NPORT-EX 2 ga-cw_nq.htm CWA EX
Global Atlantic BlackRock Allocation Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     EXCHANGE TRADED FUNDS - 99.9%     
     DEBT FUNDS - 39.2%     
 11,921   iShares 20+ Year Treasury Bond ETF  $1,705,657 
 13,940   iShares iBoxx $ Investment Grade Corporate Bond ETF   1,777,071 
 100,043   iShares Intermediate-Term Corporate Bond ETF   5,794,491 
 50,296   iShares MBS ETF   5,447,057 
 97,999   iShares Short Maturity Bond ETF   4,933,270 
 458,774   iShares U.S. Treasury Bond ETF   12,077,226 
         31,734,772 
     EQUITY FUNDS - 60.7%     
 115,894   iShares Core MSCI EAFE ETF   7,077,647 
 90,263   iShares Core MSCI Emerging Markets ETF   4,424,692 
 67,557   iShares Core S&P 500 ETF   20,167,116 
 98,788   iShares Core S&P Total U.S. Stock Market ETF   6,625,711 
 74,520   iShares Edge MSCI Min Vol USA ETF   4,776,732 
 21,001   iShares Edge MSCI USA Momentum Factor ETF   2,504,369 
 19,635   iShares Global Tech ETF   3,631,884 
         49,208,151 
           
     TOTAL EXCHANGE TRADED FUNDS (Cost $75,768,096)   80,942,923 
           
     TOTAL INVESTMENTS - 99.9% (Cost - $75,768,096)  $80,942,923 
     OTHER ASSETS LESS LIABILITIES - NET - 0.1%   103,459 
     TOTAL NET ASSETS - 100.0%  $81,046,382 

 

ETF - Exchange Traded Fund

 

 

Global Atlantic BlackRock Disciplined Core Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 98.5%     
     ADVERTISING - 0.7%     
 183,321   Interpublic Group of Cos., Inc.  $3,952,401 
           
     AEROSPACE/DEFENSE - 2.8%     
 5,321   Boeing Co. (The)   2,024,481 
 3,343   HEICO Corp.   417,474 
 20,892   Lockheed Martin Corp.   8,149,134 
 5,084   Northrop Grumman Corp.   1,905,432 
 9,912   Raytheon Co.   1,944,635 
 3,728   Teledyne Technologies, Inc. *   1,200,379 
         15,641,535 
     AGRICULTURE - 0.7%     
 58,736   Altria Group, Inc.   2,402,302 
 18,006   Philip Morris International, Inc.   1,367,196 
         3,769,498 
     AIRLINES - 0.1%     
 1,658   Alaska Air Group, Inc.   107,621 
 6,877   Delta Air Lines, Inc.   396,115 
         503,736 
     APPAREL - 0.3%     
 18,407   NIKE, Inc.   1,728,785 
           
     AUTO MANUFACTURERS - 1.4%     
 170,984   Ford Motor Co.   1,566,213 
 92,308   PACCAR, Inc.   6,462,483 
         8,028,696 
     AUTO PARTS & EQUIPMENT - 0.1%     
 11,726   Dana, Inc.   169,323 
 21,725   Goodyear Tire & Rubber Co. (The)   312,949 
         482,272 
     BANKS - 4.8%     
 172,898   Bank of America Corp.   5,043,435 
 3,098   Bank of Nova Scotia (The)   176,121 
 672   Canadian Imperial Bank of Commerce   55,480 
 11,974   Citigroup, Inc.   827,164 
 66,114   Citizens Financial Group, Inc.   2,338,452 
 830   Cullen/Frost Bankers, Inc.   73,496 
 2,075   East West Bancorp, Inc.   91,902 
 9,156   First Hawaiian, Inc.   244,465 
 16,515   First Horizon National Corp.   267,543 
 60,324   JP Morgan Chase & Co.   7,099,532 
 88,276   Morgan Stanley   3,766,737 
 6,784   Royal Bank of Canada   550,589 
 4,776   SunTrust Banks, Inc.   328,589 
 18,813   US Bancorp   1,041,111 
 73,872   Wells Fargo & Co.   3,726,104 
 12,361   Western Alliance Bancorp   569,595 
 9,737   Zions Bancorp NA   433,491 
         26,633,806 

 

 

     BEVERAGES - 1.5%     
 30,927   Diageo PLC (ADR)   5,057,183 
 4,173   Molson Coors Brewing Co.   239,947 
 17,487   Monster Beverage Corp. *   1,015,295 
 12,806   PepsiCo, Inc.   1,755,703 
         8,068,128 
     BIOTECHNOLOGY - 2.7%     
 8,254   Amgen, Inc.   1,597,232 
 6,952   Biogen, Inc. *   1,618,565 
 15,682   Celgene Corp. *   1,557,223 
 123,044   Gilead Sciences, Inc.   7,798,529 
 5,923   Regeneron Pharmaceuticals, Inc. *   1,643,040 
 3,064   Vertex Pharmaceuticals, Inc. *   519,103 
         14,733,692 
     CHEMICALS - 1.3%     
 15,797   Air Products & Chemicals, Inc.   3,504,722 
 7,213   CF Industries Holdings, Inc.   354,880 
 10,093   Ecolab, Inc.   1,998,818 
 12,150   LyondellBasell Industries NV   1,087,060 
         6,945,480 
     COMMERCIAL SERVICES - 2.0%     
 45,058   Automatic Data Processing, Inc.   7,273,262 
 1,217   CoStar Group, Inc. *   721,924 
 31,135   H&R Block, Inc.   735,409 
 7,397   Insperity, Inc.   729,492 
 16,149   Robert Half International, Inc.   898,853 
 422   S&P Global, Inc.   103,382 
 7,200   Square, Inc. *   446,040 
         10,908,362 
     COMPUTERS - 4.8%     
 5,884   Accenture PLC   1,131,787 
 15,254   Amdocs Ltd.   1,008,442 
 99,872   Apple, Inc.   22,368,332 
 4,088   Dell Technologies, Inc. - Class C *   212,004 
 1   EPAM Systems, Inc. *   182 
 74,056   HP, Inc.   1,401,140 
 7,500   NetApp, Inc.   393,825 
         26,515,712 
     COSMETICS/PERSONAL CARE - 1.4%     
 14,441   Estee Lauder Cos., Inc. (The)   2,873,037 
 38,413   Procter & Gamble Co. (The)   4,777,809 
         7,650,846 
     DISTRIBUTION/WHOLESALE - 0.0% **     
 7,626   Resideo Technologies, Inc. *   109,433 
           
     DIVERSIFIED FINANCIAL SERVICES - 6.0%     
 24,671   Ally Financial, Inc.   818,090 
 43,794   American Express Co.   5,179,954 
 17,425   Capital One Financial Corp.   1,585,326 
 56,347   Charles Schwab Corp. (The)   2,356,995 
 9,945   CME Group, Inc.   2,101,776 
 18,654   Discover Financial Services   1,512,653 
 4,460   Evercore, Inc.   357,246 
 22,057   Intercontinental Exchange, Inc.   2,035,199 
 42,152   Mastercard, Inc.   11,447,219 
 33,710   TD Ameritrade Holding Corp.   1,574,257 
 25,418   Visa, Inc.   4,372,150 
         33,340,865 

 

 

     ELECTRIC - 3.4%     
 24,526   Alliant Energy Corp.   1,322,687 
 40,936   Consolidated Edison, Inc.   3,867,224 
 26,259   DTE Energy Co.   3,491,397 
 1,778   IDACORP, Inc.   200,327 
 37,506   OGE Energy Corp.   1,702,022 
 14,781   Pinnacle West Capital Corp.   1,434,792 
 102,745   Xcel Energy, Inc.   6,667,123 
         18,685,572 
     ELECTRICAL COMPONENTS & EQUIPMENT - 0.8%     
 30,374   AMETEK, Inc.   2,788,941 
 13,566   Generac Holdings, Inc. *   1,062,760 
 6,498   Hubbell, Inc.   853,837 
         4,705,538 
     ELECTRONICS - 1.6%     
 41,913   ADT, Inc.   262,795 
 33,978   Allegion PLC   3,521,820 
 22,144   Honeywell International, Inc.   3,746,765 
 26,215   National Instruments Corp.   1,100,768 
         8,632,148 
     ENGINEERING & CONSTRUCTION - 0.2%     
 18,659   Fluor Corp.   356,947 
 4,742   Frontdoor, Inc. *   230,319 
 6,727   MasTec, Inc. *   436,784 
         1,024,050 
     ENTERTAINMENT - 0.0% **     
 8,903   International Game Technology PLC   126,512 
           
     ENVIRONMENTAL CONTROL - 0.4%     
 19,664   Waste Management, Inc.   2,261,360 
           
     FOOD - 1.3%     
 46,041   General Mills, Inc.   2,537,780 
 25,728   Hershey Co. (The)   3,987,583 
 15,538   Performance Food Group Co. *   714,903 
         7,240,266 
     FOREST PRODUCTS & PAPER - 0.0% **     
 8,365   Domtar Corp.   299,551 
           
     GAS - 0.2%     
 9,839   Southwest Gas Holdings, Inc.   895,743 
           
     HAND/MACHINE TOOLS - 0.1%     
 4,519   Snap-on, Inc.   707,404 

 

 

     HEALTHCARE - PRODUCTS - 2.4%     
 725   Align Technology, Inc. *   131,167 
 25,745   Danaher Corp.   3,718,350 
 15,472   Hologic, Inc. *   781,181 
 3,269   IDEXX Laboratories, Inc. *   888,939 
 21,625   Medtronic PLC   2,348,908 
 380   Penumbra, Inc. *   51,106 
 19,045   Stryker Corp.   4,119,434 
 4,020   Thermo Fisher Scientific, Inc.   1,170,905 
         13,209,990 
     HEALTHCARE - SERVICES - 1.4%     
 13,727   Anthem, Inc.   3,295,853 
 20,213   UnitedHealth Group, Inc.   4,392,689 
 1,113   WellCare Health Plans, Inc. *   288,456 
         7,976,998 
     HOME BUILDERS - 0.1%     
 12,114   D.R. Horton, Inc.   638,529 
           
     HOUSEHOLD PRODUCTS/WARES - 0.7%     
 32,642   Church & Dwight Co., Inc.   2,455,984 
 9,494   Kimberly-Clark Corp.   1,348,623 
         3,804,607 
     INSURANCE - 5.6%     
 6,602   Aflac, Inc.   345,417 
 19,690   Allstate Corp. (The)   2,139,909 
 19,252   Arthur J Gallagher & Co.   1,724,402 
 61,198   Berkshire Hathaway, Inc. *   12,730,408 
 8,411   Cincinnati Financial Corp.   981,311 
 31,916   First American Financial Corp.   1,883,363 
 14,118   Globe Life, Inc.   1,351,940 
 16,586   Lincoln National Corp.   1,000,468 
 44,812   MetLife, Inc.   2,113,334 
 6,611   Progressive Corp. (The)   510,700 
 46,043   Prudential Financial, Inc.   4,141,568 
 8,135   Travelers Cos., Inc. (The)   1,209,593 
 24,319   Unum Group   722,761 
         30,855,174 
     INTERNET - 9.2%     
 7,191   Alibaba Group Holding Ltd. (ADR) *   1,202,551 
 4,388   Alphabet, Inc. - Class A *   5,358,362 
 6,683   Alphabet, Inc. - Class C *   8,146,577 
 10,694   Amazon.com, Inc. *   18,563,822 
 12,952   Baidu, Inc. (ADR) *   1,330,948 
 10,433   CDW Corp.   1,285,763 
 58,662   Facebook, Inc. *   10,446,529 
 13,370   GoDaddy, Inc. *   882,153 
 4,971   JD.com, Inc. (ADR) *   140,232 
 18,592   Lyft, Inc. *   759,297 
 7,334   Netflix, Inc. *   1,962,725 
 33,219   Pinterest, Inc. *   878,643 
 8,514   Yelp, Inc. *   295,862 
         51,253,464 

 

 

     LEISURE TIME - 0.1%     
 6,802   Royal Caribbean Cruises Ltd.   736,861 
           
     LODGING - 0.1%     
 5,160   Boyd Gaming Corp.   123,582 
 44,510   Extended Stay America, Inc.   651,626 
         775,208 
     MACHINERY - CONSTRUCTION & MINING - 0.5%     
 7,226   Caterpillar, Inc.   912,716 
 25,113   Oshkosh Corp.   1,903,565 
         2,816,281 
     MACHINERY - DIVERSIFIED - 0.9%     
 15,041   Crane Co.   1,212,756 
 6,465   Cummins, Inc.   1,051,662 
 4,105   IDEX Corp.   672,727 
 5,835   Roper Technologies, Inc.   2,080,761 
         5,017,906 
     MEDIA - 1.4%     
 9,708   AMC Networks, Inc. *   477,245 
 68,872   Comcast Corp.   3,104,750 
 12,048   Discovery, Inc. - Class A *   320,838 
 1,148   Discovery, Inc. - Class C *   28,264 
 7,907   Sinclair Broadcast Group, Inc.   337,945 
 73,646   Viacom, Inc.   1,769,713 
 14,311   Walt Disney Co. (The)   1,865,010 
         7,903,765 
     MINING - 0.2%     
 13,069   Alcoa Corp. *   262,295 
 51,747   Freeport-McMoRan, Inc.   495,219 
 2,820   Rio Tinto PLC (ADR)   146,894 
         904,408 
     MISCELLANEOUS MANUFACTURING - 0.4%     
 2,345   3M Co.   385,518 
 7,700   ArcelorMittal (ADR) *   109,648 
 9,676   Ingersoll-Rand PLC   1,192,180 
 3,097   Parker-Hannifin Corp.   559,349 
         2,246,695 
     OIL & GAS - 3.5%     
 2,187   BP PLC (ADR)   83,084 
 21,022   Chevron Corp.   2,493,209 
 11,719   CNOOC Ltd. (ADR)   1,784,218 
 55,854   ConocoPhillips   3,182,561 
 28,151   EOG Resources, Inc.   2,089,367 
 4,677   Equinor ASA (ADR)   88,629 
 77,105   Exxon Mobil Corp.   5,444,384 
 10,371   Marathon Petroleum Corp.   630,038 
 4,752   Petroleo Brasileiro SA (ADR)   68,761 
 12,154   Phillips 66   1,244,570 
 6,388   Royal Dutch Shell PLC (ADR)   375,934 
 141,595   Transocean Ltd. *   632,930 
 16,864   Valero Energy Corp.   1,437,487 
         19,555,172 

 

 

     OIL & GAS SERVICES - 0.1%     
 6,528   Baker Hughes a GE Co.   151,450 
 17,354   Patterson-UTI Energy, Inc.   148,377 
         299,827 
     PACKAGING & CONTAINERS - 0.3%     
 49,093   WestRock Co.   1,789,440 
           
     PHARMACEUTICALS - 6.5%     
 46,010   AbbVie, Inc.   3,483,877 
 22,427   AmerisourceBergen Corp.   1,846,415 
 72,463   Bristol-Myers Squibb Co.   3,674,599 
 15,735   Cigna Corp.   2,388,416 
 53,139   CVS Health Corp.   3,351,477 
 12,209   Eli Lilly & Co.   1,365,332 
 81,963   Johnson & Johnson   10,604,373 
 45,212   Merck & Co., Inc.   3,805,946 
 72,681   Pfizer, Inc.   2,611,428 
 23,351   Zoetis, Inc.   2,909,301 
         36,041,164 
     PIPELINES - 0.3%     
 61,089   Williams Cos., Inc. (The)   1,469,801 
           
     REAL ESTATE INVESTMENT TRUSTS - 2.7%     
 4,731   American Tower Corp.   1,046,166 
 2,788   Boston Properties, Inc.   361,492 
 31,529   Host Hotels & Resorts, Inc.   545,136 
 18,472   Invitation Homes, Inc.   546,956 
 36,165   Outfront Media, Inc.   1,004,664 
 53,955   Park Hotels & Resorts, Inc.   1,347,256 
 51,060   Prologis, Inc.   4,351,333 
 4,818   SBA Communications Corp.   1,161,861 
 30,063   Simon Property Group, Inc.   4,679,306 
         15,044,170 
     RETAIL - 6.0%     
 1,271   AutoZone, Inc. *   1,378,552 
 14,563   Costco Wholesale Corp.   4,195,746 
 33,008   Darden Restaurants, Inc.   3,902,206 
 15,485   Dollar General Corp.   2,461,186 
 2,038   Domino’s Pizza, Inc.   498,474 
 29,249   Home Depot, Inc. (The)   6,786,353 
 10,173   Lululemon Athletica, Inc. *   1,958,608 
 18,408   McDonald’s Corp.   3,952,382 
 19,480   Restaurant Brands International, Inc.   1,385,807 
 12,441   Ross Stores, Inc.   1,366,644 
 7,279   Target Corp.   778,198 
 1,541   Tractor Supply Co.   139,368 
 39,617   Walmart, Inc.   4,701,746 
         33,505,270 

 

 

     SEMICONDUCTORS - 3.5%     
 5,357   Advanced Micro Devices, Inc. *   155,299 
 63,302   Applied Materials, Inc.   3,158,770 
 1,579   Broadcom, Inc.   435,915 
 1   Cabot Microelectronics Corp.   141 
 2,671   Cirrus Logic, Inc. *   143,112 
 104,648   Intel Corp.   5,392,511 
 6,331   Lam Research Corp.   1,463,157 
 29,651   NVIDIA Corp.   5,161,350 
 12,005   QUALCOMM, Inc.   915,741 
 19,801   Texas Instruments, Inc.   2,559,081 
         19,385,077 
     SOFTWARE - 8.5%     
 13,965   Adobe, Inc. *   3,857,831 
 13,938   Dropbox, Inc. *   281,129 
 1,678   Electronic Arts, Inc. *   164,142 
 4,354   Fidelity National Information Services, Inc.   578,037 
 10,948   Intuit, Inc.   2,911,511 
 175,935   Microsoft Corp.   24,460,243 
 2,615   Oracle Corp.   143,903 
 45,301   Paychex, Inc.   3,749,564 
 37,348   Salesforce.com, Inc. *   5,543,937 
 8,756   Sea Ltd. (ADR) *   270,998 
 7,482   ServiceNow, Inc. *   1,899,306 
 17,805   Veeva Systems, Inc. *   2,718,645 
 76,637   Zygna, Inc. *   446,027 
         47,025,273 
     TELECOMMUNICATIONS - 3.8%     
 57,991   AT&T, Inc.   2,194,379 
 123,435   BCE, Inc.   5,975,488 
 12,331   China Mobile Ltd. (ADR)   510,503 
 11,877   Ciena Corp. *   465,935 
 154,809   Cisco Systems, Inc.   7,649,113 
 22,158   Telephone & Data Systems, Inc.   571,676 
 64,476   Verizon Communications, Inc.   3,891,771 
         21,258,865 
     TRANSPORTATION - 0.6%     
 14,418   CH Robinson Worldwide, Inc.   1,222,358 
 10,470   CSX Corp.   725,257 
 7,439   Landstar System, Inc.   837,483 
 24,849   ZTO Express Cayman, Inc. (ADR)   530,029 
         3,315,127 
     TRUCKING & LEASING - 0.3%     
 18,354   GATX Corp.   1,422,986 
           
     WATER - 0.8%     
 36,788   American Water Works Co., Inc.   4,570,173 
           
     TOTAL COMMON STOCKS (Cost - $497,108,552)   546,413,622 

 

 

     SHORT-TERM INVESTMENT - 1.3%     
     MONEY MARKET FUND - 1.3%     
 7,360,991   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a)(Cost - $7,360,991)   7,360,991 
           
     TOTAL INVESTMENTS - 99.8% (Cost - $504,469,543)  $553,774,613 
     OTHER ASSETS LESS LIABILITIES - NET - 0.2%   1,270,472 
     TOTAL NET ASSETS - 100.0%  $555,045,085 

 

*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 September 30, 2019.

 

FUTURES CONTRACTS 
                 Unrealized 
Description  Counterparty  Contracts  Expiration Date  Notional Value   Depreciation 
LONG                   
S&P 500 E-mini Future  Goldman Sachs  60  December-19  $8,935,500   $(86,722)
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS   $(86,722)

 

 

Global Atlantic BlackRock Disciplined Growth Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 98.0%     
     ADVERTISING - 0.4%     
 3,370   Interpublic Group of Cos., Inc.  $72,657 
           
     AEROSPACE/DEFENSE - 4.0%     
 399   Boeing Co.   151,808 
 112   Heico Corp. - Class A   10,899 
 160   Heico Corp. - Class C   19,981 
 768   Lockheed Martin Corp.   299,566 
 247   Northrop Grumman Corp.   92,573 
 209   Raytheon Co.   41,004 
 208   Teledyne Technologies, Inc. *   66,974 
         682,805 
     AGRICULTURE - 0.3%     
 1,271   Altria Group, Inc.   51,984 
           
     AIRLINES - 0.0% ^     
 58   Alaska Air Group, Inc.   3,765 
           
     APPAREL - 0.7%     
 1,204   Nike, Inc.   113,080 
           
     AUTO MANUFACTURERS - 0.9%     
 1,765   PACCAR, Inc.   123,568 
 108   Tesla, Inc. *   26,014 
         149,582 
     BANKS - 0.0% ^     
 151   Morgan Stanley   6,443 
           
     BEVERAGES - 1.3%     
 284   Coca-Cola Co. (The)   15,461 
 705   Monster Beverage Corp. *   40,932 
 1,242   PepsiCo., Inc.   170,278 
         226,671 
     BIOTECHNOLOGY - 3.3%     
 614   Amgen, Inc.   118,815 
 84   Biogen, Inc. *   19,557 
 840   Celgene Corp. *   83,412 
 2,967   Gilead Sciences, Inc.   188,048 
 284   Incyte Corp. *   21,081 
 169   Regeneron Pharmaceuticals, Inc. *   46,881 
 517   Vertex Pharmaceuticals, Inc. *   87,590 
         565,384 
     CHEMICALS - 0.6%     
 33   Air Products & Chemicals, Inc.   7,321 
 439   Ecolab, Inc.   86,940 
         94,261 

 

 

     COMMERCIAL SERVICES - 4.1%     
 1,665   Automatic Data Processing, Inc.   268,764 
 464   Booz Allen Hamilton Holding Corp.   32,953 
 131   Bright Horizons Family Solutions, Inc. *   19,978 
 145   CoStar Group, Inc. *   86,014 
 968   H&R Block, Inc.   22,864 
 124   Insperity, Inc.   12,229 
 80   Moody’s Corp.   16,386 
 505   Paylocity Holding Corp. *   49,278 
 341   PayPal Holdings, Inc. *   35,324 
 835   Robert Half International, Inc.   46,476 
 172   S&P Global, Inc.   42,137 
 826   Square, Inc. *   51,171 
 117   TriNet Group, Inc. *   7,276 
         690,850 
     COMPUTERS - 8.3%     
 631   Accenture PLC   121,373 
 515   Amdocs Ltd.   34,047 
 5,425   Apple, Inc.   1,215,037 
 149   Dell Technologies, Inc. - Class C *   7,727 
 44   Elastic NV *   3,623 
 38   Fortinet, Inc. *   2,917 
 751   HP, Inc.   14,209 
 93   Parsons Corp. *   3,067 
         1,402,000 
     COSMETICS/PERSONAL CARE - 0.5%     
 410   Estee Lauder Cos., Inc. (The)   81,570 
           
     DISTRIBUTION/WHOLESALE - 0.1%     
 99   Copart, Inc. *   7,953 
 443   Resideo Technologies, Inc. *   6,357 
         14,310 
     DIVERSIFIED FINANCIAL SERVICES - 6.9%     
 270   Ally Financial, Inc.   8,953 
 1,275   American Express Co.   150,807 
 1,362   Charles Schwab Corp. (The)   56,972 
 59   CME Group, Inc.   12,469 
 21   Credit Acceptance Corp. *   9,688 
 287   Discover Financial Services   23,273 
 152   Evercore, Inc.   12,175 
 641   Intercontinental Exchange, Inc.   59,145 
 1,753   Mastercard, Inc.   476,062 
 1,168   TD Ameritrade Holding Corp.   54,546 
 1,796   Visa, Inc.   308,930 
         1,173,020 
     ELECTRIC - 0.5%     
 497   OGE Energy Corp.   22,554 
 904   Xcel Energy, Inc.   58,661 
         81,215 
     ELECTRICAL COMPONENTS & EQUIPMENT - 0.8%     
 968   AMETEK, Inc.   88,882 
 375   Generac Holdings, Inc. *   29,378 
 165   Hubbell, Inc.   21,681 
         139,941 

 

 

     ELECTRONICS - 1.6%     
 1,312   Allegion PLC   135,989 
 470   Gentex Corp.   12,941 
 168   Honeywell International, Inc.   28,426 
 25   Keysight Technologies, Inc. *   2,431 
 31   Mettler-Toledo International, Inc. *   21,836 
 1,541   National Instruments Corp.   64,707 
         266,330 
     ENGINEERING & CONSTRUCTION - 0.2%     
 223   Frontdoor, Inc. *   10,831 
 444   MasTec, Inc. *   28,829 
         39,660 
     ENTERTAINMENT - 0.4%     
 19   Churchill Downs, Inc.   2,346 
 652   Live Nation Entertainment, Inc. *   43,254 
 203   Six Flags Entertainment Corp.   10,310 
 43   Vail Resorts, Inc.   9,785 
         65,695 
     ENVIRONMENTAL CONTROL - 0.3%     
 471   Waste Management, Inc.   54,165 
           
     FOOD - 0.9%     
 162   General Mills, Inc.   8,929 
 713   Hershey Co. (The)   110,508 
 611   Performance Food Group Co. *   28,112 
         147,549 
     GAS - 0.0% ^     
 75   Southwest Gas Holdings, Inc.   6,828 
           
     HEALTHCARE - PRODUCTS - 3.1%     
 15   Align Technology, Inc. *   2,714 
 616   Danaher Corp.   88,969 
 128   Edwards Lifesciences Corp. *   28,149 
 884   Hologic, Inc. *   44,633 
 292   IDEXX Laboratories, Inc. *   79,404 
 67   Masimo Corp. *   9,969 
 112   Penumbra, Inc. *   15,063 
 920   Stryker Corp.   198,996 
 211   Thermo Fisher Scientific, Inc.   61,458 
         529,355 
     HEALTHCARE - SERVICES - 2.1%     
 341   Anthem, Inc.   81,874 
 54   Chemed Corp.   22,549 
 1,064   UnitedHealth Group, Inc.   231,229 
 54   WellCare Health Plans, Inc. *   13,995 
         349,647 
     HOME BUILDERS - 0.1%     
 245   D.R. Horton, Inc.   12,914 
           
     HOME FURNISHINGS - 0.0% ^     
 26   Tempur Sealy International, Inc. *   2,007 
           
     HOUSEHOLD PRODUCTS/WARES - 0.4%     
 922   Church & Dwight Co., Inc.   69,371 

 

 

     INSURANCE - 1.0%     
 222   Arthur J Gallagher & Co.   19,885 
 187   Berkshire Hathaway, Inc. *   38,900 
 181   Brown & Brown, Inc.   6,527 
 226   Cincinnati Financial Corp.   26,367 
 641   First American Financial Corp.   37,825 
 461   Globe Life, Inc.   44,145 
         173,649 
     INTERNET - 15.9%     
 292   Alphabet, Inc. - Class A *   356,573 
 362   Alphabet, Inc. - Class C *   441,278 
 572   Amazon.com, Inc. *   992,941 
 464   CDW Corp.   57,183 
 249   Etsy, Inc. *   14,069 
 16   Expedia Group, Inc.   2,151 
 2,965   Facebook, Inc. *   528,007 
 508   GoDaddy, Inc. *   33,518 
 585   Lyft, Inc. *   23,891 
 130   Match Group, Inc.   9,287 
 459   Netflix, Inc. *   122,838 
 1,025   Pinterest, Inc. *   27,111 
 165   RingCentral, Inc. *   20,734 
 242   Spotify Technology SA *   27,588 
 449   Twitter, Inc. *   18,499 
 28   Wayfair, Inc. *   3,139 
 632   Yelp, Inc. *   21,962 
         2,700,769 
     LEISURE TIME - 0.1%     
 341   Planet Fitness, Inc. *   19,734 
           
     LODGING - 0.2%     
 489   Boyd Gaming Corp.   11,712 
 319   Choice Hotels International, Inc.   28,378 
         40,090 
     MACHINERY - CONSTRUCTION & MINING - 0.3%     
 732   Oshkosh Corp.   55,486 
           
     MACHINERY - DIVERSIFIED - 0.7%     
 306   IDEX Corp.   50,147 
 172   Roper Technologies, Inc.   61,335 
         111,482 
     MEDIA - 0.7%     
 544   AMC Networks, Inc. *   26,743 
 72   FactSet Research Systems, Inc.   17,494 
 510   Sinclair Broadcast Group, Inc.   21,797 
 2,480   Sirius XM Holdings, Inc.   15,512 
 1,244   Viacom, Inc.   29,893 
         111,439 
     MISCELLANEOUS MANUFACTURING - 0.2%     
 92   Carlisle Cos., Inc.   13,390 
 111   Ingersoll-Rand PLC   13,676 
         27,066 
     PACKAGING & CONTAINERS - 0.0% ^     
 85   WestRock Co.   3,098 

 

 

     PHARMACEUTICALS - 4.8%     
 2,114   AbbVie, Inc.   160,072 
 770   AmerisourceBergen Corp.   63,394 
 1,474   Bristol-Myers Squibb Co.   74,747 
 193   Cigna Corp.   29,295 
 321   CVS Health Corp.   20,245 
 481   Eli Lilly & Co.   53,790 
 811   Johnson & Johnson   104,927 
 1,936   Merck & Co., Inc.   162,972 
 1,109   Zoetis, Inc.   138,170 
         807,612 
     REAL ESTATE INVESTMENT TRUSTS - 2.2%     
 470   American Tower Corp.   103,931 
 15   Equinix, Inc.   8,652 
 127   Invitation Homes, Inc.   3,760 
 116   Lamar Advertising Co.   9,504 
 1,250   Outfront Media, Inc.   34,725 
 542   Park Hotels & Resorts, Inc.   13,534 
 427   Prologis, Inc.   36,389 
 236   SBA Communications Corp.   56,911 
 716   Simon Property Group, Inc.   111,445 
         378,851 
     RETAIL - 6.5%     
 66   AutoZone, Inc. *   71,585 
 13   Chipotle Mexican Grill, Inc. *   10,926 
 638   Costco Wholesale Corp.   183,814 
 1,032   Darden Restaurants, Inc.   122,003 
 655   Dollar General Corp.   104,106 
 136   Domino’s Pizza, Inc.   33,264 
 801   Home Depot, Inc. (The)   185,848 
 350   Lowe’s Cos., Inc.   38,486 
 511   Lululemon Athletica, Inc. *   98,383 
 288   McDonald’s, Corp.   61,837 
 782   Ross Stores, Inc.   85,903 
 227   Starbucks Corp.   20,071 
 452   Texas Roadhouse, Inc.   23,739 
 324   Tractor Supply Co.   29,303 
 234   Yum! Brands, Inc.   26,543 
         1,095,811 
     SEMICONDUCTORS - 4.0%     
 559   Advanced Micro Devices, Inc. *   16,205 
 1,902   Applied Materials, Inc.   94,910 
 232   Broadcom, Inc.   64,048 
 685   Cirrus Logic, Inc. *   36,702 
 196   Lam Research Corp.   45,298 
 1,041   NVIDIA Corp.   181,207 
 941   Qualcomm, Inc.   71,779 
 1,288   Texas Instruments, Inc.   166,461 
 96   Xilinx, Inc.   9,206 
         685,816 

 

 

     SOFTWARE - 15.8%     
 863   Adobe, Inc. *   238,404 
 534   Cadence Design Systems, Inc. *   35,287 
 142   Dropbox, Inc. *   2,864 
 137   Electronic Arts, Inc. *   13,401 
 412   Fidelity National Information Services, Inc.   54,697 
 449   Intuit, Inc.   119,407 
 583   Manhattan Associates, Inc. *   47,031 
 9,597   Microsoft Corp.   1,334,271 
 716   Oracle Corp.   39,401 
 2,055   Paychex, Inc.   170,092 
 76   Paycom Software, Inc. *   15,921 
 1,596   Salesforce.com, Inc. *   236,910 
 547   ServiceNow, Inc. *   138,856 
 32   Take-Two Interactive Software, Inc. *   4,011 
 784   Veeva Systems, Inc. *   119,709 
 406   Workday, Inc. *   69,004 
 6,544   Zynga, Inc. *   38,086 
         2,677,352 
     TELECOMMUNICATIONS - 2.1%     
 64   Ciena Corp. *   2,511 
 6,311   Cisco Systems, Inc.   311,827 
 958   Telephone & Data Systems, Inc.   24,716 
 556   United States Cellular Corp. *   20,894 
         359,948 
     TRANSPORTATION - 0.8%     
 863   CH Robinson Worldwide, Inc.   73,165 
 28   Expeditors International of Washington, Inc.   2,080 
 501   Landstar System, Inc.   56,403 
         131,648 
     TRUCKING & LEASING - 0.4%     
 901   GATX Corp.   69,855 
           
     WATER - 0.5%     
 634   American Water Works Co., Inc.   78,762 
           
     TOTAL COMMON STOCKS (Cost - $14,473,816)   16,621,527 
           
     SHORT-TERM INVESTMENT - 1.9%     
     MONEY MARKET FUND - 1.9%     
 332,349   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a)(Cost - $332,349)   332,349 
           
     TOTAL INVESTMENTS - 99.9% (Cost - $14,806,165)  $16,953,876 
     OTHER ASSETS LESS LIABILITIES - NET - 0.1%   9,054 
     TOTAL NET ASSETS - 100.0%  $16,962,930 

 

*Non-income producing security

 

^Represents less than 0.05%

 

PLC - Public Limited Company

 

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

 

FUTURES CONTRACTS 
                Unrealized 
Description  Counterparty  Contracts  Expiration Date  Notional Value   Depreciation 
LONG                   
S&P 500 E-mini Future  Goldman Sachs  2  Dec-19  $297,850   $(3,029)
NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS   $(3,029)

 

 

Global Atlantic BlackRock Disciplined International Core Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     EXCHANGE TRADED FUNDS - 6.0%     
     EQUITY FUNDS - 6.0%     
 105,207   iShares MSCI India ETF  $3,531,799 
 113,125   iShares MSCI Taiwan ETF   4,113,225 
 32,258   iShares MSCI Turkey ETF   861,934 
     TOTAL EQUITY FUNDS (Cost - $8,228,449)   8,506,958 
           
     COMMON STOCKS - 90.4%     
     ADVERTISING - 0.2%     
 1,500   Dentsu, Inc.   52,811 
 3,871   Publicis Groupe SA   190,414 
 424   Stroeer SE & Co. KGaA   32,288 
 2,685   WPP PLC   33,683 
         309,196 
     AEROSPACE/DEFENSE - 0.8%     
 3,116   Airbus SE   404,930 
 14   Dassault Aviation SA   19,811 
 806   MTU Aero Engines AG   214,227 
 4,769   Rolls-Royce Holdings PLC   46,568 
 2,672   Safran SA   420,785 
         1,106,321 
     AGRICULTURE - 0.8%     
 15,954   British American Tobacco PLC   591,278 
 78,000   China Agri-Industries Holdings Ltd.   25,372 
 1,858   Easy Bio, Inc. *   9,071 
 28,200   Gudang Garam Tbk. PT   104,049 
 12,300   Japan Tobacco, Inc.   269,274 
 6,900   QL Resources Bhd.   11,882 
 1,556   Swedish Match AB   64,426 
         1,075,352 
     AIRLINES - 0.1%     
 92,000   China Eastern Airlines Corp. Ltd. *   44,713 
 1,200   Japan Airlines Co. Ltd.   35,664 
 13,069   Qantas Airways Ltd.   55,443 
         135,820 
     APPAREL - 2.0%     
 1,370   adidas AG   426,640 
 300   Asics Corp.   5,121 
 5,326   boohoo Group PLC *   17,412 
 827   Christian Dior SE   391,473 
 367   Fila Korea Ltd.   17,765 
 904   Gildan Activewear, Inc.   32,104 
 174   Hermes International   120,267 
 531   Kering SA   270,663 
 2,935   LVMH Moet Hennessy Louis Vuitton SE   1,166,785 
 5,278   Moncler SpA   188,158 
 1,885   Puma SE   145,907 
         2,782,295 

 

 

     AUTO MANUFACTURERS - 2.9%     
 40,500   BAIC Motor Corp. Ltd.   25,004 
 2,048   Bayerische Motoren Werke AG   144,212 
 274   Bayerische Motoren Werke AG   15,220 
 4,424   Daimler AG   220,027 
 3,052   Ferrari NV   470,978 
 3,350   Fiat Chrysler Automobiles NV   43,359 
 34,000   Geely Automobile Holdings Ltd.   57,683 
 5,500   Hino Motors Ltd.   45,293 
 11,200   Honda Motor Co. Ltd.   290,013 
 1,300   Hyundai Motor Co.   145,634 
 8,200   Isuzu Motors Ltd.   90,327 
 3,576   Kia Motors Corp.   136,325 
 10,100   Mazda Motor Corp.   89,669 
 19,400   Mitsubishi Motors Corp.   84,188 
 37,300   Nissan Motor Co. Ltd.   232,653 
 1,229   Peugeot SA   30,656 
 13,500   Sinotruk Hong Kong Ltd.   20,010 
 3,400   Subaru Corp.   95,637 
 1,600   Suzuki Motor Corp.   67,908 
 12,200   Toyota Motor Corp.   814,575 
 618   Volkswagen AG   106,249 
 1,180   Volkswagen AG   200,761 
 49,706   Volvo AB   698,917 
         4,125,298 
     AUTO PARTS & EQUIPMENT - 0.8%     
 3,200   Aisin Seiki Co. Ltd.   100,523 
 22,000   China First Capital Group Ltd. *   6,426 
 156   Cie Generale des Etablissements Michelinn SCA   17,415 
 2,700   Denso Corp.   118,643 
 1,602   Hella GmbH Hueck & Co. KgaA   71,641 
 429   Hyundai Mobis Co. Ltd.   90,380 
 15,300   JTEKT Corp.   175,403 
 8,100   Sumitomo Rubber Industries Ltd.   96,083 
 10,600   Tokai Rika Co. Ltd. *   179,094 
 6,700   Toyoda Gosei Co. Ltd.   134,093 
 9,300   Toyota Boshoku Corp.   130,024 
 21,695   Weichai Power Co. Ltd.   34,100 
         1,153,825 
     BANKS - 11.8%     
 8,658   ABSA Group Ltd.   87,291 
 6,600   Aeon Financial Service Co. Ltd.   99,298 
 100   Agricultural Bank of China Ltd.   48 
 465,000   Agricultural Bank of China Ltd.   182,099 
 20,113   Australia & New Zealand Banking Group Ltd.   386,880 
 74,589   Banco Bilbao Vizcaya Argentaria SA   388,736 
 11,220   Banco Bradesco SA *   84,499 
 39,632   Banco Bradesco SA Preferred *   323,115 
 9,300   Banco do Brasil SA *   101,810 
 20,600   Banco Santander Brasil SA   224,823 
 37,242   Banco Santander SA *   151,707 
 1,950   Bancolombia SA   24,290 
 62,400   Bank Central Asia Tbk. PT   133,416 
 9,997   Bank Hapoalim BM *   78,807 
 9,898   Bank Leumi Le-Israel BM   70,452 
 208,800   Bank Mandiri Persero Tbk. PT   102,598 
 923,000   Bank of China Ltd.   362,635 
 108,000   Bank of Communications Co. Ltd.   70,536 
 8,101   Bank of Montreal   597,051 
 10,747   Bank of Nova Scotia (The)   610,809 
 2,251   Bank of Queensland Ltd.   15,060 
 460,200   Bank Rakyat Indonesia Persero Tbk. PT   133,570 
 2,061   Bankinter SA   13,019 

 

 

     BANKS - 11.8% (Continued)     
 361   BNP Paribas SA   17,580 
 65,500   BOC Hong Kong Holdings Ltd.   222,249 
 19,158   CaixaBank SA   50,335 
 2,177   Canadian Imperial Bank of Commerce   179,734 
 214,000   China CITIC Bank Corp. Ltd.   114,106 
 693,000   China Construction Bank Corp.   528,630 
 68,400   China Everbright Bank Co. Ltd.   37,753 
 6,300   China Merchants Bank Co. Ltd. *   30,669 
 345,600   China Minsheng Banking Corp. Ltd.   234,973 
 119,000   Chongqing Rural Commercial Bank Co. Ltd.   63,299 
 14,700   CIMB Group Holdings Bhd. *   17,660 
 8,972   Commonwealth Bank of Australia   489,116 
 3,611   Credit Agricole SA   43,855 
 900   DBS Group Holdings Ltd.   16,270 
 16,529   DNB ASA   291,524 
 3,055   Erste Group Bank AG   101,049 
 70,294   FirstRand Ltd.   288,315 
 24,900   Grupo Financiero Banorte SAB de CV   134,135 
 109,119   HSBC Holdings PLC   839,883 
 513,000   Industrial & Commercial Bank of China Ltd.   343,553 
 10,700   Industrial Bank Co. Ltd. *   26,276 
 1,090   Industrial Bank of Korea *   12,029 
 21,043   ING Groep NV   220,326 
 68,700   Itau Unibanco Holding SA Preference *   578,410 
 4,100   Japan Post Bank Co. Ltd.   39,720 
 158,893   Lloyds Banking Group PLC   105,969 
 5,015   Macquarie Group Ltd.   443,361 
 140,800   Malayan Banking Bhd.   286,173 
 13,742   Mediobanca Banca di Credito Finanziario SpA   150,115 
 132,700   Mitsubishi UFJ Financial Group, Inc.   673,353 
 83,900   Mizuho Financial Group, Inc.   128,557 
 11,969   National Australia Bank Ltd.   239,753 
 10,100   Natixis SA   41,897 
 2,059   Nedbank Group Ltd.   30,801 
 5,473   Nordea Bank ABP   38,795 
 7,226   OTP Bank Nyrt   300,798 
 21,500   Oversea-Chinese Banking Corp. Ltd.   168,841 
 7,600   Ping An Bank Co. Ltd. *   16,598 
 13,000   Postal Savings Bank of China Co. Ltd.   7,927 
 30,300   Public Bank Bhd.   145,313 
 801   Raiffeisen Bank International AG   18,591 
 36,800   Resona Holdings, Inc.   157,653 
 7,546   Royal Bank of Canada   612,514 
 2,770   Shinhan Financial Group Co. Ltd. *   96,799 
 4,200   Siam Commercial Bank PLC * (NVDR)   16,204 
 16,519   Skandinaviska Enskilda Banken AB   152,015 
 26,364   Standard Bank Group Ltd.   303,745 
 11,700   Sumitomo Mitsui Financial Group, Inc.   400,014 
 4,800   Sumitomo Mitsui Trust Holdings, Inc.   173,035 
 5,903   Swedbank AB   85,073 
 92,700   Thanachart Capital PCL * (NVDR)   172,761 
 28,275   Toronto-Dominion Bank (The)   1,649,731 
 29,258   UBS Group AG   332,441 
 9,500   United Overseas Bank Ltd.   176,274 
 18,276   Westpac Banking Corp.   365,350 
 2,054   Woori Financial Group, Inc.   21,379 
 2,100   Yamaguchi Financial Group, Inc.   14,418 
         16,690,246 

 

 

     BEVERAGES - 2.4%     
 55,400   Ambev SA   255,361 
 4,529   Anheuser-Busch InBev SA/NV   431,638 
 1,600   Asahi Group Holdings Ltd.   79,204 
 117   Carlsberg A/S   17,297 
 12,000   China Resources Beer Holdings Co. Ltd.   63,602 
 5,468   Coca-Cola Amatil Ltd.   39,276 
 5,195   Davide Campari - Milano S.P.A.   46,951 
 30,528   Diageo PLC   1,253,863 
 2,200   Fomento Economico Mexicano SAB de CV   20,150 
 1,700   Fraser & Neave Holdings Bhd. *   14,170 
 11,500   Kirin Holdings Co. Ltd.   243,461 
 500   Kweichow Moutai Co. Ltd.   80,550 
 3,230   Pernod Ricard SA   575,388 
 856   Royal Unibrew A/S   70,594 
 1,100   Suntory Beverage & Food Ltd.   47,023 
 6,683   Treasury Wine Estates Ltd.   83,701 
 1,999   Wuliangye Yibin Co. Ltd.   36,348 
         3,358,577 
     BIOTECHNOLOGY- 0.5%     
 7,500   3SBio, Inc. *   12,437 
 240   BeiGene Ltd. * (ADR)   29,390 
 3,009   CSL Ltd.   474,255 
 416   Genmab AS *   84,463 
 2,786   H Lundbeck AS   92,425 
 33   Medy-Tox, Inc. *   9,935 
         702,905 
     BUILDING MATERIALS - 1.4%     
 4,300   AGC, Inc.   133,287 
 3,000   Anhui Conch Cement Co. Ltd.   17,814 
 10,200   Anhui Conch Cement Co. Ltd. *   59,070 
 73,000   BBMG Corp.   20,952 
 1,107   Buzzi Unicem SpA   25,392 
 180,400   Cemex SAB DE CV   70,172 
 32,000   China Resources Cement Holdings Ltd.   32,084 
 3,077   Cie de Saint-Gobain   120,764 
 19,654   CSR Ltd.   56,602 
 1,400   Daikin Industries Ltd.   183,687 
 181   Geberit AG   86,511 
 2,451   HeidelbergCement AG   177,212 
 1,505   Investment AB Latour   19,838 
 1,246   Kingspan Group PLC   60,856 
 8,478   LafargeHolcim Ltd.   417,630 
 86   Rockwool International A/S   17,204 
 1,600   Sanwa Holdings Corp.   17,884 
 1,895   Sika AG   277,461 
 600   Taiheiyo Cement Corp.   16,050 
 3,966   Wienerberger AG   96,592 
         1,907,062 
     CHEMICALS - 2.2%     
 3,508   Air Liquide SA   499,470 
 1,025   Arkema SA   95,565 
 10,500   Asahi Kasei Corp.   103,373 
 23,000   Daicel Corp.   194,300 
 2,300   DIC Corp.   63,802 
 7,265   Evonik Industries AG   179,395 
 76   Givaudan SA   212,189 
 1,194   Hanwha Chemical Corp. *   17,918 
 700   JSR Corp.   11,199 
 15,000   Kingboard Laminates Holdings Ltd.   13,528 

 

 

     CHEMICALS - 2.2% (Continued)     
 1,762   Koninklijke DSM NV   212,071 
 315   LG Chem Ltd.   78,872 
 63   Lotte Chemical Corp. *   12,430 
 162   LOTTE Fine Chemical Co. Ltd. *   6,176 
 1,300   Mitsubishi Chemical Holdings Corp.   9,263 
 1,600   Mitsubishi Gas Chemical Co., Inc.   21,348 
 300   Nippon Shokubai Co. Ltd. *   17,044 
 2,700   Nitto Dekno Corp.   130,010 
 979   Novozymes A/S   41,170 
 6,012   Nutrien Ltd.   299,692 
 3,799   OC Oerlikon Corp. AG *   38,137 
 62,200   PTT Global Chemical PCL (NVDR)   109,310 
 1,900   Shin-Etsu Chemical Co. Ltd.   203,229 
 19,300   Sumitomo Chemical Co. Ltd.   86,611 
 1,390   Symrise AG   135,111 
 16,500   Ube Industries Ltd.   332,672 
 733   Yara International ASA   31,608 
 900   Zeon Corp.   10,967 
         3,166,460 
     COAL - 0.1%     
 188,800   Bukit Asam TBK PT *   30,059 
 103,000   China Coal Energy Co. Ltd.   41,913 
 46,000   China Shenhua Energy Co. Ltd.   92,359 
         164,331 
     COMMERCIAL SERVICES - 1.9%     
 93   Adyen NV *   61,279 
 3,531   Amadeus IT Group SA   252,989 
 1,398   Applus Services SA   18,137 
 5,219   Ashtead Group PLC   145,606 
 800   Benesse Holdings, Inc.   20,771 
 1,217   Bureau Veritas SA   29,322 
 10,000   Car, Inc. *   7,717 
 7,363   Edenred   353,435 
 8,225   Experian PLC   263,426 
 10,272   G4S PLC   23,949 
 16,430   IDP Education Ltd.   172,535 
 620   Intertek Group PLC   41,853 
 3,820   ISS A/S   94,544 
 2,367   Nexi SpA *   24,143 
 3,773   Randstad NV   185,470 
 12,100   Recruit Holdings Co. Ltd.   367,898 
 8,813   RELX PLC   209,875 
 7,698   Rentokil Initial PLC   44,377 
 2,200   Secom Co. Ltd.   200,672 
 9,500   Shenzhen International Holdings Ltd.   18,250 
 500   Toppan Printing Co. Ltd.   8,846 
 721   Wirecard AG   115,351 
         2,660,445 
     COMPUTERS - 1.0%     
 100   BOE Technology Group Co. Ltd.   53 
 1,569   Capgemini SE   184,908 
 4,849   CGI, Inc. *   383,672 
 200   Fujitsu Ltd.   16,017 
 98,000   Lenovo Group Ltd.   65,380 
 4,898   Logitech International SA   198,838 
 3,800   NEC Corp.   160,333 
 600   NET One Systems Co. Ltd. *   16,172 
 2,200   Nihon Unisys Ltd. *   70,840 
 2,300   Nomura Research Institute Ltd.   45,777 
 2,800   NTT Data Corp.   36,116 
 600   Obic Co. Ltd.   68,397 
 156   Samsung SDS Co. Ltd.   24,845 
 500   SCSK Corp. *   23,456 
 127   Sopra Steria Group *   15,825 
 681   Teleperformance   147,669 
         1,458,298 

 

 

     COSMETICS/PERSONAL CARE - 2.4%     
 318   Amorepacific Corp.   37,352 
 486   Beiersdorf AG   57,328 
 1,500   Fancl Corp.   39,875 
 6,000   Kao Corp.   443,248 
 100   Kose Corp.   16,886 
 85   LG Household & Health Care Ltd.   92,877 
 3,973   L’Oreal SA   1,112,728 
 600   Pigeon Corp.   24,733 
 7,600   Pola Orbis Holdings, Inc.   170,108 
 2,500   Shiseido Co. Ltd.   199,607 
 800   Unicharm Corp.   25,316 
 10,817   Unilever NV   650,367 
 8,918   Unilever PLC   537,394 
         3,407,819 
     DISTRIBUTION/WHOLESALE - 0.7%     
 2,349   Bunzl PLC   61,512 
 24,829   Inchcape PLC   193,219 
 6,300   Itochu Corp.   130,051 
 233   LG Corp. *   13,635 
 17,800   Marubeni Corp.   118,206 
 17,100   Mitsui & Co. Ltd.   279,739 
 432   Posco International Corp. *   6,898 
 4,412   Rexel SA   47,224 
 6,900   Sumitomo Corp.   107,770 
 55,800   United Tractors Tbk. PT   80,880 
         1,039,134 
     DIVERSIFIED FINANCIAL SERVICES - 1.4%     
 2,976   Ashmore Group PLC   18,557 
 258   ASX Ltd.   14,107 
 1,822   Azimut Holding SpA   34,205 
 17,600   B3 SA- Brasil Bolsa Balcao   185,152 
 1,400   BOC Aviation Ltd.   12,921 
 20,000   China International Capital Corp. Ltd.   38,778 
 8,121   China Merchants Securities Co. Ltd.   18,714 
 15,200   Daiwa Securities Group, Inc.   67,706 
 136   Deutsche Boerse AG   21,262 
 539   DWS Group GmbH & Co. KGaA   15,936 
 436   Euronext NV   35,673 
 47,400   Guotai Junan Securities Co. Ltd.   73,766 
 7,700   Guotai Junan Securities Co. Ltd.   18,952 
 1,705   Hana Financial Group, Inc.   50,246 
 7,900   Hitachi Capital Corp. *   160,449 
 1,900   Hong Kong Exchanges & Clearing Ltd.   55,744 
 9,806   IG Group Holdings PLC   72,818 
 3,787   KB Financial Group, Inc.   135,188 
 206   Korea Investment Holdings Co. Ltd. *   12,968 
 13,300   Krungthai Card PLC * (ADR)   18,590 
 4,313   Magellan Financial Group Ltd.   149,634 
 9,333   Man Group PLC *   20,098 
 5,297   Meritz Securities Co. Ltd. *   22,363 
 1,128   Mirae Asset Daewoo Co. Ltd. *   7,073 
 12,200   Mitsubishi UFJ Lease & Finance Co. Ltd. *   70,440 
 8,800   Muangthai Capital PLC (NVDR)   16,400 
 1,090   NH Investment & Securities Co. Ltd. *   11,573 
 6,400   Nomura Holdings, Inc.   27,116 
 29,706   Old Mutual Ltd.   37,871 
 19,900   ORIX Corp.   296,636 
 5,022   Platinum Asset Management Ltd.   14,361 
 1,245   Samsung Securities Co. Ltd. *   36,794 
 1,103   Schroders PLC   41,796 
 7,057   Standard Life Aberdeen PLC   24,854 
 600   Tokyo Century Corp. *   27,731 
 1,000   Zenkoku Hosho Co. Ltd. *   38,908 
         1,905,380 

 

 

     ELECTRIC - 1.6%     
 5,415   A2A SpA   9,941 
 4,454   AGL Energy Ltd.   57,557 
 58,286   AusNet Services   71,349 
 1,768   Capital Power Corp.   40,968 
 47,000   China Power International Development Ltd.   9,772 
 5,800   China Yangtze Power Co. Ltd. *   14,812 
 5,700   Chubu Electric Power Co., Inc.   82,540 
 6,500   CLP Holdings Ltd.   68,280 
 4,200   CPFL Energia SA   33,072 
 124,000   Datang International Power Generation Co. Ltd.   25,624 
 2,400   Electric Power Development Co.   54,740 
 20,508   Engie SA *   334,920 
 7,314   Fortum OYJ *   172,950 
 2,500   Glow Energy PCL (NVDR) *   7,357 
 4,500   Gulf Energy Development PCL   23,541 
 8,800   Gulf Energy Development PLC (NVDR)   46,036 
 3,349   Hera SpA *   13,750 
 19,900   Hokuriku Electric Power Co. *   133,679 
 62,000   Huadian Power International Corp. Ltd.   23,568 
 29,998   Iberdrola SA   311,864 
 6,665   Iren SpA   19,444 
 3,200   Kansai Electric Power Co., Inc.   35,783 
 1,686   Korea Electric Power Corp. *   36,507 
 3,304   Northland Power, Inc.   63,435 
 16,300   Shikoku Electric Power Co., Inc.   153,687 
 63,344   Spark Infrastructure Group   92,280 
 61,500   Tenaga Nasional Bhd.   200,349 
 1,331   Uniper SE   43,662 
 572   Verbund AG   31,304 
         2,212,771 
     ELECTRICAL COMPONENT & EQUIPMENT - 0.6%     
 2,000   Casio Computer Co. Ltd.   30,997 
 700   Furukawa Electric Co. Ltd.   16,834 
 177   LG Innotek Co. Ltd.   16,869 
 296   LS Corp. *   11,742 
 242   LS Industrial Systems Co. Ltd. *   9,741 
 500   Mabuchi Motor Co. Ltd.   18,621 
 7,910   Schneider Electric SE   694,191 
 1,999   Signify NV   54,984 
 25,600   Xinjiang Goldwind Science & Technology Co. Ltd.   30,304 
         884,283 

 

 

     ELECTRONICS- 0.8%     
 19,117   Assa Abloy AB   426,004 
 30   Dormakaba Holding AG   19,360 
 14,654   Electrocomponents PLC   116,258 
 2,462   Halma PLC   59,799 
 900   Hoya Corp.   73,441 
 1,669   LG Display Co. Ltd. *   19,744 
 5,800   Luxshare Precision Industry Co. Ltd.   21,743 
 1,000   Murata Manufacturing Co. Ltd.   47,976 
 400   Nidec Corp.   53,740 
 3,500   Nippon Electric Glass Co. Ltd.   77,853 
 729   Samsung Electro-Mechanics Co. Ltd. *   62,774 
 1,064   Sartorius AG Preferred   194,180 
 1,400   Venture Corp. Ltd.   15,499 
         1,188,371 
     ENERGY - ALTERNATE SOURCES - 0.2%     
 1,710   Algonquin Power & Utilities Corp.   23,429 
 140,000   CK Power PCL (NVDR)   26,320 
 1,226   Landis+Gyr Group AG   109,979 
 5,020   LONGi Green Energy Technology Co. Ltd.   18,446 
 83   OCI Co. Ltd. *   4,823 
 335   Vestas Wind Systems AS   26,013 
 36,000   Xinyi Solar Holdings Ltd.   21,583 
         230,593 
     ENGINEERING & CONSTRUCTION - 2.0%     
 174   Acciona SA   18,419 
 2,577   ACS Actividades de Construccion y Servicios SA   102,994 
 1,410   Aena SME SA   258,247 
 126   Alten SA   14,396 
 7,447   Bouygues SA   298,363 
 134,000   China Communications Construction Co. Ltd.   104,781 
 110,000   China Communications Services Corp. Ltd.   62,301 
 130,000   China Railway Construction Corp. Ltd.   142,115 
 178,000   China Railway Group Ltd.   108,080 
 3,557   CIMIC Group Ltd.   75,449 
 197   Daelim Industrial Co. Ltd. *   17,128 
 1,783   Daewoo Engineering & Construction Co. Ltd. *   7,200 
 1,339   Eiffage SA   138,854 
 545   Flughafen Zurich AG   101,004 
 428   Fraport AG Frankfurt Airport Services Worldwide   36,311 
 1,050   Gaztransport Et Technigaz SA   103,997 
 1,800   Grupo Aeroportuario del Centro Norte SAB de CV   10,706 
 423   GS Engineering & Construction Corp. *   11,670 
 2,281   Hochtief AG   260,114 
 1,165   Homeserve PLC   17,027 
 606   Hyundai Engineering & Construction Co. Ltd. *   23,457 
 10,300   Kajima Corp.   135,046 
 3,900   Kandenko Co. Ltd. *   34,859 
 173,000   Metallurgical Corp of China Ltd.   38,840 
 9,000   NWS Holdings Ltd.   13,937 
 6,700   Penta-Ocean Construction Co. Ltd.   37,072 
 1,322   Samsung Engineering Co. Ltd. *   18,568 
 1,900   Shanghai International Airport Co. Ltd.   21,235 
 2,500   Shimizu Corp.   22,623 
 61,000   Singapore Technologies Engineering Ltd.   169,383 
 1,473   Spie SA   29,500 
 17,659   Sydney Airport   95,638 
 4,800   Taisei Corp.   185,871 
 1,554   Vinci SA   167,418 
         2,882,603 

 

 

     ENTERTAINMENT - 0.5%     
 19,469   Aristocrat Leisure Ltd.   401,805 
 932   Evolution Gaming Group AB   18,352 
 1,000   Oriental Land Co. Ltd.   152,117 
 2,600   Sankyo Co. Ltd.   89,373 
 1,600   Toho Co. Ltd.   70,099 
         731,746 
     ENVIRONMENTAL CONTROL - 0.0% +     
 2,183   Tomra Systems ASA   58,383 
           
     FOOD - 3.6%     
 4,031   A2 Milk Co. Ltd. *   33,516 
 2,030   AAK AB   39,404 
 39   Barry Callebaut AG   80,491 
 79,600   Berli Jucker PCL (NVDR)   137,286 
 4,636   Bid Corp. Ltd.   98,468 
 600   Calbee, Inc.   18,654 
 1,243   Chr. Hansen Holding AS   105,523 
 70   CJ CheilJedang Corp.   13,723 
 66,000   Dali Foods Group Co. Ltd   40,495 
 2,289   Danone SA   201,684 
 1,500   Foshan Haitian Flavouring & Food Co. Ltd.   23,096 
 1,220   Greggs PLC   31,421 
 16,500   Indofood Sukses Makmur Tbk PT   8,950 
 29,700   JBS SA *   233,299 
 819   Kesko OYJ   51,751 
 700   Kewpie Corp. *   16,341 
 3,986   Leroy Seafood Group ASA   24,243 
 2,720   Magnit PJSC (GDR) *   35,537 
 21,687   Nestle SA   2,354,980 
 1,600   Nichirei Corp. *   36,478 
 47   NongShim Co. Ltd.   9,804 
 11,139   Remgro Ltd.   119,886 
 5,800   Seven & i Holdings Co. Ltd.   221,750 
 24,440   SSP Group PLC   186,728 
 9,136   Tate & Lyle PLC   82,861 
 21,000   Uni-President China Holdings Ltd.   22,662 
 3,028   Wesfarmers Ltd.   81,281 
 87,000   WH Group Ltd.   77,906 
 113,475   Wm Morrison Supermarkets PLC   280,090 
 12,566   Woolworths Group Ltd.   315,953 
 8,448   Woolworths Holdings Ltd. *   30,689 
 1,200   Yamazaki Baking Co. Ltd.   21,407 
 5,000   Yihai International Holding Ltd.   29,722 
         5,066,079 
     FOOD SERVICE - 0.6%     
 31,299   Compass Group PLC   807,265 
           
     FOREST PRODUCTS & PAPER - 0.2%     
 26,300   Indah Kiat Pulp & Paper Corp. Tbk. PT   11,997 
 12,800   Oji Holdings Corp.   59,692 
 13,000   Pabrik Kertas Tjiwi Kimia Tbk. PT *   9,662 
 1,178   Smurfit Kappa Group PLC   35,060 
 3,212   UPM-Kymmene OYJ   94,967 
         211,378 
     GAS - 0.5%     
 55,807   Centrica PLC   50,712 
 11,417   Italgas SpA   73,710 
 431   Korea Gas Corp. *   14,269 
 29,753   National Grid PLC   323,345 
 570   Rubis ScA *   33,121 
 32,716   Snam SpA   165,281 
 14,000   Towngas China Co. Ltd.   10,501 
         670,939 

 

 

     HAND/MACHINE TOOLS - 0.2%     
 31,500   Techtronic Industries Co. Ltd.   219,191 
           
     HEALTHCARE-PRODUCTS - 1.6%     
 5,428   Aspen Pharmacare Holdings Ltd.   30,769 
 771   Carl Zeiss Meditec AG   87,921 
 1,701   Cochlear Ltd.   238,798 
 2,188   Demant AS *   56,053 
 6,948   Elekta AB   91,654 
 979   EssilorLuxottica SA   141,151 
 3,501   GN Store Nord AS   142,166 
 13,500   Hengan International Group Co. Ltd.   88,514 
 6,056   Koninklijke Philips NV *   280,596 
 2,400   Olympus Corp.   32,333 
 1,943   Qiagen NV *   63,633 
 1,190   Sartorius Stedim Biotech   166,578 
 800   Shenzhen Mindray Bio-Medical Electronics Co. Ltd.   20,672 
 547   Siemens Healthineers AG   21,525 
 10,868   Smith & Nephew PLC   262,362 
 264   Sonova Holding AG   61,423 
 434   Straumann Holding AG   355,069 
 600   Terumo Corp.   19,320 
 1,400   Topcon Corp.   18,563 
         2,179,100 
     HEALTHCARE-SERVICES - 0.3%     
 28,000   Bangkok Dusit Medical Services PCL (NDVR)   22,155 
 1,045   Fresenius Medical Care AG & Co. KGaA   70,292 
 4,170   Fresenius SE & Co. KGaA   195,007 
 6,000   Genscript Biotech Corp. *   11,496 
 10,800   IHH Healthcare Bhd.   14,651 
 387   Korian SA *   15,914 
 300   Miraca Holdings, Inc.   6,834 
 600   PeptiDream, Inc. *   28,480 
 474   Ramsay Health Care Ltd.   20,738 
 420   SillaJen, Inc. *   2,858 
 632   Sonic Healthcare Ltd.   11,956 
         400,381 
     HOLDING COMPANIES - DIVERSIFIED - 0.4%     
 18,300   Alfa SAB de CV   16,127 
 66   CJ Corp. *   4,525 
 35,000   CK Hutchison Holdings Ltd.   308,952 
 2,100   Jardine Matheson Holdings Ltd.   112,350 
 8,000   Swire Pacific Ltd.   74,444 
         516,398 
     HOME BUILDERS - 0.2%     
 2,300   Daiwa House Industry Co. Ltd.   74,613 
 995   Persimmon PLC   26,607 
 98,499   Taylor Wimpey PLC   196,029 
         297,249 
     HOME FURNISHINGS - 0.4%     
 1,387   LG Electronics, Inc.   78,154 
 7,600   Panasonic Corp.   61,574 
 29   Rational AG   20,803 
 6,000   Sony Corp.   352,366 
         512,897 
     HOUSEHOLD PRODUCTS/WARES - 0.1%     
 1,374   Reckitt Benckiser Group PLC   107,415 

 

 

     INSURANCE - 5.0%     
 49,327   Aegon NV   205,264 
 89,200   AIA Group Ltd.   842,572 
 4,474   Allianz SE   1,043,066 
 3,946   ASR Nederland NV   145,706 
 26,832   Aviva PLC   132,029 
 4,386   AXA SA   112,033 
 89,000   China Life Insurance Co. Ltd.   206,169 
 3,800   China Life Insurance Co. Ltd.   14,628 
 5,200   China Pacific Insurance Group Co. Ltd.   25,401 
 202,000   China Reinsurance Group Corp.   32,724 
 671   CNP Assurances   12,970 
 21,900   Dai-ichi Life Holdings, Inc.   330,096 
 4,188   Direct Line Insurance Group PLC   15,493 
 470   Genworth MI Canada, Inc.   18,672 
 3,768   Great-West Lifeco, Inc.   90,529 
 1,794   Hanwha Life Insurance Co. Ltd.   3,570 
 4,500   IRB Brasil Resseguros SA   40,502 
 16,600   Japan Post Holdings Co. Ltd.   152,829 
 3,400   Japan Post Insurance Co. Ltd.   51,279 
 87,984   Legal & General Group PLC   269,322 
 23,144   Manulife Financial Corp.   424,773 
 27,462   Medibank Pvt Ltd.   62,974 
 47,411   MMI Holdings Ltd.   58,316 
 3,600   MS&AD Insurance Group Holdings, Inc.   116,586 
 8,988   NN Group NV   318,850 
 163,000   People’s Insurance Co Group of China Ltd. (The)   65,288 
 72,000   PICC Property & Casualty Co. Ltd.   84,037 
 48,000   Ping An Insurance Group Co of China Ltd.   551,369 
 6,600   Ping An Insurance Group Co of China Ltd.   80,475 
 4,893   Power Corp. of Canada   112,790 
 9,140   Power Financial Corp.   212,070 
 16,275   QBE Insurance Group Ltd.   137,867 
 257   Sampo OYJ   10,221 
 77   Samsung Fire & Marine Insurance Co. Ltd. *   14,355 
 300   Samsung Life Insurance Co. Ltd.   17,832 
 28,448   Sanlam Ltd.   139,928 
 2,408   SCOR SE   99,469 
 5,535   Storebrand ASA   34,991 
 1,865   Sun Life Financial, Inc.   83,446 
 1,125   Swiss Re AG   117,447 
 14,400   T&D Holdings, Inc.   152,561 
 471   Talanx AG   20,355 
 3,700   Tokio Marine Holdings, Inc.   197,847 
 1,320   Topdanmark AS   63,720 
 4,999   TRYG AS   143,286 
         7,065,707 
     INTERNET - 3.6%     
 10,399   Alibaba Group Holding Ltd. * (ADR)   1,739,025 
 28,441   Auto Trader Group PLC   178,744 
 1,597   Carsales.com Ltd.   16,469 
 400   CyberAgent, Inc. *   15,360 
 368,000   HengTen Networks Group Ltd. *   5,586 
 2,400   Kakaku.com, Inc.   59,026 
 264   Kakao Corp. *   29,906 
 1,600   Meituan Dianping *   16,348 
 4,390   Moneysupermarket.com Group PLC   20,471 
 3,842   Naspers Ltd.   581,608 
 973   NAVER Corp.   127,711 
 62   NCSoft Corp.   27,005 
 827   Shopify, Inc. *   257,532 
 42,700   Tencent Holdings Ltd.   1,798,548 
 2,900   Trend Micro, Inc.   137,923 
 29,900   Yahoo Japan Corp.   84,105 
         5,095,367 

 

 

     INVESTMENT COMPANIES - 0.5%     
 1,566   Groupe Bruxelles Lambert SA   150,409 
 5,423   Industrivarden AB   118,861 
 5,434   Investor AB   265,893 
 5,668   Kinnevik AB *   149,250 
 11,300   Legend Holdings Corp.   24,418 
 690   Reinet Investments SCA   12,492 
 144   Wendel SA   19,875 
         741,198 
     IRON/STEEL - 0.4%     
 44,200   Angang Steel Co. Ltd.   16,125 
 16,000   China Oriental Group Co. Ltd.   5,531 
 12,265   Fortescue Metals Group Ltd.   72,795 
 397   Hyundai Steel Co. *   12,911 
 5,700   JFE Holdings, Inc.   68,564 
 42,000   Maanshan Iron & Steel Co. Ltd.   15,805 
 1,200   POSCO   227,731 
 16,900   Vale SA *   194,504 
         613,966 
     LEISURE TIME - 0.2%     
 2,200   China International Travel Service Corp. Ltd.   28,680 
 944   CTS Eventim AG & Co. KGaA   53,207 
 700   HIS Co. Ltd.   17,378 
 4,333   TUI AG   50,502 
 7,300   Yamaha Motor Co. Ltd.   132,254 
         282,021 
     LODGING - 0.1%     
 3,281   Crown Resorts Ltd.   26,665 
 31,600   Sands China Ltd.   143,098 
         169,763 
     MACHINERY-CONSTRUCTION & MINING - 0.4%     
 15,100   B Grimm Power PCL   21,353 
 5,302   Doosan Infracore Co. Ltd. *   27,925 
 2,425   Epiroc AB - Class A   26,316 
 2,600   Hitachi Ltd.   96,783 
 2,200   Komatsu Ltd.   50,382 
 5,700   Mitsubishi Electric Corp.   75,552 
 4,100   Mitsubishi Heavy Industries Ltd.   160,548 
 44,700   Sany Heavy Industry Co. Ltd. *   89,420 
 42,499   Zoomlion Heavy Industry Science and Technology Co. Ltd. *   33,935 
         582,214 
     MACHINERY- DIVERSIFED - 1.0%     
 5,000   Amada Holdings Co. Ltd.   53,851 
 621   Atlas Copco AB - Class A   19,150 
 298   Bucher Industries AG   93,182 
 1,362   Duerr AG   35,354 
 600   FANUC Corp.   112,922 
 574   FLSmidth & Co. A/S *   24,993 
 500   Keyence Corp.   309,507 
 301   Kion Group AG   15,833 
 11,470   Kone OYJ   653,240 
 200   SMC Corp.   85,311 
 2,638   Valmet OYJ   51,221 
         1,454,564 

 

 

     MEDIA - 0.7%     
 1,300   Fuji Media Holdings, Inc.   16,732 
 1,594   Lagardere SCA   35,277 
 3,328   Multichoice Group Ltd. *   25,893 
 1,300   Nippon Television Holdings, Inc.   16,648 
 11,967   Pearson PLC   108,832 
 9,307   Quebecor, Inc.   211,446 
 1,224   Schibsted ASA   36,251 
 746   Shaw Communications, Inc.   14,666 
 1,651   Television Francaise 1   14,498 
 5,500   Tokyo Broadcasting System Holdings, Inc.   88,957 
 2,167   Vivendi SA   59,487 
 3,902   Wolters Kluwer NV *   284,930 
         913,617 
     METAL FABRICATE/HARDWARE - 0.0% +     
 4,900   NTN Corp.   14,055 
 4,044   Sims Metal Management Ltd.   28,366 
         42,421 
     MINING - 2.3%     
 12,878   Anglo American PLC   296,951 
 11,710   Anglo American PLC   271,649 
 1,113   AngloGold Ashanti Ltd.   20,854 
 8,990   Barrick Gold Corp.   155,627 
 36,844   BHP Group Ltd.   912,472 
 13,118   BHP Group PLC   280,048 
 54,515   Centamin PLC   84,444 
 25,600   China Zhongwang Holdings Ltd.   10,417 
 2,281   Detour Gold Corp. *   33,509 
 5,229   Evolution Mining Ltd.   15,976 
 2,444   Franco-Nevada Corp.   222,840 
 18,156   Glencore PLC   54,760 
 81,000   Jiangxi Copper Co. Ltd.   93,818 
 523   Kirkland Lake Gold Ltd.   23,444 
 40,000   MMG Ltd. *   9,440 
 3,260   Newcrest Mining Ltd.   76,405 
 18,896   Regis Resources Ltd.   62,448 
 2,771   Rio Tinto Ltd.   173,191 
 8,411   Rio Tinto PLC   436,258 
 1,967   Teck Resources Ltd.   31,912 
 552   Wheaton Precious Metals Corp.   14,484 
 15,000   Zhaojin Mining Industry Co. Ltd.   17,355 
         3,298,302 
     MISCELLANEOUS MANUFACTURING - 0.8%     
 7,267   Ansell Ltd.   134,343 
 42,000   China Railway Signal & Communication Corp. Ltd.   25,984 
 4,100   FUJIFILM Holdings Corp.   179,820 
 1,400   Nikon Corp.   17,462 
 2,826   Orica Ltd.   42,961 
 4,376   Siemens AG   468,723 
 3,101   Smiths Group PLC   59,995 
 5,900   Sunny Optical Technology Group Co. Ltd.   86,701 
 12,400   Top Glove Corp. Bhd.   13,179 
 2,800   Toshiba Corp.   85,496 
         1,114,664 
     OFFICE/BUSINESS EQUIPMENT - 0.3%     
 10,700   Canon, Inc.   285,383 
 5,900   Konica Minolta, Inc.   41,053 
 15,900   Ricoh Co. Ltd.   143,148 
         469,584 

 

 

     OIL & GAS - 4.7%     
 25,313   Beach Energy Ltd.   43,193 
 100,504   BP PLC   638,824 
 4,943   Canadian Natural Resources Ltd.   131,602 
 536,000   China Petroleum & Chemical Corp.   318,616 
 51,300   China Petroleum & Chemical Corp. *   36,076 
 245,000   CNOOC Ltd.   373,779 
 78,823   Ecopetrol SA   66,961 
 3,606   Enerplus Corp.   26,882 
 924   Eni SpA   14,137 
 22,658   Galp Energia SGPS SA   341,502 
 2,308   Husky Energy, Inc.   16,247 
 20   Idemitsu Kosan Co. Ltd.   565 
 57,500   JXTG Holdings, Inc.   261,975 
 429   Neste Oyj   14,204 
 603   Novatek PJSC (GDR)   122,288 
 5,964   Oil Search Ltd.   29,444 
 3,826   Parex Resources, Inc. *   58,661 
 734   Parkland Fuel Corp.   23,556 
 5,600   Petrobras Distribuidora SA   36,944 
 418,000   PetroChina Co. Ltd.   214,881 
 27,000   Petroleo Brasileiro SA *   195,950 
 22,561   Petroleo Brasileiro SA Preferred *   149,002 
 14,500   Petronas Dagangan Bhd. *   81,729 
 17,900   PTT Exploration & Production PCL (NVDR)   70,816 
 16,333   Repsol SA   255,342 
 37,502   Royal Dutch Shell PLC   1,101,735 
 21,418   Royal Dutch Shell PLC   632,386 
 5,561   Saras SpA *   9,518 
 204   SK Holdings Co. Ltd.   34,792 
 270   SK Innovation Co. Ltd. *   37,470 
 15,970   Suncor Energy, Inc.   504,068 
 20,500   Thai Oil PCL * (ADR)   46,751 
 12,202   Total SA   636,996 
 10,700   Ultrapar Participacoes SA *   47,471 
 5,198   Woodside Petroleum Ltd.   113,518 
         6,687,881 
     OIL & GAS SERVICES - 0.2%     
 3,660   John Wood Group PLC   17,134 
 7,312   Petrofac Ltd.   36,069 
 304,400   Sapura Energy Bhd.   20,356 
 21,000   Sinopec Engineering Group Co. Ltd.   13,180 
 11,014   Subsea 7 SA   113,923 
 1,690   TGS NOPEC Geophysical Co. ASA   42,948 
 2,357   WorleyParsons Ltd.   20,682 
         264,292 
     PACKAGING & CONTAINERS - 0.0% +     
 1,338   CCL Industries, Inc.   54,005 

 

 

     PHARMACEUTICALS - 6.6%     
 947   Almirall SA   16,570 
 1,659   Amplifon SpA   40,694 
 19,500   Astellas Pharma, Inc.   277,592 
 6,943   AstraZeneca PLC   621,241 
 2,094   Bausch Health Cos., Inc. *   45,707 
 4,979   Bayer AG   351,144 
 640   Celltrion, Inc. *   87,748 
 24,000   China Traditional Chinese Medicine Holdings Co. Ltd. *   11,021 
 1,500   Chugai Pharmaceutical Co. Ltd.   116,586 
 8,000   CSPC Pharmaceutical Group Ltd.   16,062 
 53   Daewoong Pharmaceutical Co. Ltd.   6,602 
 3,100   Daiichi Sankyo Co. Ltd.   195,164 
 546   Dechra Pharmaceuticals PLC *   18,624 
 3,000   Eisai Co. Ltd.   152,422 
 258   Galenica AG   14,826 
 56,321   GlaxoSmithKline PLC   1,210,829 
 2,112   Grifols SA   62,260 
 12,000   Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.   39,569 
 130   Helixmith Co. Ltd. *   7,206 
 400   Hisamitsu Pharmaceutical Co., Inc.   17,488 
 8,700   Hypera SA   70,178 
 503   Ipsen SA   47,763 
 3,486   Jiangsu Hengrui Medicine Co. Ltd. *   39,400 
 400   Kissei Pharmaceutical Co. Ltd.   9,627 
 200   Kobayashi Pharmaceutical Co. Ltd.   15,212 
 2,400   Kyowa Hakko Kirin Co. Ltd.   46,590 
 16,500   Luye Pharma Group Ltd.   11,766 
 4,500   Medipal Holdings Corp.   100,180 
 166   Merck KGaA   18,704 
 1,200   Mitsubishi Tanabe Pharma Corp.   13,158 
 17,501   Novartis AG   1,518,865 
 9,077   Novo Nordisk AS   466,736 
 5,300   Otsuka Holdings Co. Ltd.   198,122 
 6,553   Roche Holding AG   1,908,759 
 4,933   Sanofi   457,449 
 3,000   Shionogi & Co. Ltd.   166,523 
 12,000   Sino Biopharmaceutical Ltd.   15,246 
 14,000   SSY Group Ltd.   11,072 
 12,000   Takeda Pharmaceutical Co. Ltd.   409,715 
 1,254   Teva Pharmaceutical Industries Ltd. *   8,630 
 6,000   Tong Ren Tang Technologies Co. Ltd.   5,457 
 5,929   UCB SA   430,489 
         9,278,996 
     PIPELINES - 0.6%     
 12,777   Enbridge, Inc.   448,739 
 880   Gibson Energy, Inc.   15,121 
 4,205   Pembina Pipeline Corp.   155,972 
 5,282   TC Energy Corp.   273,675 
         893,507 
     PRIVATE EQUITY - 0.2%     
 2,803   Brookfield Asset Management, Inc.   148,936 
 214   Partners Group Holding AG   164,350 
         313,286 
     REAL ESTATE - 1.9%     
 40,000   China Overseas Land & Investment Ltd.   125,775 
 23,500   CK Asset Holdings Ltd.   159,177 
 18,000   Country Garden Holdings Co. Ltd.   22,800 
 2,500   Cyrela Brazil Realty SA Empreendimentos e Participacoes *   14,404 
 1,100   Daito Trust Construction Co. Ltd.   140,560 
 2,081   Fabege AB   34,330 
 479   Fastighets AB Balder *   18,162 
 201   FirstService Corp.   20,621 
 883   Grand City Properties SA   19,869 
 10,500   Greentown China Holdings Ltd.   8,505 
 68,100   Hongkong Land Holdings Ltd.   382,722 
 29,000   Kaisa Group Holdings Ltd. *   12,725 

 

 

     REAL ESTATE - 1.9% (Continued)     
 15,500   KWG Property Holding Ltd.   13,583 
 759   LEG Immobilien AG   86,884 
 26,000   Logan Property Holdings Co. Ltd.   37,013 
 8,500   Mitsubishi Estate Co. Ltd.   163,905 
 5,100   Mitsui Fudosan Co. Ltd.   126,421 
 457   Nexity SA *   21,762 
 730   PSP Swiss Property AG   92,755 
 1,658   REA Group Ltd.   121,016 
 58,000   Shanghai Industrial Holdings Ltd.   108,018 
 58,000   Shanghai Industrial Urban Development Group Ltd. *   7,325 
 38,000   Shenzhen Investment Ltd.   14,009 
 38,500   Shui On Land Ltd.   7,661 
 14,000   Sino Land Co. Ltd.   21,037 
 21,800   SM Prime Holdings, Inc.   15,647 
 1,900   Sumitomo Realty & Development Co. Ltd.   72,308 
 6,500   Sun Hung Kai Properties Ltd.   93,528 
 7,000   Sunac China Holdings Ltd.   28,127 
 87,200   Swire Properties Ltd.   273,633 
 671   TAG Immobilien AG *   15,318 
 505   TLG Immobilien AG   13,736 
 1,400   Tokyo Tatemono Co. Ltd.   19,664 
 41,000   Wharf Holdings Ltd. (The)   89,433 
 30,000   Wharf Real Estate Investment Co. Ltd.   163,788 
 4,000   Wheelock & Co. Ltd.   22,782 
 60,000   Yuexiu Property Co. Ltd.   13,011 
 20,000   Yuzhou Properties Co. Ltd.   7,960 
         2,609,974 
     REAL ESTATE INVESTMENT TRUSTS - 0.9%     
 6   Advance Residence Investment Corp.   19,709 
 2,070   Alstria Office REIT AG   35,430 
 5,068   British Land Co. PLC (The)   36,523 
 747   Canadian Apartment Properties REIT   30,732 
 179,600   CapitaLand Mall Trust *   341,563 
 23,000   Champion REIT   14,875 
 5,413   Charter Hall Group   42,532 
 2,010   Dexus   16,173 
 14,753   Goodman Group   141,093 
 3   Kenedix Office Investment Corp. *   23,706 
 24,900   Keppel REIT   22,687 
 3,437   Klepierre SA   116,757 
 6,106   Merlin Properties Socimi SA   85,273 
 77,279   Scentre Group   204,835 
 119,000   Suntec Real Estate Investment Trust   163,497 
 11,707   Vicinity Centres   20,292 
         1,315,677 
     RETAIL - 2.5%     
 7,494   Alimentation Couche-Tard, Inc.   229,801 
 4,000   Alsea SAB de CV *   9,319 
 3,000   ANTA Sports Products Ltd.   24,817 
 3,300   Aoyama Trading Co. Ltd. *   57,466 
 196,800   Astra International Tbk PT   91,503 
 16,976   Barloworld Ltd.   129,426 
 145,200   Chow Tai Fook Jewellery Group Ltd.   119,836 
 906   Cie Financiere Richemont SA   66,527 
 14,900   Citizen Watch Co. Ltd.   72,794 
 1,174   Clicks Group Ltd.   16,646 
 93,400   CP All PCL (NVDR)   248,120 
 1,141   Dollarama, Inc.   40,874 
 2,465   Domino’s Pizza Enterprises Ltd.   77,224 

 

 

     RETAIL - 2.5% (Continued)     
 905   Dufry AG   75,765 
 600   Fast Retailing Co. Ltd.   356,475 
 374   Fielmann AG   27,543 
 2,231   Hennes & Mauritz AB   43,303 
 26,700   Home Product Center PLC * (NVDR)   14,928 
 218   Hotel Shilla Co. Ltd. *   15,710 
 704   Hugo Boss AG   37,723 
 10,054   Industria de Diseno Textil SA   311,289 
 15,200   Isetan Mitsukoshi Holdings Ltd.   121,234 
 500   Izumi Co. Ltd. *   19,570 
 1,238   JB Hi-Fi Ltd. *   28,389 
 1,594   JD Sports Fashion PLC   14,760 
 25,500   Li Ning Co. Ltd.   73,188 
 22,500   Lifestyle International Holdings Ltd.   23,449 
 2,200   Lojas Renner SA *   26,603 
 4,800   Magazine Luiza SA   42,568 
 400   Nitori Holdings Co. Ltd.   58,515 
 6,227   Restaurant Brands International, Inc.   443,039 
 6,000   Ryohin Keikaku Co. Ltd.   112,033 
 535   Samsung C&T Corp.   40,120 
 700   Seria Co. Ltd.   16,989 
 700   Shimachu Co. Ltd. *   17,093 
 920   SM Investments Corp.   17,236 
 17,390   Steinhoff International Holdings NV *   1,124 
 3,200   Sundrug Co. Ltd.   100,671 
 3,500   Takashimaya Co. Ltd.   40,773 
 68,100   Wal-Mart de Mexico SAB de CV   201,741 
 1,003   Zalando SE *   45,795 
 11,000   Zhongsheng Group Holdings Ltd.   34,728 
         3,546,707 
     SEMICONDUCTORS - 2.1%     
 1,800   Advantest Corp.   79,528 
 811   ASM International NV   74,693 
 2,158   ASML Holding NV   534,640 
 989   BE Semiconductor Industries NV   30,977 
 1,195   Dialog Semiconductor PLC *   56,580 
 5,000   Hua Hong Semiconductor Ltd.   9,950 
 400   Lasertec Corp. *   25,020 
 1,145   NXP Semiconductors NV   124,942 
 35,522   Samsung Electronics Co. Ltd.   1,456,635 
 4,018   Samsung Electronics Co. Ltd. Preferred   132,685 
 728   Seoul Semiconductor Co. Ltd.   8,429 
 2,143   SK Hynix, Inc. *   147,268 
 1,600   Tokyo Electron Ltd.   304,455 
 400   Ulvac, Inc. *   16,063 
         3,001,865 
     SHIPBUILDING - 0.1%     
 447   Daewoo Shipbuilding & Marine Engineering Co. Ltd. *   11,435 
 6,050   Wartsila OYJ   67,771 
         79,206 
     SOFTWARE - 1.9%     
 669   Altium Ltd.   15,048 
 600   Capcom Co. Ltd.   15,895 
 103   Com2usCorp.   8,034 
 1,312   CompuGroup Medical SE   78,955 
 46   Constellation Software, Inc.   45,970 
 2,522   Dassault Systemes SE   359,495 
 14,000   Kingdee International Software Group Co. Ltd.   14,751 
 1,200   Konami Holdings Corp.   57,960 

 

 

     SOFTWARE - 1.9% (Continued)     
 2,700   Nemetschek SE   137,817 
 1,500   Nexon Co. Ltd. *   18,196 
 5,261   Open Text Corp.   214,731 
 7,893   SAP SE   928,302 
 1,610   SimCorp AS   141,404 
 4,791   Software AG   131,676 
 1,859   Temenos Group AG   311,340 
 1,000   TIS, Inc.   57,645 
 1,600   TOTVS SA *   22,187 
 1,463   Ubisoft Entertainment SA *   105,810 
 712   WiseTech Global Ltd.   16,678 
 357   Worldline SA *   22,535 
         2,704,429 
     TELECOMMUNICATIONS - 4.0%     
 5,600   Advanced Info Service PCL (NVDR)   40,281 
 532,300   America Movil SAB de CV   395,235 
 13,291   BCE, Inc.   643,268 
 54,000   China Mobile Ltd.   446,705 
 320,000   China Telecom Corp. Ltd.   145,725 
 62,000   China Unicom Hong Kong Ltd.   65,801 
 11,322   Deutsche Telekom AG *   190,012 
 2,027   Freenet AG *   41,744 
 14,900   KDDI Corp.   389,475 
 7   KT Corp. *   161 
 2,255   LG Uplus Corp. *   25,733 
 3,800   Megacable Holdings SAB de CV   15,299 
 166   Nice Ltd. *   24,405 
 5,400   Nippon Telegraph & Telephone Corp.   257,621 
 13,800   NTT Docomo, Inc.   351,528 
 3,431   Orange SA   53,844 
 4,393   Rogers Communications, Inc.   214,109 
 123   Samsung SDI Co. Ltd.   22,931 
 40,900   Singapore Telecommunications Ltd.   91,684 
 11,200   Softbank Corp.   151,717 
 9,600   SoftBank Group Corp.   376,627 
 3,541   Sunrise Communications Group AG   275,745 
 17,081   Telefonaktiebolaget LM Ericsson   136,653 
 105,616   Telefonica Deutschland Holding AG   294,535 
 69,663   Telefonica SA   531,702 
 33,900   Telekom Malaysia Bhd.   29,147 
 49,400   Telekomunikasi Indonesia Persero Tbk. PT   14,999 
 10,676   Telstra Corp. Ltd.   25,274 
 12,300   TIM Participacoes SA   35,346 
 204,118   Vodafone Group PLC   407,486 
         5,694,792 
     TOYS/GAMES/HOBBIES - 0.2%     
 600   Nintendo Co. Ltd.   222,179 
           
     TRANSPORTATION - 1.8%     
 73   AP Moller - Maersk AS   82,566 
 2,987   Canadian National Railway Co.   268,379 
 748   Canadian Pacific Railway Ltd.   166,334 
 1,300   Central Japan Railway Co.   267,277 
 69   CJ Logistics Corp. *   8,335 
 26,000   Cosco Shipping Energy Transportation Co. Ltd.   11,509 
 77,500   Cosco Shipping Holdings Co. Ltd. *   27,582 
 9,731   Deutsche Post AG   325,105 
 2,614   DSV AS   248,783 
 4,600   East Japan Railway Co.   438,825 
 5,000   Mitsubishi Logistics Corp.   127,088 
 3,600   Nippon Express Co. Ltd.   183,539 
 22,458   Royal Mail PLC   58,588 
 152,000   Sinotrans Ltd.   47,698 
 6,331   TFI International, Inc.   193,947 
 3,700   Yamato Holdings Co. Ltd.   55,667 
         2,511,222 

 

 

     WATER - 0.2%     
 4,787   Severn Trent PLC   127,714 
 6,984   Veolia Environnement SA   177,101 
         304,815 
           
     TOTAL COMMON STOCKS - (Cost -$129,993,661)   127,652,027 
           
     SHORT-TERM INVESTMENT - 0.6%     
     MONEY MARKET FUND - 0.6%     
 806,553   Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 1.86% (a) (Cost - $806,553)   806,553 
           
     TOTAL INVESTMENTS - 97.0% (Cost - $139,028,663)  $136,965,538 
     OTHER ASSETS LESS LIABILITIES - NET - 3.0%   4,212,165 
     TOTAL NET ASSETS - 100.0%  $141,177,703 

 

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 September 30, 2019.

 

 

Global Atlantic BlackRock Disciplined International Core Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
September 30, 2019 (Unaudited)

 

FUTURES CONTRACTS
                Unrealized 
                Appreciation/ 
Description  Counterparty  Contracts  Expiration Date  Notional Value   (Depreciation) 
LONG                   
Euro Stoxx 50 Index  Goldman Sachs  37  Dec-19  $1,433,995   $20,027 
FTSE 100 Index  Goldman Sachs  5  Dec-19   454,934    5,215 
MSCI Emerging Market Index  Goldman Sachs  15  Dec-19   751,425    (20,000)
Nikkei Index (JPY)  Goldman Sachs  12  Dec-19   1,213,879    33,580 
S&P/TSX 60 Index  Goldman Sachs  2  Dec-19   300,937    38 
SPI 200 Index  Goldman Sachs  2  Dec-19   225,334    902 
NET UNREALIZED APPRECIATION ON FUTURES CONTRACTS   $39,762 

 

 

Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 98.5%     
     ADVERTISING - 0.9%     
 60,516   Interpublic Group of Cos., Inc.  $1,304,725 
 2,053   Trade Desk, Inc. *   385,040 
         1,689,765 
     AEROSPACE/DEFENSE - 2.5%     
 7,512   HEICO Corp.   938,099 
 9,729   HEICO Corp. - Class A   946,729 
 6,961   L3Harris Technologies, Inc.   1,452,343 
 857   Lockheed Martin Corp.   334,281 
 636   Teledyne Technologies, Inc. *   204,786 
 1,467   TransDigm Group, Inc.   763,823 
         4,640,061 
     AIRLINES - 0.2%     
 5,205   Alaska Air Group, Inc.   337,857 
           
     APPAREL - 0.2%     
 2,042   Columbia Sportswear Co.   197,849 
 7,857   Under Armour, Inc. - Class C *   142,447 
         340,296 
     AUTO MANUFACTURERS - 0.5%     
 13,857   PACCAR, Inc.   970,129 
           
     AUTO PARTS & EQUIPMENT - 0.5%     
 18,213   Allison Transmission Holdings, Inc.   856,922 
           
     BANKS - 0.3%     
 10,515   Western Alliance BanCorp   484,531 
           
     BEVERAGES - 0.2%     
 591   Brown-Forman Corp. - Class A   35,312 
 5,349   Brown-Forman Corp. - Class B   335,810 
         371,122 
     BIOTECHNOLOGY - 3.2%     
 3,100   10X Genomics, Inc. *   156,240 
 792   Alnylam Pharmaceuticals, Inc. *   63,693 
 11,469   BioMarin Pharmaceutical, Inc. *   773,011 
 4,117   Exact Sciences Corp. *   372,053 
 6,410   Exelixis, Inc. *   113,361 
 18,320   Gilead Sciences, Inc.   1,161,122 
 16,867   Incyte Corp. *   1,252,037 
 8,331   Ionis Pharmaceuticals, Inc. *   499,110 
 4,485   Moderna, Inc. *   71,401 
 2,227   Regeneron Pharmaceuticals, Inc. *   617,770 
 5,876   Seattle Genetics, Inc. *   501,810 
 1,841   United Therapeutics Corp. *   146,820 
 894   Vertex Pharmaceuticals, Inc. *   151,461 
         5,879,889 

 

 

     BUILDING MATERIALS - 1.2%     
 4,675   Fortune Brands Home & Security, Inc.   255,723 
 1,385   Lennox International, Inc.   336,513 
 2,030   Martin Marietta Materials, Inc.   556,423 
 7,063   Vulcan Materials Co.   1,068,208 
         2,216,867 
     CHEMICALS - 0.2%     
 5,350   Versum Materials, Inc.   283,176 
           
     COMMERCIAL SERVICES - 10.0%     
 10,551   Automatic Data Processing, Inc.   1,703,142 
 3,739   Avalara, Inc. *   251,597 
 14,025   Booz Allen Hamilton Holding Corp.   996,056 
 5,622   Bright Horizons Family Solutions, Inc. *   857,355 
 3,227   Cintas Corp.   865,159 
 3,880   CoStar Group, Inc. *   2,301,616 
 2,985   FleetCor Technologies, Inc. *   856,038 
 11,877   Global Payments, Inc.   1,888,443 
 1,000   Green Dot Corp. *   25,250 
 22,602   H&R Block, Inc.   533,859 
 14,973   IHS Markit Ltd. *   1,001,394 
 1,644   Insperity, Inc.   162,131 
 1,708   MarketAxess Holdings, Inc.   559,370 
 3,225   Morningstar, Inc.   471,302 
 12,002   Paylocity Holding Corp. *   1,171,155 
 27,678   Robert Half International, Inc.   1,540,557 
 30,446   Square, Inc. *   1,886,130 
 1,936   TransUnion   157,029 
 3,757   TriNet Group, Inc. *   233,648 
 499   United Rentals, Inc. *   62,195 
 5,104   Verisk Analytics, Inc.   807,147 
         18,330,573 
     COMPUTERS - 2.1%     
 1,055   Dell Technologies, Inc. - Class C *   54,712 
 4,703   Elastic NV *   387,245 
 2,079   EPAM Systems, Inc. *   379,043 
 11,899   Fortinet, Inc. *   913,367 
 3,318   Genpact Ltd.   128,573 
 3,154   NCR Corp. *   99,540 
 18,921   NetApp, Inc.   993,542 
 11,848   Nutanix, Inc. *   311,010 
 27,768   Pure Storage, Inc. *   470,390 
 1,098   Zscaler, Inc. *   51,891 
         3,789,313 
     DISTRIBUTION/WHOLESALE - 1.4%     
 12,195   Copart, Inc. *   979,624 
 9,755   IAA, Inc. *   407,076 
 1,664   Pool Corp.   335,629 
 4,466   Resideo Technologies, Inc. *   64,087 
 2,888   WW Grainger, Inc.   858,169 
         2,644,585 

 

 

     DIVERSIFIED FINANCIAL SERVICES - 3.3%     
 1,021   Ally Financial, Inc.   33,856 
 2,088   American Express Co.   246,969 
 4,353   Charles Schwab Corp.   182,086 
 1,062   Credit Acceptance Corp. *   489,911 
 13,962   Discover Financial Services   1,132,179 
 8,110   Evercore, Inc.   649,611 
 493   LendingTree, Inc. *   153,042 
 1,159   LPL Financial Holdings, Inc.   94,922 
 7,468   Mastercard, Inc.   2,028,085 
 1,634   Raymond James Financial, Inc.   134,740 
 5,890   SEI Investments Co.   349,012 
 3,702   Synchrony Financial   126,201 
 1,196   T Rowe Price Group, Inc.   136,643 
 7,864   TD Ameritrade Holding Corp.   367,249 
         6,124,506 
     ELECTRIC - 0.1%     
 186   IDACORP, Inc.   20,957 
 4,334   OGE Energy Corp.   196,677 
         217,634 
     ELECTRICAL COMPONENTS & EQUIPMENT- 2.0%     
 451   Acuity Brands, Inc.   60,790 
 20,145   AMETEK, Inc.   1,849,714 
 3,698   Generac Holdings, Inc. *   289,701 
 9,491   Hubbell, Inc.   1,247,117 
 1,475   Universal Display Corp.   247,653 
         3,694,975 
     ELECTRONICS - 4.7%     
 25,593   ADT, Inc.   160,468 
 23,888   Allegion PLC   2,475,991 
 12,756   Keysight Technologies, Inc. *   1,240,521 
 2,066   Mettler-Toledo International, Inc. *   1,455,290 
 29,637   National Instruments Corp.   1,244,458 
 335   SYNNEX Corp.   37,822 
 4,782   Waters Corp. *   1,067,486 
 8,072   Woodward, Inc.   870,404 
         8,552,440 
     ENGINERRING & CONSTRUCTION - 0.2%     
 2,327   frontdoor, Inc. *   113,022 
 4,716   MasTec, Inc. *   306,210 
         419,232 
     ENTERTAINMENT - 1.0%     
 10,426   Live Nation Entertainment, Inc. *   691,661 
 12,191   Penn National Gaming, Inc. *   227,057 
 5,477   Six Flags Entertainment Corp.   278,177 
 3,116   Vail Resorts, Inc.   709,077 
         1,905,972 
     ENVIRONMENTAL CONTROL - 0.1%     
 2,103   Republic Services, Inc.   182,015 
           
     FOOD - 1.7%     
 15,962   Hershey Co.   2,473,950 
 2,654   McCormick & Co., Inc.   414,820 
 3,565   Performance Food Group Co. *   164,026 
 845   Sprouts Farmers Market, Inc. *   16,342 
         3,069,138 

 

 

     HEALTHCARE PRODUCTS - 4.9%     
 2,024   ABIOMED, Inc. *   360,049 
 4,684   Align Technology, Inc. *   847,429 
 5,206   Avantor, Inc. *   76,528 
 3,451   Bruker Corp.   151,602 
 323   Hill-Rom Holdings, Inc.   33,989 
 33,957   Hologic, Inc. *   1,714,489 
 8,881   IDEXX Laboratories, Inc. *   2,415,010 
 1,729   Insulet Corp. *   285,164 
 5,278   Masimo Corp. *   785,314 
 3,606   Penumbra, Inc. *   484,971 
 308   ResMed, Inc.   41,614 
 22,169   SmileDirectClub, Inc. *   307,706 
 533   STERIS PLC   77,013 
 572   Teleflex, Inc.   194,337 
 4,871   Varian Medical Systems, Inc. *   580,087 
 3,364   West Pharmaceutical Services, Inc.   477,082 
         8,832,384 
     HEALTHCARE - SERVICES - 1.8%     
 234   Anthem, Inc.   56,183 
 24,227   Centene Corp. *   1,048,060 
 3,114   Chemed Corp.   1,300,313 
 564   IQVIA Holdings, Inc. *   84,250 
 2,817   WellCare Health Plans, Inc. *   730,082 
         3,218,888 
     HOME BUILDERS - 0.3%     
 6,562   DR Horton, Inc.   345,883 
 3,500   Lennar Corp.   195,475 
         541,358 
     HOME FURNISHINGS - 0.3%     
 6,865   Tempur Sealy International, Inc. *   529,978 
           
     HOUSEHOLD PRODUCTS/WARES - 1.4%     
 28,027   Church & Dwight Co., Inc.   2,108,751 
 3,014   Clorox Co.   457,736 
         2,566,487 
     HOUSEWARES - 0.3%     
 4,701   Scotts Miracle-Gro Co.   478,656 
           
     INSURANCE - 0.1%     
 86   Alleghany Corp. *   68,607 
 6,654   Arthur J Gallagher & Co.   595,999 
 10,820   Brown & Brown, Inc.   390,169 
 830   Erie Indemnity Co.   154,090 
 7,332   First American Financial Corp.   432,661 
 714   Globe Life, Inc.   68,373 
 2,263   Kemper Corp.   176,401 
         1,886,300 
     INTERNET - 8.1%     
 17,399   CDW Corp.   2,144,253 
 11,008   Etsy, Inc. *   621,952 
 7,245   Expedia Group, Inc.   973,800 
 2,622   F5 Networks, Inc. *   368,181 
 25,305   GoDaddy, Inc. *   1,669,624 
 2,860   GrubHub, Inc. *   160,761 
 5,661   Lyft, Inc. *   231,195 
 4,368   Match Group, Inc.   312,050 
 2,388   Okta, Inc. *   235,122 
 7,104   Palo Alto Networks, Inc. *   1,448,008 
 6,583   Pinterest, Inc. *   174,120 
 2,293   Proofpoint, Inc. *   295,912 
 7,968   RingCentral, Inc. *   1,001,259 
 3,094   Roku, Inc. *   314,845 
 8,669   Spotify Technology SA *   988,266 
 42,174   Twitter, Inc. *   1,737,569 
 8,011   VeriSign, Inc. *   1,511,115 
 3,656   Wayfair, Inc. *   409,911 
 2,935   Yelp, Inc. *   101,991 
         14,699,934 

 

 

     LEISURE - 0.4%     
 12,906   Planet Fitness, Inc. *   746,870 
           
     LODGING - 0.9%     
 3,654   Boyd Gaming Corp.   87,513 
 11,798   Choice Hotels International, Inc.   1,049,550 
 4,836   Extended Stay America, Inc.   70,799 
 3,777   Wynn Resorts Ltd.   410,635 
         1,618,497 
     MACHINERY - CONSTRUCTION & MINING - 0.2%     
 5,168   Oshkosh Corp.   391,734 
           
     MACHINERY - DIVERSIFIED - 1.7%     
 2,409   Cognex Corp.   118,354 
 2,152   Crane Co.   173,516 
 8,153   Graco, Inc.   375,364 
 9,978   IDEX Corp.   1,635,195 
 3,913   Rockwell Automation, Inc.   644,862 
 3,229   Xylem, Inc.   257,093 
         3,204,384 
     MEDIA - 2.3%     
 18,323   Altice USA, Inc. *   525,504 
 12,509   AMC Networks, Inc. *   614,942 
 389   Cable One, Inc.   488,078 
 10,243   CBS Corp.   413,510 
 3,759   FactSet Research Systems, Inc.   913,324 
 1,125   New York Times Co.   32,040 
 9,112   Sinclair Broadcast Group, Inc.   389,447 
 136,881   Sirius XM Holdings, Inc.   856,191 
         4,233,036 
     MISCELLANEOUS MANUFACTURER - 1.7%     
 3,044   AptarGroup, Inc.   360,562 
 4,407   Carlisle Cos, Inc.   641,395 
 17,322   Ingersoll-Rand PLC   2,134,244 
         3,136,201 
     OFFICE/BUSINESS EQUIPMENT - 0.5%     
 4,152   Zebra Technologies Corp. *   856,848 
           
     OIL & GAS - 0.5%     
 7,647   Antero Resources Corp. *   23,094 
 18,573   Cabot Oil & Gas Corp.   326,328 
 3,400   ConocoPhillips   193,732 
 6,058   Continental Resources, Inc. *   186,526 
 10,562   Marathon Oil Corp.   129,596 
 6,674   Transocean Ltd. *   29,833 
         889,109 

 

 

     OIL & GAS SERVICES - 0.0% ^     
 2,265   Patterson-UTI Energy, Inc.   19,366 
           
     PACKAGING & CONTAINERS - 0.7%     
 15,379   Ball Corp.   1,119,745 
 13,392   Westrock Co.   488,138 
         1,607,883 
     PHARMACEUTICALS - 2.7%     
 2,031   Agios Pharmaceuticals, Inc. *   65,804 
 16,030   AmerisourceBergen Corp.   1,319,750 
 672   CVS Health Corp.   42,383 
 5,535   DexCom, Inc. *   826,043 
 5,450   Jazz Pharmaceuticals PLC *   698,363 
 911   McKesson Corp.   124,497 
 4,168   Neurocrine Biosciences, Inc. *   375,578 
 1,943   PRA Health Sciences, Inc. *   192,804 
 780   Sarepta Therapeutics, Inc. *   58,750 
         3,703,972 
     REAL ESTATE INVESTMENT TRUSTS - 2.5%     
 7,116   Equity LifeStyle Properties, Inc.   950,698 
 4,848   Extra Space Storage, Inc.   566,343 
 11,214   Lamar Advertising Co.   918,763 
 29,333   Outfront Media, Inc.   814,871 
 1,168   Park Hotels & Resorts, Inc.   29,165 
 8,838   SBA Communications Corp.   2,131,284 
         5,411,124 
     RETAIL - 9.3%     
 404   Advance Auto Parts, Inc.   66,822 
 2,020   AutoZone, Inc. *   2,190,932 
 2,743   Burlington Stores, Inc. *   548,106 
 6,951   CarMax, Inc. *   611,688 
 1,472   Chipotle Mexican Grill, Inc. *   1,237,172 
 20,100   Darden Restaurants, Inc.   2,376,222 
 20,718   Dollar General Corp.   3,292,919 
 4,237   Domino’s Pizza, Inc.   1,036,328 
 6,999   Dunkin’ Brands Group, Inc.   555,441 
 12,605   Lululemon Athletica, Inc. *   2,426,841 
 3,934   Nordstrom, Inc.   132,458 
 1,952   O’Reilly Automotive, Inc. *   777,892 
 11,976   Tractor Supply Co.   1,083,109 
 2,383   Ulta Beauty, Inc. *   597,299 
 2,474   Yum China Holdings, Inc.   112,394 
         17,045,623 
     SEMICONDUCTORS - 4.9%     
 61,297   Advanced Micro Devices, Inc. *   1,777,000 
 3,862   Applied Materials, Inc.   192,714 
 5,124   Cirrus Logic, Inc. *   274,544 
 3,559   Entegris, Inc.   167,487 
 2,986   KLA-Tencor Corp.   476,118 
 12,836   Lam Research Corp.   2,966,528 
 753   Maxim Integrated Products, Inc.   43,606 
 2,900   NVIDIA Corp.   504,803 
 12,155   Teradyne, Inc.   703,896 
 17,685   Xilinx, Inc.   1,695,992 
         8,802,688 

 

 

     SOFTWARE - 13.8%     
 2,893   ACI Worldwide, Inc. *   90,623 
 2,198   Aspen Technology, Inc. *   270,530 
 3,552   Atlassian Corp. PLC *   445,563 
 10,225   Broadridge Financial Solutions, Inc.   1,272,297 
 23,594   Cadence Design Systems, Inc. *   1,559,092 
 6,452   Cerner Corp.   439,833 
 3,182   Citrix Systems, Inc.   307,127 
 7,151   Cloudflare, Inc. *   132,794 
 1,429   Coupa Software, Inc. *   185,156 
 1,284   Datadog, Inc. *   43,540 
 9,070   DocuSign, Inc. *   561,614 
 27,631   Dropbox, Inc. *   557,317 
 1,066   Fair Isaac Corp. *   323,552 
 25,406   Fiserv, Inc. *   2,631,808 
 1,209   HubSpot, Inc. *   183,296 
 1,736   Intuit, Inc.   461,672 
 13,556   Manhattan Associates, Inc. *   1,093,563 
 9,952   Medallia, Inc. *   272,983 
 1,382   Medidata Solutions, Inc. *   126,453 
 2,046   MSCI, Inc.   445,517 
 5,751   New Relic, Inc. *   353,399 
 44,119   Paychex, Inc.   3,651,730 
 5,243   Paycom Software, Inc. *   1,098,356 
 12,095   Pluralsight, Inc. *   203,136 
 7,465   PTC, Inc. *   508,964 
 4,288   salesforce.com, Inc. *   636,511 
 3,441   ServiceNow, Inc. *   873,498 
 7,108   Splunk, Inc. *   837,749 
 5,595   SS&C Technologies Holdings, Inc.   288,534 
 3,237   Synopsys, Inc. *   444,278 
 4,974   Take-Two Interactive Software, Inc. *   623,441 
 7,426   Twilio, Inc. *   816,563 
 16,527   Veeva Systems, Inc. *   2,523,508 
 1,845   Workday, Inc. *   313,576 
 136,730   Zynga, Inc. *   795,769 
         25,373,342 
     TELECOMMUNICATIONS - 1.4%     
 3,240   Arista Networks, Inc. *   774,101 
 6,378   Ciena Corp. *   250,209 
 5,408   Motorola Solutions, Inc.   921,577 
 9,124   Telephone & Data Systems, Inc.   235,399 
 5,980   United States Cellular Corp. *   224,728 
 5,860   Zayo Group Holdings, Inc. *   198,654 
         2,604,668 
     TOYS/GAMES/HOBBIES - 0.0% ^     
 347   Hasbro, Inc.   41,185 
           
     TRANSPORTATION - 1.3%     
 11,601   CH Robinson Worldwide, Inc.   983,533 
 2,626   Expeditors International of Washington, Inc.   195,085 
 10,321   Landstar System, Inc.   1,161,938 
         2,340,556 

 

 

     TRUCKING & LEASING - 0.1%     
 3,420   GATX Corp.   265,153 
           
     TOTAL COMMON STOCKS (Cost - $161,223,404)   182,047,222 
           
     SHORT-TERM INVESTMENT - 1.4%     
     MONEY MARKET FUND - 1.4%     
 2,614,203   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a)(Cost - $2,614,203)   2,614,203 
           
     TOTAL INVESTMENTS - 99.9% (Cost - $163,837,607)  $184,661,425 
     OTHER ASSETS LESS LIABILITIES - NET - 0.1%   104,052 
     TOTAL NET ASSETS - 100.0%  $184,765,477 

 

*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 September 30, 2019.

 

FUTURES CONTRACTS 
                Unrealized 
Description  Counterparty  Contracts  Expiration Date  Notional Value   Depreciation 
LONG                 
S&P 500 E-mini Future  Goldman Sachs  19  Dec-19  $2,829,575   $(20,748)
   NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS   $(20,748)

 

 

Global Atlantic BlackRock Disciplined Small Cap Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 97.2%     
     AEROSPACE/DEFENSE - 0.5%     
 454   AAR Corp.  $18,709 
 433   Aerojet Rocketdyne Holdings, Inc. *   21,871 
 331   Mercury Systems, Inc. *   26,867 
 207   Moog, Inc.   16,792 
         84,239 
     AGRICULTURE - 0.4%     
 294   Alico, Inc.   10,002 
 987   Phibro Animal Health Corp.   21,053 
 3,313   Vector Group Ltd.   39,455 
         70,510 
     AIRLINES - 0.3%     
 923   Hawaiian Holdings, Inc.   24,238 
 225   SkyWest, Inc.   12,915 
 550   Spirit Airlines, Inc. *   19,965 
         57,118 
     APPAREL - 1.0%     
 318   Columbia Sportswear Co.   30,811 
 1,383   Crocs, Inc. *   38,392 
 266   Deckers Outdoor Corp. *   39,198 
 415   Oxford Industries, Inc.   29,755 
 1,352   Wolverine World Wide, Inc.   38,207 
         176,363 
     AUTO MANUFACTURERS - 0.1%     
 458   Navistar International Corp. *   12,874 
 505   Wabash National Corp.   7,328 
         20,202 
     AUTO PARTS & EQUIPMENT - 0.9%     
 348   Cooper-Standard Holdings, Inc. *   14,226 
 2,773   Dana, Inc.   40,042 
 1,114   Meritor, Inc. *   20,609 
 392   Miller Industries, Inc.   13,054 
 865   Modine Manufacturing Co. *   9,835 
 486   Standard Motor Products, Inc.   23,595 
 2,863   Telenav, Inc. *   13,685 
 1,530   Tenneco, Inc.   19,156 
         154,202 

 

 

     BANKS - 8.7%     
 371   Ameris Bancorp   14,929 
 2,194   Bancorp, Inc. *   21,721 
 1,637   Bank of Commerce Holdings   17,827 
 261   Banner Corp.   14,660 
 220   BOK Financial Corp.   17,413 
 2,030   Cadence BanCorp   35,606 
 879   Capital City Bank Group, Inc.   24,129 
 330   Carolina Financial Corp.   11,728 
 2,833   Cathay General Bancorp   98,404 
 451   CenterState Bank Corp.   10,817 
 329   Enterprise Bancorp, Inc.   9,863 
 3,140   First Commonwealth Financial Corp.   41,699 
 313   First Community Corp.   6,097 
 401   First Financial Bankshares, Inc.   13,365 
 390   First Horizon National Corp.   6,318 
 813   First Merchants Corp.   30,597 
 204   First of Long Island Corp.   4,641 
 120   First United Corp.   2,640 
 1,340   Glacier Bancorp, Inc.   54,216 
 269   Hancock Whitney Corp.   10,301 
 1,449   Heritage Commerce Corp.   17,033 
 2,097   Home BancShares, Inc.   39,413 
 3,207   Hope Bancorp, Inc.   45,988 
 24   IBERIABANK Corp.   1,813 
 1,667   Independent Bank Corp.   35,532 
 1,176   Independent Bank Group, Inc.   61,869 
 404   International Bancshares Corp.   15,602 
 740   Lakeland Bancorp, Inc.   11,418 
 1,375   Lakeland Financial Corp.   60,473 
 1,089   Macatawa Bank Corp.   11,315 
 745   Merchants Bancorp   12,322 
 814   MidWestOne Financial Group, Inc.   24,843 
 567   National Bank Holdings Corp.   19,386 
 756   Opus Bank   16,458 
 491   Preferred Bank   25,719 
 352   Renasant Corp.   12,324 
 510   Republic Bancorp, Inc.   22,160 
 4,613   Republic First Bancorp, Inc. *   19,375 
 2,046   Sandy Spring Bancorp, Inc.   68,971 
 520   Shore Bancshares, Inc.   8,013 
 1,093   Sierra Bancorp   29,030 
 1,126   SmartFinancial, Inc. *   23,455 
 719   South Plains Financial, Inc.   11,720 
 279   Southern First Bancshares, Inc. *   11,118 
 770   Synovus Financial Corp.   27,535 
 1,918   TCF Financial Corp.   73,018 
 75   TriCo Bancshares   2,723 
 3,801   TriState Capital Holdings, Inc. *   79,973 
 4,307   United Community Banks, Inc.   122,103 
 191   Walker & Dunlop, Inc.   10,683 
 347   WesBanco, Inc.   12,967 
 1,154   West Bancorporation, Inc.   25,088 
 1,269   Wintrust Financial Corp.   82,015 
         1,488,426 
     BEVERAGES - 0.2%     
 97   Boston Beer Co, Inc. *   35,316 

 

 

    BIOTECHNOLOGY - 4.8%    
 277   10X Genomics, Inc. *   13,961 
 1,378   ACADIA Pharmaceuticals, Inc. *   49,594 
 229   Acceleron Pharma, Inc. *   9,048 
 2,569   Achillion Pharmaceuticals, Inc. *   9,248 
 2,241   Acorda Therapeutics, Inc. *   6,432 
 4,852   Agenus, Inc. *   12,518 
 635   Alder Biopharmaceuticals, Inc. *   11,976 
 350   Allogene Therapeutics, Inc. *   9,539 
 807   AMAG Pharmaceuticals, Inc. *   9,321 
 875   Amicus Therapeutics, Inc. *   7,018 
 327   AnaptysBio, Inc. *   11,442 
 292   Apellis Pharmaceuticals, Inc. *   7,034 
 6,159   Aptinyx, Inc. *   21,495 
 2,236   Arcus Biosciences, Inc. *   20,348 
 2,190   Ardelyx, Inc. *   10,293 
 323   Arena Pharmaceuticals, Inc. *   14,784 
 825   Arrowhead Pharmaceuticals, Inc. *   23,249 
 510   Assembly Biosciences, Inc. *   5,013 
 298   Atara Biotherapeutics, Inc. *   4,208 
 5,026   Athersys, Inc. *   6,685 
 252   Audentes Therapeutics, Inc. *   7,079 
 226   Biohaven Pharmaceutical Holding Co. Ltd. *   9,429 
 152   Blueprint Medicines Corp. *   11,167 
 1,099   Calithera Biosciences, Inc. *   3,396 
 1,062   ChemoCentryx, Inc. *   7,200 
 905   CytomX Therapeutics, Inc. *   6,679 
 508   Deciphera Pharmaceuticals, Inc. *   17,242 
 375   Denali Therapeutics, Inc. *   5,745 
 313   Editas Medicine, Inc. *   7,118 
 510   Emergent BioSolutions, Inc. *   26,663 
 2,668   Enzo Biochem, Inc. *   9,605 
 798   Epizyme, Inc. *   8,231 
 272   Esperion Therapeutics, Inc. *   9,972 
 239   Exact Sciences Corp. *   21,598 
 656   Fate Therapeutics, Inc. *   10,188 
 337   FibroGen, Inc. *   12,462 
 216   Five Prime Therapeutics, Inc. *   837 
 1,472   Halozyme Therapeutics, Inc. *   22,831 
 588   Immunomedics, Inc. *   7,797 
 599   Insmed, Inc. *   10,566 
 468   Intercept Pharmaceuticals, Inc. *   31,056 
 2,227   Intrexon Corp. *   12,738 
 899   Iovance Biotherapeutics, Inc. *   16,362 
 269   Ligand Pharmaceuticals, Inc. *   26,776 
 354   MacroGenics, Inc. *   4,517 
 728   Medicines Co. *   36,400 
 100   Mirati Therapeutics, Inc. *   7,791 
 807   Myriad Genetics, Inc. *   23,104 
 406   Nektar Therapeutics *   7,395 
 1,030   NeoGenomics, Inc. *   19,694 
 1,287   NGM Biopharmaceuticals, Inc. *   17,825 
 3,586   Nymox Pharmaceutical Corp. *   6,598 
 648   Prothena Corp. PLC *   5,080 
 165   Puma Biotechnology, Inc. *   1,776 
 382   REGENXBIO, Inc. *   13,599 
 1,213   Retrophin, Inc. *   14,059 
 6   Sage Therapeutics, Inc. *   842 
 1,095   Sangamo Therapeutics, Inc. *   9,910 
 257   Spark Therapeutics, Inc. *   24,924 
 636   Theravance Biopharma, Inc. *   12,389 
 513   Ultragenyx Pharmaceutical, Inc. *   21,946 
 946   Veracyte, Inc. *   22,704 
 2,433   ZIOPHARM Oncology, Inc. *   10,413 
         826,909 

 

 

     BUILDING MATERIALS - 1.9%     
 762   Boise Cascade Co.   24,833 
 2,392   Builders FirstSource, Inc. *   49,215 
 515   Continental Building Products, Inc. *   14,054 
 1,005   Griffon Corp.   21,075 
 782   Louisiana-Pacific Corp.   19,222 
 4,194   LSI Industries, Inc.   21,893 
 100   Masonite International Corp. *   5,800 
 828   PGT Innovations, Inc. *   14,300 
 716   Summit Materials, Inc. *   15,895 
 794   Trex Co., Inc. *   72,198 
 1,828   Universal Forest Products, Inc.   72,900 
         331,385 
     CHEMICALS - 1.6%     
 490   AdvanSix, Inc. *   12,603 
 721   Ferro Corp. *   8,551 
 1,075   HB Fuller Co.   50,052 
 211   Ingevity Corp. *   17,901 
 599   Innospec, Inc.   53,395 
 460   Koppers Holdings, Inc. *   13,437 
 472   Materion Corp.   28,962 
 1,298   PolyOne Corp.   42,380 
 418   Stepan Co.   40,571 
 90   Univar, Inc. *   1,868 
         269,720 
     COAL - 0.2%     
 109   Arch Coal, Inc.   8,088 
 1,002   Peabody Energy Corp.   14,749 
 1,162   SunCoke Energy, Inc. *   6,554 
         29,391 

 

 

     COMMERCIAL SERVICES - 5.5%     
 649   Aaron’s, Inc.   41,705 
 575   AMN Healthcare Services, Inc. *   33,097 
 548   Arlo Technologies, Inc. *   1,869 
 1,065   ASGN, Inc. *   66,946 
 206   Avalara, Inc. *   13,862 
 1,122   Care.com, Inc. *   11,725 
 1,179   Carriage Services, Inc.   24,099 
 1,066   Chegg, Inc. *   31,927 
 383   CorVel Corp. *   28,993 
 640   CRA International, Inc.   26,861 
 125   Forrester Research, Inc.   4,017 
 88   FTI Consulting, Inc. *   9,327 
 176   Grand Canyon Education, Inc. *   17,283 
 586   Green Dot Corp. *   14,796 
 882   GreenSky, Inc. *   6,037 
 911   Hackett Group, Inc.   14,995 
 393   Harsco Corp. *   7,451 
 643   HealthEquity, Inc. *   36,744 
 452   Herc Holdings, Inc. *   21,023 
 843   HMS Holdings Corp. *   29,054 
 981   Insperity, Inc.   96,746 
 706   International Money Express, Inc. *   9,700 
 694   K12, Inc. *   18,322 
 1,894   Kforce, Inc.   71,659 
 1,240   Korn Ferry   47,914 
 885   LiveRamp Holdings, Inc. *   38,020 
 80   Medifast, Inc.   8,290 
 282   National Research Corp.   16,285 
 615   Paylocity Holding Corp. *   60,012 
 762   Quad/Graphics, Inc.   8,009 
 329   Rosetta Stone, Inc. *   5,725 
 393   Sotheby’s *   22,393 
 690   SP Plus Corp. *   25,530 
 262   Strategic Education, Inc.   35,601 
 392   TriNet Group, Inc. *   24,378 
 169   Viad Corp.   11,348 
         941,743 
     COMPUTERS - 1.8%     
 419   EPAM Systems, Inc. *   76,392 
 507   Insight Enterprises, Inc. *   28,235 
 376   Lumentum Holdings, Inc. *   20,139 
 1,132   Mitek Systems, Inc. *   10,924 
 648   Nutanix, Inc. *   17,010 
 178   Parsons Corp. *   5,870 
 906   Perspecta, Inc.   23,665 
 404   Presidio, Inc.   6,828 
 1,135   Pure Storage, Inc. *   19,227 
 332   Qualys, Inc. *   25,089 
 651   Rapid7, Inc. *   29,549 
 132   Science Applications International Corp.   11,530 
 511   Virtusa Corp. *   18,406 
 382   Vocera Communications, Inc. *   9,416 
 190   Zscaler, Inc. *   8,979 
         311,259 
     COSMETICS/PERSONAL CARE - 0.1%     
 117   Inter Parfums, Inc.   8,186 

 

 

    DISTRIBUTION/WHOLESALE - 1.1%    
 476   Anixter International, Inc. *   32,901 
 881   Core-Mark Holding Co, Inc.   28,293 
 1,193   G-III Apparel Group Ltd. *   30,744 
 856   H&E Equipment Services, Inc.   24,704 
 1,922   ScanSource, Inc. *   58,717 
 457   Systemax, Inc.   10,059 
         185,418 
     DIVERSIFIED FINANCIAL SERVICES - 2.1%     
 674   Ares Management Corp.   18,070 
 3,062   Boston Private Financial Holdings, Inc.   35,688 
 1,959   Brightsphere Investment Group, Inc.   19,414 
 545   Cohen & Steers, Inc.   29,937 
 982   Enova International, Inc. *   20,376 
 86   Evercore, Inc.   6,889 
 446   Federal Agricultural Mortgage Corp.   36,420 
 402   Federated Investors, Inc.   13,029 
 371   Focus Financial Partners, Inc. *   8,830 
 473   Hamilton Lane, Inc.   26,942 
 2,425   Ladenburg Thalmann Financial Services, Inc.   5,747 
 666   LendingClub Corp. *   8,711 
 31   LendingTree, Inc. *   9,623 
 5,039   Medley Management, Inc.   17,636 
 1,106   Moelis & Co.   36,332 
 368   Piper Jaffray Cos   27,777 
 802   Silvercrest Asset Management Group, Inc.   9,865 
 321   Stifel Financial Corp.   18,419 
 297   Westwood Holdings Group, Inc.   8,218 
         357,923 
     ELECTRIC - 2.3%     
 584   Avista Corp.   28,289 
 906   Black Hills Corp.   69,517 
 594   Clearway Energy, Inc.   10,300 
 1,832   IDACORP, Inc.   206,411 
 1,131   PNM Resources, Inc.   58,902 
 760   Vistra Energy Corp.   20,315 
         393,734 
     ELECTRICAL COMPONENTS & EQUIPMENT- 0.8%     
 1,471   Generac Holdings, Inc. *   115,238 
 147   Littelfuse, Inc.   26,065 
         141,303 
     ELECTRONICS - 3.1%     
 550   Alarm.com Holdings, Inc. *   25,652 
 6,967   Fitbit, Inc. *   26,544 
 2,043   GoPro, Inc. *   10,593 
 240   II-VI, Inc. *   8,464 
 951   OSI Systems, Inc. *   96,583 
 1,692   Sanmina Corp. *   54,330 
 583   SYNNEX Corp.   65,821 
 467   Tech Data Corp. *   48,680 
 1,020   Watts Water Technologies, Inc.   95,605 
 847   Woodward, Inc.   91,332 
         523,604 

 

 

     ENERGY - ALTERNATE SOURCES - 0.2%     
 317   Enphase Energy, Inc. *   7,047 
 4,036   Pacific Ethanol, Inc. *   2,273 
 649   Renewable Energy Group, Inc. *   9,738 
 128   REX American Resources Corp. *   9,770 
         28,828 
     ENGINEERING & CONSTRUCTION - 1.9%     
 1,153   Comfort Systems USA, Inc.   50,997 
 996   Dycom Industries, Inc. *   50,846 
 545   EMCOR Group, Inc.   46,935 
 1,221   Great Lakes Dredge & Dock Corp. *   12,759 
 1,082   MasTec, Inc. *   70,254 
 814   Mistras Group, Inc. *   13,350 
 694   MYR Group, Inc. *   21,715 
 973   Primoris Services Corp.   19,081 
 385   TopBuild Corp. *   37,126 
         323,063 
     ENTERTAINMENT - 0.8%     
 283   Churchill Downs, Inc.   34,938 
 473   Eldorado Resorts, Inc. *   18,859 
 1,272   IMAX Corp. *   27,920 
 310   Marriott Vacations Worldwide Corp.   32,119 
 1,055   Penn National Gaming, Inc. *   19,649 
         133,485 
     ENVIRONMENTAL CONTROL - 0.3%     
 726   CECO Environmental Corp. *   5,071 
 1,422   Evoqua Water Technologies Corp. *   24,202 
 291   Tetra Tech, Inc.   25,247 
         54,520 
     FOOD - 1.6%     
 200   Calavo Growers, Inc.   19,036 
 443   Chefs’ Warehouse, Inc. *   17,862 
 3,512   Dean Foods Co.   4,074 
 1,135   Hostess Brands, Inc. *   15,873 
 132   J&J Snack Foods Corp.   25,344 
 417   John B Sanfilippo & Son, Inc.   40,282 
 2,071   Performance Food Group Co. *   95,287 
 672   Seneca Foods Corp. *   20,953 
 1,146   Simply Good Foods Co. *   33,222 
         271,933 
     FOREST PRODUCTS & PAPER - 0.1%     
 640   Schweitzer-Mauduit International, Inc.   23,962 
           
     GAS - 0.8%     
 780   Chesapeake Utilities Corp.   74,350 
 778   Southwest Gas Holdings, Inc.   70,829 
         145,179 
     HAND/MACHINE TOOLS - 0.3%     
 602   Milacron Holdings Corp. *   10,035 
 438   MSA Safety, Inc.   47,790 
         57,825 

 

 

     HEALTHCARE PRODUCTS - 3.8%     
 3,283   Accuray, Inc. *   9,094 
 170   Adaptive Biotechnologies Corp. *   5,253 
 1,266   AtriCure, Inc. *   31,574 
 27   Atrion Corp.   21,038 
 352   Cantel Medical Corp.   26,330 
 410   Cardiovascular Systems, Inc. *   19,483 
 545   CONMED Corp.   52,402 
 628   Genomic Health, Inc. *   42,591 
 882   Globus Medical, Inc. *   45,088 
 34   Haemonetics Corp. *   4,289 
 215   ICU Medical, Inc. *   34,314 
 306   Inogen, Inc. *   14,660 
 131   Insulet Corp. *   21,606 
 157   Integer Holdings Corp. *   11,863 
 628   Intersect ENT, Inc. *   10,682 
 489   iRhythm Technologies, Inc. *   36,240 
 506   Luminex Corp.   10,449 
 205   Masimo Corp. *   30,502 
 580   Merit Medical Systems, Inc. *   17,667 
 725   NanoString Technologies, Inc. *   15,653 
 36   Nevro Corp. *   3,095 
 704   Novocure Ltd. *   52,645 
 146   NuVasive, Inc. *   9,253 
 7,845   OPKO Health, Inc. *   16,396 
 172   Penumbra, Inc. *   23,132 
 209   Repligen Corp. *   16,028 
 1,995   RTI Surgical Holdings, Inc. *   5,686 
 1,990   SmileDirectClub, Inc. *   27,621 
 57   Surmodics, Inc. *   2,607 
 264   Tandem Diabetes Care, Inc. *   15,571 
 599   Wright Medical Group NV *   12,357 
         645,169 
     HEALTHCARE - SERVICES - 3.0%     
 684   American Renal Associates Holdings, Inc. *   4,323 
 866   Catalent, Inc. *   41,274 
 143   Chemed Corp.   59,712 
 743   Encompass Health Corp.   47,017 
 703   Ensign Group, Inc.   33,343 
 1,568   Invitae Corp. *   30,215 
 490   LHC Group, Inc. *   55,644 
 137   Magellan Health, Inc. *   8,508 
 617   Medpace Holdings, Inc. *   51,853 
 161   Molina Healthcare, Inc. *   17,665 
 689   Natera, Inc. *   22,599 
 123   National HealthCare Corp.   10,068 
 991   Select Medical Holdings Corp. *   16,421 
 674   Syneos Health, Inc. *   35,864 
 656   Teladoc Health, Inc. *   44,424 
 410   Tenet Healthcare Corp. *   9,069 
 216   Tivity Health, Inc. *   3,592 
 205   US Physical Therapy, Inc.   26,763 
         518,354 

 

 

     HOME BUILDERS - 1.3%     
 1,085   Beazer Homes USA, Inc. *   16,166 
 55   LCI Industries   5,052 
 2,233   MDC Holdings, Inc.   96,242 
 1,185   Meritage Homes Corp. *   83,365 
 1,328   TRI Pointe Group, Inc. *   19,973 
 294   William Lyon Homes *   5,986 
         226,784 
     HOME FURNISHINGS - 0.4%     
 5,787   Daktronics, Inc.   42,737 
 303   Hooker Furniture Corp.   6,496 
 319   iRobot Corp. *   19,673 
         68,906 
     HOUSEWARE PRODUCTS/WARES - 0.4%     
 1,340   ACCO Brands Corp.   13,226 
 245   Central Garden & Pet Co. *   7,161 
 85   Central Garden & Pet Co. - Class A *   2,357 
 927   CSS Industries, Inc.   3,680 
 64   Helen of Troy Ltd.   10,090 
 631   Quanex Building Products Corp.   11,408 
 295   Spectrum Brands Holdings, Inc.   15,552 
         63,474 
     INSURANCE - 3.0%     
 178   American National Insurance Co.   22,024 
 2,723   CNO Financial Group, Inc.   43,105 
 143   eHealth, Inc. *   9,551 
 1,368   Employers Holdings, Inc.   59,617 
 1,697   Essent Group Ltd.   80,896 
 332   FBL Financial Group, Inc.   19,757 
 4,435   Genworth Financial, Inc. *   19,514 
 1,272   Greenlight Capital Re Ltd. *   13,356 
 455   HCI Group, Inc.   19,128 
 539   Horace Mann Educators Corp.   24,972 
 124   Kemper Corp.   9,666 
 575   Kinsale Capital Group, Inc.   59,403 
 1,160   MGIC Investment Corp.   14,593 
 1,003   National General Holdings Corp.   23,089 
 325   NMI Holdings, Inc. *   8,535 
 1,150   Protective Insurance Corp.   20,068 
 1,861   Radian Group, Inc.   42,505 
 653   United Fire Group, Inc.   30,678 
         520,457 

 

 

     INTERNET - 2.3%     
 926   Boingo Wireless, Inc. *   10,279 
 607   Cargurus, Inc. *   18,787 
 930   Cars.com, Inc. *   8,351 
 749   Cogent Communications Holdings, Inc.   41,270 
 408   Etsy, Inc. *   23,052 
 3,134   Groupon, Inc. *   8,336 
 271   GrubHub, Inc. *   15,233 
 1,062   NIC, Inc.   21,930 
 323   Perficient, Inc. *   12,461 
 380   Proofpoint, Inc. *   49,039 
 1,247   QuinStreet, Inc. *   15,700 
 586   RingCentral, Inc. *   73,637 
 419   Stitch Fix, Inc. *   8,066 
 942   TechTarget, Inc. *   21,219 
 1,115   TrueCar, Inc. *   3,791 
 1,048   Yelp, Inc. *   36,417 
 391   Zendesk, Inc. *   28,496 
         396,064 
     INVESTMENT COMPANIES - 0.1%     
 750   Ellington Financial, Inc.   13,553 
           
     IRON/STEEL - 0.3%     
 322   Carpenter Technology Corp.   16,635 
 1,759   Cleveland-Cliffs, Inc.   12,700 
 991   Schnitzer Steel Industries, Inc.   20,474 
         49,809 
     LEISURE TIME - 0.6%     
 259   Fox Factory Holding Corp. *   16,120 
 484   Malibu Boats, Inc. *   14,849 
 880   MasterCraft Boat Holdings, Inc. *   13,134 
 1,318   OneSpaWorld Holdings Ltd. *   20,469 
 517   Planet Fitness, Inc. *   29,919 
         94,491 
     LODGING - 0.4%     
 713   Boyd Gaming Corp.   17,076 
 1,024   Caesars Entertainment Corp. *   11,940 
 1,507   Century Casinos, Inc. *   11,649 
 771   Marcus Corp.   28,535 
 991   Target Hospitality Corp. *   6,749 
         75,949 
     MACHINERY - DIVERSIFIED - 1.3%     
 211   Alamo Group, Inc.   24,839 
 254   Albany International Corp.   22,901 
 383   Altra Industrial Motion Corp.   10,607 
 1,338   Applied Industrial Technologies, Inc.   75,998 
 1,081   Briggs & Stratton Corp.   6,551 
 410   Cactus, Inc. *   11,865 
 353   Curtiss-Wright Corp.   45,668 
 816   DXP Enterprises, Inc. *   28,332 
 277   Manitowoc Co., Inc. *   3,463 
         230,224 

 

 

     MEDIA - 1.1%     
 1,456   Entercom Communications Corp.   4,863 
 4,818   Entravision Communications Corp.   15,321 
 1,573   Gray Television, Inc. *   25,671 
 1,484   Liberty Latin America Ltd. *   25,369 
 1,116   MSG Networks, Inc. *   18,102 
 190   Nexstar Media Group, Inc.   19,439 
 499   Sinclair Broadcast Group, Inc.   21,327 
 1,189   TEGNA, Inc.   18,465 
 1,915   Townsquare Media, Inc.   13,462 
 286   World Wrestling Entertainment, Inc.   20,349 
         182,368 
     METAL FABRICATE/HARDWARE - 0.9%     
 227   Lawson Products, Inc. *   8,792 
 453   LB Foster Co. *   9,816 
 2,479   Rexnord Corp. *   67,057 
 2,495   Ryerson Holding Corp. *   21,282 
 1,088   TimkenSteel Corp. *   6,844 
 302   TriMas Corp. *   9,256 
 975   Worthington Industries, Inc.   35,149 
         158,196 
     MINING - 0.4%     
 2,260   Coeur Mining, Inc. *   10,871 
 6,536   Hecla Mining Co.   11,503 
 429   Kaiser Aluminum Corp.   42,458 
         64,832 
     MISCELLANEOUS MANUFACTURER - 1.3%     
 178   Axon Enterprise, Inc. *   10,107 
 311   EnPro Industries, Inc.   21,350 
 816   ESCO Technologies, Inc.   64,921 
 335   Fabrinet *   17,521 
 873   Hillenbrand, Inc.   26,958 
 142   John Bean Technologies Corp.   14,119 
 128   Proto Labs, Inc. *   13,069 
 366   Raven Industries, Inc.   12,246 
 430   Standex International Corp.   31,364 
 309   Trinseo SA   13,272 
         224,927 
     OFFICE FURNISHINGS - 0.4%     
 2,204   Interface, Inc.   31,826 
 1,019   Kimball International, Inc.   19,667 
 1,001   Steelcase, Inc.   18,418 
         69,911 
     OIL & GAS - 1.6%     
 1,039   Brigham Minerals, Inc.   20,676 
 486   Carrizo Oil & Gas, Inc. *   4,172 
 2,758   CNX Resources Corp. *   20,023 
 462   CVR Energy, Inc.   20,342 
 550   Delek US Holdings, Inc.   19,965 
 3,248   Denbury Resources, Inc. *   3,865 
 5,122   Evolution Petroleum Corp.   29,912 
 2,377   Gulfport Energy Corp. *   6,442 
 1,933   Matador Resources Co. *   31,952 
 219   Montage Resources Corp. *   828 
 121   Murphy USA, Inc. *   10,321 
 4,899   Oasis Petroleum, Inc. *   16,951 
 2   Parker Drilling Co. *   38 
 342   PDC Energy, Inc. *   9,491 
 107   Penn Virginia Corp. *   3,110 
 8,102   Southwestern Energy Co. *   15,637 
 2,107   SRC Energy, Inc. *   9,819 
 2,185   Talos Energy, Inc. *   44,421 
 2,253   Valaris PLC   10,837 
         278,802 

 

 

     OIL & GAS SERVICES - 1.0%     
 2,783   Archrock, Inc.   27,746 
 394   Basic Energy Services, Inc. *   567 
 655   C&J Energy Services, Inc. *   7,028 
 273   Dril-Quip, Inc. *   13,699 
 949   Exterran Corp. *   12,394 
 1,558   Forum Energy Technologies, Inc. *   2,415 
 1,688   FTS International, Inc. *   3,781 
 190   KLX Energy Services Holdings, Inc. *   1,643 
 1,097   Matrix Service Co. *   18,803 
 607   MRC Global, Inc. *   7,363 
 1,631   Natural Gas Services Group, Inc. *   20,893 
 577   Oceaneering International, Inc. *   7,818 
 1,382   Oil States International, Inc. *   18,381 
 1,973   ProPetro Holding Corp. *   17,935 
 20,995   Superior Energy Services, Inc. *   2,729 
 2,699   TETRA Technologies, Inc. *   5,425 
 510   US Silica Holdings, Inc.   4,876 
         173,496 
     PACKAGING & CONTAINERS - 0.2%     
 417   Greif, Inc.   15,800 
 410   Matthews International Corp.   14,510 
         30,310 
     PHARMACEUTICALS - 2.9%     
 391   Aerie Pharmaceuticals, Inc. *   7,515 
 777   Aimmune Therapeutics, Inc. *   16,270 
 2,123   Akebia Therapeutics, Inc. *   8,322 
 2,804   Amneal Pharmaceuticals, Inc. *   8,132 
 4,959   Chimerix, Inc. *   11,654 
 707   Clovis Oncology, Inc. *   2,778 
 393   Coherus Biosciences, Inc. *   7,962 
 855   Concert Pharmaceuticals, Inc. *   5,027 
 1,331   Corcept Therapeutics, Inc. *   18,814 
 4,212   Corvus Pharmaceuticals, Inc. *   12,678 
 1,507   Dermira, Inc. *   9,630 
 635   Diplomat Pharmacy, Inc. *   3,111 
 209   Enanta Pharmaceuticals, Inc. *   12,557 
 798   Endo International PLC *   2,562 
 631   Global Blood Therapeutics, Inc. *   30,616 
 642   Heron Therapeutics, Inc. *   11,877 
 1,081   Horizon Pharma PLC *   29,436 
 865   Intellia Therapeutics, Inc. *   11,548 
 789   Intra-Cellular Therapies, Inc. *   5,894 
 1,900   Ironwood Pharmaceuticals, Inc. *   16,311 
 82   Mallinckrodt PLC *   198 
 215   MyoKardia, Inc. *   11,212 
 806   Natural Health Trends Corp.   5,706 
 263   Neogen Corp. *   17,913 
 1,252   Owens & Minor, Inc.   7,274 
 263   Pacira Pharmaceuticals, Inc. *   10,012 
 302   Portola Pharmaceuticals, Inc. *   8,100 
 225   PRA Health Sciences, Inc. *   22,327 
 1,491   Prestige Consumer Healthcare, Inc. *   51,723 
 179   Ra Pharmaceuticals, Inc. *   4,233 
 299   Reata Pharmaceuticals, Inc. *   24,007 
 185   Sarepta Therapeutics, Inc. *   13,934 
 3,816   Seres Therapeutics, Inc. *   15,302 
 474   Spectrum Pharmaceuticals, Inc. *   3,932 
 247   Supernus Pharmaceuticals, Inc. *   6,788 
 395   USANA Health Sciences, Inc. *   27,014 
 858   Vanda Pharmaceuticals, Inc. *   11,394 
 661   Xencor, Inc. *   22,296 
 207   Zogenix, Inc. *   8,288 
         504,347 

 

 

     REAL ESTATE - 0.8%     
 432   Marcus & Millichap, Inc. *   15,332 
 1,446   McGrath RentCorp   100,627 
 842   RE/MAX Holdings, Inc.   27,079 
         143,038 
     REAL ESTATE INVESTMENT TRUSTS - 9.1%     
 1,676   Acadia Realty Trust   47,900 
 937   Ares Commercial Real Estate Corp.   14,271 
 194   Armada Hoffler Properties, Inc.   3,509 
 7,553   Cedar Realty Trust, Inc.   22,659 
 1,808   Chatham Lodging Trust   32,815 
 1,868   City Office REIT, Inc.   26,881 
 1,061   CoreCivic, Inc.   18,334 
 2,359   CorePoint Lodging, Inc.   23,849 
 920   Cousins Properties, Inc.   34,583 
 4,618   DiamondRock Hospitality Co.   47,335 
 2,451   Easterly Government Properties, Inc.   52,206 
 1,020   EastGroup Properties, Inc.   127,520 
 5,838   First Industrial Realty Trust, Inc.   230,951 
 2,457   Four Corners Property Trust, Inc.   69,484 
 1,374   Franklin Street Properties Corp.   11,624 
 326   GEO Group, Inc.   5,653 
 4,103   Hersha Hospitality Trust   61,053 
 4,354   Invesco Mortgage Capital, Inc.   66,660 
 703   Kite Realty Group Trust   11,353 
 2,022   Ladder Capital Corp.   34,920 
 1,622   National Storage Affiliates Trust   54,126 
 544   NexPoint Residential Trust, Inc.   25,437 
 1,788   Preferred Apartment Communities, Inc.   25,837 
 363   QTS Realty Trust, Inc.   18,662 
 1,391   Rexford Industrial Realty, Inc.   61,232 
 5,792   RLJ Lodging Trust   98,406 
 556   Ryman Hospitality Properties, Inc.   45,486 
 322   STAG Industrial, Inc.   9,493 
 9,442   Summit Hotel Properties Inc   109,527 
 1,954   Sunstone Hotel Investors, Inc.   26,848 
 1,263   Terreno Realty Corp.   64,527 
 1,498   TPG RE Finance Trust, Inc.   29,720 
 2,231   Xenia Hotels & Resorts, Inc.   47,119 
         1,559,980 

 

 

     RETAIL - 5.2%     
 1,907   American Eagle Outfitters, Inc.   30,932 
 277   America’s Car-Mart, Inc. *   25,401 
 1,050   Asbury Automotive Group, Inc. *   107,446 
 2,486   Bassett Furniture Industries, Inc.   38,036 
 327   Beacon Roofing Supply, Inc. *   10,964 
 1,746   Bed Bath & Beyond, Inc.   18,577 
 405   Big Lots, Inc.   9,922 
 652   BJ’s Restaurants, Inc.   25,324 
 1,009   BJ’s Wholesale Club Holdings, Inc. *   26,103 
 1,473   Bloomin’ Brands, Inc.   27,884 
 1,364   BMC Stock Holdings, Inc. *   35,710 
 566   Brinker International, Inc.   24,151 
 655   Cato Corp.   11,535 
 742   Cheesecake Factory, Inc.   30,927 
 2,489   Chico’s FAS, Inc.   10,031 
 856   Citi Trends, Inc.   15,665 
 423   Denny’s Corp. *   9,630 
 167   Dillard’s, Inc.   11,040 
 283   FirstCash, Inc.   25,943 
 200   Five Below, Inc. *   25,220 
 1,733   Foundation Building Materials, Inc. *   26,844 
 151   Freshpet, Inc. *   7,515 
 435   Lithia Motors, Inc.   57,585 
 347   Ollie’s Bargain Outlet Holdings, Inc. *   20,348 
 716   PC Connection, Inc.   27,852 
 110   RH *   18,791 
 696   Rush Enterprises, Inc.   26,852 
 1,329   Sonic Automotive, Inc.   41,744 
 2,119   Texas Roadhouse, Inc.   111,290 
 883   Zumiez, Inc. *   27,970 
         887,232 
     SAVINGS & LOANS - 1.9%     
 4,761   Community Bankers Trust Corp.   40,945 
 1,068   First Defiance Financial Corp.   30,935 
 2,277   First Financial Northwest, Inc.   33,654 
 48   First Savings Financial Group, Inc.   3,034 
 70   Hingham Institution for Savings   13,230 
 1,710   Investors Bancorp, Inc.   19,426 
 1,688   Meridian Bancorp, Inc.   31,650 
 4,554   Riverview Bancorp, Inc.   33,609 
 1,721   United Community Financial Corp.   18,552 
 2,390   Washington Federal, Inc.   88,406 
 321   WSFS Financial Corp.   14,156 
         327,597 

 

 

     SEMICONDUCTORS - 2.2%     
 510   Alpha & Omega Semiconductor Ltd. *   6,263 
 400   Ambarella, Inc. *   25,134 
 5,456   Amkor Technology, Inc. *   49,650 
 558   Brooks Automation, Inc.   20,663 
 218   Cabot Microelectronics Corp.   30,784 
 1,770   Cirrus Logic, Inc. *   94,837 
 1,213   Cohu, Inc.   16,382 
 940   Diodes, Inc. *   37,741 
 800   GSI Technology, Inc. *   7,008 
 327   Inphi Corp. *   19,963 
 150   Power Integrations, Inc.   13,565 
 372   Semtech Corp. *   18,083 
 829   Synaptics, Inc. *   33,119 
 858   Ultra Clean Holdings, Inc. *   12,557 
         385,749 
     SOFTWARE - 4.1%     
 2,129   Allscripts Healthcare Solutions, Inc. *   23,376 
 266   Appfolio, Inc. *   25,307 
 962   Benefitfocus, Inc. *   22,905 
 253   Blackline, Inc. *   12,096 
 460   Bottomline Technologies de, Inc. *   18,101 
 942   Box, Inc. *   15,600 
 2,717   Castlight Health, Inc. *   3,831 
 3,085   Cloudera, Inc. *   27,333 
 641   Cloudflare, Inc *   11,903 
 699   Cornerstone OnDemand, Inc. *   38,319 
 310   Coupa Software, Inc. *   40,167 
 619   CSG Systems International, Inc.   31,990 
 195   Datadog, Inc. *   6,612 
 675   Domo, Inc. *   10,787 
 2,300   Evolent Health, Inc. *   16,537 
 126   Fair Isaac, Corp. *   38,244 
 333   Fastly, Inc. *   7,992 
 577   Five9, Inc. *   31,008 
 163   Health Catalyst, Inc. *   5,157 
 1,963   InnerWorkings, Inc. *   8,696 
 1,442   Inovalon Holdings, Inc. *   23,634 
 847   LivePerson, Inc. *   30,238 
 794   ManTech International Corp.   56,700 
 294   Medallia, Inc. *   8,064 
 127   MicroStrategy, Inc. *   18,843 
 173   Model N, Inc. *   4,802 
 366   New Relic, Inc. *   22,491 
 595   Omnicell, Inc. *   43,001 
 278   Phreesia, Inc. *   6,739 
 788   Progress Software Corp.   29,991 
 123   PROS Holdings, Inc. *   7,331 
 500   SPS Commerce, Inc. *   23,535 
 520   SVMK, Inc. *   8,892 
 357   Workiva, Inc. *   15,647 
 1,001   Yext, Inc. *   15,906 
         711,775 

 

 

     STOREAGE/WAREHOUSING - 0.4%     
 2,025   Mobile Mini, Inc.   74,642 
           
     TELECOMMUNICATIONS - 1.7%     
 3,916   A10 Networks, Inc. *   27,177 
 988   Calix, Inc. *   6,313 
 1,615   Ciena Corp. *   63,356 
 1,334   Consolidated Communications Holdings, Inc.   6,350 
 1,770   Extreme Networks, Inc. *   12,877 
 3,748   Infinera Corp. *   20,427 
 956   Iridium Communications, Inc. *   20,344 
 958   Ooma, Inc. *   9,963 
 250   Plantronics, Inc.   9,330 
 1,239   TESSCO Technologies, Inc.   17,804 
 258   Ubiquiti, Inc.   30,511 
 591   ViaSat, Inc. *   44,514 
 1,506   Vonage Holdings Corp. *   17,018 
         285,984 
     TRANSPORTATION - 1.3%     
 245   Atlas Air Worldwide Holdings, Inc. *   6,181 
 2,485   Covenant Transportation Group, Inc. *   40,853 
 810   Hub Group, Inc. *   37,665 
 588   Knight-Swift Transportation Holdings, Inc.   21,344 
 2,720   Marten Transport Ltd.   56,522 
 5,808   Nordic American Tankers Ltd.   12,545 
 808   Scorpio Tankers, Inc.   24,046 
 361   Universal Logistics Holdings, Inc.   8,404 
 561   Werner Enterprises, Inc.   19,803 
         227,363 
     TRUCKING & LEASING - 0.2%     
 167   GATX Corp.   12,948 
 588   Greenbrier Cos, Inc.   17,711 
         30,659 
     WATER - 0.2%     
 601   SJW Group   41,042 
           
     TOTAL COMMON STOCKS (Cost - $17,011,425)   16,711,230 
           
     WARRANT - 0.0% ^     
 20   Parker Drilling Co. (Cost - $0)   — 

 

 

     SHORT-TERM INVESTMENT - 2.5%     
     MONEY MARKET FUND - 2.5%     
 437,502   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a)(Cost - $437,502)  $437,502 
           
     TOTAL INVESTMENTS - 99.7% (Cost - $17,448,927)  $17,148,732 
     OTHER ASSETS LESS LIABILITIES - NET - 0.3%   43,094 
     TOTAL NET ASSETS - 100.0%  $17,191,826 

 

*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 September 30, 2019.

 

FUTURES CONTRACTS 
                Unrealized 
Description  Counterparty  Contracts  Expiration Date  Notional Value   Depreciation 
LONG                   
E-mini Russell 2000 Future  Goldman Sachs  6  Dec-19  $457,500   $(14,556)
   NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS   $(14,556)

 

 

Global Atlantic BlackRock Disciplined U.S. Core Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 97.9%     
     ADVERTISING - 0.6%     
 7,206   Interpublic Group of Cos, Inc.  $155,361 
           
     AEROSPACE/DEFENSE - 2.8%     
 236   Boeing Co.   89,791 
 20   HEICO Corp.   2,498 
 908   Lockheed Martin Corp.   354,174 
 258   Northrop Grumman Corp.   96,696 
 526   Raytheon Co.   103,196 
 134   Teledyne Technologies, Inc. *   43,147 
         689,502 
     AGRICULTURE - 0.8%     
 2,718   Altria Group, Inc.   111,166 
 1,173   Phillip Morris International, Inc.   89,066 
         200,232 
     AIRLINES - 0.1%     
 269   Alaska Air Group, Inc.   17,461 
 147   Delta Air Lines, Inc.   8,467 
         25,928 
     APPAREL - 0.3%     
 883   NIKE, Inc.   82,931 
           
     AUTO MANUFACTURERS - 1.4%     
 7,753   Ford Motor Co.   71,017 
 3,944   PACCAR, Inc.   276,119 
         347,136 
     AUTO PARTS & EQUIPMENT - 0.1%     
 1,842   Goodyear Tire & Rubber Co.   26,534 
           
     BANKS - 4.7%     
 7,774   Bank of America Corp.   226,768 
 521   Citigroup, Inc.   35,991 
 2,178   Citizens Financial Group, Inc.   77,036 
 40   Comerica, Inc.   2,640 
 347   Cullen/Frost Bankers, Inc.   30,727 
 1,133   First Horizon National Corp.   18,355 
 2,577   JPMorgan Chase & Co.   303,287 
 3,526   Morgan Stanley   150,454 
 433   SunTrust Banks, Inc.   29,790 
 967   US Bancorp   53,514 
 3,228   Wells Fargo & Co.   162,820 
 905   Western Alliance Bancorp   41,702 
 161   Zions Bancorp NA   7,168 
         1,140,252 
     BEVERAGES - 1.2%     
 397   Coca-Cola Co.   21,613 
 189   Molson Coors Brewing Co.   10,868 
 653   Monster Beverage Corp. *   37,913 
 1,680   PepsiCo, Inc.   230,328 
         300,722 

 

 

     BIOTECHNOLOGY - 2.6%     
 449   Amgen, Inc.   86,886 
 202   Biogen, Inc. *   47,030 
 691   Celgene Corp. *   68,616 
 5,332   Gilead Sciences, Inc.   337,942 
 282   Regeneron Pharmaceuticals, Inc. *   78,227 
 133   Vertex Pharmaceuticals, Inc. *   22,533 
         641,234 
     CHEMICALS - 1.2%     
 735   Air Products & Chemicals, Inc.   163,067 
 46   CF Industries Holdings, Inc.   2,263 
 537   Ecolab, Inc.   106,347 
 355   LyondellBasell Industries NV   31,762 
         303,439 
     COMMERCIAL SERVICES - 1.9%     
 1,967   Automatic Data Processing, Inc.   317,513 
 49   CoStar Group, Inc. *   29,067 
 1,663   H&R Block, Inc.   39,280 
 101   Insperity, Inc.   9,961 
 797   Robert Half International, Inc.   44,361 
 41   S&P Global, Inc.   10,044 
 206   Square, Inc. *   12,762 
         462,988 
     COMPUTERS - 4.9%     
 424   Accenture PLC   81,556 
 1,055   Amdocs Ltd.   69,746 
 4,239   Apple, Inc.   949,409 
 117   Dell Technologies, Inc. - Class C *   6,068 
 3,163   HP, Inc.   59,844 
 185   International Business Machines Corp.   26,903 
 131   NetApp, Inc.   6,879 
 131   Parsons Corp. *   4,320 
         1,204,725 
     COSMETICS/PERSONAL CARE - 1.4%     
 626   Estee Lauder Cos, Inc.   124,543 
 1,677   Proctor & Gamble Co.   208,585 
         333,128 
     DISTRIBUTION/WHOLESALE - 0.1%     
 824   Resideo Technologies, Inc. *   11,824 
           
     DIVERSIFIED FINANCIAL SERVICES - 6.2%     
 804   Ally Financial, Inc.   26,661 
 1,913   American Express Co.   226,270 
 909   Capital One Financial Corp.   82,701 
 2,324   Charles Schwab Corp.   97,213 
 434   CME Group, Inc.   91,722 
 714   Discover Financial Services   57,898 
 232   Evercore, Inc.   18,583 
 1,136   Intercontinental Exchange, Inc.   104,819 
 231   Invesco Ltd.   3,913 
 1,848   Mastercard, Inc.   501,861 
 1,627   TD Ameritrade Holding Corp.   75,981 
 1,274   Visa, Inc.   219,141 
         1,506,763 

 

 

     ELECTRIC - 3.1%     
 733   Alliant Energy Corp.   39,531 
 1,746   Consolidated Edison, Inc.   164,945 
 1,034   DTE Energy Co.   137,481 
 34   IDACORP, Inc.   3,831 
 1,881   OGE Energy Corp.   85,360 
 341   Pinnacle West Capital Corp.   33,101 
 4,560   Xcel Energy, Inc.   295,898 
         760,147 
     ELECTRICAL COMPONENTS & EQUIPMENT - 0.9%     
 1,594   AMETEK, Inc.   146,361 
 311   Generac Holdings, Inc. *   24,364 
 280   Hubbell, Inc.   36,792 
         207,517 
     ELECTRONICS - 1.9%     
 1,938   ADT, Inc.   12,151 
 1,856   Allegion PLC   192,374 
 987   Honeywell International, Inc.   167,000 
 2,443   National Instruments Corp.   102,582 
         474,107 
     ENGINEERING & CONSTRUCTION - 0.2%     
 275   Fluor Corp.   5,261 
 134   frontdoor, Inc. *   6,508 
 420   MasTec, Inc. *   27,271 
         39,040 
     ENTERTAINMENT - 0.1%     
 497   International Game Technology PLC   7,062 
 92   Live Nation Entertainment, Inc. *   6,103 
         13,165 
     ENVIRONMENTAL CONTROL - 0.4%     
 841   Waste Management, Inc.   96,715 
           
     FOOD - 1.3%     
 2,100   General Mills, Inc.   115,752 
 1,161   Hershey Co.   179,943 
 539   Performance Food Group Co. *   24,799 
         320,494 
     FOREST PRODUCTS & PAPER - 0.1%     
 827   Domtar Corp.   29,615 
           
     GAS - 0.2%     
 611   Southwest Gas Holdings, Inc.   55,625 
           
     HAND/MACHINE TOOLS - 0.0% ^     
 77   Snap-on, Inc.   12,054 
           
     HEALTHCARE PRODUCTS - 2.6%     
 1,305   Danaher Corp.   188,481 
 909   Hologic, Inc. *   45,895 
 180   IDEXX Laboratories, Inc. *   48,947 
 802   Medtronic PLC   87,113 
 42   Penumbra, Inc. *   5,649 
 947   Stryker Corp.   204,836 
 158   Thermo Fisher Scientific, Inc.   46,021 
         626,942 

 

 

     HEALTHCARE - SERVICES - 1.4%     
 621   Anthem, Inc.   149,102 
 793   UnitedHealth Group, Inc.   172,335 
 35   WellCare Health Plans, Inc. *   9,071 
         330,508 
     HOME BUILDERS - 0.0% ^     
 202   DR Horton, Inc.   10,647 
           
     HOUSEHOLD PRODUCTS/WARES - 0.7%     
 1,422   Church & Dwight Co., Inc.   106,991 
 519   Kimberly-Clark Corp.   73,724 
         180,715 
     INSURANCE - 5.5%     
 748   Allstate Corp.   81,293 
 864   Arthur J Gallagher & Co.   77,388 
 2,748   Berkshire Hathaway, Inc. *   571,639 
 131   Brown & Brown, Inc.   4,724 
 483   Cincinnati Financial Corp.   56,352 
 1,197   First American Financial Corp.   70,635 
 1,044   Globe Life, Inc.   99,973 
 550   Lincoln National Corp.   33,176 
 118   Mercury General Corp.   6,594 
 1,552   MetLife, Inc.   73,192 
 402   Progressive Corp.   31,055 
 1,672   Prudential Financial, Inc.   150,396 
 207   Travelers Cos, Inc.   30,779 
 1,394   Unum Group   41,430 
 248   WR Berkley Corp.   17,913 
         1,346,539 
     INTERNET - 8.6%     
 197   Alphabet, Inc. - Class A *   240,565 
 293   Alphabet, Inc. - Class C *   357,167 
 487   Amazon.com, Inc. *   845,388 
 248   CDW Corp.   30,564 
 2,599   Facebook, Inc. *   462,830 
 87   GoDaddy, Inc. *   5,740 
 675   Lyft, Inc. *   27,567 
 293   Netflix, Inc. *   78,413 
 1,022   Pinterest, Inc. *   27,032 
 19   Spotify Technology SA *   2,166 
 559   Yelp, Inc. *   19,425 
         2,096,857 
     LEISURE - 0.1%     
 259   Royal Caribbean Cruises Ltd.   28,057 
           
     LODGING - 0.2%     
 380   Boyd Gaming Corp.   9,101 
 654   Extended Stay America, Inc.   9,575 
 305   Las Vegas Sands Corp.   17,617 
         36,293 
     MACHINERY - CONSTRUCTION & MINING - 0.5%     
 167   Caterpillar, Inc.   21,094 
 1,344   Oshkosh Corp.   101,875 
         122,969 

 

 

    MACHINERY - DIVERSIFIED - 0.8%    
 89   Crane Co.   7,176 
 365   Cummins, Inc.   59,375 
 195   IDEX Corp.   31,957 
 237   Roper Technologies, Inc.   84,514 
         183,022 
     MEDIA - 1.7%     
 1,318   AMC Networks, Inc. *   64,793 
 2,738   Comcast Corp.   123,429 
 167   Fox Corp. - Class B *   5,267 
 598   Sinclair Broadcast Group, Inc.   25,559 
 712   Viacom, Inc. - Class A   18,697 
 3,753   Viacom, Inc. - Class B   90,185 
 663   Walt Disney Co.   86,402 
         414,332 
     MINING - 0.1%     
 565   Alcoa Corp. *   11,340 
 2,018   Freeport-McMoRan, Inc.   19,312 
         30,652 
     MISCELLANEOUS MANUFACTURER - 0.4%     
 81   3M Co.   13,316 
 86   Carlisle Cos, Inc.   12,516 
 355   Ingersoll-Rand PLC   43,740 
 83   Parker-Hannifin Corp.   14,991 
         84,563 
     OIL & GAS - 3.6%     
 1,070   Chevron Corp.   126,902 
 2,450   ConocoPhillips   139,601 
 205   Continental Resources, Inc. *   6,312 
 1,568   EOG Resources, Inc.   116,377 
 4,435   Exxon Mobil Corp.   313,155 
 548   Marathon Petroleum Corp.   33,291 
 1   Occidental Petroleum Corp.   44 
 563   Phillips 66   57,651 
 4,536   Transocean Ltd. *   20,276 
 609   Valero Energy Corp.   51,911 
         865,520 
     OIL & GAS SERVICES - 0.1%     
 328   Baker Hughes a GE Co.   7,610 
 960   Patterson-UTI Energy, Inc.   8,208 
         15,818 
     PACKAGING & CONTAINERS - 0.2%     
 1,642   Westrock Co.   59,851 
           
     PHARMACEUTICALS - 6.5%     
 2,153   AbbVie, Inc.   163,025 
 985   AmerisourceBergen Corp.   81,095 
 3,009   Bristol-Myers Squibb Co.   152,586 
 772   Cigna Corp.   117,182 
 2,419   CVS Health Corp.   152,566 
 507   Eli Lilly & Co.   56,698 
 3,661   Johnson & Johnson   473,660 
 1,966   Merck & Co., Inc.   165,498 
 2,660   Pfizer, Inc.   95,574 
 987   Zoetis, Inc.   122,970 
         1,580,854 

 

 

     PIPELINES - 0.3%     
 2,969   Williams Cos, Inc.   71,434 
           
     REAL ESTATE INVESTMENT TRUSTS - 2.8%     
 400   American Tower Corp.   88,452 
 167   Boston Properties, Inc.   21,653 
 737   Host Hotels & Resorts, Inc.   12,743 
 620   Invitation Homes, Inc.   18,358 
 1,466   Outfront Media, Inc.   40,725 
 3,049   Park Hotels & Resorts, Inc.   76,134 
 2,075   Prologis, Inc.   176,832 
 151   SBA Communications Corp.   36,414 
 1,335   Simon Property Group, Inc.   207,793 
         679,104 
     RETAIL - 5.9%     
 61   AutoZone, Inc. *   66,162 
 579   Costco Wholesale Corp.   166,816 
 1,401   Darden Restaurants, Inc.   165,626 
 763   Dollar General Corp.   121,271 
 37   Domino’s Pizza, Inc.   9,050 
 1,234   Home Depot, Inc.   286,313 
 426   Lululemon Athletica, Inc. *   82,018 
 982   McDonald’s Corp.   210,845 
 423   Ross Stores, Inc.   46,467 
 319   Target Corp.   34,104 
 306   Texas Roadhouse, Inc.   16,071 
 74   Tractor Supply Co.   6,693 
 1,931   Walmart, Inc.   229,170 
         1,440,606 
     SEMICONDUCTORS - 3.7%     
 2,674   Applied Materials, Inc.   133,433 
 161   Broadcom Ltd.   44,447 
 869   Cirrus Logic, Inc. *   46,561 
 4,323   Intel Corp.   222,764 
 151   Lam Research Corp.   34,898 
 1,123   NVIDIA Corp.   195,481 
 787   QUALCOMM, Inc.   60,032 
 1,294   Texas Instruments, Inc.   167,236 
         904,852 
     SOFTWARE - 8.4%     
 656   Adobe, Inc. *   181,220 
 42   Electronic Arts, Inc. *   4,108 
 296   Fidelity National Information Services, Inc.   39,297 
 475   Intuit, Inc.   126,321 
 50   Manhattan Associates, Inc. *   4,033 
 7,637   Microsoft Corp.   1,061,772 
 637   Oracle Corp.   35,054 
 1,582   Paychex, Inc.   130,942 
 1,614   salesforce.com, Inc. *   239,582 
 307   ServiceNow, Inc. *   77,932 
 759   Veeva Systems, Inc. *   115,892 
 11   Workday, Inc. *   1,870 
 3,705   Zynga, Inc. *   21,563 
         2,039,586 

 

 

     TELECOMMUNICATIONS - 3.4%     
 4,059   AT&T, Inc.   153,593 
 1,411   CenturyLink, Inc.   17,609 
 5,849   Cisco Systems, Inc.   288,999 
 2,135   Telephone & Data Systems, Inc.   55,083 
 775   United States Cellular Corp. *   29,124 
 4,753   Verizon Communications, Inc.   286,891 
         831,299 
     TRANSPORTATION - 0.5%     
 933   CH Robinson Worldwide, Inc.   79,100 
 393   CSX Corp.   27,223 
 195   Landstar System, Inc.   21,953 
         128,276 
     TRUCKING & LEASING - 0.5%     
 1,419   GATX Corp.   110,015 
           
     WATER - 0.9%     
 1,797   American Water Works Co., Inc.   223,241 
           
     TOTAL COMMON STOCKS (Cost - $21,668,656)   23,883,730 
           
     SHORT-TERM INVESTMENT - 2.0%     
     MONEY MARKET FUND - 2.0%     
           
 495,934   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a) (Cost - $495,934)   495,934 
           
     TOTAL INVESTMENTS - 99.9% (Cost - $22,164,590)  $24,379,664 
     OTHER ASSETS LESS LIABILITIES - NET - 0.1%   27,289 
     TOTAL NET ASSETS - 100.0%  $24,406,953 

 

*Non-income producing security.

 

^Represents less than 0.05%

 

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

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

FUTURES CONTRACTS 
                Unrealized 
Description  Counterparty  Contracts  Expiration Date  Notional Value   Depreciation 
LONG                 
S&P 500 E-mini Future  Goldman Sachs  3  Dec-19  $446,775   $(4,541)
   NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS    (4,541)

 

 

Global Atlantic BlackRock Disciplined Value Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 98.2%     
     ADVERTISING - 0.9%     
 112,420   Interpublic Group of Cos, Inc.  $2,423,775 
           
     AEROSPACE/DEFENSE - 1.7%     
 811   General Dynamics Corp.   148,194 
 1,216   L3Harris Technologies, Inc.   253,706 
 6,769   Lockheed Martin Corp.   2,640,316 
 579   Northrop Grumman Corp.   217,003 
 2,696   Raytheon Co.   528,928 
 2,064   Teledyne Technologies, Inc. *   664,588 
         4,452,735 
     AGRICULTURE - 1.3%     
 32,558   Altria Group, Inc.   1,331,622 
 28,467   Phillip Morris International, Inc.   2,161,500 
         3,493,122 
     AIRLINES - 0.2%     
 3,406   Alaska Air Group, Inc.   221,083 
 3,999   Delta Air Lines, Inc.   230,342 
 1,443   United Airlines Holdings, Inc. *   127,576 
         579,001 
     AUTO MANUFACTURERS - 1.7%     
 141,182   Ford Motor Co.   1,293,227 
 47,757   PACCAR, Inc.   3,343,468 
         4,636,695 
     AUTO PARTS & EQUIPMENT - 0.4%     
 15,815   Dana, Inc.   228,369 
 52,798   Goodyear Tire & Rubber Co.   760,555 
         988,924 
     BANKS - 10.4%     
 155,412   Bank of America Corp.   4,533,368 
 7,108   Bank of New York Mellon Corp.   321,353 
 556   CIT Group, Inc.   25,192 
 22,250   Citigroup, Inc.   1,537,030 
 46,155   Citizens Financial Group, Inc.   1,632,502 
 2,158   Comerica, Inc.   142,406 
 6,329   Cullen/Frost Bankers, Inc.   560,433 
 11,056   East West Bancorp, Inc.   489,670 
 9,794   First Hawaiian, Inc.   261,500 
 47,473   First Horizon National Corp.   769,063 
 59,149   JPMorgan Chase & Co.   6,961,246 
 70,723   Morgan Stanley   3,017,750 
 426   Pinnacle Financial Partners, Inc.   24,176 
 28,067   Regions Financial Corp.   444,020 
 666   State Street Corp.   39,421 
 8,865   SunTrust Banks, Inc.   609,912 
 829   Texas Capital Bancshares, Inc. *   45,305 
 17,982   US Bancorp   995,124 
 73,371   Wells Fargo & Co.   3,700,833 
 19,550   Western Alliance Bancorp   900,864 
 20,740   Zions Bancorp NA   923,345 
         27,934,513 

 

 

     BEVERAGES - 0.3%     
 3,460   Molson Coors Brewing Co.   198,950 
 4,470   Monster Beverage Corp. *   259,528 
 2,666   PepsiCo, Inc.   365,509 
         823,987 
     BIOTECHNOLOGY - 2.2%     
 4,298   10X Genomics, Inc. *   216,619 
 2,687   Biogen, Inc. *   625,587 
 64,606   Gilead Sciences, Inc.   4,094,728 
 3,783   Regeneron Pharmaceuticals, Inc. *   1,049,405 
         5,986,339 
     CHEMICALS - 2.2%     
 9,245   Air Products & Chemicals, Inc.   2,051,096 
 5,439   CF Industries Holdings, Inc.   267,599 
 3,960   DuPont de Nemours Inc   282,388 
 5,256   Ecolab, Inc.   1,040,898 
 352   International Flavors & Fragrances, Inc.   43,187 
 3,742   Linde PLC   724,900 
 15,473   LyondellBasell Industries NV   1,384,369 
 4,889   Mosaic Co.   100,225 
         5,894,662 
     COMMERCIAL SERVICES - 0.9%     
 8,132   Automatic Data Processing, Inc.   1,312,667 
 231   CoStar Group, Inc. *   137,029 
 14,237   H&R Block, Inc.   336,278 
 2,686   Insperity, Inc.   264,893 
 6,069   Robert Half International, Inc.   337,801 
         2,388,668 
     COMPUTERS - 0.8%     
 16,325   Amdocs Ltd.   1,079,246 
 412   Apple, Inc.   92,276 
 3,480   Dell Technologies, Inc. - Class C *   180,473 
 41,760   HP, Inc.   790,099 
         2,142,094 
     COSMETICS/PERSONAL CARE - 2.1%     
 3,854   Colgate-Palmolive Co.   283,308 
 2,760   Estee Lauder Cos, Inc.   549,102 
 38,588   Proctor & Gamble Co.   4,799,575 
         5,631,985 
     DISTRIBUTION/WHOLESALE - 0.1%     
 16,144   Resideo Technologies, Inc. *   231,666 
           
     DIVERSIFIED FINANCIAL SERVICES - 5.0%     
 22,597   Ally Financial, Inc.   749,317 
 19,253   American Express Co.   2,277,245 
 20,555   Capital One Financial Corp.   1,870,094 
 26,048   Charles Schwab Corp.   1,089,588 
 8,609   CME Group, Inc.   1,819,426 
 10,792   Discover Financial Services   875,123 
 6,115   Evercore, Inc.   489,812 
 12,271   Intercontinental Exchange, Inc.   1,132,245 
 12,724   Invesco Ltd.   215,545 
 7,197   Mastercard, Inc.   1,954,489 
 21,765   TD Ameritrade Holding Corp.   1,016,426 
         13,489,310 

 

 

     ELECTRIC - 6.2%     
 38,716   Alliant Energy Corp.   2,087,954 
 10,686   Avista Corp.   517,630 
 30,923   Consolidated Edison, Inc.   2,921,296 
 20,843   DTE Energy Co.   2,771,285 
 1,470   Evergy, Inc.   97,843 
 13,822   IDACORP, Inc.   1,557,325 
 33,574   OGE Energy Corp.   1,523,588 
 15,191   Pinnacle West Capital Corp.   1,474,590 
 54,167   Xcel Energy, Inc.   3,514,897 
         16,466,408 
     ELECTRICAL COMPONENTS & EQUIPMENT - 1.0%     
 15,399   AMETEK, Inc.   1,413,936 
 6,547   Generac Holdings, Inc. *   512,892 
 5,282   Hubbell, Inc.   694,055 
         2,620,883 
     ELECTRONICS - 2.1%     
 52,584   ADT, Inc.   329,702 
 20,068   Allegion PLC   2,080,048 
 3,350   Garmin Ltd.   283,712 
 9,149   Honeywell International, Inc.   1,548,011 
 32,576   National Instruments Corp.   1,367,866 
 450   SYNNEX Corp.   50,805 
         5,660,144 
     ENGINEERING & CONSTRUCTION - 0.4%     
 10,973   AECOM *   412,146 
 11,192   Fluor Corp.   214,103 
 4,405   frontdoor, Inc. *   213,951 
 1,918   MasTec, Inc. *   124,536 
         964,736 
     ENTERTAINMENT - 0.1%     
 1,734   Cinemark Holdings, Inc.   67,002 
 21,170   International Game Technology PLC   300,826 
         367,828 
     ENVIRONMENTAL CONTROL - 0.4%     
 8,157   Waste Management, Inc.   938,055 
           
     FOOD - 2.0%     
 38,218   General Mills, Inc.   2,106,576 
 14,103   Hershey Co.   2,185,824 
 4,060   Hormel Foods Corp.   177,544 
 12,980   Kraft Heinz Co.   362,596 
 9,677   Performance Food Group Co. *   445,239 
         5,277,779 
     FOREST PRODUCTS & PAPER - 0.2%     
 14,330   Domtar Corp.   513,157 
           
     GAS - 0.3%     
 9,301   Southwest Gas Holdings, Inc.   846,763 
           

 

 

     HAND/MACHINE TOOLS - 0.3%     
 4,486   Snap-on, Inc.   702,238 
           
     HEALTHCARE PRODUCTS - 2.2%     
 15,587   Danaher Corp.   2,251,230 
 4,246   Hologic, Inc. *   214,381 
 22,742   Medtronic PLC   2,470,236 
 31,463   SmileDirectClub, Inc. *   436,706 
 2,450   Stryker Corp.   529,935 
         5,902,488 
     HEALTHCARE - SERVICES - 0.6%     
 6,896   Anthem, Inc.   1,655,730 
           
     HOME BUILDERS - 0.3%     
 12,518   DR Horton, Inc.   659,824 
 1,957   Thor Industries, Inc.   110,844 
         770,668 
     HOUSEHOLD PRODUCTS/WARES - 0.9%     
 13,962   Church & Dwight Co., Inc.   1,050,501 
 1,021   Clorox Co.   155,059 
 8,737   Kimberly-Clark Corp.   1,241,091 
         2,446,651 
     INSURANCE - 9.0%     
 7,971   Aflac, Inc.   417,043 
 15,257   Allstate Corp.   1,658,131 
 6,671   American Financial Group, Inc.   719,467 
 8,694   Arthur J Gallagher & Co.   778,722 
 1,644   AXA Equitable Holdings Inc   36,431 
 45,052   Berkshire Hathaway, Inc. *   9,371,717 
 3,787   Brown & Brown, Inc.   136,559 
 12,755   Cincinnati Financial Corp.   1,488,126 
 623   Fidelity National Financial, Inc.   27,667 
 21,076   First American Financial Corp.   1,243,695 
 10,569   Globe Life, Inc.   1,012,087 
 16,592   Lincoln National Corp.   1,000,829 
 1,808   Mercury General Corp.   101,031 
 25,070   MetLife, Inc.   1,182,301 
 9,051   MGIC Investment Corp.   113,862 
 3,342   Progressive Corp.   258,170 
 32,535   Prudential Financial, Inc.   2,926,523 
 7,472   Travelers Cos, Inc.   1,111,012 
 15,899   Unum Group   472,518 
 4,179   WR Berkley Corp.   301,849 
         24,357,740 
     INTERNET - 0.5%     
 132   Amazon.com, Inc. *   229,140 
 292   CDW Corp.   35,986 
 393   Facebook, Inc. *   69,985 
 5,730   GoDaddy, Inc. *   378,065 
 8,583   Lyft, Inc. *   350,530 
 6,191   Pinterest, Inc. *   163,753 
         1,227,459 

 

 

    IRON/STEEL - 0.2%    
 3,153   Reliance Steel & Aluminum Co.   314,228 
 6,686   Steel Dynamics, Inc.   199,243 
         513,471 
     LEISURE - 0.2%     
 6,024   Royal Caribbean Cruises Ltd.   652,580 
           
     LODGING - 0.4%     
 54,413   Extended Stay America, Inc.   796,606 
 2,700   Las Vegas Sands Corp.   155,952 
         952,558 
     MACHINERY - CONSTRUCTION & MINING - 0.4%     
 14,256   Oshkosh Corp.   1,080,605 
           
     MACHINERY - DIVERSIFIED - 1.5%     
 17,990   Crane Co.   1,450,534 
 6,274   Cummins, Inc.   1,020,592 
 1,830   IDEX Corp.   299,900 
 3,395   Roper Technologies, Inc.   1,210,657 
         3,981,683 
     MEDIA - 2.4%     
 10,709   AMC Networks, Inc. *   526,454 
 32,580   Comcast Corp.   1,468,706 
 6,669   Discovery, Inc. *   177,595 
 2,848   Fox Corp. - Class A   89,826 
 1,640   Liberty Media Corp-Liberty SiriusXM - Class A *   68,175 
 5,456   Sinclair Broadcast Group, Inc.   233,189 
 5,365   Viacom, Inc. - Class A   140,885 
 41,000   Viacom, Inc. - Class B   985,230 
 21,007   Walt Disney Co.   2,737,634 
         6,427,694 
     MINING - 0.4%     
 18,728   Alcoa Corp. *   375,871 
 64,776   Freeport-McMoRan, Inc.   619,906 
         995,777 
     MISCELLANEOUS MANUFACTURER - 0.6%     
 1,791   Carlisle Cos, Inc.   260,662 
 39,920   General Electric Co.   356,885 
 2,751   Ingersoll-Rand PLC   338,951 
 3,414   Parker-Hannifin Corp.   616,603 
         1,573,101 
     OIL & GAS - 6.7%     
 10,221   Antero Resources Corp. *   30,867 
 6,473   Apache Corp   165,709 
 28,915   Chevron Corp.   3,429,319 
 982   Concho Resources, Inc.   66,678 
 46,091   ConocoPhillips   2,626,265 
 6,606   Continental Resources, Inc. *   203,399 
 23,729   EOG Resources, Inc.   1,761,166 
 83,796   Exxon Mobil Corp.   5,916,836 
 31,360   Marathon Oil Corp.   384,787 
 12,327   Marathon Petroleum Corp.   748,865 
 21,010   Nabors Industries Ltd.   39,289 
 12,019   Phillips 66   1,230,746 
 8,982   Range Resources Corp.   34,311 
 85,607   Transocean Ltd. *   382,663 
 10,501   Valero Energy Corp.   895,105 
         17,916,005 

 

 

     OIL & GAS SERVICES - 0.3%     
 7,512   Baker Hughes a GE Co.   174,278 
 26,904   Halliburton Co.   507,140 
 2,587   National Oilwell Varco, Inc.   54,844 
 21,410   Patterson-UTI Energy, Inc.   183,056 
         919,318 
     PACKAGING & CONTAINERS - 0.5%     
 3,061   Graphic Packaging Holding Co.   45,150 
 34,953   Westrock Co.   1,274,037 
         1,319,187 
     PHARMACEUTICALS - 6.8%     
 5,135   AbbVie, Inc.   388,822 
 1,565   Allergan PLC   263,374 
 9,316   AmerisourceBergen Corp.   766,986 
 38,363   Bristol-Myers Squibb Co.   1,945,388 
 10,005   Cigna Corp.   1,518,659 
 43,172   CVS Health Corp.   2,722,858 
 1,122   Jazz Pharmaceuticals PLC *   143,773 
 56,055   Johnson & Johnson   7,252,396 
 84,503   Pfizer, Inc.   3,036,193 
 2,393   Zoetis, Inc.   298,144 
         18,336,593 
     PIPELINES - 0.8%     
 31,163   Kinder Morgan, Inc.   642,269 
 57,037   Williams Cos, Inc.   1,372,310 
         2,014,579 
     REAL ESTATE INVESTMENT TRUSTS - 4.9%     
 1,981   Alexandria Real Estate Equities, Inc.   305,153 
 6,365   Boston Properties, Inc.   825,286 
 55,619   Brandywine Realty Trust   842,628 
 44,451   Host Hotels & Resorts, Inc.   768,558 
 29,487   Invitation Homes, Inc.   873,110 
 2,475   Lamar Advertising Co.   202,777 
 377   Life Storage, Inc.   39,740 
 27,812   Outfront Media, Inc.   772,617 
 55,372   Park Hotels & Resorts, Inc.   1,382,639 
 35,432   Prologis, Inc.   3,019,515 
 4,773   Regency Centers Corp.   331,676 
 43,777   RLJ Lodging Trust   743,771 
 112   SBA Communications Corp.   27,009 
 16,185   Simon Property Group, Inc.   2,519,195 
 4,001   SL Green Realty Corp.   327,082 
 3   Weingarten Realty Investors   87 
         12,980,843 
     RETAIL - 4.4%     
 109   Costco Wholesale Corp.   31,404 
 11,243   Darden Restaurants, Inc.   1,329,147 
 4,450   Dollar General Corp.   707,283 
 559   Domino’s Pizza, Inc.   136,726 
 8,461   Home Depot, Inc.   1,963,121 
 973   Kohl’s Corp.   48,319 
 2,034   Lululemon Athletica, Inc. *   391,606 
 11,366   McDonald’s Corp.   2,440,394 
 7,072   Target Corp.   756,068 
 1,925   Texas Roadhouse, Inc.   101,101 
 32,368   Walmart, Inc.   3,841,434 
         11,746,603 

 

 

     SEMICONDUCTORS - 2.9%     
 1,876   Analog Devices, Inc.   209,605 
 24,832   Applied Materials, Inc.   1,239,117 
 10,959   CirrusLogic, Inc. *   587,183 
 7,149   Cypress Semiconductor Corp.   166,858 
 86,208   Intel Corp.   4,442,298 
 283   Lam Research Corp.   65,404 
 5,392   NVIDIA Corp.   938,585 
 577   Texas Instruments, Inc.   74,571 
         7,723,621 
     SOFTWARE - 1.4%     
 9,915   Cloudflare, Inc. *   184,122 
 2,636   Dropbox, Inc. *   53,168 
 2,230   Intuit, Inc.   593,046 
 5,031   Paychex, Inc.   416,416 
 5,075   salesforce.com, Inc. *   753,333 
 1,641   ServiceNow, Inc. *   416,568 
 7,396   Veeva Systems, Inc. *   1,129,295 
 35,895   Zynga, Inc. *   208,909 
         3,754,857 
     TELECOMMUNICATIONS - 4.7%     
 111,399   AT&T, Inc.   4,215,338 
 44,869   CenturyLink, Inc.   559,965 
 5,767   Ciena Corp. *   226,239 
 17,713   Cisco Systems, Inc.   875,199 
 27,968   Telephone & Data Systems, Inc.   721,574 
 6,633   United States Cellular Corp. *   249,268 
 94,429   Verizon Communications, Inc.   5,699,734 
         12,547,317 
     TRANSPORTATION - 0.5%     
 6,339   CH Robinson Worldwide, Inc.   537,420 
 3,940   CSX Corp   272,924 
 2,088   Landstar System, Inc.   235,067 
 4,512   Ryder System, Inc.   233,586 
         1,278,997 
     TRUCKING & LEASING - 0.3%     
 11,479   GATX Corp.   889,967 
           
     WATER - 1.2%     
 25,316   American Water Works Co., Inc.   3,145,007 
           
     TOTAL COMMON STOCKS (Cost - $248,423,327)   262,566,566 

 

 

     SHORT-TERM INVESTMENT - 1.6%     
     MONEY MARKET FUND - 1.6%     
 4,308,833   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a)(Cost - $4,308,833)   4,308,833 
           
     TOTAL INVESTMENTS - 99.8% (Cost - $252,732,160)  $266,875,399 
     OTHER ASSETS LESS LIABILITIES - NET - 0.2%   419,608 
     TOTAL NET ASSETS - 100.0%  $267,295,007 

 

*Non-income producing security.

 

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

 

LP - Limited Partnerships

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

FUTURES CONTRACTS 
                Unrealized 
Description  Counterparty  Contracts  Expiration Date  Notional Value   Depreciation 
LONG                 
S&P 500 E-mini Future  Goldman Sachs  33  Dec-19  $4,914,525   $(42,086)
   NET UNREALIZED DEPRECIATION ON FUTURES CONTRACTS    (42,086)

 

 

Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Principal Amount      Coupon Rate (%)  Maturity  Value 
     CORPORATE BONDS & NOTES - 98.2%           
     ADVERTISING - 0.2%           
$100,000   MDC Partners, Inc. (a)  6.50  5/1/2024  $91,125 
 45,000   Outfront Media Capital LLC / Outfront Media Capital Corp. (a)  5.00  8/15/2027   47,232 
               138,357 
     AEROSPACE/DEFENSE - 2.5%           
 325,000   Arconic, Inc.  5.90  2/1/2027   364,098 
 60,000   BBA US Holdings, Inc. (a)  5.38  5/1/2026   63,000 
 200,000   Bombardier, Inc. (a)  8.75  12/1/2021   216,000 
 40,000   Kratos Defense & Security Solutions, Inc. (a)  6.50  11/30/2025   42,700 
 100,000   TransDigm, Inc. (a)  6.25  3/15/2026   107,375 
 250,000   TransDigm, Inc.  6.38  6/15/2026   263,125 
 200,000   TransDigm, Inc.  6.50  7/15/2024   206,250 
 250,000   TransDigm, Inc.  7.50  3/15/2027   271,875 
 200,000   TransDigm UK Holdings PLC  6.88  5/15/2026   215,000 
 50,000   Triumph Group, Inc. (a)  6.25  9/15/2024   52,010 
               1,801,433 
     AGRICULTURE - 0.6%           
 450,000   Vector Group, Ltd. (a)  6.13  2/1/2025   430,875 
                 
     AUTO MANUFACTURERS - 1.2%           
 400,000   Allison Transmission, Inc. (a)  4.75  10/1/2027   410,500 
 250,000   BCD Acquisition, Inc. (a)  9.63  9/15/2023   255,625 
 150,000   Jaguar Land Rover Automotive PLC (a)  5.63  2/1/2023   147,750 
 50,000   JB Poindexter & Co., Inc. (a)  7.13  4/15/2026   51,750 
               865,625 
     AUTO PARTS & EQUIPMENT - 0.9%           
 230,000   Adient US LLC (a)  7.00  5/15/2026   240,350 
 100,000   American Axle & Manufacturing, Inc.  6.25  4/1/2025   97,125 
 200,000   IHO Verwaltungs GmbH (a,b)  4.75  9/15/2026   196,000 
 45,000   Panther BF Aggregator 2 LP / Panther Finance Co., Inc. (a)  6.25  5/15/2026   47,362 
 15,000   Panther BF Aggregator 2 LP / Panther Finance Co., Inc. (a)  8.50  5/15/2027   15,188 
 100,000   Tenneco, Inc.  5.00  7/15/2026   81,750 
               677,775 
     BANKS - 0.5%           
 100,000   CIT Group, Inc.  5.00  8/15/2022   105,940 
 95,000   Freedom Mortgage Corp. (a)  8.25  4/15/2025   87,163 
 150,000   Provident Funding Associates LP / PFG Finance Corp. (a)  6.38  6/15/2025   145,875 
               338,978 
     BUILDING MATERIALS - 1.1%           
 160,000   Builders FirstSource, Inc. (a)  6.75  6/1/2027   172,400 
 100,000   Griffon Corp.  5.25  3/1/2022   100,750 
 200,000   James Hardie International Finance DAC (a)  5.00  1/15/2028   207,500 
 45,000   Norbord, Inc. (a)  5.75  7/15/2027   46,125 
 50,000   PGT Escrow Issuer, Inc. (a)  6.75  8/1/2026   53,875 
 100,000   Standard Industries, Inc. (a)  5.38  11/15/2024   103,000 
 100,000   Summit Materials LLC / Summit Materials Finance Corp. (a)  5.13  6/1/2025   102,500 
 30,000   Summit Materials LLC / Summit Materials Finance Corp. (a)  6.50  3/15/2027   32,025 
               818,175 
     CHEMICALS - 2.4%           
 150,000   CF Industries, Inc.  4.95  6/1/2043   147,000 
 100,000   Cornerstone Chemical Co. (a)  6.75  8/15/2024   92,346 
 350,000   CVR Partners LP / CVR Nitrogen Finance Corp. (a)  9.25  6/15/2023   364,875 
 200,000   INEOS Group Holdings SA (a)  5.63  8/1/2024   205,300 
 25,000   Ingevity Corp. (a)  4.50  2/1/2026   24,750 
 350,000   NOVA Chemicals Corp. (a)  4.88  6/1/2024   359,922 
 90,000   Nufarm Australia Ltd. / Nufarm Americas, Inc. (a)  5.75  4/30/2026   88,875 
 200,000   OCI NV (a)  6.63  4/15/2023   209,240 
 100,000   Rain CII Carbon LLC / CII Carbon Corp. (a)  7.25  4/1/2025   95,500 
 75,000   Tronox Finance PLC (a)  5.75  10/1/2025   70,931 
 100,000   Valvoline, Inc.  4.38  8/15/2025   101,750 
               1,760,489 

 

 

     COAL - 0.2%           
 125,000   SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp. (a)  7.50  6/15/2025   111,250 
                 
     COMMERCIAL SERVICES - 2.8%           
 200,000   Algeco Global Finance Plc (a)  8.00  2/15/2023   199,560 
 100,000   Brink’s Co. (The) (a)  4.63  10/15/2027   100,564 
 125,000   Graham Holdings Co. (a)  5.75  6/1/2026   134,375 
 50,000   Hertz Corp. (The)  6.25  10/15/2022   50,438 
 45,000   Hertz Corp. (The) (a)  7.13  8/1/2026   46,969 
 450,000   Hertz Corp. (The) (a)  7.63  6/1/2022   468,563 
 58,000   Prime Security Services Borrower LLC / Prime Finance Inc. (a)  9.25  5/15/2023   60,975 
 145,000   Refinitiv US Holdings, Inc. (a)  6.25  5/15/2026   155,511 
 40,000   Refinitiv US Holdings, Inc. (a)  8.25  11/15/2026   44,150 
 100,000   RR Donnelley & Sons Co.  6.50  11/15/2023   102,500 
 100,000   Service Corp. International  4.63  12/15/2027   104,375 
 20,000   Service Corp. International  5.13  6/1/2029   21,375 
 300,000   ServiceMaster Co. LLC (The) (a)  5.13  11/15/2024   311,250 
 125,000   Sotheby’s (a)  4.88  12/15/2025   126,262 
 70,000   United Rentals North America, Inc.  5.25  1/15/2030   73,369 
               2,000,236 
     COMPUTERS - 0.9%           
 500,000   Dell International LLC / EMC Corp. (a)  7.13  6/15/2024   527,000 
 125,000   NCR Corp. (a)  5.75  9/1/2027   129,375 
               656,375 
     COSMETICS/PERSONAL CARE - 0.4%           
 70,000   Avon International Capital PLC (a)  6.50  8/15/2022   72,538 
 200,000   Avon International Operations, Inc. (a)  7.88  8/15/2022   208,194 
               280,732 
     DISTRIBUTION/WHOLESALE - 0.3%           
 50,000   HD Supply, Inc. (a)  5.38  10/15/2026   52,938 
 84,000   KAR Auction Services, Inc. (a)  5.13  6/1/2025   86,940 
 45,000   Performance Food Group, Inc. (a)  5.50  10/15/2027   47,363 
               187,241 
     DIVERSIFIED FINANCIAL SERVICES - 6.4%           
 500,000   Ally Financial, Inc.  5.13  9/30/2024   546,250 
 200,000   Ally Financial, Inc.  5.75  11/20/2025   224,004 
 50,000   Avolon Holdings Funding Ltd. (a)  5.13  10/1/2023   53,050 
 245,000   Credit Acceptance Corp. (a)  6.63  3/15/2026   262,150 
 125,000   Curo Group Holdings Corp. (a)  8.25  9/1/2025   109,062 
 100,000   Global Aircraft Leasing Co Ltd. (a,b)  6.50  9/15/2024   101,250 
 200,000   Goeasy Ltd. (a)  7.88  11/1/2022   208,000 
 200,000   Jefferies Finance LLC / JFIN Co-Issuer Corp. (a)  7.25  8/15/2024   199,250 
 300,000   Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (a)  5.25  10/1/2025   306,750 
 225,000   LPL Holdings, Inc. (a)  5.75  9/15/2025   234,000 
 140,000   Nationstar Mortgage Holdings, Inc. (a)  8.13  7/15/2023   145,950 
 300,000   Nationstar Mortgage LLC / Nationstar Capital Corp.  6.50  7/1/2021   300,750 
 100,000   Navient Corp.  5.50  1/25/2023   103,250 
 200,000   Navient Corp.  6.75  6/15/2026   205,000 
 400,000   Park Aerospace Holdings Ltd. (a)  5.25  8/15/2022   421,560 
 200,000   Park Aerospace Holdings Ltd. (a)  5.50  2/15/2024   216,080 
 100,000   Quicken Loans, Inc. (a)  5.75  5/1/2025   103,125 
 100,000   Springleaf Finance Corp.  5.63  3/15/2023   106,500 
 265,000   Springleaf Finance Corp.  6.13  3/15/2024   285,206 
 45,000   Springleaf Finance Corp.  6.63  1/5/2028   48,388 
 105,000   Springleaf Finance Corp.  6.88  3/15/2025   115,697 
 200,000   Springleaf Finance Corp.  7.13  3/15/2026   221,865 
 110,000   Voyager Aviation Holdings LLC / Voyager Finance Co. (a)  8.50  8/15/2021   112,860 
               4,629,997 
     ELECTRIC - 2.0%           
 180,000   Calpine Corp. (a)  5.25  6/1/2026   186,300 
 100,000   Calpine Corp.  5.38  1/15/2023   101,250 
 80,000   Clearway Energy Operating LLC (a)  5.75  10/15/2025   84,200 
 200,000   Drax Finco PLC (a)  6.63  11/1/2025   208,000 
 50,000   NextEra Energy Operating Partners LP (a)  4.25  7/15/2024   51,500 
 400,000   NRG Energy, Inc.  7.25  5/15/2026   438,100 
 70,000   Talen Energy Supply LLC (a)  6.63  1/15/2028   68,775 
 225,000   Talen Energy Supply LLC (a)  7.25  5/15/2027   228,668 
 40,000   Vistra Operations Co. LLC (a)  5.00  7/31/2027   41,187 
               1,407,980 

 

 

     ELECTRICAL COMPONENTS & EQUIPMENT - 0.2%           
 80,000   Energizer Holdings, Inc. (a)  6.38  7/15/2026   85,691 
 20,000   Energizer Holdings, Inc. (a)  7.75  1/15/2027   22,284 
               107,975 
     ELECTRONICS - 0.1%           
 45,000   Itron, Inc. (a)  5.00  1/15/2026   46,364 
 50,000   Sensata Technologies, Inc. (a)  4.38  2/15/2030   49,937 
               96,301 
     ENERGY - ALTERNATE SOURCES - 0.1%           
 100,000   TerraForm Power Operating LLC (a)  5.00  1/31/2028   104,000 
                 
     ENGINEERING & CONSTRUCTION - 0.8%           
 150,000   AECOM  5.13  3/15/2027   157,275 
 229,000   AECOM  5.88  10/15/2024   248,923 
 45,000   Frontdoor, Inc. (a)  6.75  8/15/2026   49,276 
 90,000   New Enterprise Stone & Lime Co., Inc. (a)  6.25  3/15/2026   92,025 
 35,000   TopBuild Corp. (a)  5.63  5/1/2026   36,357 
               583,856 
     ENTERTAINMENT - 1.8%           
 75,000   Boyne USA, Inc. (a)  7.25  5/1/2025   81,720 
 35,000   Cedar Fair LP (a)  5.25  7/15/2029   37,450 
 400,000   Churchill Downs, Inc (a)  4.75  1/15/2028   410,000 
 25,000   Downstream Development Authority of the Quapaw Tribe of Oklahoma (a)  10.50  2/15/2023   26,625 
 100,000   Eldorado Resorts, Inc.  6.00  4/1/2025   105,500 
 25,000   Eldorado Resorts, Inc.  6.00  9/15/2026   27,375 
 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   207,208 
 200,000   Merlin Entertainments PLC (a)  5.75  6/15/2026   206,875 
 100,000   Six Flags Entertainment Corp. (a)  4.88  7/31/2024   103,500 
 45,000   Stars Group Holdings BV / Stars Group US Co-Borrower LLC (a)  7.00  7/15/2026   47,925 
 40,000   WMG Acquisition Corp. (a)  5.50  4/15/2026   42,000 
               1,301,516 
     ENVIRONMENTAL CONTROL - 0.5%           
 200,000   Advanced Disposal Services, Inc. (a)  5.63  11/15/2024   208,750 
 110,000   Tervita Escrow Corp. (a)  7.63  12/1/2021   111,787 
 65,000   Waste Pro USA, Inc. (a)  5.50  2/15/2026   67,012 
               387,549 
     FOOD - 2.0%           
 30,000   Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC (a)  5.88  2/15/2028   31,753 
 200,000   Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC  6.63  6/15/2024   209,500 
 10,000   Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC (a)  7.50  3/15/2026   11,125 
 400,000   Pilgrim’s Pride Corp. (a)  5.75  3/15/2025   414,000 
 100,000   Pilgrim’s Pride Corp. (a)  5.88  9/30/2027   107,400 
 100,000   Post Holdings, Inc. (a)  5.50  3/1/2025   104,750 
 70,000   Post Holdings, Inc. (a)  5.50  12/15/2029   72,975 
 300,000   Post Holdings, Inc. (a)  5.75  3/1/2027   318,060 
 200,000   Simmons Foods, Inc. (a)  5.75  11/1/2024   195,000 
               1,464,563 
     FOREST PRODUCTS & PAPER - 0.0% ^           
 25,000   Cascades, Inc. (a)  5.50  7/15/2022   25,312 
                 
     GAS - 0.7%           
 290,000   AmeriGas Partners LP / AmeriGas Finance Corp.  5.50  5/20/2025   311,388 
 200,000   AmeriGas Partners LP / AmeriGas Finance Corp.  5.63  5/20/2024   214,125 
               525,513 
     HAND/MACHINE TOOLS - 0.1%           
 55,000   Colfax Corp. (a)  6.00  2/15/2024   58,209 
 25,000   Colfax Corp. (a)  6.38  2/15/2026   26,898 
               85,107 
     HEALTHCARE-PRODUCTS - 1.7%           
 100,000   Avantor, Inc. (a)  6.00  10/1/2024   107,153 
 40,000   Hill-Rom Holdings, Inc. (a)  4.38  9/15/2027   40,894 
 100,000   Hill-Rom Holdings, Inc. (a)  5.75  9/1/2023   102,670 
 300,000   Hologic, Inc. (a)  4.38  10/15/2025   307,500 
 176,000   Kinetic Concepts, Inc. / KCI USA, Inc. (a)  7.88  2/15/2021   179,590 
 450,000   Teleflex, Inc.  4.63  11/15/2027   469,687 
               1,207,494 

 

 

     HEALTHCARE-SERVICES - 4.4%           
 40,000   Catalent Pharma Solutions, Inc. (a)  5.00  7/15/2027   41,500 
 100,000   Centene Corp.  4.75  1/15/2025   102,650 
 120,000   Centene Corp. (a)  5.38  6/1/2026   125,550 
 200,000   CHS/Community Health Systems, Inc.  6.25  3/31/2023   198,670 
 175,000   CHS/Community Health Systems, Inc. (a)  8.00  3/15/2026   174,563 
 458,000   Encompass Health Corp.  5.75  11/1/2024   462,786 
 115,000   HCA, Inc.  5.63  9/1/2028   128,145 
 650,000   HCA, Inc.  5.88  2/15/2026   726,570 
 20,000   HCA, Inc.  5.88  2/1/2029   22,465 
 175,000   Molina Healthcare, Inc.  5.38  11/15/2022   185,507 
 100,000   RegionalCare Hospital Partners Holdings, Inc. (a)  8.25  5/1/2023   106,375 
 35,000   Select Medical Corp. (a)  6.25  8/15/2026   36,575 
 100,000   Tenet Healthcare Corp.  4.63  7/15/2024   102,773 
 200,000   Tenet Healthcare Corp.  5.13  5/1/2025   202,760 
 255,000   Tenet Healthcare Corp. (a)  5.13  11/1/2027   263,504 
 100,000   WellCare Health Plans, Inc.  5.25  4/1/2025   104,125 
 170,000   WellCare Health Plans, Inc. (a)  5.38  8/15/2026   181,441 
               3,165,959 
     HOME BUILDERS - 3.1%           
 150,000   Beazer Homes USA, Inc.  5.88  10/15/2027   145,253 
 30,000   Beazer Homes USA, Inc. (a)  7.25  10/15/2029   30,487 
 168,000   Brookfield Residential Properties, Inc. / Brookfield Residential US Corp. (a)  6.25  9/15/2027   168,840 
 210,000   KB Home  6.88  6/15/2027   236,250 
 100,000   Mattamy Group Corp. (a)  6.88  12/15/2023   104,000 
 50,000   MDC Holdings, Inc.  6.00  1/15/2043   51,625 
 250,000   Meritage Homes Corp.  6.00  6/1/2025   276,250 
 400,000   PulteGroup, Inc.  5.00  1/15/2027   432,000 
 200,000   PulteGroup, Inc.  5.50  3/1/2026   218,500 
 200,000   Taylor Morrison Communities, Inc. (a)  5.75  1/15/2028   217,000 
 100,000   TRI Pointe Group, Inc. / TRI Pointe Homes, Inc.  5.88  6/15/2024   106,500 
 90,000   William Lyon Homes, Inc.  6.00  9/1/2023   93,600 
 172,000   Williams Scotsman International, Inc. (a)  6.88  8/15/2023   180,170 
               2,260,475 
     HOUSEWARES - 0.1%           
 100,000   Scotts Miracle-Gro Co. (The)  6.00  10/15/2023   103,150 
                 
     INSURANCE - 0.8%           
 50,000   Acrisure LLC/Acrisure Finance, Inc. (a)  8.13  2/15/2024   53,875 
 100,000   CNO Financial Group, Inc.  5.25  5/30/2025   107,480 
 120,000   Fidelity & Guaranty Life Holdings, Inc. (a)  5.50  5/1/2025   128,700 
 100,000   Radian Group, Inc.  4.50  10/1/2024   103,000 
 210,000   Radian Group, Inc.  4.88  3/15/2027   212,625 
               605,680 
     INTERNET - 3.8%           
 305,000   Cogent Communications Group, Inc. (a)  5.38  3/1/2022   317,200 
 150,000   Match Group, Inc. (a)  5.00  12/15/2027   155,625 
 155,000   Match Group, Inc. (a)  5.63  2/15/2029   166,237 
 200,000   Netflix, Inc.  4.38  11/15/2026   202,610 
 100,000   Symantec Corp. (a)  5.00  4/15/2025   101,102 
 600,000   VeriSign, Inc.  4.75  7/15/2027   628,500 
 200,000   VeriSign, Inc.  5.25  4/1/2025   218,360 
 400,000   Zayo Group LLC / Zayo Capital, Inc. (a)  5.75  1/15/2027   408,920 
 500,000   Zayo Group LLC / Zayo Capital Inc.  6.00  4/1/2023   513,125 
               2,711,679 
     INVESTMENT COMPANIES - 1.5%           
 150,000   Icahn Enterprises LP / Icahn Enterprises Finance Corp. (a)  4.75  9/15/2024   149,850 
 200,000   Icahn Enterprises LP / Icahn Enterprises Finance Corp.  6.25  2/1/2022   205,200 
 90,000   Icahn Enterprises LP / Icahn Enterprises Finance Corp. (a)  6.25  5/15/2026   94,388 
 600,000   Icahn Enterprises LP / Icahn Enterprises Finance Corp.  6.38  12/15/2025   630,908 
               1,080,346 

 

 

    IRON/STEEL - 2.5%          
 200,000   AK Steel Corp.  6.38  10/15/2025   170,500 
 200,000   AK Steel Corp.  7.50  7/15/2023   201,000 
 100,000   Allegheny Technologies, Inc.  5.95  1/15/2021   102,188 
 150,000   Allegheny Technologies, Inc.  7.88  8/15/2023   162,716 
 400,000   Big River Steel LLC / BRS Finance Corp. (a)  7.25  9/1/2025   422,000 
 122,000   Cleveland-Cliffs, Inc.  5.75  3/1/2025   119,865 
 200,000   Cleveland-Cliffs, Inc. (a)  5.88  6/1/2027   189,420 
 100,000   Commercial Metals Co.  5.38  7/15/2027   101,250 
 75,000   Commercial Metals Co.  5.75  4/15/2026   76,875 
 75,000   Mineral Resources Ltd. (a)  8.13  5/1/2027   77,197 
 200,000   United States Steel Corp.  6.88  8/15/2025   180,500 
               1,803,511 
     LEISURE TIME - 0.4%           
 200,000   Carlson Travel, Inc. (a)  6.75  12/15/2023   204,500 
 100,000   Viking Cruises Ltd. (a)  5.88  9/15/2027   105,960 
               310,460 
     LODGING - 1.6%           
 75,000   Boyd Gaming Corp.  6.00  8/15/2026   79,118 
 100,000   Hilton Domestic Operating Co., Inc.  4.25  9/1/2024   101,875 
 45,000   Hilton Domestic Operating Co., Inc. (a)  4.88  1/15/2030   47,513 
 45,000   Hilton Domestic Operating Co., Inc.  5.13  5/1/2026   47,250 
 400,000   Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.  4.88  4/1/2027   421,300 
 100,000   Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp. (a)  6.75  11/15/2021   102,125 
 35,000   Marriott Ownership Resorts, Inc. (a)  4.75  1/15/2028   35,350 
 50,000   Station Casinos LLC (a)  5.00  10/1/2025   50,740 
 75,000   Wyndham Destinations, Inc.  5.75  4/1/2027   81,000 
 100,000   Wyndham Hotels & Resorts, Inc. (a)  5.38  4/15/2026   104,750 
 100,000   Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. (a)  5.50  3/1/2025   105,280 
               1,176,301 
     MACHINERY - DIVERSIFIED - 0.4%           
 140,000   Cleaver-Brooks, Inc. (a)  7.88  3/1/2023   132,650 
 35,000   Mueller Water Products, Inc. (a)  5.50  6/15/2026   36,575 
 35,000   RBS Global Inc / Rexnord LLC (a)  4.88  12/15/2025   35,959 
 50,000   Stevens Holding Co., Inc. (a)  6.13  10/1/2026   53,187 
               258,371 
     MEDIA - 8.9%           
 200,000   Altice Financing SA (a)  6.63  2/15/2023   205,250 
 200,000   Altice Financing SA (a)  7.50  5/15/2026   212,498 
 200,000   Cablevision Systems Corp.  5.88  9/15/2022   215,500 
 100,000   CCO Holdings LLC / CCO Holdings Capital Corp. (a)  5.00  2/1/2028   103,375 
 200,000   CCO Holdings LLC / CCO Holdings Capital Corp. (a)  5.13  5/1/2027   208,750 
 550,000   CCO Holdings LLC / CCO Holdings Capital Corp. (a)  5.38  6/1/2029   585,750 
 200,000   CCO Holdings LLC / CCO Holdings Capital Corp. (a)  5.50  5/1/2026   209,480 
 200,000   CSC Holdings LLC (a)  5.13  12/15/2021   200,040 
 500,000   CSC Holdings LLC  5.25  6/1/2024   537,500 
 200,000   CSC Holdings LLC (a)  5.38  2/1/2028   210,750 
 200,000   CSC Holdings LLC (a)  5.50  5/15/2026   210,480 
 200,000   CSC Holdings LLC (a)  5.75  1/15/2030   209,024 
 200,000   CSC Holdings LLC (a)  6.50  2/1/2029   222,295 
 90,000   Diamond Sports Group LLC / Diamond Sports Finance Co. (a)  5.38  8/15/2026   93,375 
 140,000   Diamond Sports Group LLC / Diamond Sports Finance Co. (a)  6.63  8/15/2027   145,250 
 100,000   DISH DBS Corp.  5.88  7/15/2022   104,000 
 300,000   DISH DBS Corp.  5.88  11/15/2024   297,375 
 200,000   DISH DBS Corp.  6.75  6/1/2021   210,460 
 300,000   DISH DBS Corp.  7.75  7/1/2026   305,250 
 75,000   EW Scripps Co. (The) (a)  5.13  5/15/2025   75,188 
 121,000   Gray Television. Inc. (a)  5.88  7/15/2026   125,840 
 100,000   Nexstar Escrow, Inc. (a)  5.63  7/15/2027   104,750 
 200,000   Sirius XM Radio, Inc. (a)  3.88  8/1/2022   203,062 
 200,000   Univision Communications. Inc. (a)  5.13  5/15/2023   200,625 
 200,000   Univision Communications. Inc. (a)  5.13  2/15/2025   194,370 
 400,000   UPC Holding BV (a)  5.50  1/15/2028   415,000 
 200,000   Virgin Media Finance PLC (a)  6.00  10/15/2024   206,000 
 200,000   Virgin Media Secured Finance PLC (a)  5.50  5/15/2029   208,750 
 150,000   Ziggo BV (a)  5.50  1/15/2027   156,330 
               6,376,317 

 

 

     METAL FABRICATE/HARDWARE - 0.2%           
 45,000   Advanced Drainage Systems, Inc. (a)  5.00  9/30/2027   45,618 
 100,000   Grinding Media, Inc. / Moly-Cop AltaSteel Ltd. (a)  7.38  12/15/2023   95,500 
               141,118 
     MINING - 1.7%           
 85,000   FMG Resources August 2006 Pty Ltd. (a)  4.50  9/15/2027   83,003 
 347,000   Freeport-McMoRan, Inc.  3.55  3/1/2022   347,868 
 200,000   Hudbay Minerals, Inc. (a)  7.25  1/15/2023   206,500 
 100,000   Hudbay Minerals, Inc. (a)  7.63  1/15/2025   101,375 
 100,000   New Gold, Inc. (a)  6.25  11/15/2022   100,270 
 250,000   Northwest Acquisitions ULC / Dominion Finco, Inc. (a)  7.13  11/1/2022   146,875 
 100,000   Novelis Corp. (a)  5.88  9/30/2026   104,870 
 100,000   Novelis Corp. (a)  6.25  8/15/2024   104,500 
               1,195,261 
     OFFICE/BUSINESS EQUIPMENT - 0.6%           
 200,000   CDW LLC / CDW Finance Corp.  5.00  9/1/2025   207,750 
 200,000   CDW LLC / CDW Finance Corp.  5.50  12/1/2024   220,200 
               427,950 
     OIL & GAS - 6.2%           
 150,000   Aker BP ASA (a)  4.75  6/15/2024   156,675 
 95,000   Berry Petroleum Co. LLC (a)  7.00  2/15/2026   90,962 
 55,000   Brazos Valley Longhorn LLC / Brazos Valley Longhorn Finance Corp.  6.88  2/1/2025   47,300 
 110,000   Chesapeake Energy Corp.  7.00  10/1/2024   78,925 
 120,000   Chesapeake Energy Corp.  7.50  10/1/2026   81,600 
 200,000   Chesapeake Energy Corp.  8.00  1/15/2025   144,500 
 50,000   CNX Resources Corp.  5.88  4/15/2022   48,000 
 25,000   CNX Resources Corp. (a)  7.25  3/14/2027   20,750 
 225,000   Comstock Resources, Inc.  9.75  8/15/2026   188,053 
 55,000   Covey Park Energy LLC / Covey Park Finance Corp. (a)  7.50  5/15/2025   44,000 
 500,000   CVR Refining LLC / Coffeyville Finance, Inc.  6.50  11/1/2022   506,250 
 30,000   Denbury Resources, Inc. (a)  7.75  2/15/2024   23,175 
 100,000   Denbury Resources, Inc. (a)  9.00  5/15/2021   92,750 
 65,000   Extraction Oil & Gas,Inc. (a)  5.63  2/1/2026   39,813 
 80,000   Hilcorp Energy I LP / Hilcorp Finance Co. (a)  6.25  11/1/2028   74,400 
 50,000   Indigo Natural Resources LLC (a)  6.88  2/15/2026   45,063 
 35,000   Jagged Peak Energy LLC  5.88  5/1/2026   35,087 
 55,000   Matador Resources Co.  5.88  9/15/2026   55,105 
 100,000   Moss Creek Resources Holdings, Inc. (a)  7.50  1/15/2026   73,625 
 100,000   Murphy Oil Corp.  5.75  8/15/2025   101,500 
 75,000   Nabors Industries, Inc.  5.75  2/1/2025   55,500 
 80,000   Noble Holding International Ltd. (a)  7.88  2/1/2026   57,600 
 80,400   Northern Oil and Gas, Inc. (b)  9.50  5/15/2023   82,812 
 85,000   Oasis Petroleum, Inc. (a)  6.25  5/1/2026   68,850 
 40,000   Parkland Fuel Corp. (a)  5.88  7/15/2027   41,972 
 200,000   PBF Holding Co. LLC / PBF Finance Corp.  7.25  6/15/2025   207,250 
 30,000   PDC Energy, Inc.  5.75  5/15/2026   29,553 
 250,000   Precision Drilling Corp. (a)  7.13  1/15/2026   230,625 
 100,000   Precision Drilling Corp.  7.75  12/15/2023   97,145 
 100,000   Range Resources Corp.  5.00  3/15/2023   87,500 
 105,000   Shelf Drilling Holdings Ltd. (a)  8.25  2/15/2025   89,250 
 125,000   SM Energy Co.  6.63  1/15/2027   107,813 
 100,000   Southwestern Energy Co.  6.20  1/23/2025   87,998 
 150,000   Southwestern Energy Co.  7.50  4/1/2026   130,875 
 400,000   Sunoco LP / Sunoco Finance Corp.  5.50  2/15/2026   417,468 
 170,000   Sunoco LP / Sunoco Finance Corp.  6.00  4/15/2027   181,047 
 31,150   Transocean Guardian Ltd. (a)  5.88  1/15/2024   31,228 
 22,250   Transocean Pontus Ltd. (a)  6.13  8/1/2025   22,584 
 380,000   W&T Offshore, Inc. (a)  9.75  11/1/2023   362,756 
 70,000   Whiting Petroleum Corp.  6.63  1/15/2026   47,250 
 58,000   WPX Energy, Inc.  8.25  8/1/2023   65,250 
               4,449,859 
     OIL & GAS SERVICES - 0.6%           
 65,000   Apergy Corp.  6.38  5/1/2026   64,512 
 125,000   CSI Compressco LP / CSI Compressco Finance, Inc. (a)  7.50  4/1/2025   122,813 
 33,000   Hi-Crush, Inc. (a)  9.50  8/1/2026   19,140 
 35,000   Nine Energy Service, Inc. (a)  8.75  11/1/2023   28,350 
 100,000   SESI LLC  7.75  9/15/2024   56,500 
 135,000   USA Compression Partners LP / USA Compression Finance Corp.  6.88  4/1/2026   140,063 
               431,378 

 

 

     PACKAGING & CONTAINERS - 2.2%           
 200,000   Ball Corp.  5.25  7/1/2025   221,250 
 150,000   Berry Global, Inc. (a)  4.50  2/15/2026   147,937 
 130,000   Berry Global, Inc. (a)  4.88  7/15/2026   134,375 
 55,000   Greif, Inc. (a)  6.50  3/1/2027   58,328 
 100,000   Mauser Packaging Solutions Holding Co. (a)  5.50  4/15/2024   102,745 
 100,000   Plastipak Holdings, Inc. (a)  6.25  10/15/2025   82,500 
 500,000   Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer (a)  5.13  7/15/2023   511,875 
 300,000   Silgan Holdings, Inc.  4.75  3/15/2025   306,750 
               1,565,760 
     PHARMARCEUTICALS - 2.4%           
 60,000   Bausch Health Americas, Inc. (a)  8.50  1/31/2027   67,338 
 60,000   Bausch Health Cos., Inc. (a)  5.50  11/1/2025   62,781 
 30,000   Bausch Health Cos., Inc. (a)  5.75  8/15/2027   32,425 
 300,000   Bausch Health Cos., Inc. (a)  5.88  5/15/2023   303,750 
 600,000   Bausch Health Cos., Inc. (a)  6.13  4/15/2025   621,750 
 250,000   Bausch Health Cos., Inc. (a)  7.00  3/15/2024   262,740 
 30,000   Bausch Health Cos., Inc. (a)  7.00  1/15/2028   32,313 
 55,000   Bausch Health Cos., Inc. (a)  7.25  5/30/2029   60,077 
 150,000   Mallinckrodt International Finance SA / Mallinckrodt CB LLC (a)  5.75  8/1/2022   56,250 
 195,000   Par Pharmaceutical, Inc. (a)  7.50  4/1/2027   178,669 
 20,000   Vizient, Inc. (a)  6.25  5/15/2027   21,450 
               1,699,543 
     PIPELINES - 3.9%           
 100,000   Cheniere Corpus Christi Holdings LLC  5.88  3/31/2025   111,263 
 90,000   Cheniere Energy Partners LP (a)  4.50  10/1/2029   92,137 
 350,000   Cheniere Energy Partners LP  5.25  10/1/2025   363,125 
 140,000   Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (a)  5.63  5/1/2027   142,932 
 100,000   Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.  5.75  4/1/2025   102,750 
 255,000   DCP Midstream Operating LP  5.38  7/15/2025   271,575 
 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   97,500 
 200,000   Global Partners LP / GLP Finance Corp.  7.00  6/15/2023   206,000 
 40,000   Global Partners LP / GLP Finance Corp. (a)  7.00  8/1/2027   41,200 
 70,000   Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp. (a)  5.63  2/15/2026   73,150 
 200,000   Holly Energy Partners LP / Holly Energy Finance Corp. (a)  6.00  8/1/2024   208,750 
 200,000   NGL Energy Partners LP / NGL Energy Finance Corp.  7.50  11/1/2023   203,500 
 360,000   NGL Energy Partners LP / NGL Energy Finance Corp. (a)  7.50  4/15/2026   361,620 
 50,000   NuStar Logistics LP  5.63  4/28/2027   52,812 
 215,000   NuStar Logistics LP  6.00  6/1/2026   232,695 
 70,000   Targa Resources Partners LP / Targa Resources Partners Finance Corp.  5.88  4/15/2026   74,179 
               2,779,938 
     REAL ESTATE - 1.2%           
 350,000   Five Point Operating Co. LP / Five Point Capital Corp. (a)  7.88  11/15/2025   355,250 
 35,000   Greystar Real Estate Partners LLC (a)  5.75  12/1/2025   36,006 
 175,000   Hunt Cos., Inc. (a)  6.25  2/15/2026   171,500 
 300,000   Kennedy-Wilson, Inc.  5.88  4/1/2024   307,782 
               870,538 
     REAL ESTATE INVESTMENT TRUSTS - 4.0%           
 90,000   Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL (a)  5.75  5/15/2026   94,050 
 300,000   CoreCivic, Inc.  4.75  10/15/2027   263,625 
 300,000   GEO Group, Inc. (The)  5.13  4/1/2023   264,750 
 100,000   HAT Holdings I LLC / HAT Holdings II LLC (a)  5.25  7/15/2024   105,125 
 200,000   Iron Mountain, Inc. (a)  4.88  9/15/2027   204,536 
 500,000   MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.  5.63  5/1/2024   548,125 
 400,000   MPT Operating Partnership LP / MPT Finance Corp.  5.00  10/15/2027   419,000 
 700,000   SBA Communications Corp.  4.00  10/1/2022   714,000 
 100,000   SBA Communications Corp.  4.88  9/1/2024   103,500 
 145,000   Starwood Property Trust, Inc.  4.75  3/15/2025   149,973 
               2,866,684 

 

 

     RETAIL - 4.5%           
 200,000   KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (a)  4.75  6/1/2027   208,250 
 100,000   KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (a)  5.25  6/1/2026   105,850 
 100,000   L Brands, Inc.  6.88  11/1/2035   86,625 
 100,000   L Brands, Inc.  7.50  6/15/2029   99,500 
 120,000   Michaels Stores, Inc. (a)  8.00  7/15/2027   120,150 
 50,000   Murphy Oil USA, Inc.  4.75  9/15/2029   51,125 
 400,000   New Red Finance, Inc. (a)  4.63  1/15/2022   399,080 
 650,000   New Red Finance, Inc. (a)  5.00  10/15/2025   672,132 
 100,000   QVC, Inc.  4.45  2/15/2025   103,758 
 300,000   QVC, Inc.  5.13  7/2/2022   315,192 
 100,000   Sally Holdings LLC / Sally Capital, Inc.  5.63  12/1/2025   101,750 
 100,000   Staples, Inc. (a)  7.50  4/15/2026   103,030 
 250,000   Suburban Propane Partners LP/Suburban Energy Finance Corp.  5.50  6/1/2024   255,000 
 50,000   Superior Plus LP / Superior General Partner, Inc. (a)  7.00  7/15/2026   52,751 
 500,000   Yum! Brands, Inc.  3.88  11/1/2023   518,750 
 25,000   Yum! Brands, Inc. (a)  4.75  1/15/2030   25,816 
               3,218,759 
     SEMICONDUCTORS - 0.6%           
 200,000   Entegris, Inc. (a)  4.63  2/10/2026   207,000 
 90,000   Qorvo, Inc. (a)  4.38  10/15/2029   90,619 
 160,000   Qorvo, Inc.  5.50  7/15/2026   169,000 
               466,619 
     SOFTWARE - 1.4%           
 25,000   ACI Worldwide, Inc. (a)  5.75  8/15/2026   26,500 
 50,000   CDK Global, Inc.  5.88  6/15/2026   53,187 
 50,000   Dun & Bradstreet Corp. (The) (a)  6.88  8/15/2026   54,500 
 60,000   Fair Isaac Corp. (a)  5.25  5/15/2026   64,050 
 200,000   IQVIA, Inc. (a)  5.00  10/15/2026   209,500 
 145,000   MSCI, Inc. (a)  5.38  5/15/2027   154,787 
 100,000   Nuance Communications, Inc.  5.63  12/15/2026   105,750 
 100,000   PTC, Inc.  6.00  5/15/2024   104,750 
 150,000   Rackspace Hosting, Inc. (a)  8.63  11/15/2024   137,985 
 100,000   SS&C Technologies, Inc. (a)  5.50  9/30/2027   104,502 
               1,015,511 
     TELECOMMUNICATIONS - 9.6%           
 300,000   Altice France SA (a)  7.38  5/1/2026   321,663 
 200,000   C&W Senior Financing Plc. (a)  7.50  10/15/2026   211,000 
 500,000   CenturyLink, Inc.  5.80  3/15/2022   526,875 
 100,000   CenturyLink, Inc.  7.50  4/1/2024   111,835 
 150,000   CenturyLink, Inc.  7.60  9/15/2039   146,250 
 95,000   CommScope, Inc. (a)  5.50  3/1/2024   97,731 
 100,000   CommScope, Inc. (a)  5.50  6/15/2024   93,968 
 65,000   CommScope, Inc. (a)  6.00  3/1/2026   67,262 
 200,000   DKT Finance ApS (a)  9.38  6/17/2023   214,900 
 195,000   Frontier Communications Corp. (a)  8.50  4/1/2026   194,980 
 150,000   Hughes Satellite Systems Corp.  5.25  8/1/2026   160,500 
 250,000   Hughes Satellite Systems Corp.  6.63  8/1/2026   271,365 
 200,000   Intelsat Connect Finance SA (a)  8.00  2/15/2024   207,750 
 190,000   Level 3 Financing, Inc. (a)  4.63  9/15/2027   191,719 
 100,000   Nokia OYJ  4.38  6/12/2027   104,500 
 225,000   Qwest Corp.  6.88  9/15/2033   225,129 
 200,000   Sable International Finance Ltd. (a)  5.75  9/7/2027   206,690 
 100,000   Sprint Capital Corp.  6.88  11/15/2028   109,020 
 300,000   Sprint Communications, Inc.  6.00  11/15/2022   318,750 
 300,000   Sprint Corp.  7.13  6/15/2024   323,340 
 200,000   Sprint Corp.  7.25  9/15/2021   213,420 
 200,000   Sprint Corp.  7.63  2/15/2025   220,000 
 50,000   Sprint Corp.  7.63  3/1/2026   55,187 
 400,000   Sprint Corp.  7.88  9/15/2023   439,384 
 60,000   Telesat Canada / Telesat LLC (a)  6.50  10/15/2027   60,975 
 100,000   Telesat Canada / Telesat LLC (a)  8.88  11/15/2024   107,150 
 140,000   T-Mobile USA, Inc.  4.50  2/1/2026   144,102 
 150,000   T-Mobile USA, Inc.  4.75  2/1/2028   156,975 
 700,000   T-Mobile USA, Inc.  6.38  3/1/2025   725,172 
 200,000   T-Mobile USA, Inc.  6.50  1/15/2026   215,038 
 415,000   ViaSat, Inc. (a)  5.63  4/15/2027   435,750 
               6,878,380 

 

 

     TEXTILES - 0.2%           
 155,000   Eagle Intermediate Global Holding BV/Ruyi US Finance LLC (a)  7.50  5/1/2025   139,112 
                 
     TRANSPORTATION - 0.7%           
 100,000   Teekay Offshore Partners LP/Teekay Offshore Finance Corp. (a)  8.50  7/15/2023   98,750 
 368,000   XPO Logistics, Inc. (a)  6.50  6/15/2022   375,176 
               473,926 
     TRUCKING & LEASING - 0.3%           
 85,000   Fortress Transportation & Infrastructure Investors LLC (a)  6.50  10/1/2025   87,337 
 145,000   Fortress Transportation & Infrastructure Investors LLC (a)  6.75  3/15/2022   151,525 
               238,862 
     TOTAL CORPORATE BONDS & NOTES (Cost - $69,482,487)   70,706,151 
                 
Shares              
    SHORT-TERM INVESTMENT - 0.2%          
    MONEY MARKET FUND - 0.2%          
 161,027   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (c) (Cost - $161,027)         161,027 
                 
     TOTAL INVESTMENTS - 98.4% (Cost - $69,643,514)  $70,867,178 
     OTHER ASSETS LESS LIABILITIES - NET - 1.6%   1,137,798 
     TOTAL NET ASSETS - 100.0%        $72,004,976 

 

^- 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 September 30, 2019, these securities amounted to $38,211,685 or 53.1% of net assets.

 

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

 

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

 

LP - Limited Partnership

 

PLC - Public Limited Company

 

REITS - Real Estate Investment Trusts

 

 

Global Atlantic BlackRock High Yield Portfolio
PORTFOLIO OF INVESTMENTS (Continued)
September 30, 2019 (Unaudited)

 

FUTURES CONTRACTS 
  
                Unrealized 
   Number of            Appreciation/ 
Description  Contracts  Expiration Date  Counterparty  Notional Amount   Depreciation 
SHORT                 
U.S. 5 Year Note Future  14  December 2019  Goldman Sachs  $1,668,078   $10,551 
U.S. 10 Year Note Future  8  December 2019  Goldman Sachs   1,042,500    3,360 
                  13,911 
LONG                   
U.S. 2 Year Note Future  7  December 2019  Goldman Sachs   1,508,500    (3,555)
U.S. 10 Year Ultra Bond Future  3  December 2019  Goldman Sachs   427,219    (4,781)
U.S. Long Bond Future  4  December 2019  Goldman Sachs   649,250    (14,250)
                  (22,586)
   TOTAL NET UNREALIZED DEPRECIATION OF FUTURES CONTRACTS   $(8,675)

 

 

Global Atlantic Goldman Sachs Core Fixed Income Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Principal              
Amount      Coupon Rate (%)  Maturity  Value 
     ASSET BACKED SECURITIES - 7.6%           
$432,985   ACIS CLO 2014-4 Ltd. 3 Month USD LIBOR + 1.42 (a,b)  3.67  5/1/2026  $433,139 
 1,500,000   Assurant CLO II Ltd. 3 Month USD LIBOR + 1.04 (a,b)  3.32  4/20/2031   1,488,668 
 400,000   Catamaran CLO 2013-1 Ltd. 3 Month USD LIBOR + 0.85 (a,b)  3.11  1/27/2028   397,408 
 350,000   CBAM 2018-5 Ltd. 3 Month USD LIBOR + 1.02 (a,b)  3.32  4/17/2031   346,500 
 105,782   Harben Finance 2017-1 PLC 3 Month GBP LIBOR + 0.80 (b)  1.56  8/20/2056   130,101 
 783,143   Kentucky Higher Education Student Loan Corp. 1 Month USD LIBOR + 0.60 (b)  2.69  9/1/2028   770,895 
 181,090   London Wall Mortgage Capital PLC 3 Month GBP LIBOR + 0.85 (b)  1.62  11/15/2049   222,930 
 550,000   OCP CLO 2015-10 Ltd. 3 Month USD LIBOR + 0.82 (a,b)  3.09  10/26/2027   549,337 
 321,652   PHEAA Student Loan Trust 2012-1 1 Month USD LIBOR + 0.55 (a,b)  2.57  5/25/2057   320,734 
 498,651   Ripon Mortgages PLC 3 Month GBP LIBOR + 0.80 (b)  1.56  8/20/2056   613,289 
 40,463   Scholar Funding Trust 2010-A 3 Month USD LIBOR + 0.75 (a,b)  3.01  10/28/2041   39,953 
 200,000   Silverstone Master Issuer PLC 2019-1A 3 Month USD LIBOR + 0.57 (a,b)  2.85  1/21/2070   200,511 
 1,550,000   TICP CLO X Ltd. 3 Month USD LIBOR + 1.00 (a,b)  3.28  4/20/2031   1,528,299 
     TOTAL ASSET BACKED SECURITIES (Cost - $7,197,112)         7,041,764 
                 
     COMMERCIAL PAPER - 1.1%           
 350,000   VW Credit, Inc. (a)  2.33  12/6/2019   348,508 
 700,000   VW Credit, Inc. (a)  2.35  3/30/2020   691,893 
     TOTAL COMMERCIAL PAPER (Cost - $1,038,939)         1,040,401 
                 
     CORPORATE BONDS & NOTES - 43.4%           
     AEROSPACE/DEFENSE - 2.2%           
 150,000   Boeing Co. (The)  2.60  10/30/2025   152,214 
 100,000   Boeing Co. (The)  3.45  11/1/2028   107,088 
 125,000   General Dynamics Corp. 3 Month USD LIBOR + 0.29 (b)  2.47  5/11/2020   125,146 
 150,000   General Dynamics Corp.  2.88  5/11/2020   150,781 
 300,000   Lockheed Martin Corp.  3.55  1/15/2026   321,638 
 350,000   Northrop Grumman Corp.  2.93  1/15/2025   360,795 
 300,000   Northrop Grumman Corp.  3.25  1/15/2028   314,849 
 50,000   Northrop Grumman Corp.  4.75  6/1/2043   61,242 
 50,000   United Technologies Corp. 3 Month USD LIBOR + 0.65 (b)  2.82  8/16/2021   50,004 
 50,000   United Technologies Corp.  3.35  8/16/2021   51,291 
 275,000   United Technologies Corp.  3.95  8/16/2025   301,277 
 50,000   United Technologies Corp.  4.13  11/16/2028   56,569 
               2,052,894 
     AGRICULTURE - 0.5%           
 175,000   Altria Group, Inc.  3.80  2/14/2024   182,939 
 200,000   Reynolds American, Inc.  3.25  6/12/2020   201,265 
 75,000   Reynolds American, Inc.  4.45  6/12/2025   79,991 
               464,195 
     AUTO MANUFACTURERS - 0.2%           
 50,000   General Motors Co.  4.00  4/1/2025   51,359 
 75,000   General Motors Financial Co., Inc.  4.30  7/13/2025   77,892 
 25,000   General Motors Financial Co., Inc.  5.65  1/17/2029   27,549 
               156,800 
     BANKS - 11.8%           
 200,000   Banco Santander SA  4.25  4/11/2027   213,925 
 250,000   Bank of America Corp. 3 Month USD LIBOR + 0.93 (b)  2.82  7/21/2023   253,799 
 175,000   Bank of America Corp.  3.25  10/21/2027   181,900 
 108,000   Bank of America Corp. 3 Month USD LIBOR + 1.04 (b)  3.42  12/20/2028   112,795 
 225,000   Bank of America Corp. 3 Month USD LIBOR + 0.94 (b)  3.86  7/23/2024   237,021 
 25,000   Bank of America Corp.  4.18  11/25/2027   26,988 
 150,000   Bank of America Corp.  4.20  8/26/2024   160,889 
 125,000   Bank of America Corp. 3 Month USD LIBOR + 1.31 (b)  4.27  7/23/2029   139,048 
 100,000   Bank of America Corp.  6.11  1/29/2037   130,975 
 225,000   Barclays PLC 3 Month USD LIBOR + 1.40 (b)  4.61  2/15/2023   233,651 
 252,000   BNP Paribas (a)  3.38  1/9/2025   260,226 

 

 

    BANKS - 11.8% (Continued)          
 300,000   BNP Paribas (a)  3.50  3/1/2023   309,643 
 255,000   BPCE SA  2.65  2/3/2021   256,341 
 250,000   BPCE SA (a)  4.00  9/12/2023   263,358 
 200,000   Citigroup, Inc.  2.70  10/27/2022   202,962 
 200,000   Citigroup, Inc.  3.40  5/1/2026   208,902 
 50,000   Citigroup, Inc.3 Month USD LIBOR + 1.39 (b)  3.67  7/24/2028   52,932 
 100,000   Citigroup, Inc.  4.13  7/25/2028   107,321 
 75,000   Citigroup, Inc.  4.60  3/9/2026   81,944 
 300,000   Comerica Bank  2.50  7/23/2024   302,801 
 250,000   Cooperatieve Rabobank UA 3 Month USD LIBOR + 0.43 (b)  2.70  4/26/2021   250,891 
 250,000   Credit Suisse Group Funding Guernsey Ltd.  2.75  3/26/2020   250,668 
 255,000   Credit Suisse Group Funding Guernsey Ltd.  4.55  4/17/2026   279,998 
 250,000   Deutsche Bank AG  2.70  7/13/2020   249,488 
 250,000   HSBC Bank USA NA  4.88  8/24/2020   256,105 
 150,000   Huntington Bancshares, Inc.  4.00  5/15/2025   160,807 
 225,000   ING Groep NV (a)  4.63  1/6/2026   249,129 
 225,000   JPMorgan Chase & Co. SOFRRATE + 1.16 (b)  2.30  10/15/2025   224,149 
 200,000   JPMorgan Chase & Co.  2.95  10/1/2026   205,062 
 225,000   JPMorgan Chase & Co.  3.30  4/1/2026   235,460 
 125,000   JPMorgan Chase & Co. 3 Month USD LIBOR + 0.95 (b)  3.51  1/23/2029   132,130 
 175,000   JPMorgan Chase & Co. 3 Month USD LIBOR + 1.25 (b)  3.96  1/29/2027   189,220 
 450,000   JPMorgan Chase & Co. 3 Month USD LIBOR + 1.00 (b)  4.02  12/5/2024   479,820 
 275,000   Lloyds Bank PLC 3 Month USD LIBOR + 0.49 (b)  2.70  5/7/2021   274,972 
 225,000   Mitsubishi UFJ Financial Group, Inc.  3.75  7/18/2039   241,332 
 400,000   Mizuho Financial Group, Inc.  2.60  9/11/2022   402,974 
 75,000   Morgan Stanley SOFRRATE + 1.15 (b)  2.72  7/22/2025   75,751 
 400,000   Morgan Stanley  3.63  1/20/2027   423,537 
 275,000   Morgan Stanley  3.70  10/23/2024   291,189 
 125,000   Morgan Stanley 3 Month USD LIBOR + 0.85 (b)  3.74  4/24/2024   130,545 
 100,000   Morgan Stanley 3 Month USD LIBOR + 1.63 (b)  4.43  1/23/2030   112,316 
 150,000   Royal Bank of Canada  3.20  4/30/2021   152,822 
 300,000   Royal Bank of Scotland Group PLC 3 Month USD LIBOR + 1.55 (b)  4.52  6/25/2024   315,490 
 225,000   Santander UK PLC  2.88  6/18/2024   228,355 
 375,000   Standard Chartered PLC 3 Month USD LIBOR + 1.15 (a,b)  4.25  1/20/2023   387,712 
 250,000   Sumitomo Mitsui Banking Corp.  2.45  1/16/2020   250,176 
 200,000   UBS AG (a)  2.20  6/8/2020   199,974 
 325,000   Wells Fargo & Co.  3.00  10/23/2026   333,771 
 125,000   Wells Fargo & Co.  3.55  9/29/2025   132,109 
 25,000   Wells Fargo & Co.  4.15  1/24/2029   27,720 
 125,000   Westpac Banking Corp. H15T5Y + 2.00 (b)  4.11  7/24/2034   130,497 
               11,011,590 
     BEVERAGES - 1.9%           
 200,000   Anheuser-Busch Cos. LLC  4.70  2/1/2036   231,020 
 450,000   Anheuser-Busch Cos. LLC  4.90  2/1/2046   536,952 
 175,000   Anheuser-Busch InBev Worldwide, Inc.  4.75  1/23/2029   203,396 
 50,000   Anheuser-Busch InBev Worldwide, Inc.  5.55  1/23/2049   65,436 
 175,000   Constellation Brands, Inc. 3 Month USD LIBOR + 0.70 (b)  2.86  11/15/2021   175,000 
 125,000   Constellation Brands, Inc.  3.15  8/1/2029   127,372 
 100,000   Constellation Brands, Inc.  3.60  2/15/2028   105,579 
 200,000   Constellation Brands, Inc.  4.40  11/15/2025   221,123 
 125,000   Keurig Dr. Pepper, Inc.  4.06  5/25/2023   132,194 
               1,798,072 
     BIOTECHNOLOGY - 0.6%           
 175,000   Amgen, Inc.  3.13  5/1/2025   181,920 
 360,000   Celgene Corp.  3.88  8/15/2025   388,584 
 25,000   Celgene Corp.  3.90  2/20/2028   27,384 
               597,888 
     CHEMICALS - 0.5%           
 325,000   DuPont de Nemours, Inc.  4.21  11/15/2023   348,275 
 100,000   Sherwin-Williams Co. (The)  4.50  6/1/2047   112,062 
               460,337 

 

 

     COMMERCIAL SERVICES - 0.4%           
 75,000   Global Payments, Inc.  2.65  2/15/2025   75,347 
 50,000   Global Payments, Inc.  3.20  8/15/2029   50,705 
 225,000   PayPal Holdings, Inc.  2.65  10/1/2026   226,550 
 50,000   S&P Global, Inc.  2.95  1/22/2027   52,101 
               404,703 
     COMPUTERS - 1.1%           
 200,000   Apple, Inc.  2.45  8/4/2026   202,677 
 175,000   Apple, Inc.  2.75  1/13/2025   180,837 
 175,000   Apple, Inc.  3.25  2/23/2026   185,474 
 200,000   Dell International LLC / EMC Corp. (a)  5.45  6/15/2023   217,656 
 100,000   Dell International LLC / EMC Corp. (a)  6.02  6/15/2026   112,458 
 50,000   Hewlett Packard Enterprise Co.  4.90  10/15/2025   55,339 
 60,000   Hewlett Packard Enterprise Co.  6.35  10/15/2045   69,984 
               1,024,425 
     DIVERSIFIED FINANCIAL SERVICES - 1.7%           
 175,000   AerCap Ireland Capital DAC/AerCap Global Aviation Trust  4.88  1/16/2024   188,971 
 175,000   Air Lease Corp.  3.75  6/1/2026   181,795 
 175,000   American Express Co.  3.63  12/5/2024   185,199 
 75,000   Avolon Holdings Funding Ltd. (a)  3.95  7/1/2024   76,927 
 250,000   GE Capital International Funding Co. Unlimited Co.  3.37  11/15/2025   255,046 
 75,000   Nuveen LLC (a)  4.00  11/1/2028   83,760 
 575,000   Visa, Inc.  3.15  12/14/2025   612,877 
               1,584,575 
     ELECTRIC - 2.0%           
 50,000   Alliant Energy Finance LLC (a)  3.75  6/15/2023   52,266 
 175,000   Arizona Public Service Co.  2.95  9/15/2027   180,696 
 50,000   Berkshire Hathaway Energy Co.  3.25  4/15/2028   52,660 
 74,000   Berkshire Hathaway Energy Co.  6.13  4/1/2036   102,496 
 175,000   Dominion Energy, Inc. #  3.07  8/15/2024   179,262 
 25,000   Duke Energy Carolinas LLC  3.95  3/15/2048   28,164 
 200,000   Duke Energy Corp.  3.15  8/15/2027   207,819 
 175,000   Entergy Corp.  2.95  9/1/2026   177,707 
 75,000   MidAmerican Energy Co.  3.65  4/15/2029   82,659 
 150,000   NRG Energy, Inc. (a)  3.75  6/15/2024   154,352 
 50,000   Sempra Energy 3 Month USD LIBOR + 0.50 (b)  2.80  1/15/2021   49,946 
 125,000   Sempra Energy  3.40  2/1/2028   129,120 
 100,000   Southern California Edison Co.  4.20  3/1/2029   111,522 
 350,000   Southern Co. (The)  3.25  7/1/2026   360,944 
               1,869,613 
     ENGINEERING & CONSTRUCTION - 0.2%           
 200,000   Mexico City Airport Trust (a)  3.88  4/30/2028   196,250 
                 
     ENVIRONMENTAL CONTROL - 0.3%           
 150,000   Republic Services, Inc.  2.50  8/15/2024   151,593 
 100,000   Waste Management, Inc.  3.20  6/15/2026   105,447 
               257,040 
     FOOD - 0.8%           
 375,000   General Mills, Inc. 3 Month USD LIBOR + 0.54 (b)  2.86  4/16/2021   375,851 
 100,000   Kraft Heinz Foods Co. (a)  3.75  4/1/2030   100,934 
 50,000   Mars, Inc. (a)  2.70  4/1/2025   51,304 
 75,000   Mars, Inc. (a)  3.20  4/1/2030   79,343 
 125,000   Tyson Foods, Inc.  3.90  9/28/2023   132,445 
               739,877 
     GAS - 0.6%           
 400,000   NiSource, Inc.  3.49  5/15/2027   419,487 
 125,000   NiSource, Inc.  3.65  6/15/2023   130,493 
               549,980 
     HAND/MACHINE TOOLS - 0.2%           
 125,000   Stanley Black & Decker, Inc.  4.25  11/15/2028   142,237 
                 
     HEALTHCARE-PRODUCTS - 0.2%           
 200,000   Thermo Fisher Scientific, Inc.  3.65  12/15/2025   214,539 
                 
     HEALTHCARE-SERVICES - 0.5%           
 225,000   Sutter Health  4.09  8/15/2048   260,741 
 125,000   UnitedHealth Group, Inc.  4.75  7/15/2045   151,921 
               412,662 

 

 

     INSURANCE - 1.4%           
 200,000   AIA Group Ltd. (a)  3.20  3/11/2025   206,266 
 175,000   American International Group, Inc.  3.90  4/1/2026   186,438 
 75,000   American International Group, Inc.  4.20  4/1/2028   81,817 
 150,000   Arch Capital Finance LLC  5.03  12/15/2046   188,229 
 50,000   Great-West Lifeco Finance 2018 LP (a)  4.05  5/17/2028   55,510 
 100,000   Marsh & McLennan Cos., Inc.  4.38  3/15/2029   113,100 
 275,000   MetLife, Inc.  3.60  11/13/2025   296,659 
 75,000   Principal Financial Group, Inc.  3.10  11/15/2026   77,376 
 50,000   XLIT Ltd.  4.45  3/31/2025   54,300 
               1,259,695 
     INTERNET - 0.8%           
 100,000   Amazon.com, Inc.  3.15  8/22/2027   106,232 
 75,000   Amazon.com, Inc.  3.88  8/22/2037   86,290 
 475,000   Amazon.com, Inc.  5.20  12/3/2025   558,662 
               751,184 
     INVESTMENT COMPANIES - 0.2%           
 200,000   Huarong Finance 2019 Co. Ltd.  3.75  5/29/2024   204,044 
                 
     LODGING - 0.1%           
 100,000   Marriott International, Inc.  2.30  1/15/2022   100,021 
                 
     MACHINERY-DIVERSIFIED - 0.2%           
 125,000   Roper Technologies, Inc.  4.20  9/15/2028   137,276 
                 
     MEDIA - 1.4%           
 275,000   Comcast Corp.  3.70  4/15/2024   293,236 
 125,000   Comcast Corp.  3.95  10/15/2025   136,058 
 325,000   Comcast Corp.  4.15  10/15/2028   364,561 
 125,000   Comcast Corp.  4.25  10/15/2030   142,187 
 75,000   Fox Corp. (a)  4.03  1/25/2024   79,745 
 50,000   Fox Corp. (a)  4.71  1/25/2029   57,112 
 200,000   Walt Disney Co. (The) (a)  3.70  9/15/2024   214,717 
               1,287,616 
     MINING - 0.3%           
 250,000   Glencore Funding LLC (a)  4.63  4/29/2024   267,127 
                 
     MISCELLANEOUS MANUFACTURING - 0.1%           
 25,000   General Electric Co.  2.70  10/9/2022   25,070 
 75,000   General Electric Co.  3.10  1/9/2023   75,991 
               101,061 
     OIL & GAS - 1.5%           
 25,000   BP Capital Markets America, Inc.  3.22  4/14/2024   25,995 
 75,000   BP Capital Markets America, Inc.  3.41  2/11/2026   79,155 
 100,000   BP Capital Markets America, Inc.  4.23  11/6/2028   112,950 
 175,000   BP Capital Markets PLC  3.72  11/28/2028   190,826 
 75,000   Marathon Petroleum Corp.  3.63  9/15/2024   78,540 
 50,000   Marathon Petroleum Corp.  3.80  4/1/2028   52,099 
 100,000   Noble Energy, Inc.  3.25  10/15/2029   99,001 
 425,000   Occidental Petroleum Corp.  2.90  8/15/2024   428,180 
 25,000   Occidental Petroleum Corp.  3.20  8/15/2026   25,224 
 150,000   Phillips 66  3.90  3/15/2028   161,861 
 125,000   Pioneer Natural Resources Co.  3.95  7/15/2022   130,097 
 50,000   Total Capital International SA  3.46  7/12/2049   52,705 
               1,436,633 
     OIL & GAS SERVICES - 0.1%           
 75,000   Halliburton Co.  3.80  11/15/2025   79,442 
                 
     PHARMACEUTICALS - 1.0%           
 125,000   Abbvie, Inc.  3.75  11/14/2023   131,457 
 400,000   Cigna Corp.  3.75  7/15/2023   418,871 
 25,000   CVS Health Corp.  3.88  7/20/2025   26,452 
 75,000   CVS Health Corp.  4.78  3/25/2038   82,139 
 100,000   McKesson Corp.  2.85  3/15/2023   101,258 
 150,000   Pfizer, Inc.  3.45  3/15/2029   162,408 
               922,585 

 

 

     PIPELINES - 1.8%           
 175,000   Energy Transfer Operating LP  4.20  9/15/2023   183,912 
 100,000   Energy Transfer Operating LP  5.25  4/15/2029   112,872 
 50,000   Energy Transfer Operating LP  5.30  4/15/2047   53,783 
 300,000   Enterprise Products Operating LLC  3.70  2/15/2026   318,865 
 25,000   Kinder Morgan Energy Partners LP  5.40  9/1/2044   28,627 
 100,000   MPLX LP  4.50  4/15/2038   103,657 
 25,000   MPLX LP  4.70  4/15/2048   26,093 
 50,000   MPLX LP  4.80  2/15/2029   55,198 
 100,000   Sabine Pass Liquefaction LLC  5.00  3/15/2027   110,262 
 100,000   Sabine Pass Liquefaction LLC  5.63  4/15/2023   108,657 
 275,000   Sabine Pass Liquefaction LLC  5.63  3/1/2025   308,780 
 100,000   Sunoco Logistics Partners Operations LP  5.40  10/1/2047   109,111 
 175,000   Williams Cos., Inc. (The)  4.00  9/15/2025   184,999 
               1,704,816 
     REAL ESTATE INVESTMENT TRUSTS - 2.0%           
 75,000   Alexandria Real Estate Equities, Inc.  3.38  8/15/2031   78,325 
 75,000   Alexandria Real Estate Equities, Inc.  3.80  4/15/2026   79,793 
 175,000   American Homes 4 Rent LP  4.90  2/15/2029   198,757 
 200,000   American Tower Corp.  3.38  5/15/2024   207,876 
 75,000   Camden Property Trust  3.15  7/1/2029   77,979 
 100,000   Crown Castle International Corp.  3.15  7/15/2023   102,460 
 75,000   Crown Castle International Corp.  3.65  9/1/2027   79,410 
 75,000   CubeSmart LP  4.38  12/15/2023   79,972 
 75,000   Essex Portfolio LP  3.00  1/15/2030   75,651 
 150,000   Federal Realty Investment Trust  3.25  7/15/2027   156,259 
 100,000   Kilroy Realty LP  4.75  12/15/2028   112,515 
 125,000   Regency Centers LP  2.95  9/15/2029   124,665 
 100,000   Spirit Realty LP  3.40  1/15/2030   99,265 
 200,000   VEREIT Operating Partnership LP  4.63  11/1/2025   218,323 
 75,000   VEREIT Operating Partnership LP  4.88  6/1/2026   83,069 
 75,000   WP Carey, Inc.  3.85  7/15/2029   79,386 
               1,853,705 
     RETAIL - 0.6%           
 50,000   Alimentation Couche-Tard, Inc. (a)  3.55  7/26/2027   51,978 
 75,000   Dollar Tree, Inc.  4.00  5/15/2025   79,468 
 125,000   Dollar Tree, Inc.  4.20  5/15/2028   134,316 
 50,000   Home Depot, Inc. (The)  3.90  12/6/2028   56,178 
 150,000   Starbucks Corp.  3.80  8/15/2025   162,312 
 75,000   Walmart, Inc.  4.05  6/29/2048   90,229 
               574,481 
     SAVINGS & LOANS - 0.2%           
 200,000   Nationwide Building Society  3.96  7/18/2030   208,869 
                 
     SEMICONDUCTORS - 1.2%           
 225,000   Broadcom Corp./Broadcom Cayman Finance Ltd.  3.13  1/15/2025   223,422 
 240,000   Broadcom Corp./Broadcom Cayman Finance Ltd.  3.63  1/15/2024   245,426 
 225,000   Broadcom, Inc. (a)  3.13  10/15/2022   227,824 
 150,000   Broadcom, Inc. (a)  3.63  10/15/2024   152,512 
 125,000   Broadcom, Inc. (a)  4.25  4/15/2026   129,113 
 75,000   Microchip Technology, Inc.  3.92  6/1/2021   76,603 
 75,000   NVIDIA Corp.  3.20  9/16/2026   78,853 
               1,133,753 
     SOFTWARE - 0.7%           
 150,000   Fiserv, Inc.  2.75  7/1/2024   152,606 
 150,000   Fiserv, Inc.  3.20  7/1/2026   155,234 
 50,000   Fiserv, Inc.  3.80  10/1/2023   52,913 
 100,000   Fiserv, Inc.  4.20  10/1/2028   110,620 
 150,000   Microsoft Corp.  3.70  8/8/2046   170,719 
               642,092 
     SOVEREIGN - 2.0%           
 240,000   Abu Dhabi Government International Bond  3.13  10/11/2027   251,998 
 670,000   Kuwait Government International Bond  3.50  3/20/2027   721,764 
 100,000   Mexico Government International Bond  1.63  4/8/2026   113,784 
 520,000   Perusahaan Penerbit SBSN Indonesia III  4.55  3/29/2026   567,320 
 200,000   Qatar Government International Bond (a)  4.50  4/23/2028   227,880 
               1,882,746 

 

 

     TELECOMMUNICATIONS - 2.0%           
 100,000   AT&T, Inc.  3.20  3/1/2022   102,439 
 225,000   AT&T, Inc.  3.40  5/15/2025   234,753 
 100,000   AT&T, Inc.  3.60  7/15/2025   105,267 
 150,000   AT&T, Inc.  4.25  3/1/2027   163,202 
 50,000   AT&T, Inc.  4.90  8/15/2037   56,708 
 125,000   AT&T, Inc.  5.25  3/1/2037   147,114 
 25,000   Verizon Communications, Inc.  3.38  2/15/2025   26,372 
 75,000   Verizon Communications, Inc.  3.88  2/8/2029   82,302 
 25,000   Verizon Communications, Inc.  4.02  12/3/2029   27,783 
 313,000   Verizon Communications, Inc.  4.33  9/21/2028   354,871 
 100,000   Verizon Communications, Inc.  5.01  4/15/2049   125,733 
 100,000   Verizon Communications, Inc.  5.25  3/16/2037   123,806 
 275,000   Vodafone Group PLC  3.75  1/16/2024   289,565 
               1,839,915 
     TRANSPORTATION - 0.1%           
 75,000   Burlington Northern Santa Fe LLC  3.25  6/15/2027   79,983 
 25,000   FedEx Corp.  3.40  2/15/2028   25,719 
               105,702 
                 
     TOTAL CORPORATE BONDS & NOTES (Cost - $38,086,556)         40,430,440 
                 
     MUNICIPAL BONDS - 1.4%           
 480,000   City of Chicago IL  7.75  1/1/2042   617,458 
 25,000   New Jersey Turnpike Authority  7.10  1/1/2041   39,213 
 175,000   State of California  7.60  11/1/2040   296,053 
 325,000   State of Illinois  5.10  6/1/2033   352,020 
     TOTAL MUNICIPAL BONDS (Cost - $1,221,309)         1,304,744 
                 
     AGENCY BONDS - 1.8%           
 360,000   Federal Farm Credit Bank  3.29  1/25/2030   404,731 
 910,000   Federal Farm Credit Bank  3.43  12/6/2028   1,028,260 
 230,000   Federal Farm Credit Bank  5.27  5/1/2029   296,362 
     TOTAL AGENCY BONDS (Cost - $1,594,849)         1,729,353 
                 
     MORTGAGE BACKED SECURITIES - 48.7%           
 2,000,000   Fannie Mae TBA +^  2.50  7/25/2049   1,990,312 
 4,000,000   Fannie Mae TBA +^  3.00  5/25/2047   4,059,375 
 3,000,000   Fannie Mae TBA +^  3.50  12/25/2046   3,076,875 
 1,000,000   Fannie Mae TBA +^  4.00  11/1/2044   1,038,203 
 5,000,000   Fannie Mae TBA +^  4.50  12/25/2045   5,264,062 
 1,000,000   Fannie Mae TBA +^  4.50  11/1/2046   1,053,477 
 1,000,000   Fannie Mae TBA +^  5.00  2/25/2040   1,071,094 
 689,134   Fannie Mae Pool  4.50  6/1/2031   740,665 
 2,000,000   Freddie Mac Pool  4.00  1/1/2049   2,113,752 
 2,813,100   Freddie Mac Pool  5.00  10/1/2049   3,010,284 
 6,000,000   Ginnie Mae TBA +^  3.00  11/1/2046   6,150,000 
 2,000,000   Ginnie Mae TBA +^  3.00  2/20/2049   2,051,562 
 1,000,000   Ginnie Mae TBA +^  3.50  4/20/2047   1,035,313 
 1,000,000   Ginnie Mae TBA +^  5.00  11/20/2040   1,057,109 
 711,369   Ginnie Mae Pool  4.50  2/20/2048   747,925 
 868,909   Ginnie Mae Pool  4.50  5/20/2048   907,831 
 1,076,320   Ginnie Mae Pool  4.50  8/20/2048   1,128,659 
 5,052,850   Ginnie Mae Pool  4.50  9/20/2048   5,303,655 
 1,452,745   Ginnie Mae Pool  5.00  10/20/2048   1,535,306 
 97,054   Ginnie Mae Pool  5.00  11/20/2048   102,326 
 883,805   Ginnie Mae Pool  5.00  1/20/2049   938,895 
 937,664   Ginnie Mae Pool  5.00  2/20/2049   996,111 
     TOTAL MORTGAGE BACKED SECURITIES (Cost - $45,208,730)         45,372,791 

 

 

     U.S. TREASURY SECURITY - 0.8%           
 760,000   United States Treasury Note  1.63  9/30/2026   760,178 
                 
     TOTAL U.S. TREASURY SECURITY (Cost - $759,599)           
                 
Shares               
     SHORT-TERM INVESTMENTS - 27.0%           
     MONEY MARKET FUND - 23.6%           
 22,006,707   Fidelity Investments Money Market - Government Portfolio, Institutional Class to yield 1.86% (c)   22,006,707 
                 
Principal              
Amount      Yield (%)  Maturity    
     U.S. TREASURY BILL - 3.4%           
$3,160,000   United States Treasury Bill (d)  1.79  11/21/2019   3,151,969 
                 
     TOTAL SHORT-TERM INVESTMENTS (Cost - $25,158,085)         25,158,676 
                 
     TOTAL INVESTMENTS - 131.8% (Cost - $120,265,179)        $122,838,347 
     OTHER ASSETS LESS LIABILITIES - NET - (31.8)%         (29,662,051)
     TOTAL NET ASSETS - 100.0%        $93,176,296 

 

LIBOR - London Interbank Offered Rate

 

TBA - To Be Announced Security

 

^Delayed delivery

 

*Represents less than 0.05%.

 

#Step Coupon.

 

+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 September 30, 2019, these securities amounted to $11,018,893 or 11.8% of net assets.

 

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

 

Benchmark  Rate
1 Month USD LIBOR  2.02%
3 Month USD LIBOR  2.09%
3 Month GBP LIBOR  0.76%

 

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

 

(d)Zero coupon.

 

Principal              
Amount      Coupon Rate (%)  Maturity  Value 
     SECURITIES SOLD - (4.5)%           
     MORTGAGE BACKED SECURITIES - (4.5)%           
$2,000,000   Fannie Mae TBA +^  4.00  10/1/2044  $2,075,234 
 1,000,000   Ginnie Mae TBA +^  4.50  2/20/2045   1,044,844 
 1,000,000   Ginnie Mae TBA +^  5.00  3/20/2041   1,053,906 
     TOTAL MORTGAGE BACKED SECURITIES (Proceeds - $4,167,031)  $4,173,984 

 

 

Futures Contracts 
                  
   Number of            Unrealized Appreciation/ 
Description  Contracts  Expiration Date  Counterparty  Notional Amount   (Depreciation) 
LONG                   
Australian 3 Year Bond Future  3  Dec-19  Credit Suisse  $234,083   $1 
Australian 10 Year Bond Future  2  Dec-19  Credit Suisse   198,760    (35)
Federal Fund 30 Day Future  11  Nov-19  Credit Suisse   4,503,256    259 
U.S. 2 Year Note Future  4  Dec-19  Credit Suisse   862,000    (355)
U.S. 5 Year Note Future  21  Dec-19  Credit Suisse   2,502,117    (12,251)
U.S. Ultra Bond Future  50  Dec-19  Credit Suisse   9,595,313    (191,473)
                  (203,854)
SHORT                   
Long Gilt Future  2  Dec-19  Credit Suisse   330,848    (37)
U.S. 10 Year Note Future  1  Dec-19  Credit Suisse   130,313    (1,563)
U.S. 10 Year Ultra Note Future  17  Dec-19  Credit Suisse   2,420,906    21,473 
U.S. Long Bond Future  1  Dec-19  Credit Suisse   162,313    438 
                  20,311 
TOTAL NET UNREALIZED DEPRECIATION OF FUTURES CONTRACTS   $(183,543)

 

 

INTEREST RATE SWAPTIONS PURCHASED

 

         Expiration  Notional  Unrealized 
Counterparty  Description  Exercise Rate  Date  Amount  Depreciation 
JPMorgan  IRO USD 10 Year Call  1.585  11/13/2019  180,000  $(1,459)
Bank of America  IRO USD 10 Year Put  1.270  8/28/2020  280,000   (1,680)
Bank of America  IRO USD 10 Year Put  1.420  11/18/2019  280,000   (1,756)
JPMorgan  IRO USD 10 Year Put  1.585  11/13/2019  100,000   (823)
               $(5,718)

 

INTEREST RATE SWAPTIONS WRITTEN

 

               Unrealized 
         Expiration  Notional  Appreciation/ 
Counterparty  Description  Exercise Rate  Date  Amount  (Depreciation) 
Bank of America  IRO EUR 10 Year Call  0.065  9/15/2020  100,000  $773 
JPMorgan  IRO EUR 10 Year Call  0.065  9/15/2020  90,000   695 
JPMorgan  IRO EUR 10 Year Call  0.065  9/15/2020  100,000   730 
Bank of America  IRO EUR 10 Year Call  0.065  9/15/2020  100,000   591 
JPMorgan  IRO EUR 10 Year Call  0.065  9/15/2020  110,000   650 
Bank of America  IRO EUR 10 Year Call  0.065  9/15/2020  80,000   476 
JPMorgan  IRO EUR 10 Year Call  0.065  9/15/2020  270,000   2,115 
JPMorgan  IRO EUR 10 Year Call  0.065  9/15/2020  140,000   (63)
JPMorgan  IRO EUR 10 Year Call  0.065  9/15/2020  140,000   (58)
JPMorgan  IRO EUR 10 Year Call  0.090  11/13/2019  230,000   1,612 
JPMorgan  IRO EUR 10 Year Put  0.065  9/15/2020  100,000   (717)
JPMorgan  IRO EUR 10 Year Put  0.065  9/15/2020  90,000   (645)
JPMorgan  IRO EUR 10 Year Put  0.065  9/15/2020  100,000   (759)
Bank of America  IRO EUR 10 Year Put  0.065  9/15/2020  100,000   (566)
Bank of America  IRO EUR 10 Year Put  0.065  9/15/2020  110,000   (623)
Bank of America  IRO EUR 10 Year Put  0.065  9/15/2020  80,000   (453)
Bank of America  IRO EUR 10 Year Put  0.065  9/15/2020  270,000   (1,906)
Bank of America  IRO EUR 10 Year Put  0.065  9/15/2020  140,000   481 
Bank of America  IRO EUR 10 Year Put  0.065  9/15/2020  140,000   481 
Bank of America  IRO EUR 10 Year Put  0.090  11/13/2019  120,000   1,483 
Bank of America  IRO EUR 10 Year Put  0.250  11/18/2019  340,000   3,182 
Bank of America  IRO EUR 10 Year Put  0.256  8/28/2020  340,000   2,031 
Bank of America  IRO EUR 5 Year Put  0.600  8/24/2020  830,000   2,684 
Bank of America  IRO EUR 5 Year Put  0.600  8/24/2020  580,000   1,927 
Bank of America  IRO EUR 6 Year Put  0.600  8/24/2020  320,000   925 
               $15,046 

 

BASIS RATE SWAP

 

                   Premiums   Unrealized 
         Expiration  Notional      Paid/   Appreciation/ 
Counterparty  Rate to Receive  Rate to Pay  Date  Amount  Value   (Received)   (Depreciation) 
Credit Suisse  1 Month USD LIBOR plus 0.09%*  3 Month USD LIBOR*  7/25/2024  1,900,000  $210   $—   $210 

 

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 STIBOR*  Pay  -0.05%  3/18/2021  23,820,000  $(3,016)  $—   $(3,016)
Credit Suisse  3 Month STIBOR*  Pay  1.05%  7/8/2028  530,000   18,068    —    18,068 
Credit Suisse  3 Month STIBOR*  Receive  0.05%  12/18/2024  4,300,000   (797)   —    (797)
Credit Suisse  3 Month STIBOR*  Receive  0.40%  12/18/2029  3,680,000   (5,935)   —    (5,935)
Credit Suisse  3 Month USD LIBOR*  Pay  2.80%  8/12/2024  750,000   32,821    —    32,821 
Credit Suisse  3 Month USD LIBOR*  Receive  1.50%  12/18/2021  5,860,000   11,003    —    11,003 
Credit Suisse  3 Month USD LIBOR*  Receive  1.50%  12/18/2024  910,000   4,308    —    4,308 
Credit Suisse  6 Month Bank Bill Swap Rate**  Pay  1.25%  12/18/2029  1,880,000   7,594    —    7,594 
Credit Suisse  6 Month Bank Bill Swap Rate**  Pay  1.25%  12/18/2024  530,000   (215)   —    (215)
Credit Suisse  6 Month Bank Bill Swap Rate**  Pay  1.25%  12/18/2026  410,000   1,909    —    1,909 
Credit Suisse  6 Month EUR LIBOR**  Pay  -0.02%  9/16/1930  40,000   407    —    407 
Credit Suisse  6 Month EUR LIBOR**  Pay  0.00%  9/16/1930  210,000   (1,166)   —    (1,166)
Credit Suisse  6 Month EUR LIBOR**  Pay  0.28%  9/17/2029  440,000   5,006    —    5,006 
Credit Suisse  6 Month EUR LIBOR**  Pay  0.75%  12/18/2029  350,000   (1,263)   —    (1,263)
Credit Suisse  6 Month EUR LIBOR**  Pay  1.20%  2/12/2029  710,000   35,770    —    35,770 
Credit Suisse  6 Month EUR LIBOR**  Receive  0.30%  3/8/2028  450,000   (4,377)   —    (4,377)
Credit Suisse  6 Month GBP LIBOR**  Receive  0.90%  9/13/2029  330,000   (4,949)   —    (4,949)
Credit Suisse  6 Month GBP LIBOR**  Receive  1.50%  2/12/2029  1,060,000   (44,238)   —    (44,238)
Credit Suisse  6 Month GBP LIBOR**  Receive  1.50%  12/18/2026  200,000   (3,845)   —    (3,845)
Credit Suisse  6 Month GBP LIBOR**  Receive  1.50%  12/18/2029  300,000   (8,404)   —    (8,404)
Credit Suisse  6 Month NOK LIBOR**  Receive  1.75%  12/18/2029  5,150,000   (880)   —    (880)
Credit Suisse  Canadian Dollar Offered Rate**  Pay  2.25%  12/18/2024  1,270,000   751    —    751 
Credit Suisse  Canadian Dollar Offered Rate**  Pay  2.25%  12/18/2021  2,820,000   1,982    —    1,982 
Credit Suisse  Canadian Dollar Offered Rate**  Pay  2.50%  12/18/2029  250,000   1,353    —    1,353 
Credit Suisse  Sterling Over Night Index Average+  Receive  0.73%  7/11/2019  4,340,000   (6,655)   —    (6,655)
                       $—   $35,232 

 

 

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) 
Credit Suisse  ITRAXX Europe Series 31^  Buy  —  1.00%  6/20/2024  $950,000   $1,098   $—   $1,098 
Credit Suisse  North American Investment Grade CDX Index Series 32#  Sell  1.00%  —  6/20/2024   2,165,000    (289)   —    (289)
Credit Suisse  Prudential Financial, Inc.  Sell  1.00%  —  6/20/2024   175,000    (225)   —    (225)
Credit Suisse  Republic of Indonesia  Sell  1.00%  —  6/20/2024   10,000    1,390    —    1,390 
Credit Suisse  North American Investment Grade CDX Index Series 33#  Sell  1.00%  —  12/20/2024   925,000    321    —    321 
Credit Suisse  Russian Federation  Sell  1.00%  —  12/20/2024   70,000    1,085    —    1,085 
Credit Suisse  General Electric Company  Sell  1.00%  —  6/20/2024   225,000    1,324    —    1,324 
Credit Suisse  The Boeing Company  Sell  1.00%  —  6/20/2024   100,000    443    —    443 
                            $—   $5,147 
                                    
                            $—   $40,589 

 

*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 Bench 1.97%

 

 

Forward Foreign Currency Contracts

 

Settlement
Date		  Counterparty  Currency Units to
Receive		     In Exchange For  Unrealized Appreciation/
(Depreciation)		 
11/13/2019  Morgan Stanley  99,768  AUD  68,689  USD  $(1,300)
11/13/2019  Morgan Stanley  68,530  USD  99,768  AUD   1,141 
11/27/2019  Morgan Stanley  110,111  USD  99,712  EUR   950 
12/4/2019  Morgan Stanley  962,192  USD  777,594  GBP   1,560 
12/18/2019  Morgan Stanley  105,945  AUD  700,179  SEK   34 
12/18/2019  Morgan Stanley  416,978  AUD  287,147  USD   (5,217)
12/18/2019  Morgan Stanley  99,768  AUD  68,591  USD   (1,135)
12/18/2019  Morgan Stanley  207,029  AUD  141,847  USD   (1,869)
12/18/2019  Morgan Stanley  105,995  AUD  72,242  USD   (575)
12/18/2019  Morgan Stanley  105,957  AUD  72,204  USD   (564)
12/18/2019  Morgan Stanley  105,933  AUD  72,027  USD   (402)
12/18/2019  Morgan Stanley  106,050  AUD  72,123  USD   (419)
12/18/2019  Morgan Stanley  99,266  AUD  67,186  USD   (69)
12/18/2019  Morgan Stanley  188,454  CAD  142,926  USD   (408)
12/18/2019  Morgan Stanley  287,139  CHF  265,228  EUR   (930)
12/18/2019  Morgan Stanley  312,194  CHF  287,026  EUR   463 
12/18/2019  Morgan Stanley  141,860  CHF  130,947  EUR   (363)
12/18/2019  Morgan Stanley  142,099  CHF  130,925  EUR   (98)
12/18/2019  Morgan Stanley  139,896  CHF  143,048  USD   (1,768)
12/18/2019  Morgan Stanley  133,345  CHF  136,054  USD   (1,390)
12/18/2019  Morgan Stanley  141,046  CHF  144,009  USD   (1,569)
12/18/2019  Morgan Stanley  63,107  CHF  63,994  USD   (263)
12/18/2019  Morgan Stanley  70,014  CHF  71,012  USD   (306)
12/18/2019  Morgan Stanley  70,506  CHF  71,940  USD   (737)
12/18/2019  Morgan Stanley  64,994  EUR  106,049  AUD   (415)
12/18/2019  Morgan Stanley  103,945  EUR  113,539  CHF   (652)
12/18/2019  Morgan Stanley  257,960  EUR  30,946,724  JPY   (5,070)
12/18/2019  Morgan Stanley  128,059  EUR  15,226,588  JPY   (1,249)
12/18/2019  Morgan Stanley  64,932  EUR  645,844  NOK   49 
12/18/2019  Morgan Stanley  65,959  EUR  710,216  SEK   (278)
12/18/2019  Morgan Stanley  712,470  EUR  7,617,450  SEK   2,521 
12/18/2019  Morgan Stanley  672,736  EUR  748,741  USD   (10,864)
12/18/2019  Morgan Stanley  129,933  EUR  144,061  USD   (1,543)
12/18/2019  Morgan Stanley  128,966  EUR  143,273  USD   (1,819)
12/18/2019  Morgan Stanley  102,952  EUR  114,471  USD   (1,550)
12/18/2019  Morgan Stanley  154,901  EUR  172,521  USD   (2,620)
12/18/2019  Morgan Stanley  103,058  EUR  114,779  USD   (1,742)
12/18/2019  Morgan Stanley  64,994  EUR  71,950  USD   (663)
12/18/2019  Morgan Stanley  128,951  EUR  142,874  USD   (1,437)
12/18/2019  Morgan Stanley  128,978  EUR  142,934  USD   (1,467)
12/18/2019  Morgan Stanley  80,286  GBP  99,423  USD   (168)
12/18/2019  Morgan Stanley  11,669,457  JPY  160,013  AUD   413 

 

 

12/18/2019  Morgan Stanley  7,723,380  JPY  113,951  NZD   297 
12/18/2019  Morgan Stanley  15,299,095  JPY  145,000  USD   (2,618)
12/18/2019  Morgan Stanley  43,151,799  JPY  405,978  USD   (4,382)
12/18/2019  Morgan Stanley  15,306,375  JPY  142,014  USD   436 
12/18/2019  Morgan Stanley  6,873,060  JPY  64,523  USD   (559)
12/18/2019  Morgan Stanley  7,991,992  JPY  74,759  USD   (380)
12/18/2019  Morgan Stanley  34,881,527  JPY  326,852  USD   (2,224)
12/18/2019  Morgan Stanley  6,849,622  JPY  63,994  USD   (248)
12/18/2019  Morgan Stanley  7,736,524  JPY  72,035  USD   (34)
12/18/2019  Morgan Stanley  1,016,640  NOK  149,682  CAD   (1,166)
12/18/2019  Morgan Stanley  12,172,307  NOK  1,217,684  EUR   5,764 
12/18/2019  Morgan Stanley  635,711  NOK  63,936  EUR   (74)
12/18/2019  Morgan Stanley  115,001  NZD  65,951  EUR   (96)
12/18/2019  Morgan Stanley  181,567  NZD  116,747  USD   (2,692)
12/18/2019  Morgan Stanley  112,067  NZD  72,324  USD   (1,926)
12/18/2019  Morgan Stanley  111,961  NZD  72,075  USD   (1,744)
12/18/2019  Morgan Stanley  707,694  SEK  66,064  EUR   (95)
12/18/2019  Morgan Stanley  693,954  SEK  64,960  EUR   (288)
12/18/2019  Morgan Stanley  690,798  SEK  64,957  EUR   (608)
12/18/2019  Morgan Stanley  692,483  SEK  64,997  EUR   (479)
12/18/2019  Morgan Stanley  700,304  SEK  65,002  EUR   315 
12/18/2019  Morgan Stanley  700,204  SEK  65,002  EUR   305 
12/18/2019  Morgan Stanley  699,749  SEK  64,976  EUR   287 
12/18/2019  Morgan Stanley  694,833  SEK  64,998  EUR   (241)
12/18/2019  Morgan Stanley  694,759  SEK  64,973  EUR   (221)
12/18/2019  Morgan Stanley  173,291  SEK  16,241  EUR   (94)
12/18/2019  Morgan Stanley  548,088  SEK  51,019  EUR   87 
12/18/2019  Morgan Stanley  344,132  SEK  35,613  USD   (423)
12/18/2019  Morgan Stanley  341,926  SEK  35,339  USD   (375)
12/18/2019  Morgan Stanley  354,215  SEK  36,354  USD   (133)
12/18/2019  Morgan Stanley  300,097  USD  440,461  AUD   2,289 
12/18/2019  Morgan Stanley  71,039  USD  103,011  AUD   1,390 
12/18/2019  Morgan Stanley  84,601  USD  123,008  AUD   1,432 
12/18/2019  Morgan Stanley  71,466  USD  104,941  AUD   513 
12/18/2019  Morgan Stanley  35,477  USD  52,217  AUD   172 
12/18/2019  Morgan Stanley  71,718  USD  105,069  AUD   678 
12/18/2019  Morgan Stanley  35,460  USD  52,036  AUD   277 
12/18/2019  Morgan Stanley  36,318  USD  53,643  AUD   49 
12/18/2019  Morgan Stanley  677,977  USD  896,371  CAD   96 
12/18/2019  Morgan Stanley  71,994  USD  94,970  CAD   173 
12/18/2019  Morgan Stanley  144,030  USD  190,791  CAD   (256)
12/18/2019  Morgan Stanley  143,918  USD  190,869  CAD   (428)
12/18/2019  Morgan Stanley  144,073  USD  141,515  CHF   1,158 
12/18/2019  Morgan Stanley  141,974  USD  139,336  CHF   1,259 
12/18/2019  Morgan Stanley  143,000  USD  140,949  CHF   657 
12/18/2019  Morgan Stanley  145,980  USD  132,000  EUR   1,199 

 

 

12/18/2019  Morgan Stanley  210,084  USD  190,128  EUR   1,546 
12/18/2019  Morgan Stanley  147,010  USD  131,950  EUR   2,283 
12/18/2019  Morgan Stanley  285,069  USD  256,978  EUR   3,207 
12/18/2019  Morgan Stanley  143,301  USD  128,927  EUR   1,890 
12/18/2019  Morgan Stanley  143,635  USD  129,924  EUR   1,130 
12/18/2019  Morgan Stanley  143,961  USD  131,005  EUR   271 
12/18/2019  Morgan Stanley  142,060  USD  129,426  EUR   102 
12/18/2019  Morgan Stanley  72,000  USD  7,651,440  JPY   791 
12/18/2019  Morgan Stanley  48,810  USD  5,187,383  JPY   533 
12/18/2019  Morgan Stanley  143,055  USD  15,349,400  JPY   205 
12/18/2019  Morgan Stanley  169,590  USD  18,167,137  JPY   516 
12/18/2019  Morgan Stanley  71,979  USD  643,333  NOK   1,085 
12/18/2019  Morgan Stanley  408,684  USD  637,776  NZD   8,048 
12/18/2019  Morgan Stanley  71,019  USD  112,044  NZD   636 
12/18/2019  Morgan Stanley  71,070  USD  112,005  NZD   712 
12/18/2019  Morgan Stanley  71,375  USD  112,979  NZD   404 
12/18/2019  Morgan Stanley  71,552  USD  114,060  NZD   (97)
12/18/2019  Morgan Stanley  71,813  USD  113,910  NZD   258 
12/18/2019  Morgan Stanley  71,881  USD  113,951  NZD   300 
12/18/2019  Morgan Stanley  70,903  USD  112,978  NZD   (68)
12/19/2019  Morgan Stanley  103,921  AUD  94,473  CAD   (1,181)
12/19/2019  Morgan Stanley  69,989  CHF  70,983  USD   (293)
12/19/2019  Morgan Stanley  130,057  EUR  210,224  AUD   521 
12/19/2019  Morgan Stanley  129,951  EUR  190,708  CAD   (1,679)
12/19/2019  Morgan Stanley  260,109  EUR  282,287  CHF   211 
12/19/2019  Morgan Stanley  259,949  EUR  283,846  CHF   (1,540)
12/19/2019  Morgan Stanley  1,278,994  NOK  142,935  USD   (1,990)
12/19/2019  Morgan Stanley  692,369  SEK  65,003  EUR   (498)
12/19/2019  Morgan Stanley  416,162  SEK  39,066  EUR   (293)
12/19/2019  Morgan Stanley  691,887  SEK  64,964  EUR   (505)
12/19/2019  Morgan Stanley  142,935  USD  188,605  CAD   299 
12/19/2019  Morgan Stanley  71,042  USD  69,844  CHF   498 
12/19/2019  Morgan Stanley  23,030  USD  22,619  CHF   185 
12/19/2019  Morgan Stanley  70,935  USD  7,604,847  JPY   152 
12/19/2019  Morgan Stanley  143,005  USD  15,347,769  JPY   154 
NET UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS  $(28,946)

 

 

Global Atlantic Goldman Sachs Global Equity Insights Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 98.9%     
     AEROSPACE/DEFENSE - 2.3%     
 642   Airbus SE  $83,429 
 1,175   HEICO Corp.   146,734 
 636   L3Harris Technologies, Inc. *   132,695 
 7,806   Leonardo SpA   91,824 
 98   Northrop Grumman Corp.   36,729 
 1,073   Safran SA   168,975 
         660,386 
     AGRICULTURE - 1.6%     
 3,238   British American Tobacco PLC   120,005 
 699   Bunge Ltd.   39,577 
 5,586   Imperial Brands PLC   125,847 
 4,069   Swedish Match AB   168,477 
         453,906 
     AIRLINES - 1.1%     
 206   Copa Holdings SA   20,343 
 2,586   Delta Air Lines, Inc.   148,954 
 14,421   International Consolidated Airlines Group SA   84,411 
 2,640   JetBlue Airways Corp.   44,220 
         297,928 
     APPAREL - 0.7%     
 401   Kering SA   204,399 
           
     AUTO MANUFACTURERS - 1.3%     
 11,600   Fiat Chrysler Automobiles NV   150,137 
 1,590   General Motors Co.   59,593 
 1,369   Peugeot SA   34,148 
 800   Subaru Corp.   22,503 
 6,286   Volvo AB   88,388 
         354,769 
     AUTO PARTS & EQUIPMENT - 0.5%     
 744   Allison Transmission Holdings, Inc.   35,005 
 2,400   Denso Corp.   105,460 
         140,465 

 

 

     BANKS - 6.2%     
 197   ABN AMRO Group NV - ADR #   3,474 
 3,052   Banco Santander SA *   12,432 
 3,920   BNP Paribas SA   190,901 
 4,514   Citizens Financial Group, Inc.   159,660 
 862   Comerica, Inc.   56,883 
 10,671   DNB ASA   188,206 
 5,807   Fifth Third Bancorp   158,996 
 37,156   Intesa Sanpaolo SpA   88,124 
 7,651   Lloyds Banking Group PLC   5,103 
 1,157   Macquarie Group Ltd.   102,287 
 1,732   Mediobanca Banca di Credito Finanziario SpA   18,920 
 6,900   Mizuho Financial Group, Inc.   10,573 
 116   Northern Trust Corp.   10,825 
 2,792   Popular, Inc.   150,991 
 1,216   Signature Bank   144,972 
 655   SVB Financial Group *   136,862 
 184   Texas Capital Bancshares, Inc. *   10,056 
 100   Toronto-Dominion Bank   5,835 
 3,181   Western Alliance Bancorp *   146,580 
 3,497   Zions Bancorp NA   155,686 
         1,757,366 
     BEVERAGES - 1.8%     
 543   Carlsberg A/S   80,278 
 6,133   Coca-Cola Amatil Ltd.   44,053 
 5,239   Diageo PLC   215,179 
 3,075   Monster Beverage Corp. *   178,534 
         518,044 
     BIOTECHNOLOGY - 2.2%     
 1,309   Alexion Pharmaceuticals, Inc. *   128,203 
 539   Biogen, Inc. *   125,490 
 3,288   Gilead Sciences, Inc.   208,393 
 1,816   Incyte Corp. *   134,802 
 62   Vertex Pharmaceuticals, Inc. *   10,504 
         607,392 
     BUILDING MATERIALS - 1.0%     
 3,801   Johnson Controls International PLC   166,826 
 794   LafargeHolcim Ltd.   39,113 
 4,300   LIXIL Group Corp.   75,596 
 165   Masco Corp.   6,876 
         288,411 
     CHEMICALS - 3.2%     
 1,487   Air Liquide SA   211,719 
 1,893   Akzo Nobel NV   168,794 
 57   Arkema SA   5,314 
 2,025   CF Industries Holdings, Inc.   99,630 
 510   Covestro AG #   25,243 
 830   Ecolab, Inc.   164,373 
 428   Sherwin-Williams Co.   235,344 
         910,417 

 

 

     COMMERCIAL SERVICES - 3.7%     
 2,692   Adecco Group AG   149,077 
 521   Cintas Corp.   139,680 
 248   CoStar Group, Inc. *   147,114 
 2,600   Dai Nippon Printing Co Ltd.   67,144 
 696   Experian PLC   22,291 
 712   Intertek Group PLC   48,064 
 2,573   PayPal Holdings, Inc. *   266,537 
 80   Randstad NV   3,933 
 405   S&P Global, Inc.   99,217 
 704   Wirecard AG   112,630 
         1,055,687 
     COMPUTERS - 4.7%     
 4,224   Apple, Inc.   946,049 
 204   CACI International, Inc. *   47,177 
 2,300   Fujitsu Ltd.   184,192 
 200   NET One Systems Co., Ltd. *   5,391 
 1,200   Nomura Research Institute Ltd.   23,883 
 8,000   NTT Data Corp. *   103,188 
 37   Teleperformance   8,023 
         1,317,903 
     COSMETICS/PERSONAL CARE - 0.9%     
 277   Colgate-Palmolive Co.   20,362 
 196   Essity AB   5,727 
 882   Estee Lauder Cos, Inc.   175,474 
 836   Unilever PLC - ADR   50,244 
         251,807 
     DISTRIBUTION/WHOLESALE - 0.3%     
 1,977   HD Supply Holdings, Inc. *   77,449 
           
     DIVERSIFIED FINANCIAL SERVICES - 3.0%     
 6,101   Ally Financial, Inc.   202,309 
 171   Ameriprise Financial, Inc.   25,154 
 547   Cboe Global Markets, Inc.   62,856 
 300   ORIX Corp.   4,472 
 2,300   Singapore Exchange Ltd.   14,087 
 4,678   Synchrony Financial   159,473 
 2,128   Visa, Inc.   366,037 
         834,388 
     ELECTRIC - 4.2%     
 9,044   AES Corp   147,779 
 2,449   Ameren Corp.   196,042 
 1,000   CLP Holdings Ltd.   10,505 
 1,267   CMS Energy Corp.   81,025 
 1,205   DTE Energy Co.   160,217 
 25,485   Enel SpA   190,347 
 4,835   Exelon Corp.   233,579 
 1,695   FirstEnergy Corp.   81,750 
 1,926   PPL Corp.   60,650 
 3,342   Terna Rete Elettrica Nazionale SpA   21,473 
         1,183,367 

 

 

     ELECTRICAL COMPONENTS & EQUIPMENT - 0.9%     
 249   AMETEK, Inc.   22,863 
 2,586   Schneider Electric SE   226,950 
         249,813 
     ELECTRONICS - 2.0%     
 2,191   Agilent Technologies, Inc.   167,896 
 737   Halma PLC   17,901 
 1,713   Jabil, Inc.   61,274 
 2,082   Keysight Technologies, Inc. *   202,475 
 2,119   National Instruments Corp.   88,977 
 300   TDK Corp.   26,842 
         565,365 
     ENGINEERING & CONSTRUCTION - 0.5%     
 3,296   ACS Actividades de Construccion y Servicios SA   131,730 
           
     ENTERTAINMENT - 0.5%     
 3,748   Cinemark Holdings, Inc.   144,823 
           
     FOOD - 2.3%     
 713   Austevoll Seafood ASA   6,768 
 655   Campbell Soup Co.   30,733 
 2,969   General Mills, Inc.   163,651 
 2,424   Koninklijke Ahold Delhaize NV   60,662 
 2,851   Kroger Co.   73,499 
 3,306   US Foods Holding Corp. *   135,877 
 6,842   Woolworths Group Ltd.   172,032 
         643,222 
     GAS - 0.0% ^     
 300   Osaka Gas Co, Ltd.   5,738 
           
     HAND/MACHINE TOOLS - 0.0% ^     
 500   Techtronic Industries Co. Ltd.   3,479 
           
     HEALTHCARE - PRODUCTS - 1.4%     
 582   Align Technology, Inc. *   105,295 
 470   Dentsply Sirona, Inc.   25,056 
 47   Hill-Rom Holdings, Inc.   4,946 
 668   Sonova Holding AG   155,419 
 152   Steris PLC   21,962 
 321   Thermo Fisher Scientific, Inc.   93,498 
         406,176 

 

 

     HEALTHCARE - SERVICES - 3.0%     
 756   Anthem, Inc.   181,516 
 1,740   Centene Corp.   75,272 
 1,681   Evotec SE   37,422 
 1,346   HCA Healthcare, Inc.   162,085 
 119   IQVIA Holdings, Inc.   17,776 
 518   Lonza Group AG   175,273 
 551   UnitedHealth Group, Inc.   119,743 
 494   Universal Health Services, Inc.   73,483 
         842,570 
     HOME BUILDERS - 0.9%     
 300   Daiwa House Industry Co. Ltd.   9,732 
 3,130   DR Horton, Inc.   164,982 
 2,460   Persimmon PLC   65,783 
         240,497 
     HOME FURNISHINGS - 0.0% ^     
 167   Electrolux AB   3,964 
           
     HOUSEHOLD PORDUCTS/WARES - 0.1%     
 178   Henkel AG & Co KGaA   17,620 
           
     INSURANCE - 5.9%     
 9,200   AIA Group Ltd.   86,902 
 69   Allianz SE   16,087 
 90   Allstate Corp.   9,781 
 927   American Financial Group, Inc.   99,977 
 3,041   Athene Holding Ltd. *   127,904 
 6,986   Aviva PLC   34,375 
 6,249   AXA Equitable Holdings, Inc.   138,478 
 229   Brighthouse Financial, Inc. *   9,268 
 31,096   Legal & General Group PLC   95,186 
 681   Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen   176,252 
 111   NN Group NV   3,938 
 2,352   Progressive Corp.   181,692 
 5,353   QBE Insurance Group Ltd.   45,346 
 287   SCOR SE   11,855 
 304   Swiss Life Holding AG   145,453 
 1,537   Swiss Re AG   160,459 
 300   Tokio Marine Holdings, Inc.   16,042 
 3,268   Unum Group   97,125 
 3,502   Voya Financial, Inc.   190,648 
         1,646,768 

 

 

     INTERNET - 7.8%     
 248   Alphabet, Inc. - Class A *   302,312 
 334   Alphabet, Inc. - Class C *   407,861 
 383   Amazon.com, Inc. *   664,854 
 68   Booking Holdings, Inc. *   133,457 
 2,466   eBay, Inc.   96,125 
 2,494   Facebook, Inc. *   444,132 
 824   VeriSign, Inc. *   155,431 
         2,204,172 
     IRON/STEEL - 0.1%     
 1,000   Labrador Iron Ore Royalty Corp.   18,603 
           
     LEISURE TIME - 0.0% ^     
 174   Carnival PLC - ADR   7,320 
           
     MACHINERY - CONSTRUCTION & MINING - 0.7%     
 265   Caterpillar, Inc.   33,472 
 4,300   Hitachi Ltd.   160,064 
         193,536 
     MEDIA - 1.5%     
 373   Liberty Global PLC *   8,874 
 1,148   New York Times Co.   32,695 
 12,712   News Corp.   176,951 
 3,037   Pearson PLC   27,620 
 2,456   Wolters Kluwer NV *   179,341 
         425,481 
     MINING - 0.7%     
 6,368   Alcoa Corp. *   127,806 
 500   Centerra Gold, Inc. *   4,252 
 1,200   Kirkland Lake Gold Ltd.   53,792 
 3,300   Rio Tinto PLC - ADR   8,624 
         194,474 
     MISCELLANEOUS MANUFACTURER - 0.1%     
 1,000   Toshiba Corp.   30,534 
           
     OIL & GAS - 4.0%     
 3,506   ConocoPhillips   199,772 
 1,823   Eni SpA   27,892 
 5,146   Equinor ASA   98,010 
 3,043   HollyFrontier Corp.   163,227 
 700   JXTG Holdings, Inc.   19,787 
 2,800   Marathon Petroleum Corp.   12,757 
 6,396   OMV AG   78,479 
 73   Phillips 66   3,919 
 2,527   Royal Dutch Shell PLC - ADR - Class B   151,367 
 638   Royal Dutch Shell PLC - Class A (London)   18,743 
 133   Royal Dutch Shell PLC - Class B (London)   3,927 
 4,984   Royal Dutch Shell PLC - Class A (Euronext Amsterdam)   146,163 
 4,305   TechnipFMC PLC *   103,923 
 1,055   Valero Energy Corp.   89,928 
         1,117,894 

 

 

     OIL & GAS SERVICES - 0.0% ^     
 246   TGS NOPEC Geophysical Co. ASA   6,252 
           
     PACKAGING & CONTAINERS - 0.1%     
 480   Berry Global Group, Inc. *   18,850 
           
     PHARMACEUTICALS - 5.2%     
 3,190   AbbVie, Inc.   241,547 
 272   AmerisourceBergen Corp.   22,394 
 4,000   Astellas Pharma, Inc.   56,942 
 2,891   Bristol-Myers Squibb Co.   146,603 
 398   Grifols SA   11,733 
 876   Johnson & Johnson   113,337 
 635   McKesson Corp.   86,779 
 398   Merck & Co., Inc.   33,504 
 1,034   Merck KGaA   116,503 
 2,482   Mylan NV *   49,094 
 275   Novartis AG   23,867 
 2,863   Novo Nordisk A/S   147,214 
 984   Roche Holding AG   286,620 
 62   Sanofi   5,749 
 2,000   Shionogi & Co, Ltd.   111,014 
         1,452,900 
     PIPELINES - 0.1%     
 1,043   Kinder Morgan, Inc.   21,496 
 271   Williams Cos, Inc.   6,520 
         28,016 
     REAL ESTATE - 0.2%     
 600   Mitsui Fudosan Co. Ltd.   14,873 
 1,200   Sumitomo Realty & Development Co. Ltd.   45,668 
         60,541 
     REAL ESTATE INVESTMENT TRUSTS - 3.8%     
 1,287   Camden Property Trust   142,870 
 3,612   Duke Realty Corp.   122,700 
 1,189   Equity LifeStyle Properties, Inc.   158,850 
 225   Extra Space Storage, Inc.   26,285 
 334   Healthcare Trust of America ,Inc.   9,813 
 5,013   Invitation Homes, Inc.   148,435 
 2   Japan Retail Fund Investment Corp.   4,230 
 2,270   Prologis, Inc.   193,449 
 337   Public Storage   82,656 
 2,299   STORE Capital Corp.   86,006 
 630   Sun Communities, Inc.   93,524 
 2   United Urban Investment Corp.   3,830 
         1,072,648 

 

 

     RETAIL - 5.6%     
 4,800   Alimentation Couche-Tard, Inc.   147,190 
 882   AutoNation, Inc. *   44,717 
 632   CarMax, Inc. *   55,616 
 154   Chipotle Mexican Grill, Inc. *   129,432 
 1,159   Home Depot, Inc.   268,911 
 495   Lowe’s Cos, Inc.   54,430 
 4,404   Macy’s, Inc.   68,438 
 15   McDonald’s Corp.   3,221 
 2,640   Starbucks Corp.   233,429 
 2,191   Target Corp.   234,240 
 3,250   Walgreens Boots Alliance, Inc.   179,758 
 1,405   Yum! Brands, Inc.   159,369 
         1,578,751 
     SAVINGS & LOANS - 0.3%     
 5,354   People’s United Financial, Inc.   83,710 
           
     SEMICONDUCTORS - 1.7%     
 1,057   Analog Devices, Inc.   118,099 
 855   ASML Holding NV   211,825 
 838   BE Semiconductor Industries NV   26,247 
 651   Micron Technology, Inc. *   27,895 
 654   Texas Instruments, Inc.   84,523 
         468,589 
     SOFTWARE - 7.7%     
 2,323   Cadence Design Systems, Inc.   153,504 
 539   Dassault Systemes SE   76,831 
 4,600   DeNA Co Ltd.   81,168 
 558   HubSpot, Inc. *   84,598 
 720   Intuit, Inc.   191,477 
 1,800   Konami Holdings Corp.   86,940 
 5,924   Microsoft Corp.   823,614 
 4,433   Oracle Corp.   243,948 
 790   ServiceNow, Inc. *   200,542 
 148   SimCorp A/S   12,999 
 556   Take-Two Interactive Software, Inc. *   69,689 
 700   TIS, Inc. *   40,352 
 16,960   Vmware, Inc.   98,706 
         2,164,368 

 

 

     TELECOMMUNICATIONS - 1.1%     
 975   Motorola Solutions, Inc.   166,150 
 500   Nippon Telegraph & Telephone Corp.   23,854 
 2,400   SoftBank Group Corp.   94,157 
 11,531   Telstra Corp Ltd.   27,298 
         311,459 
     TRANSPORTATION - 2.0%     
 700   Central Japan Railway Co.   143,919 
 201   Deutsche Post AG   6,715 
 1,700   East Japan Railway Co.   162,174 
 1,462   Union Pacific Corp.   236,815 
         549,623 
           
     TOTAL COMMON STOCKS (Cost - $26,745,646)   27,803,570 
           
     SHORT-TERM INVESTMENT - 0.7%     
     MONEY MARKET FUND - 0.7%     
 194,819   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a)(Cost - $194,819)   194,819 
           
     TOTAL INVESTMENTS - 99.6% (Cost - $26,940,465)  $27,998,389 
     OTHER ASSETS LESS LIABILITIES - NET - 0.4%   117,720 
     TOTAL NET ASSETS - 100.0%  $28,116,109 

 

*Non-income producing security.

 

^Represents less than 0.05%

 

#Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. These securities had a fair value of $28,717 and 0.1% of net assets.

 

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

 

ADR - American Depository Receipt

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

 

Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 99.2%     
     AEROSPACE/DEFENSE - 2.2%     
 1,981   Boeing Co.   753,711 
 4,022   HEICO Corp.   502,267 
 998   Northrop Grumman Corp.   374,040 
 407   Raytheon Co.   79,849 
 1,630   Spirit AeroSystems Holdings, Inc.   134,051 
         1,843,918 
     AIRLINES - 1.2%     
 11,827   Delta Air Lines, Inc.   681,235 
 19,828   JetBlue Airways Corp. *   332,119 
         1,013,354 
     AUTO PARTS & EQUIPMENT - 0.7%     
 12,060   Allison Transmission Holdings, Inc.   567,423 
           
     BANKS - 1.8%     
 4,246   Popular, Inc.   229,624 
 5,300   Signature Bank   631,866 
 1,894   SVB Financial Group *   395,751 
 2,438   Western Alliance Bancorp   112,343 
 3,476   Zions Bancorp NA   154,752 
         1,524,336 
     BEVERAGES - 1.0%     
 174   Coca-Cola Co.   9,473 
 12,986   Monster Beverage Corp. *   753,967 
 895   PepsiCo, Inc.   122,705 
         886,145 
     BIOTECHNOLOGY - 3.7%     
 7,227   Alexion Pharmaceuticals, Inc. *   707,812 
 3,050   Biogen, Inc. *   710,101 
 879   BioMarin Pharmaceutical, Inc. *   59,245 
 10,905   Gilead Sciences, Inc.   691,159 
 9,096   Incyte Corp. *   675,196 
 1,872   Vertex Pharmaceuticals, Inc. *   317,154 
         3,160,667 
     CHEMICALS - 2.2%     
 7,994   CF Industries Holdings, Inc.   393,305 
 2,365   Ecolab, Inc.   468,365 
 1,714   Sherwin-Williams Co.   942,477 
 662   WR Grace & Co.   44,195 
         1,848,342 

 

 

     COMMERCIAL SERVICES - 3.5%     
 2,923   Cintas Corp.   783,656 
 1,341   CoStar Group, Inc. *   795,481 
 13,253   PayPal Holdings, Inc. *   1,372,878 
         2,952,015 
     COMPUTERS - 8.1%     
 29,061   Apple, Inc.   6,508,792 
 378   CACI International, Inc. *   87,416 
 14,669   HP, Inc.   277,537 
         6,873,745 
     COSMETICS/PERSONAL CARE - 1.1%     
 4,679   Estee Lauder Cos, Inc.   930,887 
           
     DISTRIBUTION/WHOLESALE - 0.3%     
 544   HD Supply Holdings, Inc. *   21,311 
 2,448   KAR Auction Services, Inc.   60,098 
 469   WW Grainger, Inc.   139,363 
         220,772 
     DIVERSIFIED FINANCIAL SERVICES - 6.1%     
 1,176   Alliance Data Systems Corp.   150,681 
 18,965   Ally Financial, Inc.   628,879 
 1,217   Ameriprise Financial, Inc.   179,021 
 4,908   E*TRADE Financial Corp.   214,431 
 3,243   Mastercard, Inc.   880,702 
 20,383   Synchrony Financial   694,856 
 14,340   Visa, Inc.   2,466,623 
         5,215,193 
     ELECTRIC - 0.8%     
 30,338   AES Corp.   495,723 
 3,640   Exelon Corp.   175,848 
         671,571 
     ELECTRICAL COMPONENTS & EQUIPMENT - 0.2%     
 265   Hubbell, Inc.   34,821 
 664   Universal Display Corp.   111,486 
         146,307 
     ELECTRONICS - 3.7%     
 8,587   Allegion PLC   658,022 
 18,344   Jabil, Inc.   656,165 
 7,553   Keysight Technologies, Inc. *   734,529 
 769   Mettler-Toledo International, Inc. *   541,684 
 12,638   National Instruments Corp.   530,670 
         3,121,070 
     ENTERTAINMENT - 0.1%     
 2,904   Cinemark Holdings, Inc.   112,211 
           
     FOOD - 0.3%     
 515   Campbell Soup Co.   24,164 
 2,647   General Mills, Inc.   145,903 
 1,540   US Foods Holding Corp. *   63,294 
         233,361 

 

 

     HEALTHCARE PRODUCTS - 1.9%     
 2,977   Align Technology, Inc. *   538,599 
 257   Becton Dickinson and Co.   65,011 
 686   Dentsply Sirona, Inc.   36,571 
 457   Hologic, Inc. *   23,074 
 2,833   Steris PLC   409,340 
 615   Teleflex, Inc.   208,946 
 2,375   West Pharmaceutical Services, Inc.   336,823 
         1,618,364 
     HEALTHCARE - SERVICES - 3.1%     
 3,050   Anthem, Inc.   732,305 
 2,150   Centene Corp. *   93,009 
 6,183   HCA Healthcare, Inc.   744,557 
 2,767   IQVIA Holdings, Inc. *   413,334 
 1,192   Molina Healthcare, Inc. *   130,786 
 2,518   UnitedHealth Group, Inc.   547,212 
         2,661,203 
     HOME BUILDERS - 0.3%     
 5,560   DR Horton, Inc.   293,068 
           
     INSURANCE - 1.5%     
 6,268   AXA Equitable Holdings, Inc.   138,899 
 9,744   Progressive Corp.   752,724 
 7,160   Voya Financial, Inc.   389,790 
         1,281,413 
     INTERNET - 17.5%     
 1,908   Alphabet, Inc. - Class A *   2,325,852 
 2,003   Alphabet, Inc. - Class C *   2,445,943 
 2,887   Amazon.com, Inc. *   5,011,572 
 582   Booking Holdings, Inc. *   1,142,239 
 2,661   eBay, Inc.   103,726 
 18,099   Facebook, Inc. *   3,223,070 
 3,850   VeriSign, Inc. *   726,226 
         14,978,628 
     LEISURE TIME - 0.3%     
 3,889   Planet Fitness, Inc. *   225,056 
           
     MACHINERY - CONSTRUCTION & MINING - 0.1%     
 400   Caterpillar, Inc.   50,524 
           
     MEDIA - 0.3%     
 74   Cable One, Inc.   92,848 
 5,836   New York Times Co.   166,209 
         259,057 
     MINING - 0.2%     
 10,063   Alcoa Corp. *   201,964 

 

 

     MISCELLANEOUS MANUFACTURER - 0.1%     
 698   Carlisle Cos, Inc.   101,587 
           
     OIL & GAS - 0.5%     
 5,713   ConocoPhillips   325,527 
 2,376   HollyFrontier Corp .   127,449 
         452,976 
     PACKAGING & CONTAINERS - 0.6%     
 12,108   Berry Global Group, Inc. *   475,481 
           
     PHARMACEUTICALS - 2.6%     
 18,254   AbbVie, Inc.   1,382,193 
 2,003   AmerisourceBergen Corp.   164,907 
 1,863   McKesson Corp.   254,598 
 4,656   Merck & Co, Inc.   391,942 
 2,682   Mylan NV *   53,050 
         2,246,690 
     REAL ESTATE INVESTMENT TRUSTS - 4.7%     
 12,376   American Homes 4 Rent   320,415 
 1,531   CubeSmart   53,432 
 6,184   Duke Realty Corp.   210,070 
 5,380   Equity LifeStyle Properties, Inc.   718,768 
 6,130   Extra Space Storage, Inc.   716,107 
 2,226   Healthcare Trust of America, Inc.   65,400 
 10,204   Invitation Homes, Inc.   302,140 
 5,260   Prologis, Inc.   448,257 
 3,274   Public Storage   803,014 
 2,289   Sun Communities, Inc.   339,802 
         3,977,405 
     RETAIL - 7.6%     
 935   AutoNation, Inc. *   47,405 
 7,971   CarMax, Inc. *   701,448 
 572   Chipotle Mexican Grill, Inc. *   480,749 
 6,714   Home Depot, Inc.   1,557,782 
 1,269   Lowe’s Cos, Inc.   139,539 
 1,303   Lululemon Athletica, Inc. *   250,867 
 12,462   Macy’s, Inc.   193,659 
 14,343   Starbucks Corp.   1,268,208 
 5,419   Target Corp.   579,345 
 6,651   Walgreens Boots Alliance, Inc.   367,867 
 7,416   Yum! Brands, Inc.   841,197 
         6,428,066 
     SEMICONDUCTORS - 2.9%     
 4,463   Analog Devices, Inc.   498,651 
 71   Broadcom, Inc.   19,601 
 4,785   Cree, Inc. *   234,465 
 5,922   NXP Semiconductors NV   646,209 
 3,748   Teradyne, Inc.   217,047 
 6,799   Texas Instruments, Inc.   878,703 
         2,494,676 

 

 

     SOFTWARE - 14.4%     
 1,843   Adobe, Inc. *   509,129 
 3,983   Black Knight, Inc.   243,202 
 11,551   Cadence Design Systems, Inc. *   763,290 
 1,495   Fair Isaac Corp. *   453,762 
 3,040   HubSpot, Inc. *   460,894 
 3,953   Intuit, Inc.   1,051,261 
 41,179   Microsoft Corp.   5,725,116 
 23,396   Oracle Corp.   1,287,482 
 733   salesforce.com, Inc. *   108,807 
 3,584   ServiceNow, Inc. *   909,798 
 2,504   Take-Two Interactive Software, Inc. *   313,851 
 1,086   Workday, Inc. *   184,577 
 56,858   Zynga, Inc. *   330,914 
         12,342,083 
     TELECOMMUNICATIONS - 1.9%     
 17,333   Cisco Systems, Inc.   856,424 
 4,353   Motorola Solutions, Inc.   741,795 
         1,598,219 
     TRANSPORTATION - 1.7%     
 3,395   CSX Corp.   235,170 
 756   Landstar System, Inc.   85,110 
 6,818   Union Pacific Corp.   1,104,380 
         1,424,660 
           
     TOTAL COMMON STOCKS (Cost - $76,196,050)   84,432,437 
           
     SHORT-TERM INVESTMENT - 0.8%     
     MONEY MARKET FUND - 0.8%     
 687,503   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a)(Cost - $687,503)   687,503 
           
     TOTAL INVESTMENTS - 100.0% (Cost - $76,883,553)  $85,119,940 
     OTHER ASSETS LESS LIABILITIES - NET - (0.0)% ^   (12,401)
     TOTAL NET ASSETS - 100.0%  $85,107,539 

 

*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 September 30, 2019.

 

 

Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio
PORTFOLIO OF INVESTMENTS
September 30, 2019 (Unaudited)

 

Shares      Value 
     COMMON STOCKS - 99.2%     
     AEROSPACE/DEFENSE - 1.1%     
 8,040   Spirit AeroSystems Holdings, Inc.  $661,210 
 2,159   Teledyne Technologies, Inc. *   695,176 
         1,356,386 
     AGRICULTURE - 0.5%     
 11,773   Bunge Ltd.   666,587 
           
     AIRLINES - 2.3%     
 11,040   American Airlines Group, Inc.   297,749 
 6,308   Copa Holdings SA   622,915 
 15,799   Delta Air Lines, Inc.   910,022 
 63,633   JetBlue Airways Corp. *   1,065,853 
         2,896,539 
     APPAREL - 0.0% ^     
 4,034   Hanesbrands, Inc.   61,801 
           
     AUTO MANUFACTURERS - 0.3%     
 5,633   PACCAR, Inc.   394,366 
           
     AUTO PARTS & EQUIPMENT - 0.0% ^     
 1,131   Allison Transmission Holdings, Inc.   53,214 
           
     BANKS - 7.8%     
 38,651   Citizens Financial Group, Inc.   1,367,086 
 2,659   Comerica, Inc.   175,467 
 52,371   Fifth Third Bancorp   1,433,918 
 536   First Citizens BancShares, Inc.   252,751 
 15,257   First Hawaiian, Inc.   407,362 
 13,440   PacWest Bancorp   488,410 
 19,623   Popular, Inc.   1,061,212 
 6,610   Signature Bank   788,044 
 2,474   State Street Corp.   146,436 
 4,644   SVB Financial Group *   970,364 
 10,006   Texas Capital Bancshares, Inc. *   546,828 
 22,233   Western Alliance Bancorp   1,024,497 
 26,155   Zions Bancorp NA   1,164,421 
         9,826,796 

 

 

     BIOTECHNOLOGY - 1.7%     
 7,412   Alexion Pharmaceuticals, Inc. *   725,931 
 1,297   Biogen, Inc. *   301,968 
 858   Exelixis, Inc. *   15,174 
 9,428   Gilead Sciences, Inc.   597,547 
 5,988   Incyte Corp. *   444,489 
         2,085,109 
     BUILDING MATERIALS - 0.8%     
 284   Martin Marietta Materials, Inc.   77,844 
 10,093   Masco Corp.   420,676 
 4,189   Owens Corning   264,745 
 1,911   Vulcan Materials Co.   289,020 
         1,052,285 
     CHEMICALS - 2.6%     
 23,671   CF Industries Holdings, Inc.   1,164,613 
 5,863   Eastman Chemical Co.   432,865 
 37,318   Olin Corp.   698,593 
 1,740   Sherwin-Williams Co.   956,774 
         3,252,845 
     COMMERCIAL SERVICES - 0.7%     
 8,833   PayPal Holdings, Inc. *   915,010 
           
     COMPUTERS - 0.8%     
 4,539   CACI International, Inc. *   1,049,689 
           
     COSMETICS/PERSONAL CARE - 0.2%     
 979   Estee Lauder Cos, Inc.   194,772 
           
     DISTRIBUTION/WHOLESALE - 1.7%     
 28,011   HD Supply Holdings, Inc. *   1,097,331 
 22,500   KAR Auction Services, Inc.   552,375 
 11,561   WESCO International, Inc. *   552,269 
         2,201,975 
     DIVERSIFIED FINANCIAL SERVICES - 4.0%     
 6,528   Alliance Data Systems Corp.   836,433 
 38,615   Ally Financial, Inc.   1,280,473 
 2,175   Ameriprise Financial, Inc.   319,943 
 3,630   Cboe Global Markets, Inc.   417,123 
 14,330   E*TRADE Financial Corp.   626,078 
 1,467   Evercore, Inc.   117,507 
 41,284   Synchrony Financial   1,407,372 
         5,004,929 
     ELECTRIC - 9.6%     
 76,563   AES Corp.   1,251,039 
 18,578   Ameren Corp.   1,487,169 
 22,676   CMS Energy Corp.   1,450,130 
 12,133   DTE Energy Co.   1,613,204 
 18,015   Exelon Corp.   870,305 
 34,525   FirstEnergy Corp.   1,665,141 
 31,071   NRG Energy, Inc.   1,230,412 
 49,713   PPL Corp.   1,565,462 
 7,687   Public Service Enterprise Group, Inc.   477,209 
 18,186   Vistra Energy Corp.   486,112 
         12,096,183 

 

 

     ELECTRICAL COMPONENTS & EQUIPMENT - 0.9%     
 4,288   Acuity Brands, Inc.   577,980 
 4,323   Hubbell, Inc.   568,042 
         1,146,022 
     ELECTRONICS - 4.5%     
 17,087   Agilent Technologies, Inc.   1,309,377 
 7,965   Arrow Electronics, Inc. *   594,030 
 23,806   Gentex Corp.   655,498 
 30,009   Jabil, Inc.   1,073,422 
 9,754   Keysight Technologies, Inc. *   948,577 
 25,554   National Instruments Corp.   1,073,012 
         5,653,916 
     ENGINEERING & CONSTRUCTION - 0.0% ^     
 1,113   Fluor Corp.   21,292 
           
     ENTERTAINMENT - 1.7%     
 27,734   Cinemark Holdings, Inc.   1,071,642 
 20,905   Six Flags Entertainment Corp.   1,061,765 
         2,133,407 
     FOOD - 2.3%     
 15,657   Campbell Soup Co.   734,626 
 41,904   Kroger Co.   1,080,285 
 27,990   US Foods Holding Corp. *   1,150,389 
         2,965,300 
     FOOD SERVICE - 0.7%     
 19,297   Aramark   840,963 
           
     FOREST PRODUCTS & PAPER - 0.1%     
 2,051   Domtar Corp.   73,446 
           
     GAS - 0.2%     
 5,196   National Fuel Gas Co.   243,796 
           
     HAND/MACHINE TOOLS - 0.5%     
 3,732   Snap-on, Inc.   584,207 
           
     HEALTHCARE PRODUCTS - 1.7%     
 17,938   Dentsply Sirona, Inc.   956,275 
 9,371   Hologic, Inc. *   473,142 
 1,206   Steris PLC   174,255 
 3,396   West Pharmaceutical Services, Inc.   481,620 
         2,085,292 

 

 

     HEALTHCARE - SERVICES - 1.6%     
 3,187   Anthem, Inc.   765,199 
 810   Centene Corp. *   35,040 
 1,579   Molina Healthcare, Inc. *   173,248 
 6,887   Universal Health Services, Inc.   1,024,440 
         1,997,927 
     HOME BUILDERS - 2.2%     
 27,499   DR Horton, Inc.   1,449,472 
 2,904   Lennar Corp.   162,188 
 27,328   Toll Brothers, Inc.   1,121,814 
         2,733,474 
     INSURANCE - 7.2%     
 6,229   American Financial Group, Inc.   671,798 
 763   American National Insurance Co.   94,406 
 24,609   Athene Holding Ltd. *   1,035,055 
 38,250   AXA Equitable Holdings, Inc.   847,620 
 26,675   Brighthouse Financial, Inc. *   1,079,537 
 996   Kemper Corp.   77,638 
 17,893   Mercury General Corp.   999,861 
 11,947   Progressive Corp.   922,906 
 708   RenaissanceRe Holdings Ltd.   136,963 
 38,188   Unum Group   1,134,947 
 21,183   Voya Financial, Inc.   1,153,202 
 914   White Mountains Insurance Group Ltd.   987,120 
         9,141,053 
     INTERNET - 2.0%     
 602   Alphabet, Inc. *   735,126 
 356   Amazon.com, Inc. *   617,984 
 496   Facebook, Inc. *   88,328 
 5,983   VeriSign, Inc. *   1,128,573 
         2,570,011 
     IRON/STEEL - 0.2%     
 8,682   Steel Dynamics, Inc.   258,724 
           
     LEISURE TIME - 0.4%     
 14,687   Harley-Davidson, Inc.   528,291 
           
     LODGING - 0.4%     
 17,366   MGM Resorts International   481,386 
           
     MACHINERY - CONSTRUCTION & MINING - 0.4%     
 6,664   Oshkosh Corp.   505,131 

 

 

     MACHINERY - DIVERSIFIED - 0.3%     
 3,112   Crane Co.   250,921 
 1,131   Curtiss-Wright Corp.   146,317 
         397,238 
     MEDIA - 1.6%     
 2,067   Liberty Broadband Corp. *   216,353 
 2,337   Liberty Global PLC *   55,597 
 20,577   New York Times Co.   586,033 
 82,583   News Corp.   1,149,555 
         2,007,538 
     MINING - 0.8%     
 48,493   Alcoa Corp. *   973,255 
           
     MISCELLANEOUS MANUFACTURER - 1.1%     
 1,744   Carlisle Cos, Inc.   253,822 
 4,403   Parker-Hannifin Corp.   795,226 
 5,723   Textron, Inc.   280,198 
         1,329,246 
     OIL & GAS - 4.0%     
 17,506   Antero Resources Corp. *   52,868 
 14,202   Cabot Oil & Gas Corp.   249,529 
 13,578   ConocoPhillips   773,674 
 15,383   Devon Energy Corp.   370,115 
 22,798   Helmerich & Payne, Inc.   913,516 
 22,252   HollyFrontier Corp.   1,193,597 
 78,194   Marathon Oil Corp.   959,440 
 1,397   Pioneer Natural Resources Co.   175,701 
 3,194   TechnipFMC PLC *   77,103 
 81,530   Range Resources Corp.   311,445 
         5,076,988 
     OIL & GAS SERVICES - 0.2%     
 10,905   Apergy Corp. *   294,980 
           
     PACKAGING & CONTAINERS - 1.4%     
 26,332   Berry Global Group, Inc. *   1,034,058 
 18,918   Sealed Air Corp.   785,286 
         1,819,344 
     PHARMACEUTICALS - 2.9%     
 12,943   AbbVie, Inc.   980,044 
 8,348   Cardinal Health, Inc.   393,942 
 10,427   McKesson Corp.   1,424,954 
 43,719   Mylan NV *   864,762 
         3,663,702 
     PIPELINES - 0.7%     
 37,879   Williams Cos, Inc.   911,369 

 

 

     REAL ESTATE INVESTMENT TRUSTS - 15.0%     
 40,859   American Homes 4 Rent   1,057,840 
 21,668   Apartment Investment & Management Co.   1,129,770 
 49,690   Brandywine Realty Trust   752,803 
 25,688   Brixmor Property Group, Inc.   521,209 
 11,053   Camden Property Trust   1,226,994 
 24,049   Columbia Property Trust, Inc.   508,636 
 32,457   CubeSmart   1,132,749 
 38,011   Duke Realty Corp.   1,291,234 
 35,758   Empire State Realty Trust, Inc.   510,267 
 6,903   Equity LifeStyle Properties, Inc.   922,241 
 8,729   Extra Space Storage, Inc.   1,019,722 
 37,940   Healthcare Trust of America, Inc.   1,114,677 
 24,550   Highwoods Properties, Inc.   1,103,277 
 44,958   Invitation Homes, Inc.   1,331,206 
 10,281   Life Storage, Inc.   1,083,720 
 4,963   National Retail Properties, Inc.   279,913 
 7,572   Paramount Group, Inc.   101,086 
 6,064   Prologis, Inc.   516,774 
 82,058   Retail Properties of America, Inc.   1,010,955 
 29,798   STORE Capital Corp.   1,114,743 
 8,046   Sun Communities, Inc.   1,194,429 
         18,924,245 
     RETAIL - 4.2%     
 20,048   AutoNation, Inc. *   1,016,434 
 13,282   CarMax, Inc. *   1,168,816 
 7,553   Dick’s Sporting Goods, Inc.   308,238 
 5,427   Kohl’s Corp.   269,505 
 8,175   L Brands, Inc.   160,148 
 69,414   Macy’s, Inc.   1,078,694 
 10,771   Starbucks Corp.   952,372 
 2,543   Target Corp.   271,872 
 403   Walgreens Boots Alliance, Inc.   22,290 
 982   Yum! Brands, Inc.   111,388 
         5,359,757 
     SAVINGS & LOANS - 0.9%     
 71,796   People’s United Financial, Inc.   1,122,530 
           
     SEMICONDUCTORS - 1.2%     
 12,335   Cree, Inc. *   604,415 
 7,878   NXP Semiconductors NV   859,647 
         1,464,062 
     SOFTWARE - 2.1%     
 10,390   Citrix Systems, Inc.   1,002,843 
 1,098   ServiceNow, Inc. *   278,727 
 5,653   Take-Two Interactive Software, Inc. *   708,547 
 113,866   Zynga, Inc. *   662,700 
         2,652,817 

 

 

     TELECOMMUNICATIONS - 1.1%     
 11,778   Ciena Corp. *   462,051 
 3,596   Motorola Solutions, Inc.   612,794 
 12,285   Telephone & Data Systems, Inc.   316,953 
         1,391,798 
     TRANSPORTATION - 0.6%     
 6,191   Landstar System, Inc.   696,983 
           
     TOTAL COMMON STOCKS (Cost - $120,321,238)   125,157,976 
           
     SHORT-TERM INVESTMENT - 0.6%     
     MONEY MARKET FUND - 0.6%     
 783,798   Fidelity Investments Money Market Funds - Government Portfolio, Institutional Class to yield 1.86% (a)(Cost - $783,798)   783,798 
           
     TOTAL INVESTMENTS - 99.8% (Cost - $121,105,036)  $125,941,774 
     OTHER ASSETS LESS LIABILITIES - NET - 0.2%   290,404 
     TOTAL NET ASSETS - 100.0%  $126,232,178 

 

*Non-income producing security.

 

^Represents less than 0.05%

 

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

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

 

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.

 

 

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 valuation techniques used by the Funds maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of September 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  $80,942,923   $—   $—   $80,942,923 
Total  $80,942,923   $—   $—   $80,942,923 
                     
Global Atlantic BlackRock Disciplined Core Portfolio 
  
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $546,413,622   $—   $—   $546,413,622 
Short-Term Investment   7,360,991    —    —    7,360,991 
Total  $553,774,613   $—   $—   $553,774,613 
                     
Liabilities  Level 1   Level 2   Level 3   Total 
Futures Contract *  $86,722   $—   $—   $86,722 
Total  $86,722   $—   $—   $86,722 
                     
Global Atlantic BlackRock Disciplined Growth Portfolio 
  
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $16,621,527   $—   $—   $16,621,527 
Short-Term Investment   332,349    —    —    332,349 
Total  $16,953,876   $—   $—   $16,953,876 
                     
Liabilities  Level 1   Level 2   Level 3   Total 
Futures Contract *  $3,029   $—   $—   $3,029 
Total  $3,029   $—   $—   $3,029 
                     
Global Atlantic BlackRock Disciplined International Core Portfolio 
  
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $127,652,027   $—   $—   $127,652,027 
Exchange Traded Funds   8,506,958    —    —    8,506,958 
Short-Term Investment   806,553    —    —    806,553 
Futures Contracts *   39,762    —    —    39,762 
Total  $137,005,300   $—   $—   $137,005,300 
                     
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio 
  
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $182,047,222   $—   $—   $182,047,222 
Short-Term Investment   2,614,203    —    —    2,614,203 
Total  $184,661,425   $—   $—   $184,661,425 
                     
Liabilities  Level 1   Level 2   Level 3   Total 
Futures Contract*  $20,748   $—   $—   $20,748 
Total  $20,748   $—   $—   $20,748 

 

 

Global Atlantic BlackRock Disciplined Small Cap Portfolio 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $16,711,230   $—   $—   $16,711,230 
Warrant   —    —    —    — 
Short-Term Investment   437,502    —    —    437,502 
Total  $17,148,732   $—   $—   $17,148,732 
                     
Liabilities  Level 1   Level 2   Level 3   Total 
Futures Contract *  $14,556   $—   $—   $14,556 
Total  $14,556   $—   $—   $14,556 
                     
Global Atlantic BlackRock Disciplined U.S. Core Portfolio 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $23,883,730   $—   $—   $23,883,730 
Short-Term Investment   495,934    —    —    495,934 
Total  $24,379,664   $—   $—   $24,379,664 
                     
Liabilities  Level 1   Level 2   Level 3   Total 
Futures Contract *  $4,541   $—   $—   $4,541 
Total  $4,541   $—   $—   $4,541 
                     
Global Atlantic BlackRock Disciplined Value Portfolio 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $262,566,566   $—   $—   $262,566,566 
Short-Term Investment   4,308,833    —    —    4,308,833 
Total  $266,875,399   $—   $—   $266,875,399 
                     
Liabilities  Level 1   Level 2   Level 3   Total 
Futures Contracts *  $42,086   $—   $—   $42,086 
Total  $42,086   $—   $—   $42,086 
                     
Global Atlantic BlackRock High Yield Portfolio 
                 
Assets  Level 1   Level 2   Level 3   Total 
Corporate Bonds & Notes  $—   $70,706,151   $—   $70,706,151 
Short-Term Investment   161,027    —    —    161,027 
Total  $161,027   $70,706,151   $—   $70,867,178 
                     
Liabilities  Level 1   Level 2   Level 3   Total 
Futures Contracts *  $8,675   $—   $—   $8,675 
Total  $8,675   $—   $—   $8,675 

 

 

Global Atlantic Goldman Sachs Core Fixed Income Portfolio 
                 
Assets  Level 1   Level 2   Level 3   Total 
Agency Bond  $—   $1,729,353   $—   $1,729,353 
Asset Backed Securities   —    7,041,764    —    7,041,764 
Commercial Paper   —    1,040,401    —    1,040,401 
Corporate Bonds & Notes   —    40,430,440    —    40,430,440 
Municipal Bonds   —    1,304,744    —    1,304,744 
Mortgage Backed Securities   —    45,372,791    —    45,372,791 
U.S. Treasury Securities   —    760,178    —    760,178 
Short-Term Investments   22,006,707    3,151,969    —    25,158,676 
Swap Contracts   —    40,589    —    40,589 
Swaptions Written   —    15,046    —    15,046 
Total  $22,006,707   $100,913,240   $—   $122,919,947 
                     
Liabilities  Level 1   Level 2   Level 3   Total 
Futures Contracts *  $183,543   $—   $—   $183,543 
Securities Sold    —    4,173,984    —    4,173,984 
Swaptions Purchased   —    5,718    —      
Forward Foreign Exchange Contracts *   —    28,946    —    28,946 
Total  $183,543   $4,208,648   $—   $4,386,473 
                     
Global Atlantic Goldman Sachs Global Equity Insights Portfolio 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $27,803,570   $—   $—   $27,803,570 
Short-Term Investment   194,819    —    —    194,819 
Total  $27,998,389   $—   $—   $27,998,389 
                     
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $84,432,437   $—   $—   $84,432,437 
Short-Term Investment   687,503    —    —    687,503 
Total  $85,119,940   $—   $—   $85,119,940 
                     
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio 
                 
Assets  Level 1   Level 2   Level 3   Total 
Common Stocks  $125,157,976   $—   $—   $125,157,976 
Short-Term Investment   783,798    —    —    783,798 
Total  $125,941,774   $—   $—   $125,941,774 

 

*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.

 

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.

 

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.

 

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.

 

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 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.

 

The notional value and unrealized appreciation/(depreciation) of the derivative instruments outstanding as of September 30, 2019, as disclosed in the Portfolios of Investments, 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.

 

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.

 

For information regarding a Portfolio’s other significant accounting policies, please refer to the Portfolio’s most recent Semi-Annual or Annual Report.

 

AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

 

               Net Unrealized 
       Gross Unrealized   Gross Unrealized   Appreciation/ 
   Tax Cost   Appreciation   Depreciation   (Depreciation) 
Global Atlantic BlackRock Allocation Portfolio  $75,933,332   $6,031,375   $(1,021,784)  $5,009,591 
Global Atlantic BlackRock Disciplined Core Portfolio   507,587,194    53,723,762    (7,623,065)   46,100,697 
Global Atlantic BlackRock Disciplined Growth Portfolio   14,900,798    2,262,491    (212,442)   2,050,049 
Global Atlantic BlackRock Disciplined International Core Portfolio   139,981,408    6,747,442    (9,723,550)   (2,976,108)
Global Atlantic BlackRock Disciplined Mid Cap Growth Portfolio   164,413,518    24,854,395    (4,627,236)   20,227,159 
Global Atlantic BlackRock Disciplined Small Cap Portfolio   17,436,786    2,223,450    (2,526,060)   (302,610)
Global Atlantic BlackRock Disciplined U.S. Core Portfolio   22,317,776    2,520,136    (462,789)   2,057,347 
Global Atlantic BlackRock Disciplined Value Portfolio   254,411,096    20,742,598    (8,320,381)   12,422,217 
Global Atlantic BlackRock High Yield Portfolio   69,651,064    2,196,152    (988,713)   1,207,439 
Global Atlantic Goldman Sachs Core Fixed Income Portfolio   116,466,285    2,412,023    (376,517)   2,035,506 
Global Atlantic Goldman Sachs Global Equity Insights Portfolio   26,980,874    1,897,103    (879,588)   1,017,515 
Global Atlantic Goldman Sachs Large Cap Growth Insights Portfolio   77,227,484    9,562,675    (1,670,219)   7,892,456 
Global Atlantic Goldman Sachs Mid Cap Value Insights Portfolio   122,176,166    8,659,466    (4,893,858)   3,765,608