
	1,149	WestRock Co.		41,904
		PHARMACEUTICALS - 5.2%
	2,411	AbbVie, Inc.		175,328
	292	AmerisourceBergen Corp.		24,896
	1,474	Bristol-Myers Squibb Co.		66,846
	111	Cigna Corp.		17,488
	145	CVS Health Corp.		7,901
	248	DexCom, Inc. *		37,160
	21	Eli Lilly & Co.		2,327
	166	Herbalife Nutrition Ltd. *		7,098
	16	Jazz Pharmaceuticals PLC *		2,281
	1,324	Johnson & Johnson		184,407
	4,542	Merck & Co., Inc.		380,847
				906,579
		REAL ESTATE INVESTMENT TRUSTS - 2.2%
	1,235	Equity LifeStyle Properties, Inc.		149,855
	835	Park Hotels & Resorts, Inc.		23,013
	480	Prologis, Inc.		38,448
	429	Ryman Hospitality Properties, Inc.		34,788
	841	Simon Property Group, Inc.		134,358
				380,462

See accompanying notes to financial statements.

45

Global Atlantic BlackRock Disciplined Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		RETAIL - 5.8%
	374	Advance Auto Parts, Inc.	$	57,648
	63	AutoZone, Inc. *		69,267
	49	Chipotle Mexican Grill, Inc. *		35,911
	471	Costco Wholesale Corp.		124,466
	961	Darden Restaurants, Inc.		116,983
	312	Dollar General Corp.		42,170
	175	Domino’s Pizza, Inc.		48,699
	706	Home Depot, Inc.		146,827
	371	Lululemon Athletica, Inc. *		66,858
	220	McDonald’s, Corp.		45,685
	113	O’Reilly Automotive, Inc. *		41,733
	234	Target, Corp.		20,267
	1,968	TJX Cos, Inc.		104,068
	151	Ulta Beauty, Inc. *		52,380
	304	Yum! Brands, Inc.		33,644
				1,006,606
		SEMICONDUCTORS - 3.6%
	559	Advanced Micro Devices, Inc. *		16,977
	2,046	Applied Materials, Inc.		91,886
	191	Broadcom, Inc.		54,981
	951	Cirrus Logic, Inc. *		41,559
	104	Lam Research Corp.		19,535
	653	NVIDIA Corp.		107,242
	350	ON Semiconductor Corp. *		7,073
	945	Qualcomm, Inc.		71,886
	1,234	Texas Instruments, Inc.		141,614
	610	Xilinx, Inc.		71,931
				624,684
		SOFTWARE - 15.6%
	1,131	Activision Blizzard, Inc.		53,383
	933	Adobe Systems, Inc. *		274,908
	277	Dropbox, Inc. *		6,939
	263	Electronic Arts, Inc. *		26,631
	1,002	Fidelity National Information Services, Inc.		122,925
	670	First Data Corp. *		18,137
	468	Intuit, Inc.		122,302
	7,922	Microsoft Corp.		1,061,231
	469	Oracle Corp.		26,719
	2,048	Paychex, Inc.		168,530
	138	Paycom Software, Inc. *		31,287
	183	Red Hat, Inc. *		34,360
	1,892	Salesforce.com, Inc. *		287,073
	711	ServiceNow, Inc. *		195,219
	89	Tableau Software, Inc. *		14,776

See accompanying notes to financial statements.

46

Global Atlantic BlackRock Disciplined Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		SOFTWARE - 15.6% (Continued)
	91	Take-Two Interactive Software, Inc. *	$	10,331
	786	Veeva Systems, Inc. *		127,418
	493	Workday, Inc. *		101,351
	5,714	Zynga, Inc. *		35,027
				2,718,547
		TELECOMMUNICATIONS - 1.2%
	652	Ciena Corp. *		26,817
	2,905	Cisco Systems, Inc.		158,991
	287	Verizon Communications, Inc.		16,396
				202,204
		TRANSPORTATION - 0.3%
	221	CSX Corp.		17,099
	174	Expeditors International of Washington, Inc.		13,200
	224	Landstar System, Inc.		24,190
				54,489
		WATER - 0.5%
	805	American Water Works Co., Inc.		93,380
		TOTAL COMMON STOCKS (Cost - $14,696,469)		17,020,404
		SHORT-TERM INVESTMENT - 1.9%
		MONEY MARKET FUND - 1.9%
	329,920	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $329,920)		329,920
		TOTAL INVESTMENTS - 99.7% (Cost - $15,026,086)	$	17,350,324
		OTHER ASSETS LESS LIABILITIES - NET - 0.3%		50,329
		TOTAL NET ASSETS - 100.0%	$	17,400,653

* Non-income producing security

^ Represents less than 0.05%

PLC - Public Limited Company

(a) Money market rate shown represents the rate at June 30, 2019.

FUTURES CONTRACTS
						Unrealized
Description	Counterparty	Contracts	Expiration Date	Notional Value		Appreciation
LONG
S&P 500 E-mini Future	Goldman Sachs	2	Sep-19	$	294,420	$	4,933
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS						$	4,933

See accompanying notes to financial statements.

47

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		EXCHANGE TRADED FUNDS - 6.3%
		EQUITY FUNDS - 6.3%
	107,265	iShares MSCI India ETF	$	3,786,454
	11,023	iShares MSCI Saudi Arabia ETF		363,979
	123,962	iShares MSCI Taiwan ETF		4,333,712
	36,720	iShares MSCI Turkey ETF		874,670
		TOTAL EQUITY FUNDS (Cost - $9,221,276)		9,358,815
		COMMON STOCKS - 90.1%
		ADVERTISING - 0.0% +
	1,000	Dentsu, Inc.		34,899
	2,685	WPP PLC		33,837
				68,736
		AEROSPACE/DEFENSE - 0.3%
	14	Dassault Aviation SA		20,152
	1,295	MTU Aero Engines AG		308,959
	6,624	Rolls-Royce Holdings PLC		70,849
				399,960
		AGRICULTURE - 0.9%
	14,944	British American Tobacco PLC		522,839
	78,000	China Agri-Industries Holdings Ltd.		25,060
	1,858	Easy Bio, Inc. *		9,414
	28,200	Gudang Garam Tbk. PT		153,451
	9,270	Imperial Brands PLC		217,884
	11,600	Japan Tobacco, Inc.		256,193
	6,900	QL Resources Bhd.		11,421
	1,668	Swedish Match AB		70,472
				1,266,734
		AIRLINES - 0.2%
	92,000	China Eastern Airlines Corp. Ltd. *		54,287
	48,576	Qantas Airways Ltd.		184,076
				238,363
		APPAREL - 2.4%
	1,997	adidas AG		617,441
	2,000	Asics Corp.		21,663
	5,326	boohoo Group PLC *		14,350
	1,386	Burberry Group PLC		32,845
	827	Christian Dior SE		434,164
	367	Fila Korea Ltd.		24,379
	33	Hermes International		23,834
	1,340	Kering SA		793,669
	2,499	LVMH Moet Hennessy Louis Vuitton SE		1,065,206
	9,746	Moncler SpA		417,313
	1,640	Puma SE		109,537
				3,554,401
		AUTO MANUFACTURERS - 2.1%
	40,500	BAIC Motor Corp. Ltd.		25,402
	22,000	China First Capital Group Ltd. *		6,561
	3,771	Ferrari NV		613,243
	34,000	Geely Automobile Holdings Ltd.		58,143
	9,300	Honda Motor Co. Ltd.		240,398
	1,300	Hyundai Motor Co.		157,624

See accompanying notes to financial statements.

48

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		AUTO MANUFACTURERS - 2.1% (Continued)
	3,576	Kia Motors Corp.	$	136,270
	13,400	Mitsubishi Motors Corp.		64,177
	26,500	Nissan Motor Co. Ltd.		189,785
	1,229	Peugeot SA		30,329
	13,500	Sinotruk Hong Kong Ltd.		23,363
	8,700	Toyota Motor Corp.		540,056
	113	Volkswagen AG		19,451
	69,220	Volvo AB		1,099,305
				3,204,107
		AUTO PARTS & EQUIPMENT - 1.2%
	3,200	Aisin Seiki Co. Ltd.		110,191
	1,780	Cie Generale des Etablissements Michelinn SCA		226,119
	2,700	Denso Corp.		113,598
	4,002	Faurecia SA		185,991
	4,503	Hella GmbH Hueck & Co. KgaA		222,966
	429	Hyundai Mobis Co. Ltd.		87,498
	26,900	JTEKT Corp.		326,076
	10,600	Tokai Rika Co. Ltd. *		174,830
	7,500	Toyoda Gosei Co. Ltd.		146,255
	9,300	Toyota Boshoku Corp.		122,055
	9,299	Weichai Power Co. Ltd.		16,639
				1,732,218
		BANKS - 11.5%
	8,658	ABSA Group Ltd.		108,062
	2,400	Aeon Financial Service Co. Ltd.		38,649
	100	Agricultural Bank of China Ltd.		52
	465,000	Agricultural Bank of China Ltd.		194,630
	10,119	Australia & New Zealand Banking Group Ltd.		200,320
	102,956	Banco Bilbao Vizcaya Argentaria SA		576,500
	11,220	Banco Bradesco SA *		98,422
	37,632	Banco Bradesco SA Preferred *		371,445
	140,220	Banco Comercial Portugues SA *		43,418
	5,300	Banco del Bajio SA *		10,605
	9,300	Banco do Brasil SA *		130,498
	20,600	Banco Santander Brasil SA		246,438
	62,400	Bank Central Asia Tbk. PT		132,397
	5,258	Bank Leumi Le-Israel BM		37,977
	145,100	Bank Mandiri Persero Tbk. PT		82,423
	923,000	Bank of China Ltd.		389,875
	108,000	Bank of Communications Co. Ltd.		81,976
	8,956	Bank of Montreal		677,963
	11,077	Bank of Nova Scotia (The)		596,255
	460,200	Bank Rakyat Indonesia Persero Tbk. PT		142,026
	2,061	Bankinter SA		14,219
	41,426	Barclays PLC		78,979
	47,500	BOC Hong Kong Holdings Ltd.		186,960
	1,206	Canadian Imperial Bank of Commerce		95,040
	214,000	China CITIC Bank Corp. Ltd.		121,894
	693,000	China Construction Bank Corp.		596,978
	31,000	China Everbright Bank Co. Ltd.		17,196
	345,600	China Minsheng Banking Corp. Ltd.		239,321

See accompanying notes to financial statements.

49

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BANKS - 11.5% (Continued)
	119,000	Chongqing Rural Commercial Bank Co. Ltd.	$	64,736
	14,700	CIMB Group Holdings Bhd.		19,138
	3,820	Commonwealth Bank of Australia		221,907
	1,426	Credicorp Ltd.		326,426
	4,800	DBS Group Holdings Ltd.		92,101
	22,888	DNB ASA		426,027
	5,900	Erste Group Bank AG		219,306
	75,901	FirstRand Ltd.		368,975
	24,900	Grupo Financiero Banorte SAB de CV		144,488
	109,119	HSBC Holdings PLC		912,276
	513,000	Industrial & Commercial Bank of China Ltd.		374,285
	10,700	Industrial Bank Co. Ltd. *		28,494
	1,090	Industrial Bank of Korea *		13,263
	38,404	ING Groep NV		445,917
	87,500	Itau Unibanco Holding SA Preference*		826,680
	702	KBC Group NV		46,080
	158,893	Lloyds Banking Group PLC		114,438
	5,709	Macquarie Group Ltd.		502,349
	140,800	Malayan Banking Bhd.		302,554
	21,126	Mediobanca Banca di Credito Finanziario SpA		218,113
	270,800	Mitsubishi UFJ Financial Group, Inc.		1,286,891
	19,200	Mizuho Financial Group, Inc.		27,818
	3,929	Natixis SA		15,835
	2,059	Nedbank Group Ltd.		36,971
	6,946	Nordea Bank ABP		50,473
	11,759	OTP Bank Nyrt		468,809
	21,800	Oversea-Chinese Banking Corp. Ltd.		183,688
	13,000	Postal Savings Bank of China Co. Ltd.		7,721
	30,300	Public Bank Bhd.		168,639
	55,300	Resona Holdings, Inc.		230,254
	6,292	Royal Bank of Canada		501,097
	41,308	Skandinaviska Enskilda Banken AB		382,529
	29,259	Standard Bank Group Ltd.		408,075
	10,500	Sumitomo Mitsui Financial Group, Inc.		370,921
	6,000	Sumitomo Mitsui Trust Holdings, Inc.		217,524
	92,700	Thanachart Capital PCL * (NVDR)		167,762
	21,275	Toronto-Dominion Bank (The)		1,245,811
	7,653	UBS Group AG		91,051
	2,500	United Overseas Bank Ltd.		48,283
	2,054	Woori Bank		24,993
	2,100	Yamaguchi Financial Group, Inc.		14,346
				17,127,562
		BASE METALS - 0.0% +
	5,656	OZ Minerals Ltd. *		39,810
		BEVERAGES - 2.5%
	75,000	Ambev SA		349,888
	2,100	Asahi Group Holdings Ltd.		94,436
	2,678	Carlsberg A/S		355,568
	12,000	China Resources Beer Holdings Co. Ltd.		56,986
	33,191	Diageo PLC		1,429,477

See accompanying notes to financial statements.

50

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BEVERAGES - 2.5% (Continued)
	2,200	Fomento Economico Mexicano SAB de CV	$	21,265
	1,700	Fraser & Neave Holdings Bhd. *		14,217
	537	Heineken Holding NV		56,445
	20,400	Kirin Holdings Co. Ltd.		439,942
	300	Kweichow Moutai Co. Ltd.		42,980
	3,150	Pernod Ricard SA		581,309
	856	Royal Unibrew A/S		62,561
	1,100	Suntory Beverage & Food Ltd.		47,833
	6,683	Treasury Wine Estates Ltd.		69,972
	1,999	Wuliangye Yibin Co. Ltd.		34,329
				3,657,208
		BIOTECHNOLOGY- 0.5%
	7,500	3SBio, Inc.		12,883
	240	BeiGene Ltd. * (ADR)		29,748
	3,107	CSL Ltd.		468,773
	416	Genmab AS *		76,612
	3,647	H Lundbeck AS		144,289
	33	Medy-Tox, Inc.		12,861
	600	PeptiDream, Inc. *		30,685
				775,851
		BUILDING MATERIALS - 1.3%
	3,000	AGC, Inc.		103,722
	2,800	Anhui Conch Cement Co. Ltd. *		16,918
	73,000	BBMG Corp.		23,453
	180,400	Cemex SAB DE CV *		76,154
	32,000	China Resources Cement Holdings Ltd.		31,007
	4,096	Cie de Saint-Gobain		159,877
	41,765	CSR Ltd.		114,597
	3,967	HeidelbergCement AG		321,474
	1,246	Kingspan Group PLC		67,769
	600	LafargeHolcim Ltd.		29,335
	3,800	LIXIL Group Corp.		60,100
	1,600	Sanwa Holdings Corp.		17,197
	5,155	Sika AG		880,844
	1,028	Wienerberger AG		25,404
				1,927,851
		CHEMICALS - 2.5%
	3,508	Air Liquide SA		491,574
	2,378	Arkema SA		221,466
	23,000	Daicel Corp.		204,511
	2,300	DIC Corp.		60,713
	2,653	Evonik Industries AG		77,374
	26	Givaudan SA		73,493
	1,194	Hanwha Chemical Corp. *		23,474
	1,600	JSR Corp.		25,261
	15,000	Kingboard Laminates Holdings Ltd.		13,747
	4,482	Koninklijke DSM NV		554,816
	315	LG Chem Ltd.		96,711
	63	Lotte Chemical Corp. *		13,777
	162	LOTTE Fine Chemical Co. Ltd. *		7,408
	21,800	Mitsubishi Chemical Holdings Corp.		152,280

See accompanying notes to financial statements.

51

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		CHEMICALS - 2.5% (Continued)
	300	Nippon Shokubai Co. Ltd. *	$	19,826
	5,500	Nitto Dekno Corp.		271,427
	13,229	OC Oerlikon Corp. AG		161,733
	75,000	PTT Global Chemical PCL (NVDR)		156,518
	4,000	Shin-Etsu Chemical Co. Ltd.		372,564
	1,527	Solvay SA		158,418
	19,300	Sumitomo Chemical Co. Ltd.		89,567
	1,430	Symrise AG		137,835
	12,700	Ube Industries Ltd.		263,336
	1,036	Victrex PLC		28,533
	900	Zeon Corp.		9,999
				3,686,361
		COAL - 0.1%
	188,800	Bukit Asam TBK PT *		39,557
	103,000	China Coal Energy Co. Ltd.		42,848
	46,000	China Shenhua Energy Co. Ltd.		96,328
				178,733
		COMMERCIAL SERVICES - 1.2%
	210	Adyen NV *		162,286
	5,219	Ashtead Group PLC		149,716
	800	Benesse Holdings, Inc.		18,623
	1,217	Bureau Veritas SA		30,102
	10,000	Car, Inc. *		7,910
	7,363	Edenred		376,151
	2,400	Estacio Participacoes SA		18,335
	8,225	Experian PLC		249,556
	10,645	G4S PLC		28,180
	6,022	IDP Education Ltd.		74,630
	620	Intertek Group PLC		43,415
	3,773	Randstad NV		207,530
	4,000	Recruit Holdings Co. Ltd.		133,432
	7,500	RELX PLC		182,267
	7,698	Rentokil Initial PLC		38,944
	9,500	Shenzhen International Holdings Ltd.		18,848
	500	Toppan Printing Co. Ltd.		7,588
	5,485	Transurban Group		56,736
				1,804,249
		COMPUTERS - 1.4%
	100	BOE Technology Group Co. Ltd.		50
	2,633	Capgemini SE		327,882
	9,367	CGI Group, Inc. *		721,691
	1,488	Check Point Software Technologies Ltd. *		172,028
	7,707	Computershare Ltd.		87,670
	256	Jenoptik AG		8,294
	98,000	Lenovo Group Ltd.		75,891
	11,929	Logitech International SA		477,282
	6,200	Nihon Unisys Ltd. *		208,029
	1,300	NTT Data Corp.		17,315
	156	Samsung SDS Co. Ltd.		29,048
	86	Teleperformance		17,256
				2,142,436

See accompanying notes to financial statements.

52

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		COSMETICS - 2.7%
	318	Amorepacific Corp.	$	45,305
	1,200	Fancl Corp. *		29,516
	4,700	Kao Corp.		358,149
	85	LG Household & Health Care Ltd.		96,657
	5,100	L’Oreal SA		1,454,874
	1,000	Pigeon Corp.		40,236
	11,300	Pola Orbis Holdings, Inc.		315,695
	17,883	Unilever NV (Dutch Certificate)		1,090,758
	8,918	Unilever PLC		555,523
				3,986,713
		DISTRIBUTION/WHOLESALE - 1.2%
	1,557	Ferguson PLC		110,969
	35,836	Inchcape PLC		280,948
	6,300	Itochu Corp.		120,486
	233	LG Corp. *		15,518
	23,800	Marubeni Corp.		157,503
	42,700	Mitsui & Co. Ltd.		695,153
	432	Posco Daewoo Corp. *		6,865
	4,412	Rexel SA		56,097
	19,200	Sumitomo Corp.		290,923
	55,800	United Tractors Tbk. PT		111,383
				1,845,845
		DIVERSIFIED FINANCIAL SERVICES - 2.0%
	582	Aareal Bank AG		15,357
	258	ASX Ltd.		14,913
	1,822	Azimut Holding SpA		35,128
	7,300	B3 SA- Brasil Bolsa Balcao SA		71,483
	3,300	BOC Aviation Ltd.		27,709
	20,000	China International Capital Corp. Ltd.		40,346
	84,100	Daiwa Securities Group, Inc.		368,513
	2,699	Deutsche Boerse AG		382,359
	539	DWS Group GmbH & Co. KGaA		18,893
	524	Flow Traders		15,324
	47,400	Guotai Junan Securities Co. Ltd. *		84,455
	1,705	Hana Financial Group, Inc.		55,226
	7,900	Hitachi Capital Corp. *		175,613
	5,100	Hong Kong Exchanges & Clearing Ltd.		180,042
	9,806	IG Group Holdings PLC		72,909
	3,787	KB Financial Group, Inc.		150,378
	206	Korea Investment Holdings Co. Ltd. *		14,398
	13,300	Krungthai Card PLC * (GDR)		18,757
	4,792	Magellan Financial Group Ltd.		171,502
	9,333	Man Group PLC		18,506
	5,297	Meritz Securities Co. Ltd. *		24,589
	1,128	Mirae Asset Daewoo Co. Ltd. *		7,991
	12,200	Mitsubishi UFJ Lease & Finance Co. Ltd. *		64,658
	8,800	Muangthai Capital PLC (NVDR)		16,213
	1,090	NH Investment & Securities Co. Ltd. *		13,688
	29,706	Old Mutual Ltd.		44,660
	16,500	ORIX Corp.		246,260
	5,022	Platinum Asset Management Ltd.		17,092

See accompanying notes to financial statements.

53

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		DIVERSIFIED FINANCIAL SERVICES - 2.0% (Continued)
	1,245	Samsung Securities Co. Ltd. *	$	42,160
	9,540	Schroders PLC		370,318
	2,770	Shinhan Financial Group Co. Ltd. *		107,715
	18,999	Standard Life Aberdeen PLC		71,234
	600	Tokyo Century Corp. *		25,311
				2,983,700
		ELECTRIC - 1.4%
	5,415	A2A SpA		9,410
	3,126	AGL Energy Ltd.		43,895
	29,487	AusNet Services		38,798
	1,768	Capital Power Corp.		40,792
	47,000	China Power International Development Ltd.		11,491
	5,700	Chubu Electric Power Co., Inc.		79,966
	124,000	Datang International Power Generation Co. Ltd.		31,109
	7,961	E.ON SE		86,589
	1,091	EDP Renovaveis SA		11,207
	3,458	Emera, Inc.		141,601
	22,250	Engie SA *		338,013
	5,800	Glow Energy PCL (NVDR) *		16,832
	5,800	Gulf Energy Development PCL		23,262
	8,800	Gulf Energy Development PLC (NVDR)		35,295
	3,349	Hera SpA *		12,830
	19,900	Hokuriku Electric Power Co. *		144,254
	62,000	Huadian Power International Corp. Ltd.		24,522
	6,806	Iberdrola SA		67,942
	3,200	Kansai Electric Power Co., Inc.		36,666
	1,686	Korea Electric Power Corp. *		37,308
	3,304	Northland Power, Inc.		64,474
	24,900	Shikoku Electric Power Co., Inc.		230,187
	29,725	Spark Infrastructure Group		50,689
	61,500	Tenaga Nasional Bhd.		205,967
	31,825	Terna Rete Elettrica Nazionale SpA		202,957
	1,382	Uniper SE		41,911
	1,158	Verbund AG		60,662
				2,088,629
		ELECTRICAL COMPONENT & EQUIPMENT - 0.6%
	2,000	Casio Computer Co. Ltd.		24,838
	296	LS Corp. *		12,177
	242	LS Industrial Systems Co. Ltd. *		10,584
	500	Mabuchi Motor Co. Ltd.		17,101
	8,335	Schneider Electric SE		757,074
	785	Signify NV		23,243
	25,600	Xinjiang Goldwind Science & Technology Co. Ltd.		27,984
				873,001
		ELECTRONICS - 0.4%
	1,000	Anritsu Corp. *		17,384
	5,038	Assa Abloy AB		113,974
	14,654	Electrocomponents PLC		118,018
	686	Halma PLC		17,636
	1,669	LG Display Co. Ltd. *		25,801
	100	Nidec Corp.		13,667

See accompanying notes to financial statements.

54

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		ELECTRONICS - 0.4% (Continued)
	729	Samsung Electro-Mechanics Co. Ltd. *	$	61,747
	778	Sartorius AG Preference		159,743
				527,970
		ENERGY - ALTERNATE SOURCES - 0.1%
	140,000	CK Power PCL (NVDR)		32,184
	1,226	Landis+Gyr Group AG		97,766
	83	OCI Co. Ltd. *		6,707
	333	Vestas Wind Systems AS		28,809
	36,000	Xinyi Solar Holdings Ltd.		17,741
				183,207
		ENGINEERING & CONSTRUCTION - 1.8%
	174	Acciona SA		18,705
	1,111	ACS Actividades de Construccion y Servicios SA		44,421
	2,176	Aena SME SA		431,921
	2,758	Bouygues SA		102,296
	150,000	China Communications Construction Co. Ltd.		134,208
	110,000	China Communications Services Corp. Ltd.		85,325
	142,500	China Railway Construction Corp. Ltd.		174,739
	178,000	China Railway Group Ltd.		135,337
	7,697	CIMIC Group Ltd.		241,819
	197	Daelim Industrial Co. Ltd. *		19,621
	1,783	Daewoo Engineering & Construction Co. Ltd. *		7,628
	545	Flughafen Zurich AG		102,739
	309	Gaztransport Et Technigaz SA		31,019
	1,800	Grupo Aeroportuario del Centro Norte SAB de CV		10,989
	423	GS Engineering & Construction Corp. *		14,782
	3,519	Hochtief AG		429,197
	606	Hyundai Engineering & Construction Co. Ltd. *		28,131
	3,800	Kajima Corp.		52,129
	3,900	Kandenko Co. Ltd. *		32,578
	173,000	Metallurgical Corp of China Ltd.		46,281
	1,322	Samsung Engineering Co. Ltd. *		19,636
	21,300	Singapore Technologies Engineering Ltd.		65,178
	42,574	Sydney Airport		240,206
	2,200	Taisei Corp.		79,942
	1,339	Vinci SA		137,328
	390	WSP Global, Inc.		21,515
				2,707,670
		ENTERTAINMENT - 0.5%
	22,797	Aristocrat Leisure Ltd.		491,452
	2,600	Sankyo Co. Ltd.		94,115
	2,900	Toho Co. Ltd.		123,278
	10,828	William Hill PLC		21,298
				730,143
		FOOD - 3.8%
	4,031	A2 Milk Co. Ltd. *		39,718
	5,108	A2 Milk Co. Ltd. *		49,646
	86	Barry Callebaut AG		172,706
	25,100	Berli Jucker PCL (NVDR)		41,332
	5,416	Bid Corp. Ltd.		117,909
	900	BRF SA *		6,890

See accompanying notes to financial statements.

55

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		FOOD - 3.8% (Continued)
	208	Chr. Hansen Holding AS	$	19,562
	70	CJ CheilJedang Corp.		18,005
	66,000	Dali Foods Group Co. Ltd		43,845
	2,047	Danone SA		173,669
	1,500	Foshan Haitian Flavouring & Food Co. Ltd.		22,931
	1,220	Greggs PLC		35,681
	16,500	Indofood Sukses Makmur Tbk PT		8,205
	40,900	JBS SA		224,741
	2,263	Kesko OYJ		126,072
	700	Kewpie Corp.		15,470
	2,720	Magnit PJSC (GDR)		39,644
	24,594	Nestle SA		2,549,200
	1,600	Nichirei Corp. *		37,973
	47	NongShim Co. Ltd.		10,339
	11,139	Remgro Ltd.		148,428
	4,600	Seven & i Holdings Co. Ltd.		155,753
	24,440	SSP Group PLC		213,379
	12,950	Suedzucker AG		219,590
	9,136	Tate & Lyle PLC		85,857
	21,000	Uni-President China Holdings Ltd.		23,386
	5,834	Wesfarmers Ltd.		148,039
	127,500	WH Group Ltd.		129,254
	113,475	Wm Morrison Supermarkets PLC		290,861
	14,991	Woolworths Group Ltd.		349,578
	8,448	Woolworths Holdings Ltd. - South Africa *		29,284
	1,200	Yamazaki Baking Co. Ltd.		18,144
	5,000	Yihai International Holding Ltd.		25,952
				5,591,043
		FOOD SERVICE - 0.6%
	35,358	Compass Group PLC		849,153
		FOREST PRODUCTS & PAPER - 0.1%
	26,300	Indah Kiat Pulp & Paper Corp. Tbk PT		17,453
	13,000	Pabrik Kertas Tjiwi Kimia Tbk. PT *		11,571
	1,178	Smurfit Kappa Group PLC		35,698
	3,212	UPM-Kymmene OYJ		85,483
				150,205
		GAS - 0.5%
	55,807	Centrica PLC		62,346
	5,134	Italgas SpA		34,542
	431	Korea Gas Corp. *		15,752
	49,128	National Grid PLC		522,586
	570	Rubis ScA		32,144
	12,405	Snam SpA		61,748
	14,000	Towngas China Co. Ltd.		10,089
				739,207
		HAND/MACHINE TOOLS - 0.1%
	20,500	Techtronic Industries Co. Ltd.		156,915
		HEALTHCARE-PRODUCTS - 1.4%
	1,400	Asahi Intecc Co. Ltd.		34,487

See accompanying notes to financial statements.

56

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		HEALTHCARE-PRODUCTS - 1.4% (Continued)
	5,428	Aspen Pharmacare Holdings Ltd.	$	38,666
	771	Carl Zeiss Meditec AG		76,168
	2,331	Cochlear Ltd.		338,345
	1,606	Demant AS *		50,013
	3,501	GN Store Nord AS		163,619
	21,000	Hengan International Group Co. Ltd.		154,426
	7,613	Koninklijke Philips NV *		331,052
	1,194	Qiagen NV *		48,529
	1,266	Sartorius Stedim Biotech		199,967
	16,661	Smith & Nephew PLC		361,536
	603	Sonova Holding AG		137,175
	181	Straumann Holding AG		159,911
				2,093,894
		HEALTHCARE-SERVICES - 0.3%
	28,000	Bangkok Dusit Medical Services PCL (NDVR)		23,738
	1,639	Fresenius Medical Care AG & Co. KGaA		128,863
	2,275	Fresenius SE & Co. KGaA		123,528
	6,000	Genscript Biotech Corp. *		15,068
	10,800	IHH Healthcare Bhd.		15,158
	300	Miraca Holdings, Inc.		6,822
	420	SillaJen, Inc. *		17,969
	2,563	Sonic Healthcare Ltd.		48,742
				379,888
		HOLDING COMPANIES - DIVERSIFIED - 0.2%
	18,300	Alfa SAB de CV		17,927
	66	CJ Corp. *		5,773
	10	CJ Corp. Preference *		232
	30,000	CK Hutchison Holdings Ltd.		295,680
	600	Jardine Matheson Holdings Ltd.		37,812
				357,424
		HOME BUILDERS - 0.3%
	2,397	Bovis Homes Group PLC		31,513
	3,094	Persimmon PLC		78,637
	181,006	Taylor Wimpey PLC		363,403
				473,553
		HOME FURNISHINGS - 0.1%
	1,387	LG Electronics, Inc.		95,258
		INSURANCE - 5.2%
	85,600	AIA Group Ltd.		923,110
	3,646	Allianz SE		880,238
	904	ASR Nederland NV		36,814
	26,832	Aviva PLC		142,231
	4,386	AXA SA		115,379
	280	Baloise Holding AG		49,625
	89,000	China Life Insurance Co. Ltd.		219,182
	202,000	China Reinsurance Group Corp.		35,940
	671	CNP Assurances		15,252
	33,700	Dai-ichi Life Holdings, Inc.		508,284
	4,188	Direct Line Insurance Group PLC		17,685
	7,462	Great-West Lifeco, Inc.		172,167

See accompanying notes to financial statements.

57

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		INSURANCE - 5.2% (Continued)
	1,794	Hanwha Life Insurance Co. Ltd.	$	5,088
	1,500	IRB Brasil Resseguros SA		38,953
	3,800	Japan Post Holdings Co. Ltd.		43,030
	3,400	Japan Post Insurance Co. Ltd.		63,020
	95,853	Legal & General Group PLC		328,769
	30,597	Manulife Financial Corp.		557,267
	50,903	Medibank Pvt Ltd.		124,667
	47,411	MMI Holdings Ltd. - South Africa *		63,781
	6,300	MS&AD Insurance Group Holdings, Inc.		199,981
	845	NN Group NV		34,065
	163,000	People’s Insurance Co Group of China Ltd. (The)		63,635
	72,000	PICC Property & Casualty Co. Ltd.		77,691
	4,700	Ping An Insurance Group Co of China Ltd.		60,636
	48,000	Ping An Insurance Group Co of China Ltd.		576,307
	8,219	Power Corp. of Canada		177,431
	17,332	Power Financial Corp.		399,495
	22,681	QBE Insurance Group Ltd.		188,291
	77	Samsung Fire & Marine Insurance Co. Ltd. *		17,872
	300	Samsung Life Insurance Co. Ltd.		21,721
	41,276	Sanlam Ltd.		228,783
	2,900	Sompo Holdings, Inc.		112,000
	5,535	Storebrand ASA		40,691
	3,804	Sun Life Financial, Inc.		157,866
	246	Swiss Life Holding AG		122,066
	1,975	Swiss Re AG		201,025
	14,400	T&D Holdings, Inc.		156,310
	6,800	Tokio Marine Holdings, Inc.		340,757
	1,320	Topdanmark AS		74,560
	2,295	TRYG AS		74,726
	158	Zurich Insurance Group AG		55,081
				7,721,472
		INTERNET - 4.0%
	611	58.com, Inc. * (ADR)		37,986
	10,528	Alibaba Group Holding Ltd. * (ADR)		1,783,970
	28,441	Auto Trader Group PLC		198,287
	311	Autohome, Inc. * (ADR)		26,628
	1,730	Baidu, Inc. * (ADR)		203,033
	1,597	carsales.com Ltd.		15,163
	2,919	Ctrip.com International Ltd. * (ADR)		107,740
	300	CyberAgent, Inc. *		10,873
	368,000	HengTen Networks Group Ltd. *		8,761
	6,373	JD.com, Inc. * (ADR)		193,038
	2,400	Kakaku.com, Inc.		46,334
	264	Kakao Corp. *		30,066
	4,390	Moneysupermarket.com Group PLC		23,036
	3,014	Naspers Ltd.		730,888
	545	NAVER Corp.		53,809
	62	NCSoft Corp.		25,613
	1,181	SEEK Ltd.		17,537
	557	Shopify, Inc.		167,763
	1,822	SINA Corp. - China *		78,583

See accompanying notes to financial statements.

58

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		INTERNET - 4.0% (Continued)
	45,000	Tencent Holdings Ltd.	$	2,030,976
	1,900	Trend Micro, Inc. - Japan *		84,736
	317	Wix.com Ltd. *		45,046
	7,000	Yahoo Japan Corp.		20,531
	209	YY, Inc. * (ADR)		14,565
				5,954,962
		INVESTMENT COMPANIES - 0.1%
	1,119	Industrivarden AB		24,821
	598	Investor AB		28,752
	11,300	Legend Holdings Corp.		26,585
	690	Reinet Investments SCA		11,116
	144	Wendel SA		19,662
				110,936
		IRON/STEEL - 0.4%
	44,200	Angang Steel Co. Ltd.		20,141
	16,000	China Oriental Group Co. Ltd.		9,359
	11,232	Fortescue Metals Group Ltd.		71,096
	9,300	Gerdau SA Preference *		36,762
	397	Hyundai Steel Co. *		14,372
	42,000	Maanshan Iron & Steel Co. Ltd.		16,666
	1,200	POSCO		254,103
	2,569	Salzgitter AG		73,666
	11,800	Vale SA *		159,513
				655,678
		LEISURE TIME - 0.2%
	2,176	Carnival PLC		96,347
	18,000	China Travel International Investment Hong Kong Ltd.		3,732
	1,517	CTS Eventim AG & Co. KGaA		70,692
	15,050	TUI AG		147,947
	1,300	Yamaha Motor Co. Ltd.		23,107
				341,825
		LODGING - 0.1%
	5,375	Crown Resorts Ltd.		46,960
	1,513	Melia Hotels International SA		14,473
	32,800	Sands China Ltd.		156,810
				218,243
		MACHINERY-CONSTRUCTION & MINING - 0.2%
	15,100	B Grimm Power PCL		17,603
	5,302	Doosan Infracore Co. Ltd. *		28,561
	2,425	Epiroc AB - Class A		25,269
	200	Komatsu Ltd.		4,826
	11,692	Sandvik AB		214,983
				291,242
		MACHINERY- DIVERSIFED - 1.4%
	5,000	Amada Holdings Co. Ltd.		56,293
	13,015	Atlas Copco AB - Class A		416,336
	504	Bucher Industries AG		173,893
	500	Keyence Corp.		306,896
	12,173	Kone OYJ		719,470
	15,347	Valmet OYJ		383,100
				2,055,988

See accompanying notes to financial statements.

59

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		MEDIA - 1.0%
	1,300	Fuji Media Holdings, Inc.	$	18,123
	673	Lagardere SCA		17,551
	39,003	Mediaset Espana Comunicacion SA		284,000
	3,328	Multichoice Group Ltd. *		31,618
	11,967	Pearson PLC		124,798
	20,066	Quebecor, Inc.		478,943
	425	Schibsted ASA		11,729
	5,500	Tokyo Broadcasting System Holdings, Inc.		93,930
	2,167	Vivendi SA		59,745
	4,321	Wolters Kluwer NV *		315,027
				1,435,464
		METAL FABRICATE/HARDWARE - 0.1%
	4,900	NTN Corp.		14,554
	9,743	Sims Metal Management Ltd.		74,251
				88,805
		MINING - 2.8%
	12,878	Anglo American PLC		367,870
	13,498	Anglo American PLC		385,377
	1,113	AngloGold Ashanti Ltd.		20,049
	42,525	BHP Group Ltd.		1,228,294
	13,118	BHP Group PLC		336,410
	73,719	Centamin PLC		107,333
	25,600	China Zhongwang Holdings Ltd.		12,911
	1,235	Cia de Minas Buenaventura SAA (ADR)		20,587
	2,281	Detour Gold Corp. *		28,837
	5,229	Evolution Mining Ltd.		15,999
	1,142	Franco-Nevada Corp.		97,137
	18,156	Glencore PLC		63,163
	81,000	Jiangxi Copper Co. Ltd.		107,827
	3,165	Kirkland Lake Gold Ltd.		136,651
	40,000	MMG Ltd. *		13,978
	27,056	Regis Resources Ltd.		100,249
	8,119	Rio Tinto Ltd.		591,174
	8,411	Rio Tinto PLC		522,442
	912	Southern Copper Corp.		35,431
	15,000	Zhaojin Mining Industry Co. Ltd.		16,800
				4,208,519
		MISCELLANEOUS MANUFACTURING - 0.8%
	2,925	Alfa Laval AB		63,871
	8,160	Ansell Ltd.		153,751
	42,000	China Railway Signal & Communication Corp. Ltd.		30,536
	4,500	FUJIFILM Holdings Corp.		228,174
	1,400	Nikon Corp.		19,803
	244	POSCO Chemtech Co. Ltd. *		11,327
	4,918	Siemens AG		585,825
	3,101	Smiths Groups PLC		61,765
	12,400	Top Glove Corp. Bhd. *		14,733
				1,169,785

See accompanying notes to financial statements.

60

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		OFFICE/BUSINESS EQUIPMENT - 0.2%
	10,700	Canon, Inc.	$	312,439
	3,800	Ricoh Co. Ltd.		37,951
				350,390
		OIL & GAS - 4.8%
	67,888	Beach Energy Ltd.		94,566
	100,504	BP PLC		701,723
	536,000	China Petroleum & Chemical Corp.		364,308
	51,300	China Petroleum & Chemical Corp. *		40,856
	245,000	CNOOC Ltd.		418,970
	78,823	Ecopetrol SA		71,769
	12,715	Enerplus Corp.		95,843
	12,983	Galp Energia SGPS SA		199,968
	5,578	Husky Energy, Inc.		52,973
	820	Idemitsu Kosan Co. Ltd.		24,659
	5,125	Imperial Oil Ltd.		142,210
	125,700	JXTG Holdings, Inc.		623,483
	3,640	Neste Oyj		123,694
	677	Novatek PJSC (GDR)		143,524
	18,975	Oil Search Ltd.		94,142
	4,935	Parex Resources, Inc. *		79,345
	5,600	Petrobras Distribuidora SA		36,514
	418,000	PetroChina Co. Ltd.		230,602
	27,000	Petroleo Brasileiro SA *		210,638
	8,861	Petroleo Brasileiro SA Preference *		63,094
	11,500	Petronas Dagangan Bhd. *		70,684
	17,900	PTT Exploration & Production PCL (NVDR) *		78,797
	37,502	Royal Dutch Shell PLC		1,227,824
	21,418	Royal Dutch Shell PLC		703,547
	7,781	Santos Ltd.		38,659
	5,561	Saras SpA *		8,385
	204	SK Holdings Co. Ltd.		40,989
	270	SK Innovation Co. Ltd. *		37,180
	7,738	Suncor Energy, Inc.		241,896
	20,500	Thai Oil PCL *		44,453
	12,202	Total SA		684,708
	5,600	Ultrapar Participacoes SA *		29,515
	8,401	Woodside Petroleum Ltd.		214,357
				7,233,875
		OIL & GAS SERVICES - 0.2%
	7,312	Petrofac Ltd.		40,016
	304,400	Sapura Energy Bhd.		22,098
	21,000	Sinopec Engineering Group Co. Ltd.		17,795
	9,495	Subsea 7 SA		114,316
	2,169	TGS NOPEC Geophysical Co. ASA		60,852
	4,503	WorleyParsons Ltd.		46,483
				301,560
		PACKAGING & CONTAINERS - 0.0% +
	528	Huhtamaki OYJ		21,743
		PHARMACEUTICALS - 6.2%
	935	Almirall SA		17,292
	4,717	Amplifon SpA		110,443

See accompanying notes to financial statements.

61

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		PHARMACEUTICALS - 6.2% (Continued)
	46,500	Astellas Pharma, Inc.	$	662,498
	4,335	AstraZeneca PLC		355,195
	2,166	Bausch Health Cos, Inc. *		54,765
	2,155	Bayer AG		149,554
	640	Celltrion, Inc. *		113,905
	174	Celltrion Pharm, Inc. *		7,241
	24,000	China Traditional Chinese Medicine Holdings Co. Ltd. *		11,674
	1,700	Chugai Pharmaceutical Co. Ltd.		111,082
	53	Daewoong Pharmaceutical Co. Ltd.		6,885
	2,400	Eisai Co. Ltd.		135,682
	258	Galenica AG		12,966
	56,321	GlaxoSmithKline PLC		1,130,104
	2,112	Grifols SA		62,534
	12,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.		54,144
	400	Hisamitsu Pharmaceutical Co., Inc.		15,797
	8,700	Hypera SA		67,849
	503	Ipsen SA		68,738
	400	Kissei Pharmaceutical Co. Ltd.		9,987
	200	Kobayashi Pharmaceutical Co. Ltd.		14,312
	2,400	Kyowa Hokka Kirin Co. Ltd.		43,193
	16,500	Luye Pharma Group Ltd.		11,954
	6,600	Medipal Holdings Corp.		145,734
	1,200	Mitsubishi Tanabe Pharma Corp.		13,366
	17,565	Novartis AG		1,606,972
	4,190	Novo Nordisk AS		213,847
	6,200	Otsuka Holdings Co. Ltd.		202,332
	7,499	Roche Holding AG		2,112,411
	3,994	Sanofi		345,267
	4,100	Shionogi & Co. Ltd.		236,281
	14,000	SSY Group Ltd.		12,652
	13,700	Takeda Pharmaceutical Co. Ltd.		486,125
	3,529	Teva Pharmaceutical Industries Ltd. * (ADR)		32,573
	1,254	Teva Pharmaceutical Industries Ltd. *		11,497
	6,000	Tong Ren Tang Technologies Co. Ltd.		7,150
	7,604	UCB SA		631,446
	104	ViroMed Co. Ltd. *		15,186
	1,500	Wuxi Biologics Cayman, Inc. *		13,469
				9,314,102
		PIPELINES - 0.4%
	12,777	Enbridge, Inc.		462,485
	880	Gibson Energy, Inc.		15,725
	1,307	TC Energy Corp.		64,932
				543,142
		PRIVATE EQUITY - 0.1%
	4,486	Brookfield Asset Management, Inc.		215,074
		REAL ESTATE - 2.0%
	32,400	CapitaLand Ltd.		84,535
	52,000	China Overseas Land & Investment Ltd.		191,693
	21,000	CK Asset Holdings Ltd.		164,371
	18,000	Country Garden Holdings Co. Ltd.		27,372

See accompanying notes to financial statements.

62

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		REAL ESTATE - 2.0% (Continued)
	1,600	Daito Trust Construction Co. Ltd.	$	203,973
	580	Deutsche Wohnen AG		21,314
	2,081	Fabege AB		31,344
	479	Fastighets AB Balder *		16,056
	206	FirstService Corp.		19,863
	28,000	Future Land Development Holdings Ltd.		36,844
	10,500	Greentown China Holdings Ltd.		7,473
	10,000	Hang Lung Properties Ltd.		23,782
	38,300	Hongkong Land Holdings Ltd.		246,652
	29,000	Kaisa Group Holdings Ltd. *		14,328
	15,500	KWG Property Holding Ltd.		15,733
	2,826	LEG Immobilien AG		319,250
	26,000	Logan Property Holdings Co. Ltd.		42,066
	4,100	Mitsubishi Estate Co. Ltd.		76,299
	730	PSP Swiss Property AG		85,429
	308	REA Group Ltd.		20,758
	58,000	Shanghai Industrial Holdings Ltd.		125,763
	38,000	Shenzhen Investment Ltd.		14,008
	38,500	Shui On Land Ltd.		8,920
	500	Sumitomo Realty & Development Co. Ltd.		17,858
	18,000	Sun Hung Kai Properties Ltd.		305,280
	3,000	Sunac China Holdings Ltd.		14,746
	87,200	Swire Properties Ltd.		352,148
	4,669	TAG Immobilien AG *		108,043
	505	TLG Immobilien AG		14,809
	1,400	Tokyo Tatemono Co. Ltd.		15,554
	41,000	Wharf Holdings Ltd. (The)		108,634
	30,000	Wharf Real Estate Investment Co. Ltd.		211,392
	60,000	Yuexiu Property Co. Ltd.		13,594
	20,000	Yuzhou Properties Co. Ltd.		9,395
				2,969,279
		REAL ESTATE INVESTMENT TRUSTS - 1.0%
	999	Alstria Office REIT AG		16,200
	5,068	British Land Co. PLC (The)		34,727
	1,933	Canadian Apartment Properties REIT		71,536
	339,200	CapitaLand Mall Trust *		659,371
	5,413	Charter Hall Group		41,139
	2,010	Dexus		18,308
	19,445	Goodman Group		205,092
	3,437	Klepierre SA		115,386
	28,000	Mapletree Commercial Trust		43,254
	14,100	Mapletree Industrial Trust		23,344
	5,030	Merlin Properties Socimi SA		69,884
	44,238	Scentre Group		119,209
	4,909	Stockland *		14,365
				1,431,815
		RETAIL - 1.9%
	4,819	Alimentation Couche-Tard, Inc.		303,909
	4,000	Alsea SAB de CV *		7,891
	900	Aoyama Trading Co. Ltd. *		17,642
	196,800	Astra International Tbk PT		103,780

See accompanying notes to financial statements.

63

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		RETAIL - 1.9% (Continued)
	16,976	Barloworld Ltd.	$	154,095
	145,200	Chow Tai Fook Jewellery Group Ltd.		157,978
	14,900	Citizen Watch Co. Ltd.		76,478
	1,174	Clicks Group Ltd.		17,091
	7,800	CP All PCL (NVDR)		21,873
	685	Domino’s Pizza Enterprises Ltd.		18,093
	46	E-Mart, Inc. *		5,577
	600	Fast Retailing Co. Ltd.		362,706
	1,497	Hennes & Mauritz AB		26,680
	218	Hotel Shilla Co. Ltd. *		18,314
	4,042	Industria de Diseno Textil SA		121,750
	4,300	Isetan Mitsukoshi Holdings Ltd.		34,882
	1,594	JD Sports Fashion PLC		11,896
	20,000	Li Ning Co. Ltd. *		47,155
	22,500	Lifestyle International Holdings Ltd.		32,890
	2,200	Lojas Renners SA *		26,979
	900	Magazine Luiza SA		49,020
	4,012	Restaurant Brands International, Inc.		279,604
	500	Ryohin Keikaku Co. Ltd.		90,310
	535	Samsung C&T Corp.		44,342
	700	Shimachu Co. Ltd. *		16,275
	17,390	Steinhoff International Holdings NV *		1,603
	3,800	Sundrug Co. Ltd.		102,848
	3,500	Takashimaya Co. Ltd. *		38,365
	162,400	Wal-Mart de Mexico SAB de CV		442,863
	500	Welcia Holdings Co. Ltd.		20,350
	3,339	Yum China Holdings, Inc.		154,262
	11,000	Zhongsheng Group Holdings Ltd.		30,624
				2,838,125
		SEMICONDUCTORS - 2.0%
	6,300	Advantest Corp.		173,376
	995	ASM International NV		64,882
	352	ASML Holding NV		73,654
	2,927	BE Semiconductor Industries NV		75,465
	2,947	Dialog Semiconductor PLC *		119,005
	5,000	Hua Hong Semiconductor Ltd.		9,677
	1,145	NXP Semiconductors NV		111,763
	37,617	Samsung Electronics Co. Ltd.		1,531,199
	4,018	Samsung Electronics Co. Ltd. Preference		133,104
	728	Seoul Semiconductor Co. Ltd.		11,380
	3,183	SK Hynix, Inc. *		191,589
	5,924	STMicroelectronics NV		105,241
	2,100	Tokyo Electron Ltd.		294,709
	3,200	Ulvac, Inc. *		101,429
				2,996,473
		SHIPBUILDING - 0.0% +
	447	Daewoo Shipbuilding & Marine Engineering Co. Ltd. *		12,659
		SOFTWARE - 2.2%
	669	Altium Ltd.		16,056
	2,102	Amadeus IT Group SA		166,749

See accompanying notes to financial statements.

64

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		SOFTWARE - 2.2% (Continued)
	600	Capcom Co. Ltd.	$	12,040
	103	Com2usCorp.		9,054
	1,334	CompuGroup Medical SE		107,860
	2,522	Dassault Systemes SE		402,949
	510	Descartes Systems Group, Inc. (The) *		18,909
	380	GungHo Online Entertainment, Inc.		10,510
	14,000	Kingdee International Software Group Co. Ltd.		15,142
	2,900	Konami Holdings Corp.		135,929
	400	Mixi, Inc.		8,023
	693	Momo, Inc. (ADR)		24,809
	2,376	Nemetschek SE		143,271
	754	NetEase, Inc. (ADR)		192,850
	4,537	Open Text Corp.		187,624
	62	Pearl Abyss Corp. *		11,400
	7,442	SAP SE		1,023,435
	1,610	SimCorp AS		155,989
	6,129	Software AG		210,787
	1,708	Temenos Group AG		305,951
	1,600	TOTVS SA *		18,364
	1,463	Ubisoft Entertainment SA *		114,692
				3,292,393
		TELECOMMUNICATIONS - 4.3%
	532,300	America Movil SAB de CV		387,623
	21,401	BCE, Inc.		975,758
	76,500	China Mobile Ltd.		696,701
	360,000	China Telecom Corp. Ltd.		181,094
	30,000	China Unicom Hong Kong Ltd.		32,909
	25,902	Deutsche Telekom AG *		448,711
	763	Freenet AG *		15,288
	14,900	KDDI Corp.		379,415
	7	KT Corp. *		172
	2,255	LG Uplus Corp. *		28,318
	3,800	Megacable Holdings SAB de CV		16,180
	3,876	Mobile TeleSystems PJSC (ADR)		36,085
	5,400	Nippon Telegraph & Telephone Corp.		251,455
	23,100	NTT Docomo, Inc.		538,693
	14,353	Orange SA		226,626
	1,912	Rogers Communications, Inc.		102,568
	123	Samsung SDI Co. Ltd.		25,193
	141	SK Telecom Co. Ltd.		31,628
	12,200	Softbank Corp.		158,473
	6,000	SoftBank Group Corp.		287,637
	1,658	Sunrise Communications Group AG		123,882
	15	Swisscom AG		7,540
	25,159	Telefonaktiebolaget LM Ericsson		238,894
	68,564	Telefonica Deutschland Holding AG		191,844
	50,463	Telefonica SA		414,971
	33,900	Telekom Malaysia Bhd.		32,813
	10,676	Telstra Corp. Ltd.		28,844
	12,300	TIM Participacoes SA		37,003

See accompanying notes to financial statements.

65

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares						Value
		TELECOMMUNICATIONS - 4.3% (Continued)
	312,175	Vodafone Group PLC				$	513,795
							6,410,113
		TOYS/GAMES/HOBBIES - 0.0% +
	100	Nintendo Co. Ltd.					36,653
		TRANSPORTATION - 2.0%
	36	AP Moller - Maersk AS					44,723
	2,551	Canadian National Railway Co.					236,603
	335	Canadian Pacific Railway Ltd.					79,069
	100	Central Japan Railway Co.					20,030
	69	CJ Lojostics Corp. *					8,038
	26,000	Cosco Shipping Energy Transportation Co. Ltd.					15,375
	77,500	Cosco Shipping Holdings Co. Ltd. *					30,256
	14,437	Deutsche Post AG					475,141
	5,408	DSV AS					531,888
	6,600	East Japan Railway Co.					617,486
	286	Kuehne + Nagel International AG					42,504
	7,700	Mitsubishi Logistics Corp.					211,832
	5,200	Nippon Express Co. Ltd.					276,555
	22,458	Royal Mail PLC					60,566
	152,000	Sinotrans Ltd.					55,255
	6,893	TFI International, Inc.					209,045
	1,200	West Japan Railway Co.					97,078
							3,011,444
		WATER - 0.3%
	7,235	Severn Trent PLC					188,580
	7,592	Veolia Environnement SA					185,192
							373,772
		TOTAL COMMON STOCKS - (Cost -$134,325,066)					134,223,529
			Expiration Date	Exercise Price
		RIGHT - 0.0% +
	6	Helixmith Co. Ltd. (Cost - $384)	8/7/2019	$	136,000		170
		SHORT-TERM INVESTMENT - 0.6%
		MONEY MARKET FUND - 0.6%
	918,626	Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $918,626)					918,626
		TOTAL INVESTMENTS - 97.0% (Cost - $144,465,353)				$	144,501,140
		OTHER ASSETS LESS LIABILITIES - NET - 3.0%					4,455,974
		TOTAL NET ASSETS - 100.0%				$	148,957,114

ADR - American Depositary Receipt

ETF - Exchange Traded Fund

GDR - Global Depositary Receipt

NVDR - Non-voting Depositary Receipt

PLC - Public Limited Company

SDR - Special Drawing Rights

* Non-income producing security.

+ Represents less than 0.05%.

(a) Money market rate shown represents the rate at June 30, 2019.

See accompanying notes to financial statements.

66

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

FUTURES CONTRACTS
						Unrealized
Description	Counterparty	Contracts	Expiration Date	Notional Value		Appreciation
LONG
Euro Stoxx 50 Index	Goldman Sachs	39	Sep-19	$	1,539,362	$	38,334
FTSE 100 Index	Goldman Sachs	6	Sep-19		562,712		810
MSCI Emerging Market Index	Goldman Sachs	16	Sep-19		842,720		32,835
Nikkei Index (JPY)	Goldman Sachs	13	Sep-19		1,285,340		19,741
S&P/TSX 60 Index	Goldman Sachs	2	Sep-19		299,277		1,195
SPI 200 Index	Goldman Sachs	2	Sep-19		230,139		2,830
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS						$	95,745

See accompanying notes to financial statements.

67

Global Atlantic BlackRock Disciplined International Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS

		Currency Units to						Unrealized Appreciation/
Settlement Date	Counterparty	Receive			In Exchange For			(Depreciation)
7/1/2019	Morgan Stanley	$	44,061	USD	$	845,103	MXN	$	72
7/1/2019	Morgan Stanley		16,425	USD		232,949	ZAR		(95	)
7/1/2019	Morgan Stanley		9,498	USD		2,704,634	HUF		(44	)
7/2/2019	Morgan Stanley		82,922	CNH		12,063	USD		2
7/2/2019	Morgan Stanley		12,058	USD		102,689	NOK		14
NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS								$	(51	)

See accompanying notes to financial statements.

68

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 98.2%
		ADVERTISING - 1.2%
	66,506	Interpublic Group of Cos., Inc.	$	1,502,371
	7,616	Omnicom Group, Inc.		624,131
	907	Trade Desk, Inc. *		206,596
				2,333,098
		AEROSPACE/DEFENSE - 1.2%
	6,503	HEICO Corp.		870,166
	9,729	HEICO Corp. - Class A		1,005,687
	2,411	L3Harris Technologies, Inc. *		455,992
				2,331,845
		APPAREL - 0.2%
	10,197	Levi Strauss & Co. *		212,913
	7,787	Under Armour, Inc. - Class C *		172,871
				385,784
		AUTO MANUFACTURERS - 0.5%
	14,326	PACCAR, Inc.		1,026,601
		AUTO PARTS & EQUIPMENT - 0.2%
	3,620	Aptiv PLC		292,605
	3,621	Dana, Inc.		72,202
				364,807
		BANKS - 0.8%
	7,043	Synovus Financial Corp.		246,505
	27,495	Western Alliance BanCorp *		1,229,576
				1,476,081
		BEVERAGES - 0.4%
	659	Brown-Forman Corp. - Class A		36,245
	13,264	Brown-Forman Corp. - Class B		735,224
				771,469
		BIOTECHNOLOGY - 2.5%
	2,040	Alnylam Pharmaceuticals, Inc. *		148,022
	609	Amgen, Inc.		112,227
	9,775	BioMarin Pharmaceutical, Inc. *		837,229
	133	Bio-Rad Laboratories, Inc. *		41,574
	4,026	Exact Sciences Corp. *		475,229
	10,973	Exelixis, Inc. *		234,493
	2,546	Gilead Sciences, Inc.		172,008
	16,374	Incyte Corp. *		1,391,135
	10,360	Ionis Pharmaceuticals, Inc. *		665,837
	1,101	Regeneron Pharmaceuticals, Inc. *		344,613
	6,356	Seattle Genetics, Inc. *		439,899
	536	Vertex Pharmaceuticals, Inc. *		98,292
				4,960,558
		BUILDING MATERIALS - 1.2%
	861	Lennox International, Inc.		236,775
	3,722	Martin Marietta Materials, Inc.		856,469
	9,093	Vulcan Materials Co.		1,248,560
				2,341,804

See accompanying notes to financial statements.

69

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		CHEMICALS - 0.5%
	301	Air Products & Chemicals, Inc.	$	68,137
	13,601	Axalta Coating Systems Ltd. *		404,902
	950	Dow, Inc.		46,845
	591	NewMarket Corp.		236,956
	5,246	Versum Materials, Inc.		270,588
				1,027,428
		COMMERCIAL SERVICES - 7.8%
	3,464	Automatic Data Processing, Inc.		572,703
	2,330	Avalara, Inc. *		168,226
	19,386	Booz Allen Hamilton Holding Corp.		1,283,547
	4,094	Bright Horizons Family Solutions, Inc. *		617,662
	319	Cintas Corp.		75,696
	5,787	CoStar Group, Inc. *		3,206,345
	213	FleetCor Technologies, Inc. *		59,821
	1,106	Global Payments, Inc.		177,104
	15,426	H&R Block, Inc.		451,982
	2,019	IHS Markit Ltd. *		128,651
	8,470	Insperity, Inc.		1,034,526
	512	MarketAxess Holdings, Inc.		164,567
	3,962	Morningstar, Inc.		573,064
	12,197	Paylocity Holding Corp. *		1,144,323
	16,734	Robert Half International, Inc.		954,005
	2,124	ServiceMaster Global Holdings, Inc. *		110,639
	30,925	Square, Inc. *		2,242,990
	6,340	Total System Services, Inc.		813,232
	8,938	TransUnion		657,032
	7,424	TriNet Group, Inc. *		503,347
	1,692	United Rentals, Inc. *		224,409
				15,163,871
		COMPUTERS - 2.5%
	4,487	Dell Technologies, Inc. - Class C *		227,940
	5,571	Elastic NV *		415,931
	4,789	EPAM Systems, Inc. *		828,976
	11,106	Fortinet, Inc. *		853,274
	21,279	Genpact Ltd.		810,517
	7,731	NCR Corp. *		240,434
	20,515	NetApp, Inc.		1,265,776
	17,958	Pure Storage, Inc. *		274,219
				4,917,067
		DISTRIBUTION/WHOLESALE - 1.1%
	9,913	Copart, Inc. *	$	740,898
	5,514	WW Grainger, Inc.		1,479,020
				2,219,918
		DIVERSIFIED FINANCIAL SERVICES - 3.2%
	2,348	Alliance Data Systems Corp.		329,025
	25,125	Discover Financial Services		1,949,449
	5,347	E*TRADE Financial Corp.		238,476
	12,679	Evercore, Inc.		1,122,979

See accompanying notes to financial statements.

70

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		DIVERSIFIED FINANCIAL SERVICES (Continued) - 3.2%
	1,634	Raymond James Financial, Inc.	$	138,155
	5,890	SEI Investments Co.		330,429
	16,694	Synchrony Financial		578,781
	14,529	T Rowe Price Group, Inc.		1,593,976
				6,281,270
		ELECTRIC - 0.3%
	1,311	Alliant Energy Corp.		64,344
	1,130	Black Hills Corp.		88,332
	4,460	IDACORP, Inc.		447,918
				600,594
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.9%
	3,963	AMETEK, Inc.		359,999
	3,408	Generac Holdings, Inc. *		236,549
	8,648	Hubbell, Inc.		1,127,699
	344	Universal Display Corp.		64,693
				1,788,940
		ELECTRONICS - 5.2%
	32,555	ADT, Inc.		199,237
	23,855	Allegion PLC		2,637,170
	18,932	Fortive Corp.		1,543,337
	633	Jabil, Inc.		20,003
	7,037	Keysight Technologies, Inc. *		631,993
	2,697	Mettler-Toledo International, Inc. *		2,265,480
	40,913	National Instruments Corp.		1,717,937
	1,354	Resideo Technologies, Inc. *		29,680
	583	Waters Corp. *		125,485
	9,313	Woodward, Inc.		1,053,858
				10,224,180
		ENGINERRING & CONSTRUCTION - 0.2%
	4,972	frontdoor, Inc. *		216,531
	1,842	MasTec, Inc. *		94,918
				311,449
		ENTERTAINMENT - 0.8%
	9,748	International Game Technology PLC		126,432
	3,792	Live Nation Entertainment, Inc. *		251,220
	8,549	Six Flags Entertainment Corp.		424,714
	2,984	Vail Resorts, Inc.		665,969
				1,468,335
		ENVIRONMENTAL CONTROL - 0.1%
	2,103	Republic Services, Inc.		182,204
	398	Waste Connections, Inc.		38,041
				220,245
		FOOD - 1.4%
	15,962	Hershey Co.		2,139,387
	2,753	McCormick & Co., Inc.		426,743
	2,578	Performance Food Group Co. *		103,197
				2,669,327

See accompanying notes to financial statements.

71

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		HAND/MACHINE TOOLS - 0.2%
	2,242	Snap-on, Inc.	$	371,365
		HEALTHCARE PRODUCTS - 5.2%
	2,141	ABIOMED, Inc. *		557,709
	5,940	Align Technology, Inc. *		1,625,778
	3,115	Bio-Techne Corp.		649,446
	12,465	Bruker Corp.		622,627
	1,159	Genomic Health, Inc. *		67,419
	15,912	Hill-Rom Holdings, Inc.		1,664,713
	9,946	IDEXX Laboratories, Inc. *		2,738,432
	1,531	Insulet Corp. *		182,771
	6,094	Masimo Corp. *		906,909
	3,243	Penumbra, Inc. *		518,880
	1,531	ResMed, Inc.		—
	89	Teleflex, Inc.		29,472
	4,521	Varian Medical Systems, Inc. *		615,444
				10,179,600
		HEALTHCARE - SERVICES - 1.5%
	234	Anthem, Inc.		66,037
	17,638	Centene Corp. *		924,937
	2,047	Chemed Corp.		738,639
	1,132	IQVIA Holdings, Inc. *		182,139
	1,549	Molina Healthcare, Inc. *		221,724
	2,916	WellCare Health Plans, Inc. *		831,264
				2,964,740
		HOME BUILDERS - 0.2%
	3,282	DR Horton, Inc.		141,553
	5,540	Lennar Corp.		268,468
				410,021
		HOME FURNISHINGS - 0.2%
	4,589	Tempur Sealy International, Inc. *		336,695
		HOUSEHOLD PRODUCTS/WARES - 1.1%
	28,027	Church & Dwight Co., Inc.		2,047,653
	636	Clorox Co.		97,378
				2,145,031
		HOUSEWARES - 0.1%
	2,512	Scotts Miracle-Gro Co.		247,432
		INSURANCE - 0.3%
	2,562	Erie Indemnity Co.		651,465
		INTERNET - 9.4%
	426	Anaplan, Inc. *		21,500
	1,310	Cargurus, Inc. *		47,304
	20,530	CDW Corp.		2,278,830

See accompanying notes to financial statements.

72

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		INTERNET (Continued) - 9.4%
	14,593	Etsy, Inc. *	$	895,572
	2,537	Expedia Group, Inc.		337,497
	35,230	GoDaddy, Inc. *		2,471,385
	4,446	GrubHub, Inc. *		346,744
	4,325	Lyft, Inc. *		284,196
	2,068	Match Group, Inc.		139,114
	364	Okta, Inc. *		44,958
	7,494	Palo Alto Networks, Inc. *		1,526,977
	3,432	Pinterest, Inc. *		93,419
	4,554	Proofpoint, Inc. *		547,619
	13,031	RingCentral, Inc. *		1,497,523
	3,751	Roku, Inc. *		339,766
	4,424	Spotify Technology SA *		646,877
	47,623	Twitter, Inc. *		1,662,043
	14,134	VeriSign, Inc. *		2,956,267
	3,920	Wayfair, Inc. *		572,320
	14,746	Zendesk, Inc. *		1,312,836
	4,241	Zscaler, Inc. *		325,030
				18,347,777
		LEISURE - 0.8%
	10,847	Norwegian Cruise Line Holdings Ltd. *		581,725
	13,073	Planet Fitness, Inc. *		947,008
				1,528,733
		LODGING - 1.3%
	13,168	Choice Hotels International, Inc.		1,145,748
	61,232	Extended Stay America, Inc.		1,034,208
	2,541	Hilton Worldwide Holdings, Inc.		248,357
	544	Las Vegas Sands Corp.		32,145
				2,460,458
		MACHINERY - CONSTRUCTION & MINING - 0.2%
	5,063	Oshkosh Corp.		422,710
		MACHINERY - DIVERSIFIED - 3.1%
	2,499	Cognex Corp.		119,902
	14,186	Crane Co.		1,183,680
	1,040	Cummins, Inc.		178,194
	10,389	IDEX Corp.		1,788,362
	16,346	Rockwell Automation, Inc.		2,677,965
	268	Roper Technologies, Inc.		98,158
				6,046,261
		MEDIA - 2.9%
	10,203	Altice USA, Inc. *		248,443
	1,418	AMC Networks, Inc. *		77,267
	844	Cable One, Inc.		988,316
	25,988	CBS Corp.		1,296,801
	6,038	FactSet Research Systems, Inc.		1,730,249
	7,014	Sinclair Broadcast Group, Inc.		376,161
	146,373	Sirius XM Holdings, Inc.		816,761

See accompanying notes to financial statements.

73

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		MEDIA (Continued) - 2.9%
	1,429	World Wrestling Entertainment, Inc.	$	103,188
				5,637,186
		MISCELLANEOUS MANUFACTURER - 1.3%
	18,798	AO Smith Corp.		886,514
	4,937	AptarGroup, Inc.		613,867
	2,725	Carlisle Cos, Inc.		382,617
	4,876	Hexcel Corp.		394,371
	2,681	Ingersoll-Rand PLC		339,602
				2,616,971
		OFFICE/BUSINESS EQUIPMENT - 0.4%
	4,052	Zebra Technologies Corp. *		848,853
		OIL & GAS - 0.6%
	27,962	Cabot Oil & Gas Corp.		642,008
	7,776	ConocoPhillips		474,336
	1,185	Continental Resources, Inc. *		49,877
	6,674	Transocean Ltd. *		42,780
				1,209,001
		PACKAGING & CONTAINERS - 0.7%
	11,198	Ball Corp.		783,748
	16,044	Westrock Co.		585,125
				1,368,873
		PHARMACEUTICALS - 2.7%
	1,460	AbbVie, Inc.		106,171
	1,003	Agios Pharmaceuticals, Inc. *		50,030
	15,723	AmerisourceBergen Corp.		1,340,543
	8,195	DexCom, Inc. *		1,227,939
	7,689	Herbalife Nutrition Ltd. *		328,782
	6,832	Jazz Pharmaceuticals PLC *		973,970
	9,148	Merck & Co, Inc.		767,060
	8,718	Nektar Therapeutics *		310,186
	902	PRA Health Sciences, Inc. *		89,433
	780	Sarepta Therapeutics, Inc. *		118,521
				5,312,635
		PIPELINES - 0.1%
	2,546	Cheniere Energy, Inc. *		174,274
		REAL ESTATE - 0.3%
	11,182	CBRE Group, Inc. *		573,637
		REAL ESTATE INVESTMENT TRUSTS - 2.5%
	21,631	Equity LifeStyle Properties, Inc.		2,624,706
	3,431	Extra Space Storage, Inc.		364,029
	893	Lamar Advertising Co.		72,074
	12,732	Outfront Media, Inc.		328,358
	1,168	Park Hotels & Resorts, Inc.		32,190

See accompanying notes to financial statements.

74

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued) - 2.5%
	2,522	Ryman Hospitality Properties, Inc.	$	204,509
	5,522	SBA Communications Corp. *		1,241,566
				4,867,432
		RETAIL - 8.9%
	5,314	Advance Auto Parts, Inc.		819,100
	1,608	AutoZone, Inc. *		1,767,948
	434	CarMax, Inc. *		37,684
	2,132	Chipotle Mexican Grill, Inc. *		1,562,500
	15,547	Darden Restaurants, Inc.		1,892,536
	20,854	Dollar General Corp.		2,818,627
	4,952	Domino’s Pizza Inc.		1,378,043
	13,162	Lululemon Athletica Inc. *		2,371,924
	11,629	Nordstrom Inc.		370,500
	2,043	Ollie’s Bargain Outlet Holdings, Inc. *		177,966
	4,812	O’Reilly Automotive Inc. *		1,777,168
	4,241	Tractor Supply Co.		461,421
	5,289	Ulta Beauty Inc. *		1,834,700
				17,270,117
		SEMICONDUCTORS - 4.0%
	62,181	Advanced Micro Devices, Inc. *		1,888,437
	6,878	Cirrus Logic, Inc. *		300,569
	3,084	KLA-Tencor Corp.		364,529
	12,127	Lam Research Corp.		2,277,936
	4,570	Skyworks Solutions, Inc.		353,124
	21,574	Xilinx, Inc.		2,544,005
				7,728,600
		SOFTWARE - 15.5%
	1,690	Akamai Technologies, Inc. *		135,437
	1,285	ANSYS, Inc. *		263,194
	6,988	Aspen Technology, Inc. *		868,469
	3,676	Atlassian Corp. PLC *		480,968
	12,056	Black Knight, Inc. *		725,168
	10,849	Broadridge Financial Solutions, Inc.		1,385,200
	14,201	Cadence Design Systems, Inc. *		1,005,573
	2,749	Ceridian HCM Holding, Inc. *		138,000
	5,828	Cerner Corp.		427,192
	20,021	Dropbox, Inc. *		501,526
	1,824	Fastly, Inc. *		36,991
	13,946	Fidelity National Information Services, Inc.		1,710,895
	32,055	First Data Corp. *		867,729
	19,505	Fiserv, Inc. *		1,778,076
	2,634	HubSpot, Inc. *		449,150
	1,863	Intuit, Inc.		486,858
	747	Jack Henry & Associates, Inc.		100,038
	442	Medidata Solutions, Inc. *		40,005
	7,872	New Relic, Inc. *		681,007
	42,982	Paychex, Inc.		3,536,989
	6,129	Paycom Software, Inc. *		1,389,567

See accompanying notes to financial statements.

75

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		SOFTWARE (Continued) - 15.5%
	1,243	PTC, Inc. *	$	—
	2,669	RealPage, Inc. *		157,071
	11,387	Red Hat, Inc. *		2,138,023
	4,318	salesforce.com, Inc. *		655,170
	6,185	ServiceNow, Inc. *		1,698,215
	5,632	Smartsheet, Inc. *		272,589
	9,663	Splunk, Inc. *		1,215,122
	3,237	Synopsys, Inc. *		416,570
	4,900	Tableau Software, Inc. *		813,498
	5,983	Take-Two Interactive Software, Inc. *		679,250
	6,430	Twilio, Inc. *		876,731
	16,540	Veeva Systems, Inc. *		2,681,299
	3,947	Workday, Inc. *		811,424
	119,362	Zynga, Inc. *		731,688
				30,154,682
		TELECOMMUNICATIONS - 1.0%
	3,537	Arista Networks, Inc. *		918,276
	9,267	Ciena Corp. *		381,152
	3,284	Motorola Solutions, Inc.		547,541
	2,285	United States Cellular Corp. *		102,071
				1,949,040
		TRANSPORTATION - 1.2%
	7,736	CH Robinson Worldwide, Inc.		652,532
	4,335	Expeditors International of Washington, Inc.		328,853
	11,921	Landstar System, Inc.		1,287,349
	1,337	Ryder System, Inc.		77,947
				2,346,681
		TRUCKING & LEASING - 0.1%
	1,186	GATX Corp.		94,038
		WATER - 0.2%
	1,929	American Water Works Co, Inc.		223,764
		TOTAL COMMON STOCKS (Cost - $164,238,604)		191,372,743
		SHORT-TERM INVESTMENT - 1.4%
		MONEY MARKET FUND - 1.4%
	2,766,300	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $2,766,300)		2,766,300
		TOTAL INVESTMENTS - 99.6% (Cost - $167,004,904)	$	194,139,043
		OTHER ASSETS LESS LIABILITIES - NET - 0.4%		721,477
		TOTAL NET ASSETS - 100.0%	$	194,860,520

* Non-Income producing security.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a) Money market rate shown represents the rate at June 30, 2019.

See accompanying notes to financial statements.

76

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

FUTURES CONTRACTS

Description	Counterparty	Contracts	Expiration Date	Notional Value		Unrealized Appreciation
LONG
S&P 500 E-mini Future	Goldman Sachs	25	Sep-19	$	3,680,250	$	46,442
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS						$	46,442

See accompanying notes to financial statements.

77

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 97.4%
		AEROSPACE/DEFENSE - 0.4%
	454	AAR Corp.	$	16,703
	433	Aerojet Rocketdyne Holdings, Inc. *		19,385
	310	Moog, Inc.		29,019
				65,107
		AGRICULTURE - 0.2%
	294	Alico, Inc.		8,920
	3,155	Vector Group Ltd.		30,761
				39,681
		AIRLINES - 0.4%
	923	Hawaiian Holdings, Inc.		25,318
	225	SkyWest, Inc.		13,651
	550	Spirit Airlines, Inc. *		26,251
				65,220
		APPAREL - 1.0%
	318	Columbia Sportswear Co.		31,851
	1,383	Crocs, Inc. *		27,314
	311	Deckers Outdoor Corp. *		54,727
	415	Oxford Industries, Inc.		31,457
	1,352	Wolverine World Wide, Inc.		37,234
				182,583
		AUTO MANUFACTURERS - 0.1%
	458	Navistar International Corp. *		15,778
		AUTO PARTS & EQUIPMENT - 1.1%
	348	Cooper-Standard Holdings, Inc. *		15,945
	2,773	Dana, Inc.		55,294
	1,114	Meritor, Inc. *		27,015
	392	Miller Industries, Inc.		12,054
	865	Modine Manufacturing Co. *		12,378
	201	Standard Motor Products, Inc.		9,113
	1,530	Tenneco, Inc.		16,968
	2,228	Tower International, Inc.		43,446
				192,213
		BANKS - 8.3%
	2,194	Bancorp, Inc. *		19,570
	1,637	Bank of Commerce Holdings		17,500
	264	Banner Corp.		14,296
	220	BOK Financial Corp.		16,606
	2,030	Cadence BanCorp		42,224
	879	Capital City Bank Group, Inc.		21,843
	330	Carolina Financial Corp.		11,580
	2,833	Cathay General Bancorp		101,733
	451	CenterState Bank Corp.		10,387

See accompanying notes to financial statements.

78

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BANKS (Continued) - 8.3%
	2,032	Chemical Financial Corp.	$	83,536
	329	Enterprise Bancorp, Inc.		10,433
	3,140	First Commonwealth Financial Corp.		42,296
	313	First Community Corp.		5,794
	390	First Horizon National Corp.		5,823
	524	First Merchants Corp.		19,860
	1,239	First of Long Island Corp.		24,879
	120	First United Corp.		2,365
	1,342	Glacier Bancorp, Inc.		54,418
	1,449	Heritage Commerce Corp.		17,750
	2,097	Home BancShares, Inc.		40,388
	3,219	Hope Bancorp, Inc.		44,358
	24	IBERIABANK Corp.		1,820
	1,667	Independent Bank Corp.		36,324
	491	Independent Bank Group, Inc.		26,985
	404	International Bancshares Corp.		15,235
	1,375	Lakeland Financial Corp.		64,391
	539	LCNB Corp.		10,241
	1,051	MBT Financial Corp.		10,531
	745	Merchants Bancorp		12,687
	398	MidWestOne Financial Group, Inc.		11,128
	567	National Bank Holdings Corp.		20,582
	491	Preferred Bank		23,200
	352	Renasant Corp.		12,651
	510	Republic Bancorp, Inc. *		25,372
	1,015	Republic First Bancorp, Inc. *		4,984
	2,046	Sandy Spring Bancorp, Inc.		71,364
	520	Shore Bancshares, Inc.		8,497
	797	Sierra Bancorp		21,615
	1,284	SmartFinancial, Inc. *		27,850
	621	South State Corp.		45,749
	279	Southern First Bancshares, Inc. *		10,926
	771	Synovus Financial Corp.		26,985
	75	TriCo Bancshares		2,835
	3,809	TriState Capital Holdings, Inc. *		81,284
	4,616	United Community Banks, Inc.		131,833
	191	Walker & Dunlop, Inc.		10,163
	1,154	West Bancorporation, Inc.		24,488
	1,640	Wintrust Financial Corp.		119,982
				1,467,341
		BEVERAGES - 0.3%
	150	Boston Beer Co, Inc. *		56,664

See accompanying notes to financial statements.

79

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BIOTECHNOLOGY - 3.9%
	1,515	ACADIA Pharmaceuticals, Inc. *	$	40,496
	4,507	Achillion Pharmaceuticals, Inc. *		12,079
	2,241	Acorda Therapeutics, Inc. *		17,188
	1,610	Agenus, Inc. *		4,830
	1,093	Alder Biopharmaceuticals, Inc. *		12,865
	350	Allogene Therapeutics, Inc. *		9,398
	807	AMAG Pharmaceuticals, Inc. *		8,062
	875	Amicus Therapeutics, Inc. *		10,920
	327	AnaptysBio, Inc. *		18,449
	6,159	Aptinyx, Inc. *		—
	989	Arcus Biosciences, Inc. *		7,863
	2,190	Ardelyx, Inc. *		5,891
	323	Arena Pharmaceuticals, Inc. *		18,937
	825	Arrowhead Pharmaceuticals, Inc. *		21,862
	510	Assembly Biosciences, Inc. *		6,880
	298	Atara Biotherapeutics, Inc. *		5,993
	5,026	Athersys, Inc. *		8,444
	252	Audentes Therapeutics, Inc. *		9,541
	152	Blueprint Medicines Corp. *		14,338
	1,099	Calithera Biosciences, Inc. *		4,286
	1,062	ChemoCentryx, Inc. *		9,877
	905	CytomX Therapeutics, Inc. *		10,154
	375	Denali Therapeutics, Inc. *		7,785
	313	Editas Medicine, Inc. *		7,744
	510	Emergent BioSolutions, Inc. *		24,638
	2,668	Enzo Biochem, Inc. *		8,991
	247	Exact Sciences Corp. *		29,156
	656	Fate Therapeutics, Inc. *		13,317
	337	FibroGen, Inc. *		15,226
	216	Five Prime Therapeutics, Inc. *		1,302
	1,472	Halozyme Therapeutics, Inc. *		25,289
	107	Intercept Pharmaceuticals, Inc. *		8,514
	2,227	Intrexon Corp. *		17,059
	899	Iovance Biotherapeutics, Inc. *		22,043
	269	Ligand Pharmaceuticals, Inc. *		30,706
	354	MacroGenics, Inc. *		6,007
	728	Medicines Co. *		26,550
	807	Myriad Genetics, Inc. *		22,418
	1,030	NeoGenomics, Inc. *		22,598
	3,592	Nymox Pharmaceutical Corp. *		5,208
	648	Prothena Corp. PLC *		6,849
	165	Puma Biotechnology, Inc. *		2,097
	382	REGENXBIO, Inc. *		19,623

See accompanying notes to financial statements.

80

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BIOTECHNOLOGY (Continued) - 3.9%
	1,213	Retrophin, Inc. *	$	24,369
	6	Sage Therapeutics, Inc. *		1,099
	1,095	Sangamo Therapeutics, Inc. *		11,793
	244	Spark Therapeutics, Inc. *		24,981
	636	Theravance Biopharma, Inc. *		10,386
	258	Ultragenyx Pharmaceutical, Inc. *		16,383
	541	Veracyte, Inc. *		15,424
	2,433	ZIOPHARM Oncology, Inc. *		14,184
				700,092
		BUILDING MATERIALS - 1.8%
	762	Boise Cascade Co.		21,420
	2,392	Builders FirstSource, Inc. *		40,329
	515	Continental Building Products, Inc. *		13,684
	1,005	Griffon Corp.		17,005
	782	Louisiana-Pacific Corp.		20,504
	4,439	LSI Industries, Inc.		16,202
	339	Masonite International Corp. *		17,859
	828	PGT Innovations, Inc. *		13,844
	716	Summit Materials, Inc. *		13,783
	1,054	Trex Co., Inc. *		75,572
	1,828	Universal Forest Products, Inc.		69,574
				319,776
		CHEMICALS - 1.8%
	490	AdvanSix, Inc. *		11,971
	721	Ferro Corp. *		11,392
	1,075	HB Fuller Co.		49,880
	211	Ingevity Corp. *		22,191
	1,131	Innospec, Inc.		103,192
	460	Koppers Holdings, Inc. *		13,506
	320	Materion Corp.		21,699
	1,298	PolyOne Corp.		40,744
	418	Stepan Co.		38,418
	90	Univar, Inc. *		1,984
				314,977
		COAL - 0.3%
	109	Arch Coal, Inc.		10,269
	1,002	Peabody Energy Corp.		24,148
	1,162	SunCoke Energy, Inc. *		10,319
				44,736
		COMMERCIAL SERVICES - 5.8%
	649	Aaron’s, Inc.		39,855
	575	AMN Healthcare Services, Inc. *		31,194
	548	Arlo Technologies, Inc. *		2,197
	1,145	ASGN, Inc. *		69,387

See accompanying notes to financial statements.

81

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		COMMERCIAL SERVICES (Continued) - 5.8%
	206	Avalara, Inc. *	$	14,873
	1,122	Care.com, Inc. *		12,320
	1,179	Carriage Services, Inc.		22,413
	1,441	Chegg, Inc. *		55,608
	383	CorVel Corp. *		33,325
	640	CRA International, Inc.		24,531
	125	Forrester Research, Inc.		5,879
	176	Grand Canyon Education, Inc. *		20,596
	586	Green Dot Corp. *		28,655
	883	GreenSky, Inc. *		10,852
	911	Hackett Group, Inc.		15,296
	393	Harsco Corp. *		10,784
	514	HealthEquity, Inc. *		33,616
	216	Herc Holdings, Inc. *		9,899
	843	HMS Holdings Corp. *		27,305
	981	Insperity, Inc.		119,819
	706	International Money Express, Inc. *		9,955
	604	Kelly Services, Inc.		15,819
	1,894	Kforce, Inc.		66,460
	1,414	Korn Ferry		56,659
	885	LiveRamp Holdings, Inc. *		42,905
	410	Matthews International Corp.		14,289
	80	Medifast, Inc.		10,264
	282	National Research Corp.		16,240
	616	Paylocity Holding Corp. *		57,793
	762	Quad/Graphics, Inc.		6,027
	329	Rosetta Stone, Inc. *		7,528
	393	Sotheby’s *		22,845
	690	SP Plus Corp. *		22,032
	262	Strategic Education, Inc.		46,636
	392	TriNet Group, Inc. *		26,578
	169	Viad Corp.		11,195
				1,021,629
		COMPUTERS - 1.9%
	571	EPAM Systems, Inc. *		98,840
	507	Insight Enterprises, Inc. *		29,507
	376	Lumentum Holdings, Inc. *		20,082
	1,132	Mitek Systems, Inc. *		11,252
	648	Nutanix, Inc. *		16,809
	721	Presidio, Inc.		9,856
	1,135	Pure Storage, Inc. *		17,331
	332	Qualys, Inc. *		28,911
	651	Rapid7, Inc. *		37,654
	132	Science Applications International Corp.		11,426

See accompanying notes to financial statements.

82

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		COMPUTERS - 1.9% (Continued)
	200	Varonis Systems, Inc. *	$	12,388
	511	Virtusa Corp. *		22,704
	382	Vocera Communications, Inc. *		12,193
				328,953
		COSMETICS/PERSONAL CARE - 0.3%
	759	Inter Parfums, Inc.		50,466
		DISTRIBUTION/WHOLESALE - 1.1%
	476	Anixter International, Inc. *		28,422
	881	Core-Mark Holding Co, Inc.		34,993
	1,193	G-III Apparel Group Ltd. *		35,098
	856	H&E Equipment Services, Inc.		24,901
	1,922	ScanSource, Inc. *		62,580
	457	Systemax, Inc.		10,127
				196,121
		DIVERSIFIED FINANCIAL SERVICES - 1.9%
	674	Ares Management Corp.		17,639
	4,679	Boston Private Financial Holdings, Inc.		56,476
	178	Cohen & Steers, Inc.		9,156
	982	Enova International, Inc. *		22,635
	86	Evercore, Inc.		7,617
	446	Federal Agricultural Mortgage Corp.		32,406
	2,425	Ladenburg Thalmann Financial Services, Inc.		8,318
	3,331	LendingClub Corp. *		10,926
	31	LendingTree, Inc. *		13,021
	13,134	Medley Management, Inc.		32,310
	1,278	Moelis & Co.		44,666
	368	Piper Jaffray Cos		27,331
	802	Silvercrest Asset Management Group, Inc.		11,252
	321	Stifel Financial Corp.		18,958
	111	WageWorks, Inc. *		5,638
	297	Westwood Holdings Group, Inc.		10,454
				328,803
		ELECTRIC - 2.5%
	585	Avista Corp.		26,091
	906	Black Hills Corp.		70,822
	1,517	Clearway Energy, Inc.		25,577
	1,408	Clearway Energy, Inc. - Class A		22,781
	2,249	IDACORP, Inc.		225,867
	1,131	PNM Resources, Inc.		57,579
	760	Vistra Energy Corp.		17,206
				445,923

See accompanying notes to financial statements.

83

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.8%
	78	EnerSys	$	5,343
	1,593	Generac Holdings, Inc. *		110,570
	147	Littelfuse, Inc.		26,006
				141,919
		ELECTRONICS - 3.3%
	550	Alarm.com Holdings, Inc. *		29,425
	231	Control4 Corp. *		5,486
	6,967	Fitbit, Inc. *		30,655
	2,043	GoPro, Inc. *		11,155
	951	OSI Systems, Inc. *		107,111
	1,501	Sanmina Corp. *		45,450
	583	SYNNEX Corp.		57,367
	467	Tech Data Corp. *		48,848
	1,245	Vishay Intertechnology, Inc.		20,567
	181	Vishay Precision Group, Inc. *		7,354
	1,298	Watts Water Technologies, Inc.		120,948
	848	Woodward, Inc.		95,960
				580,326
		ENERGY - ALTERNATE SOURCES - 0.1%
	4,036	Pacific Ethanol, Inc. *		3,088
	649	Renewable Energy Group, Inc. *		10,293
	128	REX American Resources Corp. *		9,331
				22,712
		ENGINEERING & CONSTRUCTION - 1.4%
	1,153	Comfort Systems USA, Inc.		58,791
	545	EMCOR Group, Inc.		48,015
	1,221	Great Lakes Dredge & Dock Corp. *		13,480
	1,082	MasTec, Inc. *		55,755
	694	MYR Group, Inc. *		25,921
	973	Primoris Services Corp.		20,365
	275	TopBuild Corp. *		22,759
				245,086
		ENTERTAINMENT - 0.7%
	652	AMC Entertainment Holdings, Inc.		6,083
	473	Eldorado Resorts, Inc. *		21,791
	1,272	IMAX Corp. *		25,694
	310	Marriott Vacations Worldwide Corp.		29,884
	1,055	Penn National Gaming, Inc. *		20,319
	867	SeaWorld Entertainment, Inc. *		26,877
				130,648
		ENVIRONMENTAL CONTROL - 0.2%
	726	CECO Environmental Corp. *		6,962
	291	Tetra Tech, Inc.		22,858
				29,820

See accompanying notes to financial statements.

84

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		FOOD - 1.1%
	200	Calavo Growers, Inc.	$	19,348
	545	Chefs’ Warehouse, Inc. *		19,113
	3,512	Dean Foods Co.		3,244
	82	J&J Snack Foods Corp.		13,198
	417	John B Sanfilippo & Son, Inc.		33,231
	2,071	Performance Food Group Co. *		82,902
	128	Sanderson Farms, Inc.		17,480
	672	Seneca Foods Corp. *		—
	425	Simply Good Foods Co. *		10,234
				198,750
		FOREST PRODUCTS & PAPER - 0.1%
	640	Schweitzer-Mauduit International, Inc.		21,235
		GAS - 0.8%
	780	Chesapeake Utilities Corp.		74,116
	778	Southwest Gas Holdings, Inc.		69,724
				143,840
		HAND/MACHINE TOOLS - 0.5%
	2,019	Milacron Holdings Corp. *		27,862
	545	MSA Safety, Inc.		57,438
				85,300
		HEALTHCARE PRODUCTS - 4.2%
	3,283	Accuray, Inc. *		12,705
	170	Adaptive Biotechnologies Corp. *		8,211
	1,266	AtriCure, Inc. *		37,777
	27	Atrion Corp.		23,024
	352	Cantel Medical Corp.		28,385
	410	Cardiovascular Systems, Inc. *		17,601
	680	CONMED Corp.		58,188
	802	Genomic Health, Inc. *		46,652
	882	Globus Medical, Inc. *		37,309
	135	Haemonetics Corp. *		16,246
	215	ICU Medical, Inc. *		54,161
	306	Inogen, Inc. *		20,429
	436	Insulet Corp. *		52,050
	157	Integer Holdings Corp. *		13,175
	628	Intersect ENT, Inc. *		14,293
	489	iRhythm Technologies, Inc. *		38,670
	506	Luminex Corp.		10,444
	205	Masimo Corp. *		30,508
	580	Merit Medical Systems, Inc. *		34,545
	725	NanoString Technologies, Inc. *		22,004
	36	Nevro Corp. *		2,334
	551	Novocure Ltd. *		34,840

See accompanying notes to financial statements.

85

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		HEALTHCARE PRODUCTS - 4.2% (Continued)
	146	NuVasive, Inc. *	$	8,547
	7,845	OPKO Health, Inc. *		19,142
	172	Penumbra, Inc. *		27,520
	209	Repligen Corp. *		17,964
	1,995	RTI Surgical Holdings, Inc. *		8,479
	203	STAAR Surgical Co. *		5,964
	57	Surmodics, Inc. *		2,461
	264	Tandem Diabetes Care, Inc. *		17,033
	1,104	Wright Medical Group NV *		32,921
				753,582
		HEALTHCARE - SERVICES - 2.7%
	684	American Renal Associates Holdings, Inc. *		5,089
	866	Catalent, Inc. *		46,946
	143	Chemed Corp.		51,600
	743	Encompass Health Corp.		47,076
	703	Ensign Group, Inc.		40,015
	1,719	Invitae Corp. *		40,397
	490	LHC Group, Inc. *		58,594
	731	Medpace Holdings, Inc. *		47,822
	161	Molina Healthcare, Inc. *		23,046
	689	Natera, Inc. *		19,003
	123	National HealthCare Corp.		9,981
	991	Select Medical Holdings Corp. *		15,727
	674	Syneos Health, Inc. *		34,435
	169	Teladoc Health, Inc. *		11,223
	410	Tenet Healthcare Corp. *		8,471
	216	Tivity Health, Inc. *		3,551
	83	US Physical Therapy, Inc.		10,173
				473,149
		HOME BUILDERS - 1.0%
	1,085	Beazer Homes USA, Inc. *		10,427
	55	LCI Industries		4,950
	2,233	MDC Holdings, Inc.		73,198
	1,382	Meritage Homes Corp. *		70,952
	1,328	TRI Pointe Group, Inc. *		15,896
	294	William Lyon Homes *		5,360
				180,783
		HOME FURNISHINGS - 0.2%
	303	Hooker Furniture Corp.		6,248
	379	iRobot, Corp. *		34,732
				40,980
		HOUSEWARE PRODUCTS/WARES - 0.4%
	1,340	ACCO Brands Corp.		10,546
	245	Central Garden & Pet Co. *		6,603

See accompanying notes to financial statements.

86

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		HOUSEWARE PRODUCTS/WARES - 0.4% (Continued)
	85	Central Garden & Pet Co. - Class A *	$	2,094
	927	CSS Industries, Inc.		4,524
	631	Quanex Building Products Corp.		11,920
	295	Spectrum Brands Holdings, Inc.		15,862
	137	WD-40 Co.		21,788
				73,337
		INSURANCE - 2.8%
	178	American National Insurance Co.		20,732
	2,723	CNO Financial Group, Inc.		45,420
	1,368	Employers Holdings, Inc.		57,825
	1,941	Essent Group Ltd. *		91,208
	332	FBL Financial Group, Inc.		21,182
	4,364	Genworth Financial, Inc. *		16,190
	1,272	Greenlight Capital Re Ltd. *		10,799
	455	HCI Group, Inc.		18,414
	539	Horace Mann Educators Corp.		21,716
	124	Kemper Corp.		10,700
	620	Kinsale Capital Group, Inc.		56,718
	1,313	MGIC Investment Corp. *		17,253
	1,003	National General Holdings Corp.		23,009
	1,150	Protective Insurance Corp.		19,976
	1,861	Radian Group, Inc.		42,524
	653	United Fire Group, Inc.		31,644
				505,310
		INTERNET - 3.4%
	926	Boingo Wireless, Inc. *		16,640
	607	Cargurus, Inc. *		21,919
	930	Cars.com, Inc. *		18,340
	749	Cogent Communications Holdings, Inc.		44,461
	1,072	Etsy, Inc. *		65,789
	3,134	Groupon, Inc. *		11,220
	271	GrubHub, Inc. *		21,135
	1,866	NIC, Inc.		29,931
	339	Overstock.com, Inc. *		4,610
	323	Perficient, Inc. *		11,085
	456	Proofpoint, Inc. *		54,834
	1,247	QuinStreet, Inc. *		19,765
	481	RealReal, Inc. *		13,901
	969	RingCentral, Inc. *		111,357
	192	Shutterfly, Inc.		7,524
	86	Stamps.com, Inc. *		3,893
	942	TechTarget, Inc. *		20,018
	1,115	TrueCar, Inc. *		6,088
	2,865	US Auto Parts Network, Inc. *		3,581

See accompanying notes to financial statements.

87

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		INTERNET - 3.4% (Continued)
	1,048	Yelp, Inc. *	$	35,821
	690	Zendesk, Inc. *		61,431
	374	Zscaler, Inc. *		28,663
				612,006
		INVESTMENT COMPANIES - 0.1%
	2,067	BrightSphere Investment Group PLC		23,584
		IRON/STEEL - 0.3%
	322	Carpenter Technology Corp.		15,450
	1,759	Cleveland-Cliffs, Inc.		18,769
	991	Schnitzer Steel Industries, Inc.		25,934
				60,153
		LEISURE TIME - 0.7%
	259	Fox Factory Holding Corp. *		21,370
	484	Malibu Boats, Inc. *		18,803
	880	MasterCraft Boat Holdings, Inc. *		17,239
	970	Planet Fitness, Inc. *		70,267
				127,679
		LODGING - 0.5%
	713	Boyd Gaming Corp.		19,208
	1,029	Caesars Entertainment Corp. *		12,163
	1,507	Century Casinos, Inc. *		14,618
	1,304	Marcus Corp.		42,980
				88,969
		MACHINERY - DIVERSIFIED - 1.4%
	211	Alamo Group, Inc.		21,085
	254	Albany International Corp.		21,059
	383	Altra Industrial Motion Corp.		13,742
	1,338	Applied Industrial Technologies, Inc.		82,327
	1,081	Briggs & Stratton Corp.		11,069
	410	Cactus, Inc. *		13,579
	424	Curtiss-Wright Corp.		53,903
	816	DXP Enterprises, Inc. *		30,918
	277	Manitowoc Co., Inc. *		4,931
				252,613
		MEDIA - 1.3%
	1,456	Entercom Communications Corp.		8,445
	4,818	Entravision Communications Corp.		15,032
	1,573	Gray Television, Inc. *		25,781
	621	Liberty Latin America Ltd. - Class A *		10,700
	1,484	Liberty Latin America Ltd. - Class C *		25,510
	222	Meredith Corp.		12,223

See accompanying notes to financial statements.

88

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		MEDIA (Continued) - 1.3%
	1,116	MSG Networks, Inc. *	$	23,146
	190	Nexstar Media Group, Inc.		19,190
	658	Sinclair Broadcast Group, Inc.		35,289
	1,189	TEGNA, Inc.		18,013
	1,921	Townsquare Media, Inc.		10,335
	395	World Wrestling Entertainment, Inc.		28,523
				232,187
		METAL FABRICATE/HARDWARE - 1.1%
	509	Lawson Products, Inc. *		—
	453	LB Foster Co. *		12,385
	3,607	Rexnord Corp. *		109,004
	2,495	Ryerson Holding Corp. *		20,783
	1,088	TimkenSteel Corp. *		8,845
	302	TriMas Corp. *		9,353
	975	Worthington Industries, Inc.		39,254
				199,624
		MINING - 0.3%
	5,768	Coeur Mining, Inc. *		—
	6,536	Hecla Mining Co.		11,765
	429	Kaiser Aluminum Corp.		41,874
				53,639
		MISCELLANEOUS MANUFACTURER - 1.4%
	401	Axon Enterprise, Inc. *		25,748
	311	EnPro Industries, Inc.		19,854
	816	ESCO Technologies, Inc.		67,418
	572	Fabrinet *		28,411
	34	Hillenbrand, Inc.		1,345
	142	John Bean Technologies Corp.		17,200
	128	Proto Labs, Inc. *		14,851
	366	Raven Industries, Inc.		13,132
	430	Standex International Corp.		31,450
	523	Trinseo SA		22,144
				241,553
		OFFICE FURNISHINGS - 0.4%
	2,204	Interface, Inc.		33,787
	1,019	Kimball International, Inc.		17,761
	1,001	Steelcase, Inc.		17,117
				68,665
		OIL & GAS - 1.9%
	1,039	Brigham Minerals, Inc. *		22,297
	475	Carrizo Oil & Gas, Inc. *		4,760
	2,758	CNX Resources Corp. *		20,161
	644	CVR Energy, Inc.		32,194
	550	Delek US Holdings, Inc.		22,286

See accompanying notes to financial statements.

89

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		OIL & GAS (Continued) - 1.9%
	3,248	Denbury Resources, Inc. *	$	4,028
	2,253	Ensco PLC		19,218
	5,122	Evolution Petroleum Corp.		36,622
	2,377	Gulfport Energy Corp. *		11,671
	1,933	Matador Resources Co. *		38,428
	219	Montage Resources Corp. *		1,336
	248	Murphy USA, Inc. *		20,839
	4,899	Oasis Petroleum, Inc. *		27,826
	2	Parker Drilling Co. *		41
	342	PDC Energy, Inc. *		12,333
	107	Penn Virginia Corp. *		3,283
	8,102	Southwestern Energy Co. *		25,602
	3,839	SRC Energy, Inc. *		19,041
	781	Talos Energy, Inc. *		18,782
				340,748
		OIL & GAS SERVICES - 1.3%
	2,783	Archrock, Inc.		29,500
	394	Basic Energy Services, Inc. *		749
	656	C&J Energy Services, Inc. *		7,728
	273	Dril-Quip, Inc. *		13,104
	949	Exterran Corp. *		13,495
	1,558	Forum Energy Technologies, Inc. *		—
	1,688	FTS International, Inc. *		9,419
	190	KLX Energy Services Holdings, Inc. *		3,882
	1,097	Matrix Service Co. *		22,225
	676	McDermott International, Inc. *		6,530
	607	MRC Global, Inc. *		10,392
	577	Oceaneering International, Inc. *		11,765
	1,382	Oil States International, Inc. *		25,291
	3,545	Pioneer Energy Services Corp. *		897
	1,973	ProPetro Holding Corp. *		40,841
	20,995	Superior Energy Services, Inc. *		27,293
	2,699	TETRA Technologies, Inc. *		4,399
	510	US Silica Holdings, Inc.		6,523
				234,033
		PACKAGING & CONTAINERS - 0.1%
	417	Greif, Inc.		13,573
		PHARMACEUTICALS - 3.9%
	777	Aimmune Therapeutics, Inc. *		16,177
	2,123	Akebia Therapeutics, Inc. *		10,275
	2,804	Amneal Pharmaceuticals, Inc. *		—
	1,989	Array BioPharma, Inc. *		92,150
	121	BioSpecifics Technologies Corp. *		7,225

See accompanying notes to financial statements.

90

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		PHARMACEUTICALS (Continued) - 3.9%
	4,959	Chimerix, Inc. *	$	21,423
	707	Clovis Oncology, Inc. *		10,513
	855	Concert Pharmaceuticals, Inc. *		10,260
	1,331	Corcept Therapeutics, Inc. *		14,841
	4,429	Corvus Pharmaceuticals, Inc. *		16,564
	1,507	Dermira, Inc. *		14,407
	635	Diplomat Pharmacy, Inc. *		3,867
	209	Enanta Pharmaceuticals, Inc. *		17,635
	798	Endo International PLC *		3,288
	631	Global Blood Therapeutics, Inc. *		33,191
	642	Heron Therapeutics, Inc. *		11,935
	2,040	Horizon Pharma PLC *		49,082
	865	Intellia Therapeutics, Inc. *		14,160
	789	Intra-Cellular Therapies, Inc. *		10,241
	1,900	Ironwood Pharmaceuticals, Inc. *		20,786
	82	Mallinckrodt PLC *		753
	100	Mirati Therapeutics, Inc. *		10,300
	215	MyoKardia, Inc. *		10,780
	807	Natural Health Trends Corp.		6,496
	406	Nektar Therapeutics *		14,445
	1,252	Owens & Minor, Inc.		4,006
	263	Pacira Pharmaceuticals, Inc. *		11,438
	987	Phibro Animal Health Corp.		31,357
	302	Portola Pharmaceuticals, Inc. *		8,193
	225	PRA Health Sciences, Inc. *		22,309
	839	Prestige Consumer Healthcare, Inc. *		26,580
	179	Ra Pharmaceuticals, Inc. *		5,383
	299	Reata Pharmaceuticals, Inc. *		28,211
	185	Sarepta Therapeutics, Inc. *		28,111
	3,816	Seres Therapeutics, Inc. *		12,288
	474	Spectrum Pharmaceuticals, Inc. *		4,081
	247	Supernus Pharmaceuticals, Inc. *		8,173
	395	USANA Health Sciences, Inc. *		31,375
	858	Vanda Pharmaceuticals, Inc. *		12,089
	661	Xencor, Inc. *		27,055
	207	Zogenix, Inc. *		9,890
				691,333
		REAL ESTATE - 0.6%
	432	Marcus & Millichap, Inc. *		13,327
	1,446	McGrath RentCorp		89,869
	991	Target Hospitality Corp. *		9,018
				112,214
		REAL ESTATE INVESTMENT TRUSTS - 8.5%
	1,676	Acadia Realty Trust		45,872

See accompanying notes to financial statements.

91

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		REAL ESTATE INVESTMENT TRUSTS (Continued) - 8.5%
	937	Ares Commercial Real Estate Corp.	$	13,924
	1,455	CareTrust REIT, Inc.		34,600
	7,553	Cedar Realty Trust, Inc.		20,015
	2,378	Chatham Lodging Trust		44,873
	2,359	CorePoint Lodging, Inc.		29,228
	920	Cousins Properties, Inc.		33,276
	4,618	DiamondRock Hospitality Co.		47,750
	2,451	Easterly Government Properties, Inc.		44,388
	1,020	EastGroup Properties, Inc.		118,300
	5,838	First Industrial Realty Trust, Inc.		214,488
	2,467	Four Corners Property Trust, Inc.		67,423
	1,374	Franklin Street Properties Corp.		10,140
	326	GEO Group, Inc.		6,849
	326	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,187
	4,112	Hersha Hospitality Trust		68,012
	4,360	Invesco Mortgage Capital, Inc.		70,283
	968	Kite Realty Group Trust		14,646
	2,873	Ladder Capital Corp.		47,721
	1,626	National Storage Affiliates Trust		47,056
	544	NexPoint Residential Trust, Inc.		22,522
	1,788	Preferred Apartment Communities, Inc.		26,731
	167	PS Business Parks, Inc.		28,145
	363	QTS Realty Trust, Inc.		16,763
	1,539	Retail Opportunity Investments Corp.		26,363
	1,391	Rexford Industrial Realty, Inc.		56,155
	5,792	RLJ Lodging Trust		102,750
	556	Ryman Hospitality Properties, Inc.		45,086
	943	STAG Industrial, Inc.		28,516
	1,954	Sunstone Hotel Investors, Inc.		26,789
	1,263	Terreno Realty Corp.		61,938
	1,498	TPG RE Finance Trust, Inc.		28,896
	2,231	Xenia Hotels & Resorts, Inc.		46,516
				1,505,201
		RETAIL - 4.9%
	1,907	American Eagle Outfitters, Inc.		32,228
	277	America’s Car-Mart, Inc. *		23,844
	1,330	Asbury Automotive Group, Inc. *		112,172
	513	Barnes & Noble, Inc.		3,432
	303	Bassett Furniture Industries, Inc.		4,621
	327	Beacon Roofing Supply, Inc. *		12,007
	1,746	Bed Bath & Beyond, Inc.		20,289
	405	Big Lots, Inc.		11,587
	652	BJ’s Restaurants, Inc.		28,649
	1,009	BJ’s Wholesale Club Holdings, Inc. *		26,638

See accompanying notes to financial statements.

92

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		RETAIL - 4.9% (Continued)
	1,473	Bloomin’ Brands, Inc.	$	27,854
	1,364	BMC Stock Holdings, Inc. *		28,917
	566	Brinker International, Inc.		22,272
	503	Carrols Restaurant Group, Inc. *		4,542
	1,182	Cato Corp.		14,562
	742	Cheesecake Factory, Inc.		32,440
	2,489	Chico’s FAS, Inc.		8,388
	856	Citi Trends, Inc.		12,515
	167	Dillard’s, Inc.		10,401
	283	FirstCash, Inc.		28,306
	499	Five Below, Inc. *		59,890
	1,733	Foundation Building Materials, Inc. *		30,813
	151	Freshpet, Inc. *		6,872
	435	Lithia Motors, Inc.		51,669
	347	Ollie’s Bargain Outlet Holdings, Inc. *		30,227
	716	PC Connection, Inc.		25,046
	110	RH *		12,716
	696	Rush Enterprises, Inc.		25,418
	1,409	Sonic Automotive, Inc.		32,900
	2,119	Texas Roadhouse, Inc.		113,727
	883	Zumiez, Inc. *		23,046
				877,988
		SAVINGS & LOANS - 2.2%
	5,662	Community Bankers Trust Corp.		47,957
	1,068	First Defiance Financial Corp.		30,513
	2,732	First Financial Northwest, Inc.		38,658
	48	First Savings Financial Group, Inc.		2,880
	70	Hingham Institution for Savings		13,861
	2,835	Meridian Bancorp, Inc.		50,718
	3,391	Riverview Bancorp, Inc.		28,959
	1,721	United Community Financial Corp.		16,470
	3,996	Washington Federal, Inc.		139,580
	321	WSFS Financial Corp.		13,257
				382,853
		SEMICONDUCTORS - 1.7%
	510	Alpha & Omega Semiconductor Ltd. *		4,763
	230	Ambarella, Inc. *		10,150
	5,456	Amkor Technology, Inc. *		40,702
	193	Aquantia Corp. *		2,515
	558	Brooks Automation, Inc. *		21,622
	218	Cabot Microelectronics Corp.		23,997
	1,546	Cirrus Logic, Inc. *		67,560
	460	Cohu, Inc.		7,098
	940	Diodes, Inc. *		34,188

See accompanying notes to financial statements.

93

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		SEMICONDUCTORS - 1.7% (Continued)
	800	GSI Technology, Inc. *	$	6,856
	327	Inphi Corp. *		16,383
	150	Power Integrations, Inc.		12,027
	372	Semtech Corp. *		17,875
	1,070	Synaptics, Inc. *		31,180
	858	Ultra Clean Holdings, Inc. *		11,943
				308,859
		SOFTWARE - 4.2%
	2,129	Allscripts Healthcare Solutions, Inc. *		24,760
	266	Appfolio, Inc. *		27,204
	962	Benefitfocus, Inc. *		26,118
	253	Blackline, Inc. *		13,538
	460	Bottomline Technologies de, Inc. *		20,350
	942	Box, Inc. *		16,589
	2,717	Castlight Health, Inc. *		8,776
	3,085	Cloudera, Inc. *		16,227
	699	Cornerstone OnDemand, Inc. *		40,493
	442	Coupa Software, Inc. *		55,962
	619	CSG Systems International, Inc.		30,226
	675	Domo, Inc. *		18,441
	2,300	Evolent Health, Inc. *		18,285
	183	Fair Isaac, Corp. *		57,466
	333	Fastly, Inc. *		6,753
	666	Five9, Inc. *		34,159
	1,963	InnerWorkings, Inc. *		7,499
	110	Instructure, Inc. *		4,675
	847	LivePerson, Inc. *		23,750
	369	ManTech International Corp.		24,299
	40	Medidata Solutions, Inc. *		3,620
	127	MicroStrategy, Inc. *		18,200
	551	New Relic, Inc. *		47,667
	595	Omnicell, Inc. *		51,188
	788	Progress Software Corp.		34,373
	250	SPS Commerce, Inc. *		25,552
	2,863	Telenav, Inc. *		22,904
	1,349	TiVo Corp.		9,942
	636	Workiva, Inc. *		36,945
	1,001	Yext, Inc. *		20,110
				746,071
		STOREAGE/WAREHOUSING - 0.2%
	861	Mobile Mini, Inc.		26,200

See accompanying notes to financial statements.

94

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		TELECOMMUNICATIONS - 2.1%
	6,098	A10 Networks, Inc. *	$	41,588
	284	Aerohive Networks, Inc. *		1,258
	988	Calix, Inc. *		6,481
	2,451	Ciena Corp. *		100,810
	1,334	Consolidated Communications Holdings, Inc.		6,577
	1,770	Extreme Networks, Inc. *		11,452
	1,120	Finisar Corp. *		25,614
	4,635	Infinera Corp. *		13,488
	1,528	Iridium Communications, Inc. *		35,541
	277	NETGEAR, Inc. *		7,005
	958	Ooma, Inc. *		10,040
	250	Plantronics, Inc.		9,260
	529	TESSCO Technologies, Inc.		9,448
	258	Ubiquiti Networks, Inc.		33,927
	592	ViaSat, Inc. *		47,845
	1,506	Vonage Holdings Corp. *		17,063
				377,397
		TRANSPORTATION - 1.2%
	245	Atlas Air Worldwide Holdings, Inc. *		10,937
	2,485	Covenant Transportation Group, Inc. *		36,554
	810	Hub Group, Inc. *		34,004
	588	Knight-Swift Transportation Holdings, Inc.		19,310
	2,720	Marten Transport Ltd.		49,368
	5,808	Nordic American Tankers Ltd.		13,591
	52	Saia, Inc. *		3,363
	808	Scorpio Tankers, Inc.		23,852
	361	Universal Logistics Holdings, Inc.		—
	561	Werner Enterprises, Inc.		17,436
				208,415
		TRUCKING & LEASING - 0.1%
	167	GATX Corp.		13,241
	343	Greenbrier Cos, Inc.		10,427
				23,668
		WATER - 0.2%
	601	SJW Group		36,523
		TOTAL COMMON STOCKS (Cost - $17,140,533)		17,308,588
		WARRANT - 0.0% ^
	20	Parker Drilling Co. (Cost - $0)		—

See accompanying notes to financial statements.

95

Global Atlantic BlackRock Disciplined Small Cap Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		SHORT-TERM INVESTMENT - 2.5%
		MONEY MARKET FUND - 2.5%
	452,302	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $452,302)	$	452,302
		TOTAL INVESTMENTS - 99.9% (Cost - $17,592,835)	$	17,760,890
		OTHER ASSETS LESS LIABILITIES - NET - 0.1%		2,149
		TOTAL NET ASSETS - 100.0%	$	17,763,039

* Non-income producing security.

^ Represents less than 0.05%

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a) Money market rate shown represents the rate at June 30, 2019.

FUTURES CONTRACTS

						Unrealized
Description	Counterparty	Contracts	Expiration Date	Notional Value		Appreciation
LONG
E-mini Russell 2000 Future	Goldman Sachs	5	Sep-19	$	443,722	$	10,030
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS						$	10,030

See accompanying notes to financial statements.

96

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 97.2%
		ADVERTISING - 0.7%	$	164,681
	7,290	Interpublic Group of Cos, Inc.		9,588
	117	Omnicom Group, Inc.		174,269
		AEROSPACE/DEFENSE - 2.0%
	547	L3Harris Technologies, Inc. *		103,454
	819	Lockheed Martin Corp.		297,739
	624	Raytheon Co.		108,501
				509,694
		AGRICULTURE - 0.8%
	132	Altria Group, Inc.		6,250
	2,240	Archer-Daniels-Midland Co.		91,392
	1,384	Phillip Morris International, Inc.		108,686
				206,328
		AIRLINES - 0.0% ^
	147	Delta Air Lines, Inc.		8,342
		APPAREL - 0.6%
	1,872	NIKE, Inc.		157,154
		AUTO MANUFACTURERS - 1.2%
	4,085	PACCAR, Inc.		292,731
		AUTO PARTS & EQUIPMENT - 0.1%
	1,556	Dana, Inc.		31,027
		BANKS - 5.3%
	7,373	Bank of America Corp.		213,817
	261	Citigroup, Inc.		18,278
	3,984	Citizens Financial Group, Inc.		140,874
	681	First Republic Bank		66,500
	4,884	JPMorgan Chase & Co.		546,031
	2,721	Morgan Stanley		119,207
	3,380	Wells Fargo & Co.		159,942
	1,074	Western Alliance Bancorp *		48,029
	161	Zions Bancorp NA		7,403
				1,320,081
		BEVERAGES - 1.3%
	189	Molson Coors Brewing Co.		10,584
	998	Monster Beverage Corp. *		63,702
	1,983	PepsiCo, Inc.		260,031
				334,317
		BIOTECHNOLOGY - 2.7%
	1,419	Amgen, Inc.		261,493
	97	Biogen, Inc. *		22,685
	705	Celgene Corp. *		65,170
	3,086	Gilead Sciences, Inc.		208,490
	266	Regeneron Pharmaceuticals, Inc. *		83,258

See accompanying notes to financial statements.

97

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BIOTECHNOLOGY (Continued) - 2.7%
	189	Vertex Pharmaceuticals, Inc. *	$	34,659
				675,755
		CHEMICALS - 2.0%
	810	Air Products & Chemicals, Inc.		183,360
	790	Dow, Inc. *		38,955
	513	DuPont de Nemours Inc		38,511
	487	Ecolab, Inc.		96,153
	1,486	LyondellBasell Industries NV		127,989
				484,968
		COMMERCIAL SERVICES - 2.5%
	1,457	Automatic Data Processing, Inc.		240,886
	1	Booz Allen Hamilton Holding Corp.		66
	136	CoStar Group, Inc. *		75,352
	117	H&R Block, Inc.		3,428
	796	Insperity, Inc.		97,223
	901	PayPal Holdings, Inc. *		103,128
	149	S&P Global, Inc.		33,941
	344	Square, Inc. *		24,950
	701	TriNet Group, Inc. *		47,528
				626,502
		COMPUTERS - 4.3%
	4,021	Apple, Inc.		795,836
	681	Dell Technologies, Inc. - Class C *		34,595
	3,163	HP, Inc.		65,759
	1,344	International Business Machines Corp.		185,338
				1,081,528
		COSMETICS/PERSONAL CARE - 1.3%
	896	Colgate-Palmolive Co.		64,216
	418	Estee Lauder Cos, Inc.		76,540
	1,677	Proctor & Gamble Co.		183,883
				324,639
		DISTRIBUTION/WHOLESALE - 0.1%
	77	WW Grainger, Inc.		20,654
		DIVERSIFIED FINANCIAL SERVICES - 5.0%
	1,430	American Express Co.		176,519
	366	Capital One Financial Corp.		33,211
	7,016	Charles Schwab Corp.		281,973
	1,893	Discover Financial Services		146,878
	243	Evercore, Inc.		21,523
	516	Franklin Resources, Inc.		17,957
	318	Mastercard, Inc.		84,121
	1,172	TD Ameritrade Holding Corp.		58,506
	2,371	Visa, Inc.		411,487
				1,232,175
		ELECTRIC - 3.5%
	2,284	Alliant Energy Corp.		112,099
	747	Avista Corp.		33,316

See accompanying notes to financial statements.

98

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		ELECTRIC (Continued) - 3.1%
	580	Black Hills Corp.	$	45,339
	1,838	Consolidated Edison, Inc.		161,156
	361	Dominion Energy, Inc.		27,913
	944	DTE Energy Co.		120,719
	812	Evergy, Inc.		48,842
	693	IDACORP, Inc.		69,598
	341	Pinnacle West Capital Corp.		32,085
	1,994	Xcel Energy, Inc.		118,623
				769,690
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.3%
	303	Generac Holdings, Inc. *		21,031
	362	Hubbell, Inc.		47,205
				68,236
		ELECTRONICS - 2.1%
	2,264	ADT, Inc.		13,856
	1,358	Allegion PLC		150,127
	1,425	Honeywell International, Inc.		248,791
	2,705	National Instruments Corp.		113,583
				526,357
		ENGINEERING & CONSTRUCTION - 0.1%
	219	frontdoor, Inc. *		9,537
	76	MasTec, Inc. *		3,916
				13,453
		ENTERTAINMENT - 0.1%
	809	International Game Technology PLC		10,493
		ENVIRONMENTAL CONTROL - 0.6%
	419	Waste Connections, Inc.		40,048
	841	Waste Management, Inc.		97,026
				137,074
		FOOD - 1.3%
	2,406	General Mills, Inc.		126,363
	956	Hershey Co.		128,133
	223	JM Smucker Co.		25,687
	153	McCormick & Co, Inc.		23,717
	539	Performance Food Group Co. *		21,576
				325,476
		GAS - 0.2%
	611	Southwest Gas Holdings, Inc.		54,758
		HAND/MACHINE TOOLS - 0.3%
	524	Snap-on, Inc.		86,795
		HEALTHCARE PRODUCTS - 2.5%
	718	Danaher Corp.		102,617
	413	Hill-Rom Holdings, Inc.		43,208
	2,914	Medtronic PLC		283,794
	652	Stryker Corp.		134,038

See accompanying notes to financial statements.

99

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		HEALTHCARE PRODUCTS (Continued) - 2.5%
	177	Thermo Fisher Scientific, Inc.	$	51,981
				615,638
		HEALTHCARE - SERVICES - 1.4%
	525	Anthem, Inc.		148,160
	844	UnitedHealth Group, Inc.		205,944
				354,104
		HOUSEHOLD PRODUCTS/WARES - 0.5%
	1,464	Church & Dwight Co., Inc.		106,960
	76	Kimberly-Clark Corp.		10,129
				117,089
		INSURANCE - 5.3%
	1,093	Allstate Corp.		111,147
	272	Arthur J. Gallagher & Co.		23,824
	2,371	Berkshire Hathaway, Inc. *		505,426
	323	Cincinnati Financial Corp.		33,485
	180	Essent Group Ltd. *		8,458
	1,596	First American Financial Corp.		85,705
	550	Lincoln National Corp.		35,448
	2,236	Loews Corp.		122,242
	1,552	MetLife, Inc.		77,088
	2,846	Prudential Financial, Inc.		287,446
	253	Travelers Cos, Inc.		37,829
				1,328,098
		INTERNET - 9.3%
	307	Alphabet, Inc. - Class A *		331,839
	155	Alphabet, Inc. - Class C *		167,834
	471	Amazon.com, Inc. *		891,900
	172	Etsy, Inc. *		10,556
	2,701	Facebook, Inc. *		521,293
	1,275	GoDaddy, Inc. *		89,441
	574	Lyft, Inc. *		37,718
	283	Netflix, Inc. *		103,952
	535	Pinterest, Inc. *		14,563
	471	Twitter, Inc. *		16,438
	1,631	Uber Technologies, Inc. *		75,646
	299	VeriSign, Inc. *		62,539
				2,323,719
		LEISURE - 0.4%
	664	Norwegian Cruise Line Holdings Ltd. *		35,610
	452	Royal Caribbean Cruises Ltd.		54,787
				90,397
		LODGING - 0.7%
	4,654	Extended Stay America, Inc.		78,606
	1,485	Las Vegas Sands Corp.		87,749
				166,355
		MACHINERY - CONSTRUCTION & MINING - 0.3%
	167	Caterpillar, Inc.		22,760

See accompanying notes to financial statements.

100

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		MACHINERY - CONSTRUCTION & MINING (Continued) - 0.3%
	632	Oshkosh Corp.	$	52,766
				75,526
		MACHINERY - DIVERSIFIED - 1.8%
	2,175	Crane Co.		181,482
	365	Cummins, Inc.		62,539
	948	Rockwell Automation, Inc.		155,311
	116	Roper Technologies, Inc.		42,486
				441,818
		MEDIA - 1.6%
	712	CBS Corp.		35,529
	7,254	Comcast Corp.		306,699
	146	Fox Corp. - Class A *		5,349
	167	Fox Corp. - Class B *		6,101
	200	Sinclair Broadcast Group, Inc.		10,726
	1,396	Sirius XM Holdings, Inc.		7,790
	120	Viacom, Inc. - Class A		4,092
	1,059	Viacom, Inc. - Class B		31,632
				407,918
		MINING - 0.1%
	693	Newmont Mining Corp.		26,660
		MISCELLANEOUS MANUFACTURER - 0.0% ^
	96	AO Smith Corp.		4,527
		OIL & GAS - 3.2%
	502	Anadarko Petroleum Corp.		35,421
	597	Cabot Oil & Gas Corp.		13,707
	1,629	Chevron Corp.		202,713
	4,248	ConocoPhillips		259,128
	1,055	EOG Resources, Inc.		98,284
	1,984	Exxon Mobil Corp.		152,034
	164	Helmerich & Payne, Inc.		8,302
	326	Valero Energy Corp.		27,909
				797,498
		OIL & GAS SERVICES - 0.5%
	3,662	Halliburton Co.		83,274
	918	Schlumberger Ltd.		36,481
				119,755
		PACKAGING & CONTAINERS - 0.6%
	3,765	Westrock Co.		137,310
		PHARMACEUTICALS - 7.0%
	2,233	AbbVie, Inc.		162,384
	348	AmerisourceBergen Corp.		29,670
	2,747	Bristol-Myers Squibb Co.		124,576
	464	Cigna Corp.		73,103
	2,026	CVS Health Corp.		110,397

See accompanying notes to financial statements.

101

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		PHARMACEUTICALS (Continued) - 7.0%
	73	DexCom, Inc. *	$	10,938
	443	Eli Lilly & Co.		49,080
	434	Herbalife Nutrition Ltd. *		18,558
	4,235	Johnson & Johnson		589,851
	233	McKesson Corp.		31,313
	5,724	Merck & Co., Inc.		479,957
	1,668	Pfizer, Inc.		72,258
				1,752,085
		PIPELINES - 0.2%
	567	Antero Midstream Corp.		6,498
	1,983	Williams Cos, Inc.		55,603
				62,101
		REAL ESTATE INVESTMENT TRUSTS - 2.9%
	7	Equinix, Inc.		3,530
	1,193	Equity LifeStyle Properties, Inc.		144,759
	867	Outfront Media, Inc.		22,360
	2,709	Park Hotels & Resorts, Inc.		74,660
	2,496	Prologis, Inc.		199,930
	1,680	RLJ Lodging Trust		29,803
	491	Ryman Hospitality Properties, Inc.		39,815
	1,235	Simon Property Group, Inc.		197,304
				712,161
		RETAIL - 4.6%
	357	Advance Auto Parts, Inc.		55,028
	33	AutoZone, Inc. *		36,283
	20	Chipotle Mexican Grill, Inc. *		14,658
	423	Costco Wholesale Corp.		111,782
	1,227	Darden Restaurants, Inc.		149,363
	106	Dollar General Corp.		14,327
	87	Domino’s Pizza, Inc.		24,210
	710	Home Depot, Inc.		147,659
	289	Lululemon Athletica, Inc. *		52,081
	854	McDonald’s Corp.		177,342
	33	O’Reilly Automotive ,Inc. *		12,188
	1,105	Target Corp.		95,704
	1,358	TJX Cos, Inc.		71,811
	97	Ulta Beauty, Inc. *		33,648
	1,060	Walmart, Inc.		117,119
	364	Yum! Brands, Inc.		40,284
				1,153,487
		SEMICONDUCTORS - 2.9%
	1,418	Applied Materials, Inc.		63,682
	259	Broadcom Ltd.		74,556
	1,017	Cirrus Logic, Inc. *		44,443
	3,416	Intel Corp.		163,524
	22	Lam Research Corp.		4,132
	442	NVIDIA Corp.		72,590

See accompanying notes to financial statements.

102

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		SEMICONDUCTORS (Continued) - 2.9%
	804	QUALCOMM, Inc.	$	61,160
	1,299	Texas Instruments, Inc.		149,073
	649	Xilinx, Inc.		76,530
				709,690
		SOFTWARE - 8.8%
	957	Activision Blizzard, Inc.		45,170
	766	Adobe Systems, Inc. *		225,702
	73	Electronic Arts, Inc. *		7,392
	1,626	Fidelity National Information Services, Inc.		199,478
	494	Intuit, Inc.		129,097
	5,678	Microsoft Corp.		760,625
	1,952	Oracle Corp.		111,205
	1,662	Paychex, Inc.		136,766
	69	Red Hat, Inc. *		12,955
	2,190	salesforce.com, Inc. *		332,289
	384	ServiceNow, Inc. *		105,435
	413	Veeva Systems, Inc. *		66,951
	222	Workday, Inc. *		45,639
				2,178,704
		TELECOMMUNICATIONS - 3.2%
	3,248	AT&T, Inc.		108,840
	640	Ciena Corp. *		26,323
	5,746	Cisco Systems, Inc.		314,479
	5,978	Verizon Communications, Inc.		341,523
				791,165
		TRANSPORTATION - 0.4%
	298	CSX Corp.		23,056
	283	Landstar System, Inc.		30,561
	864	Ryder System, Inc.		50,371
				103,988
		TRUCKING & LEASING - 0.1%
	217	GATX Corp.		17,206
		WATER - 0.9%
	1,938	American Water Works Co., Inc.		224,807
		TOTAL COMMON STOCKS (Cost - $21,904,102)		24,184,302
		SHORT-TERM INVESTMENT - 1.9%
		MONEY MARKET FUND - 1.9%
	460,579	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a) (Cost - $460,579)		460,579
		TOTAL INVESTMENTS - 99.1% (Cost - $22,364,681)	$	24,644,881
		OTHER ASSETS LESS LIABILITIES - NET - 0.9%		220,072
		TOTAL NET ASSETS - 100.0%	$	24,864,953

* Non-income producing security.

^ Represents less than 0.05%

(a) Money market rate shown represents the rate at June 30, 2019.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.

103

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

FUTURES CONTRACTS

Description	Counterparty	Contracts	Expiration Date	Notional Value		Unrealized Appreciation
LONG
S&P 500 E-mini Future	Goldman Sachs	4	Sep-19	$	588,840	$	7,946
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							7,946

See accompanying notes to financial statements.

104

Global Atlantic BlackRock Disciplined Value Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 98.5%
		ADVERTISING - 0.6%
	78,334	Interpublic Group of Cos, Inc.	$	1,769,565
		AEROSPACE/DEFENSE - 1.0%
	4,960	L3Harris Technologies, Inc. *		938,085
	3,021	Lockheed Martin Corp.		1,098,254
	2,763	Raytheon Co.		480,430
	562	Teledyne Technologies, Inc. *		153,915
	662	United Technologies Corp.		86,192
				2,756,876
		AGRICULTURE - 1.6%
	47,051	Archer-Daniels-Midland Co.		1,919,681
	32,803	Philip Morris International, Inc.		2,576,020
				4,495,701
		AIRLINES - 0.2%
	3,999	Delta Air Lines, Inc.		226,943
	1,961	Southwest Airlines Co.		99,580
				326,523
		APPAREL - 0.0% ^
	671	Kontoor Brands, Inc. *		18,801
		AUTO MANUFACTURERS - 1.3%
	49,241	PACCAR, Inc.		3,528,610
		AUTO PARTS & EQUIPMENT - 0.6%
	28,978	Dana, Inc.		577,821
	52,798	Goodyear Tire & Rubber Co.		807,809
	2,555	Lear Corp.		355,835
				1,741,465
		BANKS - 11.4%
	23,031	Associated Banc-Corp.		486,875
	155,412	Bank of America Corp.		4,506,948
	4,034	Bank of New York Mellon Corp.		178,101
	23,803	Citigroup, Inc.		1,666,924
	69,493	Citizens Financial Group, Inc.		2,457,272
	661	Comerica, Inc.		48,015
	620	Cullen/Frost Bankers, Inc.		58,069
	11,056	East West Bancorp, Inc.		517,089
	11,023	First Republic Bank		1,076,396
	83,027	JPMorgan Chase & Co.		9,282,419
	69,125	Morgan Stanley		3,028,366
	54,609	Regions Financial Corp.		815,858
	15,574	State Street Corp.		873,078
	9,091	SunTrust Banks, Inc.		571,369
	3,958	US Bancorp		65,663
	73,371	Wells Fargo & Co.		3,471,916
	30,415	Western Alliance Bancorp *		1,360,159

See accompanying notes to financial statements.

105

Global Atlantic BlackRock Disciplined Value Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BANKS (Continued) - 11.4%
	20,740	Zions Bancorp NA	$	953,625
				31,418,142
		BEVERAGES - 0.3%
	3,540	Molson Coors Brewing Co.		198,240
	4,775	Monster Beverage Corp. *		304,788
	3,091	PepsiCo, Inc.		405,323
				908,351
		BIOTECHNOLOGY - 1.6%
	9,600	Amgen, Inc.		1,769,088
	724	Corteva, Inc. *		21,409
	29,841	Gilead Sciences, Inc.		2,016,058
	1,670	Regeneron Pharmaceuticals, Inc. *		522,710
	1,272	United Therapeutics Corp. *		99,292
				4,428,557
		BUILDING MATERIALS - 0.1%
	5,479	MDU Resources Group, Inc.		141,358
		CHEMICALS - 3.0%
	8,635	Air Products & Chemicals, Inc.		1,954,705
	34,324	Dow, Inc.		1,692,516
	19,056	DuPont de Nemours, Inc.		1,430,534
	5,256	Ecolab, Inc.		1,037,745
	22,493	LyondellBasell Industries NV		1,937,322
	3,769	Mosaic Co.		94,338
				8,147,160
		COMMERCIAL SERVICES - 1.0%
	1,979	Automatic Data Processing, Inc.		327,188
	11	Booz Allen Hamilton Holding Corp.		728
	733	CoStar Group, Inc. *		406,126
	6,032	H&R Block, Inc.		176,738
	9,249	Insperity, Inc.		1,129,673
	2,867	Square, Inc. *		207,944
	5,653	TriNet Group, Inc. *		383,273
	1,308	Worldpay, Inc. *		160,295
				2,791,965
		COMPUTERS - 1.0%
	6,288	Amdocs Ltd.		390,422
	9,146	Dell Technologies, Inc. - Class C *		464,617
	50,535	HP, Inc.		1,050,623
	5,645	International Business Machines Corp.		778,446
				2,684,108
		COSMETICS/PERSONAL CARE - 1.9%
	14,095	Colgate-Palmolive Co.		1,010,189
	38,588	Proctor & Gamble Co.		4,231,174
				5,241,363
		DISTRIBUTION/WHOLESALE - 0.2%
	1,768	WW Grainger, Inc.		474,231

See accompanying notes to financial statements.

106

Global Atlantic BlackRock Disciplined Value Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		DIVERSIFIED FINANCIAL SERVICES - 3.6%
	19,023	Ally Financial, Inc.	$	589,523
	10,758	American Express, Co.		1,327,968
	15,720	Capital One Financial Corp.		1,426,433
	63,210	Charles Schwab Corp.		2,540,410
	23,108	Discover Financial Services		1,792,950
	3,125	Evercore. Inc.		276,781
	18,221	Franklin Resources, Inc.		634,091
	6,168	OneMain Holdings, Inc.		208,540
	16,460	Synchrony Financial		570,668
	9,148	TD Ameritrade Holding Corp.		456,668
				9,824,032
		ELECTRIC - 5.6%
	49,140	Alliant Energy Corp.		2,411,791
	10,953	Avista Corp.		488,504
	9,572	Black Hills Corp.		748,243
	30,923	Consolidated Edison, Inc.		2,711,329
	10,158	Dominion Energy, Inc.		785,417
	17,226	DTE Energy Co.		2,202,861
	23,327	Evergy, Inc.		1,403,119
	10,066	IDACORP, Inc.		1,010,928
	912	NorthWestern Corp.		65,801
	15,191	Pinnacle West Capital Corp.		1,429,321
	36,876	Xcel Energy, Inc.		2,193,753
				15,451,067
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.4%
	2,085	AMETEK, Inc.		189,401
	4,100	Generac Holdings, Inc. *		284,581
	5,282	Hubbell, Inc.		688,773
				1,162,755
		ELECTRONICS - 1.8%
	51,498	ADT, Inc.		315,168
	14,006	Allegion PLC		1,548,363
	3,113	Fortive Corp.		253,772
	9,149	Honeywell International, Inc.		1,597,324
	1,156	Jabil, Inc.		36,530
	29,707	National Instruments Corp.		1,247,397
	4,472	Resideo Technologies, Inc. *		98,026
				5,096,580
		ENGINEERING & CONSTRUCTION - 0.1%
	1,657	frontdoor, Inc. *		72,162
	1,408	MasTec, Inc. *		72,555
				144,717
		ENTERTAINMENT - 0.2%
	1,187	Cinemark Holdings, Inc.		42,851
	29,385	International Game Technology PLC		381,123
				423,974

See accompanying notes to financial statements.

107

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June 30, 2019 (Unaudited)

Shares			Value
		ENVIRONMENTAL CONTROL - 0.5%
	1,117	Republic Services, Inc.	$	96,777
	3,703	Waste Connections, Inc.		353,933
	8,157	Waste Management, Inc.		941,073
				1,391,783
		FOOD - 2.0%
	38,218	General Mills, Inc.		2,007,209
	9,995	Hershey Co.		1,339,630
	7,941	JM Smucker Co.		914,724
	7,736	Kroger Co.		167,949
	2,400	Lamb Weston Holdings, Inc.		152,064
	3,112	McCormick & Co., Inc.		482,391
	9,677	Performance Food Group Co. *		387,370
				5,451,337
		GAS - 0.4%
	9,301	Southwest Gas Holdings, Inc.		833,556
	7,440	UGI Corp.		397,370
				1,230,926
		HAND/MACHINE TOOLS - 0.4%
	7,356	Snap-on, Inc.		1,218,448
		HEALTHCARE PRODUCTS - 3.1%
	11,796	Danaher Corp.		1,685,884
	4,670	Hill-Rom Holdings, Inc.		488,575
	49,347	Medtronic PLC		4,805,904
	3,287	Stryker Corp.		675,741
	3,429	Thermo Fisher Scientific, Inc.		1,007,030
				8,663,134
		HEALTHCARE - SERVICES - 0.7%
	7,018	Anthem, Inc.		1,980,550
		HOME BUILDERS - 0.2%
	5,629	DR Horton, Inc.		242,779
	6,703	Thor Industries, Inc.		391,790
				634,569
		HOUSEHOLD PRODUCTS/WARES - 0.5%
	12,788	Church & Dwight Co., Inc.		934,291
	4,011	Kimberly-Clark Corp.		534,586
				1,468,877
		INSURANCE - 8.7%
	21,516	Allstate Corp.		2,187,962
	6,702	American Financial Group, Inc.		686,754
	11,341	Arthur J. Gallagher & Co.		993,358
	37,419	Berkshire Hathaway, Inc. *		7,976,608
	12,755	Cincinnati Financial Corp.		1,322,311
	17,356	First American Financial Corp.		932,017
	18,102	Lincoln National Corp.		1,166,674
	35,058	Loews Corp.		1,916,621

See accompanying notes to financial statements.

108

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June 30, 2019 (Unaudited)

Shares			Value
		INSURANCE (Continued) - 8.7%
	25,070	MetLife, Inc.	$	1,245,227
	37,815	Prudential Financial, Inc.		3,819,315
	7,472	Travelers Cos, Inc.		1,117,213
	20,307	Unum Group		681,300
				24,045,360
		INTERNET - 0.8%
	75	Amazon.com, Inc. *		142,022
	3,712	CDW Corp.		412,032
	489	Etsy, Inc. *		30,010
	923	Facebook, Inc. *		178,139
	8,617	GoDaddy, Inc. *		604,483
	3,913	Lyft, Inc. *		257,123
	4,951	Pinterest, Inc. *		134,766
	6,827	Uber Technologies, Inc. *		316,636
				2,075,211
		IRON/STEEL - 0.1%
	1,740	Reliance Steel & Aluminum Co.		164,639
	974	Steel Dynamics, Inc.		29,415
				194,054
		LEISURE TIME - 0.4%
	6,667	Norwegian Cruise Line Holdings Ltd. *		357,551
	6,147	Royal Caribbean Cruises Ltd.		745,078
				1,102,629
		LODGING - 0.8%
	75,280	Extended Stay America, Inc.		1,271,479
	14,084	Las Vegas Sands Corp.		832,224
				2,103,703
		MACHINERY - CONSTRUCTION & MINING - 0.3%
	11,221	Oshkosh Corp.		936,841
		MACHINERY - DIVERSIFIED - 2.4%
	1,087	AGCO Corp.		84,319
	30,478	Crane Co.		2,543,084
	6,274	Cummins, Inc.		1,074,987
	6,301	Curtiss-Wright Corp.		801,046
	1,477	IDEX Corp.		254,251
	7,109	Rockwell Automation, Inc.		1,164,667
	1,672	Roper Technologies, Inc.		612,387
				6,534,741
		MEDIA - 3.2%
	1,508	CBS Corp.		75,249
	111,118	Comcast Corp.		4,698,069
	1,524	Discovery, Inc. *		46,787
	7,659	Fox Corp. - Class A		280,626
	6,417	Fox Corp. - Class C		234,413
	7,033	Liberty Media Corp-Liberty SiriusXM - Class A *		265,918
	3,677	Sinclair Broadcast Group, Inc.		197,198

See accompanying notes to financial statements.

109

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June 30, 2019 (Unaudited)

Shares			Value
		MEDIA (Continued) - 3.2%
	13,943	Sirius XM Holdings, Inc.		77,802
	1,773	Tribune Media Co.		81,948
	3,260	Viacom, Inc. - Class A		111,166
	25,978	Viacom, Inc. - Class C		775,963
	13,920	Walt Disney Co.		1,943,789
				8,788,928
		MINING - 0.4%
	28,762	Newmont Mining Corp.		1,106,474
		MISCELLANEOUS MANUFACTURER - 0.3%
	9,325	AO Smith Corp.		439,767
	44,262	General Electric Co.		464,751
				904,518
		OIL & GAS - 6.4%
	6,781	Anadarko Petroleum Corp.		478,467
	9,138	Antero Resources Corp. *		50,533
	13,305	Cabot Oil & Gas Corp.		305,483
	37,835	Chevron Corp.		4,708,187
	57,139	ConocoPhillips		3,485,479
	7,154	Encana Corp.		36,700
	18,153	EOG Resources, Inc.		1,691,133
	62,096	Exxon Mobil Corp.		4,758,416
	2,047	Helmerich & Payne, Inc.		103,619
	31,360	Marathon Oil Corp.		445,626
	58,095	Nabors Industries Ltd.		168,476
	5,281	Phillips 66		493,985
	51,446	Transocean Ltd. *		329,769
	7,321	Valero Energy Corp.		626,751
				17,682,624
		OIL & GAS SERVICES - 1.0%
	43,987	Halliburton Co.		1,000,264
	24,736	National Oilwell Varco, Inc.		549,881
	32,706	Schlumberger Ltd.		1,299,737
				2,849,882
		PACKAGING & CONTAINERS - 0.8%
	1	Amcor PLC *		9
	56,794	Westrock Co.		2,071,277
				2,071,286
		PHARMACEUTICALS - 8.1%
	6,392	AbbVie, Inc.		464,826
	5,321	AmerisourceBergen Corp.		453,668
	30,648	Bristol-Myers Squibb Co.		1,389,887
	6,638	Cigna Corp.		1,045,817
	37,111	CVS Health Corp.		2,022,178
	1,102	DexCom, Inc. *		165,124
	2,624	Eli Lilly & Co.		290,713
	13,107	Herbalife Nutrition Ltd. *		560,455

See accompanying notes to financial statements.

110

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June 30, 2019 (Unaudited)

Shares			Value
		PHARMACEUTICALS (Continued) - 8.1%
	2,209	Jazz Pharmaceuticals PLC *	$	314,915
	62,195	Johnson & Johnson		8,662,520
	6,510	McKesson Corp.		874,879
	38,075	Merk & Co., Inc.		3,192,589
	68,129	Pfizer, Inc.		2,951,348
				22,388,919
		PIPELINES - 0.7%
	7,913	Antero Midstream Corp.		90,683
	38,951	Kinder Morgan, Inc.		813,297
	41,309	Williams Cos, Inc.		1,158,304
				2,062,284
		REAL ESTATE INVESTMENT TRUSTS - 0.1%
	1,489	CBRE Group, Inc. *		76,386
		REAL ESTATE INVESTMENT TRUSTS - 4.6%
	1,981	Alexandria Real Estate Equities, Inc.		279,499
	2,758	Apartment Investment & Management Co.		138,231
	2,406	Apple Hospitality REIT, Inc.		38,159
	5,815	Boston Properties, Inc.		750,135
	11,028	Equity LifeStyle Properties, Inc.		1,338,138
	26,492	Outfront Media, Inc.		683,229
	48,843	Park Hotels & Resorts, Inc.		1,346,113
	42,073	Prologis, Inc.		3,370,047
	10,013	Realty Income Corp.		690,597
	59,803	RLJ Lodging Trust		1,060,905
	7,526	Ryman Hospitality Properties, Inc.		610,283
	15,022	Simon Property Group, Inc.		2,399,915
	3	Weingarten Realty Investors		82
				12,705,333
		RETAIL - 3.5%
	3,911	Advance Auto Parts, Inc.		602,842
	17,201	Darden Restaurants, Inc.		2,093,878
	559	Domino’s Pizza, Inc.		155,559
	2,330	Lululemon Athletica, Inc. *		419,889
	8,680	McDonald’s Corp.		1,802,489
	2,379	Nu Skin Enterprises, Inc.		117,332
	3,682	Penske Automotive Group, Inc.		174,159
	18,187	Target Corp.		1,575,176
	23,548	Walmart, Inc.		2,601,819
	1,551	Yum! Brands, Inc.		171,649
				9,714,792
		SEMICONDUCTORS - 2.2%
	1,876	Analog Devices, Inc.		211,744
	1,918	Broadcom, Inc.		552,115
	6,928	CirrusLogic, Inc. *		302,754
	77,186	Intel Corp.		3,694,894
	7,740	NXP Semiconductors NV		755,501

See accompanying notes to financial statements.

111

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		SEMICONDUCTORS (Continued) - 2.2%
	3,875	QUALCOMM, Inc.	$	294,771
	1,502	Xilinx, Inc.		177,117
				5,988,896
		SOFTWARE - 2.4%
	3,315	Activision Blizzard, Inc.		156,468
	6,809	Dropbox, Inc. *		170,565
	21,049	Fidelity National Information Services, Inc.		2,582,291
	2,611	Intuit, Inc.		682,333
	5,904	Paychex, Inc.		485,840
	7,992	salesforce.com, Inc. *		1,212,626
	1,737	ServiceNow, Inc. *		476,928
	3,255	Veeva Systems, Inc. *		527,668
	714	Workday, Inc. *		146,784
	35,895	Zynga, Inc. *		220,037
				6,661,540
		TELECOMMUNICATIONS - 4.1%
	105,803	AT&T, Inc.		3,545,459
	5,143	Ciena Corp. *		211,532
	17,713	Cisco Systems, Inc.		969,432
	7,240	Corning, Inc.		240,585
	3,860	United States Cellular Corp. *		172,426
	109,547	Verizon Communications, Inc.		6,258,420
				11,397,854
		TRANSPORTATION - 0.5%
	2,472	Landstar System, Inc.		266,951
	19,370	Ryder System, Inc.		1,129,273
				1,396,224
		TRUCKING & LEASING - 0.2%
	3,796	GATX Corp.		300,985
		WATER - 1.2%
	28,370	American Water Works Co., Inc.		3,290,920
		TOTAL COMMON STOCKS (Cost - $255,303,896)		271,395,909
		SHORT-TERM INVESTMENT - 1.2%
		MONEY MARKET FUND - 1.2%
	3,331,104	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $3,331,104)		3,331,104
		TOTAL INVESTMENTS - 99.7% (Cost - $258,635,000)	$	274,727,013
		OTHER ASSETS LESS LIABILITIES - NET - 0.3%		827,210
		TOTAL NET ASSETS - 100.0%	$	275,554,223

* Non-income producing security.

(a) Money market rate shown represents the rate at June 30, 2019.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.

112

Global Atlantic BlackRock Disciplined Value Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

FUTURES CONTRACTS

Description	Counterparty	Contracts	Expiration Date	Notional Value		Unrealized Appreciation
LONG
S&P 500 E-mini Future	Goldman Sachs	31	Sep-19	$	4,563,510	$	60,379
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS							60,379

See accompanying notes to financial statements.

113

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PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		CORPORATE BONDS & NOTES - 96.3%
		ADVERTISING - 0.1%
$	45,000	Outfront Media Capital LLC / Outfront Media Capital Corp. (a)	5.00	8/15/2027	$	46,067
		AEROSPACE/DEFENSE - 2.3%
	300,000	Arconic, Inc.	5.90	2/1/2027		326,640
	60,000	BBA US Holdings, Inc. (a)	5.38	5/1/2026		62,250
	200,000	Bombardier, Inc. (a)	8.75	12/1/2021		218,000
	40,000	Kratos Defense & Security Solutions, Inc. (a)	6.50	11/30/2025		43,000
	100,000	TransDigm, Inc. (a)	6.25	3/15/2026		105,250
	250,000	TransDigm, Inc.	6.38	6/15/2026		251,875
	200,000	TransDigm, Inc.	6.50	7/15/2024		202,250
	250,000	TransDigm, Inc. (a)	7.50	3/15/2027		260,938
	200,000	TransDigm UK Holdings PLC	6.88	5/15/2026		202,375
						1,672,578
		AGRICULTURE - 0.6%
	450,000	Vector Group, Ltd. (a)	6.13	2/1/2025		417,051
		AUTO MANUFACTURERS - 1.2%
	400,000	Allison Transmission, Inc. (a)	4.75	10/1/2027		397,000
	250,000	BCD Acquisition, Inc. (a)	9.63	9/15/2023		262,187
	150,000	Jaguar Land Rover Automotive PLC (a)	5.63	2/1/2023		147,000
	50,000	JB Poindexter & Co., Inc. (a)	7.13	4/15/2026		51,000
						857,187
		AUTO PARTS & EQUIPMENT - 0.8%
	113,000	Adient US LLC (a)	7.00	5/15/2026		116,107
	100,000	American Axle & Manufacturing, Inc.	6.25	4/1/2025		99,500
	200,000	IHO Verwaltungs GmbH (a,b)	4.75	9/15/2026		194,750
	45,000	Panther BF Aggregator 2 LP / Panther Finance Co., Inc. (a)	6.25	5/15/2026		46,744
	15,000	Panther BF Aggregator 2 LP / Panther Finance Co., Inc. (a)	8.50	5/15/2027		15,450
	100,000	Tenneco, Inc.	5.00	7/15/2026		80,500
	69,000	Titan International, Inc.	6.50	11/30/2023		59,858
						612,909
		BANKS - 0.4%
	100,000	CIT Group, Inc.	5.00	8/15/2022		106,107
	95,000	Freedom Mortgage Corp. (a)	8.25	4/15/2025		81,700
	150,000	Provident Funding Associates LP / PFG Finance Corp. (a)	6.38	6/15/2025		141,000
						328,807
		BUILDING MATERIALS - 0.7%
	75,000	Builders FirstSource, Inc. (a)	6.75	6/1/2027		79,125
	100,000	Griffon Corp.	5.25	3/1/2022		99,500
	45,000	Norbord, Inc. (a)	5.75	7/15/2027		45,281
	50,000	PGT Escrow Issuer, Inc. (a)	6.75	8/1/2026		52,813
	100,000	Standard Industries, Inc. (a)	5.38	11/15/2024		103,500
	100,000	Summit Materials LLC / Summit Materials Finance Corp. (a)	5.13	6/1/2025		100,250
	30,000	Summit Materials LLC / Summit Materials Finance Corp. (a)	6.50	3/15/2027		31,200
						511,669
		CHEMICALS - 3.0%
	100,000	Cornerstone Chemical Co. (a)	6.75	8/15/2024		93,750
	350,000	CVR Partners LP / CVR Nitrogen Finance Corp. (a)	9.25	6/15/2023		365,995
	200,000	INEOS Group Holdings SA (a)	5.63	8/1/2024		204,000
	25,000	Ingevity Corp. (a)	4.50	2/1/2026		24,250
	350,000	NOVA Chemicals Corp. (a)	4.88	6/1/2024		362,250
	240,000	Nufarm Australia Ltd. / Nufarm Americas, Inc. (a)	5.75	4/30/2026		228,000
	200,000	OCI NV (a)	6.63	4/15/2023		208,000
	100,000	Rain CII Carbon LLC / CII Carbon Corp. (a)	7.25	4/1/2025		92,500
	100,000	Rayonier AM Products, Inc. (a)	5.50	6/1/2024		85,500
	400,000	TPC Group, Inc. (a)	8.75	12/15/2020		398,500
	75,000	Tronox Finance PLC (a)	5.75	10/1/2025		72,750
	100,000	Valvoline, Inc.	4.38	8/15/2025		99,750
						2,235,245

See accompanying notes to financial statements.

114

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		COAL - 0.2%
$	125,000	SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp. (a)	7.50	6/15/2025	$	122,031
		COMMERCIAL SERVICES - 2.4%
	200,000	Algeco Global Finance Plc (a)	8.00	2/15/2023		202,250
	100,000	Brink’s Co. (The) (a)	4.63	10/15/2027		99,875
	125,000	Graham Holdings Co. (a)	5.75	6/1/2026		132,187
	50,000	Hertz Corp. (The)	6.25	10/15/2022		50,500
	450,000	Hertz Corp. (The) (a)	7.63	6/1/2022		467,437
	58,000	Prime Security Services Borrower LLC / Prime Finance Inc. (a)	9.25	5/15/2023		60,912
	145,000	Refinitiv US Holdings, Inc. (a)	6.25	5/15/2026		149,133
	40,000	Refinitiv US Holdings, Inc. (a)	8.25	11/15/2026		41,140
	100,000	RR Donnelley & Sons Co.	6.50	11/15/2023		98,910
	100,000	Service Corp. International	4.63	12/15/2027		102,125
	20,000	Service Corp. International	5.13	6/1/2029		21,050
	150,000	ServiceMaster Co LLC (The) (a)	5.13	11/15/2024		154,313
	125,000	Sotheby’s (a)	4.88	12/15/2025		127,031
	70,000	United Rentals North America, Inc.	5.25	1/15/2030		71,925
						1,778,788
		COMPUTERS - 0.7%
	500,000	Dell International LLC / EMC Corp. (a)	7.13	6/15/2024		527,864
		COSMETICS/PERSONAL CARE - 0.5%
	70,000	Avon International Capital PLC (a)	6.50	8/15/2022		70,525
	200,000	Avon International Operations, Inc. (a)	7.88	8/15/2022		207,500
	100,000	Coty, Inc. (a)	6.50	4/15/2026		97,375
						375,400
		DISTRIBUTION/WHOLESALE - 0.5%
	200,000	Global Partners LP / GLP Finance Corp.	7.00	6/15/2023		202,500
	50,000	HD Supply, Inc. (a)	5.38	10/15/2026		52,750
	84,000	KAR Auction Services, Inc. (a)	5.13	6/1/2025		85,470
						340,720
		DIVERSIFIED FINANCIAL SERVICES - 5.1%
	500,000	Ally Financial, Inc.	5.13	9/30/2024		540,000
	200,000	Ally Financial, Inc.	5.75	11/20/2025		221,230
	245,000	Credit Acceptance Corp. (a)	6.63	3/15/2026		257,556
	200,000	goeasy Ltd. (a)	7.88	11/1/2022		209,500
	200,000	Jefferies Finance LLC / JFIN Co-Issuer Corp. (a)	7.25	8/15/2024		196,434
	300,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (a)	5.25	10/1/2025		300,750
	525,000	LPL Holdings, Inc. (a)	5.75	9/15/2025		537,469
	40,000	Nationstar Mortgage Holdings, Inc. (a)	8.13	7/15/2023		40,800
	300,000	Nationstar Mortgage LLC / Nationstar Capital Corp.	6.50	7/1/2021		300,456
	100,000	Navient Corp.	5.50	1/25/2023		102,750
	150,000	Navient Corp.	6.75	6/15/2026		155,625
	100,000	Quicken Loans, Inc. (a)	5.75	5/1/2025		103,125
	100,000	Springleaf Finance Corp.	5.63	3/15/2023		106,250
	265,000	Springleaf Finance Corp.	6.13	3/15/2024		284,875
	45,000	Springleaf Finance Corp.	6.63	1/5/2028		47,250
	105,000	Springleaf Finance Corp.	6.88	3/15/2025		114,973
	100,000	Springleaf Finance Corp.	7.13	3/15/2026		109,563
	110,000	Voyager Aviation Holdings LLC / Voyager Finance Co.	8.50	8/15/2021		111,650
						3,740,256
		ELECTRIC - 1.9%
	180,000	Calpine Corp. (a)	5.25	6/1/2026		183,150
	100,000	Calpine Corp.	5.38	1/15/2023		101,161
	200,000	Clearway Energy Operating LLC	5.00	9/15/2026		196,340
	80,000	Clearway Energy Operating LLC (a)	5.75	10/15/2025		81,200
	200,000	Drax Finco PLC (a)	6.63	11/1/2025		204,414
	50,000	NextEra Energy Operating Partners LP (a)	4.25	7/15/2024		50,314
	400,000	NRG Energy, Inc.	7.25	5/15/2026		440,500
	70,000	Talen Energy Supply LLC (a)	6.63	1/15/2028		69,563

See accompanying notes to financial statements.

115

Global Atlantic BlackRock High Yield Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		ELECTRIC - 1.9% (Continued)
$	25,000	Talen Energy Supply LLC (a)	7.25	5/15/2027	$	25,625
	40,000	Vistra Operations Co. LLC (a)	5.00	7/31/2027		41,450
						1,393,717
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.4%
	80,000	Energizer Holdings, Inc. (a)	6.38	7/15/2026		82,200
	20,000	Energizer Holdings, Inc. (a)	7.75	1/15/2027		21,647
	200,000	WESCO Distribution, Inc.	5.38	6/15/2024		205,000
						308,847
		ELECTRONICS - 0.1%
	45,000	Itron, Inc. (a)	5.00	1/15/2026		46,013
		ENERGY - ALTERNATE SOURCE - 0.1%
	100,000	TerraForm Power Operating LLC (a)	5.00	1/31/2028		100,375
		ENGINEEERING & CONSTRUCTION - 0.8%
	150,000	AECOM	5.13	3/15/2027		156,000
	229,000	AECOM	5.88	10/15/2024		248,007
	45,000	Frontdoor, Inc. (a)	6.75	8/15/2026		47,925
	90,000	New Enterprise Stone & Lime Co., Inc. (a)	6.25	3/15/2026		91,350
	35,000	TopBuild Corp. (a)	5.63	5/1/2026		35,788
						579,070
		ENTERTAINMENT - 2.0%
	75,000	Boyne USA, Inc. (a)	7.25	5/1/2025		81,188
	35,000	Cedar Fair LP (a)	5.25	7/15/2029		35,711
	400,000	Churchill Downs, Inc. (a)	4.75	1/15/2028		401,900
	200,000	Cirsa Finance International SARL (a)	7.88	12/20/2023		211,500
	25,000	Downstream Development Authority of the Quapaw Tribe of Oklahoma (a)	10.50	2/15/2023		26,438
	100,000	Eldorado Resorts, Inc.	6.00	4/1/2025		105,125
	25,000	Eldorado Resorts, Inc.	6.00	9/15/2026		27,312
	5,000	Jacobs Entertainment, Inc. (a)	7.88	2/1/2024		5,338
	200,000	Live Nation Entertainment, Inc. (a)	4.88	11/1/2024		205,750
	200,000	Merlin Entertainments PLC (a)	5.75	6/15/2026		210,500
	100,000	Six Flags Entertainment Corp. (a)	4.88	7/31/2024		101,562
	45,000	Stars Group Holdings BV / Stars Group US Co-Borrower LLC (a)	7.00	7/15/2026		47,587
	40,000	WMG Acquisition Corp. (a)	5.50	4/15/2026		41,296
						1,501,207
		ENVIRONMENTAL CONTROL - 0.5%
	200,000	Advanced Disposal Services, Inc. (a)	5.63	11/15/2024		209,250
	110,000	Tervita Escrow Corp. (a)	7.63	12/1/2021		111,893
	65,000	Waste Pro USA, Inc. (a)	5.50	2/15/2026		66,462
						387,605
		FOOD - 2.0%
	200,000	Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC	6.63	6/15/2024		207,250
	10,000	Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC (a)	7.50	3/15/2026		10,675
	400,000	Pilgrim’s Pride Corp. (a)	5.75	3/15/2025		406,000
	100,000	Pilgrim’s Pride Corp. (a)	5.88	9/30/2027		103,625
	200,000	Post Holdings, Inc. (a)	5.50	3/1/2025		206,500
	70,000	Post Holdings, Inc. (a)	5.50	12/15/2029		70,175
	300,000	Post Holdings, Inc. (a)	5.75	3/1/2027		309,750
	200,000	Simmons Foods, Inc. (a)	5.75	11/1/2024		182,000
						1,495,975
		FOREST PRODUCTS & PAPER - 0.3%
	25,000	Cascades, Inc. (a)	5.50	7/15/2022		25,094
	186,000	Clearwater Paper Corp. (a)	5.38	2/1/2025		168,795
						193,889
		GAS - 0.9%
	290,000	AmeriGas Partners LP / AmeriGas Finance Corp.	5.50	5/20/2025		305,225
	200,000	AmeriGas Partners LP / AmeriGas Finance Corp.	5.63	5/20/2024		213,000
	100,000	AmeriGas Partners LP / AmeriGas Finance Corp.	5.75	5/20/2027		105,000
						623,225

See accompanying notes to financial statements.

116

Global Atlantic BlackRock High Yield Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		HAND/MACHINE TOOLS - 0.1%
$	55,000	Colfax Corp. (a)	6.00	2/15/2024	$	58,163
	25,000	Colfax Corp. (a)	6.38	2/15/2026		26,813
						84,976
		HEALTHCARE PRODUCTS - 1.6%
	100,000	Avantor, Inc. (a)	6.00	10/1/2024		106,400
	100,000	Hill-Rom Holdings, Inc. (a)	5.75	9/1/2023		103,355
	300,000	Hologic, Inc. (a)	4.38	10/15/2025		304,125
	176,000	Kinetic Concepts, Inc. / KCI USA, Inc. (a)	7.88	2/15/2021		180,430
	450,000	Teleflex, Inc.	4.63	11/15/2027		462,938
						1,157,248
		HEALTHCARE SERVICES - 4.6%
	40,000	Catalent Pharma Solutions, Inc. (a)	5.00	7/15/2027		40,700
	100,000	Centene Corp.	4.75	1/15/2025		103,221
	120,000	Centene Corp. (a)	5.38	6/1/2026		126,150
	200,000	CHS/Community Health Systems, Inc.	6.25	3/31/2023		192,500
	175,000	CHS/Community Health Systems, Inc. (a)	8.00	3/15/2026		168,385
	458,000	Encompass Health Corp.	5.75	11/1/2024		466,381
	600,000	HCA, Inc.	5.38	2/1/2025		647,625
	115,000	HCA, Inc.	5.63	9/1/2028		124,488
	650,000	HCA, Inc.	5.88	2/15/2026		718,250
	20,000	HCA, Inc.	5.88	2/1/2029		21,925
	175,000	Molina Healthcare, Inc.	5.38	11/15/2022		182,000
	100,000	RegionalCare Hospital Partners Holdings, Inc. (a)	8.25	5/1/2023		106,437
	100,000	Tenet Healthcare Corp.	4.63	7/15/2024		101,250
	100,000	Tenet Healthcare Corp.	5.13	5/1/2025		100,500
	100,000	WellCare Health Plans, Inc.	5.25	4/1/2025		104,250
	170,000	WellCare Health Plans, Inc. (a)	5.38	8/15/2026		180,200
						3,384,262
		HOME BUILDERS - 3.0%
	150,000	Beazer Homes USA, Inc.	5.88	10/15/2027		130,080
	200,000	Century Communities, Inc.	5.88	7/15/2025		201,000
	110,000	KB Home	6.88	6/15/2027		117,425
	100,000	Lennar Corp.	4.75	11/29/2027		105,250
	100,000	Mattamy Group Corp. (a)	6.88	12/15/2023		104,125
	250,000	Meritage Homes Corp.	6.00	6/1/2025		268,750
	400,000	PulteGroup, Inc.	5.00	1/15/2027		418,923
	200,000	PulteGroup, Inc.	5.50	3/1/2026		216,000
	300,000	Toll Brothers Finance Corp.	4.88	3/15/2027		314,715
	100,000	TRI Pointe Group, Inc. / TRI Pointe Homes, Inc.	5.88	6/15/2024		103,220
	90,000	William Lyon Homes, Inc.	6.00	9/1/2023		91,350
	123,000	Williams Scotsman International, Inc. (a)	6.88	8/15/2023		128,227
						2,199,065
		HOUSEWARES - 0.1%
	100,000	Scotts Miracle-Gro Co.	6.00	10/15/2023		104,038
		INSURANCE - 0.7%
	50,000	Acrisure LLC/Acrisure Finance, Inc. (a)	8.13	2/15/2024		51,625
	100,000	CNO Financial Group, Inc.	5.25	5/30/2025		107,750
	120,000	Fidelity & Guaranty Life Holdings, Inc. (a)	5.50	5/1/2025		124,500
	100,000	Radian Group, Inc.	4.50	10/1/2024		102,429
	160,000	Radian Group, Inc.	4.88	3/15/2027		161,000
						547,304
		INTERNET - 4.0%
	305,000	Cogent Communications Group, Inc.	5.38	3/1/2022		315,675
	150,000	Match Group, Inc. (a)	5.00	12/15/2027		157,110
	155,000	Match Group, Inc. (a)	5.63	2/15/2029		163,525
	400,000	Netflix, Inc.	4.38	11/15/2026		409,120
	120,000	Netflix, Inc. (a)	5.38	11/15/2029		127,463
	600,000	VeriSign, Inc.	4.75	7/15/2027		624,750
	200,000	VeriSign, Inc.	5.25	4/1/2025		213,500

See accompanying notes to financial statements.

117

Global Atlantic BlackRock High Yield Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		INTERNET - 4.0% (Continued)
$	400,000	Zayo Group LLC / Zayo Capital, Inc. (a)	5.75	1/15/2027	$	407,552
	500,000	Zayo Group LLC / Zayo Capital Inc.	6.00	4/1/2023		511,250
						2,929,945
		INVESTMENT COMPANIES - 1.0%
	200,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	6.25	2/1/2022		204,750
	90,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp. (a)	6.25	5/15/2026		91,237
	400,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	6.38	12/15/2025		408,320
						704,307
		IRON/STEEL - 2.6%
	200,000	AK Steel Corp.	6.38	10/15/2025		160,000
	200,000	AK Steel Corp.	7.50	7/15/2023		204,440
	100,000	Allegheny Technologies, Inc.	5.95	1/15/2021		102,750
	200,000	Allegheny Technologies, Inc.	7.88	8/15/2023		214,310
	400,000	Big River Steel LLC / BRS Finance Corp. (a)	7.25	9/1/2025		420,220
	122,000	Cleveland-Cliffs, Inc.	5.75	3/1/2025		121,390
	125,000	Cleveland-Cliffs, Inc. (a)	5.88	6/1/2027		121,562
	200,000	Commercial Metals Co.	5.38	7/15/2027		199,000
	75,000	Commercial Metals Co.	5.75	4/15/2026		74,869
	75,000	Mineral Resources Ltd. (a)	8.13	5/1/2027		78,094
	200,000	United States Steel Corp.	6.88	8/15/2025		189,000
						1,885,635
		LEISURE TIME - 0.4%
	200,000	Carlson Travel, Inc. (a)	6.75	12/15/2023		202,500
	25,000	Silversea Cruise Finance Ltd. (a)	7.25	2/1/2025		26,867
	100,000	Viking Cruises Ltd. (a)	5.88	9/15/2027		101,250
						330,617
		LODGING - 1.4%
	75,000	Boyd Gaming Corp.	6.00	8/15/2026		78,844
	100,000	Hilton Domestic Operating Co., Inc.	4.25	9/1/2024		101,500
	45,000	Hilton Domestic Operating Co., Inc. (a)	4.88	1/15/2030		46,350
	45,000	Hilton Domestic Operating Co., Inc.	5.13	5/1/2026		46,969
	400,000	Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.	4.88	4/1/2027		413,380
	100,000	Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp. (a)	6.75	11/15/2021		102,720
	50,000	Station Casinos LLC (a)	5.00	10/1/2025		50,125
	100,000	Wyndham Hotels & Resorts, Inc. (a)	5.38	4/15/2026		104,625
	100,000	Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (a)	5.50	3/1/2025		103,280
						1,047,793
		MACHINERY - DIVERSIFIED - 0.4%
	140,000	Cleaver-Brooks, Inc. (a)	7.88	3/1/2023		134,254
	35,000	Mueller Water Products, Inc. (a)	5.50	6/15/2026		36,181
	35,000	RBS Global Inc / Rexnord LLC (a)	4.88	12/15/2025		35,438
	50,000	Stevens Holding Co., Inc. (a)	6.13	10/1/2026		52,688
						258,561
		MEDIA - 8.2%
	200,000	Altice Financing SA (a)	6.63	2/15/2023		205,000
	200,000	Altice Financing SA (a)	7.50	5/15/2026		201,020
	200,000	Cablevision Systems Corp.	5.88	9/15/2022		210,000
	100,000	CCO Holdings LLC / CCO Holdings Capital Corp. (a)	5.00	2/1/2028		102,120
	200,000	CCO Holdings LLC / CCO Holdings Capital Corp. (a)	5.13	5/1/2027		207,072
	550,000	CCO Holdings LLC / CCO Holdings Capital Corp. (a)	5.38	6/1/2029		567,875
	200,000	CCO Holdings LLC / CCO Holdings Capital Corp. (a)	5.50	5/1/2026		209,310
	200,000	CSC Holdings LLC (a)	5.13	12/15/2021		200,000
	500,000	CSC Holdings LLC	5.25	6/1/2024		519,375
	200,000	CSC Holdings LLC (a)	5.38	2/1/2028		207,750
	200,000	CSC Holdings LLC (a)	5.50	5/15/2026		209,740
	200,000	CSC Holdings LLC (a)	6.50	2/1/2029		218,250
	100,000	DISH DBS Corp.	5.88	7/15/2022		101,500
	500,000	DISH DBS Corp.	5.88	11/15/2024		473,125
	200,000	DISH DBS Corp.	6.75	6/1/2021		209,750

See accompanying notes to financial statements.

118

Global Atlantic BlackRock High Yield Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		MEDIA - 8.2% (Continued)
$	300,000	DISH DBS Corp.	7.75	7/1/2026	$	291,000
	75,000	EW Scripps Co. (The) (a)	5.13	5/15/2025		72,000
	171,000	Gray Television Inc. (a)	5.88	7/15/2026		177,412
	100,000	Midcontinent Communications / Midcontinent Finance Corp. (a)	6.88	8/15/2023		103,750
	200,000	Sirius XM Radio, Inc. (a)	3.88	8/1/2022		200,500
	200,000	Univision Communications. Inc. (a)	5.13	5/15/2023		195,500
	200,000	Univision Communications. Inc. (a)	5.13	2/15/2025		190,250
	400,000	UPC Holding BV (a)	5.50	1/15/2028		402,000
	200,000	Virgin Media Finance PLC (a)	6.00	10/15/2024		207,250
	200,000	Virgin Media Secured Finance PLC (a)	5.50	5/15/2029		202,940
	150,000	Ziggo BV (a)	5.50	1/15/2027		152,581
						6,037,070
		METAL FABRICATE/HARDWARE - 0.1%
	100,000	Grinding Media, Inc. / Moly-Cop AltaSteel Ltd. (a)	7.38	12/15/2023		95,750
		MINING - 2.0%
	500,000	Freeport-McMoRan, Inc.	3.55	3/1/2022		501,875
	200,000	Freeport-McMoRan, Inc.	6.88	2/15/2023		210,500
	200,000	Hudbay Minerals, Inc. (a)	7.25	1/15/2023		206,000
	200,000	Hudbay Minerals, Inc. (a)	7.63	1/15/2025		206,500
	250,000	Northwest Acquisitions ULC / Dominion Finco, Inc. (a)	7.13	11/1/2022		172,500
	100,000	Novelis Corp. (a)	5.88	9/30/2026		101,250
	100,000	Novelis Corp. (a)	6.25	8/15/2024		104,846
						1,503,471
		OFFICE/BUSINESS EQUIPMENT - 0.6%
	200,000	CDW LLC / CDW Finance Corp.	5.00	9/1/2025		208,250
	200,000	CDW LLC / CDW Finance Corp.	5.50	12/1/2024		213,800
						422,050
		OIL & GAS - 6.3%
	150,000	Aker BP ASA (a)	4.75	6/15/2024		154,605
	95,000	Berry Petroleum Co. LLC (a)	7.00	2/15/2026		92,150
	55,000	Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp.	6.88	2/1/2025		51,700
	110,000	Chesapeake Energy Corp.	7.00	10/1/2024		98,726
	120,000	Chesapeake Energy Corp.	7.50	10/1/2026		106,800
	200,000	Chesapeake Energy Corp.	8.00	1/15/2025		185,500
	125,000	Comstock Resources, Inc.	9.75	8/15/2026		95,937
	55,000	Covey Park Energy LLC / Covey Park Finance Corp. (a)	7.50	5/15/2025		39,600
	500,000	CVR Refining LLC / Coffeyville Finance, Inc.	6.50	11/1/2022		509,750
	30,000	Denbury Resources, Inc. (a)	7.75	2/15/2024		24,900
	100,000	Denbury Resources, Inc. (a)	9.00	5/15/2021		98,500
	175,000	Ensco Rowan PLC	7.75	2/1/2026		130,375
	65,000	Extraction Oil & Gas,Inc. (a)	5.63	2/1/2026		52,488
	80,000	Hilcorp Energy I LP / Hilcorp Finance Co. (a)	6.25	11/1/2028		80,400
	50,000	Indigo Natural Resources LLC (a)	6.88	2/15/2026		44,875
	35,000	Jagged Peak Energy LLC	5.88	5/1/2026		34,475
	55,000	Matador Resources Co.	5.88	9/15/2026		55,550
	100,000	Moss Creek Resources Holdings, Inc. (a)	7.50	1/15/2026		85,250
	200,000	Murphy Oil Corp.	5.75	8/15/2025		207,280
	80,000	Noble Holding International Ltd. (a)	7.88	2/1/2026		68,826
	80,400	Northern Oil and Gas, Inc. (b)	9.50	5/15/2023		83,013
	85,000	Oasis Petroleum, Inc. (a)	6.25	5/1/2026		82,238
	40,000	Parkland Fuel Corp. (a)	5.88	7/15/2027		40,638
	200,000	PBF Holding Co. LLC / PBF Finance Corp.	7.25	6/15/2025		209,500
	30,000	PDC Energy, Inc.	5.75	5/15/2026		29,475
	250,000	Precision Drilling Corp. (a)	7.13	1/15/2026		241,875
	100,000	Precision Drilling Corp.	7.75	12/15/2023		101,970
	105,000	Shelf Drilling Holdings Ltd. (a)	8.25	2/15/2025		96,915
	25,000	SM Energy Co.	6.63	1/15/2027		23,125
	300,000	Southwestern Energy Co.	6.20	1/23/2025		273,750
	150,000	Southwestern Energy Co.	7.50	4/1/2026		142,107

See accompanying notes to financial statements.

119

Global Atlantic BlackRock High Yield Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		OIL & GAS - 6.3% (Continued)
$	400,000	Sunoco LP / Sunoco Finance Corp.	5.50	2/15/2026	$	416,500
	70,000	Sunoco LP / Sunoco Finance Corp. (a)	6.00	4/15/2027		73,500
	33,075	TransoceanGuardian Ltd. (a)	5.88	1/15/2024		33,612
	23,625	Transocean Pontus Ltd. (a)	6.13	8/1/2025		24,334
	380,000	W&T Offshore, Inc. (a)	9.75	11/1/2023		363,850
	70,000	Whiting Petroleum Corp.	6.63	1/15/2026		67,506
	100,000	WPX Energy, Inc.	8.25	8/1/2023		114,000
						4,635,595
		OIL & GAS SERVICES - 0.6%
	65,000	Apergy Corp.	6.38	5/1/2026		65,488
	125,000	CSI Compressco LP / CSI Compressco Finance, Inc. (a)	7.50	4/1/2025		122,656
	46,000	Hi-Crush, Inc. (a)	9.50	8/1/2026		31,970
	35,000	Nine Energy Service, Inc. (a)	8.75	11/1/2023		34,125
	175,000	SESI LLC	7.75	9/15/2024		112,437
	85,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88	4/1/2026		89,879
						456,555
		PACKAGING & CONTAINERS - 2.9%
	500,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. (a)	7.25	5/15/2024		526,875
	130,000	Berry Global Escrow Corp. (a)	4.88	7/15/2026		132,762
	45,000	Berry Global Escrow Corp. (a)	5.63	7/15/2027		46,800
	150,000	Berry Global, Inc. (a)	4.50	2/15/2026		147,750
	100,000	BWAY Holding Co. (a)	5.50	4/15/2024		100,050
	200,000	Crown Americas LLC / Crown Americas Capital Corp. V	4.25	9/30/2026		204,000
	55,000	Greif, Inc. (a)	6.50	3/1/2027		56,787
	100,000	Plastipak Holdings, Inc. (a)	6.25	10/15/2025		90,500
	500,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (a)	5.13	7/15/2023		509,375
	300,000	Silgan Holdings, Inc.	4.75	3/15/2025		302,250
						2,117,149
		PHARMARCEUTICALS - 3.1%
	60,000	Bausch Health Americas, Inc. (a)	8.50	1/31/2027		65,971
	60,000	Bausch Health Cos, Inc. (a)	5.50	11/1/2025		62,550
	30,000	Bausch Health Cos, Inc. (a)	5.75	8/15/2027		31,529
	300,000	Bausch Health Cos, Inc. (a)	5.88	5/15/2023		303,486
	600,000	Bausch Health Cos, Inc. (a)	6.13	4/15/2025		612,732
	250,000	Bausch Health Cos, Inc. (a)	7.00	3/15/2024		265,650
	30,000	Bausch Health Cos, Inc. (a)	7.00	1/15/2028		31,087
	55,000	Bausch Health Cos, Inc. (a)	7.25	5/30/2029		57,200
	155,000	Bausch Health Cos, Inc. (a)	9.00	12/15/2025		162,978
	50,000	Mallinckrodt International Finance SA / Mallinckrodt CB LLC (a)	5.50	4/15/2025		33,500
	200,000	Mallinckrodt International Finance SA / Mallinckrodt CB LLC (a)	5.63	10/15/2023		151,000
	300,000	Mallinckrodt International Finance SA / Mallinckrodt CB LLC (a)	5.75	8/1/2022		258,000
	195,000	Par Pharmaceutical, Inc. (a)	7.50	4/1/2027		191,587
	20,000	Vizient, Inc. (a)	6.25	5/15/2027		21,126
						2,248,396
		PIPELINES - 2.9%
	100,000	Cheniere Corpus Christi Holdings LLC	5.88	3/31/2025		111,375
	350,000	Cheniere Energy Partners LP	5.25	10/1/2025		361,812
	90,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (a)	5.63	5/1/2027		89,775
	100,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.	5.75	4/1/2025		101,250
	80,000	DCP Midstream Operating LP	5.38	7/15/2025		84,300
	150,000	Genesis Energy LP / Genesis Energy Finance Corp.	6.25	5/15/2026		144,750
	100,000	Genesis Energy LP / Genesis Energy Finance Corp.	6.50	10/1/2025		97,750
	70,000	Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp. (a)	5.63	2/15/2026		72,012
	200,000	Holly Energy Partners LP / Holly Energy Finance Corp. (a)	6.00	8/1/2024		208,000
	200,000	NGL Energy Partners LP / NGL Energy Finance Corp.	7.50	11/1/2023		209,000
	360,000	NGL Energy Partners LP / NGL Energy Finance Corp. (a)	7.50	4/15/2026		372,600
	215,000	NuStar Logistics LP	6.00	6/1/2026		222,525
	70,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.88	4/15/2026		74,200
						2,149,349

See accompanying notes to financial statements.

120

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June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		REAL ESTATE - 0.8%
$	100,000	Five Point Operating Co LP / Five Point Capital Corp. (a)	7.88	11/15/2025	$	100,502
	35,000	Greystar Real Estate Partners LLC (a)	5.75	12/1/2025		35,700
	175,000	Hunt Cos, Inc. (a)	6.25	2/15/2026		165,375
	300,000	Kennedy-Wilson, Inc.	5.875	4/1/2024		306,000
						607,577
		REAL ESTATE INVESTMENT TRUSTS - 3.7%
	90,000	Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL (a)	5.75	5/15/2026		92,700
	300,000	CoreCivic, Inc.	4.75	10/15/2027		270,000
	300,000	GEO Group, Inc. (The)	5.13	4/1/2023		268,500
	200,000	Iron Mountain, Inc. (a)	4.88	9/15/2027		198,250
	500,000	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.	5.63	5/1/2024		538,750
	400,000	MPT Operating Partnership LP / MPT Finance Corp.	5.00	10/15/2027		412,000
	700,000	SBA Communications Corp.	4.00	10/1/2022		709,625
	100,000	SBA Communications Corp.	4.88	9/1/2024		103,000
	145,000	Starwood Property Trust, Inc.	4.75	3/15/2025		146,450
						2,739,275
		RETAIL - 4.1%
	200,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (a)	4.75	6/1/2027		205,000
	100,000	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (a)	5.25	6/1/2026		104,874
	200,000	L Brands, Inc.	6.88	11/1/2035		177,872
	100,000	L Brands, Inc.	7.50	6/15/2029		99,990
	120,000	Michaels Stores, Inc. (a)	8.00	7/15/2027		119,447
	400,000	New Red Finance, Inc. (a)	4.63	1/15/2022		400,000
	500,000	New Red Finance, Inc. (a)	5.00	10/15/2025		503,900
	100,000	QVC, Inc.	4.45	2/15/2025		100,717
	300,000	QVC, Inc.	5.13	7/2/2022		312,356
	100,000	Sally Holdings LLC / Sally Capital, Inc.	5.63	12/1/2025		98,120
	100,000	Staples, Inc. (a)	7.50	4/15/2026		99,411
	200,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.50	6/1/2024		201,000
	50,000	Superior Plus LP / Superior General Partner, Inc. (a)	7.00	7/15/2026		51,687
	500,000	Yum! Brands, Inc.	3.88	11/1/2023		506,550
						2,980,924
		SEMICONDUCTORS - 0.5%
	200,000	Entegris, Inc. (a)	4.63	2/10/2026		201,500
	160,000	Qorvo, Inc.	5.50	7/15/2026		169,328
						370,828
		SOFTWARE - 2.2%
	25,000	ACI Worldwide, Inc. (a)	5.75	8/15/2026		26,070
	50,000	CDK Global, Inc.	5.88	6/15/2026		52,875
	50,000	Dun & Bradstreet Corp. (The) (a)	6.88	8/15/2026		52,812
	60,000	Fair Isaac Corp. (a)	5.25	5/15/2026		63,000
	200,000	First Data Corp. (a)	5.00	1/15/2024		204,900
	200,000	First Data Corp. (a)	5.38	8/15/2023		203,600
	200,000	First Data Corp. (a)	5.75	1/15/2024		205,625
	200,000	IQVIA, Inc. (a)	5.00	10/15/2026		206,500
	145,000	MSCI, Inc. (a)	5.38	5/15/2027		155,150
	100,000	Nuance Communications, Inc.	5.63	12/15/2026		104,280
	100,000	PTC, Inc.	6.00	5/15/2024		104,750
	150,000	Rackspace Hosting, Inc. (a)	8.63	11/15/2024		137,625
	100,000	SS&C Technologies, Inc. (a)	5.50	9/30/2027		103,750
						1,620,937
		TELECOMMUNICATIONS - 8.5%
	300,000	Altice France SA/France (a)	7.38	5/1/2026		307,500
	200,000	C&W Senior Financing Plc. (a)	7.50	10/15/2026		208,500
	500,000	CenturyLink, Inc.	5.80	3/15/2022		521,250
	100,000	CenturyLink, Inc.	7.50	4/1/2024		110,625
	95,000	CommScope, Inc. (a)	5.50	3/1/2024		97,494
	100,000	CommScope, Inc. (a)	5.50	6/15/2024		95,400
	65,000	CommScope, Inc. (a)	6.00	3/1/2026		66,625

See accompanying notes to financial statements.

121

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal Amount			Coupon Rate (%)	Maturity	Value
		TELECOMMUNICATIONS - 8.5% (Continued)
$	100,000	CommScope Technologies LLC (a)	6.00	6/15/2025	$	93,721
	200,000	DKT Finance ApS (a)	9.38	6/17/2023		216,500
	195,000	Frontier Communications Corp. (a)	8.50	4/1/2026		189,150
	300,000	Frontier Communications Corp.	11.00	9/15/2025		186,000
	150,000	Hughes Satellite Systems Corp.	5.25	8/1/2026		154,125
	150,000	Hughes Satellite Systems Corp.	6.63	8/1/2026		157,687
	200,000	Intelsat Connect Finance SA (a)	8.00	2/15/2024		208,500
	100,000	Nokia OYJ	4.38	6/12/2027		102,625
	200,000	Sable International Finance Ltd. (a)	5.75	9/7/2027		201,375
	100,000	Sprint Capital Corp.	6.88	11/15/2028		102,780
	300,000	Sprint Communications, Inc.	6.00	11/15/2022		312,750
	300,000	Sprint Corp.	7.13	6/15/2024		318,090
	200,000	Sprint Corp.	7.25	9/15/2021		212,500
	200,000	Sprint Corp.	7.63	2/15/2025		213,000
	50,000	Sprint Corp.	7.63	3/1/2026		53,300
	400,000	Sprint Corp.	7.88	9/15/2023		434,500
	100,000	Telesat Canada / Telesat LLC (a)	8.88	11/15/2024		108,250
	240,000	T-Mobile USA, Inc.	4.50	2/1/2026		245,700
	150,000	T-Mobile USA, Inc.	4.75	2/1/2028		154,327
	700,000	T-Mobile USA, Inc.	6.38	3/1/2025		726,950
	200,000	T-Mobile USA, Inc.	6.50	1/15/2026		216,212
	215,000	ViaSat, Inc. (a)	5.63	4/15/2027		223,600
						6,239,036
		TEXTILES - 0.2%
	155,000	Eagle Intermediate Global Holding BV/Ruyi US Finance LLC (a)	7.50	5/1/2025		147,250
		TRANSPORTATION - 0.6%
	100,000	Teekay Offshore Partners LP/Teekay Offshore Finance Corp. (a)	8.50	7/15/2023		98,422
	368,000	XPO Logistics, Inc. (a)	6.50	6/15/2022		375,360
						473,782
		TRUCKING & LEASING - 1.6%
	50,000	Avolon Holdings Funding Ltd. (a)	5.13	10/1/2023		52,925
	85,000	Fortress Transportation & Infrastructure Investors LLC (a)	6.50	10/1/2025		87,550
	145,000	Fortress Transportation & Infrastructure Investors LLC (a)	6.75	3/15/2022		150,619
	400,000	Park Aerospace Holdings Ltd. (a)	5.25	8/15/2022		422,320
	400,000	Park Aerospace Holdings Ltd. (a)	5.50	2/15/2024		431,192
						1,144,606
		TOTAL CORPORATE BONDS & NOTES (Cost - $70,187,267)				70,819,846
Shares
		SHORT-TERM INVESTMENT - 0.9%
		MONEY MARKET FUND - 0.9%
	685,238	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (c) (Cost - $685,238)				685,238
		TOTAL INVESTMENTS - 97.2% (Cost - $70,872,505)			$	71,505,084
		OTHER ASSETS LESS LIABILITIES - NET - 2.8%				2,047,669
		TOTAL NET ASSETS - 100.0%			$	73,552,753

^ - Represents less than 0.05%

(a) 144(a) - 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 June 30, 2019, these securities amounted to $37,544,376 or 51.0% of net assets.

(b) PIK - Pay-in-kind security.

(c) Money market rate shown represents the rate at June 30, 2019.

LP - Limited Partnership

PLC - Public Limited Company

REITS - Real Estate Investment Trusts

See accompanying notes to financial statements.

122

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

FUTURES CONTRACTS

						Unrealized
	Number of					Appreciation/
Description	Contracts	Expiration Date	Counterparty	Notional Amount		Depreciation
SHORT
U.S. 5 Year Ultra Note Future	10	September 2019	Goldman Sachs	$	1,181,563	$	(11,281	)
U.S. 10 Year Note Future	15	September 2019	Goldman Sachs		1,919,531		(37,153	)
U.S. 10 Year Ultra Bond Future	3	September 2019	Goldman Sachs		414,375		(13,266	)
							(61,700	)
LONG
U.S. 2 Year Note Future	12	September 2019	Goldman Sachs		2,582,156		16,454
U.S. Long Bond Future	4	September 2019	Goldman Sachs		622,375		19,772
							36,226
TOTAL NET UNREALIZED DEPRECIATION OF FUTURES CONTRACTS						$	(25,474	)

See accompanying notes to financial statements.

123

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PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		ASSET BACKED SECURITIES - 7.7%
$	500,000	ACIS CLO 2014-4 Ltd. 3 Month US LIBOR + 1.42 (a,b)	4.00	5/1/2026	$	500,764
	1,500,000	Assurant CLO 2018-1 Ltd. 3 Month US LIBOR + 1.04 (a,b)	3.63	4/20/2031		1,488,219
	400,000	Catamaran CLO 2013-1 AR 3 Month US LIBOR + 0.85 (a,b)	3.43	1/27/2028		398,226
	350,000	CBAM 2018-5 Ltd. 3 Month US LIBOR + 1.02 (a,b)	3.61	4/17/2031		345,650
	109,134	Harben Finance 2017-1 PLC 3 Month BP LIBOR + 0.80 (b)	1.60	8/20/2056		138,610
	819,809	Kentucky Higher Education Student Loan 2013-2 Corp. 1 Month US LIBOR + 0.60 (b)	3.04	9/1/2028		817,008
	212,380	London Wall Mortgage Capital 2017-FL1 PLC 3 Month BP LIBOR + 0.85 (b)	1.66	11/15/2049		270,011
	550,000	OCP CLO 2015-10 Ltd. 3 Month US LIBOR + 0.82 (a,b)	3.41	10/26/2027		548,437
	340,105	Pennsylvania Higher Education 2012-1 PLC 1 Month US LIBOR + 0.55 (a,b)	2.98	5/25/2057		338,287
	515,636	Ripon Mortgages 1X PLC 3 Month BP LIBOR + 0.80 (b)	1.60	8/20/2056		654,897
	41,684	Scholar Funding 2010-A Trust 3 Month US LIBOR + 0.75 (a,b)	3.33	10/28/2041		41,528
	200,000	Silverstone Master Issuer 2019-1A PLC 3 Month US LIBOR + 0.57 (a,b)	3.15	1/21/2070		200,516
	1,550,000	TICP CLO 2018-10 Ltd. 3 Month US LIBOR + 1.00 (a,b)	3.59	4/20/2031		1,524,386
		TOTAL ASSET BACKED SECURITIES (Cost - $7,389,866)				7,266,539
		CORPORATE BONDS & NOTES - 40.9%
		AEROSPACE/DEFENSE - 2.1%
	150,000	Boeing Co. (The)	2.60	10/30/2025		150,426
	100,000	Boeing Co. (The)	3.45	11/1/2028		105,176
	125,000	General Dynamics Corp. 3 Month US LIBOR + 0.29 (b)	2.83	5/11/2020		125,286
	150,000	General Dynamics Corp.	2.88	5/11/2020		150,744
	300,000	Lockheed Martin Corp.	3.55	1/15/2026		318,842
	350,000	Northrop Grumman Corp.	2.93	1/15/2025		356,474
	300,000	Northrop Grumman Corp.	3.25	1/15/2028		307,958
	50,000	Northrop Grumman Corp.	4.75	6/1/2043		57,805
	50,000	United Technologies Corp. 3 Month US LIBOR + 0.65 (b)	3.17	8/16/2021		50,031
	50,000	United Technologies Corp.	3.35	8/16/2021		51,104
	275,000	United Technologies Corp.	3.95	8/16/2025		296,560
						1,970,406
		AGRICULTURE - 0.5%
	175,000	Altria Group, Inc.	3.80	2/14/2024		182,423
	200,000	Reynolds American, Inc.	3.25	6/12/2020		201,358
	75,000	Reynolds American, Inc.	4.45	6/12/2025		79,530
						463,311
		AUTO MANUFACTURERS - 0.2%
	50,000	General Motors Co.	4.00	4/1/2025		50,908
	75,000	General Motors Financial Co., Inc.	4.30	7/13/2025		77,306
	25,000	General Motors Financial Co., Inc.	5.65	1/17/2029		27,492
						155,706
		BANKS - 10.9%
	200,000	Banco Santander SA	4.25	4/11/2027		210,434
	250,000	Bank of America Corp. 3 Month US LIBOR + 0.93 (b)	2.82	7/21/2023		252,499
	175,000	Bank of America Corp.	3.25	10/21/2027		179,304
	108,000	Bank of America Corp. 3 Month US LIBOR + 1.04 (b)	3.42	12/20/2028		111,132
	225,000	Bank of America Corp. 3 Month US LIBOR + 0.94 (b)	3.86	7/23/2024		236,325
	25,000	Bank of America Corp.	4.18	11/25/2027		26,485
	150,000	Bank of America Corp.	4.20	8/26/2024		159,450
	125,000	Bank of America Corp. 3 Month US LIBOR + 1.31 (b)	4.27	7/23/2029		136,524
	100,000	Bank of America Corp.	6.11	1/29/2037		127,535
	225,000	Barclays PLC 3 Month US LIBOR + 1.40 (b)	4.61	2/15/2023		232,803
	252,000	BNP Paribas SA (a)	3.38	1/9/2025		256,396
	300,000	BNP Paribas SA (a)	3.50	3/1/2023		308,600
	255,000	BPCE SA	2.65	2/3/2021		256,088

See accompanying notes to financial statements.

124

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		BANKS - 10.9% (Continued)
$	250,000	BPCE SA (a)	4.00	9/12/2023	$	261,165
	200,000	Citigroup, Inc.	2.70	10/27/2022		201,690
	200,000	Citigroup, Inc.	3.40	5/1/2026		207,011
	50,000	Citigroup, Inc. 3 Month US LIBOR + 1.39 (b)	3.67	7/24/2028		52,181
	100,000	Citigroup, Inc.	4.13	7/25/2028		105,913
	75,000	Citigroup, Inc.	4.60	3/9/2026		81,147
	250,000	Cooperatieve Rabobank UA/NY 3 Month US LIBOR + 0.43 (b)	3.02	4/26/2021		250,788
	250,000	Credit Suisse Group Funding Guernsey Ltd.	2.75	3/26/2020		250,391
	255,000	Credit Suisse Group Funding Guernsey Ltd.	4.55	4/17/2026		277,374
	250,000	Deutsche Bank AG	2.70	7/13/2020		248,940
	250,000	HSBC Bank USA NA	4.88	8/24/2020		256,911
	150,000	Huntington Bancshares, Inc.	4.00	5/15/2025		160,034
	225,000	ING Groep NV (a)	4.63	1/6/2026		245,449
	200,000	JPMorgan Chase & Co.	2.95	10/1/2026		203,591
	275,000	JPMorgan Chase & Co.	3.25	9/23/2022		282,516
	225,000	JPMorgan Chase & Co.	3.30	4/1/2026		232,523
	125,000	JPMorgan Chase & Co. 3 Month US LIBOR + 0.95 (b)	3.51	1/23/2029		129,954
	175,000	JPMorgan Chase & Co. 3 Month US LIBOR + 1.25 (b)	3.96	1/29/2027		187,197
	450,000	JPMorgan Chase & Co. 3 Month US LIBOR + 1.00 (b)	4.02	12/5/2024		478,256
	275,000	Lloyds Bank PLC 3 Month US LIBOR + 0.49 (b)	3.06	5/7/2021		274,893
	400,000	Mizuho Financial Group, Inc.	2.60	9/11/2022		399,761
	400,000	Morgan Stanley	3.63	1/20/2027		419,815
	275,000	Morgan Stanley	3.70	10/23/2024		290,133
	125,000	Morgan Stanley 3 Month US LIBOR + 0.85 (b)	3.74	4/24/2024		130,315
	100,000	Morgan Stanley 3 Month US LIBOR + 1.63 (b)	4.43	1/23/2030		110,626
	150,000	Royal Bank of Canada	3.20	4/30/2021		152,664
	300,000	Royal Bank of Scotland Group PLC 3 Month US LIBOR + 1.55 (b)	4.52	6/25/2024		312,461
	225,000	Santander UK PLC	2.88	6/18/2024		226,337
	375,000	Standard Chartered PLC 3 Month US LIBOR + 1.15 (a,b)	4.25	1/20/2023		386,895
	250,000	Sumitomo Mitsui Banking Corp.	2.45	1/16/2020		250,054
	200,000	UBS AG (a)	2.20	6/8/2020		199,730
	325,000	Wells Fargo & Co.	3.00	10/23/2026		328,361
	125,000	Wells Fargo & Co.	3.55	9/29/2025		130,583
	25,000	Wells Fargo & Co.	4.15	1/24/2029		27,235
						10,246,469
		BEVERAGES - 1.9%
	200,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.	4.70	2/1/2036		219,394
	175,000	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.	4.90	2/1/2046		194,851
	158,000	Anheuser-Busch InBev Finance, Inc.	3.30	2/1/2023		163,082
	100,000	Anheuser-Busch InBev Worldwide, Inc.	4.00	4/13/2028		108,005
	125,000	Anheuser-Busch InBev Worldwide, Inc.	4.15	1/23/2025		135,403
	175,000	Anheuser-Busch InBev Worldwide, Inc.	4.75	1/23/2029		198,661
	175,000	Constellation Brands, Inc. 3 Month US LIBOR + 0.70 (b)	3.22	11/15/2021		175,088
	100,000	Constellation Brands, Inc.	3.60	2/15/2028		103,274
	125,000	Constellation Brands, Inc.	4.25	5/1/2023		133,003
	200,000	Constellation Brands, Inc.	4.40	11/15/2025		217,835
	125,000	Keurig Dr. Pepper, Inc.	4.06	5/25/2023		131,235
						1,779,831
		BIOTECHNOLOGY - 0.6%
	175,000	Amgen, Inc.	3.13	5/1/2025		179,200
	310,000	Celgene Corp.	3.88	8/15/2025		332,157
	25,000	Celgene Corp.	3.90	2/20/2028		26,790
						538,147

See accompanying notes to financial statements.

125

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		CHEMICALS - 0.5%
$	325,000	DuPont de Nemours, Inc.	4.21	11/15/2023	$	347,891
	100,000	Sherwin-Williams Co. (The)	4.50	6/1/2047		106,660
						454,551
		COMMERCIAL SERVICES - 0.1%
	50,000	S&P Global, Inc.	2.95	1/22/2027		50,657
		COMPUTERS - 1.0%
	200,000	Apple, Inc.	2.45	8/4/2026		199,319
	175,000	Apple, Inc.	2.75	1/13/2025		178,906
	175,000	Apple, Inc.	3.25	2/23/2026		182,843
	150,000	Dell International LLC / EMC Corp. (a)	5.45	6/15/2023		161,669
	100,000	Dell International LLC / EMC Corp. (a)	6.02	6/15/2026		110,318
	50,000	Hewlett Packard Enterprise Co.	4.90	10/15/2025		54,471
	60,000	Hewlett Packard Enterprise Co.	6.35	10/15/2045		66,484
						954,010
		DIVERSIFIED FINANCIAL SERVICES - 1.6%
	175,000	AerCap Ireland Capital DAC/AerCap Global Aviation Trust	4.88	1/16/2024		187,916
	175,000	Air Lease Corp.	3.75	6/1/2026		179,266
	175,000	American Express Co.	3.63	12/5/2024		183,752
	250,000	GE Capital International Funding Co. Unlimited Co.	3.37	11/15/2025		253,076
	75,000	Nuveen LLC (a)	4.00	11/1/2028		82,295
	575,000	Visa, Inc.	3.15	12/14/2025		603,220
						1,489,525
		ELECTRIC - 2.1%
	50,000	Alliant Energy Finance LLC (a)	3.75	6/15/2023		51,927
	175,000	Arizona Public Service Co.	2.95	9/15/2027		176,854
	50,000	Berkshire Hathaway Energy Co.	3.25	4/15/2028		51,652
	74,000	Berkshire Hathaway Energy Co.	6.13	4/1/2036		99,018
	300,000	Dominion Energy, Inc. (d)	3.07	8/15/2024		302,421
	25,000	Duke Energy Carolinas LLC	3.95	3/15/2048		26,373
	200,000	Duke Energy Corp.	3.15	8/15/2027		202,871
	175,000	Entergy Corp.	2.95	9/1/2026		175,289
	75,000	MidAmerican Energy Co.	3.65	4/15/2029		80,915
	150,000	NRG Energy, Inc. (a)	3.75	6/15/2024		154,104
	50,000	Sempra Energy 3 Month US LIBOR + 0.50 (b)	3.10	1/15/2021		49,833
	125,000	Sempra Energy	3.40	2/1/2028		124,791
	100,000	Southern California Edison Co.	4.20	3/1/2029		106,479
	350,000	Southern Co. (The)	3.25	7/1/2026		355,456
						1,957,983
		ENGINEERING & CONSTRUCTION - 0.2%
	200,000	Mexico City Airport Trust (a)	3.88	4/30/2028		193,770
		ENVIRONMENTAL CONTROL - 0.1%
	100,000	Waste Management, Inc.	3.20	6/15/2026		104,026
		FOOD - 0.7%
	375,000	General Mills, Inc. 3 Month US LIBOR + 0.54 (b)	3.14	4/16/2021		375,125
	50,000	Mars, Inc. (a)	2.70	4/1/2025		51,017
	75,000	Mars, Inc. (a)	3.20	4/1/2030		77,930
	125,000	Tyson Foods, Inc.	3.90	9/28/2023		131,720
						635,792

See accompanying notes to financial statements.

126

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June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		GAS - 0.6%
$	400,000	NiSource, Inc.	3.49	5/15/2027	$	413,753
	125,000	NiSource, Inc.	3.65	6/15/2023		129,493
						543,246
		HAND/MACHINE TOOLS - 0.1%
	125,000	Stanley Black & Decker, Inc.	4.25	11/15/2028		138,857
		HEALTHCARE-PRODUCTS - 0.2%
	200,000	Thermo Fisher Scientific, Inc.	3.65	12/15/2025		210,710
		HEALTHCARE-SERVICES - 0.4%
	225,000	Sutter Health	4.09	8/15/2048		241,869
	125,000	UnitedHealth Group, Inc.	4.75	7/15/2045		148,053
						389,922
		INSURANCE - 1.3%
	200,000	AIA Group Ltd. (a)	3.20	3/11/2025		204,250
	175,000	American International Group, Inc.	3.90	4/1/2026		183,156
	75,000	American International Group, Inc.	4.20	4/1/2028		80,156
	150,000	Arch Capital Finance LLC	5.03	12/15/2046		179,076
	50,000	Great-West Lifeco Finance 2018 LP (a)	4.05	5/17/2028		54,878
	100,000	Marsh & McLennan Cos., Inc.	4.38	3/15/2029		110,330
	275,000	MetLife, Inc.	3.60	11/13/2025		292,075
	75,000	Principal Financial Group, Inc.	3.10	11/15/2026		75,658
	50,000	XLIT Ltd.	4.45	3/31/2025		54,012
						1,233,591
		INTERNET - 0.8%
	100,000	Amazon.com, Inc.	3.15	8/22/2027		105,117
	75,000	Amazon.com, Inc.	3.88	8/22/2037		82,697
	475,000	Amazon.com, Inc.	5.20	12/3/2025		554,839
						742,653
		LODGING - 0.1%
	100,000	Marriott International, Inc.	2.30	1/15/2022		99,670
		MACHINERY-DIVERSIFIED - 0.1%
	125,000	Roper Technologies, Inc.	4.20	9/15/2028		133,843
		MEDIA - 1.4%
	425,000	Comcast Corp.	3.70	4/15/2024		451,073
	325,000	Comcast Corp.	4.15	10/15/2028		358,199
	125,000	Comcast Corp.	4.25	10/15/2030		139,502
	75,000	Fox Corp. (a)	4.03	1/25/2024		79,774
	50,000	Fox Corp. (a)	4.71	1/25/2029		55,937
	200,000	Walt Disney Co. (The) (a)	3.70	9/15/2024		212,850
	25,000	Walt Disney Co. (The) (a)	6.15	3/1/2037		33,965
						1,331,300
		MINING - 0.3%
	250,000	Glencore Funding LLC (a)	4.63	4/29/2024		263,933
		MISCELLANEOUS MANUFACTURING - 0.1%
	25,000	General Electric Co.	2.70	10/9/2022		24,972
	75,000	General Electric Co.	3.10	1/9/2023		75,663
						100,635

See accompanying notes to financial statements.

127

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		OIL & GAS - 0.9%
$	25,000	BP Capital Markets America, Inc.	3.22	4/14/2024	$	25,888
	75,000	BP Capital Markets America, Inc.	3.41	2/11/2026		78,601
	100,000	BP Capital Markets America, Inc.	4.23	11/6/2028		110,699
	175,000	BP Capital Markets PLC	3.72	11/28/2028		187,073
	75,000	Marathon Petroleum Corp.	3.63	9/15/2024		77,635
	50,000	Marathon Petroleum Corp.	3.80	4/1/2028		50,820
	150,000	Phillips 66 Co.	3.90	3/15/2028		157,615
	125,000	Pioneer Natural Resources Co.	3.95	7/15/2022		130,046
						818,377
		OIL & GAS SERVICES - 0.1%
	75,000	Halliburton Co.	3.80	11/15/2025		78,640
		PHARMACEUTICALS - 1.3%
	125,000	AbbVie, Inc.	3.75	11/14/2023		130,141
	400,000	Cigna Corp. (a)	3.75	7/15/2023		416,453
	125,000	CVS Health Corp.	3.88	7/20/2025		130,522
	125,000	CVS Health Corp.	4.78	3/25/2038		130,397
	50,000	CVS Health Corp.	5.05	3/25/2048		53,256
	100,000	CVS Health Corp.	5.13	7/20/2045		106,641
	100,000	McKesson Corp.	2.85	3/15/2023		100,757
	150,000	Pfizer, Inc.	3.45	3/15/2029		158,785
						1,226,952
		PIPELINES - 1.8%
	175,000	Energy Transfer Operating LP	4.20	9/15/2023		183,470
	100,000	Energy Transfer Operating LP	5.25	4/15/2029		111,734
	50,000	Energy Transfer Operating LP	5.30	4/15/2047		52,153
	300,000	Enterprise Products Operating LLC	3.70	2/15/2026		317,512
	25,000	Kinder Morgan Energy Partners LP	5.40	9/1/2044		27,705
	100,000	MPLX LP	4.50	4/15/2038		100,961
	25,000	MPLX LP	4.70	4/15/2048		25,601
	50,000	MPLX LP	4.80	2/15/2029		55,070
	100,000	Sabine Pass Liquefaction LLC	5.00	3/15/2027		109,646
	100,000	Sabine Pass Liquefaction LLC	5.63	4/15/2023		108,917
	275,000	Sabine Pass Liquefaction LLC	5.63	3/1/2025		308,020
	100,000	Sunoco Logistics Partners Operations LP	5.40	10/1/2047		106,210
	175,000	Williams Cos., Inc. (The)	4.00	9/15/2025		185,189
						1,692,188
		REAL ESTATE INVESTMENT TRUSTS - 1.8%
	75,000	Alexandria Real Estate Equities, Inc.	3.80	4/15/2026		78,840
	175,000	American Homes 4 Rent LP	4.90	2/15/2029		190,528
	200,000	American Tower Corp.	3.38	5/15/2024		205,740
	75,000	Camden Property Trust	3.15	7/1/2029		76,195
	100,000	Crown Castle International Corp.	3.15	7/15/2023		101,937
	75,000	Crown Castle International Corp.	3.65	9/1/2027		77,234
	75,000	CubeSmart LP	4.38	12/15/2023		79,321
	150,000	Federal Realty Investment Trust	3.25	7/15/2027		153,123
	100,000	Kilroy Realty LP	4.75	12/15/2028		111,121
	100,000	Public Storage	3.39	5/1/2029		104,450
	350,000	VEREIT Operating Partnership LP	4.63	11/1/2025		376,902
	75,000	VEREIT Operating Partnership LP	4.88	6/1/2026		81,104
	75,000	WP Carey, Inc.	3.85	7/15/2029		75,790
						1,712,285

See accompanying notes to financial statements.

128

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		RETAIL - 0.6%
$	50,000	Alimentation Couche-Tard, Inc. (a)	3.55	7/26/2027	$	51,011
	75,000	Dollar Tree, Inc.	4.00	5/15/2025		78,180
	125,000	Dollar Tree, Inc.	4.20	5/15/2028		129,452
	50,000	Home Depot, Inc. (The)	3.90	12/6/2028		55,026
	150,000	Starbucks Corp.	3.80	8/15/2025		160,085
	75,000	Walmart, Inc.	4.05	6/29/2048		85,934
						559,688
		SEMICONDUCTORS - 1.3%
	225,000	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.13	1/15/2025		219,894
	240,000	Broadcom Corp. / Broadcom Cayman Finance Ltd.	3.63	1/15/2024		242,273
	225,000	Broadcom, Inc. (a)	3.13	10/15/2022		226,417
	150,000	Broadcom, Inc. (a)	3.63	10/15/2024		150,746
	125,000	Broadcom, Inc. (a)	4.25	4/15/2026		126,859
	75,000	Microchip Technology, Inc.	3.92	6/1/2021		76,346
	75,000	NVIDIA Corp.	3.20	9/16/2026		76,718
	75,000	NXP BV/NXP Funding LLC/NXP USA, Inc. (a)	3.88	6/18/2026		77,081
						1,196,334
		SOFTWARE - 0.7%
	150,000	Fiserv, Inc.	2.75	7/1/2024		151,337
	150,000	Fiserv, Inc.	3.20	7/1/2026		153,102
	50,000	Fiserv, Inc.	3.80	10/1/2023		52,595
	100,000	Fiserv, Inc.	4.20	10/1/2028		108,258
	150,000	Microsoft Corp.	3.70	8/8/2046		162,125
						627,417
		SOVEREIGN - 2.4%
	440,000	Abu Dhabi Government International Bond	3.13	10/11/2027		456,425
	670,000	Kuwait Government International Bond	3.50	3/20/2027		713,181
	100,000	Mexico Government International Bond	1.63	4/8/2026		116,727
	520,000	Perusahaan Penerbit SBSN Indonesia III	4.55	3/29/2026		555,428
	200,000	Qatar Government International Bond (a)	4.50	4/23/2028		223,649
	200,000	Qatar Government International Bond (a)	5.10	4/23/2048		238,250
						2,303,660
		TELECOMMUNICATIONS - 1.9%
	100,000	AT&T, Inc.	3.20	3/1/2022		102,129
	100,000	AT&T, Inc.	3.40	5/15/2025		102,801
	225,000	AT&T, Inc.	3.60	2/17/2023		233,536
	150,000	AT&T, Inc.	4.25	3/1/2027		160,768
	50,000	AT&T, Inc.	4.90	8/15/2037		53,892
	125,000	AT&T, Inc.	5.25	3/1/2037		140,288
	25,000	Verizon Communications, Inc.	3.38	2/15/2025		26,095
	75,000	Verizon Communications, Inc.	3.88	2/8/2029		80,447
	25,000	Verizon Communications, Inc. (a)	4.02	12/3/2029		27,069
	313,000	Verizon Communications, Inc.	4.33	9/21/2028		346,865
	100,000	Verizon Communications, Inc.	5.01	4/15/2049		119,099
	100,000	Verizon Communications, Inc.	5.25	3/16/2037		119,613
	275,000	Vodafone Group PLC	3.75	1/16/2024		287,523
						1,800,125
		TRANSPORTATION - 0.1%
	75,000	Burlington Northern Santa Fe LLC	3.25	6/15/2027		78,884
	25,000	FedEx Corp.	3.40	2/15/2028		25,761
						104,645

See accompanying notes to financial statements.

129

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Principal
Amount			Coupon Rate (%)	Maturity	Value
		TRUCKING & LEASING - 0.1%
$	75,000	Avolon Holdings Funding Ltd. (a)	3.95	7/1/2024	$	76,843
		TOTAL CORPORATE BONDS & NOTES (Cost - $36,481,878)				38,379,698
		MUNICIPAL BONDS - 1.4%
	480,000	City of Chicago, IL	7.75	1/1/2042		618,249
	25,000	New Jersey Turnpike Authority	7.10	1/1/2041		37,628
	175,000	State of California	7.60	11/1/2040		283,969
	325,000	State of Illinois	5.10	6/1/2033		342,251
		TOTAL MUNICIPAL BONDS (Cost - $1,222,648)				1,282,097
		MORTGAGE BACKED SECURITIES - 32.5%
	725,464	Fannie Mae Pool	4.50	6/1/2031		772,330
	1,000,000	Fannie Mae Pool TBA +^	3.50	6/25/2046		1,022,344
	1,000,000	Fannie Mae Pool TBA +^	4.00	5/25/2046		1,033,438
	4,000,000	Fannie Mae Pool TBA +^	4.50	9/25/2044		4,179,375
	360,000	Federal Farm Credit Banks	3.29	1/25/2030		389,317
	910,000	Federal Farm Credit Banks	3.43	12/6/2028		994,027
	230,000	Federal Farm Credit Banks	5.27	5/1/2029		288,605
	1,000,000	Ginnie Mae Pool TBA +^	3.50	12/20/2046		1,031,992
	8,000,000	Ginnie Mae Pool TBA +^	4.50	10/20/2044		8,337,500
	806,712	Ginnie Mae Pool	4.50	2/20/2048		847,684
	1,003,141	Ginnie Mae Pool	4.50	5/20/2048		1,045,433
	1,248,998	Ginnie Mae Pool	4.50	8/20/2048		1,304,799
	5,913,383	Ginnie Mae Pool	4.50	9/20/2048		6,162,694
	127,617	Ginnie Mae Pool	5.00	11/20/2048		133,425
	1,831,666	Ginnie Mae Pool	5.00	1/20/2049		1,913,781
	985,531	Ginnie Mae Pool	5.00	2/20/2049		1,035,055
		TOTAL MORTGAGE BACKED SECURITIES (Cost - $30,288,718)				30,491,799
		U.S. TREASURY SECURITIES - 17.0%
	210,000	United States Treasury Bond	2.75	11/15/2042		220,139
	4,930,000	United States Treasury Bond	3.00	5/15/2047		5,399,313
	220,000	United States Treasury Bond	3.13	11/15/2041		246,228
	260,000	United States Treasury Inflation Indexed Note	0.75	7/15/2028		275,771
	3,610,000	United States Treasury Note	2.13	9/30/2024		3,671,201
	290,000	United States Treasury Note	2.25	2/15/2027		297,182
	5,310,000	United States Treasury Note	2.75	6/30/2025		5,588,152
	200,000	United States Treasury Note	2.88	8/15/2028		214,922
		TOTAL U.S. TREASURY SECURITIES (Cost - $14,721,066)				15,912,908
		SHORT-TERM INVESTMENTS - 15.9%
		COMMERCIAL PAPER - 1.1%
	350,000	VW Credit, Inc.	2.73	12/6/2019		345,880
	700,000	VW Credit, Inc.	2.86	3/30/2020		685,280
						1,031,160
Shares
		MONEY MARKET FUND - 14.8%
	13,855,245	Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 2.25% (c)				13,855,245
		TOTAL SHORT-TERM INVESTMENTS (Cost - $14,886,745)				14,886,405

See accompanying notes to financial statements.

130

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

TOTAL INVESTMENTS - 115.4% (Cost - $104,990,922)	$	108,219,446
OTHER ASSETS LESS LIABILITIES - NET - (15.4)%		(14,405,037	)
TOTAL NET ASSETS - 100.0%	$	93,814,409

LIBOR- London Interbank Offered Rate

LP- Limited Partnership

REIT- Real Estate Investments Trusts

TBA- To Be Announced Security

^ Delayed delivery

+ All or a portion of these TBAs are subject to dollar-roll transactions.

(a) 144(a) - 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 June 30, 2019, these securities amounted to $10,447,243 or 12.5% of net assets.

(b) Variable Rate Security - interest rate subject to periodic change.

Benchmark		Rate
	1 Month US LIBOR		2.40	%
	3 Month US LIBOR		2.32	%
	3 Month GBP LIBOR		0.77	%

(c) Money market rate shown represents the rate at June 30, 2019.

(d) Step coupon.

See accompanying notes to financial statements.

131

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

FUTURES CONTRACTS

	Number of					Unrealized Appreciation/
Description	Contracts	Expiration Date	Counterparty	Notional Amount		(Depreciation)
SHORT
Euro 90 Day Eurodollar Future	2	Sep-19	Morgan Stanley	$	489,975	$	(3,975	)
Euro 90 Day Eurodollar Future	1	Mar-20	Morgan Stanley		245,725		(1,575	)
Euro 90 Day Eurodollar Future	4	Jun-20	Morgan Stanley		983,800		(6,720	)
Euro 90 Day Eurodollar Future	1	Dec-20	Morgan Stanley		246,113		(1,359	)
Euro-Bobl Future	1	Sep-19	Morgan Stanley		153,100		(416	)
Euro Oat Future	4	Sep-19	Morgan Stanley		751,016		(11,545	)
Long Gilt Future	2	Sep-19	Morgan Stanley		331,666		318
U.S. 10 Year Note Future	56	Sep-19	Morgan Stanley		7,166,250		(110,440	)
U.S. 10 Year Ultra Future	9	Sep-19	Morgan Stanley		1,243,125		(23,826	)
							(159,538	)
LONG
Australian 3 Year Bond Future	2	Sep-19	Morgan Stanley		161,399		(237	)
Australian 10 Year Bond Future	2	Sep-19	Morgan Stanley		201,613		(448	)
Euro BTP Future	1	Sep-19	Morgan Stanley		152,941		6,303
Euro-Bond Future	2	Sep-19	Morgan Stanley		393,433		3,833
U.S. 2 Year Note Future	56	Sep-19	Morgan Stanley		12,050,063		71,980
U.S. 5 Year Note Future	59	Sep-19	Morgan Stanley		6,971,219		78,338
U.S. Long Bond Future	54	Sep-19	Morgan Stanley		8,402,063		199,112
U.S. Ultra Bond Future	1	Sep-19	Morgan Stanley		177,563		2,396
							361,277
TOTAL NET UNREALIZED APPRECIATION OF FUTURES CONTRACTS						$	201,739

See accompanying notes to financial statements.

132

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

INTEREST RATE SWAPS

										Premiums		Unrealized
		Pay/Receive		Expiration	Notional					Paid/		Appreciation/
Counterparty	Floating Rate Index	Floating Rate	Fixed Rate	Date	Amount		Value			(Received)		(Depreciation)
Credit Suisse	3 Month New Zealand Bank Bill Rate*	Pay	1.50%	9/18/2021		3,800,000	$	4,084		$	—	$	4,084
Credit Suisse	3 Month STIBOR*	Receive	0.25%	9/18/2024		25,370,000		(6,874	)		—		(6,874	)
Credit Suisse	3 Month STIBOR*	Receive	0.75%	9/18/2029		810,000		(629	)		—		(629	)
Credit Suisse	3 Month STIBOR*	Pay	1.05%	7/8/2028		600,000		28,117			—		28,117
Credit Suisse	3 Month STIBOR*	Pay	1.10%	8/1/2023		100,000		(1,826	)		—		(1,826	)
Credit Suisse	3 Month USD LIBOR*	Receive	1.75%	9/18/2021		1,890,000		(3,370	)		—		(3,370	)
Credit Suisse	3 Month USD LIBOR*	Receive	2.00%	9/18/2024		1,430,000		(3,722	)		—		(3,722	)
Credit Suisse	3 Month USD LIBOR*	Pay	2.50%	5/20/2029		2,670,000		28,728			—		28,728
Credit Suisse	3 Month USD LIBOR*	Pay	2.80%	8/12/2024		810,000		20,993			—		20,993
Credit Suisse	6 Month Bank Bill Swap Rate**	Pay	1.75%	9/18/2026		420,000		3,410			—		3,410
Credit Suisse	6 Month Bank Bill Swap Rate**	Pay	2.00%	9/18/2029		540,000		(1,186	)		—		(1,186	)
Credit Suisse	6 Month EUR LIBOR**	Pay	0.50%	9/18/2024		2,990,000		16,877			—		16,877
Credit Suisse	6 Month EUR LIBOR**	Receive	0.90%	5/20/2029		2,680,000		(38,260	)		—		(38,260	)
Credit Suisse	6 Month EUR LIBOR**	Receive	1.00%	9/18/2029		100,000		(1,496	)		—		(1,496	)
Credit Suisse	6 Month EUR LIBOR**	Pay	1.20%	2/12/2029		770,000		24,145			—		24,145
Credit Suisse	6 Month EUR LIBOR**	Pay	1.20%	2/21/2029		500,000		13,665			—		13,665
Credit Suisse	6 Month EUR LIBOR**	Receive	1.90%	3/8/2028		380,000		(11,004	)		—		(11,004	)
Credit Suisse	6 Month GBP LIBOR**	Receive	1.50%	2/12/2029		1,170,000		(21,612	)		—		(21,612	)
Credit Suisse	6 Month GBP LIBOR**	Receive	1.50%	9/18/2026		200,000		273			—		273
Credit Suisse	6 Month GBP LIBOR**	Receive	1.50%	9/18/2029		200,000		402			—		402
Credit Suisse	6 Month NOK LIBOR **	Receive	1.80%	9/18/2029		1,440,000		435			—		435
Credit Suisse	6 Month NOK LIBOR **	Receive	2.30%	2/21/2029		5,440,000		(9,337	)		—		(9,337	)
Credit Suisse	Canadian Dollar Offered Rate**	Pay	2.75%	9/18/2024		1,980,000		1,242			—		1,242
Credit Suisse	Sterling Over Night Index Average+	Receive	0.73%	7/11/2019		4,340,000		(256	)		—		(256	)
Credit Suisse	U.S. Federal Funds Effective Rate*	Receive	1.39%	11/30/2023		200,000		55			—		55
										$	—	$	42,854

CREDIT DEFAULT SWAPS*

										Premiums		Unrealized
		Buy/Sell	Fixed Rate	Fixed Rate	Expiration	Notional				Paid/		Appreciation/
Counterparty	Index	Protection	Received	Paid	Date	Amount	Value			(Received)		(Depreciation)
JPMorgan	ITRAXX Europe Series 31^	Buy	—	1.00%	6/20/2024	260,000		(2,721	)	$	—	$	(2,721	)
JPMorgan	North American Investment Grade CDX Index Series 32#	Sell	1.00%	—	6/20/2024	2,165,000		11,181			—		11,181
Credit Suisse	Prudential Financial, Inc.	Sell	1.00%	—	6/20/2024	175,000		638			—		638
Credit Suisse	Republic of Indonesia	Sell	1.00%	—	6/20/2024	10,000		58			—		58
JPMorgan	The Boeing Company	Sell	1.00%	—	6/20/2024	$100,000	$	529			—		529
										$	—	$	9,685
										$	—	$	52,539

* Pays quarterly.

** Pays semiannually.

+ Pays annually.

^ The underlying holdings of Series 31 this index can be found at http://www.markit.com/Company/Files/DownloadFiles?CMSID=7585b1678acd4444b53de0b787623ceb.

# The underlying holdings of version 32 of this index can be found at http://www.markit.com/Company/Files/DownloadFiles?CMSID=aa422146a2ab490ebbcbc822e7f121d5.

Benchmark	Rate
3 Month EUR LIBOR	-0.34%
3 Month GBP LIBOR	0.84%
3 Month STIBOR	0.01%
3 Month USD LIBOR	2.60%
6 Month EUR EURIBOR	-0.23%
6 Month JPY LIBOR	0.00%
6 Month NOK LIBOR	1.34%
Canadian Dollar Offered Rate	2.31%
NZD 3 Month Bank Bill Benchmark Rate	1.97%

See accompanying notes to financial statements.

133

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Forward Foreign Currency Contracts

Settlement		Currency Units to				Unrealized Appreciation/
Date	Counterparty	Receive		In Exchange For		(Depreciation)
7/8/2019	Morgan Stanley	47,887	GBP	60,689	USD	$	276
7/8/2019	Morgan Stanley	1,199,376	USD	912,684	GBP		37,439
7/10/2019	Morgan Stanley	112,313	USD	99,712	EUR		(1,316	)
9/18/2019	Morgan Stanley	69,946	AUD	47,954	CHF		(335	)
9/18/2019	Morgan Stanley	1,552,104	AUD	1,082,479	USD		9,326
9/18/2019	Morgan Stanley	119,261	AUD	83,168	USD		724
9/18/2019	Morgan Stanley	50,231	AUD	34,485	USD		849
9/18/2019	Morgan Stanley	343,163	CAD	259,272	USD		3,716
9/18/2019	Morgan Stanley	769,811	CAD	581,727	USD		8,229
9/18/2019	Morgan Stanley	96,450	CAD	72,039	USD		1,878
9/18/2019	Morgan Stanley	189,388	CAD	143,909	USD		1,231
9/18/2019	Morgan Stanley	83,441	CAD	63,376	USD		570
9/18/2019	Morgan Stanley	83,479	CAD	63,460	USD		515
9/18/2019	Morgan Stanley	237,067	CAD	181,335	USD		344
9/18/2019	Morgan Stanley	29,353	EUR	26,180	GBP		199
9/18/2019	Morgan Stanley	64,026	EUR	621,446	NOK		321
9/18/2019	Morgan Stanley	33,183	EUR	322,542	NOK		112
9/18/2019	Morgan Stanley	76,991	EUR	748,079	NOK		293
9/18/2019	Morgan Stanley	38,124	EUR	370,460	NOK		142
9/18/2019	Morgan Stanley	71,947	EUR	765,510	SEK		(527	)
9/18/2019	Morgan Stanley	126,950	EUR	143,683	USD		1,796
9/18/2019	Morgan Stanley	64,040	EUR	72,910	USD		477
9/18/2019	Morgan Stanley	38,531	GBP	64,589	CAD		(287	)
9/18/2019	Morgan Stanley	57,052	GBP	64,052	EUR		(533	)
9/18/2019	Morgan Stanley	57,294	GBP	64,072	EUR		(248	)
9/18/2019	Morgan Stanley	114,059	GBP	128,058	EUR		(1,073	)
9/18/2019	Morgan Stanley	57,318	GBP	63,936	EUR		(61	)
9/18/2019	Morgan Stanley	36,131	GBP	423,952	SEK		193
9/18/2019	Morgan Stanley	136,022	GBP	173,084	USD		645
9/18/2019	Morgan Stanley	43,431	GBP	54,602	USD		868
9/18/2019	Morgan Stanley	31,565	GBP	40,330	USD		(16	)
9/18/2019	Morgan Stanley	14,497,034	JPY	134,573	USD		773
9/18/2019	Morgan Stanley	7,745,400	JPY	71,936	USD		375
9/18/2019	Morgan Stanley	15,373,985	JPY	143,020	USD		512
9/18/2019	Morgan Stanley	5,855,542	JPY	54,688	USD		(20	)
9/18/2019	Morgan Stanley	748,079	NOK	76,067	EUR		766

See accompanying notes to financial statements.

134

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Forward Foreign Currency Contracts

Settlement		Currency Units to				Unrealized Appreciation
Date	Counterparty	Receive		In Exchange For		(Depreciation)
9/18/2019	Morgan Stanley	3,584,706	NOK	365,525	EUR	$	2,499
9/18/2019	Morgan Stanley	628,439	NOK	63,965	EUR		571
9/18/2019	Morgan Stanley	628,255	NOK	63,975	EUR		538
9/18/2019	Morgan Stanley	269,257	NOK	31,730	USD		(79	)
9/18/2019	Morgan Stanley	317,921	NOK	37,418	USD		(47	)
9/18/2019	Morgan Stanley	1,909,088	NZD	1,259,359	USD		24,810
9/18/2019	Morgan Stanley	109,945	NZD	71,754	USD		2,201
9/18/2019	Morgan Stanley	157,633	NZD	102,839	USD		3,194
9/18/2019	Morgan Stanley	85,794	NZD	57,628	USD		82
9/18/2019	Morgan Stanley	765,510	SEK	71,595	EUR		931
9/18/2019	Morgan Stanley	1,772,066	SEK	165,921	EUR		1,941
9/18/2019	Morgan Stanley	297,510	SEK	272,161	NOK		256
9/18/2019	Morgan Stanley	327,379	SEK	34,514	USD		972
9/18/2019	Morgan Stanley	34,587	USD	49,777	AUD		(428	)
9/18/2019	Morgan Stanley	72,638	USD	104,084	AUD		(578	)
9/18/2019	Morgan Stanley	72,221	USD	103,011	AUD		(241	)
9/18/2019	Morgan Stanley	144,327	USD	205,996	AUD		(578	)
9/18/2019	Morgan Stanley	112,257	USD	159,895	AUD		(218	)
9/18/2019	Morgan Stanley	72,446	USD	103,025	AUD		(26	)
9/18/2019	Morgan Stanley	34,514	USD	46,105	CAD		(819	)
9/18/2019	Morgan Stanley	81,079	USD	107,059	CAD		(967	)
9/18/2019	Morgan Stanley	262,115	USD	344,556	CAD		(1,940	)
9/18/2019	Morgan Stanley	160,407	USD	157,504	CHF		(2,298	)
9/18/2019	Morgan Stanley	189,970	USD	183,928	CHF		(31	)
9/18/2019	Morgan Stanley	1,564,399	USD	1,375,100	EUR		(11,410	)
9/18/2019	Morgan Stanley	110,715	USD	96,575	EUR		43
9/18/2019	Morgan Stanley	37,297	USD	29,154	GBP		61
9/18/2019	Morgan Stanley	37,425	USD	29,410	GBP		(138	)
9/18/2019	Morgan Stanley	72,080	USD	7,752,876	JPY		(301	)
9/18/2019	Morgan Stanley	31,612	USD	3,398,754	JPY		(119	)
9/18/2019	Morgan Stanley	143,000	USD	15,296,095	JPY		195
9/18/2019	Morgan Stanley	143,946	USD	15,369,689	JPY		454
9/18/2019	Morgan Stanley	72,047	USD	7,726,006	JPY		(84	)
9/18/2019	Morgan Stanley	71,725	USD	617,851	NOK		(902	)
9/18/2019	Morgan Stanley	72,043	USD	615,115	NOK		(263	)
9/18/2019	Morgan Stanley	52,831	USD	80,324	NZD		(1,200	)

See accompanying notes to financial statements.

135

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Forward Foreign Currency Contracts

Settlement		Currency Units to				Unrealized Appreciation
Date	Counterparty	Receive		In Exchange For		(Depreciation)
9/18/2019	Morgan Stanley	144,985	USD	218,108	NZD	$	(1,728	)
9/18/2019	Morgan Stanley	72,573	USD	109,035	NZD		(770	)
9/18/2019	Morgan Stanley	91,962	USD	869,133	SEK		(2,246	)
9/18/2019	Morgan Stanley	77,780	USD	721,003	SEK		(372	)
9/18/2019	Morgan Stanley	98,075	USD	903,152	SEK		179
9/18/2019	Morgan Stanley	66,201	USD	610,188	SEK		61
NET UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS						$	79,358

See accompanying notes to financial statements.

136

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 98.9%
		ADVERSTISING - 0.1%
	795	Interpublic Group of Cos, Inc.	$	17,959
		AEROSPACE/DEFENSE - 2.7%
	807	Boeing Co.		293,756
	4,700	CAE, Inc.		126,640
	1,175	HEICO Corp.		157,227
	872	L3Harris Technologies, Inc. *		164,921
	3,044	Leonardo SpA		38,634
	234	Spirit AeroSystems Holdings, Inc.		19,041
				800,219
		AGRICULTURE - 2.4%
	5,130	British American Tobacco PLC		179,481
	5,586	Imperial Brands PLC		131,295
	2,983	Philip Morris International, Inc.		234,255
	3,445	Swedish Match AB		145,550
				690,581
		AIRLINES - 0.3%
	14,421	International Consolidated Airlines Group SA		87,528
	128	Southwest Airlines Co.		6,500
				94,028
		APPAREL - 1.8%
	667	adidas AG		206,226
	401	Kering SA		237,508
	822	Ralph Lauren Corp.		93,371
				537,105
		AUTO MANUFACTURERS - 1.4%
	4,835	General Motors Co.		186,293
	3,668	Peugeot SA		90,518
	7,753	Volvo AB		123,128
				399,939
		AUTO PARTS & EQUIPMENT - 0.1%
	744	Allison Transmission Holdings, Inc.		34,484
		BANKS - 7.5%
	1,222	ABN AMRO Group NV - ADR		26,183
	4,607	Australia & New Zealand Banking Group Ltd.		91,202
	24,259	Banco Bilbao Vizcaya Argentaria SA		135,838

See accompanying notes to financial statements.

137

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PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BANKS (Continued) - 7.5%
	3,052	Banco Santander SA *	$	14,182
	3,686	BNP Paribas SA		175,314
	4,546	Citigroup, Inc.		318,356
	1,922	Citizens Financial Group, Inc.		67,962
	2,228	Comerica, Inc.		161,842
	10,671	DNB ASA		198,625
	91	Erste Group Bank AG		3,383
	3,986	Fifth Third Bancorp		111,209
	26,614	Lloyds Banking Group PLC		19,168
	1,732	Mediobanca Banca di Credito Finanziario SpA		17,882
	2,792	Popular, Inc.		151,438
	1,216	Signature Bank		146,941
	1,524	State Street Corp.		85,435
	747	SVB Financial Group *		167,769
	3,181	Western Alliance Bancorp *		142,254
	3,497	Zions Bancorp NA		160,792
				2,195,775
		BEVERAGES - 2.5%
	1,135	Carlsberg A/S		150,698
	24,066	Coca-Cola Amatil Ltd.		172,599
	300	Cott Corp.		4,013
	312	Davide Campari-Milano SpA		3,061
	5,031	Diageo PLC		216,676
	3,075	Monster Beverage Corp. *		196,277
				743,324
		BIOTECHNOLOGY - 2.6%
	982	Alexion Pharmaceuticals, Inc. *		128,622
	539	Biogen, Inc. *		126,056
	531	BioMarin Pharmaceutical, Inc. *		45,480
	3,288	Gilead Sciences, Inc.		222,137
	1,593	Incyte Corp. *		135,341
	512	Vertex Pharmaceuticals, Inc. *		93,891
				751,527
		BUILDING MATERIALS - 0.3%
	100	AGC, Inc.		3,457
	1,111	Johnson Controls International PLC		45,895
	847	Masco Corp.		33,236
				82,588

See accompanying notes to financial statements.

138

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		CHEMICALS - 2.8%
	1,487	Air Liquide SA	$	208,372
	412	Air Products & Chemicals, Inc.		93,264
	899	Akzo Nobel NV		84,605
	57	Arkema SA		5,308
	2,623	CF Industries Holdings, Inc.		122,520
	1,073	Covestro AG		54,633
	482	Eastman Chemical Co.		37,514
	443	Sherwin-Williams Co.		203,022
				809,238
		COMMERCIAL SERVICES - 2.2%
	2,692	Adecco Group AG		161,962
	200	Benesse Holdings, Inc.		4,656
	23	Bright Horizons Family Solutions, Inc. *		3,470
	696	Experian PLC		21,117
	838	Intertek Group PLC		58,680
	2,636	PayPal Holdings, Inc. *		301,717
	80	Randstad NV		4,400
	514	Wirecard AG		86,660
				642,662
		COMPUTERS - 4.0%
	4,551	Apple, Inc.		900,734
	2,300	Fujitsu Ltd.		160,364
	378	Leidos Holdings, Inc.		30,183
	200	NET One Systems Co., Ltd. *		5,504
	600	Nomura Research Institute Ltd.		9,618
	5,200	NTT Data Corp. *		69,259
	37	Teleperformance		7,424
				1,183,086
		COSMETICS/PERSONAL CARE - 1.2%
	1,786	Colgate-Palmolive Co.		128,003
	1,500	Kao Corp.		114,303
	473	Procter & Gamble Co.		51,864
	1,059	Unilever PLC - ADR		65,626
				359,796
		DIVERSIFIED FINANCIAL SERVICES - 3.5%
	6,405	Ally Financial, Inc.		198,491
	2,658	ASX Ltd.		153,641
	3,500	ORIX Corp.		52,237

See accompanying notes to financial statements.

139

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		DIVERSIFIED FINANCIAL SERVICES - 3.5% (Continued)
	24,600	Singapore Exchange Ltd.	$	144,005
	4,093	Synchrony Financial		141,904
	1,884	Visa, Inc.		326,968
				1,017,246
		ELECTRIC - 4.2%
	7,350	AES Corp		123,186
	2,449	Ameren Corp.		183,944
	803	American Electric Power Co., Inc.		70,672
	1,500	CLP Holdings Ltd.		16,550
	1,267	CMS Energy Corp.		73,372
	1,205	DTE Energy Co.		154,095
	11,796	E.ON SE		128,301
	3,372	Enel SpA		23,578
	4,835	Exelon Corp.		231,790
	700	FirstEnergy Corp.		29,967
	3,356	NRG Energy, Inc.		117,863
	1,926	PPL Corp.		59,725
	400	Shikoku Electric Power Co., Inc.		3,698
	3,342	Terna Rete Elettrica Nazionale SpA		21,313
				1,238,054
		ELECTRICAL COMPONENTS & EQUIPMENT - 1.0%
	688	AMETEK, Inc.		62,498
	2,586	Schneider Electric SE		234,888
				297,386
		ELECTRONICS - 1.5%
	572	Agilent Technologies, Inc.		42,711
	261	Allegion PLC		28,854
	737	Halma PLC		18,947
	766	Jabil, Inc.		24,206
	2,082	Keysight Technologies, Inc. *		186,984
	3,325	National Instruments Corp.		139,617
				441,319
		ENGINEERING & CONSTRUCTION - 0.7%
	3,296	ACS Actividades de Construccion y Servicios SA		131,785
	1,359	AECOM *		51,438
	372	Fluor Corp.		12,533
				195,756

See accompanying notes to financial statements.

140

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		ENTERTAINMENT - 0.5%
	186	Cinemark Holdings, Inc.	$	6,715
	29	Madison Square Garden Co.		8,118
	11,800	Sega Sammy Holdings, Inc.		143,366
				158,199
		ENVIRONMENTAL CONTROL - 0.4%
	1,095	Waste Management, Inc.		126,330
		FOOD - 1.1%
	713	Austevoll Seafood ASA		7,489
	428	Koninklijke Ahold Delhaize NV		9,640
	2,381	Kroger Co.		51,692
	355	Lamb Weston Holdings, Inc.		22,493
	4,296	Mondelez International, Inc.		231,554
	288	Mowi ASA		6,737
	152	US Foods Holding Corp. *		5,436
				335,041
		GAS - 0.1%
	1,500	Osaka Gas Co, Ltd.		26,132
		HAND/MACHINE TOOLS - 0.0% ^
	500	Techtronic Industries Co. Ltd.		3,827
		HEALTHCARE - PRODUCTS - 1.3%
	582	Align Technology, Inc. *		159,293
	68	Cooper Cos, Inc.		22,909
	47	Hill-Rom Holdings, Inc.		4,917
	668	Sonova Holding AG		151,961
	139	Thermo Fisher Scientific, Inc.		40,822
				379,902
		HEALTHCARE - SERVICES - 2.5%
	756	Anthem, Inc.		213,351
	835	Encompass Health Corp.		52,906
	1,681	Evotec SE		47,054
	1,346	HCA Healthcare, Inc.		181,939
	528	Lonza Group AG		178,383
	494	Universal Health Services, Inc.		64,413
				738,046

See accompanying notes to financial statements.

141

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		HOME BUILDERS - 0.8%
	4,900	Daiwa House Industry Co. Ltd.	$	142,852
	3,058	Persimmon PLC		77,722
				220,574
		HOME FURNISHINGS - 0.0% ^
	385	Electrolux AB		9,847
		INSURANCE - 4.0%
	14,000	AIA Group Ltd.		150,976
	245	Allstate Corp.		24,914
	114	Aon PLC		22,000
	3,041	Athene Holding Ltd. *		130,945
	3,322	Brighthouse Financial, Inc. *		121,884
	1,917	Insurance Australia Group Ltd. *		11,112
	31,096	Legal & General Group PLC		106,657
	108	NN Group NV		4,354
	2,148	Progressive Corp.		171,690
	625	Reinsurance Group of America, Inc.		97,519
	178	SCOR SE		7,816
	1,504	Storebrand ASA		11,057
	3,268	Unum Group		109,641
	3,502	Voya Financial, Inc.		193,661
				1,164,226
		INTERNET - 8.4%
	248	Alphabet, Inc. - Class A *		268,066
	250	Alphabet, Inc. - Class C *		270,700
	324	Amazon.com, Inc. *		613,536
	32	Booking Holdings, Inc. *		59,991
	707	CDW Corp.		78,477
	4,569	eBay, Inc.		180,476
	1,902	Facebook, Inc. *		367,086
	321	GoDaddy, Inc. *		22,518
	575	Match Group, Inc. *		38,680
	314	Netflix, Inc. *		115,338
	901	Palo Alto Networks, Inc. *		183,588
	776	VeriSign, Inc. *		162,308
	33,400	Yahoo Japan Corp.		97,962
				2,458,726

See accompanying notes to financial statements.

142

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		IRON/STEEL - 0.1%
	1,400	Labrador Iron Ore Royalty Corp.	$	37,519
		LEISURE TIME - 0.5%
	2,905	Carnival Corp.		135,228
	174	Carnival PLC - ADR		7,877
				143,105
		LODGING - 0.8%
	836	Hilton Worldwide Holdings, Inc.		81,711
	2,671	Las Vegas Sands Corp.		157,829
				239,540
		MACHINERY - CONSTRUCTION & MINING - 0.9%
	265	Caterpillar, Inc.		36,117
	6,000	Hitachi Ltd.		219,918
				256,035
		MACHINERY - DIVERSIFIED - 0.3%
	2,122	Atlas Copco AB		67,881
	132	Curtiss-Wright Corp.		16,781
				84,662
		MEDIA - 1.6%
	12,712	News Corp.		171,485
	10,882	Pearson PLC		113,483
	2,456	Wolters Kluwer NV *		179,057
				464,025
		MINING - 0.7%
	5,489	Alcoa Corp. *		128,497
	900	Kirkland Lake Gold Ltd.		38,858
	765	Rio Tinto PLC - ADR		47,690
				215,045
		MISCELLANEOUS MANUFACTURER - 1.1%
	557	Eaton Corp PLC		46,387
	819	Ingersoll-Rand PLC		103,743
	1,038	Parker-Hannifin Corp.		176,470
				326,600
		OIL & GAS - 4.1%
	3,425	ConocoPhillips		208,925
	1,137	Eni SpA		18,912
	318	Helmerich & Payne, Inc.		16,097
	8,027	Marathon Petroleum Corp.		114,064
	1,218	Occidental Petroleum Corp.		61,241

See accompanying notes to financial statements.

143

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		OIL & GAS - 4.1% (Continued)
	108	OMV AG	$	5,270
	2,310	Phillips 66		216,077
	683	Royal Dutch Shell PLC - Class A		22,362
	173	Royal Dutch Shell PLC - Class B		5,683
	4,200	Suncor Energy, Inc.		131,295
	4,305	TechnipFMC PLC *		111,672
	2,148	Valero Energy Corp.		183,890
	4,244	Woodside Petroleum Ltd.		108,288
				1,203,776
		OIL & GAS SERVICES - 0.2%
	950	Apergy Corp		31,863
	482	TGS NOPEC Geophysical Co. ASA		13,523
				45,386
		PACKAGING & CONTAINERS - 0.6%
	954	Ball Corp.		66,770
	480	Berry Global Group, Inc. *		25,243
	1,025	Crown Holdings, Inc.		62,628
	650	Sealed Air Corp.		27,807
				182,448
		PHARMACEUTICALS - 4.9%
	1,685	AbbVie, Inc.		122,533
	5,700	Astellas Pharma, Inc.		81,209
	4,486	Bristol-Myers Squibb Co.		203,440
	79	Eli Lilly & Co.		8,752
	589	Grifols SA		17,440
	346	Johnson & Johnson		48,191
	635	McKesson Corp.		85,338
	398	Merck & Co., Inc.		33,372
	1,034	Merck KGaA		108,285
	57	Novartis AG		5,215
	3,033	Novo Nordisk A/S		154,797
	100	Otsuka Holdings Co. Ltd.		3,263
	2,957	Pfizer, Inc.		128,097
	984	Roche Holding AG		277,185
	2,000	Shionogi & Co, Ltd.		115,259
	37	Siegfried Holding AG		12,903
	488	UCB SA		40,524
				1,445,803

See accompanying notes to financial statements.

144

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		PIPELINES - 0.6%
	6,218	Kinder Morgan, Inc.	$	129,832
	2,066	Williams Cos, Inc.		57,931
				187,763
		REAL ESTATE - 0.5%
	500	Mitsui Fudosan Co. Ltd.		12,124
	3,600	Sumitomo Realty & Development Co. Ltd.		128,576
				140,700
		REAL ESTATE INVESTMENT TRUSTS - 2.7%
	4,403	American Homes 4 Rent		107,037
	431	American Tower Corp.		88,118
	1,485	Camden Property Trust		155,019
	7	Daiwa House REIT Investment Corp. *		16,899
	3,179	Duke Realty Corp.		100,488
	575	Equity LifeStyle Properties, Inc.		69,771
	639	Host Hotels & Resorts, Inc.		11,643
	2	Japan Retail Fund Investment Corp.		4,047
	377	Lamar Advertising Co.		30,428
	565	Prologis, Inc.		45,257
	2,299	STORE Capital Corp.		76,304
	630	Sun Communities, Inc.		80,760
				785,771
		RETAIL - 3.3%
	600	Alimentation Couche-Tard, Inc.		37,839
	164	AutoNation, Inc.		6,878
	136	AutoZone, Inc. *		149,528
	72	Casey’s General Stores, Inc.		11,231
	217	Chipotle Mexican Grill, Inc. *		159,035
	90	Dollar General Corp.		12,164
	1,051	Lowe’s Cos, Inc.		106,056
	2,640	Starbucks Corp.		221,311
	2,202	Target Corp.		190,715
	701	Yum! Brands, Inc.		77,580
				972,337
		SEMICONDUCTORS - 1.6%
	1,092	ASML Holding NV		228,494
	838	BE Semiconductor Industries NV		21,606
	1,862	Infineon Technologies AG		32,973
	127	Lam Research Corp.		23,856

See accompanying notes to financial statements.

145

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		SEMICONDUCTORS - 1.6% (Continued)
	365	Qorvo, Inc.	$	24,313
	643	STMicroelectronics NV		11,423
	985	Xilinx, Inc.		116,151
				458,816
		SOFTWARE - 6.3%
	617	Cadence Design Systems, Inc.		43,690
	2,002	Citrix Systems, Inc.		196,476
	648	Dassault Systemes SE		103,533
	1,425	Fidelity National Information Services, Inc.		174,819
	188	Intuit, Inc.		49,130
	1,400	Konami Holdings Corp.		65,621
	211	Lectra		5,418
	1,185	Microsoft Corp.		158,743
	475	MSCI, Inc.		113,425
	3,500	Open Text Corp.		144,741
	2,385	Oracle Corp.		135,873
	1,289	salesforce.com, Inc.		195,580
	790	ServiceNow, Inc. *		216,910
	148	SimCorp A/S		14,339
	504	Smartsheet, Inc.		24,394
	227	Temenos AG		40,662
	400	TIS, Inc. *		20,382
	614	Veeva Systems, Inc.		99,536
	300	Vmware, Inc.		50,163
				1,853,435
		TELECOMMUNICATIONS - 2.9%
	3,800	KDDI Corp.		96,764
	845	Motorola Solutions, Inc.		140,887
	2,400	SoftBank Group Corp.		115,055
	14,560	Telefonaktiebolaget LM Ericsson		138,253
	14,443	Telefonica SA		118,769
	284	Telenor ASA		6,032
	2,312	Telephone & Data Systems, Inc.		70,285
	3,007	Verizon Communications, Inc.		171,790
				857,835
		TRANSPORTATION - 3.3%
	2,989	Aurizon Holdings Ltd.		11,327
	400	Canadian Pacific Railway Ltd.		94,411

See accompanying notes to financial statements.

146

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		TRANSPORTATION - 3.3% (Continued)
	800	Central Japan Railway Co.	$	160,238
	1,893	CSX Corp.		146,461
	1,300	East Japan Railway Co.		121,626
	893	Norfolk Southern Corp.		178,002
	1,462	Union Pacific Corp.		247,240
				959,305
		TOTAL COMMON STOCKS (Cost - $27,675,165)		29,012,828
		TOTAL INVESTMENTS - 98.9% (Cost - $27,675,165)	$	29,012,828
		OTHER ASSETS LESS LIABILITIES - NET - 1.1%		314,063
		TOTAL NET ASSETS - 100.0%	$	29,326,891

* Non-income producing security.

^ Represents less than 0.05%

ADR - American Depository Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.

147

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 99.1%
		ADVERTISING - 1.2%
	3,083	Boeing Co.	$	1,122,243
		AEROSPACE/DEFENSE - 2.5%
	5,790	HEICO Corp.		774,760
	4,264	L3Harris Technologies, Inc. *		806,450
	7,481	Spirit AeroSystems Holdings, Inc.		608,729
				2,189,939
		AIRLINES - 0.5%
	7,697	Delta Air Lines, Inc.		436,805
		AUTO MANUFACTURERS - 0.7%
	16,532	General Motors Co.		636,978
		AUTO PARTS & EQUIPMENT - 0.8%
	15,117	Allison Transmission Holdings, Inc.		700,673
		BANKS - 2.0%
	1,164	CIT Group, Inc.		61,157
	4,246	Popular, Inc.		230,303
	4,479	Signature Bank		541,242
	878	SVB Financial Group *		197,190
	6,466	Western Alliance Bancorp *		289,160
	9,655	Zions Bancorp NA		443,937
				1,762,989
		BEVERAGES - 1.0%
	3,857	Coca-Cola Co.		217,921
	9,320	Monster Beverage Corp. *		594,896
	779	PepsiCo, Inc.		102,150
				914,967
		BIOTECHNOLOGY - 4.1%
	6,165	Alexion Pharmaceuticals, Inc. *		807,492
	1,701	Biogen, Inc. *		397,813
	5,285	BioMarin Pharmaceutical, Inc. *		452,660
	1,300	Exelixis, Inc. *		27,781
	10,296	Gilead Sciences, Inc.		695,598
	9,005	Incyte Corp. *		765,065
	2,741	Vertex Pharmaceuticals, Inc. *		502,645
				3,649,054

See accompanying notes to financial statements.

148

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		CHEMICALS - 1.3%
	945	Air Products & Chemicals, Inc.	$	213,920
	1,991	Sherwin-Williams Co.		912,455
				1,126,375
		COMMERCIAL SERVICES - 2.8%
	1,120	CoStar Group, Inc. *		620,547
	13,562	PayPal Holdings, Inc. *		1,552,307
	2,354	Verisk Analytics, Inc.		344,767
				2,517,621
		COMPUTERS - 6.8%
	30,587	Apple, Inc.		6,053,779
		DISTRIBUTION/WHOLESALE - 0.1%
	2,769	HD Supply Holdings, Inc. *		111,535
		DIVERSIFIED FINANCIAL SERVICES - 6.7%
	21,806	Ally Financial, Inc.		675,768
	7,329	Mastercard, Inc.		1,938,740
	20,531	Synchrony Financial		711,810
	15,040	Visa, Inc.		2,610,192
				5,936,510
		ELECTRIC - 1.4%
	30,338	AES Corp.		508,465
	10,206	Exelon Corp.		489,276
	8,236	NRG Energy, Inc.		289,248
				1,286,989
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.8%
	7,901	AMETEK, Inc.		717,727
		ELECTRONICS - 2.3%
	3,731	Allegion PLC		412,462
	3,078	Jabil, Inc.		97,265
	8,803	Keysight Technologies, Inc. *		790,597
	112	Mettler-Toledo International, Inc. *		94,080
	16,133	National Instruments Corp.		677,425
				2,071,829
		ENVIRONMENTAL CONTROL - 0.5%
	3,765	Waste Management, Inc.		434,368

See accompanying notes to financial statements.

149

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		FOOD - 0.9%
	741	Campbell Soup Co.	$	29,692
	873	Lamb Weston Holdings, Inc.		55,313
	12,586	Mondelez International, Inc.		678,385
				763,390
		HEALTHCARE PRODUCTS - 2.4%
	2,981	Align Technology, Inc. *		815,900
	99	Cooper Cos, Inc.		33,352
	3,772	Hill-Rom Holdings, Inc.		394,627
	4,420	Hologic, Inc. *		212,248
	1,645	Thermo Fisher Scientific, Inc.		483,104
	1,668	West Pharmaceutical Services, Inc.		208,750
				2,147,981
		HEALTHCARE - SERVICES - 2.2%
	2,874	Anthem, Inc.		811,072
	5,256	Encompass Health Corp.		333,020
	1,321	Molina Healthcare, Inc. *		189,088
	2,408	UnitedHealth Group, Inc.		587,576
				1,920,756
		HOME FURNISHINGS - 0.1%
	730	Tempur Sealy International, Inc. *		53,560
		INSURANCE - 1.6%
	9,558	Progressive Corp.		763,971
	12,009	Voya Financial, Inc.		664,098
				1,428,069
		INTERNET - 19.0%
	2,011	Alphabet, Inc. - Class A *		2,173,710
	2,003	Alphabet, Inc. - Class C *		2,168,848
	2,699	Amazon.com, Inc. *		5,110,907
	311	Booking Holdings, Inc. *		583,035
	909	CDW Corp.		100,899
	22,212	eBay, Inc.		877,374
	15,235	Facebook, Inc. *		2,940,355
	1,385	GoDaddy, Inc. *		97,158
	2,676	Netflix, Inc. *		982,948
	3,784	Palo Alto Networks, Inc. *		771,028
	1,698	RingCentral, Inc. *		195,134
	4,639	Twitter, Inc. *		161,901
	3,649	VeriSign, Inc. *		763,225
				16,926,522

See accompanying notes to financial statements.

150

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		LODGING - 0.8%
	12,428	Las Vegas Sands Corp.	$	734,371
		MACHINERY - CONSTRUCTION & MINING - 0.3%
	2,111	Caterpillar, Inc.		287,708
		MACHINERY - DIVERSIFIED - 0.4%
	2,573	Cummins, Inc.		327,105
		MEDIA - 0.1%
	552	Nexstar Media Group, Inc.		55,752
	762	World Wrestling Entertainment, Inc.		55,024
				110,776
		MINING - 0.3%
	10,063	Alcoa Corp. *		235,575
		MISCELLANEOUS MANUFACTURER - 0.3%
	2,323	Ingersoll-Rand PLC		294,254
		OIL & GAS - 0.7%
	1,707	ConocoPhillips		104,127
	4,305	TechnipFMC PLC *		111,672
	4,887	Valero Energy Corp.		418,376
				634,175
		PACKAGING & CONTAINERS - 0.9%
	6,715	Berry Global Group, Inc. *		353,142
	9,753	Sealed Air Corp.		417,233
				770,375
		PHARMACEUTICALS - 3.6%
	16,317	AbbVie, Inc.		1,186,572
	7,759	Bristol-Myers Squibb Co.		351,871
	275	Cigna Corp.		43,326
	2,249	Johnson & Johnson		313,241
	4,339	McKesson Corp.		583,118
	5,050	Merck & Co, Inc.		423,443
	3,417	PRA Health Sciences, Inc. *		338,796
				3,240,367
		REAL ESTATE INVESTMENT TRUSTS - 1.9%
	3,129	Duke Realty Corp.		98,908
	6,051	Equity LifeStyle Properties, Inc.		734,228

See accompanying notes to financial statements.

151

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 1.9% (Continued)
	5,249	Lamar Advertising Co.	$	423,647
	5,026	Prologis, Inc.		402,583
				1,659,366
		RETAIL - 7.6%
	2,837	Advance Auto Parts, Inc.		437,295
	767	AutoZone, Inc. *		843,293
	1,080	Chipotle Mexican Grill, Inc. *		791,510
	11,738	Lowe’s Cos, Inc.		1,184,482
	15,762	Starbucks Corp.		1,321,328
	7,590	Target Corp.		657,370
	12,211	Walgreens Boots Alliance, Inc.		667,575
	7,829	Yum! Brands, Inc.		866,435
				6,769,288
		SEMICONDUCTORS - 2.5%
	2,254	Analog Devices, Inc.		254,409
	6,193	Cree, Inc. *		347,923
	6,660	NXP Semiconductors NV		650,083
	12,124	Teradyne, Inc.		580,861
	2,967	Xilinx, Inc.		349,869
				2,183,145
		SOFTWARE - 13.9%
	103	Adobe, Inc. *		30,349
	11,243	Cadence Design Systems, Inc. *		796,117
	7,573	Citrix Systems, Inc.		743,214
	497	Fair Isaac Corp. *		156,068
	3,103	Fidelity National Information Services, Inc.		380,676
	2,456	HubSpot, Inc. *		418,797
	1,702	Intuit, Inc.		444,784
	41,861	Microsoft Corp.		5,607,700
	593	MongoDB, Inc. *		90,189
	590	MSCI, Inc.		140,886
	21,460	Oracle Corp.		1,222,576
	1,052	Pluralsight ,Inc. *		31,897
	2,667	salesforce.com, Inc. *		404,664
	3,593	ServiceNow, Inc. *		986,530
	3,403	Smartsheet, Inc. *		164,705
	1,148	Veeva Systems, Inc. *		186,102
	1,485	Vmware, Inc.		248,307
	1,417	Workday, Inc. *		291,307
				12,344,868

See accompanying notes to financial statements.

152

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		TELECOMMUNICATIONS - 1.7%
	352	Arista Networks, Inc. *	$	91,386
	12,045	Cisco Systems, Inc.		659,223
	4,830	Motorola Solutions, Inc.		805,306
				1,555,915
		TRANSPORTATION - 2.4%
	3,396	Norfolk Southern Corp.		676,925
	8,485	Union Pacific Corp.		1,434,894
				2,111,819
		TOTAL COMMON STOCKS (Cost - $78,391,457)		88,169,766
		SHORT-TERM INVESTMENT - 0.3%
		MONEY MARKET FUND - 0.3%
	254,573	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $254,573)		254,573
		TOTAL INVESTMENTS - 99.4% (Cost - $78,646,030)	$	88,424,339
		OTHER ASSETS LESS LIABILITIES - NET - 0.6%		512,758
		TOTAL NET ASSETS - 100.0%	$	88,937,097

* Non-income producing security.

ADR - American Depository Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a) Money market rate shown represents the rate at June 30, 2019.

See accompanying notes to financial statements.

153

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

PORTFOLIO OF INVESTMENTS

June 30, 2019 (Unaudited)

Shares			Value
		COMMON STOCKS - 98.9%
		AEROSPACE/DEFENSE - 2.2%
	525	HEICO Corp.	$	70,250
	5,325	L3Harris Technologies, Inc. *		1,007,117
	6,231	Spirit AeroSystems Holdings, Inc.		507,016
	4,627	Teledyne Technologies, Inc. *		1,267,196
				2,851,579
		AIRLINES - 1.5%
	19,880	American Airlines Group, Inc.		648,287
	3,772	Copa Holdings SA		368,034
	48,191	JetBlue Airways Corp. *		891,052
				1,907,373
		APPAREL - 0.6%
	7,200	Ralph Lauren Corp.		817,848
		AUTO MANUFACTURERS - 0.6%
	19,915	General Motors Co.		767,325
		AUTO PARTS & EQUIPMENT - 0.5%
	4,731	Lear Corp.		658,886
		BANKS - 10.1%
	14,226	CIT Group, Inc.		747,434
	39,111	Citizens Financial Group, Inc.		1,382,965
	16,681	Comerica, Inc.		1,211,708
	56,030	Fifth Third Bancorp		1,563,237
	15,257	First Hawaiian, Inc.		394,699
	5,640	Northern Trust Corp.		507,600
	20,251	Popular, Inc.		1,098,414
	57,738	Regions Financial Corp.		862,606
	4,206	Signature Bank		508,253
	14,141	State Street Corp.		792,744
	4,332	SVB Financial Group *		972,924
	25,934	Synovus Financial Corp.		907,690
	3,554	Umpqua Holdings Corp.		58,961
	22,233	Western Alliance Bancorp *		994,260
	26,155	Zions Bancorp NA		1,202,607
				13,206,102

See accompanying notes to financial statements.

154

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		BEVERAGES - 0.1%
	2,423	Molson Coors Brewing Co	$	135,688
		BIOTECHNOLOGY - 1.7%
	4,884	Alexion Pharmaceuticals, Inc. *		639,706
	831	Biogen, Inc. *		194,346
	1,000	BioMarin Pharmaceutical, Inc. *		85,650
	7,686	Exelixis, Inc. *		164,250
	12,122	Gilead Sciences, Inc.		818,962
	4,298	Incyte Corp. *		365,158
				2,268,072
		BUILDING MATERIALS - 0.9%
	152	Eagle Materials, Inc.		14,090
	28,708	Masco Corp.		1,126,502
				1,140,592
		CHEMICALS - 2.4%
	21,425	Axalta Coating Systems Ltd. *		637,822
	1,259	CF Industries Holdings, Inc.		58,808
	16,507	Eastman Chemical Co.		1,284,740
	11,835	Huntsman Corp.		241,907
	30,339	Olin Corp.		664,727
	496	Sherwin-Williams Co.		227,312
				3,115,316
		COMMERCIAL SERVICES - 1.4%
	347	Bright Horizons Family Solutions, Inc. *		52,352
	88	Graham Holdings Co.		60,723
	6,778	IHS Markit Ltd. *		431,894
	3,804	ManpowerGroup, Inc.		367,466
	8,406	PayPal Holdings, Inc. *		962,151
				1,874,586
		COMPUTERS - 1.0%
	16,111	Leidos Holdings, Inc.		1,286,463
		DISTRIBUTION/WHOLESALE - 1.6%
	29,039	HD Supply Holdings, Inc. *		1,169,691
	11,189	LKQ Corp. *		297,739
	11,561	WESCO International, Inc. *		585,565
				2,052,995

See accompanying notes to financial statements.

155

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		DIVERSIFIED FINANCIAL SERVICES - 2.7%
	42,897	Ally Financial, Inc.	$	1,329,378
	1,107	Cboe Global Markets, Inc.		114,718
	30,303	Jefferies Financial Group, Inc.		582,727
	42,669	Synchrony Financial		1,479,334
				3,506,157
		ELECTRIC - 10.8%
	77,143	AES Corp.		1,292,917
	20,090	Ameren Corp.		1,508,960
	25,364	CMS Energy Corp.		1,468,829
	12,528	Consolidated Edison, Inc.		1,098,455
	12,797	DTE Energy Co.		1,636,480
	18,015	Exelon Corp.		863,639
	38,125	FirstEnergy Corp.		1,632,131
	35,093	NRG Energy, Inc.		1,232,466
	52,794	PPL Corp.		1,637,142
	3,802	Sempra Energy		522,547
	54,162	Vistra Energy Corp.		1,226,228
				14,119,794
		ELECTRICAL COMPONENTS & EQUIPMENT - 0.9%
	12,281	AMETEK, Inc.		1,115,606
		ELECTRONICS - 3.2%
	9,313	Agilent Technologies, Inc.		695,402
	3,211	Allegion PLC		354,976
	31,201	Jabil, Inc.		985,952
	11,149	Keysight Technologies, Inc. *		1,001,292
	26,838	National Instruments Corp.		1,126,928
				4,164,550
		ENGINEERING COMPONENTS & EQUIPMENT - 0.9%
	1,360	AECOM *		51,476
	33,143	Fluor Corp.		1,116,588
				1,168,064
		ENTERTAINMENT - 0.2%
	7,934	Cinemark Holdings, Inc.		286,417
		FOOD - 3.0%
	2,102	Campbell Soup Co.		84,227
	7,637	Ingredion, Inc.		629,976
	48,938	Kroger Co.		1,062,444

See accompanying notes to financial statements.

156

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		FOOD - 3.0% (Continued)
	18,789	Lamb Weston Holdings, Inc.	$	1,190,471
	27,990	US Foods Holding Corp. *		1,000,922
				3,968,040
		FOOD SERVICE - 1.0%
	34,724	Aramark		1,252,147
		FOREST PRODUCTS & PAPER - 0.7%
	20,690	Domtar Corp.		921,326
		GAS - 0.3%
	8,086	UGI Corp.		431,873
		HEALTHCARE PRODUCTS - 2.4%
	2,646	Align Technology, Inc. *		724,210
	1,459	Cooper Cos, Inc.		491,523
	7,895	Hill-Rom Holdings, Inc.		825,975
	12,709	Hologic, Inc. *		610,286
	3,396	West Pharmaceutical Services, Inc.		425,009
				3,077,003
		HEALTHCARE - SERVICES - 1.8%
	3,427	Anthem, Inc.		967,134
	4,338	Encompass Health Corp.		274,856
	258	Molina Healthcare, Inc. *		36,930
	7,755	Universal Health Services, Inc.		1,011,174
				2,290,094
		HOME BUILDERS - 0.3%
	3,127	DR Horton, Inc.		134,868
	5,911	Toll Brothers, Inc.		216,461
				351,329
		HOME FURNISHINGS - 0.3%
	4,120	Whirlpool Corp.		586,523
		INSURANCE - 6.1%
	2,061	American National Insurance Co.		240,045
	25,535	Athene Holding Ltd. *		1,099,537
	28,037	Brighthouse Financial, Inc. *		1,028,678
	6,732	First American Financial Corp.		361,508
	9,815	Mercury General Corp.		613,438

See accompanying notes to financial statements.

157

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		INSURANCE - 6.1% (Continued)
	1,336	Old Republic International Corp.	$	29,900
	7,656	Progressive Corp.		611,944
	4,215	Reinsurance Group of America, Inc.		657,666
	33,779	Unum Group		1,133,285
	21,830	Voya Financial, Inc.		1,207,199
	1,021	White Mountains Insurance Group Ltd.		1,042,911
				8,026,111
		INTERNET - 1.6%
	12,849	eBay, Inc.		507,536
	1,866	Palo Alto Networks, Inc. *		380,216
	5,580	VeriSign, Inc. *		1,167,113
				2,054,865
		LODGING - 0.7%
	15,005	Las Vegas Sands Corp.		886,645
	3,162	MGM Resorts International		90,338
				976,983
		MACHINERY - CONSTRUCTION & MINING - 0.4%
	5,480	Oshkosh Corp.		457,525
		MACHINERY - DIVERSIFIED - 2.0%
	3,112	Crane Co.		259,665
	4,939	Cummins, Inc.		846,248
	8,536	Curtiss-Wright Corp.		1,085,182
	2,480	IDEX Corp.		426,907
				2,618,002
		MEDIA - 1.3%
	3,555	John Wiley & Sons, Inc.		163,032
	87,223	News Corp.		1,176,638
	3,560	Nexstar Media Group, Inc.		359,560
				1,699,230
		MINING - 0.8%
	47,261	Alcoa Corp. *		1,106,380
		MISCELLANEOUS MANUFACTURER - 1.6%
	5,511	Ingersoll-Rand PLC		698,078
	8,293	Parker-Hannifin Corp.		1,409,893
				2,107,971

See accompanying notes to financial statements.

158

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		OIL & GAS - 4.8%
	17,506	Antero Resources Corp. *	$	96,808
	9,150	ConocoPhillips		558,150
	16,242	Helmerich & Payne, Inc.		822,170
	20,223	HollyFrontier Corp.		935,920
	78,194	Marathon Oil Corp.		1,111,137
	17,769	Occidental Petroleum Corp.		893,425
	13,256	PBF Energy, Inc.		414,913
	25,385	TechnipFMC PLC *		658,487
	9,761	Valero Energy Corp.		835,639
				6,326,649
		OIL & GAS SERVICES - 0.3%
	11,277	Apergy Corp. *		378,231
		PACKAGING & CONTAINERS - 1.4%
	15,363	Berry Global Group, Inc. *		807,940
	23,602	Sealed Air Corp.		1,009,694
				1,817,634
		PHARMACEUTICALS - 2.9%
	9,304	AbbVie, Inc.		676,587
	12,202	Alkermes PLC *		275,033
	10,431	Cardinal Health, Inc.		491,300
	1,665	Elanco Animal Health, Inc. *		56,277
	3,842	Herbalife Nutrition Ltd. *		164,284
	12,180	McKesson Corp.		1,636,870
	24,337	Mylan NV *		463,376
				3,763,727
		PIPELINES - 1.2%
	19,750	Equitrans Midstream Corp.		389,273
	43,680	Williams Cos, Inc.		1,224,787
				1,614,060
		REAL ESTATE INVESTMENT TRUSTS - 11.8%
	9,525	American Homes 4 Rent		231,553
	11,086	Apartment Investment & Management Co.		555,630
	56,208	Brandywine Realty Trust		804,899
	11,780	Camden Property Trust		1,229,714
	20,780	Columbia Property Trust, Inc.		430,977
	34,721	CubeSmart		1,161,070
	28,546	Douglas Emmett, Inc.		1,137,273

See accompanying notes to financial statements.

159

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

Shares			Value
		REAL ESTATE INVESTMENT TRUSTS - 11.8% (Continued)
	41,684	Duke Realty Corp.	$	1,317,631
	41,492	Healthcare Trust of America, Inc.		1,138,126
	5,846	Highwoods Properties, Inc.		241,440
	70,405	Host Hotels & Resorts, Inc.		1,282,779
	38,685	Iron Mountain, Inc.		1,210,841
	4,799	Lamar Advertising Co.		387,327
	69,313	Paramount Group, Inc.		971,075
	2,658	Park Hotels & Resorts, Inc.		73,254
	1,361	Prologis, Inc.		109,016
	37,209	Retail Properties of America, Inc.		437,578
	33,290	STORE Capital Corp.		1,104,895
	9,459	Sun Communities, Inc.		1,212,549
	6,986	UDR, Inc.		313,602
				15,351,229
		RETAIL - 4.6%
	6,322	Advance Auto Parts, Inc.		974,473
	24,205	AutoNation, Inc. *		1,015,158
	285	AutoZone, Inc. *		313,349
	8,041	Best Buy Co, Inc.		560,699
	201	Chipotle Mexican Grill, Inc. *		147,309
	1,969	Lowe’s Cos, Inc.		198,692
	2,431	Macy’s, Inc.		52,169
	1,956	Penske Automotive Group, Inc.		92,519
	7,793	Starbucks Corp.		653,287
	10,935	Target Corp.		947,080
	17,434	Walgreens Boots Alliance, Inc.		953,117
	524	Yum! Brands, Inc.		57,991
				5,965,843
		SEMICONDUCTORS - 1.4%
	5,898	Cree, Inc. *		331,350
	9,904	NXP Semiconductors NV		966,729
	6,113	Qorvo, Inc. *		407,187
	2,709	Teradyne, Inc.		129,788
				1,835,054

See accompanying notes to financial statements.

160

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

PORTFOLIO OF INVESTMENTS (Continued)

June 30, 2019 (Unaudited)

	SOFTWARE - 1.5%
10,390	Citrix Systems, Inc.	$	1,019,675
7,931	Nuance Communications, Inc. *		126,658
2,910	ServiceNow, Inc. *		798,999
			1,945,332
	TELECOMMUNICATIONS - 1.2%
7,165	Motorola Solutions, Inc.		1,194,620
12,285	Telephone & Data Systems, Inc.		373,466
			1,568,086
	TOYS/GAMES/HOBBIES - 0.1%
15,276	Mattel, Inc. *		171,244
	TRANSPORTATION - 0.1%
498	Union Pacific Corp.		84,217
	TOTAL COMMON STOCKS (Cost - $125,512,920)		129,190,121
	SHORT-TERM INVESTMENT - 0.6%
	MONEY MARKET FUND - 0.6%
828,037	Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 2.25% (a)(Cost - $828,037)		828,037
	TOTAL INVESTMENTS - 99.5% (Cost - $126,340,957)	$	130,018,158
	OTHER ASSETS LESS LIABILITIES - NET - 0.5%		586,330
	TOTAL NET ASSETS - 100.0%	$	130,604,488

* Non-income producing security.

(a) Money market rate shown represents the rate at June 30, 2019.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.

161

Global Atlantic Portfolios

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	Global Atlantic		Global Atlantic		Global Atlantic		Global Atlantic BlackRock
	BlackRock Allocation		BlackRock Disciplined		BlackRock Disciplined		Disciplined International
	Portfolio		Core Portfolio		Growth Portfolio		Core Portfolio
Assets:
Investments in securities, at cost	$	78,200,404	$	518,386,091	$	15,026,086	$	144,465,353
Investments in securities, at value	$	82,876,854	$	570,373,643	$	17,350,324	$	144,501,140
Foreign Cash (cost: $-, $-, $- and $3,651,641, respectively)		—		—		—		3,665,783
Deposits with broker +		—		354,643		10,396		213,078
Unrealized appreciation on futures contracts		—		136,280		4,933		95,745
Receivable for securities sold		111,737		9,142,328		939,186		462,820
Receivable for portfolio shares sold		90,210		—		—		—
Interest and dividends receivable		119		564,568		7,873		796,184
Total Assets		83,078,920		580,571,462		18,312,712		149,734,750
Liabilities:
Unrealized depreciation on forward foreign exchange contracts		—		—		—		51
Payable for Portfolio shares redeemed		3,373		189,252		16,114		129,476
Payable for securities purchased		—		8,453,908		883,533		557,034
Accrued distribution (12b-1) fees		3,116		7,124		3,537		8,739
Accrued investment advisory fees - net		13,291		174,941		5,463		65,484
Administrative service fees payable		6,290		32,378		2,949		10,398
Accrued expenses and other liabilities		3,787		26,501		463		6,454
Total Liabilities		29,857		8,884,104		912,059		777,636
Net Assets	$	83,049,063	$	571,687,358	$	17,400,653	$	148,957,114
Net Assets:
Paid in capital	$	76,174,441	$	503,699,686	$	14,014,822	$	155,769,483
Accumulated earnings (losses)		6,874,622		67,987,672		3,385,831		(6,812,369	)
Net Assets		83,049,063		571,687,358		17,400,653		148,957,114
Class I Shares:
Net assets	$	67,707,045	$	536,614,663	$	—	$	105,527,347
Total shares outstanding at end of period
($0 par value, unlimited shares authorized)		6,215,372		46,585,165		—		10,887,459
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	10.89	$	11.52	$	—	$	9.69
Class II Shares:
Net assets	$	15,342,018	$	35,072,695	$	17,400,653	$	43,429,767
Total shares outstanding at end of period
($0 par value, unlimited shares authorized)		1,411,468		3,052,648		1,459,497		4,492,484
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	10.87	$	11.49	$	11.92	$	9.67

+ Collateral for futures contracts and foreign currency contracts.

See accompanying notes to financial statements.

162

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2019 (Unaudited)

	Global Atlantic BlackRock		Global Atlantic BlackRock		Global Atlantic BlackRock		Global Atlantic
	Disciplined Mid Cap		Disciplined Small Cap		Disciplined U.S. Core		BlackRock Disciplined
	Growth Portfolio		Portfolio		Portfolio		Value Portfolio
Assets:
Investments in securities, at cost	$	167,004,904	$	17,592,835	$	22,364,681		258,635,000
Investments in securities, at value	$	194,139,043	$	17,760,890	$	24,644,881		274,727,013
Cash		1,058		—		—		—
Deposits with broker +		128,848		19,523		22,714		169,069
Unrealized appreciation on futures contracts		46,442		10,030		7,946		60,379
Receivable for portfolio shares sold		—		—		—		239
Receivable for securities sold		31,779,773		346,011		746,922		14,154,267
Interest and dividends receivable		95,211		20,302		17,950		295,808
Total Assets		226,190,375		18,156,756		25,440,413		289,406,775
Liabilities:
Payable for Portfolio shares redeemed		158,321		1,013		873		297,236
Payable for securities purchased		31,057,709		380,567		562,347		13,427,544
Accrued investment advisory fees - net		82,826		6,757		6,860		97,296
Accrued distribution (12b-1) fees		10,250		1,696		702		1,548
Administrative service fees payable		12,449		3,048		3,467		16,804
Accrued expenses and other liabilities		8,300		636		1,211		12,124
Total Liabilities		31,329,855		393,717		575,460		13,852,552
Net Assets	$	194,860,520	$	17,763,039	$	24,864,953		275,554,223
Net Assets:
Paid in capital	$	158,855,447	$	16,604,426	$	21,729,720		252,084,280
Accumulated earnings		36,005,073		1,158,613		3,135,233		23,469,943
Net Assets	$	194,860,520	$	17,763,039	$	24,864,953	$	275,554,223
Class I Shares:
Net assets	$	144,385,487	$	9,293,584	$	21,398,236		267,934,921
Total shares outstanding at end of period
($0 par value, unlimited shares authorized)		11,613,398		858,670		1,871,922		24,529,263
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	12.43	$	10.82	$	11.43		10.92
Class II Shares:
Net assets	$	50,475,033	$	8,469,455	$	3,466,717		7,619,302
Total shares outstanding at end of period
($0 par value, unlimited shares authorized)		4,066,779		784,172		304,006		698,019
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	12.41	$	10.80	$	11.40		10.92

+ Collateral for futures contracts and foreign currency contracts.

See accompanying notes to financial statements.

163

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2019 (Unaudited)

	Global Atlantic		Global Atlantic Goldman			Global Atlantic Goldman		Global Atlantic Goldman
	BlackRock High		Sachs Core Fixed			Sachs Global Equity		Sachs Large Cap Growth
	Yield Portfolio		Income Portfolio			Insights Portfolio		Insights Portfolio
Assets:
Investments in securities, at cost	$	70,872,505	$	104,990,922		$	27,675,165	$	78,646,030
Investments in securities, at value	$	71,505,084	$	108,219,446		$	29,012,828	$	88,424,339
Foreign cash (Cost: $0, $32,481, $147,377, and $0, respectively)		—		33,557			216,609		—
Deposits with broker +		47,813		220,660			—		—
Unrealized appreciation on futures contracts		—		201,739			—		—
Unrealized appreciation on swap contracts		—		52,539			—		—
Unrealized appreciation on forward foreign currency contracts		—		79,358			—		—
Interest and dividends receivable		1,064,950		558,153			53,949		36,646
Receivable for Portfolio shares sold		1,766,386		104,326			175		—
Receivable for securities sold		19,953		5,330,200			86,672		16,828,885
Total Assets		74,404,186		114,799,978			29,370,233		105,289,870
Liabilities:
Due to Custodian		—		—			16,932		—
Unrealized depreciation on futures contracts		25,474		—			—		—
Payable for securities purchased		787,918		20,949,283			—		16,250,782
Payable for portfolio shares redeemed		200		—			4,064		66,007
Accrued investment advisory fees - net		27,668		24,038			14,599		25,101
Accrued distribution (12b-1) fees		187		—			2,639		814
Administrative service fees payable		7,047		8,288			3,665		6,669
Accrued expenses and other liabilities		2,939		3,960			1,443		3,400
Total Liabilities		851,433		20,985,569			43,342		16,352,773
Net Assets	$	73,552,753	$	93,814,409		$	29,326,891	$	88,937,097
Net Assets:
Paid in capital	$	70,182,134	$	87,076,023		$	28,732,282	$	75,870,711
Accumulated earnings/(losses)		3,370,619		6,738,386			594,609		13,066,386
Net Assets	$	73,552,753	$	93,814,409		$	29,326,891	$	88,937,097
Class I Shares:
Net assets	$	72,636,383	$	93,814,398		$	16,273,691	$	84,944,568
Total shares outstanding at end of period
($0 par value, unlimited shares authorized)		6,965,301		8,852,873			1,564,336		7,294,591
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	10.43	$	10.60		$	10.40	$	11.64
Class II Shares:
Net assets	$	916,370	$	11		$	13,053,200	$	3,992,529
Total shares outstanding at end of period
($0 par value, unlimited shares authorized)		88,192		1			1,258,254		343,815
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	10.39	$	10.60	(a)	$	10.37	$	11.61

(a) NAV may not recalculate due to rounding of net assets.

+ Collateral for forward foreign currency contracts, futures contracts, and swap contracts.

See accompanying notes to financial statements.

164

Global Atlantic Portfolios

Statements of Assets and Liabilities (Continued)

June 30, 2019 (Unaudited)

	Global Atlantic Goldman
	Sachs Mid Cap Value
	Insights Portfolio
Assets:
Investments in securities, at cost	$	126,340,957
Investments in securities, at value	$	130,018,158
Interest and dividends receivable		186,126
Receivable for Portfolio shares sold		3,476
Receivable for securities sold		27,484,546
Total Assets		157,692,306
Liabilities:
Payable for securities purchased		26,991,375
Payable for Portfolio shares redeemed		9,800
Accrued investment advisory fees - net		56,025
Accrued distribution (12b-1) fees		15,976
Administrative service fees payable		8,872
Accrued expenses and other liabilities		5,770
Total Liabilities		27,087,818
Net Assets	$	130,604,488
Net Assets:
Paid in capital	$	128,297,658
Accumulated earnings		2,306,830
Net Assets	$	130,604,488
Class I Shares:
Net assets	$	51,369,925
Total shares outstanding at end of period
($0 par value, unlimited shares authorized)		4,985,068
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	10.30
Class II Shares:
Net assets	$	79,234,563
Total shares outstanding at end of period
($0 par value, unlimited shares authorized)		7,713,060
Net asset value, offering and redemption price per share
(Net assets ÷ Total shares of beneficial interest outstanding)	$	10.27

See accompanying notes to financial statements.

165

Global Atlantic Portfolios

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

	Global Atlantic			Global Atlantic			Global Atlantic			Global Atlantic BlackRock
	BlackRock Allocation			BlackRock Disciplined			BlackRock Disciplined			Disciplined International
	Portfolio			Core Portfolio			Growth Portfolio			Core Portfolio
Investment Income:
Dividend income	$	950,933		$	5,637,283	*	$	120,136	**	$	2,856,346	***
Interest income		637			90,306			3,460			6,106
Total Investment Income		951,570			5,727,589			123,596			2,862,452
Expenses:
Investment advisory fees		88,791			1,091,609			38,859			439,345
Distribution fees (12b-1) - Class II Shares		18,293			42,787			21,589			53,899
Administrative service fees		31,397			193,228			9,374			53,639
Legal fees		9,885			68,579			2,116			17,931
Trustees fees		3,505			24,314			750			6,358
Custody fees		—			9			18			1,969
Miscellaneous Expense		515			3,597			112			937
Total Expenses		152,386			1,424,123			72,818			574,078
Expenses waived		(8,375	)		(37,097	)		(4,546	)		(12,773	)
Net Expenses		144,011			1,387,026			68,272			561,305
Net Investment Income		807,559			4,340,563			55,324			2,301,147
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign Currency Translations
Net realized gain/(loss) on:
Investments		54,306			12,231,230			496,107			(3,387,663	)
Futures contracts		—			1,057,062			34,593			359,712
Futures commissions		—			(1,904	)		(59	)		(1,200	)
Foreign currency translations		—			(66	)		—			(13,499	)
Forward foreign currency contracts		—			—			—			4,291
		54,306			13,286,322			530,641			(3,038,359	)
Net change in unrealized depreciation on:
Investments		9,174,684			74,938,708			2,652,204			19,562,049
Futures contracts		—			332,438			3,251			202,700
Foreign currency translations		—			1,297			—			2,558
Forward foreign currency contracts		—			—			—			12,987
		9,174,684			75,272,443			2,655,455			19,780,294
Net Realized and Unrealized Gain on Investments, Futures Contracts, Forward Foreign Currency Contracts and Foreign Currency Translations		9,228,990			88,558,765			3,186,096			16,741,935
Net Increase in Net Assets Resulting from Operations	$	10,036,549		$	92,899,328		$	3,241,420		$	19,043,082

* Foreign Taxes Withheld $36,339

** Foreign Taxes Withheld $47

*** Foreign Taxes Withheld $346,579

See accompanying notes to financial statements.

166

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2019 (Unaudited)

	Global Atlantic BlackRock			Global Atlantic BlackRock			Global Atlantic BlackRock			Global Atlantic
	Disciplined Mid Cap			Disciplined Small Cap			Disciplined U.S. Core			BlackRock Disciplined
	Growth Portfolio			Portfolio			Portfolio			Value Portfolio
Investment Income:
Dividend income	$	988,966	*	$	136,243	**	$	238,728	***	$	3,599,360	****
Interest income		28,500			4,699			5,345			41,714
Total Investment Income		1,017,466			140,942			244,073			3,641,074
Expenses:
Investment advisory fees		519,902			48,334			46,761			611,611
Distribution fees (12b-1) - Class II Shares		60,569			10,391			4,110			9,484
Administrative service fees		67,839			9,767			11,829			95,728
Legal fees		23,170			2,192			2,938			33,292
Trustees fees		8,214			777			1,042			11,804
Miscellaneous Expense		1,171			117			152			1,784
Total Expenses		680,865			71,578			66,832			763,703
Expenses waived		(24,162	)		(4,766	)		(5,125	)		(19,984	)
Net Expenses		656,703			66,812			61,707			743,719
Net Investment Income		360,763			74,130			182,366			2,897,355
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Foreign Currency Translations and Payments from Affiliate
Net realized gain (loss) on:
Investments		7,958,139			310,413			453,914			4,863,417
Futures contracts		294,480			54,559			51,030			517,579
Futures commissions		(726	)		(205	)		(90	)		(976	)
		8,251,893			364,767			504,854			5,380,020
Net change in unrealized appreciation (depreciation) on:
Investments		33,274,866			2,399,537			3,256,142			32,237,067
Futures contracts		133,387			19,831			22,970			167,131
		33,408,253			2,419,368			3,279,112			32,404,198
Net Realized and Unrealized Gain on Investments, Futures Contracts, Foreign Currency Translations and Payments From Affiliate		41,660,146			2,784,135			3,783,966			37,784,218
Net Increase in Net Assets Resulting from Operations	$	42,020,909		$	2,858,265		$	3,966,332		$	40,681,573

* Foreign Taxes Withheld $50

** Foreign Taxes Withheld $20

*** Foreign Taxes Withheld $56

**** Foreign Taxes Withheld $243

See accompanying notes to financial statements.

167

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2019 (Unaudited)

	Global Atlantic			Global Atlantic Goldman			Global Atlantic Goldman			Global Atlantic Goldman
	BlackRock High			Sachs Core Fixed			Sachs Global Equity			Sachs Large Cap Growth
	Yield Portfolio			Income Portfolio			Insights Portfolio			Insights Portfolio
Investment Income:
Dividend income	$	—		$	—		$	397,663	*	$	591,620
Interest income		2,130,156			1,487,446			241			6,341
Total Investment Income		2,130,156			1,487,446			397,904			597,961
Expenses:
Investment advisory fees		181,728			155,939			91,475			162,018
Distribution fees (12b-1) - Class II Shares		1,194			—			16,161			4,733
Administrative service fees		29,669			36,468			13,537			33,175
Legal fees		8,900			11,226			3,556			10,728
Trustees fees		3,156			3,981			1,261			3,803
Custody fees		373			108			620			—
Miscellaneous Expense		481			583			192			557
Total Expenses		225,501			208,305			126,802			215,014
Expenses waived		(9,474	)		(10,968	)		(5,434	)		(8,752	)
Net Expenses		216,027			197,337			121,368			206,262
Net Investment Income		1,914,129			1,290,109			276,536			391,699
Net Realized and Unrealized Gain/(Loss) on Investments, Futures Contracts, Swap Contracts, Foreign Currency Translations and Forward Foreign Currrency Contracts
Net realized gain/(loss) on:
Investments		(1,544,144	)		437,214			(551,151	)		1,598,926
Options		—			(3,061	)		—			—
Futures contracts		(58,023	)		434,517			—			(4,281	)
Futures commissions		(436	)		(6,719	)		—			—
Swap Contracts		—			77,434			—			—
Forward foreign currency contracts		—			16,422			—			—
Foreign currency translations		—			7,980			4,553			—
		(1,602,603	)		963,787			(546,598	)		1,594,645
Net change in unrealized appreciation (depreciation) on:
Investments		6,987,474			3,723,111			4,094,171			13,298,467
Futures contracts		(22,090	)		27,122			—			—
Swap contracts		—			(19,021	)		—			—
Forward foreign currency contracts		—			91,661			—			—
Foreign currency translations		—			2,049			929			—
		6,965,384			3,824,922			4,095,100			13,298,467
Net Realized and Unrealized Gain on Investments, Futures Contracts, Swap Contracts, Foreign Currency Translations and Forward Foreign Currency Contracts		5,362,781			4,788,709			3,548,502			14,893,112
Net Increase in Net Assets Resulting from Operations	$	7,276,910		$	6,078,818		$	3,825,038		$	15,284,811

* Foreign Taxes Withheld $28,935.

See accompanying notes to financial statements.

168

Global Atlantic Portfolios

Statements of Operations (Continued)

For the Six Months Ended June 30, 2019 (Unaudited)

	Global Atlantic Goldman
	Sachs Mid Cap Value
	Insights Portfolio
Investment Income:
Dividend income	$	1,489,104	*
Interest income		10,300
Total Investment Income		1,499,404
Expenses:
Investment advisory fees		361,118
Distribution fees (12b-1) - Class II Shares		99,273
Administrative service fees		47,975
Legal fees		16,075
Trustees fees		5,701
Custody fees		2,433
Miscellaneous expense		873
Total Expenses		533,448
Expenses waived		(11,391	)
Net Expenses		522,057
Net Investment Income		977,347
Net Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net Realized Loss on:
Investments		(3,056,817	)
Net change in unrealized appreciation on:
Investments		18,471,397
Net Realized and Unrealized Gain on Investments		15,414,580
Net Increase in Net Assets Resulting from Operations	$	16,391,927

* Foreign Taxes Withheld $1,761.

See accompanying notes to financial statements.

169

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic BlackRock						Global Atlantic BlackRock
	Allocation Portfolio						Disciplined Core Portfolio
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	807,559		$	1,766,322		$	4,340,563		$	8,338,625
Net realized gain/(loss) on investments, futures contracts, forward foreign currency contracts, foreign currency translations and payments from affiliate		54,306			(488,644	)		13,286,322			(4,103,445	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, forward foreign currency contracts and foreign currency translations		9,174,684			(5,623,615	)		75,272,443			(32,111,695	)
Net increase (decrease) in net assets resulting from operations		10,036,549			(4,345,937	)		92,899,328			(27,876,515	)
From Distributions to Shareholders:
Total distributions paid		—			(361,277	)		—			(8,261,415	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		643,517			4,710,096			297,007			275,178,625
Class II		928,513			8,539,942			122,525			5,280,712
Reinvestment of distributions
Class I		—			319,042			—			7,813,964
Class II		—			42,236			—			447,452
Cost of shares redeemed
Class I		(4,639,807	)		(12,957,720	)		(37,408,408	)		(78,346,434	)
Class II		(1,187,464	)		(2,903,952	)		(3,155,446	)		(7,914,091	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(4,255,241	)		(2,250,356	)		(40,144,322	)		202,460,228
Total increase (decrease) in net assets		5,781,308			(6,957,570	)		52,755,006			166,322,298
Net Assets:
Beginning of period		77,267,755			84,225,325			518,932,352			352,610,054
End of period	$	83,049,063		$	77,267,755		$	571,687,358		$	518,932,352
Share Activity:
Class I
Shares Sold		60,767			458,954			27,790			26,048,710
Shares Reinvested		—			32,456			—			761,595
Shares Redeemed		(445,527	)		(1,270,339	)		(3,403,546	)		(7,300,038	)
Net increase (decrease) in shares of beneficial interest outstanding		(384,760	)		(778,929	)		(3,375,756	)		19,510,267
Share Activity:
Class II
Shares Sold		88,529			831,755			10,692			489,813
Shares Reinvested		—			4,301			—			43,654
Shares Redeemed		(114,330	)		(285,815	)		(294,151	)		(735,161	)
Net increase (decrease) in shares of beneficial interest outstanding		(25,801	)		550,241			(283,459	)		(201,694	)

See accompanying notes to financial statements.

170

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic BlackRock						Global Atlantic BlackRock Disciplined
	Disciplined Growth Portfolio						International Core Portfolio
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	55,324		$	147,181		$	2,301,147		$	3,320,882
Net realized gain (loss) on investments, futures contracts, forward foreign currency contracts and payments from affiliate		530,641			427,787			(3,038,359	)		(6,606,793	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts		2,655,455			(793,512	)		19,780,294			(21,191,740	)
Net increase (decrease) in net assets resulting from operations		3,241,420			(218,544	)		19,043,082			(24,477,651	)
From Distributions to Shareholders:
Total distributions paid		—			(283,113	)		—			(3,135,099	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		—			—			333,231			60,436,711
Class II		333,919			701,973			359,833			47,547,508
Reinvestment of distributions
Class I		—			—			—			2,260,346
Class II		—			283,113			—			874,754
Cost of shares redeemed
Class I		—			—			(6,990,935	)		(11,619,140	)
Class II		(1,981,309	)		(5,210,960	)		(3,534,611	)		(4,308,815	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(1,647,390	)		(4,225,874	)		(9,832,482	)		95,191,364
Total increase (decrease) in net assets		1,594,030			(4,727,531	)		9,210,600			67,578,614
Net Assets:
Beginning of period		15,806,623			20,534,154			139,746,514			72,167,900
End of period	$	17,400,653		$	15,806,623		$	148,957,114		$	139,746,514
Share Activity:
Class I
Shares Sold		—			—			35,799			5,956,019
Shares Reinvested		—			—			—			259,512
Shares Redeemed		—			—			(756,781	)		(1,184,435	)
Net increase (decrease) in shares of beneficial interest outstanding		—			—			(720,982	)		5,031,096
Share Activity:
Class II
Shares Sold		30,176			63,002			38,507			4,680,473
Shares Reinvested		—			27,118			—			100,546
Shares Redeemed		(175,572	)		(475,123	)		(381,296	)		(445,806	)
Net increase (decrease) in shares of beneficial interest outstanding		(145,396	)		(385,003	)		(342,789	)		4,335,213

See accompanying notes to financial statements.

171

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic BlackRock						Global Atlantic BlackRock
	Disciplined Mid Cap Growth Portfolio						Disciplined Small Cap Portfolio
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	360,763		$	1,723,701		$	74,130		$	110,139
Net realized gain on investments, futures contracts, foreign currency translations and payments from affiliate		8,251,893			45,574			364,767			457,116
Net change in unrealized appreciation (depreciation) on investments and futures contracts		33,408,253			(8,548,365	)		2,419,368			(2,442,580	)
Net increase (decrease) in net assets resulting from operations		42,020,909			(6,779,090	)		2,858,265			(1,875,325	)
From Distributions to Shareholders:
Total distributions paid		—			(2,125,079	)		—			(104,521	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		312,515			60,544,967			124,562			154,274
Class II		264,314			34,653,907			286,445			5,930,065
Reinvestment of distributions
Class I		—			1,648,223			—			65,101
Class II		—			476,857			—			39,420
Cost of shares redeemed
Class I		(13,386,625	)		(23,194,442	)		(1,183,838	)		(1,925,214	)
Class II		(3,788,694	)		(7,045,289	)		(668,064	)		(1,470,068	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(16,598,490	)		67,084,223			(1,440,895	)		2,793,578
Total increase in net assets		25,422,419			58,180,054			1,417,370			813,732
Net Assets:
Beginning of period		169,438,101			111,258,047			16,345,669			15,531,937
End of period	$	194,860,520		$	169,438,101		$	17,763,039		$	16,345,669
Share Activity:
Class I
Shares Sold		26,130			5,651,636			12,002			14,058
Shares Reinvested		—			160,177			—			6,523
Shares Redeemed		(1,144,521	)		(2,110,745	)		(112,684	)		(182,058	)
Net increase (decrease) in shares of beneficial interest outstanding		(1,118,391	)		3,701,068			(100,682	)		(161,477	)
Share Activity:
Class II
Shares Sold		23,380			3,246,172			27,609			556,716
Shares Reinvested		—			46,342			—			3,950
Shares Redeemed		(327,695	)		(641,559	)		(64,195	)		(138,711	)
Net increase (decrease) in shares of beneficial interest outstanding		(304,315	)		2,650,955			(36,586	)		421,955

See accompanying notes to financial statements.

172

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic BlackRock						Global Atlantic BlackRock
	Disciplined U.S. Core Portfolio						Disciplined Value Portfolio
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	182,366		$	364,690		$	2,897,355		$	5,777,992
Net realized gain (loss) on investments, futures contracts, foreign currency translations and payments from affiliate		504,854			54,199			5,380,020			(2,539,434	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		3,279,112			(1,588,092	)		32,404,198			(25,151,739	)
Net increase(decrease) in net assets resulting from operations		3,966,332			(1,169,203	)		40,681,573			(21,913,181	)
From Distributions to Shareholders:
Total distributions paid		—			(520,852	)		—			(6,273,213	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		502,605			464,122			706,922			5,139,697
Class II		259,095			3,681,529			62,208			132,447
Reinvestment of distributions
Class I		—			450,406			—			6,102,375
Class II		—			70,446			—			170,839
Cost of shares redeemed
Class I		(1,498,079	)		(3,743,802	)		(20,471,721	)		(45,420,543	)
Class II		(293,006	)		(640,775	)		(726,609	)		(1,820,772	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(1,029,385	)		281,926			(20,429,200	)		(35,695,957	)
Total increase (decrease) in net assets		2,936,947			(1,408,129	)		20,252,373			(63,882,351	)
Net Assets:
Beginning of period		21,928,006			23,336,135			255,301,850			319,184,201
End of period	$	24,864,953		$	21,928,006		$	275,554,223		$	255,301,850
Share Activity:
Class I
Shares Sold		45,823			43,680			69,347			488,141
Shares Reinvested		—			44,157			—			616,402
Shares Redeemed		(137,178	)		(347,902	)		(1,958,756	)		(4,342,073	)
Net decrease in shares of beneficial interest outstanding		(91,355	)		(260,065	)		(1,889,409	)		(3,237,530	)
Share Activity:
Class II
Shares Sold		23,944			340,460			5,833			12,505
Shares Reinvested		—			6,913			—			17,239
Shares Redeemed		(27,230	)		(61,079	)		(69,730	)		(181,213	)
Net increase (decrease) in shares of beneficial interest outstanding		(3,286	)		286,294			(63,897	)		(151,469	)

See accompanying notes to financial statements.

173

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic BlackRock						Global Atlantic Goldman Sachs
	High Yield Portfolio						Core Fixed Income Portfolio
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	1,914,129		$	4,220,540		$	1,290,109		$	2,165,503
Net realized loss on investments, futures contracts, swap contracts, payments from affiliate, foreign currency translations and forward foreign currency contracts		(1,602,603	)		(1,733,564	)		963,787			(1,229,099	)
Net change in unrealized depreciation on investments, futures contracts, forward foreign currency contracts, foreign currency translations and swap contracts		6,965,384			(5,876,562	)		3,824,922			(186,486	)
Net increase (decrease) in net assets resulting from operations		7,276,910			(3,389,586	)		6,078,818			749,918
From Distributions to Shareholders:
Total distributions paid		—			(483,027	)		—			(47,084	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		4,648,360			8,510,950			2,637,859			71,228,815
Class II		17,429			43,566			—			—
Reinvestment of distributions
Class I		—			475,788			—			47,084
Class II		—			7,239			—			—
Cost of shares redeemed
Class I		(8,445,471	)		(18,991,102	)		(7,661,825	)		(14,478,734	)
Class II		(270,408	)		(322,915	)		—			—
Net increase (decrease) in net assets from share transactions of beneficial interest		(4,050,090	)		(10,276,474	)		(5,023,966	)		56,797,165
Total increase (decrease) in net assets		3,226,820			(14,149,087	)		1,054,852			57,499,999
Net Assets:
Beginning of period		70,325,933			84,475,020			92,759,557			35,259,558
End of period	$	73,552,753		$	70,325,933		$	93,814,409		$	92,759,557
Share Activity:
Class I
Shares Sold		456,781			861,033			256,563			7,289,283
Shares Reinvested		—			48,649			—			4,829
Shares Redeemed		(834,327	)		(1,938,480	)		(751,038	)		(1,478,494	)
Net increase (decrease) in shares of beneficial interest outstanding		(377,546	)		(1,028,798	)		(494,475	)		5,815,618
Share Activity:
Class II
Shares Sold		1,716			4,390			—			—
Shares Reinvested		—			742			—			—
Shares Redeemed		(27,307	)		(32,950	)		—			—
Net decrease in shares of beneficial interest outstanding		(25,591	)		(27,818	)		—			—

See accompanying notes to financial statements.

174

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic Goldman Sachs						Global Atlantic Goldman Sachs
	Global Equity Insights Portfolio						Large Cap Growth Insights Portfolio
	Six months ended			Year ended			Six months ended			Year ended
	June 30, 2019			December 31,			June 30, 2019			December 31,
	(Unaudited)			2018			(Unaudited)			2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	276,536		$	392,332		$	391,699		$	756,082
Net realized gain (loss) on investments, foreign currency translations, payments from affiliate and futures contracts		(546,598	)		(537,574	)		1,594,645			1,091,018
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		4,095,100			(3,311,680	)		13,298,467			(5,347,626	)
Net increase (decrease) in net assets resulting from operations		3,825,038			(3,456,922	)		15,284,811			(3,500,526	)
From Distributions to Shareholders:
Total distributions paid		—			(406,910	)		—			(1,225,121	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		297,688			762,193			44,585			11,264,824
Class II		174,232			11,946,181			325,157			4,150,216
Reinvestment of distributions
Class I		—			239,600			—			1,181,346
Class II		—			167,310			—			43,775
Cost of shares redeemed
Class I		(1,452,344	)		(3,663,162	)		(7,681,372	)		(15,403,543	)
Class II		(962,396	)		(2,600,439	)		(221,268	)		(522,157	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(1,942,820	)		6,851,683			(7,532,898	)		714,461
Total increase (decrease) in net assets		1,882,218			2,987,851			7,751,913			(4,011,186	)
Net Assets:
Beginning of period		27,444,673			24,456,822			81,185,184			85,196,370
End of period	$	29,326,891		$	27,444,673		$	88,937,097		$	81,185,184
Share Activity:
Class I
Shares Sold		29,000			71,956			4,021			1,025,070
Shares Reinvested		—			24,881			—			115,141
Shares Redeemed		(143,437	)		(354,007	)		(697,481	)		(1,423,308	)
Net decrease in shares of beneficial interest outstanding		(114,437	)		(257,170	)		(693,460	)		(283,097	)
Share Activity:
Class II
Shares Sold		17,527			1,129,288			29,588			376,728
Shares Reinvested		—			17,392			—			4,271
Shares Redeemed		(95,809	)		(251,916	)		(19,986	)		(48,588	)
Net increase (decrease) in shares of beneficial interest outstanding		(78,282	)		894,764			9,602			332,411

See accompanying notes to financial statements.

175

Global Atlantic Portfolios

Statements of Changes in Net Assets

	Global Atlantic Goldman Sachs
	Mid Cap Value Insights Portfolio
	Six months ended			Year ended
	June 30, 2019			December 31,
	(Unaudited)			2018
Increase/(Decrease) in Net Assets:
From Operations:
Net investment income	$	977,347		$	1,736,542
Net realized loss on investments, futures contracts and payments from affiliate		(3,056,817	)		(252,318	)
Net change in unrealized appreciation (depreciation) on investments		18,471,397			(16,219,628	)
Net increase (decrease) in net assets resulting from operations		16,391,927			(14,735,404	)
From Distributions to Shareholders:
Total distributions paid		—			(1,157,852	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class I		302,466			608,534
Class II		130,361			79,279,639
Reinvestment of distributions
Class I		—			516,181
Class II		—			641,671
Cost of shares redeemed
Class I		(4,519,146	)		(11,691,655	)
Class II		(5,865,081	)		(9,860,791	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(9,951,400	)		59,493,579
Total increase in net assets		6,440,527			43,600,323
Net Assets:
Beginning of period		124,163,961			80,563,638
End of period	$	130,604,488		$	124,163,961
Share Activity:
Class I
Shares Sold		29,313			58,962
Shares Reinvested		—			53,380
Shares Redeemed		(447,580	)		(1,130,804	)
Net decrease in shares of beneficial interest outstanding		(418,267	)		(1,018,462	)
Share Activity:
Class II
Shares Sold		12,803			7,862,414
Shares Reinvested		—			66,494
Shares Redeemed		(581,339	)		(950,389	)
Net increase (decrease) in shares of beneficial interest outstanding		(568,536	)		6,978,519

See accompanying notes to financial statements.

176

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class I Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.62		$	10.19		$	10.00
Income from investment operations:
Net investment income (b,c)		0.11			0.21			0.06
Net realized and unrealized gain (loss) on investments		1.16			(0.73	)		0.13
Total income (loss) from investment operations		1.27			(0.52	)		0.19
Less distributions from:
Net investment income		—			(0.05	)		—
Net realized gain		—			(0.00	) (j)		—
Total distributions from net investment income and net realized gains		—			(0.05	)		—
Net asset value, end of period	$	10.89		$	9.62		$	10.19
Total return (d)		13.20	%		(5.14	)% (i)		1.90	% (i)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	67,707		$	63,462		$	75,191
Ratio of net expenses to average net assets (e)		0.31	% (g)		0.31	%		0.31	% (g)
Ratio of gross expenses to average net assets (e,f,)		0.33	% (g)		0.32	%		0.32	% (g)
Ratio of net investment income to average net assets (c,e)		2.04	% (g)		2.06	%		4.15	% (g)
Portfolio turnover rate		37	% (h)		54	%		2	% (h)

(a) Global Atlantic BlackRock Allocation Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

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

(d) 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

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

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

(g) Annualized.

(h) Not annualized.

(i) For the period ended December 31, 2017 and 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.

(j) Less than $0.005 per share

See accompanying notes to financial statements.

177

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Allocation Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class II Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.61		$	10.18		$	10.00
Income from investment operations:
Net investment income (b,c)		0.09			0.20			0.14
Net realized and unrealized gain (loss) on investments		1.17			(0.74	)		0.04
Total income (loss) from investment operations		1.26			(0.54	)		0.18
Less distributions from:
Net investment income		—			(0.03	)		—
Net realized gain		—			(0.00	) (j)		—
Total distributions from net investment income and net realized gains		—			(0.03	)		—
Net asset value, end of period	$	10.87		$	9.61		$	10.18
Total return (d)		13.11	%		(5.33	)% (i)		1.80	% (i)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	15,342		$	13,806		$	9,034
Ratio of net expenses to average net assets (e)		0.56	% (g)		0.56	%		0.56	% (g)
Ratio of gross expenses to average net assets (e,f,)		0.58	% (g)		0.57	%		0.56	% (g)
Ratio of net investment income to average net assets (c,e)		1.81	% (g)		1.99	%		9.11	% (g)
Portfolio turnover rate		37	% (h)		54	%		2	% (h)

(a) Global Atlantic BlackRock Allocation Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

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

(d) 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

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

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

(g) Annualized.

(h) Not annualized.

(i) For the period ended December 31, 2017 and 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.

(j) Less than $0.005 per share

See accompanying notes to financial statements.

178

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Core Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class I Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.74		$	10.38		$	10.00
Income from investment operations:
Net investment income (b)		0.09			0.16			0.03
Net realized and unrealized gain (loss) on investments		1.69			(0.64	)		0.35
Total income (loss) from investment operations		1.78			(0.48	)		0.38
Less distributions from:
Net investment income		—			(0.12	)		—
Net realized gain		—			(0.04	)		—
Total distributions from net investment income and net realized gains		—			(0.16	)		—
Net asset value, end of period	$	11.52		$	9.74		$	10.38
Total return (c)		18.28	%		(4.75	)% (g)		3.80	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	536,615		$	486,491		$	315,936
Ratio of net expenses to average net assets		0.48	% (d)		0.48	%		0.48	% (d)
Ratio of gross expenses to average net assets (e)		0.49	% (d)		0.49	%		0.48	% (d)
Ratio of net investment income to average net assets		1.57	% (d)		1.51	%		1.67	% (d)
Portfolio turnover rate		72	% (f)		156	%		18	% (f)

(a) Global Atlantic BlackRock Disciplined Core Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

179

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Core Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class II Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.72		$	10.37		$	10.00
Income from investment operations:
Net investment income (b)		0.07			0.13			0.02
Net realized and unrealized gain (loss) on investments		1.70			(0.65	)		0.35
Total income (loss) from investment operations		1.77			(0.52	)		0.37
Less distributions from:
Net investment income		—			(0.09	)		—
Net realized gain		—			(0.04	)		—
Total distributions from net investment income and net realized gains		—			(0.13	)		—
Net asset value, end of period	$	11.49		$	9.72		$	10.37
Total return (c)		18.21	%		(5.06	)% (g)		3.70	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	35,073		$	32,442		$	36,674
Ratio of net expenses to average net assets		0.73	% (d)		0.73	%		0.72	% (d)
Ratio of gross expenses to average net assets (e)		0.74	% (d)		0.74	%		0.72	% (d)
Ratio of net investment income to average net assets		1.31	% (d)		1.24	%		1.00	% (d)
Portfolio turnover rate		72	% (f)		156	%		18	% (f)

(a) Global Atlantic BlackRock Disciplined Core Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

180

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Growth Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class II Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.85		$	10.32		$	10.00
Income from investment operations:
Net investment income (b)		0.04			0.08			0.02
Net realized and unrealized gain (loss) on investments		2.03			(0.38	)		0.30
Total income (loss) from investment operations		2.07			(0.30	)		0.32
Less distributions from:
Net investment income		—			(0.08	)		—
Net realized gain		—			(0.09	)		—
Total distributions from net investment income and net realized gains		—			(0.17	)		—
Net asset value, end of period		11.92			9.85		$	10.32
Total return (c)		21.02	%		(2.98	)%		3.20	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	17,401		$	15,807		$	20,534
Ratio of net expenses to average net assets		0.79	% (d)		0.79	%		0.79	% (d)
Ratio of gross expenses to average net assets (e)		0.84	% (d)		0.81	%		0.80	% (d)
Ratio of net investment income to average net assets		0.64	% (d)		0.75	%		1.14	% (d)
Portfolio turnover rate		80	% (f)		156	%		23	% (f)

(a) Global Atlantic BlackRock Disciplined Growth Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017, the Portfolio received reimbursements from a related party. The reimbursements had no impact on the Portfolio’s total return.

See accompanying notes to financial statements.

181

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined International Core Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class I Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	8.50		$	10.20		$	10.00
Income from investment operations:
Net investment income (b,c)		0.15			0.23			0.03
Net realized and unrealized gain (loss) on investments		1.04			(1.74	)		0.17
Total income (loss) from investment operations		1.19			(1.51	)		0.20
Less distributions from:
Net investment income		—			(0.19	)		—
Net realized gain		—			0.00			—
Total distributions from net investment income and net realized gains		—			(0.19	)		—
Net asset value, end of period	$	9.69		$	8.50		$	10.20
Total return (d)		14.00	%		(14.80	)% (j)		2.00	% (i)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	105,527		$	98,694		$	67,071
Ratio of net expenses to average net assets (e)		0.69	% (g)		0.69	%		0.69	% (g)
Ratio of gross expenses to average net assets (e,f)		0.71	% (g)		0.70	%		0.69	% (g)
Ratio of net investment income to average net assets (c,e)		3.22	% (g)		2.30	%		1.99	% (g)
Portfolio turnover rate		30	% (h)		67	%		4	% (h)

(a) Global Atlantic BlackRock Disciplined International Core Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

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

(d) 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

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

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

(g) Annualized.

(h) Not annualized.

(i) For the period ended December 31, 2017, 0.13% of the Portfolio’s total return consisted of a reimbursement from an affiliate. Excluding this item, total return would have been 1.87%.

(j) 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, total return would have been (14.90)%.

See accompanying notes to financial statements.

182

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined International Core Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class II Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	8.49		$	10.19		$	10.00
Income from investment operations:
Net investment income (b,c)		0.14			0.22			0.05
Net realized and unrealized gain (loss) on investments		1.04			(1.74	)		0.14
Total income (loss) from investment operations		1.18			(1.52	)		0.19
Less distributions from:
Net investment income		—			(0.18	)		—
Net realized gain		—			0.00			—
Total distributions from net investment income and net realized gains		—		$	(0.18	)	$	—
Net asset value, end of period	$	9.67		$	8.49		$	10.19
Total return (d)		13.90	%		(14.95	)% (j)		1.90	% (i)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	43,430		$	41,052		$	5,097
Ratio of net expenses to average net assets (e)		0.94	% (g)		0.94	%		0.93	% (g)
Ratio of gross expenses to average net assets (e,f)		0.96	% (g)		0.95	%		0.93	% (g)
Ratio of net investment income to average net assets (c,e)		2.96	% (g)		2.23	%		3.34	% (g)
Portfolio turnover rate		30	% (h)		67	%		4	% (h)

(a) Global Atlantic BlackRock Disciplined International Core Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

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

(d) 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

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

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

(g) Annualized.

(h) Not annualized.

(i) For the period ended December 31, 2017, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total return.

(j) 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, total return would have been (15.05)%.

See accompanying notes to financial statements.

183

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class I Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.91		$	10.35		$	10.00
Income from investment operations:
Net investment income (b)		0.03			0.11			0.01
Net realized and unrealized gain (loss) on investments		2.49			(0.43	)		0.34
Total income (loss) from investment operations		2.52			(0.32	)		0.35
Less distributions from:
Net investment income		—			(0.09	)		—
net realized gain		—			(0.03	)		—
Total distributions from net investment income and net realized gains		—			(0.12	)		—
Net asset value, end of period	$	12.43		$	9.91		$	10.35
Total return (c)		25.53	%		(3.07	)% (g)		3.50	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	144,385		$	126,149		$	93,457
Ratio of net expenses to average net assets		0.63	% (d)		0.63	%		0.63	% (d)
Ratio of gross expenses to average net assets (e)		0.66	% (d)		0.65	%		0.64	% (d)
Ratio of net investment income to average net assets		0.45	% (d)		0.99	%		0.79	% (d)
Portfolio turnover rate		87	% (f)		168	%		26	% (f)

(a) Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

184

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class II Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.90		$	10.35		$	10.00
Income from investment operations:
Net investment income (b)		0.01			0.08			0.01
Net realized and unrealized gain (loss) on investments		2.50			(0.43	)		0.34
Total income (loss) from investment operations		2.51			(0.35	)		0.35
Less distributions from:
Net investment income		—			(0.07	)		—
net realized gain		—			(0.03	)		—
Total distributions from net investment income and net realized gains		—			(0.10	)		—
Net asset value, end of period	$	12.41		$	9.90		$	10.35
Total return (c)		25.45	%		(3.35	)% (g)		3.50	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	50,475		$	43,290		$	17,801
Ratio of net expenses to average net assets		0.88	% (d)		0.88	%		0.88	% (d)
Ratio of gross expenses to average net assets (e)		0.91	% (d)		0.90	%		0.89	% (d)
Ratio of net investment income to average net assets		0.20	% (d)		0.77	%		0.41	% (d)
Portfolio turnover rate		87	% (f)		168	%		26	% (f)

(a) Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

185

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class I Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.19		$	10.22		$	10.00
Income from investment operations:
Net investment income (b)		0.05			0.07			0.01
Net realized and unrealized gain (loss) on investments		1.58			(1.04	)		0.21
Total income from investment operations		1.63			(0.97	)		0.22
Less distributions from:
Net investment income		—			(0.03	)		—
Net realized gain		—			(0.03	)		—
Total distributions from net investment income and net realized gains		—			(0.06	)		—
Net asset value, end of period	$	10.82		$	9.19		$	10.22
Total return (c)		18.50	%		(9.49	)% (g)		2.20	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	9,294		$	8,813		$	11,457
Ratio of net expenses to average net assets		0.63	% (d)		0.63	%		0.63	% (d)
Ratio of gross expenses to average net assets (e)		0.68	% (d)		0.65	%		0.64	% (d)
Ratio of net investment income to average net assets		0.94	% (d)		0.67	%		0.89	% (d)
Portfolio turnover rate		21	% (f)		40	%		15	% (f)

(a) Global Atlantic BlackRock Disciplined Small Cap Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

186

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class II Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.18		$	10.22		$	10.00
Income from investment operations:
Net investment income (b)		0.04			0.05			0.01
Net realized and unrealized gain (loss) on investments		1.58			(1.05	)		0.21
Total income (loss) from investment operations		1.62			(1.00	)		0.22
Less distributions from:
Net investment income		—			(0.01	)		—
Net realized gain		—			(0.03	)		—
Total distributions from net investment income and net realized gains		—			(0.04	)		—
Net asset value, end of period	$	10.80		$	9.18		$	10.22
Total return (c)		18.41	%		(9.75	)% (g)		2.20	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	8,469		$	7,533		$	4,075
Ratio of net expenses to average net assets		0.88	% (d)		0.88	%		0.87	% (d)
Ratio of gross expenses to average net assets (e)		0.93	% (d)		0.90	%		0.87	% (d)
Ratio of net investment income to average net assets		0.70	% (d)		0.44	%		0.75	% (d)
Portfolio turnover rate		21	% (f)		40	%		15	% (f)

(a) Global Atlantic BlackRock Disciplined Small Cap Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

187

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class I Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.66		$	10.40		$	10.00
Income from investment operations:
Net investment income (b)		0.08			0.16			0.03
Net realized and unrealized gain (loss) on investments		1.69			(0.67	)		0.37
Total income (loss) from investment operations		1.77			(0.51	)		0.40
Less distributions from:
Net investment income		—			(0.14	)		—
net realized gain		—			(0.09	)		—
Total distributions from net investment income and net realized gains		—			(0.23	)		—
Net asset value, end of period	$	11.43		$	9.66		$	10.40
Total return (c)		18.32	%		(5.03	)% (g)		4.00	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	21,398		$	18,963		$	23,118
Ratio of net expenses to average net assets		0.48	% (d)		0.48	%		0.48	% (d)
Ratio of gross expenses to average net assets (e)		0.52	% (d)		0.50	%		0.49	% (d)
Ratio of net investment income to average net assets		1.55	% (d)		1.48	%		1.88	% (d)
Portfolio turnover rate		78	% (f)		172	%		24	% (f)

(a) Global Atlantic BlackRock Disciplined U.S. Core Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

188

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class II Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.65		$	10.39		$	10.00
Income from investment operations:
Net investment income (b)		0.07			0.14			0.02
Net realized and unrealized gain (loss) on investments		1.68			(0.67	)		0.37
Total income (loss) from investment operations		1.75			(0.53	)		0.39
Less distributions from:
Net investment income		—			(0.12	)		—
net realized gain		—			(0.09	)		—
Total distributions from net investment income and net realized gains		—			(0.21	)		—
Net asset value, end of period	$	11.40		$	9.65		$	10.39
Total return (c)		18.13	%		(5.17	)% (g)		3.90	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	3,467		$	2,965		$	218
Ratio of net expenses to average net assets		0.73	% (d)		0.73	%		0.72	% (d)
Ratio of gross expenses to average net assets (e)		0.77	% (d)		0.75	%		0.72	% (d)
Ratio of net investment income to average net assets		1.31	% (d)		1.25	%		0.98	% (d)
Portfolio turnover rate		78	% (f)		172	%		24	% (f)

(a) Global Atlantic BlackRock Disciplined U.S. Core Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

189

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Value Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class I Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.39		$	10.44		$	10.00
Income from investment operations:
Net investment income (b)		0.11			0.20			0.03
Net realized and unrealized gain (loss) on investments		1.42			(1.02	)		0.41
Total income (loss) from investment operations		1.53			(0.82	)		0.44
Less distributions from:
Net investment income		—			(0.16	)		—
Net realized gain		—			(0.07	)		—
Total distributions from net investment income and net realized gains		—			(0.23	)		—
Net asset value, end of period	$	10.92		$	9.39		$	10.44
Total return (c)		16.40	%		(7.97	)% (g)		4.40	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	267,935		$	248,141		$	309,640
Ratio of net expenses to average net assets		0.54	% (d)		0.54	%		0.54	% (d)
Ratio of gross expenses to average net assets (e)		0.55	% (d)		0.55	%		0.54	% (d)
Ratio of net investment income to average net assets		2.14	% (d)		1.93	%		1.99	% (d)
Portfolio turnover rate		76	% (f)		140	%		17	% (f)

(a) Global Atlantic BlackRock Disciplined Value Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fees waived by the adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

190

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock Disciplined Value Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class II Shares
	Six months ended			Year ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.40		$	10.45		$	10.00
Income from investment operations:
Net investment income (b)		0.10			0.18			0.02
Net realized and unrealized gain (loss) on investments		1.42			(1.02	)		0.43
Total income (loss) from investment operations		1.52			(0.84	)		0.45
Less distributions from:
Net investment income		—			(0.14	)		—
Net realized gain		—			(0.07	)		—
Total distributions from net investment income and net realized gains		—			(0.21	)		—
Net asset value, end of period	$	10.92		$	9.40		$	10.45
Total return (c)		16.17	%		(8.16	)% (g)		4.50	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	7,619		$	7,160		$	9,545
Ratio of net expenses to average net assets		0.79	% (d)		0.79	%		0.78	% (d)
Ratio of gross expenses to average net assets (e)		0.80	% (d)		0.80	%		0.78	% (d)
Ratio of net investment income to average net assets		1.89	% (d)		1.68	%		1.34	% (d)
Portfolio turnover rate		76	% (f)		140	%		17	% (f)

(a) Global Atlantic BlackRock Disciplined Value Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fees waived by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

191

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock High Yield Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class I Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.43		$	9.92		$	10.00
Income from investment operations:
Net investment income (b)		0.26			0.52			0.07
Net realized and unrealized gain/(loss) on investments		0.74			(0.95	)		(0.15	)
Total gain/(loss) from investment operations		1.00			(0.43	)		(0.08	)
Less distributions from:
Net investment income		—			(0.06	)		—
Net realized gain		—			—			—
Total distributions from net investment income and net realized gains		—			(0.06	)		—
Net asset value, end of period	$	10.43		$	9.43		$	9.92
Total return (c)		10.60	%		(4.32	)%		(0.80	)% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	72,636		$	69,255		$	83,070
Ratio of net expenses to average net assets		0.59	% (d)		0.59	%		0.59	% (d)
Ratio of gross expenses to average net assets (e)		0.62	% (d)		0.60	%		0.59	% (d)
Ratio of net investment income to average net assets		5.27	% (d)		5.24	%		4.54	% (d)
Portfolio turnover rate		25	% (f)		36	%		3	% (f)

(a) Global Atlantic BlackRock High Yield Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total return.

See accompanying notes to financial statements.

192

Global Atlantic Portfolios

Financial Highlights

Global Atlantic BlackRock High Yield Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class II Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.41		$	9.92		$	10.00
Income from investment operations:
Net investment income (b)		0.25			0.49			0.07
Net realized and unrealized gain/(loss) on investments		0.73			(0.94	)		(0.15	)
Total gain/(loss) from investment operations		0.98			(0.45	)		(0.08	)
Less distributions from:
Net investment income		—			(0.06	)		—
Net realized gain		—			—			—
Total distributions from net investment income and net realized gains		—			(0.06	)		—
Net asset value, end of period	$	10.39		$	9.41		$	9.92
Total return (c)		10.41	%		(4.56	)%		(0.80	)% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	916		$	1,071		$	1,405
Ratio of net expenses to average net assets		0.84	% (d)		0.84	%		0.83	% (d)
Ratio of gross expenses to average net assets (e)		0.87	% (d)		0.85	%		0.83	% (d)
Ratio of net investment income to average net assets		5.02	% (d)		4.99	%		4.31	% (d)
Portfolio turnover rate		25	% (f)		36	%		3	% (f)

(a) Global Atlantic BlackRock High Yield Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total return.

See accompanying notes to financial statements.

193

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class I Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.92		$	9.98		$	10.00
Income from investment operations:
Net investment income (b)		0.14			0.25			0.03
Net realized and unrealized gain/(loss) on investments		0.54			(0.31	)		(0.05	)
Total gain/(loss) from investment operations		0.68			(0.06	)		(0.02	)
Less distributions from:
Net investment income		—			(0.00	) (h)		—
Net asset value, end of period	$	10.60		$	9.92		$	9.98
Total return (c)		6.85	%		(0.55	)% (g)		(0.20	)% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	93,814		$	92,760		$	35,260
Ratio of net expenses to average net assets		0.43	% (d)		0.43	%		0.43	% (d)
Ratio of gross expenses to average net assets (e)		0.45	% (d)		0.44	%		0.44	% (d)
Ratio of net investment income to average net assets		2.81	% (d)		2.51	%		1.64	% (d)
Portfolio turnover rate		71	% (f,i)		248	% (i)		69	% (f)

(a) Global Atlantic Goldman Sachs Core Fixed Income Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total

(h) Represents less than $0.005 per share.

(i) The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2019 and the year ended December 31, 2018. If these were included in the calculation, the portfolio turnover would be 234% and 486%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.

194

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class II Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.92		$	9.98		$	10.00
Income from investment operations:
Net realized and unrealized gain/(loss) on investments		0.68			(0.06	)		(0.02	)
Total gain/(loss) from investment operations		0.68			(0.06	)		(0.02	)
Less distributions from:
Net investment income		—			(0.00	) (h)		—
Net asset value, end of period	$	10.60		$	9.92		$	9.98
Total return (b)		6.85	%		(0.60	)% (g)		(0.20	)% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s) (f)	$	10		$	10		$	10
Ratio of net expenses to average net assets (d)		0.68	% (c)		0.68	%		0.68	% (c)
Ratio of gross expenses to average net assets		0.68	% (c)		0.68	%		0.68	% (c)
Ratio of net investment income to average net assets		0.00	% (c)		0.00	%		0.00	% (c)
Portfolio turnover rate		71	% (e,i)		248	% (i)		69	% (e)

(a) Global Atlantic Goldman Sachs Core Fixed Income Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

(b) 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 of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(c) Annualized.

(d) Represents the ratio of expenses to average net assets per the prospectus and does not represent the operating expense for the period.

(e) Not annualized.

(f) Represents actual net assets.

(g) For the period ended December 31, 2017 and the year ended December 31, 2018, the Portfolio received a reimbursement from a related party. This reimbursement had no impact on the Portfolio’s total

(h) Represents less than $0.005 per share.

(i) The portfolio turnover rate excludes mortgage dollar roll transactions for the six months ended June 30, 2019 and the year ended December 31, 2018. If these were included in the calculation, the portfolio turnover would be 234% and 486%, respectively. See Note 3 in the accompanying notes to financial statements.

See accompanying notes to financial statements.

195

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class I Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.11		$	10.29		$	10.00
Income from investment operations:
Net investment income (b)		0.10			0.14			0.02
Net realized and unrealized gain (loss) on investments		1.19			(1.18	)		0.27
Total income (loss) from investment operations		1.29			(1.04	)		0.29
Less distributions from:
Net investment income		—			(0.12	)		—
net realized gain		—			(0.02	)		—
Total distributions from net investment income and net realized gains		—			(0.14	)		—
Net asset value, end of period	$	10.40		$	9.11		$	10.29
Total return (c)		14.16	%		(10.20	)% (g)		2.90	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	16,274		$	15,290		$	19,915
Ratio of net expenses to average net assets		0.72	% (d)		0.72	%		0.72	% (d)
Ratio of gross expenses to average net assets (e)		0.76	% (d)		0.74	%		0.73	% (d)
Ratio of net investment income to average net assets		2.01	% (d)		1.32	%		1.15	% (d)
Portfolio turnover rate		70	% (f)		138	%		11	% (f)

(a) Global Atlantic Goldman Sachs Global Equity Insights Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

196

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Global Equity Insights Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class II Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.09		$	10.28		$	10.00
Income from investment operations:
Net investment income (b)		0.09			0.12			0.01
Net realized and unrealized gain (loss) on investments		1.19			(1.19	)		0.27
Total income (loss) from investment operations		1.28			(1.07	)		0.28
Less distributions from:
Net investment income		—			(0.10	)		—
net realized gain		—			(0.02	)		—
Total distributions from net investment income and net realized gains		—			(0.12	)		—
Net asset value, end of period	$	10.37		$	9.09		$	10.28
Total return (c)		14.08	%		(10.47	)% (g)		2.80	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	13,053		$	12,154		$	4,542
Ratio of net expenses to average net assets		0.97	% (d)		0.97	%		0.96	% (d)
Ratio of gross expenses to average net assets (e)		1.01	% (d)		0.99	%		0.96	% (d)
Ratio of net investment income to average net assets		1.77	% (d)		1.12	%		0.74	% (d)
Portfolio turnover rate		70	% (f)		138	%		11	% (f)

(a) Global Atlantic Goldman Sachs Global Equity Insights Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

197

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class I Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.76		$	10.30		$	10.00
Income from investment operations:
Net investment income (b)		0.05			0.09			0.02
Net realized and unrealized gain (loss) on investments		1.83			(0.48	)		0.28
Total income (loss) from investment operations		1.88			(0.39	)		0.30
Less distributions from:
Net investment income		—			(0.09	)		—
net realized gain		—			(0.06	)		—
Total distributions from net investment income and net realized gains		—			(0.15	)		—
Net asset value, end of period	$	11.64		$	9.76		$	10.30
Total return (c)		19.36	%		(3.89	)% (g)		3.00	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	84,945		$	77,930		$	85,178
Ratio of net expenses to average net assets		0.46	% (d)		0.46	%		0.46	% (d)
Ratio of gross expenses to average net assets (e)		0.48	% (d)		0.47	%		0.47	% (d)
Ratio of net investment income to average net assets		0.90	% (d)		0.81	%		1.41	% (d)
Portfolio turnover rate		104	% (f)		192	%		21	% (f)

(a) Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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

See accompanying notes to financial statements.

198

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class II Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.74		$	10.29		$	10.00
Income from investment operations:
Net investment income (b)		0.04			0.06			0.02
Net realized and unrealized gain (loss) on investments		1.83			(0.48	)		0.27
Total income (loss) from investment operations		1.87			(0.42	)		0.29
Less distributions from:
Net investment income		—			(0.07	)		—
net realized gain		—			(0.06	)		—
Total distributions from net investment income and net realized gains		—			(0.13	)		—
Net asset value, end of period	$	11.61		$	9.74		$	10.29
Total return (c)		19.20	%		(4.13	)% (g)		2.90	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	3,993		$	3,255		$	19
Ratio of net expenses to average net assets		0.71	% (d)		0.71	%		0.71	% (d)
Ratio of gross expenses to average net assets (e)		0.73	% (d)		0.72	%		0.72	% (d)
Ratio of net investment income to average net assets		0.66	% (d)		0.57	%		1.16	% (d)
Portfolio turnover rate		104	% (f)		192	%		21	% (f)

(a) Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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

See accompanying notes to financial statements.

199

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class I Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.08		$	10.43		$	10.00
Income from investment operations:
Net investment income (b)		0.08			0.14			0.04
Net realized and unrealized gain (loss) on investments		1.14			(1.39	)		0.39
Total income (loss) from investment operations		1.22			(1.25	)		0.43
Less distributions from:
Net investment income		—			(0.08	)		—
Net realized gain		—			(0.02	)		—
Total distributions from net investment income and net realized gains		—			(0.10	)		—
Net asset value, end of period	$	10.30		$	9.08		$	10.43
Total return (c)		13.55	%		(12.10	)% (g)		4.30	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	51,370		$	49,080		$	66,982
Ratio of net expenses to average net assets		0.64	% (d)		0.64	%		0.64	% (d)
Ratio of gross expenses to average net assets (e)		0.66	% (d)		0.65	%		0.64	% (d)
Ratio of net investment income to average net assets		1.64	% (d)		1.33	%		2.56	% (d)
Portfolio turnover rate		107	% (f)		205	%		12	% (f)

(a) Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

200

Global Atlantic Portfolios

Financial Highlights

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio

Selected data based on a share outstanding throughout the period indicated.

	Class II Shares
	Six Months Ended			Year Ended			Period Ended
	June 30, 2019			December 31,			December 31,
	(Unaudited)			2018			2017(a)
Net asset value, beginning of period	$	9.07		$	10.42		$	10.00
Income from investment operations:
Net investment income (b)		0.07			0.13			0.04
Net realized and unrealized gain (loss) on investments		1.13			(1.40	)		0.38
Total income (loss) from investment operations		1.20			(1.27	)		0.42
Less distributions from:
Net investment income		—			(0.06	)		—
Net realized gain		—			(0.02	)		—
Total distributions from net investment income and net realized gains		—			(0.08	)		—
Net asset value, end of period	$	10.27		$	9.07		$	10.42
Total return (c)		13.23	%		(12.26	)% (g)		4.20	% (g)
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	79,235		$	75,084		$	13,581
Ratio of net expenses to average net assets		0.89	% (d)		0.89	%		0.88	% (d)
Ratio of gross expenses to average net assets (e)		0.90	% (d)		0.90	%		0.88	% (d)
Ratio of net investment income to average net assets		1.39	% (d)		1.22	%		2.69	% (d)
Portfolio turnover rate		107	% (f)		205	%		12	% (f)

(a) Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio inception date is November 1, 2017. Commenced operations on November 6, 2017.

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

(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 for periods of less than one year are not annualized. Total returns would have been lower absent fee waivers by the Adviser.

(d) Annualized.

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

(f) Not annualized.

(g) For the period ended December 31, 2017 and 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.

See accompanying notes to financial statements.

201

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS

June 30, 2019 (Unaudited)

1. ORGANIZATION

The Global Atlantic Portfolios (each, a “Portfolio” and collectively, the “Portfolios”) are comprised of twenty-three different actively managed portfolios, thirteen of which are discussed in this report. 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.

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

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

The Global Atlantic BlackRock Allocation Portfolio is a non-diversified series of the Trust; all other Portfolios in this report are 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.

The Portfolios currently offer Class I and Class II shares at net asset value, except the Global Atlantic BlackRock Disciplined Growth Portfolio, which only offers Class II 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.

202

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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 (“GAAP”). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. Each Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures and future options are valued at the final settle price or, in the absence of a settle price, at the last sale price on the day of valuation. 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. Investments in open-end investment companies are valued at net asset value, as discussed in more detail below.

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. 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 established by each Underlying Fund’s board(s) of trustees.

Exchange-Traded Funds – The Portfolios may invest in passive exchange-traded funds (“ETFs”). An ETF is a type of index fund that is bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. A Portfolio may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting an opportunity to purchase securities directly. The risks of owning an ETF generally reflect the risks of owning the underlying securities it is designed to track, although the lack of liquidity in an ETF could result in it being more volatile than the underlying securities, which may result in a Portfolio paying significantly more or receiving significantly less for ETF shares than the value of the relevant underlying securities. Additionally, an ETF has fees and expenses that increase the cost of investing in the ETF versus the costs of owning the underlying securities directly.

Illiquid Securities – The Portfolios may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair market value as determined using the valuation procedures approved by the Board of Trustees (the “Board”). The Board has delegated execution of these procedures to a Fair Value Committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Global Atlantic Investment Advisors, LLC (the “Adviser”) and/or Sub-Adviser. The Fair Value Committee may also include the Trust’s Chief Compliance Officer and may enlist third party consultants or advisers (such as an accounting firm or fair value pricing specialist) on an as-needed basis to assist in determining a security-specific fair value or valuation method. The Board reviews and approves the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

203

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Fair Value Committee and Valuation Process – The Fair Value Committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) Adviser and/or Sub-Adviser. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for 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. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the Adviser or Sub-Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser or Sub-Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the fair value team shall determine the fair value of restricted or illiquid securities using the following factors: (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. 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.

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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 June 30, 2019 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	$	82,843,589	$	—	$	—	$	82,843,589
Short-Term Investment		33,265		—		—		33,265
Total	$	82,876,854	$	—	$	—	$	82,876,854
Global Atlantic BlackRock Disciplined Core Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	562,866,113	$	—	$	—	$	562,866,113
Short-Term Investment		7,507,530		—		—		7,507,530
Futures Contract *		136,280		—		—		136,280
Total	$	570,509,923	$	—	$	—	$	570,509,923
Global Atlantic BlackRock Disciplined Growth Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	17,020,404	$	—	$	—	$	17,020,404
Short-Term Investment		329,920		—		—		329,920
Futures Contract *		4,933		—		—		4,933
Total	$	17,355,257	$	—	$	—	$	17,355,257
Global Atlantic BlackRock Disciplined International Core Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	134,223,529	$	—	$	—	$	134,223,529
Exchange Traded Funds		9,358,815		—		—		9,358,815
Short-Term Investment		918,626		—		—		918,626
Right		170		—		—		170
Futures Contracts *		95,745		—		—		95,745
Total	$	144,596,885	$	—	$	—	$	144,596,885
Liabilities	Level 1		Level 2		Level 3		Total
Forward Foreign Exchange Contracts	$	51	$	—	$	—	$	51
Total	$	51	$	—	$	—	$	51
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	191,372,743	$	—	$	—	$	191,372,743
Short-Term Investment		2,766,300		—		—		2,766,300
Futures Contract*		46,442		—		—		46,442
Total	$	194,185,485	$	—	$	—	$	194,185,485

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June 30, 2019 (Unaudited)

Global Atlantic BlackRock Disciplined Small Cap Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	17,308,588	$	—	$	—	$	17,308,588
Short-Term Investment		452,302		—		—		452,302
Futures Contracts*		10,030		—		—		10,030
Total	$	17,770,920	$	—	$	—	$	17,770,920
Global Atlantic BlackRock Disciplined U.S. Core Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	24,184,302	$	—	$	—	$	24,184,302
Short-Term Investment		460,579		—		—		460,579
Futures Contract *		7,946		—		—		7,946
Total	$	24,652,827	$	—	$	—	$	24,652,827
Global Atlantic BlackRock Disciplined Value Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	271,395,909	$	—	$	—	$	271,395,909
Short-Term Investment		3,331,104		—		—		3,331,104
Futures Contract *		60,379		—		—		60,379
Total	$	274,787,392	$	—	$	—	$	274,787,392
Global Atlantic BlackRock High Yield Portfolio
Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	—	$	70,819,846	$	—	$	70,819,846
Short-Term Investment		685,238		—		—		685,238
Total	$	685,238	$	70,819,846	$	—	$	71,505,084
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts *	$	25,475	$	—	$	—	$	25,475
Total	$	25,475	$	—	$	—	$	25,475
Global Atlantic Goldman Sachs Core Fixed Income Portfolio
Assets	Level 1		Level 2		Level 3		Total
Asset Backed Securities	$	—	$	7,266,539	$	—	$	7,266,539
Corporate Bonds & Notes		—		38,379,698		—		38,379,698
Municipal Bonds		—		1,282,097		—		1,282,097
Mortgage Backed Securities		—		30,491,799		—		30,491,799
U.S. Treasury Securities		—		15,912,908		—		15,912,908
Short-Term Investments		13,855,245		1,031,160		—		14,886,405
Futures Contracts *		201,739		—		—		201,739
Swap Contracts		—		52,539		—		52,539
Forward Foreign Exchange Contracts *		—		79,358		—		79,358
Total	$	14,056,984	$	94,496,098	$	—	$	108,553,082

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June 30, 2019 (Unaudited)

Global Atlantic Goldman Sachs Global Equity Insights Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	29,012,828	$	—	$	—	$	29,012,828
Total	$	29,012,828	$	—	$	—	$	29,012,828
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	88,169,766	$	—	$	—	$	88,169,766
Short-Term Investment		254,573		—		—		254,573
Total	$	88,424,339	$	—	$	—	$	88,424,339
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	129,190,121	$	—	$	—	$	129,190,121
Short-Term Investment		828,037		—		—		828,037
Total	$	130,018,158	$	—	$	—	$	130,018,158

* Cumulative net appreciation/(depreciation) on futures contracts and forward foreign exchange contracts is reported in the above table.

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

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

Dividends and Distributions to Shareholders – Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on ex-date and are determined in accordance with Federal income tax regulations, which may differ from 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 maintain deposits with a financial institution which are generally an amount that is in excess of federally insured limits.

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 2017 and 2018 tax returns, or is expected to be taken in each Portfolio’s December 31, 2019 tax returns. 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.

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June 30, 2019 (Unaudited)

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 unrealized gain or loss on investments.

Forward Foreign Currency Contracts – As foreign securities are purchased, a Portfolio may enter into forward currency exchange 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 six months ended June 30, 2019, 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:

			Change in Unrealized
			Appreciation/
	Realized Gain/(Loss)		Depreciation
Global Atlantic BlackRock Disciplined International Core Portfolio	$	4,291	$	12,987
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		16,422		7,980

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. Each Portfolio segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. 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.

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June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts, as disclosed in the Statements of Operations, is as follows:

					Change in
					Unrealized
					Appreciation/
	Risk Type	Realized Gain/(Loss)			(Depreciation)
Global Atlantic BlackRock Disciplined Core Portfolio	Equity	$	1,057,062		$	332,438
Global Atlantic BlackRock Disciplined Growth Portfolio	Equity		34,593			3,251
Global Atlantic BlackRock Disciplined International Core Portfolio	Equity		359,712			202,700
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	Equity		294,480			133,387
Global Atlantic BlackRock Disciplined Small Cap Portfolio	Equity		54,559			19,831
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	Equity		51,030			22,970
Global Atlantic BlackRock Disciplined Value Portfolio	Equity		517,579			167,131
Global Atlantic BlackRock High Yield Portfolio	Interest Rate		(58,023	)		(22,090	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	Interest Rate		434,517			27,122
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	Equity		(4,281	)		—

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. A Portfolio segregates cash or liquid securities having a value at least equal to the amount of its current obligation under any swap transaction. 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

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June 30, 2019 (Unaudited)

in a referenced instrument directly. Swaps, especially those that are not exchange-traded, may also be considered illiquid. It may not be possible for a Portfolio to liquidate a swap position at an advantageous time or price, which may result in significant losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing does not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.

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

For the six months ended June 30, 2019, the change in unrealized depreciation on swap contracts for the Global Atlantic Goldman Sachs Core Fixed Income Portfolio was $19,021. For the six months ended June 30, 2019, the Global Atlantic Goldman Sachs Core Fixed Income Portfolio had realized gains of $77,434 from swap contracts.

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 June 30, 2019.

Global Atlantic BlackRock Disciplined Core Portfolio

Liabilities
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
	Gross			Gross Amounts			Net Amounts of
	Amounts of			Offset in the			Liabilities Presented in				Cash
	Recognized			Statement of Assets			the Statement of Assets		Financial		Collateral
Description	Liabilities			& Liabilities			& Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	136,280	(1)	$	—	(1)	$	136,280	$	—	$	—	(2)	$	—
Total	$	136,280		$	—		$	136,280	$	—	$	—		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $354,643.

Global Atlantic BlackRock Disciplined Growth Portfolio

Assets
									Gross Amounts Not
									Offset in the Statement of
									Assets & Liabilities
				Gross Amounts			Net Amounts of Assets
	Gross Amounts			Offset in the			Presented in the				Cash
	of Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	4,933	(1)	$	—	(1)	$	4,933	$	—	$	—	(2)	$	—
Total	$	4,933		$	—		$	4,933	$	—	$	—		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include collateral pledged of $10,396.

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NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Global Atlantic BlackRock Disciplined International Core Portfolio

Assets
									Gross Amounts Not Offset
									in the Statement of Assets
									& Liabilities
				Gross Amounts			Net Amounts of
	Gross Amounts			Offset in the			Liabilities Presented in				Cash
	of Recognized			Statement of Assets			the Statement of Assets		Financial		Collateral
Description	Liabilities			& Liabilities			& Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	95,745	(1)	$	—	(1)	$	95,745	$	—	$	—	(2)	$	—
Total	$	95,745		$	—		$	95,745	$	—	$	—		$	—
Liabilities
									Gross Amounts Not Offset
									in the Statement of Assets
									& Liabilities
				Gross Amounts			Net Amounts of
	Gross Amounts			Offset in the			Liabilities Presented in				Cash
	of Recognized			Statement of Assets			the Statement of Assets		Financial		Collateral
Description	Liabilities			& Liabilities			& Liabilities		Instruments		Pledged			Net Amount
Forward Foreign Currency Contracts	$	51	(1)	$	—	(1)	$	51	$	—	$	—	(2)	$	—
Total	$	51		$	—		$	51	$	—	$	—		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $213,078.

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio

Assets
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
				Gross Amounts			Net Amounts of Assets
	Gross Amounts			Offset in the			Presented in the				Cash
	of Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	46,442	(1)	$	—	(1)	$	46,442	$	—	$	—	(2)	$	—
Total	$	46,442		$	—		$	46,442	$	—	$	—		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include collateral pledged of $128,848.

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June 30, 2019 (Unaudited)

Global Atlantic BlackRock Disciplined Small Cap Portfolio

Assets
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
				Gross Amounts			Net Amounts of Assets
	Gross Amounts			Offset in the			Presented in the				Cash
	of Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	10,030	(1)	$	—	(1)	$	10,030	$	—	$	—	(2)	$	—
Total	$	10,030		$	—		$	10,030	$	—	$	—		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include collateral pledged of $19.523.

Global Atlantic BlackRock Disciplined U.S. Core Portfolio

Assets
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
				Gross Amounts			Net Amounts of Assets
	Gross Amounts			Offset in the			Presented in the				Cash
	of Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	7,946	(1)	$	—	(1)	$	7,946	$	—	$	—	(2)	$	—
Total	$	7,946		$	—		$	7,946	$	—	$	—		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include collateral pledged of $22,714.

Global Atlantic BlackRock Disciplined Value Portfolio

Assets
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
				Gross Amounts			Net Amounts of Assets
	Gross Amounts			Offset in the			Presented in the				Cash
	of Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	60,379	(1)	$	—	(1)	$	60,379	$	—	$	—	(2)	$	—
Total	$	60,379		$	—		$	60,379	$	—	$	—		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include collateral pledged of $169,069.

212

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Global Atlantic BlackRock High Yield Portfolio

Liabilities
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
				Gross Amounts			Net Amounts of
	Gross Amounts			Offset in the			Liabilities Presented in				Cash
	of Recognized			Statement of Assets			the Statement of Assets		Financial		Collateral
Description	Liabilities			& Liabilities			& Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	25,474	(1)	$	—	(1)	$	25,474	$	—	$	25,474	(2)	$	—
Total	$	25,474		$	—		$	25,474	$	—	$	25,474		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include excess collateral pledged of $22,339.

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Assets
									Gross Amounts Not Offset
									in the Statement of Assets &
									Liabilities
				Gross Amounts			Net Amounts of Assets
	Gross Amounts			Offset in the			Presented in the				Cash
	of Recognized			Statement of Assets			Statement of Assets &		Financial		Collateral
Description	Assets			& Liabilities			Liabilities		Instruments		Pledged			Net Amount
Futures Contracts	$	361,962	(1)	$	160,223	(1)	$	201,739	$	—	$	—	(2)	$	—
Forward Exchange Contracts		12,516,383			12,437,025			79,358		—		—			—
Swap Contracts		154,832			102,293			52,539		—		—			—
Total	$	13,033,177		$	12,699,541		$	333,636	$	—	$	—		$	—

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

(2) The amount is limited to the net derivative balance and, accordingly, does not include collateral pledged of $245,553 for swap contracts.

Impact of Derivatives on the Statements of Assets and Liabilities and Statements of Operations

The following is a summary of the location of derivative investments on the Global Atlantic Goldman Sachs Core Fixed Income Portfolio’s Statement of Assets and Liabilities as of June 30, 2019:

Location on the Statements of Assets and Liabilities
Derivatives Investment Type	Liability Derivatives
Interest Rate Contracts	Unrealized appreciation on futures contracts and swap contracts
Currency Contracts	Unrealized depreciation on forward foreign currency contracts

213

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

The following table sets forth the fair value of the Global Atlantic Goldman Sachs Core Fixed Income Portfolio’s derivative contracts by primary risk exposure as of June 30, 2019:

Global Atlantic Goldman Sachs Core Fixed Income Portfolio

Derivatives Investment Fair Value
							Total as of
	Interest Rate		Currency		Credit		June 30, 2019
Futures Contracts	$	201,739	$	—	$	—	$	201,739
Swap Contracts		42,854		—		9,685		52,539
Forward Foreign Currency Contracts		—		79,358		—		79,358
Total	$	244,593	$	79,358	$	9,685	$	333,636

The following is a summary of the location of derivative investments on the Global Atlantic Goldman Sachs Core Fixed Income Portfolio’s Statement of Operations for the six months ended June 30, 2019:

Derivative Investment Type	Location of Gain/(Loss) on Derivatives
Futures Contracts	Net realized loss on:
	Futures contracts
	Net change in unrealized appreciation on:
	Futures contracts
Currency Contracts	Net realized loss on:
	Forward foreign currency contracts
	Net change in unrealized appreciation on:
	Forward foreign currency contracts
Swap Contracts	Net realized gain on:
	Swap contracts
	Net change in unrealized appreciation on:
	Swap contracts

The following is a summary of the Global Atlantic Goldman Sachs Core Fixed Income Portfolio’s realized and unrealized gain/(loss) on derivative investments recognized in the Statement of Operations categorized by primary risk exposure for the six months ended June 30, 2019:

Net change in unrealized appreciation on derivatives recognized in the
Statement of Operations
									Total as of
	Interest Rate			Currency		Credit			June 30, 2019
Futures Contracts	$	27,122		$	—	$	—		$	27,122
Swap Contracts		(28,706	)		—		9,685			(19,021	)
Forward Foreign Currency Contracts		—			91,661		—			91,661
Total	$	(1,584	)	$	91,661	$	9,685		$	99,762
Realized gain/(loss) on derivatives recognized in the Statement of Operations
									Total as of
	Interest Rate			Currency		Credit			June 30, 2019
Futures Contracts	$	434,517		$	—	$	—		$	434,517
Swap Contracts		81,797			—		(4,363	)		77,434
Forward Foreign Currency Contracts		—			16,422		—			16,422
Total	$	516,314		$	16,422	$	(4,363	)	$	528,373

214

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

The notional value of the derivative instruments outstanding as of June 30, 2019, as disclosed in the Portfolios of Investments, and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within in the Statements of Operations serve as indicators of the volume of derivative activity for the Portfolios.

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

When a Portfolio makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Portfolio is required to make a margin deposit in connection with such short sales; the Portfolio may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

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

To the extent a Portfolio sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales “against the box”) will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale). A Portfolio does not intend to enter into short sales (other than short sales “against the box”) if immediately after such sales the aggregate of the value of all collateral plus the amount in such segregated account exceeds 10% of the value of the Portfolio’s net assets. This percentage may be varied by action of the Board of Trustees. A short sale is “against the box” to the extent a Portfolio contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.

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 and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. 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.

215

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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 estimates 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.

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 or an underlying fund. 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 market’s perception 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. 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.

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.

216

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

A Portfolio may experience a substantial or complete loss on any individual security. Since the global financial crisis that began in 2008, the U.S. and many foreign economies continue to experience its after-effects, which have resulted, and may continue to result, in slower growth and an unusually high degree of volatility in the financial markets, both domestic and foreign. Additionally, the U.S. and foreign governmental market support activities implemented since the financial crisis are being reduced, and the Federal Reserve has started to raise interest rates. Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental support could negatively affect the markets generally and increase market volatility. These and other changes in market conditions could reduce the value and liquidity of the securities in which a Portfolio invests. This environment could make identifying investment risks and opportunities especially difficult.

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.

Quantitative Investing Risk – Investments selected using quantitative analysis or “models” may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). In addition, investments selected using models may react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. There is no guarantee that the use of quantitative analysis will result in effective investment decisions for a Portfolio. Additionally, commonality of holdings across quantitative money managers may amplify losses.

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

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

3. INVESTMENT TRANSACTIONS

For the six months ended June 30, 2019, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:

Portfolio	Purchases		Sales
Global Atlantic BlackRock Allocation Portfolio	$	29,875,035	$	33,588,817
Global Atlantic BlackRock Disciplined Core Portfolio	$	394,955,042	$	429,155,476
Global Atlantic BlackRock Disciplined Growth Portfolio	$	13,586,755	$	15,183,766
Global Atlantic BlackRock Disciplined International Core Portfolio	$	41,922,670	$	50,004,277

217

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

Portfolio	Purchases		Sales
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	$	162,810,221	$	179,274,352
Global Atlantic BlackRock Disciplined Small Cap Portfolio	$	3,621,831	$	4,974,804
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	$	18,203,636	$	19,249,845
Global Atlantic BlackRock Disciplined Value Portfolio	$	202,147,350	$	218,582,465
Global Atlantic BlackRock High Yield Portfolio	$	17,922,965	$	21,422,540
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	$	213,297,657	$	215,063,802
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	$	20,096,335	$	220,28,962
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	$	90,720,874	$	98,731,150
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	$	138,899,945	$	148,671,011

The aggregate amount of purchases and sales listed above are inclusive of the cost of purchases and proceeds from sales of mortgage dollar roll transactions. The amount of these transactions is listed below.

Portfolio	Purchases		Sales
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	$	158,495,684	$	157,587,127

4. INVESTMENT ADVISORY AGREEMENT 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 Small Cap Portfolio	BlackRock Investment Management, LLC
Global Atlantic BlackRock Disciplined U.S. Core 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.
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	Goldman Sachs Asset Management, L.P.
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	Goldman Sachs Asset Management, L.P.
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	Goldman Sachs Asset Management, L.P.

218

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

The Portfolios have employed Gemini Fund Services, LLC (“GFS”) to provide administration, fund accounting and transfer agent services. GFS provides a Principal Financial Officer to the Trust. Effective February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of GFS sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

Pursuant to an Investment Advisory Agreement with the Trust, on behalf of the Portfolios, 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.

Portfolio	Advisory Fee*
Global Atlantic BlackRock Allocation Portfolio	0.22% of the first $1 billion
	0.21% of the next $1 billion
	0.20% over $2 billion
Global Atlantic BlackRock Disciplined Core Portfolio	0.39% of the first $1 billion
	0.37% of the next $1 billion
	0.35% over $2 billion
Global Atlantic BlackRock Disciplined Growth Portfolio	0.45% of the first $1 billion
	0.43% of the next $1 billion
	0.41% over $2 billion
Global Atlantic BlackRock Disciplined International Core Portfolio	0.60% of the first $1 billion
	0.58% of the next $1 billion
	0.56% over $2 billion
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	0.55% of the first $1 billion
	0.53% of the next $1 billion
	0.51% over $2 billion
Global Atlantic BlackRock Disciplined Small Cap Portfolio	0.54% of the first $1 billion
	0.52% of the next $1 billion
	0.50% over $2 billion
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	0.39% of the first $1 billion
	0.37% of the next $1 billion
	0.35% over $2 billion
Global Atlantic BlackRock Disciplined Value Portfolio	0.45% of the first $1 billion
	0.43% of the next $1 billion
	0.41% over $2 billion
Global Atlantic BlackRock High Yield Portfolio	0.50% of the first $1 billion
	0.48% of the next $1 billion
	0.46% over $2 billion

219

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued) 

June 30, 2019 (Unaudited)

Portfolio	Advisory Fee*
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	0.34% of the first $250 million
	0.32% of the next $250 million
	0.26% over $500 million
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	0.63% of the first $250 million
	0.61% of the next $250 million
	0.58% of the next $500 million
	0.55% over $1 billion
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	0.37% of the first $250 million
	0.35% of the next $250 million
	0.34% of the next $500 million
	0.32% over $1 billion
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	0.55% of the first $250 million
	0.53% of the next $250 million
	0.51% of the next $500 million
	0.48% over $1 billion

* Calculated daily based on the average daily net assets.

With respect to each Portfolio, the Adviser has 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.

Portfolio Expense Limitation
Portfolio	Class I	Class II	Expiration Date
Global Atlantic BlackRock Allocation Portfolio	0.31%	0.56%	April 30, 2020
Global Atlantic BlackRock Disciplined Core Portfolio	0.48%	0.73%	April 30, 2020
Global Atlantic BlackRock Disciplined Growth Portfolio	0.54%	0.79%	April 30, 2020
Global Atlantic BlackRock Disciplined International Core Portfolio	0.69%	0.94%	April 30, 2020
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	0.63%	0.88%	April 30, 2020
Global Atlantic BlackRock Disciplined Small Cap Portfolio	0.63%	0.88%	April 30, 2020
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	0.48%	0.73%	April 30, 2020
Global Atlantic BlackRock Disciplined Value Portfolio	0.54%	0.79%	April 30, 2020
Global Atlantic BlackRock High Yield Portfolio	0.59%	0.84%	April 30, 2020
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	0.43%	0.68%	April 30, 2020
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	0.72%	0.97%	April 30, 2020
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	0.46%	0.71%	April 30, 2020
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	0.64%	0.89%	April 30, 2020

220

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

For the six months ended June 30, 2019, the Adviser waived fees as follows:

Portfolio	Waiver
Global Atlantic BlackRock Allocation Portfolio	$	8,375
Global Atlantic BlackRock Disciplined Core Portfolio	$	37,097
Global Atlantic BlackRock Disciplined Growth Portfolio	$	4,546
Global Atlantic BlackRock Disciplined International Core Portfolio	$	12,773
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	$	24,162
Global Atlantic BlackRock Disciplined Small Cap Portfolio	$	4,766
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	$	5,125
Global Atlantic BlackRock Disciplined Value Portfolio	$	19,984
Global Atlantic BlackRock High Yield Portfolio	$	9,474
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	$	10,968
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	$	5,434
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	$	8,752
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	$	11,391

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, 2020		December 31, 2021
Global Atlantic BlackRock Allocation Portfolio	$	853	$	8,542
Global Atlantic BlackRock Disciplined Core Portfolio	$	—	$	50,540
Global Atlantic BlackRock Disciplined Growth Portfolio	$	310	$	3,754
Global Atlantic BlackRock Disciplined International Core Portfolio	$	190	$	9,810
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	$	1,748	$	35,854
Global Atlantic BlackRock Disciplined Small Cap Portfolio	$	119	$	3,138
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	$	307	$	3,915
Global Atlantic BlackRock Disciplined Value Portfolio	$	—	$	25,935
Global Atlantic BlackRock High Yield Portfolio	$	191	$	8,365
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	$	378	$	9,926
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	$	225	$	4,573
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	$	1,279	$	9,822
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	$	—	$	12,865

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.

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Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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 six months ended June 30, 2019.

The Trust, on behalf of the Portfolios, has adopted a distribution and shareholder servicing plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act for Class II shares. The fee charged under the Plan is calculated at an annual rate of 0.25% of the average daily net assets attributable to each Portfolio’s Class II shares and, for the six months ended June 30, 2019, 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.

Pursuant to the terms of an administrative servicing agreement with GFS, each Portfolio pays GFS, an annual asset based fee, which is calculated and applied monthly, adjusted upward for any Portfolios with less than $5 million in assets, and subject to an annual minimum fee based on the number of Portfolios in the Trust. In consideration of its receipt of the annual fee, GFS pays all operational expenses of the Portfolios with the exception of legal counsel fees, Trustee fees, certain expenses related to Board meetings and costs associated with the preparation and filing of Forms N-PORT and N-CEN. Certain extraordinary expenses such as expenses incurred in connection with any merger, reorganization or litigation would be borne by the Portfolios.

For the six months ended June 30, 2019, the Trustees received fees in the amounts as follows:

Portfolio	Fees Received
Global Atlantic BlackRock Allocation Portfolio	$	3,020
Global Atlantic BlackRock Disciplined Core Portfolio	$	22,785
Global Atlantic BlackRock Disciplined Growth Portfolio	$	705
Global Atlantic BlackRock Disciplined International Core Portfolio	$	5,992
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	$	7,567
Global Atlantic BlackRock Disciplined Small Cap Portfolio	$	725
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	$	972
Global Atlantic BlackRock Disciplined Value Portfolio	$	11,130
Global Atlantic BlackRock High Yield Portfolio	$	3,072
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	$	3,823
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	$	1,194
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	$	3,575
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	$	5,391

Certain affiliates of GFS provide ancillary services to the Portfolios as follows:

Blu Giant, LLC (“Blu Giant”) – Blu Giant, an affiliate of GFS, provides EDGAR conversion and filing services as well as print management services for the Portfolios on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from GFS under the administrative servicing agreement.

222

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

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 June 30, 2019, Commonwealth Annuity and Life Insurance Company 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 Annuity and Life Insurance Company, 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

			Gross		Gross			Net Unrealized
	Tax		Unrealized		Unrealized			Appreciation/
	Cost		Appreciation		Depreciation			(Depreciation)
Global Atlantic BlackRock Allocation Portfolio	$	78,365,640	$	5,297,027	$	(785,813	)	$	4,511,214
Global Atlantic BlackRock Disciplined Core Portfolio		521,503,742		60,787,431		(11,781,250	)		49,006,181
Global Atlantic BlackRock Disciplined Growth Portfolio		15,120,719		2,493,303		(258,765	)		2,234,538
Global Atlantic BlackRock Disciplined International Core Portfolio		145,418,098		10,158,453		(10,979,666	)		(821,213	)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		167,580,815		29,173,321		(2,568,651	)		26,604,670
Global Atlantic BlackRock Disciplined Small Cap Portfolio		17,580,694		2,509,633		(2,319,407	)		190,226
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		22,517,867		2,618,098		(483,138	)		2,134,960
Global Atlantic BlackRock Disciplined Value Portfolio		260,313,936		20,964,317		(6,490,861	)		14,473,456
Global Atlantic BlackRock High Yield Portfolio		70,880,055		1,671,370		(1,071,815	)		599,555
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		105,359,059		5,050,028		(1,856,005	)		3,194,023
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		27,715,574		2,223,912		(926,658	)		1,297,254
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		78,989,961		10,379,803		(945,425	)		9,434,378
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		127,412,087		6,964,062		(4,357,991	)		2,606,071

7. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

The tax character of fund distributions paid for the period ended December 31, 2018 was as follows:

For fiscal year ended	Ordinary		Long-Term		Return of
12/31/2018	Income		Capital Gains		Capital		Total
Global Atlantic BlackRock Allocation Portfolio	$	361,277	$	—	$	—	$	361,277
Global Atlantic BlackRock Disciplined Core Portfolio		7,952,766		308,649		—		8,261,415
Global Atlantic BlackRock Disciplined Growth Portfolio		263,078		20,035		—		283,113
Global Atlantic BlackRock Disciplined International Core Portfolio		3,135,099		—		—		3,135,099
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		2,025,737		99,342		—		2,125,079
Global Atlantic BlackRock Disciplined Small Cap Portfolio		93,096		11,425		—		104,521
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		498,157		22,695		—		520,852
Global Atlantic BlackRock Disciplined Value Portfolio		5,978,801		294,412		—		6,273,213
Global Atlantic BlackRock High Yield Portfolio		476,776		6,251		—		483,027
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		47,084		—		—		47,084
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		362,130		44,780		—		406,910
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		1,222,604		2,517		—		1,225,121
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		1,136,829		21,023		—		1,157,852

There were no fund distributions for the period ended December 31, 2017.

223

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued)

June 30, 2019 (Unaudited)

As of December 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized			Total
	Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/			Accumulated
	Income		Capital Gains		Late Year Loss		Forwards			Differences		(Depreciation)			Earnings/(Deficits)
Global Atlantic BlackRock Allocation Portfolio	$	1,578,456	$	—	$	—	$	(76,913	)	$	—	$	(4,663,470	)	$	(3,161,927	)
Global Atlantic BlackRock Disciplined Core Portfolio		2,642,419		—		—		(1,288,484	)		—		(26,265,591	)		(24,911,656	)
Global Atlantic BlackRock Disciplined Growth Portfolio		536,061		29,267		—		—			—		(420,917	)		144,411
Global Atlantic BlackRock Disciplined International Core Portfolio		511,658		—		—		(5,778,538	)		—		(20,588,571	)		(25,855,451	)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		402,171		385,576		—		—			—		(6,803,583	)		(6,015,836	)
Global Atlantic BlackRock Disciplined Small Cap Portfolio		529,490		—		—		—			—		(2,229,142	)		(1,699,652	)
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		313,052		—		—		—			—		(1,144,151	)		(831,099	)
Global Atlantic BlackRock Disciplined Value Portfolio		1,876,308		—		—		(1,157,196	)		—		(17,930,742	)		(17,211,630	)
Global Atlantic BlackRock High Yield Portfolio		4,219,221		—		—		(1,759,683	)		—		(6,365,829	)		(3,906,291	)
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		2,191,473		—		—		(953,311	)		—		(578,594	)		659,568
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		42,788		—		—		(475,952	)		—		(2,797,265	)		(3,230,429	)
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		1,615,049		30,615		—		—			—		(3,864,089	)		(2,218,425	)
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		1,780,229		—		—		—			—		(15,865,326	)		(14,085,097	)

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, return of capital distributions from C-Corporations and 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 ($626), ($2,729), ($742), and ($348) for Global Atlantic BlackRock Disciplined Core Portfolio, Global Atlantic BlackRock Disciplined International Core Portfolio, Global Atlantic Goldman Sachs Core Fixed Income Portfolio, and Global Atlantic Goldman Sachs Global Equity Insights Portfolio, respectively.

At December 31, 2018, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring		Non-Expiring
	Short-Term		Long-Term		Total
Global Atlantic BlackRock Allocation Portfolio	$	57,097	$	19,816	$	76,913
Global Atlantic BlackRock Disciplined Core Portfolio		1,288,484		—		1,288,484
Global Atlantic BlackRock Disciplined Growth Portfolio		—		—		—
Global Atlantic BlackRock Disciplined International Core Portfolio		5,124,632		653,906		5,778,538
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio		—		—		—
Global Atlantic BlackRock Disciplined Small Cap Portfolio		—		—		—
Global Atlantic BlackRock Disciplined U.S. Core Portfolio		—		—		—
Global Atlantic BlackRock Disciplined Value Portfolio		1,087,455		69,741		1,157,196
Global Atlantic BlackRock High Yield Portfolio		1,628,868		130,815		1,759,683
Global Atlantic Goldman Sachs Core Fixed Income Portfolio		796,660		156,651		953,311
Global Atlantic Goldman Sachs Global Equity Insights Portfolio		435,227		40,725		475,952
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio		—		—		—
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio		—		—		—

224

Global Atlantic Portfolios

NOTES TO FINANCIAL STATEMENTS (Continued) 

June 30, 2019 (Unaudited)

8. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the policy for the timing of transfers between levels. For investment companies, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is allowed. These amendments have been adopted effective with these financial statements.

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, by requiring amortization to the earliest call date. The ASU does not require an accounting change for securities held at a discount, which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

9. SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

225

Global Atlantic Portfolios

EXPENSE EXAMPLES

June 30, 2019 (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 January 1, 2019 through June 30, 2019.

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.

					Hypothetical
					(5% return before
			Actual		expenses)
			Ending	Expenses	Ending	Expenses
	Portfolio’s	Beginning	Account	Paid	Account	Paid
	Annualized	Account Value	Value	During	Value	During
Class I Shares	Expense Ratio	1-1-19	6-30-19	Period*	6-30-19	Period*
Global Atlantic BlackRock Allocation Portfolio	0.31%	$1,000.00	$1,132.00	$1.64	$1,023.26	$1.56
Global Atlantic BlackRock Disciplined Core Portfolio	0.48%	$1,000.00	$1,182.80	$2.60	$1,022.41	$2.41
Global Atlantic BlackRock Disciplined International Core Portfolio	0.69%	$1,000.00	$1,140.00	$3.66	$1,021.37	$3.46
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	0.63%	$1,000.00	$1,255.30	$3.52	$1,021.67	$3.16
Global Atlantic BlackRock Disciplined Small Cap Portfolio	0.63%	$1,000.00	$1,185.00	$3.41	$1,021.67	$3.16

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the number of days in the period (181) divided by the number of days in the fiscal year (365).

226

Global Atlantic Portfolios

EXPENSE EXAMPLES (Continued)

June 30, 2019 (Unaudited)

					Hypothetical
					(5% return before
			Actual		expenses)
		Beginning	Ending	Expenses	Ending	Expenses
	Portfolio’s	Account	Account	Paid	Account	Paid
	Annualized	Value	Value	During	Value	During
Class I Shares	Expense Ratio	1-1-19	6-30-19	Period*	6-30-19	Period*
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	0.48%	$1,000.00	$1,183.20	$2.60	$1,022.41	$2.41
Global Atlantic BlackRock Disciplined Value Portfolio	0.54%	$1,000.00	$1,164.00	$2.90	$1,022.12	$2.71
Global Atlantic BlackRock High Yield Portfolio	0.59%	$1,000.00	$1,106.00	$3.08	$1,021.87	$2.96
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	0.43%	$1,000.00	$1,068.50	$2.21	$1,022.66	$2.16
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	0.72%	$1,000.00	$1,141.60	$3.82	$1,021.22	$3.61
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	0.46%	$1,000.00	$1,193.60	$2.50	$1,022.51	$2.31
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	0.64%	$1,000.00	$1,135.50	$3.39	$1,021.62	$3.21
		Beginning	Ending	Expenses	Ending	Expenses
	Portfolio’s	Account	Account	Paid	Account	Paid
	Annualized	Value	Value	During	Value	During
Class II Shares	Expense Ratio	1-1-19	6-30-19	Period*	6-30-19	Period*
Global Atlantic BlackRock Allocation Portfolio	0.56%	$1,000.00	$1,131.10	$2.96	$1,022.02	$2.81
Global Atlantic BlackRock Disciplined Core Portfolio	0.73%	$1,000.00	$1,182.10	$3.95	$1,021.17	$3.66
Global Atlantic BlackRock Disciplined Growth Portfolio	0.79%	$1,000.00	$1,210.20	$4.33	$1,020.88	$3.96
Global Atlantic BlackRock Disciplined International Core Portfolio	0.94%	$1,000.00	$1,139.00	$4.99	$1,020.13	$4.71
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio	0.88%	$1,000.00	$1,254.50	$4.92	$1,020.43	$4.41
Global Atlantic BlackRock Disciplined Small Cap Portfolio	0.88%	$1,000.00	$1,184.10	$4.77	$1,020.43	$4.41
Global Atlantic BlackRock Disciplined U.S. Core Portfolio	0.73%	$1,000.00	$1,181.30	$3.95	$1,021.17	$3.66
Global Atlantic BlackRock Disciplined Value Portfolio	0.79%	$1,000.00	$1,161.70	$4.23	$1,020.88	$3.96
Global Atlantic BlackRock High Yield Portfolio	0.84%	$1,000.00	$1,104.10	$4.38	$1,020.63	$4.21
Global Atlantic Goldman Sachs Core Fixed Income Portfolio	0.68%	$1,000.00	$1,068.50	$3.49	$1,021.42	$3.41
Global Atlantic Goldman Sachs Global Equity Insights Portfolio	0.97%	$1,000.00	$1,140.80	$5.15	$1,019.98	$4.86
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio	0.71%	$1,000.00	$1,192.00	$3.86	$1,021.27	$3.56
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio	0.89%	$1,000.00	$1,132.30	$4.71	$1,020.38	$4.46

* Expenses are equal to the Portfolio’s annualized expense ratio, multiplied by the number of days in the period (181) divided by the number of days in the fiscal year (365).

227

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

QUESTIONS?   Call 1-402-493-4603

228

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.

229

PROXY VOTING POLICY

Information regarding how the Portfolios voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 (disclosed on Form N-PX) as well as information regarding the policies and procedures that the Portfolios use to determine how to vote proxies (disclosed in the Portfolios’ Statement of Additional Information) is available without charge, upon request, by calling 1-877-881-7735 or by referring to the Securities and Exchange Commission’s (“SEC”) 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-PORT is available: (i) on the SEC’s website at http://www.sec.gov; and (ii) may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Portfolio will be post to http://regdocs.blugiant.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	ADMINISTRATOR
Global Atlantic Investment Advisors, LLC	Gemini Fund Services, LLC
10 West Market Street, Suite 2300	80 Arkay Drive, Suite 110
Indianapolis, IN 46204	Hauppauge, NY 11788
INVESTMENT SUB-ADVISERS
BlackRock Investment Management, LLC	Goldman Sachs Asset Management, L.P.
1 University Square	200 West Street
Princeton, NJ 08536	New York, NY 10282

Item 2. Code of Ethics. Not Applicable

Item 3. Audit Committee Financial Expert. Not Applicable

Item 4. Principal Accountant Fees and Services. Not Applicable

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Schedule of Investments. (a) Schedule of investments in securities of unaffiliated issuers is included under Item 1; (b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. There were no material changes to the procedure by which shareholders recommend nominees to the registrant’s board of trustees since the date of the registrant’s prior report on Form N-CSR or, as applicable, in response to the requirements of Item 407(c)(2)(iv) of Regulation S-X (per item 22(b)(15) of Schedule 14A).

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 that occurred during the last fiscal quarter that have 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 to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not Applicable

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 12(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(a)(4) There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 12(b) of Form N-CSR) 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/ Robert M. Arena, Jr.

Robert M. Arena, Jr., President

Date 8/19/19

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/ Robert M. Arena, Jr.

Robert M. Arena, Jr., President

Date 8/19/19

By (Signature and Title)

/s/ Laura Szalyga

Laura Szalyga, Treasurer

Date 8/19/19